BusinessMirror March 01, 2021 by BusinessMirror

Monday, March 1, 2021 Vol. 16 No. 141

P25.00 nationwide | 2 sections 20 pages |

The presidential chopper that brought President Duterte to Villamor Air Base on Sunday (February 28) is parked beside the China Air Force plane that delivered 600,000 doses of Sinovac vaccines donated by Beijing to the Philippines. Duterte led Philippine officials who accepted the vaccines from the Chinese ambassador. This shipment will kickstart the national Covid-19 vaccination campaign on Monday. Story on page A7. NONIE REYES

’20 GROSS BORROWINGS

SOAR 169.8% TO P2.74T A

By Cai U. Ordinario

@caiordinario

S the Philippines amassed debts to fund the state’s response to the economic and health crises, the government’s gross borrowings nearly tripled in 2020, according to data released by the Bureau of the Treasury (BTr). The BTr data showed gross borrowings reached P2.741 trillion in 2020, a 169.85 percent increase from the P1.016 trillion posted in 2019. The data for 2020 was also a record high in almost 40 years, according to

figures available in the BTr website. The data showed gross borrowings in 2020 was the highest since 2010, the year after the 2009 Global Financial Crisis. Gross borrowings in that year amounted to

P1.019 trillion. In 2020, the country’s gross exter na l bor row ings reached P742.412 billion while gross domestic borrowings amounted to P1.999 trillion. Gross external borrowings surged 130.6 percent in 2020 from P321.947 billion in 2019 while domestic borrowings ballooned 188.06 percent from P693.843 billion. The bulk of gross external borrowings was for program loans, which amounted to P375.198 billion, followed by global bonds worth P250.799 billion.

Retail bonds

The lion’s share of domestic

borrowings in 2020, meanwhile, were in Retail Treasury Bonds worth P833.638 billion, followed by Fixed Rate Treasury Bonds amounting to P701.742 billion. The data also showed total net borrowings for 2020 reached P2.499 trillion, a 185.199- percent increase from the P876.296 billion posted in 2019. In 2020, the government also ramped up its borrowing program to an all-time high nominal P3 trillion from P1.4 trillion originally. The funds should cover the expected doubling of the budget deficit as well as to fund its spending requirements for its Covid-19 response.

Govt rushes pork tariff cut as local raisers protest By Jasper Emmanuel Y. Arcalas

@jearcalas

HE government is racing against time to lower pork tariffs in its bid to pull down retail prices below P300 per kilogram, but local stakeholders are adamant that that measure would not result in cheaper pork.

Still, importers and traders insist the lower tariffs that are expected to be submitted soon to President Duterte will “enable” them to meet the P270 per kilogram to P300 per kilogram suggested retail price on pork. Agriculture Secretary William D. Dar said the Cabinet-level Committee on Tariff and Related Matters

PESO exchange rates n US 48.6370

(CTRM) is set to recommend to Duterte a 5-percent tariff on pork imports within the minimum access volume (MAV) and 15-percent tariff for those outside the MAV for three months. Afterwards, Dar added, the tariffs would be increased to 10 percent for MAV imports and 20 percent for outside MAV for nine months.

Dar told the BusinessMirror that the CTRM’s recommendation would be “hopefully” submitted to Duterte this week. The difference in the CTRM’s recommendation to Duterte and DA’s petition lies in the duration of the two phases of the lowered pork tariffs.

$500-M CLOTHING DEALS SHIFT TO PHL AS STRIFE WORSENS IN MYANMAR By Elijah Felice E. Rosales

@alyasjah

S awkward as it may sound, the Philippines stands to “gain” from the political turmoil haunting its Asean neighbor Myanmar for weeks now, as clothing orders worth $500 million may be transferred here to the benefit of local manufacturers. Robert M. Young, president of the Foreign Buyers Association of the Philippines, said on Friday his group has now secured garment purchases worth $200 million from department store chains Hudson’s Bay, TJ Maxx, Walmart and Zeeman. Further, he expects orders to reach as much as $500 million up until the end of second quarter. Young explained the clothing orders were reallocated to the Philippines by their Western buyers, as Myanmar—where they were originally placed—can no longer commit to deliver the goods.

“It’s there already, it’s being sized up already,” Young said. “It will be on the floor I think in about two weeks time on production because we have to wait for the fabric, as we don’t [have] fabric in the Philippines.” According to Young, most of the purchases obtained by his group comprise basic garments, such as infant playwear, men’s sporting outfit, women’s dress and intimate apparel. He said the garments industry will boost its chances of recovery if it lands the cancelled orders from Myanmar. To deliver the $500-million reallocated purchases alone, manufacturers are seen to need as many as 20,000 workers in their factories in Metro Manila and Cebu. “This will somehow snowball already because all the related industries will again be active, such as transportation, packaging, food, so on and so forth,” Young said. Continued on A2

Continued on A2

n japan 0.4579 n UK 68.1745 n HK 6.2725 n CHINA 7.5340 n singapore 36.7016 n australia 38.2870 n EU 59.2350 n SAUDI arabia 12.9692

Source: BSP (February 26, 2021)

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BusinessMirror

A2 Monday, March 1, 2021

FACE-TO-FACE CLASS IN COVID-FREE AREAS MUST RESUME–SOTTO

ENATE President Vicente Sotto III has endorsed the resumption of classes in areas already cleared of the Covid-19 virus, as declared by their local school boards. He warned that prolonging the dire situation of public school students, especially, who are kept from attending physical classes even though their areas are Covid-free could deepen the inequality among the youth. These students are struggling with connectivity and gadgets lack, making virtual learning hard for them. “Yes, in areas with no more problem with Covid,” the Senate leader pointed out in an interview with DWIZ over the weekend, and added, “yes, those places that will be declared by their local school boards as possibly allowing face-to-face.” Sotto rejected the notion of a blanket ban on physical classes nationwide, saying it was disadvantageous to poor students, who must overcome even more hurdles to quality learning. “Children of the rich have no problem.... Their parents can well afford good internet connection, and they have good computers. But how about those in the public schools? They must rely on what is being flashed on radio and refer to their work plans. And yet there are many places that are Covidfree.” The Senate leader asserted, “those in areas already declared by the local school board can be allowed to open.” He said he disagrees with proposals “of some of my colleagues in the Senate for us to first have pilot testing in a given area.” He warned, “it might be too late, pilot testing an area,” and, at any rate, in all likelihood the pilot testing will be “successful, because you will pick those areas where there’s no Covid.” The delay is unnecessary, he stressed, and the students need urgent remediation as quality of learning suffers. It would be quicker to simply allow those in Covid-free places to go back to school. Butch Fernandez

www.businessmirror.com.ph

‘PHL youth risk competitive edge loss from digital skills’

By Elijah Felice E. Rosales

@alyasjah

N advocacy group pushing for the resumption of face-to-face classes has asked policymakers to come up with measures that will equip graduates with skills needed in the digital economy. The Philippine Business for Education (PBEd) on Friday urged the government to enforce policies that prepare students to adapt to changes brought about by the shift to digital. Filipino workers could fail to maximize opportunities in the online economy simply because they lack of skills required in completing digital tasks, the group warned. Justine E. Raagas, director for workforce development of PBEd, said the Philippine labor force stands to gain from the growth in online jobs worldwide, as Filipinos are educated to speak and write in English. This allows them

to communicate with clients from Australia, Canada, Germany, New Zealand, United Kingdom and the United States. Last week the International Labour Organization (ILO) issued its latest World Employment and Social Outlook that assessed the role of the digital economy in changing the world of work. The ILO report placed the Philippines at second in terms of ability to meet the increasing demand for freelance work. Based on the report, India in 2019 took one in every five of outsourcing work online that earned it a total of $26 million, while the Philippines and

Ukraine generated $16 million and $13 million, respectively, from freelancing in the digital space.

Risk of squandering

However, PBEd Executive Director Lovelaine B. Basillote warned the Philippines may squander its competitive advantages if the government fails to respond to the schooling crisis troubling its youth. Data from the Department of Education reported more than 2.7 million students all across levels did not enroll for school year 2020 to 2021. “This has grave implications for the future of the workforce and their ability to become competitive in an increasingly globalized world of work,” Basillote said. Due to the threat of Covid-19, the government has directed schools to shift to blended learning, in the form of modular and online classes, to secure the safety of students. As a consequence, millions of students were prevented from attending school in this academic calendar on lack of learning devices and Internet connectivity needed to participate in the virtual

classes. Basillote pleaded with the government to double efforts to address the education crisis, as neglecting it may worsen the number of out-of-school youth in the Covid-19 pandemic. “We are appealing to the government to implement crucial measures so that our students can continue their learning,” Basillote added. “We must raise the quality of our education so that our graduates can lead meaningful and productive lives when they step out of the classroom.” The PBEd is calling for the resumption of face-to-face classes to provide some 2.7 million out-of-school students the choice to enroll, or else they will finish this school year without making any progress in their formal education. However, Presidential Spokesman Harry L. Roque Jr. last week said faceto-face classes might resume only by August, as instructed by President Duterte himself. The President hopes that by then, the government would have brought in enough doses of Covid-19 vaccine to begin its vaccination program.

Govt rushes pork tariff cut as local raisers protest Continued from A1

The DA proposed a six-month duration for the 5-percent tariff (MAV) and 15-percent tariff (outside

MAV) and six months for the 10-percent tariff (MAV) and 20 percent-tariff (outside MAV). Despite the differences between the CTRM’s recommendation and the DA’s proposal, Dar remains firm that the lower pork tariff is critical in the government’s “whole objective” to bring down pork retail prices below P300 per kg. However, Duterte can only modify the tariff rates on pork imports through the issuance of an executive order when Congress is in session, as stipulated by existing laws. If Congress will not go into an emergency recess in the following weeks, then Duterte may have to wait until March 27, the calendared date for Congress’s recess, for him to be able to bring down pork tariffs. It should be noted also that March 27 is just a few days from the expiry of the 2-month price ceiling on pork in Metro Manila, which started last February 8.

No benefits to consumers

Meanwhile, local hog stakeholders remained firm that consumers would not benefit from the lowering of pork tariffs. “Data showed that lowering of tariff

rates will not be passed on to consumers. Only importers benefited on this,” Pork Producers Federation of the Philippines Inc. President Edwin G. Chen told the BusinessMirror. Chen maintained that pork imports should enter at the current tariff rates —30 percent for MAV and 40 percent for outside MAV—with the collected revenues being used to fund government’s African Swine Fever (ASF)-related programs such as its hog repopulation program. Hog industry stakeholders wrote to President Duterte as early as January to express their opposition to any proposed reduction of pork tariffs. Philippine Chamber of Agriculture and Food Inc. (PCAFI) President Danilo V. Fausto shared the same sentiment, arguing that the savings from the tariff reductions “will just be pocketed by traders and importers.” Fausto is dismayed that the DA did not consider the resolution of the Philippine Council for Agriculture and Fisheries (PCAF) Committee on International Trade and Export to withdraw its petition to reduce pork tariffs. “If the President really loves the

farmers, then he should help the farmers. This is what the President is being advised: to kill the industry, the farmers, for the benefit of the consumers,” Fausto told the BusinessM irror.

Within SRP Meat Importers and Traders Association (Mita) President Jesus C. Cham told the BusinessMirror that the lower tariffs would allow them to meet the target suggested retail price for pork of P270 per kg to P300 per kg. Asked if the three-month duration for a 5 percent-15 percent pork tariff formula is sufficient for importers to bring in “cheaper” pork, Cham said “many orders will not make it in time.” He said, “Depends on the date of effectivity. I surmise many orders will not make it in time. “Also the short duration does not encourage importers to sell but on the contrary, [will] make them wait out the rate changes,” he added. Nonetheless, Cham said pork imports would still be able to meet the target SRP even at a 10 percent tariff. “But of course less room to accommodate price increases in CIF (Cost, Insurance, and Freight) and ForEx (Foreign Exchange),” he added.

$500-M CLOTHING DEALS SHIFT TO PHL AS STRIFE WORSENS IN MYANMAR Continued from A1 Wage hike nixed

The industry leader, meanwhile asked the government to make the most of newly-opened opportunities by rejecting the labor sector’s call for a wage increase. He claimed the Philippines may lose its competitive advantage if the daily pay, especially in the nation’s capital, is raised. Labor group Defend Jobs Philippines last week filed a petition to improve the minimum wage nationwide by P100, saying the basic rate in Metro Manila was last adjusted in 2018

Sotto…

Continued from A12

He added that Duterte was probably studying the matter well because of the implications. The President, who has been critical of the US and blamed it for not weighing in against China in the Scarborough Shoal standoff in 2012, had sent notice to Washington of its intent to terminate the agreement, which defense experts deem vital to keeping the spirit of the 1951 Mutual Defense Treaty (MDT). During the pandemic, however, Duterte caused issuance of a notice of suspension of the abrogation process. The Senate leader surmised the Presi-

and has been eroded in the face of economic recession. Young also appealed authorities to grant textile imports a special lane at the ports to ensure the fabrics are brought the soonest to factories. He said manufacturers are required to comply with the deadlines set by their buyers, as some garments need to be shipped out for the season in which they are worn, such as jackets for winter and jerseys for sports leagues. The garments industry is trying to bounce

back from a more than 30 percent decline in exports last year to $641.96 million, from $927.59 million in 2019. The reallocation of clothing orders from Myanmar may amplify its chances at recovery this year. In early February, Myanmar’s military overthrew the civilian government and detained elected leaders of the ruling National League for Democracy, including the most popular civilian leader, Aung San Suu Kyi.

dent may just be airing an option knowing that there is a need for prior notice before the decision can be finalized.“The President knows there are still 90 days, or maybe 130 days of notice before it can be finalized; maybe he wants to study it well.” Sotto added in the DWIZ interview, “As I see it, it is not the time to do it, in the first place...we need more allies” SottoI said, suggesting instead that a VFA be forged as well with Japan. Sotto disclosed he was recently in talks with the Japanese Ambassador, “and they are very willing.” He added, “We need allies; we need a Visiting Forces Agreement with Japan.” This, even as he stressed the need to maintain the VFA with the US, set-

ting aside criticisms over continued US military presence in the country. The benefits of the VFA with Washington are “substantial,”adding that those who focus on the negative aspects of US presence in the country would do well to consider what would happen “if we are attacked in the West Philippine Sea. Can we do something about that? None. Maybe the brave ones can face the enemy first. But we in the Macho Bloc will look for someone to match” the Chinese might. “We will have America face them,” Sotto said, and likened the situation to facing bullies in high school, when, during instances that he cannot deal with someone bigger than him, “I would call my big brother and they will run away.”

