BusinessMirror June 30, 2020

ADB loan to digitize LGU realty tax system

By Cai U. Ordinario

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HE Asian Development Bank (ADB) has extended a new loan to help local governments digitize their local property tax valuation and collection.

In a statement, the ADB said the $26.5-million loan will finance the Local Governance Reform Project (LGRP), which aims to adopt digital tools for transparent and accurate reporting of real property tax collection.

The loan will also be used to update tax maps and property valuation assessments, as well as boost the knowledge of local assessors through capacity development efforts.

LOCALLY Stranded Individuals (LSIs)—some of whom have had to sleep outside Manila’s North Port passenger terminal since Saturday—wait outside the terminal in Manila on Monday for their trips to Bacolod, Davao and Dumaguete. They said they already had tickets and travel passes, along with medical clearances, but were barred entry because of a new requirement that they have to undergo RT-PCR swab tests. ROY DOMINGO

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“Local governments play a critical role in poverty reduction.

Mobilizing local revenue in an efficient, equitable and transparent manner is vital to local governments’ goal of delivering accessible, quality public services,” said ADB Senior Public Management Specialist for Southeast Asia Robert Boothe. “This new project will provide the digital tools, systems and local staff training needed to help local governments raise revenue.”

The project also supports the Comprehensive National Tax Reform Program (CTRP). Prior to the reform, it was estimated that local governments lost P30 billion or $600 million in property tax collections between 2004 and 2016.

This is not the first loan to be extended for the LGRP. In 2019 the ADB approved a $300-million policy-based loan for the program to help the government create a legal and institutional framework for local revenue mobilization. The new project will support the implementation of these policy reforms at the national and local levels.

The ADB said that since 2006, it has supported the Philippines’ efforts to improve efficiency, accountability and transparency in local governments’ financial management and service delivery.

With the new loan, the Philippines has secured a total of over $2.6 billion in ADB loans. This in-

cludes loans obtained to finance coronavirus 2019 (Covid-19)related responses. Even prior to this new loan, the Philippines has already exceeded its record borrowing of $2.5 billion in 2019.

Earlier, the ADB said its lending to the Philippines is planned to reach a record high of $3.3 billion this year, with about half supporting the government’s infrastructure program.

This will likely include priority projects such as the South Commuter Railway, the Edsa Greenways Pedestrian Walkways, and the Angat Water Transmission Aqueduct 7, as well as initiatives to boost social protection, sustainable tourism, and capital market development.

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Tuesday, June 30, 2020 Vol. 15 No. 264

EDWIN QUILATON, a member of the Airmen’s Jeepney Operators/Drivers Association, installs plastic dividers in his jeepney in Pasay City, optimistic about the government announcement that traditional jeepneys will be allowed to return on the road. Thousands of them have been idled, relying on doles, since the March lockdowns. NONIE REYES

IN compliance with public-health guidelines, passengers practice social distancing and log their names for contact tracing before boarding UV Express vans. ROY DOMINGO

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By Tyrone Jasper C. Piad

HE banks may tap the capital markets during this pandemic to improve their capitalization, the Bankers Association of the Philippines (BAP) said.

Several banks have been braving the debt market recently to raise funds, including Security Bank Corp., Bank of the Philippine Islands and Metropolitan Bank & Trust Co.

“With good credit rating, banks may likewise opt to beef up their capital by raising funds through the capital markets,” BAP told the BusinessMirror in an e-mail.

According to a study by First Metro Investment Corp. and University of Asia and the Pacific, corporate bonds are seen bouncing back in the second half after

slowing down in April. The report noted that most of the firms are refinancing existing debts by then since many have held off their expansion plans.

The bankers’ group said that having a strong and resilient banking system was necessary to help the economy recover from this crisis.

“Fortunately, Philippine banks are adequately capitalized and have ample buffers to support the sector’s recovery in particular, and the economy as a whole,” it said.

According to preliminary data from the Bangko Sentral ng Pilipi-

nas (BSP), the local banking sector’s capitalization reached P2.35 trillion in April, which is 2.08 percent higher than P2.30 trillion a month ago and 8.9 percent more than P2.16 trillion the year earlier.

BAP added that the Central Bank has helped shore up the financial health of the sector during the pandemic by implementing relief measures. Just last week, the BSP went beyond expectations and decided to cut the interest rate by 50 basis points to 2.25 percent, bringing the overnight deposit and lending facilities to 1.75 percent and 2.75 percent, respectively.

“Lastly, the joint collaboration with the regulators and lawmakers to re-evaluate and amend existing policies in order to sustain the resiliency of the banking industry is important more than ever during these challenging times,” the BAP said.

Apart from raising funds via capital markets, the BAP said that banks could also maximize digital platforms, rationalize operations, innovate products and services

and look for new business prospects that cater to the needs of their clientele, among others, to improve capital position.

Staggered approach

THE banks have been increasing their reserves for potential loan loss amid higher bad debts during this pandemic. According to BSP data, allowance for credit losses and gross nonperforming loans reached P237.84 billion and P252.12 billion, respectively, as of April.

The BAP said, however, that banks can also protect their credit portfolio and financial position by opting to use a staggered approach in recognizing bad debt provisions.

“Furthermore, staggered booking of allowances for credit losses over a maximum period of 5 years for all types of credits extended to individuals and businesses directly affected by Covid-19 are allowed,” the group said.

This is one of the relief measures for the financial sector outlined in Continued on A2

POGO just can’t call it quits, must pay tax due

By Bernadette D. Nicolas

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ESPITE deciding to cease its operations in the country, a Philippine Offshore Gaming Operator (POGO) is not yet off the hook as the government vowed it will still go after its tax dues.

Citing information from the Bureau of Internal Revenue (BIR), Finance Secretary Carlos G. Dominguez III on Monday said SC World Development Group Ltd. —a unit

of Macau’s gambling giant SunCity Group—is an offshore licensee and it is not registered with the BIR. SC World Development Group Ltd. is one of the two POGOs identified by the Philippine Amusement and Gaming Corp. (Pagcor) that have officially asked for cancellation of their offshore gaming licenses, according to reports.

“We still intend to go after its tax dues,” Dominguez said, quoting the BIR.

PESO EXCHANGE RATES n US 49.9390

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Aside from SC World Development Group Ltd., another POGO reported to be exiting the country is Don Tencess Asian Solutions Inc. According to the information from BIR relayed by Dominguez to reporters, Don Tencess Asian Services Solutions Inc. is a “local licensee and already paying franchise tax, and will be subjected to investigation before it will be given clearance to close by the BIR.”

Aside from these two POGOs,

POLL: PINOYS TO TRIM TRAVEL BUDGETS WITH LOWER WAGES

By Ma. Stella F. Arnaldo Special to the BusinessMirror

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OMESTIC tourists will be trimming their vacation budgets, even as they are likely to visit “Sun and Beach” destinations that require plane rides, once Covid travel restrictions are lifted. In fact, Boracay, the so-called crown jewel of Philippine tourism, remains top of mind of many bakasyonistas, according to a government-sponsored travel survey.

In the Philippine Travel Survey Report commissioned by the Department of Tourism (DOT) and undertaken with the Asian Institute of Management and Guide to the Philippines, 44 percent of the 12,732 respondents see a reduction in their travel budgets, primarily because a majority (74 percent) project a cut in their incomes from 10 percent to over 50 percent. However, “for those expecting greater than 50-percent income reduction, it is interesting to note that majority still expect to reduce their travel budgets rather than completely eliminating it,” according to the survey which was presented at a webinar on Monday.

Continued on A2

13 other service providers were also reported to have also closed down their operations and more will likely follow suit due to stringent tax rules from the BIR and the impact of movement restrictions amid the Covid-19 pandemic, according to Pagcor.

The government allowed the partial resumption of operations of POGOs in May in an attempt to raise some revenues while several See “POGOs,” A2

n JAPAN 0.4662 n UK 61.6197 n HK 6.4437 n CHINA 7.0558 n SINGAPORE 35.8680 n AUSTRALIA 34.1932 n EU 56.0565 n SAUDI ARABIA 13.3160

Source: BSP (June 29, 2020)

News BusinessMirror

A2 Tuesday, June 30, 2020

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Oil prices rise anew; consumers urge govt to halt 10% oil tariff

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By Lenie Lectura & Elijah Felice Rosales

HE government was urged by the Laban Konsyumer Inc. (LKI) on Monday to issue the guidelines for the halting of the collection of the temporary 10-percent tariff on fuel to pave the way for a big-time price rollback.

This, as oil firms announced on Monday they are raising pump prices anew this week.

For the fifth consecutive week since the start of June, prices of diesel and kerosene are on the rise.

It will go up again on Tuesday by P0.30 per liter for diesel and P0.40 per liter for kerosene.

Gasoline prices, which are on the rise for four straight weeks since the start of this month, will increase by P0.70 per liter.

The price adjustment of Sea­ oil Philippines, Petro Gazz, PTT

Philippines, Phoenix Petroleum, Cleanfuel and Total Philippines takes effect at 6 am of June 30.

Other oil firms will follow suit.

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

However, consumer advocacy group LKI President Atty. Vic Dimagiba said the collection of the 10-percent tariff on fuel products should have ended on June 25, based on Section 7 of Executive Order 113 Series of 2020 and the Bayanihan to Heal As One Law.

“There are no guidelines nor info materials put about by the Department of Energy,” Dimagiba said.

He pointed out that since many were affected by the pandemic, oil firms should provide lower pump prices to ease the burden of all those affected.

“Motorists should be afforded lower rates in terms of fuel costs so as to ease their burden, especially when it comes to transportation.

We call on government and the DOE to issue guidelines so that consumers can benefit from lower fuel rates, especially during these challenging times of pandemic,” Dimagiba said.

“And technically, with no guidelines, there already is no real or actual basis on what the motorists should pay, and this is very dangerous unless DOE and the oil companies already step up to the plate, and not abuse their power or leverage,” he added.

The DOE has yet to comment as of press time.

If the collection of 10 percent tariff on petroleum products is no longer in place, motorists should expect a rollback in fuel prices to as much as P1.65 per liter, he said.

Dimagiba said it is important for the DOE to circulate a notice that the collection has ended to signal cheaper fuel prices in the days to come, especially at a time quarantine restrictions are being eased. He said it will also help in the economic recovery of workers and enterprises alike, as lower fuel prices would mean less cost for them.

“Many people have already lost their jobs and have no means to raise money for their families. More and more, we see news about companies, even the big major corporations, having to lay off employees. Small businesses are also being forced to shut down,” Dimagiba argued.

“With all this happening, motorists should be afforded lower rates in terms of fuel costs so as to ease the burden, especially when it comes to transportation. Thus, as the 10-percent tariff ends for

fuel—and there are no guidelines being put out by the DOE—and then the cheaper and lower prices for the fuel of the next stock be implemented immediately so that consumers can avail themselves of better rates,” the group’s chief explained.

He said it is part of the DOE’s mandate to take action in ensuring that guidelines are in place for the protection of consumer welfare and interests in terms of fuel and petroleum products.

Under Executive Order 113, President Duterte increased the tariff rates for fuel by 10 percent to boost the government’s cash resources. The taxes collected from the duty hike were directed to programs and measures aimed at mitigating the effects of the coronavirus pandemic.

The presidential order is in effect alongside the emergency powers granted to the President under Republic Act 11469, or the Bayanihan to Heal As One Act, which expired on June 25.

Don’t forget dengue, DOH logs 36,438 Covid cases; experts other diseases–Go project 60K PHL cases by end-July W Continued from A8

The Department of Health recently reported that the number of dengue cases in the country from January to May decreased by 46 percent relative to the same period last year.

According to the DOH Health Promotion and Communication Service, the decrease in dengue cases in the country may be attributed to vector management, increased awareness, and community participation.

“It is vital that everyone is informed about the status of our communities with regard to the trends of the incidence of these diseases so that our LGUs should take the necessary actions to avoid the occurrence of other outbreaks that will compound our problems in dealing with the Covid-19 situation,” Go said.

Earlier, he urged the government to ensure that public hospitals have adequate bed capacity and capabilities to accommodate Filipinos who could get sick in this time of pandemic.

Go has sponsored in the Senate the passage of several local hospital bills as part of his push to improve health-care access for all. Among these measures include four local hospital measures; namely bills upgrading the Caraga Regional Hospital in Surigao City and increasing its bed capacity; increasing the bed capacity of Bicol Medical Center in Naga City; upgrading the Maria L. Eleazar District Hospital in Tagkawayan, Quezon Province; and renaming Talisay District Hospital in Talisay City, Cebu, into Cebu South Medical Center. The bills pertaining to the hospitals in Surigao City, Talisay City and Tagkawayan in Quezon province were recently signed into law by President Rodrigo Duterte.

Seven other similar bills being sponsored by Go are pending approval on third reading in the Senate.

Given the lengthy process it takes to upgrade public hospitals, Go has filed Senate Bill 1226, or the proposed DOH Hospital Bed Capacity and Service Capability Rationalization Act, that aims to authorize the DOH to increase the bed capacity and service capability of its retained hospitals and to allow it to promulgate evaluation and approval guidelines.

HILE the Department of Health (DOH) reported on Monday that a total of 36,438 have contracted the Covid-19, a group of experts projected that the Philippines may have over 60,000 cases by July 31.

“Using the current value of Rt [Reproduction number] based on the current number of cases in the Philippines [including uncategorized cases] and assuming the trends continue, this projects to more than 60,000 Covid-19 cases by July 31, with 1,300 deaths. In NCR [National Capital Region], the projection is 27,000 cases by July 31, while in the province of Cebu, the projection is 15,000 cases by July 31. We emphasize that the projected increase in cases and deaths can be prevented by rapidly identifying and breaking chains of viral transmission,” the OCTA Research, which gives the forecast report on Covid-19, said in a study which covered the period March 1 to June 25, 2020.

The group, composed of University of the Philippines (UP) mathematics professor Dr. Guido David, UP political science assistant professor Ranjit Singh Rye, Ma. Patricia Agbulos of OCTA Research and biology professor Rev. Fr. Nicanor Austriaco of Providence College and University of Santo

Tomas, said they estimate the reproductive number of the virus at around 1.28 in the country, “based on the number of new case reports, incidence of fresh cases, and the reports on positively tested individuals.”

In NCR, the virus reproduction rate is estimated to be 1.28, while it is a little bit higher in Cebu City at almost 1.8.

For the NCR, an estimated 27,000 cases are projected by July 31, while cases may reach 15,000 for Cebu.

“Central Visayas, especially the City of Cebu, has significantly higher transmission rates than the rest of the country,” the group added.

The study also said that the number of deaths may rise to 1,300 by that time.

Covid cases

AS of 4 p.m. of June 29, the DOH recorded an additional 985 cases. Of this number, 643 were logged as fresh cases, 342 were detected as late cases. Monday’s fresh cases are based on the daily accomplishment reports submitted by only 38 out of 67 current operational labs. There were also 270 recoveries and 11 deaths reported.

This brings the total number of recoveries to 9,956, while the death toll stood at 1,255.

Of the 11 reported deaths, eight (73 percent)

occurred in June (June 6 to 23, 2020).

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

Test conducted

PER the DOH Situation Report as of June 27, a total of 689,900 tests were conducted.

For last week, 94,598 total tests were conducted and 44,764 or 7.05 percent turned out positive.

The DOH is continuously validating the number of positive individuals as reported by the laboratories.

This week, an average of 13,514 samples were processed each day by 63 laboratories.

The DOH said 6,947 specimens tested positive, for a weekly positivity rate of 7.91 percent.

Of the 6,947 specimens that tested positive, 1,420 (20 percent) came from laboratories in Region VII, and 4,889 (70 percent) came from NCR.

In terms of positivity rates, 33 percent of individual specimens (1,420 out of 4,359) tested positive in Region VII labs, while 9 percent of individual specimens (4,889 out of 57,032) tested positive in NCR labs.

DOH deploying barrio doctors to Cebu over protests of some Continued from A8

According to Republic Act 7305, also known as the Magna Carta of Public Health Workers, Sec. 6. Transfer or Geographical Reassignment of Public Health Workers: “(c) a public health worker shall not be transferred and or reassigned, except when made in the interest of public service, in which case, the employee concerned shall be informed of the reasons therefore in writing.”

The group said the orders “were done abruptly and haphazardly, at the expense of the Doctors to the Barrios and the communities that they serve.”

However, the DOH stressed that the temporary assignment is not new, as DTTBs have been temporarily redeployed in the past under similar emergency situations, such as the Marawi siege and the Supertyphoon Yolanda response.

“The redeployed doctors are Rural Health Physicians, not Municipal Health Officers, which means that their respective municipalities will not be left doctorless during their assignment and health-care services will continue.”

The DOH said that a pre-deployment orientation will be conducted and the DTTBs will be provided roundtrip transportation, statutory

allowances, actual hazard duty pay, accommodations, and other incidental expenses during their deployment period in Cebu City, including post-deployment quarantine.

Likewise, the DOH reiterated that the very nature of the DTTB program is to deploy doctors, usually to remote areas where access to healthcare is a challenge, and where quality health-care service is most needed.

“As the country remains in a state of public health emergency due to Covid-19, and cases reaching a critical point in Cebu City, the Department is grateful to all who heeded the call of duty during these daunting times,” the DOH concluded.

Brave capital markets in crisis, banks advised Continued from A1 BSP Memorandum M-2020-008.

The BSP reported earlier that bad loans could reach P556.6 billion this year due to the pandemic, an amount equivalent to 5 percent in NPL ratio. Of this amount, 50 percent to 80 percent or around P278.3 billion to P445.28 billion will no longer be recovered.

Safety first

APART from protecting their capital, banks should be able to ensure the

safety of their employees and customers amid the pandemic, the BAP said.

This does not only cover the physical branches but the digital space as well.

The BAP said that “strong cybersecurity is vital during this time when a substantial shift to digital transactions is evident.”

“Safety of their people in day-today banking operations is a paramount concern of the banks,” it added.

The BSP earlier launched a roadmap that aims to increase the digital transaction to 50 percent in the Philippines by 2023.

Poll: Pinoys to trim travel budgets with lower wages Continued from A1

The survey was undertaken from May 15 to 24, with respondents coming from 81 provinces, and aged 22-40 years old (60 percent). A large majority are college graduates (98 percent), work in the private sector (47 percent), and earn between P20,000 and P40,000 a month (27 percent). Most enjoyed 2-3 days in their domestic leisure trips (47 percent), traveled in groups of 2 to 5 (74 percent), and spent P1,000 to P2,000 per day on accommodation, transport, food and activities (29 percent).

The survey also indicated 42 percent of the respondents are “highly unlikely to purchase travel deals or promotions during this time.” This can be attributed to their concerns on safety, expected reduction in income, and travel restrictions.

Boracay was named a top choice among travelers for their leisure destination (13.7 percent) especially by those from the National Capital Region, Calabarzon and Western Visayas, while the Ilocos Region, Central Luzon and Northern Mindanao had it as their second or third choice.

Other top destinations included Siargao (9.21 percent), Baguio (9.21 percent), Metro Manila (8.5 percent), Cebu (7.17 percent), El Nido (6.75 percent), Coron (6.28 percent), Batangas (5.49 percent), Bohol (4.59 percent) and La Union (4.2 percent).

“We believe in a collaborative approach to recovery,” said Tourism Secretary Bernadette Romulo-Puyat at the webinar. “The survey, which was distributed online, sought the sentiments and concerns that respondents have concerning domestic travel in light of the pandemic, in order to provide insights to tourism enterprises to better prepare, respond, and serve guests and tourists again.”

The DOT chief unveiled preliminary results of the survey in a separate webinar last week, saying consumers preferred to travel in small groups, but want to engage in highvalue, experiential activities.

(See, “Changes in hotel ownership, branding seen post-Covid,” in the BusinessMirror, June 29, 2020.)

Majority of the travelers are also willing to adhere to health and safety protocols as travel policies, such as providing complete and accurate travel histories (98 percent), undergoing rapid Covid tests prior to departure (90 percent), submitting a medical certificate prior to travel (88 percent), and being on home quarantine (90 percent). However, only 13 percent of the respondents favored being quarantined at a government hospital.

Staying in a hotel or resort, traveling solo, or going on private tours are considered the safest touristic activities by majority of the survey respondents, or activities with limited exposure to crowds.

They also prefer going to the beach (69 percent), road trips (54 percent), and staycations as top travel activities.

Domestic tourism is the biggest contributor to the Philippine tourism industry with P3.14 trillion in earnings. This accounts for 10.8 percent of the tourism industry’s 12.7-percent contribution to the country’s gross domestic product last year.

Due to the relative youth of majority of the travelers, nearly half of them will book with online travel agencies and aggregators. Majority of the respondents (86 percent) also expect tourism establishments to implement self-service processes such as contactless check-in and digital payments.

POGOs… Continued from A1

parts of the country remain under lockdown in a bid to curb the spread of Covid-19, but POGOs that were deemed not tax-compliant were prohibited from resuming their operations.

POGOs, however, are insisting that they are not liable to pay the 5-percent franchise tax since they are an offshore business.

Last week, Sen. Joel Villanueva said only two POGOs have so far paid the franchise tax.

Responding to Villanueva’s claims, Dominguez said they are looking into it, but described the allegation as “probably true.”

While the Department of Finance has said that government revenues from POGOs are estimated to reach up to P20 billion annually, total tax collections from the industry only amounted to P6.42 billion in 2019. This, despite the government’s intensified crackdown against tax-dodging POGOs.

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Editor: Vittorio V. Vitug • Tuesday, June 30, 2020 A3

Salceda seeks ‘targeted’ reopening of economy

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By Jovee Marie N. dela Cruz

@joveemarie

HE chairman of the House Committee on Ways and Means has appealed to the Inter-Agency Task Force on Emerging Infectious Diseases (IATF-EID) for a “targeted” reopening of the economy.

Albay Rep. Joey Salceda issued the appeal as the Palace weighs on changes to the quarantine regime

by June 30.

“There are things that reopening the economy cannot do without: safe public transport, safe offices with minimum health standards, and reliable telecommunications service for those working from home.

We have to take them into account,” Salceda said.

“That means, we may have to allow provincial buses around Metro Manila to operate. We will also need to rationalize restrictions on transport. For instance, it might not make sense to distinguish between ‘modern’ and ‘regular’ jeepneys,” he said.

The lawmaker said the task force should also consider whether there are checkpoints and other mobility restrictions that could be rationalized.

“Those who go home late from work, traveling from one province

to another, may need relevant exemptions. So, we should check the list of people eligible for IATF passes, for possible expansion,” he said.

According to Salceda, the economic stimulus will not work if there is no basic economic machinery to fuel it.

Earlier, Salceda said both houses of Congress are eyeing to pass the second stimulus package before the State of the Nation Address of President Duterte next month.

He said a special session may be called for the finalization and approval of these economic stimulus packages within the next two weeks.

Congress is planning to approve the stimulus package in three tranches with the last tranche to be inserted under the 2021 national budget.

Salceda said the House will adopt the Senate P140 billion counterpart bill to Accelerated Re-

covery and Investments Stimulus for the Economy of the Philippines (ARISE). If ever, this version will be the second stimulus package as Congress considered the Bayanihan to Heal as One Act as the first stimulus package.

This second stimulus is expected to be implemented up to September of this year.

Salceda also said the House leadership is now considering the Executive department’s “openness” to a third tranche of economic stimulus by July. He said this recovery measure can include around P280 billion. The target implementation of this third stimulus is being eyed on the fourth quarter of this year, and may be included in the 2021 national budget.

Salceda, who is principal author of the House’s economic stimulus program, said available economic support from the government should also be “widely communicated and available online.”

“I have submitted to President Duterte a framework for a riskstratified reopening of the economy some weeks ago. That is an analysis of the costs and benefits, and the geographic and sectorbased nuances of reopening regional economies. I believe these nuances will be taken into account,” Salceda said.

“Many restaurants and establishments that will reopen will need the loans, permits, and other forms of government support that are available. My office has done a rapid audit

of these processes, and apparently, most are still not available online,” he added.

Salceda also said the area’s capacity to cure and isolate infected citizens is the greatest hedge against the risks of reopening an economy.

“The greater that capacity is, the more room you have for reopening the economy,” he said.

“All workplaces, as much as possible, should collect information on the regular contacts and the routes of all employees. This is what I call proactive contact tracing. By the time someone is confirmed as infected, we will already have had leads for faster contact tracing. Of course, time is of the essence in fighting contagions,” said Salceda, who is also the co-chairman of the Economic Stimulus and Recovery Cluster of the House Defeat Covid-19 Committee.

In his 76-page Let the Economy Barrel Through report submitted to the President, Salceda recommended a pandemic management approach that “foresees Covid-19 uncertainties so that we could begin managing them even before they happen” and emphasizes the need for innovations in mass testing and tracing.

“Confidence, especially the lack of it, is the underlying driver of markets-in-crisis. By identifying potentially troublesome scenarios, the paper also hopes to limit the uncertainty surrounding

Covid-19. When the citizenry is convinced that public and private institutions are prepared for even the worst possible eventualities, they may become more confident to live as productively as possible under ‘new normal’ conditions,” Salceda said.

Salceda’s paper also identified seven potential events that should be anticipated and prepared for.

Salceda calls uncertainties around these scenarios as “sixsigma events,” a concept the lawmakers says he learned in his Master’s degree in Management from the Asian Institute of Management (AIM).