Butch Fernandez

News BusinessMirror

www.businessmirror.com.ph

TF Bangon Marawi confident of hitting goals by end-2021

ASK Force Bangon Marawi (TFBM) is confident that the yearend target for completing the rehabilitation of Marawi City is within reach this year. In a statement, TFBM Chairman and Department of Human Settlements and Urban Development (DHSUD) Eduardo D. del Rosario said the rehabilitation is now 40-percent complete. If 10 percent of the rehabilitation and reconstruction works is completed every month, Del Rosario said the year-end deadline will be met. “Based on my recent visit in the last two days, we are now 40 percent (complete) in the vertical and horizontal infrastructure. That’s why I told them that if we will be completing 10 percent per month, we are within our timeline of completing the rehabilitation by December 2021,” the TFBM chief emphasized. “Based on our master development plan, we are on track with the target that we have set.” Del Rosario said the government, through the TFBM, began rehabilitation efforts by providing emergency assistance like financial, livelihood, food, medicine and shelter. This first phase took the TFBM 10 months to complete citing difficulties from the impact of the 5-month firefight. The efforts transitioned to the second phase, which focused on debris management that sought to remove tons of debris as well as recovering and detonating unexploded bombs. Removing the debris and explosives in Marawi after the armed conflict that gripped the city took about one year and four months, the TFBM has said. This phase was followed by the construction of vertical and horizontal infrastructure, which went on full blast in July last year amid the Covid-19 pandemic. “In any calamity-stricken area, the first phase of rehabilitation is to

provide immediate emergency assistance—early intervention activities, which takes about six months to one year,” Secretary Del Rosario said. The DHSUD said the armed conflict caused severe economic losses to the Maranaos, but governmentled interventions have since helped Marawi citizens get back on their feet. Earlier, the government turned over permanent shelters to 109 internally displaced persons (IDPs) families from various Marawi villages that were severely affected. They were the first batch of Marawi IDPs awarded with permanent shelters, over 3,000 of which are currently in various stages of construction across the city. The permanent housing units were constructed by UN-Habitat with a $10-million grant from the Japanese government on a 1.8-hectare land provided and developed by the Social Housing Finance Corp. “Shelter is a right of every Filipino family, and because of that, [the administration] created the DHSUD,” Del Rosario has said in one of his visits to Marawi. The TFBM is composed of 56 implementing agencies as well as partner-organizations. The task force has six subcommittees: reconstruction, housing, peace and order, health and social welfare, business and livelihood, and land resource management. The head of the TFBM subcommittee on reconstruction is the Department of Public Works and Highways; housing, DHSUD; and peace and order, Department of the Interior and the Department of National Defense. The subcommittee on health social welfare is led by the Department of Health and the Department of Social Welfare and Development; business and livelihood, Department of Trade and Industry; land resource management, Department of Environment and Natural Resources. Cai U. Ordinario

DLSU confers ‘Ka Pepe Diokno’ awards’ on Aquino, del Rosario, Carpio, Morales

OUR former government officials who had roles to play in the country’s continuing multi-front struggle against Chinese expansionist moves in the South China Sea on Friday were conferred the “Ka Pepe Diokno Human Rights Award” in a virtual awarding ceremony sponsored by the De La Salle University (DLSU) in partnership with the Jose W. Diokno Foundation. The awarding coincided with the 99th death anniversary of former Senator Diokno, who is known as the “Father of Human Rights in the Philippines.” Besides being the first chairman of the Commission on Human Rights (CHR) after the 1986 Edsa Revolt, he is also known for his lifelong defense of Philippine sovereignty and the enactment of pro-Filipino legislation. In 2005, the DLSU and the Jose W. Diokno Foundation established the Ka Pepe Diokno Human Rights Award “to recognize persons or groups who exemplified their commitment to the furtherance of human rights, social justice, and Philippine sovereignty.” It was in this spirit that the DLSU and the Diokno Foundation conferred the prestigious awards on Friday on former President Benigno “Noynoy” C. Aquino III, former Foreign Affairs Secretary Albert F. del Rosario, retired Supreme Court Justice Antonio T. Carpio and retired Associate Justice of the Supreme Court and former Ombudsman, Conchita Carpio-Morales. DLSU President Fr. Raymundo B. Suplido described Diokno as “one of the finest La Sallian alumni and brilliant advocate of law who as Senator challenged the Marcos dictatorship and is the father of Human Rights advocacy in the Philippines.” He added: “For Ka Pepe, nationalism is more than patriotism, it goes beyond Filipino First and is

synonymous [with] the right to selfdetermination. “That is, we...have the power to direct the nation’s affairs, both external and internal...bear the responsibility for its future and the sovereignty.” He recalled: “Ka Pepe said that aside from human rights, the second basic right is dignity; and to honor freedom of thought, religion, opinions and right to peaceful assembly, equal treatment before the law, the right to privacy, freedom from slavery, torture, inhumane or degrading punishment, arbitrary arrest and detention.” Maria Serena I. Diokno delivered what should have been the message of her brother, lawyer Jose Manuel “Chel” Diokno, who had a technical difficulty with his computer. Former President Aquino received the award for “faithfully upholding the rule of law and service to the Filipino people and asserting their rights in international fora,” a reference to the 2013 case brought by his administration against China before the Permanent Court of Arbitration in The Hague. Manila won that case against Beijing in 2016. During his presidency, Aquino said he asked himself what is the best response to Chinese aggressive behavior in the SCS and he had wondered aloud: “Is this the way of the world, where the big countries can do what they want against a small country like the Philippines?” He said after trying diplomatic and even back-channel diplomacy and stating the Philippines’s case in all available fora and filing hundreds of diplomatic notes to China, he decided: “Enough is enough,” adding, “Standing to a giant is no small feat, but we have a lot of sympathy; [and] we won our case in the arbitration against the Asian giant.” Recto L. Mercene

Editor: Vittorio V. Vitug • Monday, March 1, 2021 A3

DOLE to check number of displaced workers able to regain employment By Samuel P. Medenilla @sam_medenilla

HE Department of Labor and Employment (DOLE) plans to start by the third quarter of the year its profiling of displaced workers to determine how many were able to regain employment. Labor Assistant Secretary Dominique R. Tutay told the BusinessMirror the DOLE is “still finalizing details and the instruments to be deployed.” “We also need to train our profilers at the barangay level,” Tutay told the BusinessMirror last Sunday. The official said they expect the project would help the government to come out with more responsive programs under the

proposed National Employment Recovery Strategy (NERS). Last year, DOLE was able register 428,701 workers who permanently lost their jobs and another 4.5 million who were temporarily displaced either through flexible work arrangements or temporary closure of their establishments. The labor department’s latest data showed about 25,226 workers are now jobless while 108,000 were temporarily displaced from January 1 to February 26. Tutay told the BusinessMirror they have yet to determine how many of those affected by temporary closures were re-employed and how many are now permanently displaced. The DOLE said it recently just started its stakeholder consulta-

tion to come out with possible new programs. Currently, the NERS only contains the consolidated list of 49 government programs for employment, skills training, and business financing and other programs, which aims to help companies and workers to cope with the economic and health crises. Tutay told the BusinessMirror they plan to further expand these programs to help the government achieve its goal of generating 2.4 million to 2.8 million jobs this year. “Priority policies to reopen the economy have already been identified during the first NERS Task Force meeting,” Tutay said adding that another meeting would be held jointly with the Economic Recovery Task Group.

Among the proposed new program of the DOLE is a P60-billion wage subsidy program for micro, small, and medium enterprises to help retain the employment of about five million workers. The labor department said it already submitted a proposal to the Department of Budget and Management and to President Duterte to get the necessary budget for the initiative, which is unfunded under the 2021 General Appropriations Act. Tutay told the BusinessMirror the request is still pending as the National Economic and Development Authority (Neda) reviews the proposal. “[The] Neda requested us to submit details of the proposal, including the implementing mechanism,” Tutay told the BusinessMirror.

PNP launches manhunt for 2 suspects in Zamboanga By Rene Acosta @reneacostaBM

T THIS undated photo courtesy of San Miguel Corp. shows beneficiaries of 36 fishing boats donated by the company. SMC said the donation will benefit some 69 fishermen, who used to live in at-risk areas that will form part of the company’s planned P352-million agro-industrial complex investment in Sariaya, Quezon. Also under construction in front of the village is the San Miguel Market, where fish and other agricultural produce can be sold and other residents can also offer other services and products. PHOTO COURTESY SAN MIGUEL CORP.

SMC gives fishing boats in village within project

UST a few months after opening the Sariaya Fishermen’s Dock, San Miguel Corp. (SMC) said it made good on its commitment to continue helping “fishermen relocates” at its new sustainable, disaster-resilient community in Sariaya, Quezon sustain their livelihood, by turning over to them 36 fishing boats. “The donation will benefit some 69 fishermen, who used to live in at-risk areas that will form part of SMC’s planned P352-million agroindustrial complex investment in Sariaya, Quezon,” the conglomerate’s statement read. The company said these fishermen are among the residents of the SMC-built and funded 450-housing unit San Miguel-Christian Gayeta Village gated-community. The community, according to SMC, features environment-friendly homes made of “Green Tough” panels that are “better than conventional concrete and hollow blocks, are sound-and heat-insulated, and earthquake-proof.” “We are committed to helping our fishermen families in Sariaya build better lives for themselves by giving them their own homes, providing continuous skills training, resources, and building for them facilities that will enhance their livelihood,” SMC President and COO Ramon Ang was quoted in the statement as saying. “We consider them partners in bringing economic growth, jobs, and development to Sariaya and the whole of Quezon province.” “This model of ours of providing housing and livelihood and skills training and opportunities,

is time-tested,“Ang added. “The only difference is we work to keep on improving it, and today, San Miguel-Gayeta village is our model sustainable village—thanks to the help of residents, local government, and other stakeholders. SMC said its planned “modern, state-of-the-art integrated” agroindustrial complex in Sariaya, Quezon will feature facilities expected to boost the manufacturing, agriculture and food production sectors overall—seen as key to improving the country’s resilience in this time of pandemic. These include a brewery, grains terminal, feedmill, a ready-to-eat food manufacturing plant, high-tech poultry facility, a fuel tank farm, and port facilities. Ang said the resident-beneficiaries of the fishing boat donation have long been in the fishing trade, but have been unable to purchase their own boats or had to sell their boats due to poverty or lack of resources. The donation consists of 33 large fishing boats, to be co-owned by two fishermen, and three small ones for single owners. The boats are just the latest assistance given by SMC to families in the village, which includes construction of various livelihood facilities and skills training programs. “Fishing is still one of the main sources of livelihood for many residents in our housing community. That is why we built them their own Fishermen’s Dock last year and initiated the boat donation program, to help fulfill their dream of finally owning boats,” Ang said. “This will enable them to earn more and bring their daily catch to their families and

fulfill the food requirements of the housing community and surrounding areas in Sariaya.” The multi-purpose Fishermen’s Dock, which sits on a 3.5-hectare property, can secure more than 100 boats, particularly during typhoon season. It features the Sariaya Fishermen’s Hall, which SMC built to serve as a rest area and storage for 70 boat engines and other fishing implements. Late last year, an initial batch of 50 trainees from the village completed their skills training in organic farming, urban farming, edible landscaping and fish and meat processing under the Technical Education and Skills Development Authority (Tesda). “Through a partnership with Tesda, we provided them with additional skills training to enable them to earn extra income, and provided land where our residents can plant and harvest vegetables for personal consumption and sale,” Ang added. “We also established a livelihood center where they process fish and meat products.” Also under construction by SMC in front of the village is the San Miguel Market, where fish and other agricultural produce can be sold and other residents can also offer other services and products. A total of 136 families, who are relocatees from the town’s risky coastal areas, have already moved into SMC’s 5.4-hectare housing community, which includes 450 houses, a multi-purpose hall, a covered and concrete basketball court, a livelihood center, e-library and a children’s learning center.

HE Philippine National Police (PNP) said on Sunday it launched regionwide manhunt operations for two suspects in a shooting incident that killed a town vice mayor and an engineer and wounded two others in Zamboanga Sibugay. Police chief PNP General Debold M. Sinas said police units in the Zamboanga peninsula are conducting dragnet operations against one Er-Er Mangoda and one Jomar Taiting, both allegedly members of the Anwar Ansang criminal group, who are engaged in gunfor-hire, piracy and illegal drugs activities in the region. Both suspects are tagged by witnesses as responsible for the shooting to death of Vice Mayor Restituto B. Calonge of Mabuhay, Zamboanga Sibugay and Engineer Edgar Pampanga in the town plaza at around 3 p.m. last Friday. Wounded in the attack were municipal employee Hadji Abduhari Gapor and retired policeman Gregorio Baya Cenas. Meanwhile, the PNP said the increased visibility and heightened operations of the Caraga police resulted in the seizure of 116 loose firearms and arrest of 102 persons. Brig. Gen. Romeo Caramat Jr., reported to Sinas that a regionwide police operation launched last Friday resulted in the confiscation of 116 unregistered firearms and 30 hand grenades and homemade bombs. Also, a total of 129 wanted persons were arrested including two “Most Wanted Person” (MWP) listed in the regional level and identified as Rolly Samonte and Rey Makiling Llido alias Baleleng. Samonte was among the suspects in the ambush of soldiers from the 30th Infantry Battallion on October 17, 2020 at Sitio Puhagan, Barangay Mahanub, Gigaquit, Surigao del Norte. The ambush wounded one soldier. “The seizure of loose firearms and arrest of these criminals and their supporters will surely diminish the criminal capabilities of lawless elements,” Sinas said.