He said six-sigma events are dramatic deviations from expected outcomes, which, “are the expected number of cases given our trend lines.”

“The seven potential scenarios the paper identifies and recommends measures for are: multiple waves of infection, a significant rise in cases due to the reopening of the economy, cases of reinfection, lack of clear and viable guidance from international health institutions, cases overshooting certain facilities, waves of infection due to migration within and from outside the country, outbreaks from places of gathering such as schools and churches,” Salceda’s paper cited.

“The sooner we can identify these six-sigma events, and the sooner we can manage them systematically, the more and more

engines of the economy we can allow to keep running. In this case, then, health emergency management is the most fundamental element of economic stimulus,” he added.

Salceda also proposed a “unifying paradigm” for pandemic management, which would include mass testing and tracing, effective isolation as more useful than mobility restrictions, innovation in testing and tracing, clear policy triggers, and a systems-based approach to work arrangements, transportation, and other aspects of daily life under the new normal.

“As a unifying paradigm, in general, [1] mass testing and tracing is absolutely necessary, [2] isolating the sick and potentially infected is much more efficient, and much less socially disruptive that total limits on mobility, so mass testing and tracing capacity is where the economy will largely rise or fall, [3] where resources are constrained, innovative approaches such as group testing should be explored, [4] all policy and protocol questions should be anticipated and policy triggers and expected behaviors should be codified and communicated well, and [5] as a matter of precautionary principle, systems should be established such that, even when individual human behavior falls short, the overall pandemic management strategy will hold,” Salceda’s paper explains.

DOLE says 10K additional workers Big cyber-security threat: Employees expected to lose jobs this month

By Samuel P. Medenilla @sam_medenilla

A

N additional 10,000 workers are expected to lose their jobs before the end of the month, according to the latest report of the Department of Labor and Employment (DOLE).

This brings the total number of permanently displaced workers for June to 45,724, which remains the highest for the entire year.

From January to June 29, 2020, DOLE reported 99,853 employees were displaced by 3,754 companies nationwide.

“Ninety percent of which [companies] reduced work force [3,389], while the remaining 10 percent reported permanent closure [356],” DOLE said in its latest Job Displacement Monitoring Report.

Most, or 46,660, of the affected workers came from the National Capital Region (NCR), followed

by Calabarzon (20,745), Central Luzon (10,836), Cordillera Administrative Region (5,153), and Central Visayas (4,856).

To note, the latest displacement report showed the number of permanently displaced workers from the Ilocos region decreased from 2,581 (June 22) to 1,558 (June 29).

Labor Assistant Secretary Dominique Tutay told the BusinessMirror in a text message that the revision was based on the ongoing data “cleansing” of DOLE-Region 1 on the retrenchment reports it received from establishments.

The mass displacement comes after the government imposed a community quarantine to control the spread of the virus since March.

After issuing call for rice bidding, Palace says PHL

has ‘enough’ supply of staple

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ALACAÑANG on Monday said the government will no longer push through with its importation of 300,000 metric tons of rice due to sufficient supply of the food staple.

In an online briefing, Presidential spokesman Harry Roque said the Department of Trade and Industry’s (DTI) Philippine International Trading Corp. (PITC) has decided to forgo its government-to-government (G2G) tender.

“We already have enough supply of rice that is why the importation will no longer push through,” Roque said.

Earlier this month, PITC sought the approval of President Duterte for the importation of rice, which was supposed to start on July 15, 2020.

The request came after the BusinessMirror reported that the Department of Budget and Management (DBM) questioned the legality of the bidding process.

The DBM refused to release the P7.45 billion for the said acquisition citing the provision of the rice tariffication law (RTL), or Republic Act (RA) 11203, which bars the Department of Agriculture (DA) and the DTI from rice importation without authorization from the President.

The PITC, through the technical aid of DA, already conducted the bidding, which was participated by India, Vietnam, Thailand and Myanmar. Samuel P. Medenilla

During the said period, many companies were unable to operate prompting many of them to reduce their work force.

Currently, the administrative and support services activities industry apparently suffered the most from the business disruptions as it shed off some 30,374 jobs.

The industries within the “other services activities” classification of DOLE registered the second most number of labor displacements with 12,486 and followed by the manufacturing sector with 11,636.

DOLE earlier said it is banking on the passage of the pending stimulus packages in Congress to launch its post-Covid recovery plan, which is expected to provide alternative jobs and livelihood for the thousands of displaced workers this year.

Delgra: LTFRB may allow ‘roadworthy’ traditional PUJs to operate this week

T

HE chief of the Land Transportation Franchising and Regulatory Board (LTFRB) has announced that traditional jeepneys may soon be allowed to operate in additional areas this week.

In an online press briefing, LTFRB Chairman Martin Delgra said they will issue a memorandum circular either today (Tuesday) or tomorrow (Wednesday) to allow public-utility jeepneys (PUJ) to operate.

“But in order for [a] traditional jeepney to be allowed to resume its operation, it should be ‘roadworthy,’” Delgra said.

He noted that traditional jeepneys are at the bottom of the hierarchy of public transportation of the Department of Transportation (DOTr) due to difficulty in imposing social distancing to their passengers.

In Metro Manila, DOTr had already allowed the resumption of operation of trains, buses, taxis and transportation network vehicle services (TNVS) units earlier this month.

On Monday, the LTFRB also announced it allowed 980 units of UV express to operate in 47 routes in Metro Manila following a strict point-to-point scheme.

Delgra said that PUJs will be allowed to operate in areas, where there is still insufficient number of public transportation. Samuel P. Medenilla

F

By Henry J. Schumacher

OR obvious reasons I am following the issue of Wirecard and the “disappearance” of about $ 2.1 billion allegedly in the Philippines, after employees of two leading banks created fake documents, with great interest.

Two questions are coming up immediately: 1. Why did the German company select the Philippines as fake recipient of the money, and 2. Who orchestrated the involvement of the two employees in the two selected Philippine banks? But those two issues are not what I am writing about. My concern is the security threat created by employees.

Plenty of companies aren’t taking basic steps to improve their readiness in data protection, leaving them exposed to breaches that can threaten their existence.

Those looking to steal organization’s data may be proxies for hostile foreign governments, career cybercriminals, or enraged activists. But they are just as likely to be members of an organization’s own staff.

It is obvious that not all organizations are wellprepared to counter insider threat.

Traditionally, pre-employment screening has been the main way organizations guard against insider attacks, particularly for jobs requiring a security clearance. Checking references from previous employers may highlight concerns about an individual’s reliability, or temperament, conducting criminal-record checks may show an individual is unsuited to working with sensitive data, and credit-checks may show

financial vulnerability.

However, screening is a point-in-time assessment, and once someone joins a company, he or she is rarely if ever checked again. Data from a 2013 UK government study found that 76 percent of inside attackers had not joined the company with the intention of stealing data or sabotaging operations.

The decision to act maliciously came as a result of changes in the employee’s financial situation, changes in ideology, because of the desire for recognition, due to a negative work experience, or drug or alcohol dependency, or poor management. Only 6 percent of the 120 cases in the study came as a result of deliberate infiltration, while the remainder were coerced by third parties to engage in an attack.

Technology is not a silver bullet, but it certainly is a bolster in a company’s defenses against insider attack.

Artificial intelligence and behavioral analytics can identify user actions that diverge from the norm, such as employees accessing the corporate network outside of normal hours, or trying to view restricted data.

Effective management is key to early detection of disgruntled employees, as is ensuring employees only have permission to access the data they need to perform their role.

Looking at this scenario, it is essential that companies take the role of the Data Protection Officer seriously and provide the DPO with the tools that are required (and available) to control what’s going on in all departments and subsidiaries of the organization, with special emphasis on employees in operations.

Why? Data breaches mostly happen on the operational level, maliciously, or by mistake. It is essential that companies are looking at five simple steps: Create a governance structure—Appoint a DPO (as the Philippine Data Privacy Act provides) and create a governance structure to collaborate on the Privacy Program.

Identify risks—Identify inventory risks, process risks, compliance risks and project/product risks which, if not controlled, may result in privacy breaches or incidents.

Manage programs—Communicate policies, ensure the implementation of controls and achieve accountability by staff and management.

Sustain compliance initiatives—Train and test staff and conduct audits on an ongoing basis to sustain initiatives.

Respond to data subject requests and incidents­— Document and manage incidents and breaches, and data subject requests.

Is there software to achieve operational compliance with data protection, implement data protection and demonstrate accountability to regulators? Yes, there is (you can ask me for assistance).

In conclusion, finding a balance between trusting employees and verifying they are performing within the bounds of information-security policies is a key part of any cyber-risk management program. Getting it wrong can have devastating business consequences. If you need assistance, let me know—you can contact me at Schumacher@eitsc.com

A4

Tuesday, June 30, 2020 | www.businessmirror.com.ph

Financial Sec

A BusinessMirr

FINANCIAL INSTITUTIONS WERE MADE CRISIS-PROOF BY GOOD MANAGEMENT

A

By Bernadette D. Nicolas

S the world is bracing for the worst recession since the Great Depression due to the Covid-19 pandemic, the crisis is also testing every government’s ability to quickly respond and soften its impact to the vulnerable sectors of society.

Just like in any war, the costs of battling a pandemic are also enormous and governments need to be smart enough in making use of limited resources and continuously finding ways to boost their coffers.

Unfortunately, many countries had to resort to

lockdowns in a bid to stop the spread of the virus, which has already infected 10 million people and killed over half a million. It all boiled down to an initial weighing of priorities – no compromises on saving lives, the economic damage notwithstanding/

To support the government’s fight against Covid-19 and to help those who were affected by the lockdown, the government had to spend beyond its means even as it suffered a drop in revenue collection.

For instance, the P51-billion Small Business Wage Subsidy (SBWS) program of the government which was coursed through the state-run pension fund Social Security System (SSS) was financed through excess dividends from government-owned and -controlled corporations (GOCCs).

Data from the Bureau of the Treasury showed that the national government extended a total amount of P51 billion in subsidies to SSS for April and May.

The P51 billion received by SSS was equivalent to over half of the total subsidies extended by the national government to state-owned and -controlled corporations for the first five months of the year amounting to P100.369 billion.

The national government gives subsidies to GOCCs either to cover operations that are not supported by cor-

porate revenues or fund specific programs or projects.

To ease the financial pain among workers of small businesses that temporarily closed during the lockdown, the government rolled out the SBWS program, wherein a subsidy of P5,000 to P8,000 monthly was given for two months.

Historical data also revealed that the amount of subsidies received by SSS for the period was a record-high since 1986. In 2017, SSS only received P267 million in subsidies from the government for the five-month period.

‘GFIs resilient, well-managed’

FINANCE Assistant Secretary Maria Teresa Habitan said she believes the country’s government financial institutions (GFIs) are resilient enough to deal with the challenges brought by COVID-19 pandemic.

“I believe our GFIs have been well-managed for the last so many years and are capable of responding to the pandemic situation,” Habitan told the BusinessMirror.

Asked to explain why SSS did not receive that much subsidy from the government since 1986 prior to the Covid-19 pandemic, she said it is because SSS does not need a subsidy and is able to finance its operations on its own.

Yes, and that includes the provisions of benefits to members within what is mandated by its charter,” she said.

Aside from SSS, other government financial institutions, such as state pension fund Government Service Insurance System and Home Development Mutual Fund, popularly known as Pag-Ibig Fund, also usually do not receive subsidies from the national government.

The last time GSIS received a subsidy was in November 2012 when it got P1.5 billion.

Pag-Ibig fund was also not among the list of subsidy recipients of the national government since 1986.

Habitan attributed this to “good fiscal and financial management so far” of these government financial institutions.

I believe our GFIs have been well-managed for the last so many years and are capable of responding to the pandemic situation.

– Finance Assistant Secretary MARIA TERESA HABITAN

‘Way stronger than ever’

PAG-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti earlier told the BusinessMirror that the fund is “way stronger now than ever,” noting that their performing loans ratio as of March 31 was at a new record-high of 91 percent.

“If this happened 10 years ago, where our PLR (performing loans ratio) was around 75 percent, it would have been a different story. Or if it happened 5 years ago where PLR was only 81 percent, the impact on the Fund would have been much worse,” he said.

Moti said even with a 75-percent drop on their performing loans ratio, Pag-Ibig would still record a “decent” net income based on their latest stress tests.

In 2019, Pag-Ibig Fund also achieved its highest-ever net income at P34.37 billion, up from P33.17 billion in 2018.

Amid the implementation of community quarantine measures, Pag-Ibig implemented a moratorium and granted grace period on loan payments of all of its borrowers.

To help boost the economy and encourage production of housing units for its members, Pag-Ibig also increased to P10 billion its home construction fund.

Deadlines extended

BOTH SSS and GSIS also extended the payment deadlines for the contribution of its members.

The state-run pension firm SSS also recently said its members who lost their jobs due to the pandemic may now apply online for unemployment benefits.

It also opened earlier this month Calamity Loan Assistance Program wherein members who were affected by the pandemic may apply for a loan of up to P20,000.

For its part, GSIS also released a total of P9.8 million in life insurance benefits this month to the legal heirs of four government medical frontliners who died of Covid-19.

It also recently announced that it will provide financial assistance of P700,000 each to 11 government Local Isolation and General Treatment Areas for Covid-19 cases (Ligtas Covid) centers. A Ligtas Covid center is a community isolation unit located within a barangay, municipality, city, or province that serves as a temporary shelter to COVID-19 cases who will require quarantine or isolation.

FINANCIAL SYSTEM TO SURVIVE PANDEMIC – EXPERTS

By Tyrone Jasper C. Piad

T

HE coronavirus pandemic has tested many aspects of this country, including its financial system that appears to be remaining robust and resilient amid the unforeseen crisis brought about by the virus.

Playing a key role in economic recovery, the banking sector has maintained operations to continue providing liquidity and other financial needs of its customers during this pandemic.

UnionBank Chief Economist Ruben Carlo O. Asuncion is confident that the banking industry will be able to overcome the crisis.

“The experience of the different financial crises in the past years have afforded the system the necessary learning and adjustments needed to be resilient in this pandemic,” he said. “This year will be very challenging, but I think that the financial system will be very resilient throughout the year.”

Asuncion said that it was also necessary that the industry is wellcapitalized to endure the financial impact.

According to preliminary data from Bangko Sentral ng Pilipinas (BSP), the local banking sector’s capitalization reached P2.35 trillion in April, which is 2.08 percent higher than P2.30 trillion a month ago and 8.9 percent more than P2.16 trillion the year earlier.

The financial sector has also been staying afloat with help from the relief measures of the Central Bank, ING Bank Manila Economist Nicholas Antonio T. Mapa said.

“All said and done, the financial sector has managed to survive at least the first wave of trauma induced by the pandemic, with the stock market recovering from the lows and stabilizing; interest rates pushed lower by BSP easing and the currency relatively stable compared to past crises,” he said.

Last week, the Monetary Board trimmed the interest rate on BSP’s overnight reverse repurchase facility by 50 bp to 2.25 percent, bringing deposit and lending rates to 1.75 percent and 2.75 percent, respectively. The new policy rates were effective beginning June 26.

Going digital

“THE general theme that I am seeing is migrating to become digital in the middle of

a pandemic,” Asuncion said.

The UnionBank economist noted that the trend is now on “low touch” or contactless transactions as the public avoid exposure to the virus. It is something that the banking system should address right away, he said.

Asuncion said that investing in digital platforms could help the banks keep their client base.

“A major challenge now is protecting market share and helping customers navigate the virus spread difficulties. The only way to overcome this major challenge is to digitize and there is no other way to go around this,” he explained.

The Central Bank earlier projected that financial technology would help the Philippines move toward the digital economy after the pandemic. BSP Governor Benjamin E. Diokno recently said he sees digital transactions rising to 50 percent before 2023.

Moving forward

STILL, Mapa said that the worst is not yet over for the banking sector.

“We expect more pressure on the financial sector given our bleak outlook for growth with only BSP able to provide support measures to cushion the impact on banks and the financial sector,” he explained.

Should there be swift economic recovery, Mapa said that nonperforming loans (NPLs) may decline as business activities resume.

BSP reported earlier that bad loans could reach P556.6 billion this year due to the pandemic, which is equivalent to 5 percent in NPL ratio. Of this amount, 50 percent to 80 percent or around P278.3 billion to P445.28 billion, would not be recovered.

The Bankers Association of the Philippines (BAP), meanwhile, said that bad debts could increase to approximately P240 billion to P300 billion, with 50 percent to 80 percent of the amount expected to be written off.

According to a report by the Interagency Task Force Technical Working Group, NPLs could reach P368 billion, assuming a 45-day lockdown period in Luzon.

“For now, the financial sector will slowly attempt to navigate the new normal and assess the damage caused to the greater economy, which unfortunately is not as rosy as we had hoped for,” he added.

ctor Resilience

ror Special Feature

www.businessmirror.com.ph | Tuesday, June 30, 2020

A5

RISING ABOVE THE CHALLENGES Finance players face new threats amid the pandemic

‘N

By Trisha Jean V. De Leon

O matter how the wind howls, the mountain cannot bow to it.�- Walt Disney Company.

The dark days have come as the fangs of a fatal strain of virus have sunk deeper through the thickest of the societal skins. In fact, everyone has fallen victim to the inauspicious effect of the Coronavirus Disease (COVID-19), even the financial sector.

While the ramifications continue to pile up, financial business leaders are looking for efficient ways to bounce back, despite the stringent containment measures that the government has put in place.

Generally, financial institutions have to overcome financial and operational challenges by alleviating the stark decline in the value of financial assets or loss of liquidity and addressing the risk of failure of resources to provide services.

Operationa l disr uptions

caused by pandemics, however, are not often embraced in supervisory guidance on business continuity, which often only encompasses short interruptions like natural disasters and infrastructure failures. One of the toughest aspects to gauge, however, is the duration of a global health crisis, which could span from weeks, months, and even years.

What can the financial sector, including banks, investment and insurance companies, and real estate firms, do to secure business continuity in these challenging times?

Employees’ Safety and Productivity

TO achieve performance targets, financial institutions must create work arrangements for employees

that can help boost productivity without compromising safety.

For instance, companies may support the work-from-home setup, whenever possible. This allows staff to continue providing services, without putting their health and safety at risk. Safe distancing precautions should also be observed, most especially when it comes to customer touchpoints.

Customer Engagement

REASSURING customers on continuity of service delivery, as well as providing liquidity, support, and necessary forbearance, are of utmost importance during a pandemic. The utility of technology will also help financial businesses to surpass staff shortages, office closures, and other public health protection measures.

Banks, for example, may remind customers of the different modes of bank access, without physically coming to a branch, like online or mobile banking.

This will help reduce traffic at branches, which can minimize face-to-face transactions.

Transparent Communication

EVEN with strict quarantine guidelines, financial services companies

will need to ensure that the lines of communication stay uninterrupted. They need to find effective ways to keep in touch with their multiple stakeholders, including their employees, customers, shareholders, and regulators. This will help them avoid widespread disinformation and rumor, which may affect their customer relationship.

Government Intervention

IMPLEMENTING orders from the government should also be strictly observed by financial institutions.

Recently, the Bangko Sentral

ng Pilipinas (BSP) issued implementing rules and regulation, in consonance with the Republic Act No.11469 or the Bayanihan Act, which requires all creditors (under BSP supervision) to grant a 30-day extension for the payment of loans due within the enhanced community quarantine (ECQ) period, without pressing additional interest, penalties, or charges on their debtors.

Moreover, the BSP also eases up on the know-your-customer (KYC) requirements, for both overthe-counter, electronic, and online transactions. This allows Filipinos

to have easy access to basic financial services during the COVID-19 situation in the country.

Adapting to the New Normal

THE world is shifting to a new era where safety, convenience, and accessibility are extremely important in delivering customer-centric services. For financial institutions to thrive, they should find the perfect balance between customer engagement and digital acceleration, which will help manage stakeholder expectations and improve reputational value.

A6 Tuesday, June 30, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Exodus

P

rivate schools face the prospect of losing thousands of students due to the economic difficulties caused by this coronavirus pandemic.

The Coordinating Council of Private Educational Associations (COCOPEA), which represents the five biggest private school associations in the country and has in its fold more than 2,500 schools, told a recent Senate hearing that the enrollment rate for private education was set to drop by 50 percent, meaning around 2 million students are expected to leave private schools.

This exodus shows how the pandemic has affected the lives of many Filipino families in many ways. Unemployment in the country is at an all-time high with over 7 million Filipinos jobless (as of April 2020). As household incomes have diminished or disappeared, many harried parents have sought ways to cut various expenses. They have to make tough choices, among them foregoing private school education for their children in favor of sending them to local public schools, or other alternatives, like homeschooling.

Education Secretary Leonor Magtolis-Briones said the DepEd has taken into consideration the capacity of public schools to absorb the additional students coming from private schools. (Today,June 30, is the last day DepEd will be accepting enrollment applications for public schools.)

The Commission on Higher Education said it also expects a similar decline in enrollment in private colleges and universities.

The decline in enrollees has already forced a number of private schools to layoff some personnel, in particular part-time teachers and other non-regular staff, because of budget constraints. Some of these schools are even at risk of closure.

Despite the exodus of students, many parents are wondering why certain private schools choose to maintain their costly tuition and are not significantly dropping their rates, to ease the financial plight of families and encourage them to keep their children where they are.

Even President Duterte has asked Secretary Briones in a nationwide televised briefing why there has been only a “small drop” in tuition despite the shift to alternative learning.

Briones said most private schools are adjusting their itemized expenses to cater to the needs of distance learning. She also noted that tuition fee increases in private schools should be approved by DepEd and should be “justified,” noting that according to law, 70 percent of tuition increases should automatically go to teachers’ salaries.

Whether the cost of “online education” in private schools (including colleges and universities) is indeed “justified” is a question many parents want answered.

They argue that remote learning schemes should cost significantly less and should be more affordable, because they are subpar in practically every aspect to face-to-face education, and because of the obvious savings on facilities, personnel and the various ancillary services provided to on-campus students.

They have asked schools for significant discounts, if not on tuition then at least on the many other arbitrary fees that can add up to thousands.

Despite delivering only online education for now, the tuition for many private schools, the elite ones in particular, remain high with various fees still attached to them, which, needless to say, have made their students and parents quite angry.

One elite private school, for instance, is still charging over P150,000 for grade school with thousands allocated for various fees, like P8,000 for a “campus development” fee, even if students will not be anywhere near the campus. There are also “IT” and “energy” fees, even if students have to provide for their own Internet connections, computers and electricity for online learning; as well as library, laboratory and gym fees, even if students cannot avail themselves of any of these facilities.

There are many other private schools still charging similar costly tuition and questionable fees. The owners of these schools might argue that sending children to their schools is a choice, which most of the parents can afford, even if a good number of parents who send their children to private schools, even the expensive ones, are middle-class parents who have to make significant financial sacrifices to be able to afford supposedly better education for their children.

Or perhaps they are counting that majority of Filipino parents are “grin-andbear-it” types who endure their sufferings silently and will, in the end, just choose to pay whatever is asked of them, to keep their kids where they are.

But these schools should also be careful, because many cash-strapped families in this pandemic can no longer afford the same choices. Before they brag about their various charity drives, these schools should first be more charitable to their own students whose exodus is the last thing they want.

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THE Entrepreneur

T

he Covid-19 pandemic is here to stay, unless scientists across the globe quickly discover a vaccine. In the meantime, we must fight the virus with surgical precision and at the same time restore as many jobs as possible to get the economy going.

The working class has suffered enough during the harsh lockdown period through no fault of their own.

They must now be allowed to get their jobs back through wider deployment of mass transportation, including buses and road-worthy jeepneys.

Our unemployment record could deteriorate further if the transportation problem is not timely fixed. Labor statistics paint a grim picture of the employment outlook toward the end of the year. Labor Secretary Silvestre Bello III himself conceded that as many as 5 million more workers could lose their jobs before the end of the year, bringing the number of workers displaced by the Covid-19 pandemic to 9 million.

These workers are mostly in the service sector, tourism and allied businesses like hotels and restaurants, food service, entertainment, and transportation. Also affected

by the pandemic are those from the professional and business services sector, which include lawyers, accountants and engineers. The unemployed also include temporary workers, such as laborers, office clerks and packagers.

We don’t have to go over the labor data to prove the extent of the nation’s unemployment problem.

Malls are barely occupied in Metro Manila, with many of their tenants, mostly small enterprises, still shut down and unable to sell their wares or operate their restaurants. Most offices in Metro Manila run on a skeletal staff due to the lack of mass transportation.

I just hope we soon find a lasting solution in the transportation sector to bring back to the working place the core of laborers in Metro Manila and the rest of the nation.

Restarting the Philippine econo-

Everything is political

Jennifer A. Ng Vittorio V. Vitug Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso

Chairman of the Board & Ombudsman President VP-Finance VP Advertising Sales Advertising Sales Manager Group Circulation Manager

Manny B. Villar

Lourdes M. Fernandez

Senior Editors

Creative Director Chief Photographer

We must restore the jobs and fight the virus

John Mangun

OUTSIDE THE BOX

T

he Wonderful Wizard of Oz is an American children’s novel written by L. Frank Baum, published in 1900. “The Wizard” is the ruler of Oz and is revered by his subjects as the one who can solve all problems.