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A4 Monday, March 1, 2021

DOJ indicts BOC personnel for entry of hazardous garbage from Canada

By Joel R. San Juan

@jrsanjuan1573

PANEL of government prosecutors has ordered the indictment of four personnel of the Bureau of Customs (BOC) for allegedly being responsible for the entry of 50 container vans containing hazardous garbage materials from Canada in 2013.

Facing charges for violation of Republic Act 6969 or the “Toxic Substances and Hazardous and Nuclear Waste Control Act of 1990” are Customs examiner Officer 3 (COO3) Benjamin Perez Jr., examiner COO3 Eufracio Ednaco, appraiser Customs Officer 5 (COO5) Matilda Bacongan and appraiser COO5 Jose Saromo. Their co-respondents, namely, former Environmental Management Bureau (EMB) Director Juan Miguel T. Cuna and EMB employees Irvin Cadavona, Geri Geronimo Sañez and Renato Cruz, were exonerated by the Department of Justice-National Prosecution Ser-

vice (DOJ-NPS) for lack of probable cause. The panel also found all the respondents not liable for violation of RA 3019 or the Anti-Graft and Corrupt Practices Act. In a 16-page resolution, the panel noted that Perez, Ednaco, Bacongan and Saromo knew or were supposed to know that the vans contain hazardous materials since they attested to have physically examined them. “When they re-routed the shipments to ‘green,’ they effectively facilitated the importation of hazardous waste into the Philippines,” the resolution read.

Based on the records, Chronic Inc. from Canada exported 103 container vans to the Philippines from May 26, 2013, until January 30, 2014, in several batches. The shipments were consigned to two Philippine-based companies: Chronic Plastics, which received 55 units of 40-footer vans; and, Live Green Enterprise, which had a share of 48 containers of 45-footer container vans. The contents of the container vans were later found to be mixed or heterogeneous plastic materials that were reportedly mis-declared as plastic scrap. A check on the BOC’s Electronic 2 Mobile (E2M) Systems also revealed that there were only four entries filed by Chronic Plastics for the years 2013 and 2014, while no entries were filed by Live Green. Of the four entries filed under Chronic Plastics, three were cleared and released while one was placed under alert for alleged violation of RA 6969 and the Tariff and Customs Code of the Philippines (TCCP). Two of the three entries that were released were tagged as “yellow” while one was tagged as “red”

by the BOC. A “yellow” tag would imply a shipment has to undergo document examination, while a “red” tag means a shipment has to go through both document and physical examination. But despite being tagged as “yellow” and “red,” the shipments under the three entries were reportedly re-routed to “green;” meaning they passed the scrutiny of the document examination and physical examination. “After a careful review of the records of the case and submission of all parties, the undersigned panel of prosecutors finds probable cause to indict respondents Perez, Bacongan and Saromo for violation of Section, paragraph (b) in relation to Section 13, paragraph (d) and Section 5 of RA 6969. If found guilty, the BOC personnel may be meted with imprisonment of up to 20 years. The resolution was issued by the panel composed of Assistant State Prosecutor Loverhette Jeffrey P. Villordon, Assistant State Prosecutor Alejandro C. Daguiso and Senior Assistant State Prosecutor Gilmarie Fe S. Pacamarra of the DOJ-NPS.

BFAR finds more areas in Visayas, Mindanao ‘positive’ for red tide

HE Bureau of Fisheries and Aquatic Resources (BFAR) issued on Sunday a warning against gathering, selling and consuming shellfish in 23 coastal areas, mostly in the Visayas and Mindanao, which were found to be positive of “red tide” poisoning. In Shellfish Bulletin 5 issued February 26 and signed by BFAR National

Director Eduardo B. Gongona, the Murcielagos Bay (Sapang Dalaga and Baliangao) and Coastal waters of Ozamiz City in Misamis Occidental; and Taguines Lagoon, Benoni, Mahinog, in Camiguin are the latest to join the areas to be declared positive for red tide toxin. Based on the latest laboratory results of BFAR and Local Government

Units (LGUs), the shellfishes collected in the coastal waters the following areas in the Visayas and Mindanao are still positive for paralytic shellfish poison that is beyond the regulatory limit. These are the Inner Malampaya Sound; Taytay in Palawan; Sorsogon Bay in Sorsogon; Coastal Waters of Dauis and Tagbilaran City in Bohol; Tambobo Bay, Siaton in Negros Oriental; Coastal waters of Daram Island, Zumarraga, San Pedro and Cambatutay bays in Western Samar; coastal waters of Calubian, Leyte; Carigara Bay, Ormoc Bay and Cancato Bay, Tacloban City in Leyte; coastal waters of Biliran Islands; coastal waters of Guiuan and Matarinao Bay in Eastern Samar; Dumanquillas Bay in Zamboanga del Sur; Balite Bay, Mati City in Davao Oriental; and, Lianga Bay and coastal waters of Hinatuan in Surigao del Sur. All types of shellfish and Acetes sp. (alamang) gathered from the areas shown above are not safe for human consumption, the BFAR said. It also recommends that while fish, squids, shrimps and crabs are safe for human consumption, they must be fresh and washed thoroughly, and internal organs such as gills and intestines are removed before cooking. ThecoastalwatersofCavite,LasPiñas, Parañaque,Navotas,BulacanandBataan

(includingMariveles,Limay,Orion,Pilar, Balanga, Hermosa, Orani, Abucay and Samal) and the Manila Bay area remains free from toxic red tides. Similarly, the coastal waters of Pangasinan namely Bolinao, Anda, Alaminos, Sual, Wawa, and Bani, coastal waters of Pampanga; the Masiloc Bay in Zambales, Honda and Puerto Princesa Bays and Puerto Princesa City in Palawan; Milagros and Mandaon in Masbate; Juag Lagoon, Matnog in Sorsogon remain red tide-free, the BFAR said. Other areas the BFAR declared free of the red tide poisoning are: coastal waters of Gigantes Island, Carles in Iloilo; coastal waters of Pilar, Panay, President Roxas, and Roxas City in Capiz; the Sapian Bay in Ivisan and Sablan in Capiz; Mambucquiao and Camanci, Batan in Aklan; Altavas, Batan and New Washington in Batan Bay, Aklan; coastal waters of E.B. Magalona, Talisay City, Silay City, Bacolod City, Hinigaran and Victorias City in Negros Occidental; Siit Bay, Siaton and Bais Bay, Bais City, in Negros Oriental; Irong-Irong, Maqueda and Villareal Bays in Western Samar; Panguil Bay, Tangub City in Misamis Oriental; Murcielagos Bay in Zamboanga del Norte; coastal waters of Nasipit, in Agusan del Norte; Bislig Bay and coastal waters of Cortez, Surigao del Sur; and, Litalit Bay in Surigao del Norte. Jonathan L. Mayuga

‘Tax reforms may be timely in pandemic’ continued from a12

In Thailand, the authors said these reforms include a new Land and Building Tax while in the Philippines, the country embarked on a Real Property Valuation and Assessment Reform program. The program in the Philippines, the authors said, aim to usher in an efficient, transparent, and equitable real property valuation and transaction system at the Bureau of Local Government Finance. It is also estimated to yield incremental real property tax collections at local government units by 25 percent in 2023 onwards. The authors said other Asian developing countries are using the study to compare, evaluate and improve the performance of their own property taxation systems and to engage in broader policy discussions on re-

form opportunities. “The opportunity to enhance revenue mobilization is not limited to property taxation. Indeed, Asian developing countries are addressing a range of necessary tax reforms in their strategies for domestic resource mobilization and international tax cooperation,” the authors said. Implementing tax reforms are important to fight tax evasion and avoidance as well as improve compliance and tax administration, the experts said. Meanwhile, challenges to secure a longer-term revenue reform strategy remain, they said. This strategy must recognize efforts to address other challenges such as Covid-19, the climate change crisis, economic inequality, and the digital divide.

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MWSS reforestation program covers 9.5M hectares–report

ORE than four million seedlings of native and fruit-bearing trees were planted in critical watersheds covering a total of 9,509 hectares since 2017, the Metropolitan Waterworks and Sewerage System (MWSS) reported. Citing a 2020 report for the project dubbed “Annual Million Trees Challenge” (AMTC), the MWSS said a total of 4,021,626 trees were planted between 2017 and 2020 in Ipo-Angat, La Mesa, Laguna de Bay, Kaliwa-Umiray, Upper Marikina watershed and Manila Bay. The AMTC is in support of the National Greening Program (NGP) and is aligned with the UN Sustainable Development Goals (SDGs), the MWSS said. A government priority program that provided for the planting of some 1.5 billion trees in about 1.5 billion hectares for a period of six years from 2011 to 2016, the NGP was further enhanced by virtue of Executive Order 193 signed on November 12, 2015. The EO targets the rehabilitation of the remaining unproductive, denuded and degraded forestland estimated at 7.1 million hectares from 2016 to 2028. Now known as the Expanded NGP, the program “harmonized” greening efforts of the private sector and civil society. In the Ipo-Angat watershed alone, where more than 96 percent of raw water supply for Metro Manila and the Greater Manila Area come from, a total of 2,265,483 trees were planted, surpassing the combined number of seedlings planted in La Mesa (777,505), Laguna de Bay (222,093), Kaliwa-Umiray (60,473) Upper Marikina (552,165) and Manila Bay (143,904). The report stated that AMTC

targets were surpassed for three consecutive years since its launch in February 2017. In 2017, the number of seedlings planted totaled 1,337,800. This was followed by 1,027,467 in 2018 and 1,022,917 in 2019. The number declined in 2020 because of the quarantine measures, which prompted several program partners to postpone tree-planting activities. Only 633,442 trees were planted for the year. Through the AMTC, a total of 9,509.375 hectares from 2017 to 2020 were reforested. At the Ipo-Angat watershed, reforested area was 5,035.19 hectares; La Mesa, 1,723.39; Laguna de Bay, 347.83; Kaliwa–Umiray, 150.84; Upper Marikina, 1,928.99; and Manila Bay, 323.135. A 5-year watershed rehabilitation program, AMTC is spearheaded by the MWSS–Corporate Office in partnership with various organizations that include national government agencies, local government units, civil society groups and the private sector. It aims to rehabilitate the seven critical watersheds (La Mesa, Ipo, Angat, Umiray, Laguna Lake, Upper Marikina and Kaliwa) supplying water to Metro Manila and parts of Rizal, Cavite and Bulacan. Formally launched on February 18, 2017, the MWSS and its partners agreed on maintaining the health of the beneficiary watersheds by planting and nurturing at least one million trees annually. The MWSS said it saw the need to reforest these watersheds that have been denuded because of illegal activities such as timber poaching, kaingin and land conversion. Wanton destruction of forest areas has adversely affected water quality in the watersheds. Jonathan L. Mayuga

Belmonte leads plastic bag ban kick-off in Quezon City

PHOTO shows consumers receiving bags provided by the local government of Quezon City, which aims to discourage the use of single-use plastic bags. PHOTO COURTESY LOCAL GOVERNMENT OF QUEZON CITY

N order to encourage sustainable practices and promote the campaign on plastic waste reduction, Quezon City Mayor Maria Josefina Tanya Go “Joy” G. Belmonte, together with Environmental Protection and Waste Management Department head Andrea Valentine A. Villaroman and personnel from the Market Development and Administration Department, went to Galas, Munoz, Suki, A. Bonifacio, Frisco and Kamuning markets in Quezon City to distribute bayong (woven native bags) and “eco-bags” to market-goers. A supermarket in Barangay Kamuning was also visited. This activity ser ves as the kick-off event in relation to the re-implementation of the City’s Plastic Bag Ban Ordinance that will start March 1. The plastic bag ban prohibits the distribution of plastic bags as carry-out bags in retail establishments throughout the City. The activity is also part of Quezon City’s celebration of Women’s Month this March, which highlights the role of women in environmental protection.

Under the Kababaihan Para sa Kalikasan movement with the theme “Babae: Tayo ang Pagbabago,” women are encouraged to be more pro-active and be the catalysts for change given their important role in our households and communities. “We suspended the implementation of the ordinance during the pandemic para hindi po makadagdag sa [so as not to add to the] uncertainty, but now we can manage the pandemic better so itinuloy na natin [we continued the implementation],” Belmonte was quoted as saying in a statement her office issued. “Alam naman natin na [we are all aware that] plastics are one of the greatest polluters of our oceans and bodies of water, clogs our waste streams and pose health risks.” Supermarkets, malls, shopping centers, fastfood restaurants and other businesses violating the ban will be meted with a fine of P1,000 for the first offense, a fine of P3,000 and revocation of environmental clearance for the second offense and for the third offense, revocation of business permit and a fine of P5,000.