The climactic scene is when Dorothy’s dog Toto knocks over a screen that reveals the Wizard behind the green curtain is nothing more than an ordinary man who has used tricks to make him seem great and powerful. People who choose to question and want to look behind the curtain of official government and media explanations are usually dismissed as “conspiracy theorists.”

Yet does anyone genuinely believe that the public knows all the facts surrounding the assassination of Benigno Aquino Jr., for example?

You could make a long, long list of “conspiracy theories” surrounding events such as that.

It is not necessarily that there is some sort of nefarious group such as the Illuminati or Alien Lizard People working behind the scenes. There are undoubtedly better and more sensible explanations. But that does not mean things are always as they appear to be.

Perhaps history will actually write: “In 2020, a particularly virulent and communicable strain of a relatively common family of viruses—coronavirus—was first identified in China. Because of the ease of 21st century travel, the virus widely spread into a pandemic.”

However, there is another “reality” that may not be a conspiracy

my is not that easy, however, given the new spikes in Covid-19 cases in the Philippines and in other parts of the world. Reopening the economy does not mean we should lower our guard against the virus. We should follow the same health protocols— wearing of face mask, washing of hands, avoiding a crowd and social distancing—to avoid the virus.

Again, we should learn from the experience of other countries to prevent a second wave of virus outbreak during the reopening stage.

Several states in the US, especially Texas, Florida and California, have reported a surge in Covid-19 cases.

The World Health Organization has raised concerns over a new spike in Europe, where lockdown easing led to some flights between countries and the reopening of bars, restaurants and cinemas.

We do not want this to happen in the Philippines. There are certain social activities that should not resume soon as we have seen in the US and Europe. Many residents in London, for example, created a party atmosphere to celebrate an end to their long confinement without face masks and ignoring social distancing rules. Others took the easing too far, when thousands crowded the beach in the English town of Bournemouth to enjoy the sun. Some Americans did the same—they went to the beach to bask in the warmth of the sun, again without social

theory in these times. Perhaps, “Nothing is coincidental. Everything is political.”

According to information reported by the South China Morning Post on March 13, 2020, in a retrospective study, Chinese authorities identified 266 people who had been infected before the beginning of 2020. The Chinese government had taken many steps in early January as the number of cases increased.

But the first public announcement

by President Xi Jinping was on January 20, 2020. The official case count on that date was 291, which was completely untrue.

The Beijing government has always been the opposite of transparent with its citizens and it must continue to do so. To hear Pope Francis at Luneta Park in 2015, almost 6 percent of the total Philippine population was in attendance. For China, if 5.5 percent of the population showed up to “protest” the government for any reason—like not being able to stop an epidemic—that would be 77 million people. Nothing is coincidental. Everything is political.

On February 3rd, “The directorgeneral of the World Health Organization is urging countries not to close

distancing and face masks.

Salute to the BSP

I welcome the latest move of the Bangko Sentral ng Pilipinas to cut the benchmark interest rate by 50 basis points to an all-time low of 2.25 percent. The business community will need all the help it can get from the Central Bank to pave the road to economic recovery.

The 50-basis point cut is an assurance that the country’s inflation rate will not be a problem at least in the medium-term. The lower rate will be a big boost to companies that want to fund their way out of the current economic malaise.

I also share the cautious optimism of the Bangko Sentral on the global recovery. “The Monetary Board noted that even as economies begin to reopen, the global recovery would likely be protracted and uneven.

Hence, there remains a critical need for continuing measures to bolster economic activity and support financial conditions, especially the effective implementation of interventions to protect human health, boost agricultural productivity and build infrastructure,” it said.

The economic recovery will not be handed to us on a silver platter. We must work hard for it as we battle the pandemic.

For comments, e-mail mbv.secretariat@gmail. com or visit www.mannyvillar.com.ph.

their borders to foreigners traveling from China.” On April 5th, “WHO: Screening, not closing borders, is the way to stop Covid-19.” At that time there were 128,948 cases and 15,887 deaths in Italy. On April 2nd, 950 people died of the virus in Spain and at the time, the most by any country in a single day. Both Germany and France reported multiple cases originating first from China and then from Italy.

One critical cornerstone of the European Union is the Schengen Agreement, which largely abolished national borders and travel control and restrictions in the EU. If EU countries control their own borders, it sort of makes the whole EU political structure useless. Nothing is coincidental. Everything is political.

Here in the Philippines, has there been any policy, any government decision, or even any statistic that has not been framed as a negative?

Nothing is coincidental. Everything is political.

E-mail me at mangun@gmail.com. Visit my web site at www.mangunonmarkets.com. Follow me on Twitter @mangunonmarkets. PSE stockmarket information and technical analysis tools provided by the COL Financial Group Inc.

Opinion BusinessMirror

www.businessmirror.com.ph

Is Covid-19 the end of ‘Resist injustice’ the world as we know it?

By David Black

I

thought the end of the world would look different. There are no horsemen, no mushroom cloud, no alien spacecraft. Just sweatpants and Zoom. As it turns out, rumors of our demise have been exaggerated.

If you live in the developed world, the first 20 years of this century might have resembled the apocalypse in slow motion—from September 11 to SARS, the war on terror, the global financial crisis, technological disruption and Islamic State, to Trumpian anxiety and now Covid-19.

Are we reliving the Crusades or fastforwarding to the dystopian world of Blade Runner?

And yet, for many others, the 21st century has also been a revelation.

Money to spend, real-time connections with the world, the Babylonian wonders of urban life and much more.

The (developed) world in crisis

Time and again, data and insights have supported this dichotomy. For years now, polling and analysis have pointed to growing levels of dissatisfaction and malaise in a number of rich countries. This is against the backdrop of people who are not only living better lives, but empowered with opportunities thanks to greater mobility and education, which have transformed their existence.

When my own research company decided to look at global reactions to the Covid-19 crisis, we wanted to know if this contrariety was as evident with the entire world now huddling indoors confronting a different type of international crisis.

Our study, titled “World in Crisis,” measured the sentiments of citizens from 23 countries toward their national Covid-19 crisis management efforts. While the focus of the news coverage has predominantly been on our political findings and how our leaders have performed, in many ways these results are less interesting and largely predictable. What really stood out to us were the wider perceptions of how business, media and communities were seen to have responded.

The results, which have been reported in nearly 30 countries to date, show that most countries were rated poorly across the board. The major revelation for me was how people in the majority of the world’s most advanced countries—both in the East and the West—were not only shocked and surprised by how quickly the crisis overran their daily lives, but also expressed a wider impression of being let down, giving a sense that they had expected more.

Performance ratings for business leaders, health care systems, and even local communities and neighborhoods all scored more poorly in advanced nations.

Our findings, from the United States to Italy to Japan, all point to one thing—people living in wealthier nations feel isolated and vulnerable in a way they have not felt for generations. Of the 11 developed countries and territories covered in the study, only New Zealand scored above average in our index. Who knew the Kiwis were living in the last well-appointed bungalow in a run-down neighbouhood?

A rejection of the truth

Despite long-standing evidence going back even before our study, we are witnessing a level of denialism, with some commentators suggesting the scores do not reflect on the best route ahead. The wealthier nations, they argue, just needed time to organize their resources in response to such an unprecedented event. Once this happens, they claim, public opinion will soon shift. Yet the most recent polling in nearly all of these countries indicates that perceptions have actually deteriorated further.

Japan and France, for example, scored the lowest in our index, and public opinion in both countries remains anemic. Yet the responses from these countries hardly feel like outliers. South Korea, which scored fourth lowest on our index, even voted to overwhelmingly re-elect a president during the crisis. So, in all

likelihood, the index scores reflect more than simple antagonism towards political leaders. Something else is going on.

On the other end, some have argued that countries which scored well are often authoritarian and have leaned on state-controlled media to the extent that people tell pollsters that everything is hunky dory. While media diet can have some influence in what people tell pollsters, it does not tell the full picture. Singapore, Thailand and even Iran are all dominated by state media, yet none of them recorded stellar results in our study. Barking up the propaganda tree only gets you so far.

Two months on, the vulnerability expressed in our study by people in advanced countries largely remains.

It also appears to fit along a continuum that has been developing for some time now—the unravelling of the self-belief and confidence that emerged after World War II and peaked with the collapse of the Berlin Wall, but was still rock solid at the end of the 20th century.

Time to set things right

The rich global disillusionment reflected so obviously in our poll, as well as in others conducted during the current crisis, has not arisen out of nowhere. It demonstrates a real sense that all is not right. The emotional mindset also goes well beyond anger. There is a growing realization that political and business leaders are short on long-term answers, and “community” is now a term more likely associated with social media than social cohesion.

What this crisis has done more than anything else is expose the real flaws and weaknesses that have been emergent in advanced countries for many years. The scab has been peeled off, and the wound is worse than we thought.

The findings in our study revealed something pertinent: it is time for developed nations to truly reflect on the way forward. The idea that those living in successful, advanced countries can look forward to perpetual advancement is no longer a given.

More and more people are coming to comprehend that. This crisis, more than all the other recent ones, has laid this bare.

With that, confidence can only be regained through new ideas and action. Developed countries need to agree on a new approach to managing the future and a fresh compact with the rest of the world. As with a major war, Covid-19 has left everyone with heavy losses, and now is the time to acknowledge that simply trying to paper over long-standing flaws (that are much worse than most have been prepared to concede) is not going to offer either stability or hope.

These could include rethinking the global institutional framework —whether it is for trade, health, finance or even technology. Countries also need to reconstitute and develop new forums to include a more diverse representation of key global stakeholders. In the same way leaders have been forced to address changing attitudes and demands on race and gender in recent years, they now need to expand this change of approach to society itself.

So, it turns out once again that the apocalypse is not nigh. People too often confuse end times with a reshuffling of the order. Those who have enjoyed sitting in the premium seats for a long time will have to pay more for them or give them up altogether.

As Michael Stipe sang, it’s the end of the world as we know it and I feel fine.

David Black is the founder of Blackbox Research, a Singapore-based research agency and data content specialist, mainly covering national and regional opinion across Asia. David has lived in Singapore for the past 20 years.

Manny F. Dooc

TELLTALES

O

nce in a while, we inhale a breath of fresh air that gives hope to our dreary existence. That’s what Associate Justice Marvic Leonen’s speech at the new lawyers’ online oath taking on June 25, 2020 has brought us. As one media organization has reported, the speech “roused an online audience that seemed hungry for a glimmer of hope.” His keynote address to our newly minted lawyers who successfully hurdled the 2019 Bar Examinations was the only glow amid the pandemic of bleak news around us. It rekindled our faith in our judicial system, which has reached its nadir a few days ago with a lower court’s decision on the Rappler case.

Justice Leonen’s address admonished our young barristers not to be complicit in committing injustice.

“Your oath to the rule of law is not an oath of surrender to the unjust and oppressive elements of the status quo. It is not license to further marginalize those who are disadvantaged, those who are poor, those who are abused by power and untruths.”

He condemned complicity by asking the new lawyers whose idealism is not yet compromised by the corrupt elements in our judicial system “to make the difficult moral and ethical decision, all to placate the status quo. They mistake the public interest with debt of gratitude to the elite and the powerful that continue to

provide their wealth and create their careers…” Brave and unvarnished words from an incumbent associate justice of the Supreme Court who is privy to the sinister forces that undermine our rule of law.

Central to the Christian baptismal vows is the commitment to renounce evil and injustice. For instance, in the baptismal vows of the United Methodists, they commit to “renounce the spiritual forces of wickedness, reject the evil powers of this world… and resist evil, injustice, and oppression in whatever forms they present themselves.” In Amos 5:15, we are ordained to “hate evil, love good. Maintain justice in the courts.” This is the heart of the vow of a Christian. To do

Tuesday, June 30, 2020 A7

otherwise is to be un-Christian.

A man of God should hate injustice and oppression. To hate is not a passive verb; it is not just a lip service. It means taking a strong action against injustice, its source and the evil forces that cause it. As men of law trained in the intricate and complex legal niceties, our new lawyers should be witnesses against injustice. However, it does not call for violence against others, otherwise, they become a party to the very injustice which they have vowed to oppose. Lawyers are made to lead in our struggle for justice. Let every new officer of the court live up to his oath that he “will do no falsehood, nor consent to the doing of any in court; …will not wittingly or willingly promote or sue any groundless, false or unlawful suit, or give any consent to the same….”

As a master of the art of legal advocacy and an acknowledged defender of both the righteous and the not-so-righteous, American lawyer Alan Dershowitz has offered this counsel to the fresh law graduates in his book Letters to A Young Lawyer: “Law is an imperfect profession in which success can rarely be achieved without some sacrifice of principle.

Thus all practicing lawyers—and most others in the profession—will necessarily be imperfect, especially in the eyes of young idealists. There is no perfect justice, as there are no absolutes in ethics. But there is perfect injustice, and we know it when we see it.”

The batch of 2020 lawyers, young idealists as they are, should be on the lookout for and denounce such injustices. They should not remain silent in the face of injustice. Justice Leonen has posited the view that “silence about corruption and abuse of power is not only in itself unjust; our silence when we have the ability to speak is in itself a cause of injustice.”

During this pandemic period where the scourge is Covid-19, our heroes are the medical frontliners who pursue their task unperturbed by the fatal risks that confront them. In our battle against every form of injustice and oppression, the role of lawyers, particularly members of Batch ’20 who have just taken their oath, will be very critical. Justice Leonen advised them as they venture into the legal world, “Be at the frontlines.

As a lawyer, resist injustice. Make it your passion to resist injustice.” As a member of the legal profession, as the good justice has pointed out in his talk, “it is tempting to simply exist in the protected comfort of our lives, succumb to the status quo, just get rich, do our thing, and allow our existence to be full of material possessions, but meaningless. But we have a choice. We have the option to discover our courage, live with the discomfort, critically examine our society, and use our profession for a greater purpose that humanity not only survives but thrives with social justice.”

Novo companeros y companeras, the choice is yours!

Taxing online business amid the Covid-19 pandemic Atty. Rodel C. Unciano

Tax Law for Business

O

F all the many Bureau of Internal Revenue (BIR) circulars and issuances released in the midst of Covid-19, not one of them suspended the imposition of tax on business transactions that are otherwise taxable under existing tax laws. If at all, the rules simply extended deadlines for filing of returns or payment of taxes, if applicable, without the imposition of additional interest, charges and any form of penalty despite non-filing of return or non-payment of tax on the original deadline set forth under the Tax Code and regulations. Even Republic Act 11469 or the “Bayanihan to Heal As One Act” did not suspend the taxability of business transactions. Understandably so as the government is not spared from the economic impact of the pandemic.

Criticisms surfaced on the BIR’s call for registration of business or persons involved in digital transactions through the use of any electronic platforms, as circularized in Revenue Memorandum Circular (RMC) 60-2020. They say it is not timely as it adds burden to the public trying to make ends meet during the pandemic.

Business registration is a mandatory requirement under the Tax Code. Section 236 thereof requires registration of every person subject to any internal revenue tax with the BIR on or before the commencement of business. And under Section 237, the issuance of duly registered re-

ceipts or sale or commercial invoices is required for sale and transfer of merchandise or for services rendered valued at P100 or more. And since no law has been passed suspending the enforcement of these provisions during the pandemic, these requirements are therefore still enforceable, with or without BIR circular reminding everyone to comply.

The BIR’s call for the registration of taxpayers doing online business transactions is not in fact new.

During the time of Commissioner Kim Henares, a circular had already been issued reminding online sellers to register with the BIR and is-

sue registered invoices or receipts, either manually or electronically, for every barter, sale or exchange of goods and services. True, this requirement of registration has already been there even prior to the emergence of Covid-19. And the registration requirements are equally applied with no distinction, whether the marketing channel is the Internet/digital media or the physical and customary physical medium.

But considering the current health risk associated with Covid-19, what the BIR can probably do now is to devise a system of registration where physical presence of taxpayer at the BIR premises is not required. And this should be true for all businesses whether or not the marketing channel is via the Internet/digital media or the customary physical medium.

Under the law, it is the bounden duty of all persons engaged in business to comply with business registration requirements and pay taxes, where applicable. Registration should not be seen as a burden to taxpayers but should be seen as a tool to avail of the full protection of the state particularly in case of suit. Also, registration will help boost business as some customers and clients prefer to do business with someone compliant with law, as they need assurance that they are doing transactions with a legitimate business.

To be clear and as a piece of advice to new players in the online

business, registration with the BIR is one thing and payment of taxes is another thing. Registration per se does not necessarily mean payment of income tax. Deductions will still be claimed and only when the result of business operations will yield a taxable income will you be made to pay income tax.

And for individual taxpayers, no income tax will be due if net income during the year does not exceed P250,000. It is only when you earn a net income of over P250,000 during the year that our Tax Code now requires you to give your just share to the government. And if your gross annual sales or receipts do not exceed P3,000,000, the Tax Code gives you the option to avail of an 8 percent tax on gross sales or gross receipts and other non-operating income in excess of P250,000 in lieu of the graduated income tax rates and percentage tax.

Tax is the lifeblood of the government. Without taxes, the government will fail. Let us therefore do our share when it is due.

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

The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at rodel.unciano@ bdblaw.com.ph or call 8403-2001 local 140.

Emmanuel Macron is losing his urban grip

By Lionel Laurent Bloomberg Opinion

T

here were two obvious losers in France’s runoff round of local elections, held this weekend after a three-month delay caused by the Covid-19 epidemic. One was democracy. Only about 40 percent of eligible voters bothered to turn up, a record low. The other was President Emmanuel Macron, whose core urban fan base went Green.

The eco-friendly EELV party snatched control of several big cities, from Lyon to Bordeaux, while Paris remained in the hands of its car-bashing Socialist mayor, Anne Hidalgo.

Macron’s party, La Republique En Marche!, flopped. It wasn’t so much a green wave as a green “tsunami.”

The low turnout, and Macron’s performance, partly reflected the surreal train-wreck of the election campaign itself. Macron’s original candidate for the Paris mayoralty threw in the towel in February after a sex tape surfaced online, and his replacement never looked convincing. The Covid-19 epidemic struck France a month later, completely overshadowing the first round of voting—which, in hindsight, really shouldn’t have gone ahead—and delaying the second round for three months. No wonder so many people avoided the voting booths and opted for post-lockdown sunbathing.

And yet, the results fit longer-term trends in French society. The environment has climbed up the list of voter issues in recent years, reaching second place behind security in France’s 120

biggest cities, according to a 2019 poll.

The coronavirus has kept it there: Some 56 percent of French people polled earlier this month said they wanted an economic model in France that protects natural resources, rather than one focused just on job creation. The figure was 50 percent in December.

There’s a deglobalization element to this, as the French favor more onshoring of industry and protectionism as a response to Covid-19. But urban citizens are especially fed up with the legacy of car-dominated public works and highways. In Lyon, the Greens campaigned to make the city more bike-and-bus-friendly, while centerright rivals talked up extravagant projects such as ring-road extensions.

While Macron is clearly greener than his chief rival for the presi-

dency, the far-right Marine Le Pen, he has failed to keep up with the aspirational identity politics of his citydwelling base. The political neophytes that stuff Macron’s party have struggled to establish themselves locally, while the man himself is less popular than he used to be. A cycle of protests and policy U-turns over everything from fuel tax to pension reforms has eroded support even among his core white-collar backers (the “bourgeois bloc”). In the 2017 presidential election, the 42-year-old former banker and one-time Socialist attracted 90 percent of the vote in Paris. In last year’s European elections, his party came first in the capital, with 33 percent of the vote.

This time around, Macron’s candidate came in third, behind Hidalgo and the center-right Republicans.

A8 Tuesday, June 30, 2020

Don’t forget dengue, other diseases–Go

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ON’T forget other deadly diseases like dengue.

With the onset of the rainy season, Filipinos were reminded by the Senate Health committee chief to remain vigilant against dengue and other diseases, such as diarrhea, leptospirosis and influenza, which have been sidelined by the massive anxiety caused by the Covid-19 health crisis.

“During this time when we are still facing the Covid-19 pandemic, we should also be prepared to prevent and control possible outbreaks of rainy day diseases by practicing proper hygiene, and cleanliness in our homes and in our surroundings. We should know what to do when there is an increase in number of cases in our areas of residence or in the workplace,” Sen. Christopher Lawrence “Bong” Go said on Monday.

“Our hospitals and health facilities should also be prepared to manage potential cases considering the burden already caused by Covid-19 to our health-care system,” Go added.

He echoed the advice of the health department to Filipinos to take advantage of the quarantine protocols to clean their surroundings and prevent the outbreak of other kinds of diseases.

“Clean surroundings are a big factor in our ability to avoid disease. So let’s use this chance to always keep our environs clean and

safe,” he said, in a mix of English and Filipino.

The experience with Covid-19, he noted, has “taught us how quickly contagious diseases can spread and impact our daily lives.

We can do something to prevent this spread if we work together,” he stressed.

Go cited DOH’s 4S strategy against dengue to bolster awareness and prevention from the mosquito-borne disease. “Suyurin at sirain ang mga pinamumugaran ng lamok; Sarili ay proteksyonan laban sa lamok; Sumangguni agad sa pagamutan kapag may sintomas ng dengue; at Sumuporta sa fogging o spraying kapag may banta na ng outbreak [Search for and destroy mosquito breeding sites; protect oneself from mosquitos; consult a doctor right away if you show symptoms of dengue; support fogging or spraying amid a risk of an outbreak].”

He also reminded the public to adhere to the minimum health standards, such as the practice of physical distancing, use of face masks and handwashing during this time of pandemic.

“At this time, there may again be a sudden increase in the number of cases of rainy day diseases among the young and old alike as a result of the spread of viruses and bacteria in relatively enclosed spaces or crowded areas,” he said.

Continued on A2

Massive search on for missing fishing boat crew in Mindoro

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By Rene Acosta

@reneacostaBM

HE Philippine Coast Guard and other sea forces continued to scour the waters of Occidental Mindoro on Monday in search of 14 people who were reported missing following the sinking of their fishing vessel as a result of its collision with a bulk cargo vessel bound for Australia.

Coast Guard spokesman Commodore Armand Balilo said ships and aircraft were being used in the search and rescue operations being carried out within and the surrounding of waters of Tayamaan, Mamburao, Occidental Mindoro, where the fishing vessel FV Liberty 5 collided with the MV Vienna Wood.

The fishing vessel, with its 12 crewmen and two passenger, was on its way to the Navotas Fishport in Metro Manila when it figured in the freak maritime accident with the Hong Kong-registered bulk carrier ship at around 7:40 a.m. on Sunday, 14.57 nautical miles westsouthwest, off Tayamaan.

The Liberty 5, which is based in Palawan, came from Cagayan de Tawi-tawi while the Vienna Wood, which has no cargo, came from Subic, according to Balilo, adding it was the captain of the bulk carrier that reported to the Coast Guard about the collision.

The Australia-bound ship, with 20 crewmen, has been escorted to the port in Batangas by the Coast Guard, which is investigating the collision.

Balilo did not give the identities of the 14 missing, who were the subjects of the ongoing search and rescue operations.

Group calls for massive search

MEANWHILE, the militant Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (Pamalakaya) urged Philippine authorities to conduct a massive search and rescue operation to bring home safely the 14 Filipino fishermen that went missing at sea.

SOUTHWEST MONSOON AFFECTING SOUTHERN LUZON AND VISAYAS as of 4:00 am - June 29, 2020

“We strongly condemn this another collision incident in our territorial waters involving our Filipino fishermen and a Chinese vessel. We call on the authorities to expedite the search and rescue operations for the missing fishing crew and as much as possible, [they] must be returned to their families safe. Moreover, the Chinese cargo ship should be held accountable for endangering the lives of our fisherfolks,” Pamalakaya National Chairman Fernando Hicap said in a news release.

Hicap likened the recent incident to the ramming and sinking of the F/B Gem-Ver1 by a Chinese vessel that endangered the lives of 22 fishermen in Recto Bank last year.

He lamented that the 22 fishermen who hail from San Jose, Occidental Mindoro, “have yet to be fully compensated by the Chinese vessel that hit and abandoned them last year.”

“This is the very same month last year that a Chinese vessel almost killed 22 Filipino fishermen on a hit-and-run incident in Recto Bank, an underwater reef formation in the West Philippine Sea. One year of no justice and yet another tragic incident happened,” Hicap said.

Hicap said what happened last year must not happen again.

“Those responsible, including the owner and the captain of the Chinese cargo vessel should be held accountable for what happened,” Hicap said.

With a report by Jonathan L. Mayuga

‘After 3 yrs, De Lima bail bid must be granted’

D

ETAINED for more than three years without— she and her supporters insist—strong proof she committed the drug-related crimes she is accused of, Sen. Leila de Lima deserves to be released on bail, the Liberal Party of the Philippines said Monday.

“Ang tagal nang malayo si Sen. Leila sa kanyang mga mahal sa buhay dahil sa mga imbentong paratang ng mga convicted na kriminal [Senator Leila has been separated for a long time from her loved ones because of the invented accusations by convicted criminals],” said LP Vice President on External Affairs Erin Tañada.

Since her arrest on February 24, 2017, De Lima has been in detention at the Philippine National Police-Custodial Center in Camp Crame, Quezon City. “We are one with the collective and sustained appeal for the immediate release of Senator Leila de Lima through the grant of her petition for bail,” he added, in a mix of English and Filipino.