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Editor: Jennifer A. Ng • Monday, March 1, 2021 A5

BLOOMBERG NEWS

Farm-gate price of broiler drops by 10%–Ubra

By Jasper Emmanuel Y. Arcalas @jearcalas

HE average farm-gate price of broilers fell by 10 percent to P110 per kilogram as supply outpaced demand, which weakened due to the imposition of the price

ceiling on chicken meat. United Broiler Raisers Association (Ubra) data as of February 26 showed that the average farm-gate price of broilers ranged from P109.75 per kg to P110.28 per kg, depending on size. Ubra data indicated that the aver-

age farm-gate price of regular-sized broilers declined by 9.43 percent to P110.50 per kg from the previous week’s P122 per kg. The group’s data also showed that the average farm-gate price of offsized broilers fell to P109.75 per kg from P120.5 per kg while the aver-

age farm-gate price of prime sized broilers slid to P111.28 per kg from P123.43 per kg. Ubra President Elias Jose Inciong attributed the drop in farm-gate prices to the decline in demand due to price ceiling on dressed chicken set by the government. Inciong added that market vendors and traders reduced their orders from farms since they would not be able to meet the mandated price ceiling of P160 per kg. “Realities of the price ceiling. It has artificially dampened demand at the farm-gate,” he told the BusinessMirror. “As a natural consequence, ordinary producers will be very wary about loading for the next cycle given the prices of inputs and difficulties in obtaining DOCs [day old chicks].” Given the current situation, Inciong said “some growers will either reduce or stop production as it is steadily becoming a more risky proposition because of the price ceiling.” Due to the drop in supply, an uptick in the farm-

‘CFITF to modernize coconut sector, bring relief to farmers’ By Butch Fernandez

@butchfBM

HE Department of Agriculture (DA) and lawmakers said the passage of the Coconut Farmers and Industry Trust Fund Act (CFITF) would “pave the way” for the modernization of the industry and uplift the lives of millions of farmers. Sen. Francis Pangilinan, however, said there is a need to guard against potential misuse of the P100-billion coco levy fund intended to benefit 3.5 million coconut farmers. Agriculture Secretary William D. Dar said with the guaranteed P75 billion in the next 5 years, the CFITF would be a “gamechanger” that would industrialize the country’s coconut sector. “This ushers in a new policy that will set in motion big reforms in the coconut industry using efficiently the proceeds of the coconut levy for the benefit of 2.5 million coconut farmers and their families, and the coconut industry in general,” Dar said in a statement. President Duterte signed last Friday Republic Act (R A) 11521 that would allow the utilization of the estimated P100-billion coconut levy fund. (Related story: https://businessmirror. com.ph/2021/02/26/duterte-signscoconut-trust-fund-law/) Under the law, the fund will be used for the development of hybrid coconut seed farms; training of farmers and their families under the coconut registry; research and marketing and promotions for coconut farmers; crop insurance; and farm investments through diversification and/ or intercropping. It will also be used to establish shared facilities for processing coconut; organizing and empowerment of coconut farmers; credit programs from the Development Bank of the Philippines (DBP) and the Land Bank of the Philippines; infrastructure development; scholarship programs; and health and medical programs. As mandated by the new law, the Philippine Coconut Authority (PCA) would spearhead the crafting and implementation of the Coconut Farmers and Industry Development Plan (CFIDP), where the 50-year CFITF would be included. Ahead of this, PCA Administrator Benjamin Madrigal said the agency “underwent an organizational transformation to make it into a more efficient, credible, and responsive institution in addressing the needs of coconut farmers and the challenges confronting the industry.”

“Since last year, we have worked on the establishment and operationalization of regular regional and provincial industry fora, composed of coconut farmers’ groups, government agencies, local government units, and other stakeholders,” Madrigal said. House Speaker Lord Allan Velasco said the passage of the law “is a monumental moment for more than 3 million coconut farmers, who have long been denied the fund that rightfully belongs to them.” AAMBIS-OWA Party-list Representative Sharon Garin, who has primarily pushed for the passage of the Coconut Industry and Development Trust Fund Bill as early as the 15th Congress, also lauded the signing into law of RA 11524. “I thank President Duterte’s signing of RA 11524 establishing the Coconut Farmers and Industry Trust Fund. This is a manifestation of his genuine concern to the interest and welfare of the coconut farmers and the coconut industry as well,” House Committee on Agriculture and Food Chairman Rep. Mark M. Enverga said. “I am glad that all his concerns and observations when he vetoed the previous coco levy bill version were all given due course to reflect the interests of the small coconut farmers.” Citing PCA data, the DA said the total area planted with coconut has been declining through the years, estimated at 3.6 million hectares in 2018 with 347 million bearing trees that yield an average of 44 nuts per tree annually. “To date, the Philippines ranks as the world’s second-largest producer and number one exporter of coconut products. However, the coconut sector contributes a measly 4 percent to the gross value-added in agriculture,” the DA said. “Among the major reasons of declining productivity in the coconut sector are dwindling areas and low yields,” it added.

‘New battleground’

PANGILINAN said “after the Coconut Farmers and Industry Trust Fund Act was signed into law, continued vigilance is needed to ensure that its over P100 billion in cash and assets will benefit the country’s mostly impoverished 3.5 million coconut farmers.” In a statement Sunday, the senator alerted coconut farmers of a looming new challenge, warning that “this is a new battleground.” “As the Edsa People Power Revolt was a win for the people, this is a win for the

coconut farmers, even if it is partial and unfinished,” Pangilinan said adding: “Those who contributed to the fund must benefit from it.” The senator said government officials tasked to oversee and control the P70-billion in cash and P30-billion in assets “must ensure that these returned ill-gotten wealth be utilized and spent judiciously and according to the provisions of the law.” “This is the fruit of almost half a century of struggle against the injustice suffered by our coconut farmers. Our coconut farmers and their families must now reap the benefits of their hard-earned money,” said Pangilinan, partly in Filipino. He recalled being one of authors of the Senate version of the enabling bill that President Duterte signed into law affixing his signature on it, admitting he voted with reservations for its passage after some of its provisions were “watered down.” Pangilinan rued that he and other senators were overruled during the voting in their push to have farmer-representatives in the trust fund management committee tasked to oversee the utilization of the multibillion fund. Still, the senator stressed the need to ensure that the farmers will have a formidable voice in deciding how the fund would be used in adherence to the CFIDP, voicing hopes that “the funds will go a long way to shore up the industry long-forgotten and deprived despite its huge potential for growth.” Moreover, Pangilinan reminded that “in 2019, our coconut farmers earned P143.00 a day, according to the 2021 National Expenditures Program,” but lamented that “they are surely suffering more hardships now during the pandemic.” He noted that the law creates a trust fund which will receive P10 billion from the Bureau of the Treasury upon enactment of the law, and then P10 billion in the 2nd year, P15 billion in the 3rd year, P15 billion in the 4th year, and P25 billion in the 5th year, for a total of P75 billion. The trust fund, he added, will come from the coco levy fund—the tax imposed on coconut farmers by former President Ferdinand Marcos from 1971 to 1983, ruing that “the money was invested in businesses, but the benefits promised to the farmers never materialized.” “We hope the law can bring to life the coconut industry and to every Filipino farmer’s dream for a better future.” With reports from Jasper Emmanuel Y. Arcalas

gate price of broilers may be seen by mid-April, Inciong added. The average farm-gate price of broilers has been above P110 per kg for more than a month now, raising concerns from the industry that it could be another cause for concern of faster inflation in the coming months. (Related story: https://businessmirror.com.ph/2021/02/09/another-inflation-worry-farm-gatebroiler-price-rises/) The price of DOCs has remained elevated at the P48-per-piece level, due to the reported contraction in the country’s breeder stocks. The BusinessMirror earlier reported that the country’s dressed chicken inventory as of February 15 declined by more than half to 16,819.49 metric tons (MT) from

38,008.71 MT last year. Latest National Meat Inspection Service (NMIS) data showed that bulk of the volume was imported or about 10,771.80 MT, while the remaining volume of 6,047.69 MT was locally produced. NMIS data also showed that the latest inventory as of mid-February was flat from the previous week’s 16,739.24 MT. However, the volume was 35 percent lower than the 25,924.54 MT recorded inventory in the previous month, based on NMIS data. Inciong said the February 15 inventory “is not a comfortable level” given the disruptions in trade caused by Covid-19 and the rising demand for chicken meat due to higher pork prices.

A6 Monday, March 1, 2021

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Monday, March 1, 2021 A7

Duterte leads jabs’ arrival reception; Covax lot delayed

FTER enduring criticism for being the last Asean member to obtain Covid-19 vaccines, the Philippines on Sunday welcomed the arrival of its first batch of jabs, representing China’s donation of Sinovac.

President Duterte himself led the officials who witnessed the vaccines’ arrival at Villamor Air Base, from where they were brought by a convoy of vehicles to a warehouse in Marikina. At dawn Monday, they were to be brought to pre-selected hospitals where the jabs will be administered to, among others, uniformed personnel and others on the priority list, kickstarting the national vaccination program. The 600,000 doses of Sinovac vaccines were airlifted by a Chinese Xi’an Y-20 military aircraft. Also welcoming the arrival of the vaccines at the VAB were Department of Health officials led by Secretary Francisco Duque III and Foreign Affairs Secretary Teodoro L. Locsin Jr. Duque encouraged people to have themselves inoculated with Sinovac, saying in a radio interview it is effective to protect “against severe Covid-19 infection.” The Sinovac vaccines consist of 600,000 doses. Some of these have been reserved for military personnel and civilian employees of the Department of National Defense (DND). The donated doses from the Chinese government are expected to benefit 300,000 people since each person will need two doses of vaccine to be inoculated from Covid-19. In a statement, the Financial Executives Institute of the Philippines (Finex) hailed the arrival. In a statement, Finex president Francis Ed Lim expressed hope the arrival of the vaccines signals the start of a “continuous flow” of vaccines, stressing that “inoculating as many people as possible at the soonest possible time will significantly boost consumer confidence and accelerate our economic recovery.”

AstraZeneca jabs delayed

The Sinovac vaccines were expected to be followed on Monday noon by 525,600 doses of AstraZeneca jabs that are part of the Vaccines Global Access (Covax) facility championed by the World Health Organization (WHO). However, Duque confirmed late Sunday the Covax shipment was delayed by one week owing to “global supply” problems. Locsin said the Philippines is one of 92 countries Covax-eligible to get free vaccines for 15 percent of its population, which would translate to about 15 million doses. He said the DFA donated US$100,000 to Covax, adding the Philippines is also taking part in the Covid-19 Asean response fund, for which he said US$100,000 was donated. “Philippine vaccine rollout is under way, first shots first week of March, which the World Health Organization (WHO) has already confirmed.” The country’s highest envoy said the COVAX facility two could be had two ways; one,

as fully subsidized, donor-funded, which in the case of the Philippines means 117,000 indicative doses of Pfizer/BioNTech and 5,500,800 indicative doses of AstraZeneca from AstraZeneca-SKBio). The second is “Top-up doses” which are fully-paid through cost-sharing contributions. Presidential spokesman Harry Roque said earlier, “This forms part of the 44 million doses of Covax to inoculate 20 percent of our population.” Covax is being managed by Global Alliance for Vaccines and Immunisation (Gavi), a Geneva-based international public-private organization, which aims to facilitate the distribution of vaccines nationwide, particularly in poor countries in coordination with the WHO.

Inoculation begins

The government is expected to start its nationwide Covid-19 vaccination drive on Monday. AstraZeneca’s vaccine was the second product granted with emergency use authorization (EUA) by the Food and Drug Administration on January 28, 2021. Sinovac received its EUA last week, but initially drew controversy after the FDA said it was not recommended for medical frontliners who are treating Covid cases. A government expert panel subsequently declared it suitable for health workers.

PNP ready

National Police chief General Debold Sinas on Sunday gave assurances that all systems are in place for the unhampered transport of the first shipment of vaccines. Sinas said PNP units are fully prepared to perform their assigned duties under the task organization of PNP Vaccination Plan “Caduceus.” This is the strategic plan that operationalizes all security and public safety operations for the vaccine rollout in the coming weeks. PNP Vaccination Plan “Caduceus” set forth the security and public safety guidelines and procedures that would be undertaken by the police in support to the Philippine National COVID-19 Deployment and Vaccination Plan, as a member of the Task Group (TG) Vaccine Cold Chain and Logistics Management, Task Group Immunization Program and Task Group Demand Generation and Communication. “We have gone through a series of planning workshops and simulation exercises to ensure organized and orderly transport of the vaccine shipment to the storage facilities and distribution hubs on D-day when the vaccine rollout shall commence,” Sinas said. Samuel P. Medenilla, Claudeth Mocon-Ciriaco, Recto L. Mercene, Rene P. Acosta

Give love, give blood: Manila City Hall Masons organize donations By Nonie Reyes

HARITY is deeply ingrained in Masonic culture— together with faith and hope. However, charity is the greatest of these three fundamental principles of the Craft. It was in this spirit that over the weekend, the First Manila City Hall Masons Blood Donation Project was launched with the theme “Share Life, Give Blood.” The event was organized by the Manila City Hall Masons headed by its president, Fiscal Gil Mendoza of Manila City Prosecutor Office. The brotherhood made sure that the blood donation be held before the end of Hearts’ Month, which is February. The group pushed through with the project despite challenges posed by the mobility restrictions from the Covid-19 pandemic and lingering fears of people about being infected. But, organizers said, the project had to be launched because it has come to their attention that some people are dying because there is a lack of blood supply. “Organizing this project is difficult because of the pandemic and there are lots of prohibitions, but we made sure that we follow the guidelines of the Inter-Agency Task Force on Emerging Infectious Diseases,” Fiscal Mendoza said. He acknowledged

the help of St. Lukes BGC medical staff who carefully screened blood donors and collected the blood; other organizations also joined hands with the Manila City Hall Masons to ensure a successful launch. “Since this was organized by the members of Manila City Hall Masons, we made sure that the beneficiaries are people of Manila. The blood collected will be turned over to Ospital ng Maynila with which we have a Memorandum of Agreement.” The project’s goal is to collect at least 500 blood bags from different donors, including 75 uniformed personnel of Manila Police District and kind-hearted city residents. In order to sustain the project, Mendoza said they plan to repeat it every quarter. With that, he also added that their MOA with Ospital ng Maynila includes anyone who is willing and physically qualified to donate blood. They may do so every Friday just by going to the said hospital. Meanwhile, Atty. Marlon Castor summed up the views of their brothers in mounting the blood donation: “When its members perform a labor of Charity, Masonry creates better versions of men and exemplifies the three tenets of Freemasonry which are Brotherly Love, Relief, and Truth.”