De Lima filed on June 15 a motion for bail before the Muntinlupa Regional Trial Court (RTC) Branch 166 in the case of alleged conspiracy to commit illegal drug trading, Republic Act 9165, otherwise known as the Comprehensive Dangerous Drugs Act of 2012.

“It is not just an overdue, but also a constitutional right of Senator Leila to post bail,” said Tañada, who is also a human-rights lawyer.

“We trust that the Muntinlupa Regional Trial Court-Branch 205 will see through her innocence as it gives due course to her motion for bail,” he added.

Throughout the years’ long court hearings, witnesses themselves in their testimonies clearly manifested that there is no sufficient evidence, let alone strong evidence to prove the allegations that the senator supposedly demanded money for her senatorial campaign from a drug lord, noted the former congressman from Quezon province.

“The testimonies of the witnesses have questionable probative value for being irrelevant, hearsay, incredible, biased, and self-serving,” Tañada said. As decided in the case of Padilla vs Court of Appeals, the former House Deputy Speaker said the Supreme Court had ruled that “bail is a matter of right if the evidence is not strong.”

De Lima, he noted, had proven to the court that she is “not a flight risk, as reflected in her respect for legal processed, in her years in public service, her standing in society and politicsl, and her mandate as senator of the republic,” Tañada said.

“The more than three years Sen. Leila has spent languishing in prison serve as a dark reminder of the administration’s prosecution of its critics and the eroding human-rights in the country,” he added.

DOH deploying barrio doctors to Cebu over protests of some

By Claudeth Mocon-Ciriaco

D

Correspondent

ESPITE the objection of the Doctors to the Barrios (DTTBs) that their deployment to Cebu City will deprive the villages they serve of “gatekeepers,” the Department of Health (DOH) is pushing through with a decision to temporarily assign 40 doctors from Western Visayas to the Covid-ravaged city to provide critical relief as part of the national response to the “emergency situation.”

While acknowledging that there are DTTBs who refused deployment, Health Undersecretary Maria Rosario Vergeire thanked those who heeded the call of the DOH. She stressed that the DOH “acted within the bounds of its authority” when it ordered the deployment.

“The Department of Health called on doctors who have rendered service to the country during this time that we are in a state of public health emergency and some of them revised, “ Vergeire said during the the DOH Beat Covid televised press conference.

On Sunday, the DTTBs from Region 6 and Region 7 refused to heed the order issued by Health Secretary Francisco T. Duque III, stressing that their duty in the barrios is also “crucial if we, as a nation, truly intend to Heal As One.” “Let us not allow the disadvantaged communities to suffer from the loss of their rural health physicians at a time when they are needed the most,” stressed the DTTBs in a statement.

They also said that in the fight against this pandemic, the DTTBs

are in a strategic position in this battle—in the frontlines in the communities.

“Due to the return of locally stranded individuals and overseas Filipino workers, cases of Covid-19 are on the rise not just in cities but also in municipalities,” they pointed out. “Other health concerns remain and health programs continue to be implemented. If the goal of this reassignment is to address the overwhelmed capacity of private hospitals in Cebu City, the DTTBs are in a position to help decongest hospitals by providing primary care in our communities,” the group said.

Meanwhile, Vergeire said that DOH Regional Director for Central Visayas, Dr. Jaime Bernadas, reported to Duque that the Cebu City’s health-care system is “overwhelmed with patient load at the moment.”

The DOH said the barrio doctors’ deployment was warranted by the increasing number of new cases and widespread community transmission in majority of barangays in Cebu City, as well as the consistent case doubling time of less than seven days and the significant increase in critical care utilization against critical care capacity. These were also the reasons Cebu City was placed under enhanced community quarantine (ECQ) through the Inter-Agency Task Force for Emerging Infectious Diseases (IATF-EID) Resolution No. 46-A. “Following the observation of National Task Force Lead Secretary Carlito Galvez and Cebu Overseer Secretary Roy Cimatu and reports of CHD [Center for Health

Development] 7 Director Jaime Bernadas that the Cebu City healthcare system is overwhelmed with patient load at the moment, Health Secretary Francisco T. Duque III issued a directive to deploy Doctors to the Barrios and other healthcare workers to urgently respond to the brewing situation. Also among those who were quick to rise to the call were health-care workers from the Armed Forces of the Philippines,” the DOH said in a statement on Monday.

Late Sunday, some of the DTTBs urged the DOH to “desist the abrupt exploitative order” to transfer them to Cebu City from their assigned municipalities in Region 6 And 7.

“We, the Doctors to the Barrios Batches 36-ALAB and 37-MANDALA strongly condemn this directive because: [1] the involved doctors have not been suitably informed through writing, [2] no proper consultation with the stakeholders was done prior to this directive, [3] detailed guidelines and protocols to protect the doctors in this temporary reassignment are not provided, and [4] it contradicts the thrust of the DTTB Program,” the group’s statement read.

They said that the “absence of proper communication” clearly justifying the temporary reassignment of rural health physicians serving in Geographically Isolated and Disadvantaged Areas (GIDAs) to serve in private hospitals in Cebu City “is a clear violation of the Magna Carta of Public Health Workers. This reassignment shall be made, ultimately, in the interest of public service.”

Continued on A2

Companies BusinessMirror

www.businessmirror.com.ph

Tuesday, June 30, 2020

B1

Meralco: Electricity demand Govt wants to cut picking up in franchise area needed permits for

By Lenie Lectura

E

@llectura

lectricity demand in the franchise area of the Manila Electric Co. (Meralco) during the second quarter peaked at 7,000 megawatts (MW), slightly lower than what the utility firm recorded in the first quarter of the year.

“Meralco peak demand during the first quarter was around 7,600 MW, which occurred before ECQ [enhanced community quarantine].

During the second quarter, Meralco peak demand was around 7,000MW, which was reached last June 23,” Lawrence Fernandez, Meralco utility economics head, said during a virtual press briefing on Monday.

While demand is slowly picking up, the numbers are still far from pre-lockdown levels, he added.

“While this is higher than the 5,500 MW peak in April, at the height of the ECQ, demand is still lower than pre-ECQ levels,” said Fernandez.

On electricity bills, the utility firm said it would not issue a disconnection notice to any of its more than six million customers until the end of August. This is because Meralco claims that meter reading activities have already resumed.

“Lahat nabasahan na [all me-

ters have been read],” said Meralco Spokesman Joe Zaldarriaga, referring to recently-concluded electric meter reading conducted by Meralco personnel. “At present, we already completed our meter readings so by the end of June, all our bills are now based on actual meter readings.”

Zaldarriaga said there is also a possibility that Meralco may opt not to issue a disconnection notice at end-August. “There is no final decision yet. We will discuss it further.”

Despite providing an installment payment option to its customers for as long as six months, Meralco still receives complaints related to bill shock and confusing billing statements, among others.

“Our current situation now is that we handle concerns of customers individually. We will address and we will continue engaging all of our customers one-on-one. It is definitely challenging but we understand also that there are still questions,” said Zaldarriaga.

Meralco said it is in compliance with the Energy Regulatory Com-

mission’s (ERC) directive. The ERC has ordered distribution utilities (DUs) to implement a staggered payment of up to six equal monthly installments for consumers with monthly consumption of 200 kWh and below in February for electricity bills falling due within the ECQ and Modified Enhanced Community Quarantine (MECQ) periods. The first monthly amortization should be made not earlier than June 15, without penalties, interests and other fees.

For electricity customers with monthly consumption of above 200 kWh in February, DUs shall allow a staggered payment of up to four equal monthly installments for their electricity bills falling due within the ECQ and MECQ periods.

The first monthly amortization should be made not earlier than June 15, without penalties, interest and other fees.

“If needed, we night further push more in terms of duration period by which customers can pay their bills,” said Zaldarriaga.

Eton confident of sustaining strong Q1 performance

By VG Cabuag @villygc

E

ton Properties Philippines Inc., the property development arm of tycoon Lucio Tan, expects to sustain its strong performance in the first quarter throughout the rest of the year.

To mitigate the impact of the pandemic to the business, the company has implemented costsaving measures, deferred project capital expenditures, improved tenancy mi x by hav ing more

pandemic-resistant tenants, and enhanced its business continuity plan to sustain its operations during the community quarantine.

“At the onset of the Covid-19 pandemic, Eton Properties put the safety of its stakeholders as its top priority. We implemented health and safety protocols in all our buildings, enforced social distancing, and enhanced our digital access for our clients,” Karlu Tan Say, the company’s COO, said.

“Coupled with our efforts to optimize our portfolio to meet

UAC hikes offer price for Infigen

U

AC Energy Holdings Pty Ltd. (UAC), the joint venture between AC Energy Inc. and UPCAC Renewables Australia, is increasing its offer price in a bid to take over Infigen Energy Ltd. (Infigen).

From A$0.80 per stapled security, the listed Australian clean energy developer increased its offer to A$0.86. “The offer is now wholly unconditional, and that it will accelerate payment terms to T+10 business days,” a statement from AC Energy stated.

In a Supplementary Bidder’s Statement filed with the Australian Securities and Investments Commission (ASIC), UAC also said it will procure the provision of an unsecured loan to Infigen to make its offer more attractive. “Given this, the improved UAC offer is at a compelling price equal to the level at which the Infigen board endorsed a competitor’s bid, unconditional, does not have a minimum acceptance condition, and allows security holders to accept the offer for all or part of their stapled securities,” it said.

Infigen is a renewable energy developer, generator and retailer that owns and operates 670MW of wind farms all over Australia, as well as gas, battery and contracted assets.

The acquisition of interest in Infigen strengthens both AC Energy’s and UPC\AC’s commitment to provide low-cost power in Australia by expanding its operating portfolio and enabling the sale of energy through retail channels.

The investment in Infigen is a crucial move forward for AC Energy’s regional expansion as it remains committed to its goal of exceeding 5 gigawatts of attributable capacity, with 50 percent of energy generated from renewables, by 2025.

Infigen is a renewable energy developer, generator, and retailer listed on the Australian Securities Exchange that owns and operates 670megawatts (MW) of wind farms all over Australia, as well as gas, battery and contracted assets.

“The investment in Infigen is a crucial move forward for AC Energy’s regional expansion as it remains committed to its goal of exceeding 5 gigawatts [GW] of attributable capacity, with 50 percent of energy generated from renewables, by 2025,” said AC Energy.

AC Energy, the power arm of conglomerate Ayala Corp., is expanding rapidly around the region through strategic partnerships and greenfield initiatives. The company aspires to exceed 5 GW of renewables capacity and generate at least 50 percent energy output from renewables by 2025.

In 2019, AC Energy’s power portfolio registered an attributable capacity of over 1.8 GW in operation and under construction, spanning projects in the Philippines, Indonesia and Vietnam.

The company increased its attributable energy output in 2019 by 25 percent to 3,500 GWh, of which 50 percent came from renewable energy sources. Lenie Lectura

customer demands while enhancing shareholder value, we are confident that we can achieve sustainable growth.”

The company said its net income for the first quarter rose by 13 percent to P169 million, from the previous year’s P149 million, on the increase in rental income and the improvement in the gross profit margin of real estate sales.

At the end of March, Eton Properties had a leasing portfolio of approximately 181,000 square meters of office space and over

43,000 square meters of retail space.

Last year, the company was able to complete the construction of Cyberpod Five, a PEZAregistered office building in in Eton Centris in Quezon City, and topped off the 36-story Blakes Tower in Makati City.

Construction is also ongoing for the first phase of the 4.3-hectare Eton City Square in Sta. Rosa, Laguna, and NXTower I, an office building along Emerald Avenue and Ruby Road in Ortigas.

Singapore-based Valorous Asia invests in First Gen

S

ingaporean firm Valorous Asia Holdings Pte. Ltd. will acquire 11.9 percent of First Gen Corp.’s outstanding common shares for P9.6 billion.

Following the tender offer period, Valorous Asia said Monday it has accepted 427,041,291 common shares of First Gen that were tendered by shareholders. The shares represent approximately 11.9 percent of First Gen’s outstanding common shares. “[Valorous Asia] intends to acquire all of these tendered common shares at a price of P22.50 [$0.45] per common share on July 1, the cross date previously set out in the tender documents, representing a total investment value of P9.6 billion [$192.2million],” a statement from global investment firm KKR stated. Valorous Asia is an entity owned by KKR investment funds.

KKR has invested more than $1 billion in the Philippines, according to Michael de Guzman, a managing director on KKR’s Infrastructure team.

“We are very pleased with the result of this tender offer and are honored to be an investor in First Gen, a world-class infrastructure institution that plays a critical role in the lives of many Filipinos.

KKR has now invested more than $1 billion in the Philippines and we continue to look for new opportunities to support the country's growth trajectory, its leading companies and its families through our infrastructure, private equity, real estate and credit investing businesses,” he said.

KKR, according to Asia Pacific Infrastructure head David Luboff, has viewed First Gen as an exceptional business. “We are thrilled to make this infrastructure investment in the Philippines in First Gen. We have long viewed First Gen as an excep-

tional business with a high-caliber leadership team, and we have great respect for the Lopez family for building this strong, well-established company.”

First Gen is one of the Philippines’ largest independent power producers and is a subsidiary of First Philippine Holdings Corp.

The company primarily generates power through renewable energy and indigenous fuel sources such as natural gas, geothermal energy from steam, hydro-electric, wind, and solar power. It has 3,492 megawatts of installed capacity in its portfolio, which accounted for 21 percent of the Philippines’ gross power generation in 2019.

“We welcome the news of KKR’s successful tender for First Gen shares and feel quite honored of the confidence they have in our country, our company, our management and the strategic choices we’ve made toward clean energy. It’s especially exciting given the accelerating transition we all need to make toward a decarbonized future and we look forward to engaging with a world class global investor, such as KKR, as we navigate the journey ahead as partners,” said Federico Lopez, chairman and CEO of First Gen. Southeast Asia is a key part of KKR’s Asia infrastructure strategy, and KKR’s investment in First Gen extends the firm’s track record as an active investor in Southeast Asia across asset classes. First Gen is additionally KKR’s third investment in the Philippines, following the firm’s investments in Metro Pacific Hospitals, the country’s largest private hospitals operator and healthcare network, and in Voyager Innovations, a leading technology company. Lenie Lectura

common towers

BusinessMirror file photo

By Lorenz S. Marasigan @lorenzmarasigan

T

he Department of Information and Communications Technology (DICT) aims to cut the permits needed by tower companies by as much as 52 percent this year, as it implements its new circular that aims to streamline common tower builds in the country.

To do this, ICT Assistant Secretary for Digital Philippines Emmanuel Rey Caintic said his group has partnered with the Anti-Red Tape Authority (ARTA) to “ensure streamlined permitting requirements and procedures” for independent tower companies (ITCs).

“Since last year, we have been working on streamlining the permitting for ITCs. We are looking into cutting down redundant or duplicitous permitting requirements for ITC’s to reduce the number by more than 50 percent, and at the same time, reduce the average processing days,” he said.

Under Department Circular 8 or the Shared Passive Telecommunications Tower Infrastructures (PTTIs)

Policy, the DICT aims to hasten the development of common cellular towers in the country, as it seeks to provide connectivity for all, while improving the overall state of the Internet in the Philippines.

DICT Secretary Gregorio B. Honasan II said the policy is in line with Republic Act 11032 or the Ease of Doing Business and Efficient Government Service Delivery Act (EODB) of 2018.

“With streamlined procedures, we expect to speed up the rollout of common towers which will help us achieve our overall objective of enhancing wireless network coverage and the quality of ICT services across the entire country,” he said.

Honasan added that a joint memorandum circular for streamlining the issuance of permits is expected to be signed “within the next months.” Partner agencies for the said policy would include the ARTA, the Department of Public Works and Highways, Department of Interior and Local Government, Civil Aviation Authority of the Philippines, and the Department of Human Settlements and Urban Development.

B2

Companies BusinessMirror

Tuesday, June 30, 2020

NTC: Digital TV service part of CDO against ABS-CBN

T

By Jovee Marie N. Dela Cruz

@joveemarie

he National Telecommunication Commission (NTC) on Monday said it will issue an alias cease and desist order (CDO) against ABS-CBN Corp. to stop the operations of its digital service under TV Plus.

During the continuation of the hearing on the ABS-CBN franchise, NTC Commissioner Gamaliel Cordoba said the continued operations of ABS-CBN’s TV Plus is a violation of the CDO issued against the TV network.

He said the alias CDO will be issued within Monday.

Cordoba, citing the Office of the Solicitor General, said the NTC is authorized to issue an alias cease and desist order against ABS-CBN’s digital service.

According to Cordoba, ABSCBN’s TV Plus should also have stopped when it went off the air following the expiration of its leg-

islative franchise last May 4.

“They [ABS-CBN] should not be doing that because ABS-CBN’s franchise has already expired. At the airing of programs through digital broadcast is also wrong.

That is a violation of the CDO that we issued,” Cordoba said.

“ABS-CBN’s airing of digital TV on Channel 43 is part of the cease and desist order because the franchise that they used for that is ABS-CBN’s franchise.”

ABS-CBN President and CEO Carlo Katigbak said, however, that the company is using the franchise of AMCARA Broadcasting Network for its Channel 43 operations

through a block time arrangement.

“The reason we continue to see our channels on TV plus is we have a block time arrangement with Amcara [Channel 43]. A block time arrangement is a standard commercial arrangement where a company is allowed to buy airtime from a duly licensed broadcaster,” Katigbak said.

In the past, he said the NTC has permitted other broadcast companies—whose franchises have expired but their application for a renewal is pending in Congress— to continue their operations until such time that the franchise application is either approved or denied.

“We would like permission to ask for the same privilege to be extended to ABS-CBN in the spirit of fairness,” Katigbak said.

“Of course, we are willing to submit our judgment to the regulatory agency. And then whatever decision the NTC comes up with, we will respect the regulatory agency.”

“Between TV Plus and Sky, there are about 11 million homes that have access to our service.

‘Pag pinutulan po natin ’yan [if it is cut off], that’s about 55 million people that will lose access

to news and information.”

Anakalusugan Party-list Rep. Mike Defensor said allowing the continued operation of TV Plus will usurp and infringe on the powers of Congress to grant or deny broadcast franchises.

“It is a violation of our constitutional mandate that we are the only ones [with the power] to grant franchises,” Defensor said.

Deputy Majority Leader Boying Remulla said TV Plus should have ceased operations because the legislative franchise granted

by Congress to the network already expired.

Remulla also hits ABS-CBN, saying the block time arrangement with Amcara is an alibi to skirt franchise rules.

With this, Remulla said they have a “ripe case” against Cordoba before the Office of Ombudsman for “willfully disobeying the power of Congress to issue franchises and allowing an entity to operate without a franchise and earn money at the same time.”

Sagip Rep. Rodante Marcoleta also said the NTC chief should resign “because he is not doing his job.”

Vista Residences to plant pine trees–DENR

V

ista Residences Inc. vowed to plant 10,800 pine trees to replace the 54 pine trees it sought to cut down within its property, the Department of Environment and Natural Resources (DENR) said on Monday.

This as the DENR through its Regional Executive Director in the Cordillera Administrative Region, Ralph Pablo defended its decision to issue a treecutting permit to Vista Residences Inc. which he said passed the most rigid scrutiny before being granted the tree-cutting permit.

A total of 53 trees, 53 Benguet and 1 Northfolk pine trees within its property in Baguio City will be cut down by Vista Residences, as part of a building construction project.

Inastatement,PablosaidtheVillar-ledproperty developer had met all the requirements for a special private land timber permit (SPLTP), including endorsementsfromconcernedlocalgovernmentunits.

“The grant of SPLTP to Vista Residences was above board,” Pablo said.

“The application for this permit was filed in 2018 and before that the company went through the tedious and lengthy process of getting the environmental clearance certificate [ECC], mayor’s

permit and barangay certificate.”

He said ample public consultation and investigations were made before Vista Residences was allowed to begin the construction work on its development project located at Barangay Outlook Drive.

He said records show that Vista Residences was issued an ECC in 2017 and secured its barangay and mayor clearances in September and October 2018, respectively. The SPLTP issued by the DENR to Vista Residences was “subject to stringent conditions.” He said the SPLTP carries “eight conditionalities” that must be fulfilled by the developer, including reducing to the minimum the number of trees to be cut and mandatory replacement of affected trees.

In the SPLTP, each felled tree must be replaced with 100 Benguet pine tree seedlings or a total of 5,400 seedlings.

He said the developer should also pay for forest charges and secure a DENR transport permit in case the trees or its by-products would be removed from the project site.

The developer, he said, committed to double the tree seedlings to 10,800 during the June 25 meeting called by Baguio City Mayor

Benjamin Magalong with DENR regional officials and Vista Residences executives.

Vista Residences had already turned over 5,400 tree seedlings to the city’s Community Environment and Natural Resources Office. Most of these seedlings were planted within Wright Park, The Mansion, Pacdal Circle Park and Barangay Happy

mutual funds

Hallow during the Arbor Day celebration on June 25.

The developer was given 50 days from May 4 to conduct tree-cutting activities within the project site. Pablo said the DENR regional office is closely monitoring the tree-cutting activities to ensure that all conditions in the SPLTP are followed

by Vista Residences. Jonathan L. Mayuga

June 29, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 203.21 -24.24% -9.43% -5.66% -19.33% ATRAM Alpha Opportunity Fund, Inc. -a 1.0316 -37.95% -13.56% -5.98% -25.35% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.7546 -33.58% -13.83% -7.89% -25.11% Climbs Share Capital Equity Investment Fund Corp. -a 0.7009 -27.04% n.a. n.a.

-21.87% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.668 -24.8% n.a. n.a.

-21.35% First Metro Save and Learn Equity Fund,Inc. -a 4.3454 -21.67% -7.86% -5.17% -18.45% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.688 -22.92% -10.44% n.a.

-19.4% MBG Equity Investment Fund, Inc. -a 78.93 -35.25% n.a. n.a.

-23.61% PAMI Equity Index Fund, Inc. -a 40.8518 -23.14% -7.75% -4.42% -20.34% Philam Strategic Growth Fund, Inc. -a 436.25 -21.08% -7.09% -4.78% -18.12% Philequity Alpha One Fund, Inc. -a,d,5 0.902 n.a. n.a. n.a.

-12.44% Philequity Dividend Yield Fund, Inc. -a 1.0327 -23.39% -7.42% -4.26% -19.75% Philequity Fund, Inc. -a 30.4087 -23.02% -6.94% -3.95% -19.76% Philequity MSCI Philippine Index Fund, Inc. -a 0.8051 -24.53% n.a. n.a.

-20.92% Philequity PSE Index Fund Inc. -a 4.1628 -22.8% -7.23% -3.75% -20.31% Philippine Stock Index Fund Corp. -a 696.52 -22.64% -7.21% -3.96% -20.13% Soldivo Strategic Growth Fund, Inc. -a 0.638 -32.16% -10.87% -7.69% -25.06% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.2219 -26.75% -8.53% -5.16% -23.45% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.7998 -22.69% -7.35% -3.88% -20.08% United Fund, Inc. -a 2.9279 -22.68% -5.86% -3.23% -19.86% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 93.5015 -22.46% -6.72% -3.13% -20.05% ATRAM AsiaPlus Equity Fund, Inc. -b $0.97 -2.42% -0.64% -1.6% -5.68% Sun Life Prosperity World Voyager Fund, Inc. -a $1.3683 5.87% 5.59% n.a.

-0.75% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.5519 -11.65% -4.47% -3.84% -0.7% ATRAM Philippine Balanced Fund, Inc. -a 2.0713 -11.27% -4.31% -2% -5.03% First Metro Save and Learn Balanced Fund Inc. -a 2.4315 -9.43% -2.61% -3.25% -7.6% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1873 n.a. n.a. n.a.

-18.03% NCM Mutual Fund of the Phils., Inc. -a 1.8475 -5.44% -1.02% -0.57% -5.89% PAMI Horizon Fund, Inc. -a 3.5099 -7.14% -2.04% -1.67% -7.37% Philam Fund, Inc. -a 15.6434 -8.08% -2.33% -1.85% -7.77% Solidaritas Fund, Inc. -a 1.938 -10.58% -3.33% -1.59% -8.83% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.3119 -15.46% -4.32% -2.87% -14.28% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9531 -7.2% n.a. n.a.

-6.16% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8585 -16.47% n.a. n.a.

-13.84% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.8352 -18.48% n.a. n.a.

-15.91% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8202 -18.28% -5.13% -4.04% -15.86% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03846 3% 2.31% 1.65% 0.6% PAMI Asia Balanced Fund, Inc. -b $0.9834 -0.51% 0.18% -0.36% -5.25% 3.87% 3.1% -1.75% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $3.8422 2.61% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.1086 0.55% 1.93% n.a.

-1.79% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 365.5 4.36% 3.08% 2.52% 2.15% ATRAM Corporate Bond Fund, Inc. -a 1.9403 2.14% 1.03% -0.06% 2.01% Cocolife Fixed Income Fund, Inc. -a 3.19 4.59% 5.11% 5.1% 2.36% Ekklesia Mutual Fund Inc. -a 2.2963 5.08% 2.89% 2.33% 3.2% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4425 5.56% 3.3% 1.9% 3.54% Philam Bond Fund, Inc. -a 4.6023 10.06% 4.05% 2.51% 5.25% Philam Managed Income Fund, Inc. -a,6 1.2947 6.67% 4.03% 2.21% 3.02% Philequity Peso Bond Fund, Inc. -a 3.9565 7.76% 4.39% 2.29% 4.44% Soldivo Bond Fund, Inc. -a 1.0257 9.12% 3.34% 1.67% 6.37% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1674 7.12% 4.63% 2.88% 2.97% Sun Life Prosperity GS Fund, Inc. -a 1.7402 5.88% 3.99% 2.36% 2.3% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $473.64 3.47% 2.43% 2.72% 1.16% ALFM Euro Bond Fund, Inc. -a Є215.4 -0.87% 0.59% 0.99% -1.97% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2182 2.89% 2.8% 2.51% 0.91% 1.32% 1.2% 0.39% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0259 1.17% PAMI Global Bond Fund, Inc -b $1.0691 -1.63% -0.33% 0.12% -2.38% Philam Dollar Bond Fund, Inc. -a $2.4406 4.3% 3.03% 3.08% 1.53% Philequity Dollar Income Fund Inc. -a $0.0605686 2.55% 1.93% 1.83% 0.42% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1779 3.3% 1.82% 2.45% 0.08% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 128.08 3.73% 3.18% 2.42% 1.83% First Metro Save and Learn Money Market Fund, Inc. -a 1.0411 2.61% n.a. n.a.

1.44% Sun Life Prosperity Money Market Fund, Inc. -a 1.2831 3.12% 2.58% 1.46% 3.03% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0448 1.63% n.a. n.a.

0.73% 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."

www.businessmirror.com.ph

PSE STOCK QUOTATIONS

June 29, 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 PBCOM PHIL NATL BANK PSBANK PHILTRUST RCBC SECURITY BANK UNION BANK COL FINANCIAL FERRONOUX HLDG IREMIT MEDCO HLDG NTL REINSURANCE PHIL STOCK EXCH

45.65 94 69.3 21.85 7.14 36.45 17.9 20 48.45 96.05 16.74 103.9 54 17.5 2.5 0.91 0.295 0.55 161

47 94.3 69.5 21.9 7.15 36.5 19.6 20.15 48.5 108.5 16.94 104 54.2 17.7 2.8 0.98 0.3 0.56 167.9

47 97.9 70 21.95 7.38 37 18.98 20.5 48.5 108.5 17 105.9 54.95 17.5 2.69 0.98 0.29 0.55 161

47 97.9 70.1 21.95 7.38 37 19.6 20.5 48.5 108.5 17 105.9 54.95 17.68 2.82 0.98 0.295 0.57 168

47 94 69.2 21.65 7.11 36.4 18.98 19.92 48.05 108.5 16.8 102.5 53.85 17.2 2.69 0.88 0.29 0.55 161

47 94 69.5 21.9 7.14 36.5 19.6 20 48.45 108.5 16.94 104 54 17.68 2.8 0.9 0.295 0.55 167.9

2600 5438810 2302800 282700 1520300 3714900 2100 788000 2600 20 15300 786990 23400 6500 89000 52000 60000 105000 190

122200 516279889 159781382 6174505 10929828 135726355 40072 15801828 125525 2170 259222 81821036 1264601 113972 246100 47040 17450 58280 31848

112800 -233064620.5 -100224773.5 -43300 -1717252 -63906615 -5808148 -52171105 -663290 61250 -

INDUSTRIAL AC ENERGY 2.16 2.17 2.22 2.22 2.16 2.17 4871000 10639950 -1011140 ALSONS CONS 1.18 1.2 1.19 1.21 1.17 1.19 337000 399890 -2380 26.7 27.4 27.25 27.45 26.3 27.4 779800 20921400 -6402750 ABOITIZ POWER 0.155 0.159 0.151 0.159 0.151 0.159 230000 34810 BASIC ENERGY FIRST GEN 22.9 22.95 22.7 23 22.1 22.9 1717000 39061730 12842425 FIRST PHIL HLDG 57.05 58.8 57 58 57 57.05 14960 853592 -366255 268.4 268.8 268.6 269.6 265.6 268.4 199440 53406744 -7915962 MERALCO 12.52 12.54 12.14 12.58 11.84 12.52 4787100 59144558 -3394698 MANILA WATER PETRON 3.06 3.07 3.07 3.07 3.06 3.06 2037000 6242610 -511150 PETROENERGY 2.7 2.9 2.98 2.98 2.72 2.9 18000 50700 11.46 11.48 11.3 11.46 11.02 11.46 114300 1291672 22400 PHX PETROLEUM 18.02 18.1 18.4 18.4 18 18.02 207100 3,741,684( 1,464,403.9997) PILIPINAS SHELL SPC POWER 7.9 8 8 8 7.9 8 321700 2547856 83310 AGRINURTURE 7.37 7.5 7.8 7.95 7.2 7.53 321400 2402190 -3171 2.52 2.57 2.59 2.59 2.5 2.54 1310000 3302320 -281710 AXELUM 75.05 77.95 75.05 75.05 75.05 75.05 350 26267.5 BOGO MEDELLIN CENTURY FOOD 14.48 14.5 14.68 14.72 14.4 14.5 1129000 16372690 -1966366 DEL MONTE 4.2 4.45 4.45 4.45 4.2 4.2 11000 46450 -12600 4.97 4.98 5.09 5.09 4.85 4.97 1160200 5754075 100336 DNL INDUS 8.01 8.05 8.13 8.13 8.01 8.01 20153700 162,818,118( 161,683,666.9998) EMPERADOR SMC FOODANDBEV 67.6 68.5 68.5 68.5 67 68.5 86260 5850318.5 -1030277 ALLIANCE SELECT 0.54 0.55 0.56 0.57 0.55 0.55 777000 428430 1.3 1.31 1.34 1.37 1.3 1.3 12255000 16253300 -769930 FRUITAS HLDG 31.5 32 31.5 31.5 31.25 31.5 108500 3414885 2710545 GINEBRA JOLLIBEE 137.8 137.9 139 139 135.1 137.9 718430 98712821 -4883913 MACAY HLDG 6.46 6.85 6.79 6.87 6.79 6.87 5000 34050 -4122 5.41 5.42 5.66 5.66 5.39 5.42 605700 3294404 -182864 MAXS GROUP 0.13 0.139 0.139 0.139 0.133 0.133 280000 37840 -4170 MG HLDG SHAKEYS PIZZA 5.91 5.93 5.95 5.95 5.85 5.92 3661500 21642221 1415125 ROXAS AND CO 1.52 1.53 1.56 1.56 1.51 1.52 1320000 2019510 -502220 4.31 4.49 4.49 4.49 4.49 4.49 1000 4490 RFM CORP ROXAS HLDG 1.51 1.58 1.53 1.53 1.51 1.51 24000 36450 UNIV ROBINA 128.5 129 129.2 129.5 126 129 495250 63695567 -1505626 VITARICH 0.82 0.83 0.87 0.87 0.81 0.82 8045000 6623370 -287410 52.6 57.65 52.3 52.35 52.25 52.25 61650 3221238.5 CONCRETE A CONCRETE B 51.25 62.45 50.75 62.45 50.75 62.45 22630 1148589.5 CEMEX HLDG 1.01 1.02 1.06 1.06 0.99 1.01 28753000 29296130 -12974740 EAGLE CEMENT 9.8 9.85 9.92 9.92 9.79 9.8 147900 1449502 -447864 5 5.02 5 5.15 4.98 5.02 653200 3265447 -193014 EEI CORP 6.22 6.23 6.41 6.41 6.02 6.22 2450900 15117400 377923 HOLCIM MEGAWIDE 7.05 7.06 7 7.06 6.8 7.06 5936300 41068114 -7330054 PHINMA 8.33 8.9 8.33 8.9 8.33 8.9 1500 13098 0.72 0.73 0.72 0.73 0.72 0.72 97000 69940 TKC METALS VULCAN INDL 0.84 0.86 0.87 0.87 0.83 0.84 567000 477910 830 CHEMPHIL 120.2 129.9 120.2 120.2 120.2 120.2 230 27646 1.93 1.97 1.98 1.98 1.93 1.97 9000 17620 CROWN ASIA EUROMED 2.32 2.33 2.23 2.49 2.06 2.32 2838000 6513110 LMG CHEMICALS 4.5 4.57 4.58 4.58 4.58 4.58 40000 183200 MABUHAY VINYL 3.64 3.66 3.67 3.68 3.67 3.67 12000 44060 -7360 20.2 20.8 20 20.85 19 20.2 4300 86170 CONCEPCION GREENERGY 1.89 1.9 1.92 1.92 1.81 1.9 8088000 15174260 172250 INTEGRATED MICR 5.82 5.84 5.7 5.85 5.6 5.84 191900 1099626 193585 IONICS 1.02 1.03 1.04 1.04 1 1.03 455000 464750 1.26 1.29 1.32 1.32 1.2 1.29 3984000 4942650 8680 SFA SEMICON 7.93 7.94 7.5 7.94 7.26 7.94 6821000 51533063 -508750 CIRTEK HLDG

HOLDING & FRIMS ABACORE CAPITAL 0.465 0.47 0.485 0.485 0.455 0.465 14250000 6614750 ASIABEST GROUP 9.3 9.31 9.73 9.73 8.93 9.3 37200 338839 762 765 774.5 774.5 755.5 762 240210 183029640 AYALA CORP 45.25 45.5 46.75 46.75 44.85 45.25 1086600 49107805 ABOITIZ EQUITY ALLIANCE GLOBAL 6.48 6.5 6.7 6.7 6.18 6.5 48424500 309285598 AYALA LAND LOG 1.65 1.67 1.65 1.67 1.65 1.67 408000 675470 6.15 6.22 6.14 6.22 6.14 6.15 9000 55913 ANSCOR ANGLO PHIL HLDG 0.485 0.5 0.415 0.5 0.415 0.5 80000 39150 ATN HLDG A 0.54 0.56 0.57 0.57 0.54 0.56 1029000 558640 COSCO CAPITAL 5.17 5.2 5.2 5.2 5.16 5.19 78800 407355 4 4.01 4.05 4.06 3.98 4.01 12219000 48911150 DMCI HLDG 7.97 8 8.26 8.26 7.62 7.97 206500 1,644,736( FILINVEST DEV FJ PRINCE A 3.1 3.5 3.12 3.12 3.12 3.12 12000 37440 FORUM PACIFIC 0.19 0.199 0.19 0.19 0.19 0.19 70000 13300 449 449.8 450 450.2 439 449 184270 81812998 GT CAPITAL 3.21 3.4 3.34 3.34 3.34 3.34 10000 33400 HOUSE OF INV JG SUMMIT 62.35 62.5 61 62.55 60.75 62.5 941140 58684689.5 JOLLIVILLE HLDG 4.1 5.28 5.35 5.35 5.35 5.35 600 3210 5.12 5.97 5.1 5.1 5.1 5.1 100 510 KEPPEL HLDG A LODESTAR 0.76 0.77 0.67 0.76 0.65 0.76 10539000 7516970 LOPEZ HLDG 2.69 2.7 2.72 2.72 2.68 2.69 664000 1784670 LT GROUP 7.83 7.9 8.1 8.1 7.7 7.9 1179700 9345324 0.415 0.5 0.405 0.5 0.405 0.5 3000 1405 MABUHAY HLDG METRO PAC INV 3.69 3.7 3.74 3.78 3.68 3.7 42431000 158021170 PACIFICA HLDG 2.7 2.9 2.7 2.89 2.7 2.89 6000 16390 PRIME MEDIA 0.75 0.8 0.76 0.81 0.71 0.81 146000 109190 0.95 0.99 1 1 0.95 0.95 71000 67650 SOLID GROUP SYNERGY GRID 150 172 156 156 145 156 800 121050 SM INVESTMENTS 915 917 930 934.5 906 915 190290 173588495 SAN MIGUEL CORP 99.45 99.5 99.95 99.95 97.6 99.5 83370 8226605.5 1.82 1.99 1.81 1.82 1.81 1.82 21000 38210 SEAFRONT RES TOP FRONTIER 128 129.1 137.9 137.9 126.5 126.5 1460 192650 WELLEX INDUS 0.185 0.19 0.185 0.19 0.185 0.19 1000000 188900 ZEUS HLDG 0.135 0.14 0.143 0.143 0.143 0.143 660000 94380

PROPERTY

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

0.53 8.02 33.9 1 1.41 0.77 0.74 0.12 4.25 0.365 0.255 17.12 6.19 0.245 0.101 0.98 0.83 9.61 0.81 0.68 2.89 0.146 1.32 16.96 0.232 1.51 2.7 1.81 31.7 3.55 1.23 3.66

0.54 8.3 33.95 1.05 1.42 0.78 0.76 0.124 4.36 0.37 0.265 17.18 6.2 0.246 0.102 0.99 0.88 9.71 0.82 0.73 2.9 0.147 1.44 17 0.243 1.59 2.72 1.9 31.9 3.7 1.24 3.71

0.56 8.04 33.4 1 1.42 0.73 0.76 0.12 4.3 0.38 0.255 17.12 6.31 0.255 0.097 1 0.86 9.89 0.84 0.68 2.95 0.153 1.41 17.4 0.247 1.55 2.7 1.81 31 3.72 1.26 3.8

0.56 8.69 34.05 1 1.42 0.79 0.76 0.127 4.36 0.38 0.26 17.7 6.31 0.255 0.102 1 0.88 9.89 0.84 0.69 2.97 0.153 1.44 17.4 0.247 1.6 2.71 1.92 31.9 3.72 1.28 3.8

0.52 8.01 33.2 1 1.4 0.72 0.76 0.12 4.22 0.365 0.255 17.06 6.18 0.244 0.097 0.98 0.82 9.61 0.8 0.68 2.85 0.145 1.32 16.72 0.247 1.51 2.69 1.81 30.7 3.6 1.19 3.61

0.54 8.69 33.95 1 1.41 0.77 0.76 0.12 4.36 0.37 0.26 17.18 6.19 0.246 0.102 0.99 0.88 9.61 0.82 0.69 2.89 0.147 1.44 17 0.247 1.58 2.7 1.9 31.9 3.7 1.24 3.71

1977000 14800 7346200 4000 507000 9648000 110000 2030000 3102000 5410000 20000 216400 71700 1130000 180000 20752000 15000 15500 7728000 22000 35670000 18320000 111000 1429900 30000 22000 117000 92000 4721500 38000 6222000 1611000

-1955750 -17680395 -34417395 748252 16500 232200 -5605750 1,456,312.9997) -15270656 -26347033.5 -251500 -155850 -1392913 -3527220 -75595630 -1867191 -19940 -

1058130 120782 248003330 4000 715210 7350680 83600 243770 13362550 2019200 5150 3717124 445866 279210 17560 20482100 12840 150527 6327260 15040 103104420 2696800 151660 24225476 7410 34570 315850 171400 148711810 137040 7691890 5908950

24332 -58822095 -2810 123200 83600 -153800 231876 -8262670 -3340 -49000 112340 5520 -17630680 -2335158 24300 -3982025 -589390

SERVICES ABS CBN 15.1 15.12 15.44 15.44 15.06 15.1 159700 2428684 GMA NETWORK 4.73 4.84 4.98 4.98 4.7 4.8 534000 2548260 0.355 0.36 0.365 0.365 0.35 0.36 640000 232600 MANILA BULLETIN MLA BRDCASTING 10.8 13 13 13 13 13 700 9100 GLOBE TELECOM 2088 2090 2110 2112 2054 2088 51585 107643970 PLDT 1225 1235 1237 1237 1201 1235 107270 131436020 0.051 0.052 0.052 0.053 0.052 0.052 22020000 1159310 APOLLO GLOBAL 2.83 2.9 2.99 2.99 2.83 2.9 13000 37330 DFNN INC DITO CME HLDG 3.68 3.69 3.74 3.76 3.5 3.68 79919000 291318870 IMPERIAL 1.21 1.32 1.23 1.23 1.21 1.21 21000 25480 0.073 0.077 0.079 0.079 0.073 0.073 1010000 74710 ISLAND INFO NOW CORP 2.08 2.09 2.07 2.08 2.03 2.08 8007000 16592260 TRANSPACIFIC BR 0.172 0.175 0.175 0.177 0.171 0.175 620000 106740 PHILWEB 2.21 2.23 2.23 2.24 2.2 2.21 1928000 4265910 9.52 9.75 9.6 9.95 9.5 9.52 74400 723033 2GO GROUP 15.52 16.8 16.8 16.8 16.8 16.8 300 5040 ASIAN TERMINALS CHELSEA 3.62 3.63 3.72 3.72 3.52 3.62 813000 2931530 CEBU AIR 39.75 39.95 41.95 41.95 39 39.75 323600 12910595 100.4 101 98.3 101.9 96.25 101 1286930 128935043 INTL CONTAINER 12.64 13.08 12.56 13.1 12.56 13.08 1500 19010 LBC EXPRESS LORENZO SHIPPNG 0.77 0.78 0.77 0.77 0.77 0.77 24000 18480 MACROASIA 6.16 6.18 6.1 6.27 6.09 6.18 7536200 46352351 2.3 2.32 2.4 2.4 2.24 2.3 3822000 8773910 METROALLIANCE A METROALLIANCE B 2.08 2.39 2.05 2.05 2.05 2.05 1000 2050 PAL HLDG 6.56 6.6 6.55 7.05 6.55 6.56 64200 446309 HARBOR STAR 0.81 0.84 0.81 0.81 0.8 0.8 614000 494100 0.024 0.025 0.024 0.025 0.024 0.025 13200000 321000 BOULEVARD HLDG DISCOVERY WORLD 1.6 1.62 1.76 1.77 1.62 1.62 8000 13860 GRAND PLAZA 12.04 13.66 13.7 13.7 12.02 12.02 200 2572 WATERFRONT 0.385 0.39 0.385 0.385 0.38 0.385 370000 142400 6.3 6.44 6.3 6.3 6.3 6.3 1600 10080 CENTRO ESCOLAR 770.5 800 770.5 771 770.5 771 20 15415 FAR EASTERN U STI HLDG 0.3 0.305 0.305 0.305 0.3 0.3 2500000 758750 BERJAYA 2.1 2.2 2.07 2.23 2.07 2.2 278000 603460 7 7.04 7.3 7.3 6.9 7 9199100 64572931 BLOOMBERRY 1.86 1.95 1.89 1.99 1.85 1.86 94000 175710 PACIFIC ONLINE LEISURE AND RES 1.43 1.44 1.51 1.51 1.42 1.43 8362000 11878280 MANILA JOCKEY 2.55 2.69 2.54 2.56 2.54 2.55 15000 38330 2.6 2.61 2.65 2.73 2.61 2.61 235000 622530 PH RESORTS GRP 0.31 0.315 0.32 0.32 0.31 0.315 3750000 1172700 PREMIUM LEISURE ALLHOME 7.18 7.19 7.21 7.21 7.02 7.19 3566700 25426657 METRO RETAIL 1.61 1.62 1.62 1.65 1.59 1.62 4677000 7549930 44.9 45 44 45.2 42.5 45 3546600 158427570 PUREGOLD ROBINSONS RTL 62.9 64 63.45 64 62 64 359730 22503036 PHIL SEVEN CORP 126 127 125.8 125.8 125.8 125.8 220 27676 1.13 1.14 1.17 1.17 1.11 1.13 2775000 3126710 SSI GROUP 15.02 15.18 15 15.28 14.9 15.18 920200 13875930 WILCON DEPOT APC GROUP 0.31 0.325 0.31 0.31 0.31 0.31 250000 77500 EASYCALL 6.9 6.94 7.03 7.03 6.52 6.9 71500 486484 280.2 300 281.2 281.2 280.2 280.2 480 134712 GOLDEN BRIA PRMIERE HORIZON 0.199 0.2 0.204 0.205 0.199 0.2 3600000 721310 SBS PHIL CORP 4.51 5.34 4.83 5.9 3.7 5 374000 1448800

-37390410 -10172655 -26500 -3287420 60009.9999 49630 -21574.9999 -25500 -1633545 10322864.5 -2633216 10080 -219750 75230 8079219 8520 8070 -3100 15052029 5293320 31268325 1017754.5 2516 161029.9998 652810 -452040 -

MINING & OIL ATOK 9.84 10.18 9.84 10.18 9.84 10.18 3900 38410 1.3 1.31 1.23 1.33 1.22 1.3 23127000 29895850 547450 APEX MINING 0.0009 0.001 0.0008 0.001 0.0008 0.001 122000000 112700 ABRA MINING ATLAS MINING 1.91 1.94 1.95 1.95 1.9 1.95 136000 262450 BENGUET A 1.12 1.19 1.03 1.12 1.01 1.12 11000 11250 1.14 1.15 1.14 1.14 1.14 1.14 5000 5700 5699.9999 BENGUET B 0.18 0.191 0.182 0.182 0.18 0.181 150000 27130 COAL ASIA HLDG CENTURY PEAK 2.68 2.7 2.68 2.71 2.68 2.71 102000 275860 270500 DIZON MINES 7.52 7.57 7.58 7.58 7.5 7.55 7000 52954 0.86 0.87 0.87 0.87 0.84 0.86 1717000 1459260 -453620 FERRONICKEL 0.239 0.24 0.237 0.245 0.237 0.239 1420000 341690 GEOGRACE LEPANTO A 0.088 0.089 0.088 0.091 0.087 0.089 9120000 812690 LEPANTO B 0.086 0.096 0.091 0.1 0.09 0.098 400000 36930 0.0065 0.0067 0.0066 0.0067 0.0066 0.0067 28000000 186600 MANILA MINING A MANILA MINING B 0.0068 0.0078 0.0077 0.0077 0.0067 0.0067 16000000 115200 MARCVENTURES 0.58 0.6 0.59 0.6 0.55 0.6 15121000 8330560 NIHAO 1.42 1.44 1.39 1.48 1.36 1.44 1311000 1868340 -41440 1.76 1.77 1.82 1.83 1.72 1.77 7877000 13756660 30540 NICKEL ASIA 0.485 0.5 0.49 0.49 0.49 0.49 10000 4900 ORNTL PENINSULA PX MINING 2.54 2.55 2.38 2.6 2.38 2.54 2688000 6788430 -2100280 SEMIRARA MINING 12.38 12.56 12.68 12.7 12.26 12.56 1643700 20589118 1172272 0.0037 0.0038 0.0038 0.0038 0.0038 0.0038 9000000 34200 UNITED PARAGON ACE ENEXOR 6.51 6.75 6.77 6.77 6.5 6.75 126500 827026 -8476 ORNTL PETROL A 0.0084 0.0085 0.0085 0.0085 0.0083 0.0084 35000000 297200 ORNTL PETROL B 0.0086 0.0094 0.0086 0.0086 0.0086 0.0086 3000000 25800 6.66 6.7 7 7 6.59 6.66 3089900 20709104 296814 PXP ENERGY

PREFFERED HOUSE PREF A 99 99.9 99 99 99 99 600 59400 504 518 503 503 503 503 60 30180 AC PREF B1 ALCO PREF B 100.1 103.5 103.5 103.5 103.5 103.5 940 97290 AC PREF B2R 503 505 504.5 504.5 504.5 504.5 1960 988820 DD PREF 100.1 101 100 100 100 100 11580 1158000 104 109 104 104 104 104 20 2080 FGEN PREF G GTCAP PREF A 1010 1012 1010 1010 1010 1010 10 10100 GTCAP PREF B 1019 1024 1019 1019 1019 1019 10 10190 MWIDE PREF 100.3 101 100.1 101 100.1 101 2090 211000 99.2 100.5 100 100 100 100 10 1000 PNX PREF 3A PNX PREF 3B 102.3 106.8 102.2 102.2 102.2 102.2 10 1022 PNX PREF 4 1002 1010 1010 1010 1002 1002 40 40320 PCOR PREF 2B 1011 1035 1011 1035 1007 1035 490 494000 1050 1065 1050 1050 1050 1050 5 5250 PCOR PREF 3A PCOR PREF 3B 1072 1075 1072 1075 1072 1075 100 107230 SMC PREF 2C 77 78.2 78.2 78.2 77 77 2270 175750 SMC PREF 2D 75 75.8 75 75 75 75 10 750 75.5 77.15 75.3 75.3 75.3 75.3 20 1506 SMC PREF 2E SMC PREF 2F 78 78.1 78 78 78 78 11010 858780 -780000 SMC PREF 2H 76 77 75.5 75.5 75.5 75.5 110 8305 SMC PREF 2I 78 78.3 78 78 78 78 31380 2447640

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 14.36 14.58 14.56 14.62 14.36 14.36 206500 3002160 -2587358 4.6 4.78 4.63 4.63 4.6 4.6 293000 1348910 4630 GMA HLDG PDR

WARRANTS LR WARRANT 0.68 0.71 0.68 0.68 0.68 0.68 52000 35360

SMALL & MEDIUM ENTERPRISES ALTUS PROP 27.75 - 20 27.75 20 27.75 9067300 239319880 -18750960 1.97 1.98 2.12 2.12 1.95 1.98 11446000 22944820 45150 ITALPINAS 5.96 6.1 6.1 6.1 5.95 5.96 43800 262828 9030 KEPWEALTH MAKATI FINANCE 1.91 2.45 - - - - - - MERRYMART 3.24 3.25 3.51 3.55 3.2 3.25 92181000 306043910 2294180 0.59 0.6 0.63 0.63 0.58 0.59 4918000 2973730 4740 XURPAS

EXHANGE TRADE FUNDS

FIRST METRO ETF 92.4 92.5 93.75 93.75 92 92.4 16880 1562227.5 148584

www.businessmirror.com.ph

Banking&Finance

J.P. Morgan sees more cuts in interest rates

T

he Bangko Sentral ng Pilipinas (BSP) may still not be done with the trimming of key interest rates this year, J.P. Morgan said.