Monday, March 1, 2021

The World BusinessMirror

Editor: Angel R. Calso

FDA clears J&J’s 1-dose shot, giving US 3rd Covid-19 vaccine

ASHINGTON—The US is getting a third vaccine to prevent Covid-19, as the Food and Drug Administration on Saturday cleared a Johnson & Johnson shot that works with just one dose instead of two. Health experts are anxiously awaiting a one-and-done option to help speed vaccinations, as they race against a virus that already has killed more than 510,000 people in the US and is mutating in increasingly worrisome ways. The FDA said J&J's vaccine offers strong protection against what matters most: serious illness, hospitalizations and death. One dose was 85% protective against the most severe Covid-19 illness, in a massive study that spanned three continents—protection that remained strong even in countries such as South Africa, where the variants of most concern are spreading. "This is really good news," Dr. Francis Collins, director of the National Institutes of Health, told The Associated Press Saturday. "The most important thing we can do right now is to get as many shots in as many arms as we can." J&J initially is providing a few million doses and shipments to states could begin as early as Monday. By the end of March, J&J has said it expects to deliver 20 million doses to the US, and 100 million by summer. J&J also is seeking authorization for emergency use of its vaccine in Europe and from the World Health Organization. The company aims to produce about 1 billion doses globally by the end of the year. On Thursday, the island nation of Bahrain became the first to clear its use. "This is exciting news for all Americans, and an encouraging development in our efforts to bring an end to the crisis," President Joe Biden said in a statement. "But I want to be clear: this fight is far from over," he added, encouraging people to stick with masks and other public health measures. On Sunday, a US advisory committee will meet to recommend how to prioritize use of the single-dose vaccine. And one big challenge is what the public wants to know: Which kind is better? "In this environment, whatever you can get—get," said Dr. Arnold Monto of the University of Michigan, who chaired an FDA advisory panel that unanimously voted Friday that the vaccine's benefits outweigh its risks. Data is mixed on how well all the vaccines being used around the world work, prompting reports in some countries of people refusing one kind to wait for another. In the US, the two-dose Pfizer and Moderna shots were 95 percent protective against symptomatic Covid-19. J&J's one-dose effectiveness of 85 percent against severe Covid-19 dropped to 66 percent when moderate cases were rolled in. But there's no apples-to-apples comparison because of differences in when and where each company conducted its studies, with the Pfizer and Moderna research finished before concerning variants began spreading. NIH's Collins said the evidence shows no reason to favor one vaccine over another. "What people I think are mostly interested in is, is it going to keep me from getting really sick?" Collins said. "Will it keep me from dying from this terrible disease? The good news is all of these say yes to that." Also, J&J is testing two doses of its vaccine in a separate large study. Collins said if a second dose eventually is deemed better, people who got one earlier would be offered another. The FDA cautioned that it's too early to tell if someone who gets a mild or asymptomatic infection despite vaccination still could spread the virus. There are clear advantages aside from the conve-

This July 2020 photo provided by Johnson & Johnson shows a vial of the Covid-19 vaccine in Belgium. The US is getting a third vaccine to prevent Covid-19, as the Food and Drug Administration on Saturday, Feb. 27, 2021, cleared a Johnson & Johnson shot that works with just one dose instead of two. Johnson & Johnson via AP nience of one shot. Local health officials are looking to use the J&J option in mobile vaccination clinics, homeless shelters, even with sailors who are spending months on fishing vessels—communities where it's hard to be sure someone will come back in three to four weeks for a second vaccination. The J&J vaccine also is easier to handle, lasting three months in the refrigerator compared to the Pfizer and Moderna options, which must be frozen. "We're chomping at the bit to get more supply. That's the limiting factor for us right now," said Dr. Matt Anderson of UW Health in Madison, Wisconsin, where staffers were readying electronic health records, staffing and vaccine storage in anticipation of offering J&J shots soon. The FDA said studies detected no serious side effects. Like other Covid-19 vaccines, the main side effects of the J&J shot are pain at the injection site and flu-like fever, fatigue and headache. An FDA fact sheet for vaccine recipients says there is "a remote chance" that people may experience a severe allergic reaction to the shot, a rare risk seen with the Pfizer and Moderna vaccines. Such reactions are treatable, and vaccine recipients are supposed to be briefly monitored after the injection. The vaccine has been authorized for emergency use in adults 18 and older for now. But like other manufacturers, J&J is about to study how it works in teens before moving to younger children later in the year, and also plans a study in pregnant women. All Covid-19 vaccines train the body to recognize the new coronavirus, usually by spotting the spikey protein that coats it. But they're made in very different ways. J&J's shot uses a cold virus like a Trojan horse to carry the spike gene into the body, where cells make harmless copies of the protein to prime the immune system in case the real virus comes along. It's the same technology the company used in making an Ebola vaccine, and similar to Covid-19 vaccines made by AstraZeneca and China's CanSino Biologics. The Pfizer and Moderna vaccines are made with a different technology, a piece of genetic code called messenger RNA that spurs cells to make those harmless spike copies. AP

Brasilia implements broad lockdown with hospitals facing Covid collapse

rasilia entered a broad lockdown on Sunday, including a daily 8 p.m. ban on alcohol sales, after Covid-19 patients brought the Brazilian capital’s hospitals to the breaking point. Amid a vaccine shortage and with 98 percent of beds in intensivecare units occupied, Federal District Governor Ibaneis Rocha decreed the 15 days of restrictions almost a year after Brasilia first entered a lockdown. It’s a sign that the pandemic is worsening again in Brazil, which never imposed a national lockdown and has the second-most Covid-19 deaths after the US. “I’m not happy with the decision,” Rocha said in announcing the lockdown late Friday. “I know it will impact the lives of thousands of people, but it is necessary in the face of the seriousness of the situation.” Under the decree, only essential services such as supermarkets, banks and pharmacies as well as places of worship will be allowed to

open. Malls, bars, restaurants, parks, gyms and other places where crowds can congregate were ordered closed. Private schools that reopened for in-person learning in September will have to suspend it again. Services have gradually reopened in Brasilia since a monthlong lockdown that began last March. President Jair Bolsonaro complained on Friday about a renewed restrictions decreed by governors and mayors, saying that everyone he talks to want to return to work. “The ‘stay at home, the economy we’ll see later’ policy didn’t work and it won’t work,” he said in a speech in northeastern Brazil. Brazil surpassed 10 million Covid-19 cases and 250,000 deaths linked to the virus this month. Weekly cases increased last week, breaking a one-month decline, according to Health Ministry data. Only 3.8 percent of the population has been vaccinated. Bloomberg News

Thailand kicks off vaccine program with Sinovac shots

hailand started rolling out its Covid-19 inoculation program with Sinovac Biotech Ltd.’s vaccine as the Southeast Asian nation tries to revive its pandemic-hit tourism industry. Prime Minister Prayuth Chan-Ocha on Sunday presided over the kickoff of the program, with a group of healthcare workers receiving the vaccine, state-owned NBT television network showed in a national live broadcast. Prayuth was not inoculated on Sunday as earlier planned because the Sinovac is not recommended for people of his age, Opas Kankawinpong, director general of the Disease Control Department, told a briefing on Saturday. “Today’s event is to assure the public about the safety of the vaccine that the government will roll out from now on,” said Pra-

yuth. “National vaccination is a major step for the government to go through with this Covid-19 pandemic.” Southeast Asia’s second-biggest economy aims to inoculate 50% of its population by the end of this year as the government tries to reopen its borders, which have been closed for almost a year to curb the outbreak. The government has also approved AstraZeneca Plc’s vaccine and has ordered 61 million doses. Deputy Prime Minister and Health Minister Anutin Charnvirakul and four other ministers received the Sinovac shot on Sunday. AstraZeneca’s vaccine arrived in Thailand on Feb. 24 but the company still needs to complete the quality-assurance process, it said in a statement on Saturday. Bloomberg News

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Monday, March 1, 2021

Scores arrested as Myanmar police disperse anti-coup rally

ANGON, Myanmar— Police fired tear gas and water cannons and there were reports of gunfire on Sunday in Myanmar’s largest city where another anticoup protest was underway with scores of students and other demonstrators hauled away in police trucks.

Protesters block a main road during a protest against the military coup in Mandalay, Myanmar on Sunday, Feb. 28, 2021. Police in Myanmar escalated their crackdown on demonstrators against this month's military takeover, deploying early and in force on Saturday as protesters sought to assemble in the country's two biggest cities and elsewhere. AP Photo

The violence erupted early morning when medical students were marching in Yangon's streets near the Hledan Center intersection, which has become the gathering point for protesters who then fan out to other parts of the city. Foot age showed protesters running away from police as they charged at them, and residents setting up makeshift roadblocks to slow their advance. Nearby, residents were pleading with police to release those they picked up from the street and shoved into police trucks to be taken away. There was no immediate word on casualties. Sounds of gunfire could be heard and what appeared to be smoke grenades thrown into the crowds.

Security forces now appear to become more aggressive in using force and making arrests as the popular uprising against the Feb. 1 military takeover gathers steam. Myanmar's crisis took a dramatic turn on the international stage over the weekend at a special session of the United Nations General Assembly when the country's UN ambassador declared his loyalty to the ousted civilian government of Aung San Suu Kyi and called on the world to pressure the military to cede power. Ambassador Kyaw Moe Tun declared in an emotional speech to fellow delegates on Friday that he represented Suu Kyi's "civilian government elected by the people" and supported the fight against military rule.

MRTV, a Myanmar state-run television channel, broadcast an announcement Saturday from the Foreign Ministry that the ambassador was fired because he had abused his power and misbehaved by failing to follow the instructions of the government and betraying it. Kyaw Moe Tun had urged all countries to issue public statements strongly condemning the coup, and to refuse to recognize the military regime. He also called for stronger international measures to stop violence by security forces against peaceful demonstrators. There were arrests on Saturday in Myanmar's two biggest cities, Yangon and Mandalay, where demonstrators have been hitting the streets daily to peacefully demand the restoration of the government

of Suu Kyi, whose National League for Democracy party won a landslide election victory in November. Police in Dawei, in the southeast, and Monywa, 135 kilometers (85 miles) northwest of Mandalay, also used force against protesters. Both cities, with populations of less then 200,000 each, have been seeing large demonstrations. Nearly 800 people have been reported arrested since the coup. The junta said it took power because last year's polls were marred by massive irregularities. The election commission before the military seized power coup had refuted the allegation of widespread fraud. The junta dismissed the old commission's members and appointed new ones, who on Friday annulled the election results. AP

NYC rally condemns attacks on people of Asian descent

EW YORK—A crowd gathered in New York City on Saturday to denounce an uptick in attacks on people of Asian descent in the city and across the country. Hundreds of people rallied at Foley Square in lower Manhattan, not far from where an Asian man was critically injured on Thursday in what police said was an unprovoked stabbing by another man who was charged with attempted murder. "It's really been terrifying for our

community," said Jo-Ann Yoo, executive director of the Asian American Federation, a New York-based advocacy group. "What is happening is not right." Federal, state and local politicians at the rally, including Mayor Bill de Blasio, US Sen. Chuck Schumer and state Attorney General Letitia James, also condemned violence against men and women of Asian descent. "We will not accept hatred in New York City," de Blasio said. "Stop

Asian hate. This is the message we have to get out, not just in New York City but all over this country." A spike in verbal and physical attacks against Asian Americans has been reported since the coronavirus, which emerged from China, reached the United States. Stop AAPI Hate, launched by two advocacy groups to encourage Asian Americans to report such incidents, has documented more than 3,000 attacks to date. In Thursday's stabbing in New

York, police said Salman Muflihi, 23, stabbed a 36-year-old Asian man in a random attack. Muflihi pleaded not guilty to attempted murder during a court hearing Saturday. He had been charged with hate crimes, but the Manhattan district attorney's office is not prosecuting the case as a hate crime, news outlets reported. A prosecutor said at the hearing that the victim remains in critical condition and may not survive. AP

Saudi Arabia intercepts missile attack over capital

UBAI, United Arab Emirates—Saudi Arabia said Saturday it intercepted a missile attack over its capital and bomb-laden drones targeting a southern province, the latest in a series of airborne assaults it has blamed on Yemen's rebel Houthis. The Saudi-led military coalition fighting in Yemen's yearslong war announced the Iran-allied Houthis had launched a ballistic missile toward Riyadh and three boobytrapped drones toward the province of Jizan, with a fourth toward another southwestern city and other drones being monitored. No casualties or damage were initially reported. There was no immediate comment from the Houthis. The attack comes amid sharply rising tensions in the Middle East, a day after a mysterious explosion

struck an Israeli-owned ship in the Gulf of Oman. That blast renewed concerns about ship security in the strategic waterways that saw a spate of suspected Iranian attacks on oil tankers in 2019. The state-owned Al-Ekhbariya TV broadcast footage of what appeared to be explosions in the air over Riyadh. Social media users also posted videos, with some showing residents shrieking as they watched the fiery blast pierce the night sky, which appeared to be the kingdom's Patriot missile batteries intercepting the ballistic missile. C o l . Tu r k i a l - M a l i k i , t h e spokesman for the Saudi-led coalition, said the Houthis were trying in "a systematic and deliberate way to target civilians." The US Embassy in Riyadh is-

sued a warning to A mericans, calling on them to "stay alert in case of additional future attacks." Flight-tracking websites showed a number of f lights scheduled to land at R iyadh's international airport diverted or delayed in the hour after the attack. A civ i l defense spokesman, Mohammed al-Hammadi, later said scattered debris resulted in material damage to one house, though no one was hurt, the staterun Saudi Press Agency reported. A s Yemen's wa r g r i nd s on, Houthi missile and drone attacks on the kingdom have grown commonplace, only rarely causing damage. Earlier this month the Houthis struck an empty passenger plane at Saudi Arabia's southwestern Abha airport with a bomb-laden drone, causing it

to catch fire. Meanwhile, the Saudi-led coalition has faced widespread international criticism for airstrikes in Yemen that have killed hundreds of civilians and hit non-military targets, including schools, hospitals and wedding parties. President Joe Biden announced this month he was ending US support for the Saudi-led war in Yemen, including "relevant" arms sales. But he stressed that the US would continue to help Saudi Arabia defend itself against outside attacks. The Houthis overran Yemen's capital and much of the country's north in 2014, forcing the government into exile and months later prompting Saudi Arabia and its allies to launch a bombing campaign. AP

A10 Monday, March 1, 2021 • Editor: Angel R. Calso

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editorial

Do you own a refrigerator?

he next time you hear people complain about “capitalism,” ask them if they own or have access to a refrigerator. You might be tempted to ask if they have a smartphone. Don’t. Smartphones will soon be declared a “human right.” Also, do not mention “the Internet.” Most people who hate capitalism would be triggered to learn that the foundation of the Internet was the Advanced Research Projects Agency Network. ARPANET was funded by the US Department of Defense.