In its “Global Data Watch: Asia” report, the American investment bank said it expects monetary authorities to cut policy rates by 25 basis points (bp) in the next Monetary Board (MB) meeting.

“We expect a further 25-bp rate cut at the August 20 MB meeting as real rates are set to remain positive more broadly in a benign inflationary environment,” it said.

J.P. Morgan said it believes further easing of policy rates could help the Philippines pick up its pace in economic recovery.

BSP recently reported that the gross domestic product (GDP) is expected to decline by 5.7 percent to 6.7 percent in the second quarter, which is substantially steeper than 0.2-percent contraction three months earlier.

“In such a challenging environment, which may imply a more protracted domestic recovery than initially projected, the BSP stressed the need for continuing policy measures to support overall economic

activity, which likely culminated in this week’s policy action,” J.P. Morgan said.

“Mobility measures more recently point to only a gradual recovery in mobility, which suggests a delay in normalization in activity,” it added.

Last week, the Monetary Board trimmed the interest rate on BSP’s overnight reverse repurchase facility by 50 bp to 2.25 percent, bringing deposit and lending rates to 1.75 percent and 2.75 percent, respectively.

The new policy rates were effective beginning June 26.

MB said that local economic activities have slowed down following the implemented lockdown to contain the virus. While economies have begun reopening, it noted that recovery would likely be “protracted and uneven.”

“Given these considerations, the Monetary Board decided that a further reduction in the policy rate amidst a benign inflation environment would help mitigate the downside risks to growth and boost market confidence,” BSP said.

BSP forecasts inflation to settle near the low end of 2.0-4.0-percent target band for 2020 to 2022.

Tyrone Jasper C. Piad

BusinessMirror

Rate cut prompts BTr to add ₧6B on volume of debt papers

By Bernadette D. Nicolas

F

@BNicolasBM

ollowing the policy rate cut last week by monetary authorities, the Bureau of the Treasury (BTr) upsized by P6 billion the volume of the Treasury bills (T-bills) to P26 billion from the initial P20 billion offering it awarded as rates across all tenors “dived.”

National Treasurer Rosalia V. De Leon told reporters after Monday’s auction that “rates dived [as an] aftermath of the unanticipated 50bps [basis points] reduction.”

This would be the third policy cut by the Monetary Board of the Bangko Sentral ng Pilipinas (BSP) as

the economy appears to stall after lockdown was imposed beginning March 17.

When asked if there is now a space to ramp up domestic issuances, such as retail treasury bonds (RTBs), De Leon said they do not want to crowd out the private sector.

“RTB is always an option for us to raise funding and for small investors to deploy funds in supporting government priorities at this time particularly [in the] battle against Covid-19 [coronavirus disease 2019],” she said in a message.

Nonetheless, De Leon said they are stretching the maturity of tenors as investors search for better yields.

The auction was also met with robust demand with tenders reaching P131.4 billion. This prompted the auction committee to double the non-competitive bids for the 91-day and 364-day T-bills to P4 billion and P8 billion, respectively.

De Leon also said they decided to open the tap facility for an additional P10 billion-offering for the 364-day T-bills.

The rates across all tenors were also lower than the secondary benchmark rates.

Broken down, the Treasury raised a total of P26 billion on Monday’s auction as it awarded P7 billion in 91-day

The condotel as an investment option

M

DOUBLEDRAGON PROTECTION

This June 15 photo courtesy of Philippine National Bank shows (from left) DoubleDragon Properties Corp. President Ferdinand J. Sia and Chairman and CEO Edgar “Injap” J. Sia II, PNB President and CEO Wick A. Veloso and Alliedbankers Insurance Corp. President and CEO Reynaldo B. Montalbo Jr. during the signing ceremony for an agreement that mandates ABIC to provide insurance coverage for the work force of DoubleDragon between the three companies. ABIC will be offering its personal accident insurance protection product called “All-In 888” to DoubleDragon employees, PNB said in a statement.

any Filipinos invest in real estate. Many buy land properties, houses and condominium units. They either use real estate for personal use or for additional income.

Many invest in real estate stocks as they to aim to capitalize on the growth of the sector. With the looming presence of the Real Estate Investment Trust in the country, a proportion of Filipinos will likewise be inclined to explore that alternative.

One type of real estate investment is the condotel. Is the condotel a good and viable alternative? Is it for everybody?

A condotel is generally described to be a condominium project that is operated as a hotel with general accommodation, concierge and housekeeping services. The different rooms of the condotel serve as the investment opportunities for investors. In effect, the individual investors become the owners of the units and are also the part-owners of the condotel as pertinent documents of legal ownership are present.

There are quite a number of benefits

Genesis Kelly S. Lontoc

personal finance that are associated with condotels.

With a condotel, there is the possibility of gaining through property price appreciation. If the condotel does well and, if in the future, the investor will decide to sell the condotel unit, the prospect of generating significant financial gains through a high selling price will be likely. These gains give the investor more flexibility in terms of finances.

The condotel is also potentially a good source of passive income. Many people who would buy condotels would be primarily working hard to maximize their active income. The rental income that would be regularly generated by the condotel can significantly augment active income. This will then make cash inflows healthier and if the rental income is continuous, then the cash inflows become more sustainable.

Inflation debate returning to markets flush with cash

P

erhaps the most challenging riddle for investors in the pandemic is whether another centuries-old scourge is going to return.

Inflation can wreck even the safest portfolio by eroding the value of investments for decades. But you would be hard pressed to find anyone among the younger generation of investors, within developed markets at least, who has faced it in any meaningful way. The last major episode was back in the 1970s and ’80s, and inflation has all but disappeared since the 2008 financial crisis.

But the pandemic has changed the world so dramatically that Wall Street’s heavyweights from Pacific Investment Management Co. to AllianceBernstein Holding LP say it’s a problem that’s bound to return.

Not everyone agrees. Some argue deflation is just as likely, and others like UBS Wealth Management are positioning for softer price increases, a scenario known as lowflation.

“It is the billion dollar question,” says Christoph Rieger, head of fixedrate strategy at Commerzbank AG.

Zombie prices

The mainstream view is that central banks can rescue their economies now without destabilizing prices in the future. Bonds, the assets most vulnerable to inflation, have surged and the breakeven rate, which gauges market expectations for future price rises, languishes below central bank targets across developed markets.

In the euro area, inflation isn’t expected to reach the European Cen-

tral Bank’s close to 2-percent target for 30 years.

“The largest investment risk is if investors get it wrong and we are heading for deflation,” Rieger said.

“We could be entering a financial crisis like we’ve never seen before.”

With governments paying wages, handing out loans and mailing out checks, there’s now an unprecedented amount of new cash in the financial system. Put simply, there’s more money available to potentially chase fewer goods, a textbook definition for why prices rise.

But there are lots of reasons why that scenario may not play out. Companies and consumers could stash the extra cash in bank accounts, rather than spend it.

“If you look at what you have now compared to what you had in the past, you have larger triggers that would point to higher inflation. But it’s not that simple,” said Lorenzo Pagani, Pimco’s head of European government bond portfolio management. “If you look at almost 100 years of inflation numbers, you have many more days with higher inflation compared to now.”

Long memory

Japan is a prime example of why stimulus spending doesn’t necessarily drive inflation.

The country poured money into its economy for a generation to little or no avail at getting prices to budge.

It’s sucked the life out of markets in the process and the country has been forced to battle permanently weak

Tuesday, June 30, 2020 B3

growth as the population ages.

“There is a long memory of low inflation and markets aren’t pricing in a regime change. The lesson from Japan is to remain highly skeptical. Inf lation uncertainty may be hedged through long-dated options,” Tanvir Sandhu, Chief Global Derivatives Strategist at Bloomberg, said.

At the opposite end of the spectrum lurks an equally, if not more worrying scenario: deflation. If people emerge from the pandemic less willing to spend, either because they’re unemployed or simply thriftier now that they’ve figured out how to cut their own hair, cook at home and exercise in the backyard, prices for goods and services could fall. That can drag wages lower in a self-reinforcing spiral that leads to depression, as it did in the 1930s.

Main conundrum

One of the main conundrums for investors: Is the coronavirus more of a shock to demand because people are spending less, or to supply from factories shutting down? Nouriel Roubini, a professor of economics at New York University, says in the worst-case scenario the current crisis could lead to a particularly toxic mix harking back to the 1970s. Known as “stagflation,” it’s a period of high inflation, but weak economic output.

“We are going to be facing now a significant amount of supply shocks in the global economy,” he said. “Eventually the inflation genie is going to get out of the bottle.”

AllianceBernstein is positioning for a reflationary resurgence through US inflation-linked bonds, known as TIPS. John Taylor, who manages $6.6 billion at the investment firm in London, says the pandemic will be a wake-up call for countries to move manufacturing of essential products back home.

“One of the consequences of Covid will be less of a drive to push for the cheapest venue for production, but to have more of that production within your own borders, which will be a higher cost,” said Taylor. He’s not the only one making that call. Assets in the Schwab US TIPS exchange-traded fund have risen above $10 billion, the highest level in at least a year.

No option

UBS Wealth Management doesn’t see value in US inflation-linked bonds, preferring equities on the belief that there’s stronger growth ahead. Paul Donovan, global chief economist at UBS, says that 85 percent of people in the UK haven’t seen any drop in income, but are spending less anyway. That means when purchases pick up, inflation could happen in pockets of the economy, like consumer staples.

“Whenever we have a crisis like this, people always underestimate the ability of people to adapt and therefore underestimate the speed of the recovery,” he said on a call with reporters. “The third-quarter growth in the UK, in Europe and in the US will be the best quarter ever in history, almost certainly.” Bloomberg News

The condotel can be viewed as a home away from home. Usually, condotel investments would have a host of other benefits like access to various social and business amenities. A certain number of free nights in a year are given to each investor of the condotel.

In today’s fast-paced environment, having a place for rest, recreation and quality time with the family certainly bring about intangible benefits and fond memories.

There are halo effects of being a condotel investor. When the condotel developer decides to advertise and fortify relationships with new and old guests, the condotel investors benefit.

The management of employees and various services to guests are managed fully by the condotel developer. Maintenance expenses are likewise handled by the condotel developer. This is not the case in other real estate options.

Still, no investment in the world is perfect.

Just like any investment, certain considerations have to be made by investors in deciding if condotels are for them or not. One vital consideration would be the high investment outlay

T-bills, P5 billion in 182-day T-bills and P14 billion in 364-day tenor.

The 91-day tenor fetched an average rate of 1.746 percent, 32.2 basis points lower than the previous rate of 2.068 percent. Total bids for debt papers amounted to P28.740 billion, over five times as much as the initial P5 billion offering.

Meanwhile, the 182-day T-bills capped at an average rate of 1.892 percent, slipping by 26.7 basis points from 2.159 percent previously. Tenders for the tenor were posted at P32.173 billion, equivalent to over six times the initial P5-billion offering.

The auction rate of the 364-day T-bills settled at only 1.980 percent, a 42.8 basis-point plunge from its previous rate at 2.408 percent. The tenor attracted bids amounting to P70.538 billion or seven times as much as the P10-billion offering.

For July, the Treasury is set to borrow P205 billion from the local debt market, up from P170 billion program in June.

and also high possible monthly financing costs just in case the purchase will be funded by a bank loan. Another matter to consider would be the taxes that have to be settled given the ownership characteristics of the investment.

Not all locations are the same. Investors should assess what areas have good potential to maximize earnings.

Not all condotels are the same. Not all condotel developers are the same. It is important for the investor to check the reputation and performance of the developer. The success of previous real estate projects, current financial strength and soundness of future business plans can be good indicators.

Amid the total real estate landscape, condotels are still in the development stage. There are many benefits but there are also important considerations that matter. Hopefully, the benefits will outweigh the risks.

Genesis Kelly “Gemmy” S. Lontoc is a Registered Financial Planner of RFP Philippines. To learn more about personal financial planning, attend the 84th RFP program in August. To inquire, e-mail info@ rfp.ph or text <name><e-mail> <RFP> at 09179689774.

B4

Art

BusinessMirror

Tuesday, June 30, 2020

www.businessmirror.com.ph

Back to grindstone for â&#x20AC;&#x2DC;Mona Lisaâ&#x20AC;&#x2122; at post-lockdown Louvre JOURNALISTS walk past Leonardo da Vinciâ&#x20AC;&#x2122;s Mona Lisa during a June 23 visit of the Louvre museum in Paris ahead of its reopening next July 6. After four months of virusimposed inactivity, the worldâ&#x20AC;&#x2122;s most visited museum is counting on the worldâ&#x20AC;&#x2122;s most famous portrait, the Mona Lisa, to help lure back visitors. AP

â?ś CAFETERA by Victor Arrizabagala

â?ˇ BRONZE

Lioness by AntoineLouise Barye

Todayâ&#x20AC;&#x2122;s Horoscope

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Michael Phelps, 35; Monica Potter, 49; Mike Tyson, 54; David Alan Grier, 64.

HAPPY BIRTHDAY: Find something you love to do, and enjoy the process of discovering, developing and completing something that makes you feel accomplished. Going through a change is never easy for you emotionally, but if you have something to do that eases stress or takes your mind off the harsher realities of everyday life, you will find the happiness you deserve this year. Your numbers are 9, 14, 20, 26, 31, 47, 49.

BY JOHN LEICESTEďż˝ The Associated Press

P

ARISâ&#x20AC;&#x201D;The Mona Lisa found herself all alone.

The coronavirus had emptied her room at the Louvre Museum of its usual throngs of admirers.

In a silence worthy of a cathedral, she could gaze undisturbed at the huge canvas on the opposite wall, The Wedding Feast at Cana that shows Christ surrounded by 130 feast-goers, painted centuries before social distancing became a thing.

But now, sigh, the worldâ&#x20AC;&#x2122;s most famous portrait must go back to the grindstone after four months of virus-imposed inactivity.

Even with that famously enigmatic smile, the job of luring back crowds to the worldâ&#x20AC;&#x2122;s most-visited museum promises to be tough.

Before mass tourism came to a screeching halt with the coronavirus pandemic, the Louvre drew 30,000 to 50,000 visitors per day in the busy summer season. But when it reopens on July 6, the museum director expects those numbers to shrivel. â&#x20AC;&#x153;If we get 10,000 per day, Iâ&#x20AC;&#x2122;d be very surprised,â&#x20AC;? says Jean-Luc Martinez.

Which means, for those who can manage a trip to Paris, a golden opportunity for a rare, crowd-free run of the Louvreâ&#x20AC;&#x2122;s giant galleries and vast marble staircases and maybe even some uninterrupted facetime with Mona Lisa herself.

About 70 percent of the giant museumâ&#x20AC;&#x201D;45,000 square meters (484,000 square feet) of space, or the equivalent of 230 tennis courtsâ&#x20AC;&#x201D;will be open, housing 30,000 of the Louvreâ&#x20AC;&#x2122;s vast trove of works.

Plenty to give visitors aching feet.

For Louvre employees who during lockdown kept the suddenly empty building and its treasures safe under lock and key, reopening marks the end of their other-worldly experience of having the former royal palace all to themselves. â&#x20AC;&#x153;It was quite magical,â&#x20AC;? said Leila Cherif-Hadria, who had never seen the museum so empty in her 20 years of working there. â&#x20AC;&#x153;A moment suspended in time. It was very pleasant. We didnâ&#x20AC;&#x2122;t see any ghosts. But we were alone for a long time without any sounds. It was quite peculiar, destabilizing, unknown for us. We knew we were experiencing something unique and which, I

ARIES (March 21-April 19): An unusual proposal will turn out to be better than anticipated. Donâ&#x20AC;&#x2122;t rule out a suggestion before giving it a chance. Start small, and let your plans develop into something big. Build a strong base, and achieve long-lasting success. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

TAURUS (April 20-May 20): Make the changes that suit you best, and keep moving forward, regardless of what others decide to do. Itâ&#x20AC;&#x2122;s up to you to control what happens and to make time to get your ideas up and running. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

GEMINI (May 21-June 20): Put your head down, focus on what you want to achieve and keep moving until you reach your destination.

Discipline and hard work will help you gain recognition for your accomplishments. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

CANCER (June 21-July 22): A conversation you have with someone you used to work with will lead to an interesting prospect. Elaborate on what you feel you can contribute to a new project that excites you. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

LEO (July 23-Aug. 22): Stay centered and calm. Refuse to let what others do or say bother you. Follow your own path, and you will be happy with the results you get. Personal improvements and growth will help you build a healthy attitude and confidence. â&#x2DC;&#x2026;â&#x2DC;&#x2026;

hope, will never be repeated but which we savored.â&#x20AC;?

The lockdown loss of ticket and souvenir sales and other income punched a â&#x201A;Ź40 million ($45 million) hole in the museumâ&#x20AC;&#x2122;s revenues. Martinez, the museum director, canâ&#x20AC;&#x2122;t say when visitor numbers might recover. Almost three-quarters of the Louvreâ&#x20AC;&#x2122;s 9.6 million visitors last year came from abroad, many of them from countries, led by the United States and China, that have since been cut off from the European Union during the pandemic.

Visitor numbers also plunged, by 40 percent, after the September 11, 2001, attacks in the United States and â&#x20AC;&#x153;took three years to come back,â&#x20AC;? Martinez noted.

So over to you, Mona Lisa. No longer the â&#x20AC;&#x153;cold and lonely lovely work of artâ&#x20AC;? that Nat King Cole sang about, she is being counted on to work her alluring magic now that lockdown is over in France.

The Louvre says visitors typically spend 54 seconds on averageâ&#x20AC;&#x201D;far more than for other worksâ&#x20AC;&#x201D;gazing at Leonardo da Vinciâ&#x20AC;&#x2122;s portrait of Lisa

Gherardini, the wife of a wealthy silk merchant in Florence, Italy, in the 16th century. (The Renaissance genius never finished the work, lugging it around with him, including on his final trip in 1516 to France, where King Francois I bought it). Her fans will be kept apart by dots on the floor as they wait in line for an audienceâ&#x20AC;&#x201D;if there is a line that is. Signs remind dawdlers that â&#x20AC;&#x153;Mona Lisa has a great many admirers.

Please remember to keep your visit short and sweet to give everyone the chance to meet her.â&#x20AC;?

Museum-goers will need to reserve a time slot for their visit, which can be done online. About 400 to 500 visitors will be allowed into the Louvre every half-hour. Inside, the museum is also regulating visitor flows with signs that read â&#x20AC;&#x153;sense of visitâ&#x20AC;? in English, a somewhat strange translation but all part of efforts to stop people getting too close while the coronavirus still circulates and takes lives.

Masks will be obligatory for all visitors from age 11.

But not, of course, for the Mona Lisa. â&#x2013;

FOLLOWING the success of its Primero and Segundo anniversary and inaugural online auctions, Casa de Memoria, the Lhuillier-managed auction house now introduces The Casa Online.

Powered by Invaluable, The Casa Online is a series of auction events that aim to provide budding art enthusiasts and younger collectors with an accessible platform featuring smaller art pieces and interesting bric-abrac that are within the reach of this growing audience. Â

With this, The Casa Online will be featuring a series of at least four online auctions, starting with â&#x20AC;&#x153;The Casa Online 01â&#x20AC;? on July 11.

The first auction is primarily aimed at young, affluent art collectors who are starting to delve into the world of auctions. It will feature European-Filipino art pieces but highlighting must-have paintings and small vintage items that are affordable with a ceiling price of P45,000 only.

Proceeds from The Casa Online 01 will be donated to Sagip Kapamilya, the

VIRGO (Aug. 23-Sept. 22): Bring up issues that you want to resolve. The sooner you can put things in perspective, the easier it will be to explore your next move. Donâ&#x20AC;&#x2122;t let personal emotions interfere with making the right decision professionally. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

LIBRA (Sept. 23-Oct. 22): Say less in order to avoid a dispute. Concentrate on achieving what you set out to do and putting your best foot forward. A personal pick-me-up will recharge your internal battery and prepare you to take on whatever comes your way. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

SCORPIO (Oct. 23-Nov. 21): Learn from your mistakes. Head into the future with the confidence that you are ready to reach your objective. Leave no stone unturned, and make it clear that you know exactly what you want and how to go about reaching your goal. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

SAGITTARIUS (Nov. 22-Dec. 21): Youâ&#x20AC;&#x2122;ll do well if you work from home. Added discipline will help you go above and beyond the call of duty. A sense of accomplishment will give you reason to celebrate with someone special. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

New online auction platform launched for budding collectors

â?ś

emergency humanitarian assistance program of the ABS-CBN Foundation.

CAPRICORN (Dec. 22-Jan. 19): Indulge in something you love to do, or spend time with someone who brings out the best in you.

A change at home will make your life simpler and encourage you to spend more time doing the things you enjoy most. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

AQUARIUS (Jan. 20-Feb. 18): Emotional interference can be expected when dealing with friends, relatives or neighbors. Stay calm, and focus on what you can do to improve your environment, the way you look and how best to protect the ones you love. â&#x2DC;&#x2026;â&#x2DC;&#x2026;

PISCES (Feb. 19-March 20): Channel your energy into a creative project that consumes you mentally and emotionally. It will help you put people and situations that are annoying you out of mind. Distancing yourself from turmoil will give it a chance to dissipate. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

â?ˇ

BIRTHDAY BABY: You are demonstrative, charismatic and original.

You are persistent and industrious.

â&#x20AC;&#x2DC;pick-me-upsâ&#x20AC;&#x2122; BY MATTHEW SEWELL The Universal Crossword/Edited by David Steinberg

ACROSS 1 Fabric fragment 6 Bossâ&#x20AC;&#x2122;s â&#x20AC;&#x153;Shake a leg!â&#x20AC;?

10 Anti-smuggling org.

13 Relinquish, as a requirement 14 See 63-Across 15 Swimmers that may be electric 16 Common cause of snoring 17 Dis (note each starred answerâ&#x20AC;&#x2122;s first word!)

19 ___ Norris (Hogwarts cat) 20 Childâ&#x20AC;&#x2122;s plea 22 Sch. hidden in â&#x20AC;&#x153;Eau Claireâ&#x20AC;?

23 Treasure chest coins 27 ICU figures 28 Richmond-to-Baltimore dir.

29 Be victorious 32 When to hear â&#x20AC;&#x153;SOSâ&#x20AC;? in Mamma Mia! 35 Reduced amount 37 Surge 38 See whether new versions of apps are out 41 Exploit to the fullest 42 Memo starter 43 Massage targets

44 Palindromic French season 45 Lust, Caution director Lee 46 Change the color of 47 Show anxiety in a waiting room 54 Water down 55 Minnesota representative Ilhan 56 â&#x20AC;&#x153;Dude!â&#x20AC;?

57 Go through the motions 60 Rarinâ&#x20AC;&#x2122; to go 62 Jabbaâ&#x20AC;&#x2122;s species in Star Wars movies 63 With 14-Across, nail salon combo 64 Bottomless chasm 65 â&#x20AC;&#x153;Who wants wedding cake?â&#x20AC;? reply 66 Not deceived by 67 Three-card con DOWN 1 Overwhelm 2 Italian resort isle 3 Lightly wash 4 Broad street, briefly 5 Anti-war advocate 6 City address abbr.

7 A line, at times?

8 Lovelace called the â&#x20AC;&#x153;enchantress of numbersâ&#x20AC;?

9 10 11 12 15 18 21 24 25 26 30 31 32 33 34 35 36 37 39 40 45 46 48 49

Letters before rhos Attended to Civil rights activist Baker Pose a question Really dig into?

Whopping Muleâ&#x20AC;&#x2122;s father Neck woe Come after Scotland Yard rank: Abbr. â&#x20AC;&#x153;That makes senseâ&#x20AC;?

Suffix for â&#x20AC;&#x153;idleâ&#x20AC;?

Apex Voucher Long-focus lens type Unit leader?

Make a boo-boo Hopped in a sack, say Above-average comic book condition Bit of wishful thinking Concern for a dermatologist Twisted inheritance â&#x20AC;&#x153;___ gonna happen!â&#x20AC;?

Datum on a graph

50 51 52 53 54 57 58 59 61

51-Down test, briefly Delivery MD Seize forcibly Like Loki Heavy fall sound ___ Beta Kappa Texterâ&#x20AC;&#x2122;s qualification Lifeguardâ&#x20AC;&#x2122;s shade, perhaps?

Blood system letters

Solution to yesterdayâ&#x20AC;&#x2122;s puzzle:

Show BusinessMirror

www.businessmirror.com.ph

Tuesday, June 30, 2020

B5

Country music reckons with racial stereotypes and its future RYAN CAYABYAB

MAESTRO RYAN CAYABYAB, SMOKEY MOUNTAIN AND MORE ARTISTS ARE LENDING THEIR VOICES FOR NATURE

NATIONAL Artist for Music Ryan Cayabyab and iconic OPM group Smokey Mountain—Tony Lambino, Shar Santos, Chedi Vergara, Jeffrey Hidalgo, Jason Angangan, James Coronel, Geneva Cruz, and Anna Fegi—reunite today, June 30, for another leg of “#Conservatunes”— World Wide Fund for Nature (WWF) Philippines’ livestream fundraising concert series.

“This reunion concert for the benefit of WWF-Philippines has gotten the Smokey Mountain members to team up into different groups. I am excited to see the members from the two batches team up for a Smokey Mountain repertoire which you get to hear differently,” Cayabyab shared.

“I am pleased to be part of ‘#Conservatunes’. I believe that civilian action is needed to help the many pockets of communities who need immediate attention for certain basic needs. I also believe that we are all connected in many ways. Our environment should be everyone’s concern and I thank WWF-Philippines for making a valiant effort in helping out and mobilizing the citizens themselves to care for and preserve our planet the best way we can for our future and the generations to come.”

The group aims to raise funds to support the Butanding Interaction Officers (BIO) of Donsol, Sorsogon, whose livelihoods have been affected by the pandemic, and around 200 families in the area also affected by the situation.

Acting as the environmental frontliners of the Municipality of Donsol’s whale shark tourism industry, BIOs serve as both tour guides and lifeguards who ensure order and safety for every excursion, guarding both tourists and the rich marine life of the coastal community. Being a host one of the largest aggregations of whale sharks on the planet, tourism in Donsol thrive especially during the summer months—until tours were halted due to the pandemic.

Launched last May 2020, “#Conservatunes” aims to raise awareness for the environment and lend a helping hand to people in need through online concerts headlined by some of the biggest names in the local music scene.

Also helping cap off the concert series for the month of June, which is the Philippine Environmental Month, were Sitti and Princess Velasco on June 27 and South Border and Yasmien Kurdi on June 28.

Stephy Navarrete, WWF-Philippines Individual Donor Program Manager, expressed how the concert series has helped the organization’s partner communities.

“We are grateful for all the local acts who have generously lent their talents to support and promote our community fundraising initiatives. Since the first leg of ‘#Conservatunes’, we have been able to raise enough funds to provide rainwater harvesting tanks for the coastal barangay of Boca Engano and Donsol, and to give solar lights to 200 fisherfolk families in the Burias and Ticao Islands. Hopefully, we get to cap off the month of June on a good note so we can provide food assistance to over 200 families and buy new livelihood equipment for the 50 whale shark protectors in Donsol,” Navarrete shares.

“We are targeting the turnover of the solar lights to happen within July, local travel guidelines permitting; same case for the food assistance and livelihood aid for Donsol. If travel guidelines and weather conditions also permit us, we are targeting to build the water tanks as soon as September.”

WWF-Philippines is set to hold more online concerts in the months to come. More information is available at WWFPhilippines’ official social media pages.

N

BY KRISTIN M. HALL The Associated Press

ASHVILLE, Tennessee—When country singer Rissi Palmer was working on her debut album, she wanted a song that would introduce her to fans. On her 2007 debut single, “Country Girl,” she explained that she didn’t have to look or talk a certain way to call herself a country girl.

“I said that I am not white in the first verse, and the label was like, ‘No, no, no,’” said Palmer, who said she rewrote the lyrics to make it feel more universal.

“It was very intentional when I wrote that song to talk about all the women, or all the people, that might not necessarily fit in the box, but are still of the same mindset.”

The country music industry has been hesitant to talk about its own long and complicated history with race, but the death of George Floyd that sparked rallies all across the country became an issue too important for the genre to ignore.

Country artists, labels and country music organizations posted about Black Lives Matter on social media, participated in Blackout Tuesday or denounced racism outright. But Black artists say the industry still needs to address the systematic racial barriers that have been entrenched in country music for decades.

Stereotypes that country music is just for white audiences and sung by mostly white males are reinforced daily on country radio, playlists, label rosters and tour lineups.

In recent years, however, the conversations have shifted to reach a broader understanding that nonwhite artists have always been in country music, even if they aren’t recognized.

On Thursday, Grammy-winning country group, The Dixie Chicks announced it would drop “dixie” from its name. The group said in a statement that it wanted to meet “this moment.”

Artist/scholar Rhiannon Giddens received a MacArthur Foundation grant for her work to reclaim Black contributions in country and folk music. Artists like Darius Rucker, Kane Brown and Jimmie Allen have all had No. 1 country hits in recent years, while Mickey Guyton just released an unflinching song, called “Black Like Me.” But that ingrained culture remains a struggle to change.

“I used to get messages all the time on MySpace, saying, ‘I am so sick of you. Why are you trying to be white?’ or ‘Why are you trying to take over country music?’”said Palmer, who had three singles on the Hot Country Songs Chart.

Atlanta-based country rapper Breland also wanted to address, with a wink, country music’s racial blinders with his TikTok-fueled viral song “My Truck.”

The music video starts with white guy in a black cowboy hat singing as smoke billows across a dusty landscape, then Breland abruptly shoves him out of frame to announce, “Don’t touch my truck.”

Breland, whose song reached No. 26 on Billboard’s Hot Country Songs chart and has been remixed with Sam Hunt, said the genre can’t continue to market to one type of audience.

“There’s a group of country listeners who love

CHUCK HARMONY (left) and Claude Kelly of Louis York.

Black artists say the country music industry still needs to do the hard work of addressing the systematic racial barriers that have been entrenched in country music for decades. AP

country music because of the way it sounds, but don’t love some of the politics that they know are going on behind the scenes,” he said.

Historically country music was created by and played across both white and Black communities in the South, but white country music was marketed toward the rising white middle class as a way to make the genre more respected and hugely profitable, said Amanda Marie Martinez, a historian and writer who is studying country music and race.

“In the process, they’ve also prioritized the kind of white, middle income, relatively conservative listener as their demographic, kind of the opposite of youth culture,” said Martinez.

But there were periods of diversity, such as the post-Civil Rights era, when Black artists like Charley Pride, Linda Martell, O.B. McClinton and Stoney Edwards were having success, alongside Johnny Rodriguez and Freddy Fender, who were singing both in English and Spanish.

Both the Academy of Country Music and the Country Music Association started diversity task forces more than a year ago when country music was being criticized for a lack of female voices and women were being left out of major categories like entertainer of the year. But just as country artists outwardly

reflect a predominantly white image, there are few Black country music executives working behind the scenes, too.

Candice Watkins got one of her first big breaks in country music as the day-to-day manager for Keith Urban between 2009 and 2011. It was in that role when she first realized that she was often the only Black person at the board room table.

Watkins, who is now the vice president for marketing for Big Loud Records, said her label supports her and values her opinion, but that might not be the same for others who are minorities at their companies.

“How is a young A&R person empowered to come back to the table and maybe pitch a Black artist or person of color? Culturally speaking, do they feel free to do that or do they automatically know this is dangerous ground for them to even bring up?”

Watkins said. “There’s a dismantling of culture that needs to happen.” Palmer, who will be releasing a podcast about women of color in country music, feels optimistic that progress can happen in country music if real changes are implemented. “I love country music, always have, always will,” said Palmer. “And it would be a shame if not everybody got to enjoy it because of the outward package.” ■

Access to high-quality digital TV experience now made affordable THE coronavirus may have upended much of life as we know it, but that isn’t stopping media giant GMA from marking a milestone in ways big and small.

For its 70th anniversary celebration, the country’s leading and largest broadcast company now offers its own high-quality and affordable Digital Terrestrial Television (DTT) receiver, dubbed GMA Affordabox.

As the network aspires to enable every Filipino home to enjoy digital TV viewing experience, GMA Network Chairman and CEO Felipe L. Gozon shared that GMA Affordabox was specifically developed to be made accessible to millions of Filipino households.

“In celebration of this milestone of reaching seven colorful decades in the industry, we are more than grateful for the Filipinos’ continued trust in GMA as we reaffirm our commitment to deliver excellence in news and entertainment. Kaya naman kasabay ng ika-70 anibersaryo ng inyong Kapuso Network, buong puso naming inihahandog sa inyo ang high-quality at abot-kayang digital TV receiver na para sa Pilipino—ang GMA Affordabox.”

The DTT receiver is a plug-and-play device that can easily be connected to an analog TV in order to receive digital television broadcast.

Users can watch GMA, GMA News TV, and the most-awaited Heart of Asia in digital display, as well

as all other free-to-air digital TV channels available in their area.

“GMA Affordabox stays true to its name as we make it available in the market at an affordable price, without compromising quality. GMA Network has teamed up with the best product developers and engineers to give you a device built with additional features and high-quality materials at an accessible price. Now, more Filipino homes can start enjoying digital TV viewing,” added GMA Network President and COO Gilberto R. Duavit Jr. With a sleek black metal casing that is set to endure years of TV viewing, GMA Affordabox is touted to provide superior digital reception as well as additional features that will take users’ entertainment experience to a whole new level. It comes with a built-in multimedia player that makes it an allaround digital file access device allowing users to play compatible video files, view photos, and even listen to music using a USB drive.

“Aside from providing superior digital reception, we also wanted Filipino homes to enjoy additional features that are built to suit their lifestyle,” said GMA Network Chief Risk Officer and First Vice President for Corporate Strategic Planning and Concurrent

Head for Program Support Regie C. Bautista.

Another advanced function of the GMA Affordabox is its personal video recorder that allows viewers to record GMA, GMA News TV and Heart of Asia programs so they never have to miss any of their favorite shows. Affordabox users can watch and rewatch highlights of the shows by instant or scheduled recording.

In addition to the one-of-a-kind features exclusively available for GMA channels, the device also has a nationwide Emergency Warning Broadcast System (EWBS) that receives alerts from the National Disaster Risk Reduction and Management Council about any calamity warnings in their area. It will automatically set off an alarm during emergencies

with its functional auto-on alert feature for every household’s safety and preparedness.

For just a one-time purchase of P888 and no monthly fees, each GMA Affordabox unit promises to deliver a clearer and more vibrant TV viewing experience along with other bonus features.

It is now for sale online and in stores for the following areas where GMA’s digital signal is already available: Metro Manila, Benguet, La Union, Pangasinan, Bulacan, Pampanga, Nueva Ecija, Tarlac, Batangas, Cavite, Laguna, Quezon, Rizal, Bohol, Cebu, Leyte, Davao de Oro, Davao del Sur, and Davao del Norte.

More information about the device and other relevant details are available at www.GMAaffordabox. com.

News

BusinessMirror

A4 B6 Tuesday, June 30, 2020 • Editor: Vittorio V. Vitug

Don’t mind the critics: Lacson allays fears over

soon to be anti-terror law

By Butch Fernandez @butchfBM

S

EN. Panfilo Lacson, allaying lingering apprehensions over the 2020 Anti-Terror bill inching closer to being signed into law, advised the wary public to ignore “erroneous interpretations” being foisted by critics of the counterterrorism measure.

“Sana po huwag tayo basta makinig sa paulit ulit kong sinasabi na maling interpretation ng mga kumokontra,” Lacson advised at Monday’s Malacañang Laging Handa briefing, recalling gaps in existing laws allowed terrorist attacks in the past that he said could have been everted.

Lacson added: “Kung talagang gusto natin malaman ang epekto nito alalahanin natin ang nangyari sa Jolo Cathedral, Zamboanga Siege, Marawi Siege, pati Indonesian couple nakapasok na rito. Ang nangyari, No. 9 tayo sa buong mundo na most negatively impacted ng terorismo dahil kulang ang ating batas kumpara sa karatig bansa. Tayo ang nagiging safe haven. Ang ISIS gusto dito mag-estabish ng caliphate at palalawakin nila di lang sa Marawi kundi pati sa iba’t ibang lugar ng Mindanao, and God forbid, huwag naman sana, sa NCR.” Citing the bloody Rizal Day bombing, the senator reminded critics of the bill of other terrorist attacks that could have been averted even as he assured adequate safeguards are in place to deter its abuse.

For instance, he described one safeguard, which states that, “When a suspect is arrested, the police should immediately notify” the Commission on Human Rights, adding that “if a law enforcer fails to notify [the CHR] he could be held in prison for 10 years and his pension forfeited, including the superior officer of the erring policemen.

“If any lawmen disobeys its provision, stiff punishments are provided in the bill.”­—Lacson

Moreover, Lacson explained that law enforcers, “in applying for surveillance, only the Court of Appeals is empowered” to grant it.”

He added that another safeguard provides that “all evidence collected during surveillance should be confidential, including wiretap materials, unless released by Court of Appeals.”

“If any lawmen disobeys its provision, stiff punishments are provided in the bill,” the senator warned.

As provided in the Lacson bill, the Anti-Terrorism Act of 2020 amends the Human Security Act of 2007, expanding the definition of terrorism to include acts intended to cause “death or serious bodily injury to any person, extensive damage and destruction” to a government facility, private property, or critical infrastructure, and when the purpose of those acts is to “intimidate [the] general public…create an atmosphere or message of fear,” or “seriously destabilize or destroy the fundamental political, economic and social structures of the country. Those found guilty face life sentences without the chance of parole.”

Once enacted, the Anti-Terror law criminalizes the “threat, planning, training, facilitating of” and “proposal” and “inciting” to terrorist activities by means of speeches, proclamations, writings, banners and emblems. As proposed in the Lacson bill, it also “subjects suspects to surveillance, warrantless arrest and detention for up to 24 days.”

No Bar examinations earlier than Feb. 2021, Leonen says

T

HE Supreme Court’s Office of the 2020 Bar Chair on Monday announced that the 2020 Bar Exams would not be held earlier than February 2021 due to the Covid-19 pandemic.

In Bar Bulletin 12, Series of 2020, 2020 Bar Examinations Chairman Associate Justice Marvic Leonen cited the increasing number of Covid-19 cases, the prevailing community quarantine protocols in various parts of the country and the continuing uncertainty due to the pandemic as the primary reasons for the delay of the conduct of the Bar exams which is usually being conducted on four Sundays of November.

Leonen said the SC en banc, upon his recommendation, “resolved to announce the schedule of the next Bar Examinations to a later date to allow time for a more

considered deliberation.”

The Court earlier said the postponement is necessary to give the Court ample time to determine the necessary adjustments and to make adequate preparations for the safe and orderly conduct of the examinations.

It has also approved Justice Leonen’s proposal for regionalization of the Bar exams.

Thus, the next Bar exams would likely be held in Manila and in Cebu City.

As 2020 Bar Chair, Leonen also vowed to look into various rituals that add unnecessary pressure on aspiring lawyers applicants, which include midnight and last- minute “tips” from wellmeaning supporters.

He added that he would also review the way answers to Bar exams are evaluated and how results are being presented. Joel R. San Juan

www.businessmirror.com.ph

P8.55 billion worth of shabu seized this month alone, PNP chief reports

A

By Rene Acosta

@reneacostaBM

WHOPPING P8.55 billion worth of illegal drugs have been seized by law-enforcement authorities this month alone, while most of the country is under a general community quarantine (GCQ), Philippine National Police (PNP) chief General Archie Gamboa said on Monday.

Gamboa said the seizure was part of the 2.05 tons of shabu with an estimated amount of P14 billion that was recovered since the government launched the eight-month offensive against illegal drugs beginning in Oc-

tober last year.

Last week alone, the PNP has carried out a total of 25 anti-illegal drugs operations, where seizures were made around the country that include the nearby province of Bulacan.

DOJ’s Guevarra gets SC post nomination for second time

By Joel R. San Juan @jrsanjuan1573

J

USTICE Secretary Menardo Guevarra was nominated anew by retired Sandiganbayan Associate Justice Raoul Victorino for possible replacement of Supreme Court Associate Justice Jose Reyes, who is about to retire on September 18.

It can be recalled that Victorino first nominated Guevarra to the SC last November for the vacant post that was created following the appointment of then-Associate Justice Diosdado Peralta as Chief Justice last October 23.

Guevarra, however, declined the nomination saying that he was till “very much in love” with the DOJ and there were still a lot of things needed to be done before he could set sights on a post in the SC. “This time, I believe, is that he will meet his true love to the other side part of Padre Faura, Manila.

May his love for justice move the Secretary of Justice to the glorious and historic halls of the Supreme Court,” Victorino said in his nomination letter sent to the Judicial and Bar Council (JBC).

The JBC last May 23 opened the

applications of candidates for the post to be vacated by Justice Reyes.

Victorino has described Guevarra as “a man of justice.”

“In my decades of public service until today, I have known the incumbent DOJ Secretary Guevarra as a dedicated public servant with an unblemished record,” Victorino told the JBC. “I have known Secretary Guevarra to be a person of proven competence, integrity, probity and independence and his sense of patriotism through his socio-civic engagements. I believe that he possesses the necessary credentials, professional experience and the motivation to discharge the duties as an Associate Justice of the Supreme Court,” he added.

Prior to his appointment as justice secretary, Guevarra served as an Office of the President (OP) Oversight Representative of the Executive Secretary in several National Economic and Development Authority Cabinet-level committee.

He was also an accredited arbitrator of the Philippine Chamber of Commerce and Industry (PCCI) and a member of the Philippine legal team in the West Philippine Sea arbitration case at the Permanent Court of Arbitration at The Hague.

Gamboa issued the report as the country enters another phase of lockdown in relation to the government’s response to control the spread of Covid-19.

Meanwhile, the PNP chief said that they have already recorded 671 confirmed Covid-19 cases in the PNP, which represent 1.9 percent of the total nationwide cases recorded by the Department of Health.

“A total of 342 personnel…have since recovered from the infection with 211, or 62 percent, completely recovered and have been restored to fit-to-work status, while 131, or 38 percent of recovered PNP patients, are awaiting completion of the required quarantine period,” he said.

The PNP chief said that currently, the PNP has 320 active cases, of which, 287 are in quarantine facilities for mild to moderate cases,

18 are in hospital bay, while 15 are under home quarantine.

On the other hand, the PNP has also listed nine deaths out of the pandemic.

Among the regions, the National Capital Regional Police Office has posted the highest number of confirmed cases with 285, and 450 probable and 89 suspect cases.

Although the Police Regional Office (PRO) 7 in Central Visayas has only 169 confirmed cases, it has 694 suspected cases and 156 probable cases. “ This is the reason why we h ad to deploy aug ment at ion forces to Cebu. The PRO 7 may have to adapt rotational deployment of its frontline personnel in lockdown areas because its effective strength will be depleted when some personnel will need to undergo quarantine,” Gamboa said.

Muntinlupa City LGU hires 3,761 displaced workers since lockdown

By Roderick L. Abad

Contributor

@rodrik_28

T

HE Muntinlupa City Public Employment Service Office (Peso) reported that the local government has employed 3,761 displaced working residents amid the Covid-19 crisis through its Tulong Panghanapbuhay sa Ating Disadvantaged/Displaced Workers (TUPAD) program and other employment initiatives since the initial enforcement of the community quarantine (CQ) last March in Metro Manila.

TUPAD is a community-based assistance package of the government via the Department of Labor and Employment (DOLE) that provides emergency employment for displaced workers including transport drivers of tricycles, jeeps, and pedicabs for a minimum period of 10 days.

According to Mayor Jaime Fresnedi, his administration is aware of the plight of daily wage earners and marginalized workers who have lost their jobs and whose livelihoods are affected by the CQ. “The City Government of Muntin-

lupa will continue to assist our displaced workers in the city since they are one of the most hardly hit sectors in the Covid-19 pandemic,” he said.

Under this program, beneficiaries were deployed to help in the city’s repacking and distribution of relief goods.

Some were assigned to help in the disinfection/sanitation of their houses and immediate vicinity via the DOLE-TUPAD #Barangay Ko, Bahay Ko Disinfecting/Sanitation (#BKBK) Project.

Jobless seamstresses were also recruited to produce face masks and personal protective equipment for frontliners and local residents.

A total of P21.018 million were allocated for the program with augmentation from the city’s Disaster Risk Reduction and Management Office, Gender and Development Office, Muntinlupa City Technical Institute, and Office of Congressman Ruffy Biazon.

TUPAD beneficiaries have rendered 15 working days in the program and paid a daily salary of P537.

PESO Muntinlupa continues to facilitate the community-based employment program for city residents.

Group to power distributors: Rush rollout of smart metering system

By Jovee Marie N. dela Cruz @joveemarie

T

O keep track and control consumers’ power consumption in real time and prevent electricity “bill shock,” the Alyansa ng mga Grupong Haligi ng Agham at Teknolohiya para sa Mamamayan (AGHAM), has called on government agencies to fast-track the implementation of the smart metering system in the Philippines.

AGHAM issued the call after three resolutions were filed directing the House Committee on Energy to look into the sudden big

spike in electricity rates and bills of power consumers.

The resolution was filed by Makabayan bloc, ACT-CIS Party-list and Deputy Speaker Paolo Duterte.

AGHAM President Angelo B. Palmones, in a news statement, urged the Department of Energy and Energy Regulatory Commission (ERC) to start using smart meters, which will empower and enable consumers to be able to manage their electricity consumption.

“If we are able to use smart meters on a wide-scale basis, this will be a win for both consumers and for the power industry,” he said.

“For example, if we had smart meters already during the ECQ [enhanced community quarantine], there would have been no need to do estimated meter-reading, since the 150 distribution utilities in the country could have read meters remotely.

Consumers would not have suffered from bill shock when meter reading resumed,” Palmones added.

According to Palmones, the raging pandemic shows that the power industry needs to adjust to the “new normal” and rush the rollout of smart meters as this is the next step and next wave of future technology.

“We must now embrace smart

meters and digitization of the electricity grid,” he added.

For her part, Maria Theresa Capellan, chairman of the Philippine Solar and Storage Energy Alliance (PSSEA), said there is an opportunity for consumers to turn to renewable energy (RE) via solar rooftops, to mitigate higher household consumption patterns.

“Key to enabling this would be the use of smart meters, which will assist in monitoring power generated by solar panels for homes and businesses.

Smart meters also enable customers to monitor and control what they are consuming in real time,” she said.

DAR distributes veggie seeds, fertilizer to Romblon farmers

By Jonathan L. Mayuga @jonlmayuga

T

O cushion the economic impact of Covid-19 lockdowns, the Department of Agrarian Reform (DAR) continues to extend much-needed support to agrarian reform beneficiaries (ARBs).

In Romblon, the DAR recently distributed vegetable seeds and fertilizers to 457 ARBs on Sibuyan

Island, particularly in the municipalities of Magdiwang, Cajidocan and San Fernando.

Romblon Provincial Agrarian Reform Program Officer (PARPO) Camilo Claro Pacquing said in a news release that his office has distributed seeds and fertilizers to boost the morale of the farmers in the remote area amid the devastation brought about by the virus.

“Apart from other relief assis-

tance distributed, farm production assistance was also provided to the “Sibuyanon” local farmers, as part of the implementation of the DAR’s project called “The PaSSOver: ARBold Move to Heal as One Deliverance of our Farmers from the COVID-19 Pandemic or ARBold Move Project,” Pacquing said.

Under the ARBold Move project, the DAR-assisted ARB organizations (ARBOs) on the island would

act as the channel for the marketing of products of the ARBs to be delivered and sold in neighboring areas affected by the quarantine.

“The Magdiwang agrarian reform community [ARC] and San Fernando ARC Cooperative will extend help and enjoin the ARBs to be a member of the cooperatives,” Pacquing added.

Pacquing, who is also a native of Sibuyan Island, said the DAR, being

true to its mission, would encourage beneficiaries to continue their way of life and sustain their farming activities in order to have a continuous supply of basic commodities in their area as well as in other neighboring barangays.

“Pakbet seeds will complement with rice and coconut farming in the island, not only as a source of food but also as additional income until we recover from the ill effects of the

crisis,” he said.

Pakbet is a popular Philippine dish with mixed vegetables of squash, ampalaya, okra, string beans, and eggplant, cooked in fish, or shrimp sauce.

Pacquing noted that distribution of agricultural inputs will also be extended to Tablas Island where a total of 1,308 ARBs anticipate seeds and fertilizers distribution in the coming days.

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

Sports BusinessMirror

Tuesday, June 30, 2020 B7

AC Milan pays tribute to virus victims in win over Roma

R

OME—AC Milan paid solemn tribute to victims of the coronavirus pandemic during a 2-0 win over Roma on Sunday in Serie A. It was Milan’s first home match since the lockdown and the team put up a huge banner along one side of the empty San Siro stadium that read “Together Forever,” dedicated to victims.

The Lombardy region of which Milan is the capital was the hardest hit area in Italy with more than 16,000 deaths.

Under the banner, 13 Milan shirts with victims’ names on them were placed over the seats.

In game action, both sides appeared to struggle with the 32C (90F) heat until Ante Rebić finally found the target for Milan in the 76th. Hakan Çalhanoğlu scored from a penalty in the 89th.

“It was very hot, so it was unthinkable to play at an intense rhythm for 90 minutes,” Milan coach Stefano Pioli said.

The game was labeled an “American derby” between clubs with US ownership.

It was Milan’s second straight win of the restart after getting eliminated by Juventus in the Italian Cup semifinals—and its first victory this season over a team in the top six.

“We won deservedly, because we stayed together as a squad when in trouble,” Pioli said.

“We were looking for a victory against a strong opponent and we got it deservedly.”

The Rossoneri are in seventh place while Roma remained fifth and dropped nine points behind Atalanta, which beat Udinese 3-2 and holds the final Champions League spot.

Filling in for the injured Zlatan Ibrahimović , Rebić scored from close range following a series of rebounds, including one of his own efforts off the post.

The penalty was awarded when Chris Smalling tripped Theo Hernández.