Now, do you understand why you should only mention refrigerators? In 1913, refrigerators for home use were invented by Fred Wolf Jr., but he was more interested in building racing cars. William C. Durant, who-founded the car manufacturer General Motors, started the Frigidaire company to mass-produce refrigerators in 1918. In 1919, the Frigidaire was the first self-contained refrigerator. It cost $775 or over $12,000 in 2021 equivalent. Based on the average US hourly wage in 1919 at $0.43, it took the average American 225 days of work to afford a refrigerator. Today, it would take 57 hours to be able to afford this appliance. The household refrigerator changed the world. In general, “Refrigeration brought distant production centers together. It broke barriers of climates and seasons. It became an industry itself.” The household refrigerator “allowed people to buy and store fresh food products in a safer environment. As a result, people were able to consume better foods such as fresh produce, eggs, and meats.” After a television, the refrigerator is the most widely owned household appliance in the world. In Austria and Turkey, 97 percent of households have a ref. The US Census Bureau estimates the US poverty rate to be 13 percent. According to the latest government data, more than 92 percent of US homes own at least one refrigerator. High-income urban dwellers, as expected, own this appliance more often. Affordability is the major issue in virtually all consumer spending. However, refrigerators are the first assets, after a television, that a typical low-income household acquires as its wealth increases. Furthermore, a comprehensive study of India, Brazil, and South Africa in 2017 showed that even cultural differences change refrigerator purchasing habits. In India, the ownership is higher in the Sikh community because they drink more milk. Yet, across the globe in less-developed nations, the primary issue was the reliable availability of electricity and its cost as a factor for buying even the smallest, least expensive refrigerator. You can use your TV when the power comes back on, but your ref is useless if there is no electricity. Refrigerator ownership is low in the Philippines (45 percent) and it has to do with more than appliance affordability. The National Electrification Administration says there are around 2,319,660 homes—10 percent of the total—that still have no access to electricity. Capitalism is the private ownership of the means of production and their operation for profit. Socialism, in one form or another, espouses that the means of production and distribution are owned or regulated by the community through a government. One system supplies the refrigerator. The other supplies the electricity. Since 2005

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Ways to support women Atty. Jose Ferdinand M. Rojas II

RISING SUN

oday is Day 1 of the celebration of women’s month. And on March 8, the whole world celebrates Women’s Day. The International Women’s Day 2021 campaign theme is #ChooseToChallenge—it is an invitation to challenge inequalities, bias, and other issues against women. The organizers believe that this act of challenging can lead to change, that once we start calling out unfair practices and behavior, we’ll be helping to create a more inclusive environment.

In the Philippines, the government leads the national women’s month celebration via the Philippine Commission on Women (PCW). Their theme for this year is Juana Laban sa Pandemya: Kaya! with the hashtag #WomenMakeChange. Under this campaign, the year’s highlights will focus on “women’s participation in battling the pandemic and on the discussion of gender issues exacerbated by the pandemic.” But aside from looking at the challenges that women face in

the midst of this crisis, the women who thrived, and continue to do so despite the pandemic will also be recognized. Throughout the month, the government will also be sharing programs, opportunities and support systems that address women’s issues and concerns. Other agencies and private organizations are being encouraged to participate in the celebrations by sharing relevant information and/or launching events and activities that are aligned with

Throughout the month, the government will also be sharing programs, opportunities and support systems that address women’s issues and concerns. Other agencies and private organizations are being encouraged to participate in the celebrations by sharing relevant information and/or launching events and activities that are aligned with the theme or the pressing issues about women. the theme or the pressing issues about women. In the workplace, there are many ways to support women. For example, companies can provide ongoing career development programs to women, including the caregivers. Success in the current work environment would definitely entail re-skilling and upskilling. Women, who may already be at a disadvantage because of their responsibilities and limitations, should be given the opportunity to upskill. Women in the workplace also need access to the benefits they ac-

tually need, like adequate and appropriate medical and dental care; discounts and access to childcare facilities, gym membership, enrichment programs, etc.; access to fast Internet at home and free work equipment (or at least a discount for it); and other relevant benefits or privileges that are specially needed during this difficult time. Company CSR programs may benefit the women in the communities or the organizations that support these women. Working with these groups will help bring awareness to their specific concerns and increase opportunities and support for these women and their families. Finally, let us give our women workers an environment that allows them to achieve work-life balance. Change organizational structures and processes that create obstacles for the women. All of these don’t need to happen in March alone; do it for the whole year to show continuing support for the women in the work force. Happy Women’s Month to all women! Let us recognize and celebrate women’s achievements throughout history, and let us support the women in their fight for equality and inclusion.

‘Not a good idea:’ Experts concerned about Pope Francis’ trip to Iraq By Nicole Winfield & Samya Kullab Associated Press

ATICAN CITY—Infectious disease experts are expressing concern about Pope Francis’ upcoming trip to Iraq, given a sharp rise in coronavirus infections there, a fragile healthcare system and the unavoidable likelihood that Iraqis will crowd to see him. No one wants to tell Francis to call it off, and the Iraqi government has every interest in showing off its relative stability by welcoming the first pope to the birthplace of Abraham. The March 5-8 trip will provide a sorely-needed spiritual boost to Iraq’s beleaguered Christians while furthering the Vatican’s bridge-building efforts with the Muslim world. But from a purely epidemiological standpoint, as well as the public health message it sends, a papal trip to Iraq amid a global pandemic is not advisable, health experts say. They note that wars, economic crises and an exodus of Iraqi professionals have devastated the country’s hospital system, while studies show most of Iraq’s new Covid-19 infections are the highly-contagious variant first identified in Britain. “I just don’t think it’s a good idea,” said Dr. Navid Madani, virologist and founding director of the Center for Science Health Education in the Middle East and North Africa at Har-

vard Medical School’s Dana-Farber Cancer Institute. The Iranian-born Madani co-authored an article in The Lancet last year on the region’s uneven response to Covid-19, noting that Iraq, Syria and Yemen were poorly placed to cope given they are still struggling with extremist insurgencies and have 40 million people who need humanitarian aid. In a telephone interview, Madani said Middle Easterners are known for their hospitality, and cautioned that the enthusiasm among Iraqis of welcoming a peace-maker like Francis to a neglected, war-torn part of the world might lead to inadvertent violations of virus control measures. “This could potentially lead to unsafe or superspreading risks,” she said. Dr. Bharat Pankhania, an infectious disease control expert at the University of Exeter College of Medicine, concurred. “It’s a perfect storm for generating lots of cases which you won’t be

The March 5-8 trip will provide a sorely-needed spiritual boost to Iraq’s beleaguered Christians while furthering the Vatican’s bridgebuilding efforts with the Muslim world. But from a purely epidemiological standpoint, as well as the public health message it sends, a papal trip to Iraq amid a global pandemic is not advisable, health experts say. They note that wars, economic crises and an exodus of Iraqi professionals have devastated the country’s hospital system, while studies show most of Iraq’s new Covid-19 infections are the highlycontagious variant first identified in Britain. able to deal with,” he said. Organizers promise to enforce mask mandates, social distancing and limitations on participation in papal events, with the possibility of increased testing sites, two Iraqi government officials said. The health-care protocols are “critical but can be managed,” one government official told The Associated Press, speaking on condition of anonymity. And the Vatican has taken its own precautions, with the 84-year-old pope, his 20-member Vatican entourage and 70-plus journalists on the papal plane all vaccinated.

But the Iraqis who will be gathering in the north, center and south of the country to attend Francis’ indoor and outdoor Masses, hear his speeches, participate in his prayer meetings and organize the logistics of a complicated trip, are not. And that, scientists say, is the problem. “We are in the middle of a global pandemic. And it is important to get the correct messages out,” Pankhania said. “The correct messages are: the less interactions with fellow human beings, the better.” He questioned the optics of the Vatican delegation being inoculated while the Iraqis are not, and noted that Iraqis would only take the risk to attend such an event because the pope was there. In words addressed to Vatican officials and media, including AP journalists, he said: “You are all protected from severe disease. So if you get infected, you’re not going to die. But the people coming to see you may get infected and may die.” “Is it wise under that circumstance for you to just turn up, and because you turn up, people turn up to see you and they get infected?” he asked. The World Health Organization was diplomatic when asked about the wisdom of a papal trip to Iraq, saying countries should evaluate See “Pope,” A11

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Bonanza for local governments

Unwitting ambassadors Siegfred Bueno Mison, Esq.

THE PATRIOT

Joel L. Tan-Torres

DEBIT CREDIT Second of a series

he anti-Covid-19 vaccines have finally arrived. For the local government executives, their task on hand has just began. They would have to be ready to address the many challenges of preparing for the logistical and financial requirements for the vaccination of their constituents. For the financial aspect, how can the provinces and cities fund the billions of pesos required for the acquisition of the vaccine? For the immediate requirements, they would have to rely on their savings or the assistance coming from the national government and other supporters.

But starting in 2022, the governors and mayors will have more resources for their utilization considering that the bonanza of funds arising from a 2018 Supreme Court case will be made available to the local government units. I refer to Supreme Court case GR 199802 that were filed way back in 2012 by then Congressman (currently Batangas governor) Hermilando Mandanas and then Bataan Congressman Enrique Garcia. In their petition to the High Court, the two alleged that the basis and method on sharing of the internal revenue allotments by the national government to the local governments were wrong from the onset and much lower than the amounts legally due the LGUs. I know personally the two individuals, having engaged with them in the past, including Mr. Garcia who was a co-worker in the Bureau of Internal Revenue sometime in the early 1980s, and Mr. Mandanas, who I met and interacted with when I was the BIR Commissioner and Professional Regulatory Board of Accountancy Chairman in the past decade. Belatedly, I got to know that Mr. Mandanas is a graduate of the Masters in Business Administration Program of the UP Virata School of Business, the school of which I am the present dean. Even back then, I already knew the competence and drive of the two individuals to achieve milestones. So, it is not surprising that the Supreme Court affirmed most of the positions of the two that are now landmark cases on fiscal management and local government autonomy. Thanks to these two gentlemen, they were able to convince the Supreme Court on the validity of their

Pope. . .

continued from A10

the risk of an event against the infection situation, and then decide if it should be postponed or can be held safely. “If they’re having birthday parties, for example, it’s all about managing that risk,” said Maria Van Kerkhove, WHO’s technical lead on Covid-19. “It’s about looking at the epidemiologic situation in the country and then making sure that if that event is to take place, that it can take place as safely as possible.” Francis has said he intends to go even if most Iraqis have to watch him on television to avoid infection. The important thing, he told Catholic News Service, is “they will see that the pope is there in their country.” Francis has frequently called for an equitable distribution of vaccines and respect for government health measures, though he himself tends to not wear facemasks. Francis for months has eschewed even tightly controlled, socially distanced public audiences at the Vatican to limit the chance of contagion. Dr. Michael Head, senior research fellow in global health at the University of Southampton’s Faculty of Medicine, said the number of new daily cases in Iraq is “increasing significantly at the moment” with the

Starting in 2022, the governors and mayors will have more resources for their utilization considering that the bonanza of funds arising from a 2018 Supreme Court case will be made available to the local government units. I refer to Supreme Court case GR 199802 that were filed way back in 2012 by then Congressman (currently Batangas governor) Hermilando Mandanas and then Bataan Congressman Enrique Garcia. position, when the court issued its decision affirming the inclusion of all internal revenue taxes on the method for determining the IRAs of the local governments. As a result, the basis of the IRA determination has substantially increased, translating into higher allotments of local government shares. This bonanza saga continues. The actual grant of the increased share begins only in 2022. There are twists and turns that may still arise moving forward. To be continued Joel L. Tan-Torres is the Dean of the University of the Philippines Virata School of Business. Previously, he was the Commissioner of the Bureau of Internal Revenue, the chairman of the Professional Regulatory Board of Accountancy and partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of May 1979. This column accepts contributions from the business community. Articles not exceeding 600 words can be e-mailed to boa.secretariat.@ gmail.com.

Health Ministry reporting around 4,000 a day, close to the height of its first wave in September. Head said for any trip to Iraq, there must be infection control practices in force, including maskwearing, hand-washing, social distancing and good ventilation in indoor spaces. “Hopefully we will see proactive approaches to infection control in place during the pope’s visit to Baghdad,” he said. The Iraqi government imposed a modified lockdown and curfew in mid-February amid a new surge in cases, closing schools and mosques and leaving restaurants and cafes only open for takeout. But the government decided against a full shutdown of commercial activity because of the difficulty of enforcing it and the financial impact on Iraq’s battered economy, the Iraqi officials told AP. Many Iraqis remain lax in using masks and some doubt the severity of the virus. Madani, the Harvard virologist, urged trip organizers to let science and data guide their decisionmaking. A decision to reschedule or postpone the trip, or move it to a virtual format, would “be quite impactful from a global leadership standpoint” because “it would signal prioritizing the safety of Iraq’s public,” she said.

tree’s anatomy can be quite interesting. More particularly, its branches and trunks hold more weight and meaning than we may have initially thought or imagined. I recently learned that while these two major parts of a tree may appear to be “just made of wood,” the material, as well as the bark surrounding it, “consists of many types of cells adapted for strength, resistance to injury and decay, transport of liquids, and storage of starch and other materials.” However, when a branch (or twig) gets cut down, it is either thrown in a fiery furnace or is re-planted to allow for new growth. But, the cutting process from its “mother” source is always a complex matter. So much akin to a person being suddenly pared away from something he holds with extreme value, like a job or a business.

This ongoing pandemic and the consequential quarantine restrictions have resulted to a lot of “pruning” of the labor force. Our laws have allowed management to retrench (cut down on) employees, in good faith, whenever financial losses incurred are substantial, actual or reasonably imminent and that retrenchment is reasonably necessary to prevent further or expected losses. What can be lost in the application of retrenchment is the use of fair and reasonable criteria in ascertaining who would be retrenched or retained. Recently, 1,300 employees of Philippine Airlines (PAL) availed themselves of voluntary retirement/ separation, while another 1,000 employees were retrenched to ensure the flag carrier’s continued survival. From a manpower of about 7,000, the flag carrier now only has about 5,000 employees in its work force. A large group of those retrenched understandably came from the flight and cabin crew inasmuch as daily flights were reduced from a high of 300 to around 90 flights on average. PAL President Gilbert Santa Maria reportedly prepared the employees for this eventuality as early as last

year via communication modes, which included interactive town hall meetings. While the PAL separation package seems generous and compliant with legal and contractual obligations, these retrenched employees are now part of the growing number of unemployed Filipinos. At first glance, separation from a company, whether forced or voluntary, appears to be a sad chapter in anyone’s professional career. However, in due time, some of my former colleagues in Asia’s first airline will be back in the saddle. Whether it will be in the same industry or elsewhere, they will always carry with them whatever learnings and experiences they may have received from PAL. Its cabin crew in particular, PAL employees carry this unique brand of #BuongPusongAlaga where they proudly exhibit the Filipino values of care, compassion, hospitality, among others, in everything they do. I am confident that these 2,300 unwitting ambassadors of the PAL brand will be well received by any company they wish to join. But while who we are is readily seen in our Curriculum Vitae (CV), what we stand for is not. Our character will ultimately be revealed

Monday, March 1, 2021 A11

through our words and actions. Job interviews can only assess so much. Not all PAL employees can live up to that brand of care and compassion, in the same way that not all believers of Jesus Christ will remain true to His word. Like twigs and stems separated from our mother tree, some of us may unsuspectingly renege from our commitment to service, and yet others may carry on and continue with the values already entrenched in our character, raising the diplomatic flag of our Father in heaven. In the Bible, 2 Corinthians 5:20 tells us, “We are ambassadors of the Anointed One who carry the message of Christ to the world, as though God were tenderly pleading with them directly through our lips. So we tenderly plead with you on Christ’s behalf, ‘Turn back to God and be reconciled to him.’” I have seen a few believers who claim to be followers of Jesus Christ but live a life of lies and deceit. Some are in government, unfortunately. They hear mass and keep Bibles in their offices, yet they display ungodly behavior, openly and publicly. Reflecting on my 16 years of public service, I sometimes failed to live up to the godly values of kindness and gentleness. I could get viciously furious and angry with colleagues and not allow misdeeds go unpunished. Such conduct is far from being Christ-like, like a hypocrite, I became. Decidedly, in the midst of loss and adversity, especially when generated by a separation from our usual route, we should endeavor not to lose our IDENTITY. Who we are in Jesus Christ is something that ought to be permanent and will help us to persevere in whatever level of life we shall find ourselves in. Our foothold is found in the 2 Corinthians: 21, where we claim that “we are the righteousness of God in Christ.” Steady and still with this identity, we can always boldly get planted and be fruitful in our next undertaking, rallying like ambassadors of our families, our schools, our employers, and

of our faith, mindful that what we say and do will always be reflective of who we are and what we stand for. We will surely have our momentary lapses where we will fail. But, as my pastor Niels always tell me, our God appreciates our progression and not perfection. Interestingly indeed, like a branch cut off from a tree, the separation process goes beyond the literal. Those retrenched PAL employees may eventually find themselves trekking a new road, but they will carry with them the merit and message of goodwill, which only PAL could have given them. As believers, we may be led astray at one point or another, or be disconnected from our customary zone, but running confidently with our identity, we shall continue to walk like ambassadors of our “mother” tree, our Heavenly Father. For isn’t it reflected in the Bible, particularly in John 15: 5-6 that: “I am the vine; you are the branches. If you remain in me and I in you, you will bear much fruit; apart from me you can do nothing. If you do not remain in me, you are like a branch that is thrown away and withers; such branches are picked up, thrown into the fire and burned.” Prescinding from the anatomy of a tree, we are like a branch consisting of “many types of cells adapted for strength, resistance to injury and decay, transport of liquids, and storage of starch and other materials.” Filled indeed with so much worth and value, each one of us, wittingly or unwittingly, can be a credible ambassador of our Creator. A former infantry and intelligence officer in the Army, Siegfred Mison showcased his servant leadership philosophy in organizations such as the Integrated Bar of the Philippines, Malcolm Law Offices, Infogix Inc., University of the East, Bureau of Immigration, and Philippine Airlines. He is a graduate of West Point in New York, Ateneo Law School, and University of Southern California. A corporate lawyer by profession, he is an inspirational teacher and a Spirit-filled writer with a mission. For questions and comments, please e-mail me at sbmison@gmail.com.

Plunging demand for Covid-19 tests may leave US exposed By Matthew Perrone | AP Health Writer

ASHINGTON—Just five weeks ago, Los Angeles County was conducting more than 350,000 weekly coronavirus tests, including at a massive drive-thru site at Dodger Stadium, as health workers raced to contain the worst Covid-19 hotspot in the US. Now, county officials say testing has nearly collapsed. More than 180 government-supported sites are operating at only a third of their capacity. “It’s shocking how quickly we’ve gone from moving at 100 miles an hour to about 25,” said Dr. Clemens Hong, who leads the county’s testing operation. After a year of struggling to boost testing, communities across the country are seeing plummeting demand, shuttering testing sites or even trying to return supplies. The drop in screening comes at a significant moment in the outbreak: Experts are cautiously optimistic that Covid-19 is receding after killing more than 500,000 people in the US but concerned that emerging variants could prolong the epidemic. “Everyone is hopeful for rapid, widespread vaccinations, but I don’t think we’re at a point where we can drop our guard just yet,” said Hong. “We just don’t have enough people who are immune to rule out another surge.” US testing hit a peak on Jan. 15, when the country was averaging more than 2 million tests per day. Since then, the average number of daily tests has fallen more than 28 percent. The drop mirrors declines across all major virus measures since January, including new cases, hospitalizations and deaths. Officials say those encouraging trends, together with harsh winter weather, the end of the holiday travel season, pandemic

fatigue and a growing focus on vaccinations are sapping interest in testing. “When you combine all those together you see this decrease,” said Dr. Richard Pescatore of the health department in Delaware, where daily testing has fallen more than 40 percent since the January peak. “People just aren’t going to go out to testing sites.” But testing remains important for tracking and containing the outbreak. L.A. County is opening more testing options near public transportation, schools and offices to make it more convenient. And officials in Santa Clara County are urging residents to “continue getting tested regularly,” highlighting new mobile testing buses and pop-up sites. President Joe Biden has promised to revamp the nation’s testing system by investing billions more in supplies and government coordination. But with demand falling fast, the country may soon have a glut of unused supplies. The US will be able to conduct nearly 1 billion monthly tests by June, according to projections from researchers at Arizona State University. That’s more than 25 times the country’s current rate of about 40 million tests reported per month. With more than 150 million new vaccine doses due for delivery by late March, testing is likely to fall further as local governments shift staff and resources to giving shots.

Some experts say the country must double down on testing to avoid flare-ups from coronavirus variants that have taken hold in the UK, South Africa and other places. “We need to use testing to continue the downward trend,” said Dr. Jonathan Quick of the Rockefeller Foundation, which has been advising Biden officials. “We need to have it there to catch surges from the variants.”

“You have to pick your battles here,” said Dr. Jeffrey Engel of the Council of State and Territorial Epidemiologists. “Everyone would agree that if you have one public health nurse, you’re going to use that person for vaccination, not testing.” Some experts say the country must double down on testing to avoid flare-ups from coronavirus variants that have taken hold in the UK, South Africa and other places. “We need to use testing to continue the downward trend,” said Dr. Jonathan Quick of the Rockefeller Foundation, which has been advising Biden officials. “We need to have it there to catch surges from the variants.” Last week, Minnesota began urging families to get tested every two weeks through the end of the school year as more students return to the classroom. “To protect this progress, we need to use all the tools at our disposal,” said Dan Huff, an assistant state health commissioner. But some of the most vocal testing proponents are less worried about the declines in screening. From a public health viewpoint, testing is effective if it helps to quickly find the infected, trace their contacts and isolate them

to stop the spread. In most parts of the US, that never happened. Over the holiday season, many Americans still had to wait days to receive test results, rendering them largely useless. That’s led to testing fatigue and dwindling interest, said Dr. Michael Mina of Harvard University. “It doesn’t exactly give you a lot of gratifying, immediate feedback,” Mina said. “So people’s willingness or interest in getting tested starts to go down.” Still, US test manufacturers continue ramping up production, with another 110 million rapid and home-based tests expected to hit the market next month. Government officials long assumed this growing arsenal of cheap, 15-minute tests would be used to regularly screen millions of students and teachers as inperson classes resume. But recent guidelines from the Centers for Disease Control and Prevention don’t emphasize testing, describing it as an “additional layer” of protection, behind basic measures like masking and social distancing. Even without strong federal backing, educational leaders say testing programs will be important for marshaling public confidence needed to fully reopen schools, including in the fall when cases are expected to rise again. “Schools have asked themselves, justifiably, ‘Is the juice worth the squeeze to set up a big testing effort?’” said Mike Magee, CEO of Chiefs for Change, a nonprofit that advises districts in more than 25 states. “Our message to the school systems we work with is: ‘Yes, you need to stand up comprehensive testing because you’re going to need it.’” Associated Press writer Brian Melley in Los Angeles and AP data journalist Nicky Forster in New York contributed to this report.

A12 Monday, March 1, 2021

DATA FOR EXPANDED POVERTY INDEX WILL COME FROM CBMS By Cai U. Ordinario @caiordinario

O better track the country’s antipoverty efforts, the Philippine Statistics Authority (PSA) will be using the Community-Based Monitoring System (CBMS) to provide data for the multidimensional poverty index. National Statistician Claire Dennis S. Mapa told the BusinessMirror that the PSA will spend P85 million to pilot the CBMS this year. The pilot will cover select cities and municipalities nationwide. Mapa said the PSA is also eyeing to allocate P2.5 billion to cover the CBMS operations in all 4th- to 6thclass cities/municipalities next year. “The CBMS will capture more nonincome indicators of poverty such as health, nutrition, water, sanitation, shelter, education, security and participation, among others,” Mapa told this newspaper. This, Mapa said, is one of the reasons for using the CBMS. Some of the ground level data needed to track non-income poverty indicators cannot be captured by just the Family Income and Expenditure Survey (FIES). Currently, the country has MPI data for 2016 and 2017 based on existing surveys. The data for the MPI is derived from a combination of the FIES and the Labor Force Survey (LFS) and the Annual Poverty Indicators Survey (APIS)-LFS. The CBMS, which was passed into law in 2019, will cater to the data sup-

port for the MPI, along with other Sustainable Development Goal (SDG) indicators, at lower levels of disaggregation so that no one will be left behind. “CBMS data will be available at the city/municipality levels and will be useful to the LGU executives in monitoring poverty incidence in all dimensions and planning necessary intervention,” Mapa told the BusinessM irror. Last week, Mapa spoke at the 52nd Session of the UN Statistical Commission on Multidimensional Poverty Indices. Mapa said the country’s MPI, particularly the methodology, is being refined to include other relevant indicators. It is also taking into consideration the effects of the Covid-19 pandemic. These efforts, he said, aim to take advantage of the expertise of the members of the Technical Committee on Poverty Statistics to ensure the methodology is vetted and rigorously crafted. Mapa said this will also enable the creation of appropriate poverty-related policies and programs, in line with the theme of the 2021 UNSC: Better Data, Better Lives. The MPI aims to provide relevant information to policymakers and programs implementers, with the view to achieving the SDG target 1.2 —to reduce by half the proportion of women, men, and children living in poverty in all its dimensions, according to national definitions, by 2030.