Roma’s Edin Džeko and Çalhanoğlu each wasted early chances.

Third-place Inter Milan, meanwhile, scored twice in the last seven minutes to secure a 2-1 win at Parma.

After an early opener from Gervinho, Inter hit back with headers from Stefan de Vrij and Alessandro Bastoni.

Parma was reduced to 10 men after De Vrij’s goal when Juraj Kucka was sent off for protests.

Luis Muriel also scored twice after coming off the bench in Atalanta’s 3-2 win at Udinese.

That boosted his total to nine as a substitute this season, setting the record for Serie A in the era of three points for a victory.

Atalanta also broke its club record of goals in a single season, reaching 80, with 10 games still to play. Its previous record was 77 last season when it finished a club-best third place.

The Bergamo team is pushing for third again this season, remaining four points behind Inter. AP

A GIANT banner is displayed during the Serie A soccer match between AC Milan and Roma at the San Siro Stadium in Milan as Hellas Verona’s players celebrate after Darko Lazovic scores against Sassuolo at the Mapei Stadium in Reggio Emilia on Sunday. AP

By Eddie Pells

The Associated Press

D

ENVER—John Carlos wants to abolish the rule that bans protests at the Olympics.

The renowned Olympic protester has written a letter with an influential group of American athletes, calling on the International Olympic Committee (IOC) to put in place a new policy done in collaboration with athletes from across the globe.

Carlos and Tommie Smith raised their fists on the medals stand at the 1968 Mexico City Olympics to protest racial inequality in the United States. They were sent home for violating rules that ban such protests. Those rules remain in place today, though in the wake of global demonstrations against racial injustice, the IOC has recently expressed willingness to rethink them.

“Carlos and Smith risked everything to stand for human rights and what they believed in, and they continue to inspire

‘NC’ jeopardized

by ABS-CBN franchise issue

T

HE crisis hounding ABS-CBN has jeopardized the airing of the National Collegiate Athletic Association (NCAA) games for its Season 96 in 2021—thus, the NCAA could find itself on other platforms other than television.

For the NCAA, any platform would do— cable or online.

“Whatever the platform that is available... they [ABS-CBN] have the commitment to promote the brand of NCAA,” Season 96 President Fr. Vic Calvo of Letran said.

Congress has yet to grant ABS-CBN its franchise and with the issue continuing to drag on, its sports channel, Sports+Action, also remains off the air.

The NCAA management, Calvo said, believes the network has other alternatives to fulfill its commitment with the league.

“We will push with the season,” said Calvo, adding ABS-CBN would produce the league content with three features in the pipeline.

“They will show the institution, us in the NCAA, then our schools and their community service.

Lastly, pop culture, our introduction of eSports,” he said.

NCAA games originally aired at ABS-CBN but the league changed channels and partnered with TV5 for three years. The TV5 contract, however, wasn’t renewed and the NCAA returned to ABSCBN in 2015 tied to a 10-year contract.

At the other side of the fence, the University Athletic Association of the Philippines (UAAP) opted not to plunge into a fresh contract after its deal with the same network expired last May 31.

“We are not rushing things” said UAAP Executive Director Atty. Rebo Saguisag, who added the league has yet to engage ABS-CBN in exploratory talks on a possible renewal of their contracts.

“We’re negotiating the finer points of a possible partnership,” Saguisag added.

Ramon Rafael Bonilla

ATHLETES MAKE CALL AGAINST PROTEST RULE generation after generation to do the same,” the letter said. “It is time for the Olympic and Paralympic movement to honor their bravery rather than denounce their actions.”

Carlos joined the leadership of the US Olympic and Paralympic Committee’s athlete advisory council (AAC) in sending the open letter to the International Olympic and Paralympic committees on Saturday. The letter said the AAC had discussed the issue with the IOC’s athlete commission.

This month, with protests stemming from the killing of George Floyd spreading across the US, IOC President Thomas Bach said the athlete group would “explore different ways” opinions could be expressed during the games—while still “respecting the Olympic spirit.”

Rob Koehler, the director of the advocacy group Global Athlete, said “sport thinks they can operate under a separate rule of law. But they cannot. Athletes are working together as a collective because sport leaders have become too complacent.”

Also this week, the head of the Caribbean Association of

National Olympic Committees came out in favor of a redrafting of Rule 50, arguing the oft-cited IOC notion that sports should be free of politics is not realistic.

“Think of the laudable efforts regarding North and South Korea,” Brian Lewis wrote.

“Think of the alignment with the United Nations. Sport cannot, however, pick and choose only the political issues and campaigns it might like.”

The USOPC came under a harsh spotlight, in part because it placed hammer thrower Gwen Berry on probation last summer after she raised her fist on the medals stand at the Pan American Games.

USOPC leaders have said they are trying to expand the conversation about racial injustice, and are open to pressing for changes in Rule 50—the IOC rule that bars protests on the medals stand and other inside-the-line venues at the games.

“Athletes will no longer be silenced,” the letter said. “We are now at a crossroads. The IOC and IPC cannot continue on the path of punishing or removing athletes who speak up for what they believe in, especially when those beliefs exemplify the goals of Olympism.”

JOHN CARLOS is best remembered for his now iconic protest during the 1968 Olympics in Mexico City. AP

One resumes with Bangkok showdown Vargas in forum

O

NE Championship confirmed on Monday the resumption of its flagship event schedule beginning with One: No Surrender in Bangkok on July 31.

One: No Surrender marks the promotion’s expanded return to closed-door, audience-free live events. The first three major bouts feature an array of blockbuster One Super Series showdowns, while mixed martial arts bouts will be announced at a later date.

The event will be broadcast live across 150 countries.

“After returning with the successful One Hero Series 13 and 14 events in China last weekend, One Championship will now kick off our flagship event in Bangkok,” Chatri Sityodtong, Chairman and CEO of ONE Championship, said.

“The world is suffering from the worst global crisis in a hundred years.

Most national borders remain closed in

Asia, and this has posed unique logistical and operational challenges,” Sityodtong said. “However, our superstar team at One Championship continues to work hard to deliver fans the authentic martial arts experiences they crave. Our athletes are ready to showcase their skills and tell their stories.”

One: No Surrender will see Rodtang “The Iron Man” Jitmuangnon staking his Muay world flyweight title against former flyweight kickboxing champion Petchdam “The Baby Shark” Petchyindee Academy.

In a battle for the Muay featherweight world championship, reigning champion Petchmorakot Petchyindee Academy is expected to face perhaps his biggest challenge yet in “The Boxing Computer” Yodsanklai IWE Fairtex.

Striking superstars Superbon Banchamek and “The Killer Kid” Sitthichai Sitsongpeenong will battle for the first time in the other fight.

A

SSOCIATION of Boxing Alliances in the Philippines (Abap) President Ricky Vargas serves as the special guest in the Philippine Sportswriters Association (PSA) Forum webcast on Tuesday.

Vargas, the former Philippine Olympic Committee president and current board chairman of the Philippine Basketball Association, will be joined by Abap Secretary-General Ed Picson in the session that starts at 10:30 a.m.

The Abap is still in the process of qualifying more boxers to the Tokyo Olympics. Eumir Felix Marcial and Irish Magno already qualified for the Games, which was postponed for next year following the outbreak of the Covid-19 pandemic.

The Forum will be shown anew live via the PSA Facebook page fb.com/ PhilippineSportswritersAssociation and likewise to be shared on Radyo Pilipinas 2 facebook page.

The weekly public sports program is backed by San Miguel Corp., Go For Gold, Amelie Hotel, Braska Restaurant and the Philippine Amusement and Gaming Corp. and powered by Smart.

Team Liyab signs up wellness expert as new strength, conditioning coach

T

EAM Liyab, the eSports team co-owned by Globe and Mineski, tapped strength and conditioning coach Martin Alido to help its athletes become fit and well-equipped to practice their profession while at home.

“Unlike traditional sports, eSports is largely sedentary. Long hours of sitting may increase the risk of high blood pressure, osteoporosis, depression and anxiety,” Alido said.

“Encouraging athletes to be mindful of their health and wellness can help push the team to the top of their eSports game.”

Alido is currently the strength and conditioning coach of Batang Gilas, the men’s national under-17 basketball team, where he implemented programs designed to improve strength, speed, agility and power of the players.

With Liyab, who completed training and certifications for strength and conditioning in Australia, Alido developed a customized program centered on exercise, nutrition and recovery after long hours of play. His programs will address the pain points of an esports athlete and get the team physically and mentally fit,

which is especially important in a time of a global health crisis.

“Our vision for Team Liyab and the esports industry in general is to be perceived as a truly legitimate sport that requires talent, skills, and passion; as well as physical and mental wellness,” said Jil Bausa-Go, Vice President of Content Business Group at Globe. “Having Coach Alido onboard is a milestone for us in fulfilling this vision, and making sure that our athletes are safe, healthy and secure amid the ongoing pandemic.”

About athletes’ mental health SPORTS WITHOUT BORDERS Vincent Juico | @VJuico Instagram vpjp_j, vince.juico@gmail.com

WE see these men and women both online and on TV perform superhuman feats of strength, break world records, score a ton of points in a game, drill in a ridiculous number of goals in a season, swim their fastest ever and sprint the quickest in their athletic career.

In sports like decathlon, triathlon and duathlon, athletes dig into the deepest crevices of their desire to triumph over the competition.

In the midst of all the athleticism, we spectators, fans and enthusiasts forget that they are also human beings like us. They laugh, they cry, they get upset, angry and livid.

According to the web site athletesforhope. org, “With young adults, especially college athletes, the statistics are startling: 33 percent of all college students experience significant symptoms of depression, anxiety or other mental health conditions.

Among that group, 30 percent seek help.

But of college athletes with mental health conditions, only 10 percent do.”

The web site continues: “Among professional athletes, data shows that up to 35 percent of elite athletes suffer from a mental health crisis which may manifest as stress, eating disorders, burnout, or depression and anxiety. We’re inspired by athletes such as Olympic swimmer Michael Phelps, USC Volleyball player Victoria Garrick, NBA player Kevin Love and those who are telling their stories and inspiring others to seek help to support the cause.”

The psychotherapynetwork.org webpage says, “Michael Phelps, the most highlydecorated Olympian of all time, has ADHD and intermittent depression. Phelps thought about killing himself after the 2012 Olympics, where he won four gold and two silver medals. In a Sports Illustrated piece, he came clean about his challenges after multiple DUIs resulting in 18 months of probation made the news.”

Hope Solo, two-time Olympic gold medalist with the US women’s national soccer team and one of the best goalkeepers in the world, was arrested for domestic violence after allegedly assaulting a half-sister and nephew. The case was dismissed but other family troubles hit the press and Solo started seeing a therapist to address “all the pain and anger that was inside me.” Eventually, she talked with ESPN about her rocky upbringing and her introduction to therapy.

Solo’s former teammate Abby Wambach, commonly portrayed as the team’s passionate goofball, went public with the depression and addiction issues she’s been dealing with for decades in a memoir she published only after her arrest for a DUI. In an interview with the New York Post two years later, Wambach posed a hypothetical: “Could I have been a better soccer

player if I just really dealt with some of the stuff that I was going through?”

Most of these athletes have chosen to come out publicly to acknowledge their vulnerability and ask for support. That, in itself, takes a lot of mental strength, humility and courage to admit you need help.

Pro wrestling legend and super action star Dwayne Johnson said on headsupguys.org, “I found that with depression one of the most important things you could realize is that you’re not alone.

You’re not the first to go through it...I wish I had someone at that time who could just pull me aside and [say], ‘Hey, it’s going to be okay.’”

I didn’t know the great Dwayne Johnson had a mental health issue. It speaks volumes about his character to come out and admit that he has a problem.

Terry Bradshaw, National Football League legend, “I thought maybe I could help people with awareness, help men get the strength and courage...I have run into people who have made fun of me, some of my colleagues. I’ve had people try to make light of it. Depression is not something you make light of. It’s serious.”

Australian swimming great Ian “Thorpedo” Thorpe, “It’s like a weight is pressing down on you. There are days when you just can’t get out of bed. You cannot face the world. You tell yourself simple things like: ‘Just get to the kitchen and get a glass of water.’ But not being able to do something so basic is frightening.”

These are some of the greatest athletes sports has ever seen and they’re suffering from mental challenges a lesser man would probably give in.

Here in the Philippines, do we think that an athlete that has mental health issues is crazy?

Are we open to talking about it? Is it taboo?

The other day, I was part of a web conference for two of our Fil-Heritage athletes who compete in the sport of athletics. Two of our Olympic hopefuls, William “Will” Morrison and Kristina “KK” Knott who were both on the precipice of qualifying for the Olympics when the outbreak occurred.

KK said at one point that she’s tired of training, not that she doesn’t want to train anymore but because she feels she’s already peaking and yet there’s no competition to parlay her peak form into qualifying for the Olympics.

It is extremely frustrating for an athlete, whether student or professional, to already be peaking at the right time then some unforeseen circumstance like the pandemic throws a wrench in your plans.

For these athletes to perform at the highest level despite their mental health issues is something I or we probably can never mentally comprehend.

Sports BusinessMirror

B8 Tuesday, June 30, 2020

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

Isinbayeva urges IOC, World Athletics to ‘protect’ embattled Russian athletes

R WITH three strikes already on her record, Salwa Eid Naser is still allowed to race at the world championships.

YELENA ISINBAYEVA: The punishment should be borne by the federation, not by the athletes.

TRACKING ATHLETES NOT AS WORSE AS IT LOOKS I

T’S almost as easy as sending a text. Open an app on the cell phone, type in a few words, click a box or two. To really make the system work, though, athletes have to be where they say they’ll be at the time they say they’ll be there.

Lately, some high-profile names in track and field have been making a mess of what’s supposed to be a simple process of letting drug testers know where they will be for one hour each day.

World champions Christian Coleman and Salwa Eid Naser could miss the Olympics for what are known in the antidoping world as whereabouts failures—the failure to be where they said they’d be when testers came calling, unannounced, to collect a urine or blood sample. It’s part of a system of no-notice, outof-competition testing that is considered the best deterrent to illicit drug use in sports.

Other recent cases—one involving a British hammer thrower who said he was fishing when he really went to see his mom, another involving a Russian high jumper whose whereabouts forms were forged by team officials—have only heightened the feeling that a routine piece of bookkeeping can be anything but that. They’ve also placed the taint of doping on athletes who haven’t tested positive, but are accused of breaking the rules, nonetheless.

The cluster of recent cases runs contrary to the reality that most athletes have very little problem keeping their whereabouts information current, then being where they say they’ll be.

Since early 2001, when the US Anti-Doping Agency’s (USADA) whereabouts system began, there have been 21 whereabouts sanctions out of 175,000 completed tests. That’s 0.00012 percent. USADA said it finds athletes 88 percent

of the time on the first try.

Global numbers tell the same story. In 2018, for instance, there were a total of 34 whereabouts violations among a worldwide pool of between 20,000 and 30,000 athletes (the number changes from season to season), virtually all of whom are tested multiple times during a single year.

“Just respect the hour slot, be where you need to be,” British race walker Tom Bosworth told The Associated Press in an email, referencing a time he interrupted his beach vacation to wait in a hotel for testers. “If athletes are missing more than three, then simply for respect and integrity of sport, they shouldn’t be anywhere near the top level of sport.”

Coleman is face-to-face with that possibility.

The 100-meter world champion has been battling the whereabouts system for more than a year now. His latest incident, made public this month, came December 9, when he said he was out Christmas shopping when testers arrived at his residence. It marked his third infraction in a 12-month period, which drew a provisional suspension that threatens his eligibility for next year’s rescheduled Tokyo Games.

Coleman’s latest case brought a flurry of Monday morning quarterbacking from the track world, much of it on social media.

American distance runner Kara Goucher, long an outspoken advocate for clean sport, posted on Twitter her “ Top 3 tips on how to not miss a doping test: “ “1. YOU pick your guaranteed window. Pick an hour you know you’ll be home. [Ex: 6AM]. 2.

Set a recurring daily alarm 15 minutes before your hour window. 3. Hire someone to call you everyday before your window. You’re welcome,” Goucher wrote.

Many athletes meticulously plan their itinerary weeks in advance. Since her kids get up early, US distance runner Stephanie Bruce makes sure she’s available at 6 a.m. If she has an early-morning workout, she changes the time.

Athletes can also be tested outside their primary window, which is why they give detailed accounts for the day (5 a.m. to 11 p.m.).

If, for example, Bruce goes on a long training run, she will record that so everyone knows she will be difficult to reach during that block.

Bruce said she was tested 10 times in 2019.

“And I haven’t won a medal. I haven’t made an Olympic team,” she said. “It shows they’re doing their job.”

The whereabouts system came under a uniform global protocol in 2009. Since then, it has become more streamlined with each passing year. These days, virtually all athletes have access to an online portal or an app on their cell phone that allows them to input and update their whereabouts data. The phone apps allow athletes to opt-in for daily reminders about the information they’ve provided.

“The expectation is that if an athlete has a first strike, he or she will be doing more than what’s necessary to make sure they don’t have a second one,” said Stuart Kemp, the World Anti-Doping Agency’s expert on whereabouts.

“And if they get a second one, that should be a real wake-up call.”

After his latest missed test, Coleman lashed out on social media, arguing the situation could have been avoided had testers simply called him, as they had done in the past. But calling an athlete is not required. And, Kemp says, the calls are not designed to give athletes a last chance.

“It’s more about validating that they’re really not

where they said they were going to be,” he said.

Coleman isn’t the only athlete whose Olympic hopes are in limbo.

Naser won the 400 meters at world championships last year, running the fastest time since 1985, but more recently was suspended for a series of whereabouts failures, three of which occurred before the championships.

It led some to wonder why, with three strikes already on her record, she was allowed to race at worlds. The Athletics Integrity Unit, which is prosecuting the case on behalf of World Athletics, has offered little insight, other than to say the investigation was ongoing when worlds began and that after a fourth whereabouts failure in January, she was provisionally suspended.

In many respects, whereabouts issues aren’t unlike other aspects of the anti-doping world: The application of the rules are often only as good as the anti-doping agencies that enforce them.

On the one hand, the curious instance of Scottish hammer thrower Mark Dry has drawn attention because of

JOHNSON CAPTURES TRAVELERS, EXTENDS CAREER STREAK TO 13

C

ROMWELL, Connecticut—Dustin Johnson won the Travelers Championship on Sunday to end a long drought and extend his career-long season victory streak to 13.

Johnson closed with a three-under 67 for a one-stroke victory over Kevin Streelman at fan-free TPC River Highlands. Johnson last won in Mexico City in March 2019.

“I’m definitely proud of myself for continuing the streak and I want to keep it going,” Johnson said. “It was a long time between wins, though, and, so, hopefully it won’t be that long for the next one.”

Arnold Palmer and Jack Nicklaus each won in 17 consecutive years. Johnson failed to win in 2014, but is given credit for winning in the 2013-14 season from his victory in the fall of 2013 in Shanghai. The tour changed to a wraparound season in 2013.

Johnson tapped in for par on the par-four 18th, raised his ball to acknowledge the smattering of applause from course workers, officials and reporters, the only in-person witnesses allowed because of the coronavirus pandemic.

He finished at 19-under 261 for his 21st Professional Golfers’ Association (PGA) Tour title.

Streelman also shot 67.

Streelman, who made seven straight birdies to win at TPC River Highlands in 2014, had a 37-foot birdie try on 18 that ended up just short and right.

He was two strokes behind Johnson on the 17th fairway when the weather horn blew for an hour-long storm delay.

Johnson came out of the delay and hit his tee shot on 16 into a greenside bunker. His second shot went well past the hole and made bogey to cut his lead to a stroke.

“I’ve had a few missed cuts, so to come back and finish a solo second is nice, but to to be that close and perform and be right there, I’m just a

little disappointed right now,” Streelman said.

Johnson was at 19 under when his tee shot on the par-four 15th went left and came inches from going into the signature lake that surrounds the finishing holes. His first pitch didn’t make it to the green, and he hit the second to four feet to save par.

“It was lucky, but a still had to made a good up-and-down to make par,” he said.

Mackenzie Hughes, who shot a first-round 60, had a 67 to tie for third with 23-year-old

Will Gordon at 17 under. Hughes made 48-foot birdie putt on 17, which he started well left of the hole and watched as turned right to the flag. He finished the round with a much straighter 43-foot birdie putt on 18.

Gordon, who had no status on either the PGA Tour or the Korn Ferry Tour, had seven birdies in a 64. The finish was just enough to give him a special temporary card and unlimited exemptions for the rest of the season. AP

the UK Anti-Doping Agency’s dogged pursuit of a case that seemed an example of nothing more than a slight mistake. The UKAD sought a tampering charge, which brought with it a fouryear doping ban. Most whereabouts violations result in two-year bans or less.

On the other hand, the Russian track federation, already suspended for a cheating scheme that ensnared the country’s entire Olympic program, acknowledged this year that it had forged whereabouts documents for top high jumper Danil Lysenko. The revelation led to the resignation of the federation’s president and penalties for other leaders, along with a $5 million fine.

In a different twist on the whereabouts issue in Russia, a Wada report in 2016 said foreign testers, who ran the country’s anti-doping program while Russia’s agency was under suspension, were unable to reach athletes training in “closed” cities where outsiders aren’t allowed. It contributed to 23 missed tests, 111 whereabouts failures and 736 tests that were declined or canceled.

The latest headlines haven’t involved any allegations of state-sponsored corruption.

Still, with the cases piling up, the obvious question—one Coleman seems to be asking as his Olympic hopes have become imperiled—is whether there could be a better way.

Answer: At this point, no.

“It’s a necessary part of ensuring a level playing field,” USADA CEO Travis Tygart said. “If there were any other way, we certainly would be pushing for it. But there’s not.”

DUSTIN JOHNSON (right) cleans his feet after having to go in the pond to hit a ball on the rough on the 15th hole during the final round on Sunday. Johnson’s brother and caddie, Austin Johnson, looks on. AP

USSIA’S two-time Olympic pole vault champion Yelena Isinbayeva has written an open letter to the International Olympic Committee (IOC) and World Athletics as the deadline for the Russian Athletics Federation (RusAF) payment nears.

Isinbayeva published the letter, signed by her and other “clean” Russian athletes, on Instagram.

The letter came after a number of Russian athletes also wrote to President Vladimir Putin, urging him to intervene in the dispute between World Athletics and RusAF. They warned Putin that Russian athletics is “on the verge of disaster” with a July 1 deadline for RusAF to pay half of a $10-million fine looming.

Should payment not be made, the Authorized Neutral Athlete (ANA) process which allows certain Russian athletes to compete under a neutral banner will be suspended.

In the letter addressed to World Athletics President Sebastian Coe, IOC President Thomas Bach and Association of National Olympic Committees Acting President Robin Mitchell, Isinbayeva claimed that the suspension would be a “gross violation of the sporting principle and the rights of pure athletes.”

“In our opinion, the punishment should be borne by the federation, not by the athletes,” she said. “Depriving us of the opportunity to perform at international competitions is an unacceptable and excessive punishment, applying the principle of collective responsibility, forcing us to bear responsibility for the misdeeds of third parties.”

“We ask you to support us and help to protect the rights and interests of Russian athletes in their desire to compete honestly and openly, strengthening the position of pure sport.”

World Athletics imposed an ANA cap of 10 athletes for major events, including the Tokyo 2020 Olympic Games, on Russia when it resumed the process in March and announced the fine, which stems from an investigation concerning high jumper Danil Lysenko.

Seven RusAF officials—including thenPresident Dmitry Shlyakhtin—were charged by the Athletics Integrity Unit (AIU) with obstructing an anti-doping investigation into Lysenko by forging documents to explain missed tests.

The 23-year-old Lysenko now faces a ban of up to eight years.

RusAF has been suspended

by World Athletics since November 2015 following revelations of state-sponsored doping.

The Lysenko affair plunged the organisation into further trouble and contributed to the AIU Board stating in a report earlier this year that the World Athletics Council should consider expelling RusAF. Isinbayeva, an International Olympic Committee Athletes’ Commission member, earned Olympic gold at Athens 2004 and Beijing 2008, as well as bronze at London 2012.

She missed out on competing for a third Olympic title at Rio 2016 due to Russia’s suspension.

Insidethegames

ONE by one, the boats are making their way through the kick off point for the America’s Cup.

‘Defiant’ arrives in New Zealand

A

UCKLAND, New Zealand— The New York Yacht Club’s challenge for the America’s Cup took a major step forward Monday with the arrival of its first boat in New Zealand.

The 75-footer, named Defiant, was transported by air to Auckland and was due at the American Magic team

base at the Wynyard Quarter near downtown Auckland on Tuesday.

Team members, including New Zealand-born helmsman Dean Barker, were due to clear quarantine later this week.

American Magic will use Defiant for testing and training before bringing its second boat to New Zealand

closer to the start of the Cup regatta.

The team is able to train on the five racecourses which will be used for the Cup series from March 6 to 21.

British challenger Ineos Team UK is expected to land its boats in Auckland in early July.

Defiant is among the first of a new generation of America’s Cup racers, a

75 foot monohull that rises out of the water on foils like a hydrofoil and is capable of high speeds because of a lack of drag.

Team New Zealand will defend the America’s Cup in the 36th Cup regatta since the trophy was first won by the sailboat America off Cowes, England, in 1851. AP