‘Tax reforms may be timely in pandemic’

By Cai U. Ordinario

@caiordinario

HE pandemic presents opportunities for countries to undertake much-needed tax reforms, according to experts from the Asian Development Bank (ADB). In an Asian Development Blog, ADB International Tax Policy Consultant Sissie Fung; Independent Tax Policy Consultant Brian McAuley; and Public Management Specialist for Taxation Go Nagata

said the financial challenges of governments highlights the need to harness the power of taxation. They taxes on property, such as recurrent taxes on immovable property, recurrent taxes on net wealth,

taxes on estates, inheritances and gifts, as well as progressive income taxes should be considered as part of countries’ medium and longterm revenue strategies. “The Covid-19 pandemic has created unprecedented fiscal challenges. But it also presents opportunities for a fairer, more efficient and more robust tax revenue and spending system,” the authors said. The ADB experts said their recent study, focusing on Cambodia, the Philippines, Thailand and Vietnam, found that increasing taxes is one of the options being used to

raise government revenues. They noted that property tax reforms in these countries contributed to government strategies. These reforms when framed in coherence with other systems, as well as government functions related to land management, could benefit countries. The authors said that while some of these tax reforms have been put on hold in 2020, governments have found a renewed sense of urgency in the implementation of these reforms. Continued on A4

SOTTO BACKS VFA RETENTION,PITCHES PACT WITH JAPAN

The president of the Manila City Hall Masons, Fiscal Gil Mendoza, checks on the blood donors during the First Manila City Hall Masons Blood donation on Saturday. Organizers of the project, launched to respond to urgent need for blood amid mobility restrictions posed by the pandemic, made sure that proper health protocols were observed at the Palma Hall of Universidad ng Manila. Story on page A7. NONIE REYES

PRESIDENT Duterte’s inclination to get the public pulse before making a final decision on the move to terminate the Visiting Forces Agreement (VFA) with the United States is a welcome development to Senate President Vicente Sotto III, who has urged him to keep it. In fact, Sotto said senators are even looking to expand VFAs with Japan and other allies amid continuing incursions by China in the West Philippine Sea. “We need to preserve the VFA, we cannot readily abrogate it,” Senate Vicente Sotto told DWIZ over the weekend, speaking partly in Filipino.

See “Sotto,” A2

www.businessmirror.com.ph

Companies BusinessMirror

Monday, March 1, 2021

SMIC income drops by half as crisis hits PHL economy

By VG Cabuag

@villygc

onglomerate SM Investments Corp. (SMIC) said its net income in 2020 was cut in half to P23.4 billion from the previous year’s P44.6 billion mainly due to the impact of the pandemic on its shopping malls and the pre-emptive bad loan provisions of its banks.

Consolidated revenues were down by 21 percent to P394.2 billion from P502.0 billion in 2019. The banking business accounted for 55 percent of its net income, property at 33 percent and retail contributed 12 percent. “Our businesses continued to build momentum through the

end of 2020 as they addressed the changed behaviors and needs of our customers. Our banks, food retailing and residential property all performed well, while our malls and non-food retail operations showed steady improvements as conditions allowed. We continue to innovate and focus on safety and are cau-

tiously optimistic about the year ahead,” SMIC President Frederic C. DyBuncio said. SM Retail Inc., which consists of non-food businesses, such as the department and specialty stores and food stores, reported revenues at P296.8 billion, 19 percent lower than the P366.8 billion in the previous year. Net income was lower by 67 percent at P4.1 billion. It opened two new department stores last year—one in Butuan and another one in Zamboanga. The total gross selling area of all 66 department stores in 2020 stood at 816,958 square meters. The food group, which includes supermarket, hypermarket and Savemore, Alfamart and WalterMart, added 287 new stores in 2020. SM Retail added a total of 351 new stores in 2020 across the portfolio. At the end of 2020, SM Retail had a total of 3,019 outlets, comprising 66 department stores, 1,550 specialty retail stores, 59 supermarkets, 52 hy-

permarkets, 209 Savemore, 71 WalterMart and 1,012 Alfamart stores. Shopping mall operator SM Prime Holdings Inc.’s income dropped by more than half to P18 billion from P38.1 billion in the previous year as rents in its properties fell due to the lockdown measures. Consolidated revenues for the period fell 30 percent to P81.9 billion from the previous P118.3 billion. Lender BDO Unibank Inc. posted a net income drop of 36 percent to P28.2 billion from the previous P44.2 billion due mainly to preemptive provisions of P30.2 billion set aside against potential loan delinquencies from the pandemic. China Banking Corp. reported a net income of P12.1 billion, 20 percent higher compared with 2019 figures. Net interest income grew 30 percent to P33.8 billion on the back of a 39-percent drop in interest expense. Gross loans ended flat at P572 billion, while deposits were up 8 percent to P835 billion.

PSE greenlights REIT listing of DDMP T he Philippine Stock Exchange Inc. (PSE) has approved the initial public offering (IPO) listing application of DDMP REIT Inc., a real estate investment trust (REIT) mainly sponsored by DoubleDragon Properties Corp. It will be the second REIT to debut on the PSE since last year. The company is set to offer up to 5.94 billion secondary common shares at a price of up to P2.25 per share, or some P14.7 billion in fresh funds. The said shares were owned by Double Dragon, Benedict V. Yujuico and Teresita M. Yujuico. The selling shareholders set aside 594.24 million more shares as overallotment option. The final offer price will be announced after the company’s book building process. Its offer period will run from March 10 to 16, and is tentatively scheduled to be listed on the main board of the PSE on March 23.

“We are optimistic that more property companies will list REITs in the Exchange this year given the benefits to the REIT company, its investors and to the country’s economy because of the reinvestment in the Philippines rule for the REIT’s sponsor,” PSE President and CEO Ramon S. Monzon said. As with all IPOs, 10 percent of the offer shares will be set aside for local small investors available for subscription through the PSE Electronic Allocation System platform that they can purchase during offer period. All first time REIT IPO investors, whether subscribing through PSE EASy or directly through reit-eligible stockbrokers, must secure a Name on Central Depository (NoCD) account before they can avail of REIT shares. Assuming the full exercise of the overallotment option, new investors will corner 36.67 percent of the issued and outstanding common shares of DDMP. DoubleDragon will retain a

44.33-percent interest, while Benedict and Teresita will own 9.65 percent and 9.35 percent, respectively. The selling shareholders will receive the entire proceeds, which shall be reinvested in the Philippines, pursuant to the REIT rules. Credit Suisse (Singapore) Ltd., DBS Bank Ltd., Nomura Singapore Limited and PNB Capital and Investment Corp. will act as joint global coordinators for the REIT offering. The global coordinators will concurrently serve as joint bookrunners, along with CIMB Investment Bank Bhd., Investment and Capital Corp, of the Philippines, Macquarie Capital Securities (Singapore) Pte. Ltd., Maybank Kim Eng Securities Pte. Ltd. and RCBC Capital Corp., Credit Suisse, DBS, Nomura, CIMB, Macquarie and Maybank were picked as international bookrunners for the offer, while PNB Capital, ICCP and RCBC Capital will serve as domestic underwriters. VG Cabuag

MGDC secures approval of PRA for Solar City Manila development

anila Bay will soon become the location of a commercial, residential and tourism hub in the country after its proponent received the go signal to start the development of the ambitious project. The Philippine Reclamation Authority (PRA) has issued a Notice To Mobilize (NTM), as well as a Notice to Commence Actual Reclamation Works (NTCARW), paving the way for the 148-hectare Manila Bay reclamation project of the Manila Goldcoast Development Corp. (MGDC) to develop the proposed Solar City Manila. Through its Governing Board Resolution No. 5265 series of 2021, the PRA issued both notices last February 22 to the consortium of the MGDC and the City of Manila. In the resolution, the PRA said it issued the NTM and the NTCARW pursuant to the issuance of a clearance by no less than the Office of the President (OP), via Executive Secretary Salvador Medialdea, to the Manila Bay reclamation project. Last February 18, it received a memorandum from Medialdea,

wherein he gave assurance that the OP does not oppose the start of the project. “This refers to your Memorandum dated 07 December 2020, requesting authority from the Office of the President to issue the Notice to Mobilize (NTM) and the Notice to Commence Actual Reclamation Works (NTCARW) for the Manila Solar City Project, as well as the confirmation of the PRA Board Resolution relative thereto,” the executive secretary said in the memo. “Pursuant to Executive Order Nos. 543 (s. 2006) and 74 (s.2019), considering the Memorandum of this Office dated 01 February 2019 granting clearance to proceed with the Solar City Project, and upon the representations of the PRA on the completion of the documentary requirements and concurrences of the relevant government agencies, please be informed that this Office interposes NO OBJECTION in the grant of the NTM and NTCARW for the Manila Solar City Project, subject to compliance with applicable laws, rules and regulations.” Medialdea said the PRA’s request for NTMs and NTCARWs

relative to the Horizon Manila Reclamation Project and Manila Waterfront Reclamation will be acted upon separately. The MGDC is part of the Solar Group of the Tieng family engaged into entertainment, satellite communications, and property landbanking and development. The Solar City Manila project had been proposed more than 30 years ago as the Manila Goldcoast Reclamation Project, which secured in 1991 a greenlight from the then- Public Estates Authority, predecessor of the PRA, to pursue the project as the Manila-Cavite Coastal Road Reclamation-North Sector Reclamation Project (MCCRR-North Sector Reclamation). Some environmental groups opposed this initiative. Even the previous administrations of the local government of Manila imposed a ban on reclamation in the city, making the project stalled for years. On March 31, 2011, the PRA Board affirmed the “previous award of the MCCRR-North Sector Reclamation Project to Manila Goldcoast Development Corp.” Roderick L. Abad

Exec: Dito won’t turn a profit for two years

hile it is set to launch its commercial operations next week, Dito Telecommunity Corp. said it will not be able to turn a profit in 2022, given the long-term gestation period of its investments, which will reach the P226-billion mark next year. Rodolfo Santiago, the company’s chief technology officer, said his group’s projections show that Dito, the third telco, will not be profitable for the first two years of its operations. “Of course, our shareholders want it to be as soon as possible, but the telco industry is capital intensive. The gestation is for the long term, and as much as we wanted it to be profitable next year, I think it’s not possible,” he said. Dito will sell its sim cards starting March 8. The launch will be done in waves with 17 cities and municipalities in Visayas and Mindanao as priorities. The National Capital Region, Luzon, and the rest of the country will follow suit. The company is still mum about its pricing and the type of telco services it will offer, but officials assured that Dito will deliver on its commitment

of providing 27 Mbps average minimum speed to 37 percent of the population this year. Rodolfo said his group has already notified its creditors of its profitability track. “Suffice it to say the assumptions that we’ve given our creditor banks, from their point of view, is reasonable,” he said. Dito spent P150 billion to build its maiden network last year. This 2021, it is spending P26 billion to further expand the network to 45 percent of the population, while providing a minimum average speed of 55 Mbps. Next year, it has allotted another P50 billion for its network investments. The company is subject for its second network evaluation on July 8. So far, Rodolfo said his group is confident of meeting its commitments. Dito, controlled by Davao-based businessman Dennis A. Uy and partner China Telecom, won the auction for the third telco license in 2018, offering to cover 84 percent of the country’s population with telco services that have an average minimum speed of 55 Mbps through a P257-billion investment program. Lorenz S. Marasigan

Companies BusinessMirror

Monday, March 1, 2021

PSE STOCK QUOTATIONS

February 26, 2021

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

BDO UNIBANK BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FIRST ABACUS FERRONOUX HLDG FILIPINO FUND IREMIT MEDCO HLDG NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE

105.5 87.95 24.1 10.04 50.7 10.7 24.95 54.8 17.08 129.4 73 1.62 3.83 0.58 3.56 7.38 1.46 0.42 0.76 148.7 2,198 1.01

106 89 24.15 10.06 51 10.74 25.1 54.85 17.48 131 73.05 1.63 4 0.6 3.57 8.68 1.53 0.45 0.83 148.8 2,200 1.07

103.3 84 24 9.9 50.65 10.74 24.6 54.5 17.02 127 73 1.38 3.87 0.6 3.26 7.38 1.5 0.4 0.83 146.8 2,198 1.03

107.5 89 24.15 10.1 51.4 10.74 25.15 54.9 17.6 131 73.15 1.66 4 0.6 3.85 7.38 1.54 0.46 0.83 151 2,200 1.03

103.3 83.5 24 9.87 50.6 10.62 24.6 54.5 17 125.5 73 1.3 3.78 0.6 3.25 7.37 1.46 0.4 0.8 146.5 2,198 1.01

105.5 89 24.1 10.04 50.7 10.62 24.95 54.8 17.48 131 73 1.62 4 0.6 3.56 7.37 1.54 0.45 0.83 148.8 2,200 1.01

12,947,110 1,367,784,545 5,357,610 469,667,793.50 68,000 1,637,835 286,300 2,849,605 7,941,710 404,758,011.50 13,800 148,008 270,000 6,729,290 1,030 56,471 32,200 556,248 601,830 78,152,329 19,220 1,403,135 6,281,000 9,616,220 131,000 505,770 4,000 2,400 201,000 704,490 500 3,688 187,000 280,150 1,660,000 724,250 138,000 112,110 116,150 17,262,636 90 197,920 143,000 145,690

-75,380,025 157,867,146 -336,391 -168,211,110 -107,400 -126,380 -1,760 9,013,598 -588,380 278,970.00 -18,410 -3,330 -3,688 -4,500 2,688,638 87,920 -

INDUSTRIAL AC ENERGY 7.35 7.38 7 7.38 7 7.38 29,493,000 214,438,305 ALSONS CONS 1.29 1.32 1.28 1.32 1.28 1.29 1,103,000 1,426,090 24.2 24.55 25 25.2 24.2 24.2 4,860,600 119,638,130 ABOITIZ POWER BASIC ENERGY 1.1 1.11 1.07 1.11 1.03 1.1 46,183,000 50,314,040 FIRST GEN 29.8 29.95 29.7 30.1 28.8 29.8 659,000 19,648,745 73.05 73.3 73.95 73.95 72.8 73.05 26,490 1,945,490 FIRST PHIL HLDG MERALCO 271 271.6 275 278 270.4 271 737,990 200,520,526 MANILA WATER 15.54 15.6 15.22 15.66 15.22 15.6 1,015,300 15,758,668 3.54 3.56 3.55 3.56 3.54 3.54 1,477,000 5,237,230 PETRON PETROENERGY 3.78 3.79 3.9 3.9 3.79 3.79 36,000 138,360 PHX PETROLEUM 12.02 12.48 11.74 12.48 11.74 12.48 53,300 662,578 21.8 21.9 21.95 21.95 21.55 21.8 668,200 14,593,435 PILIPINAS SHELL SPC POWER 10.1 10.2 10.1 10.2 10.06 10.08 236,500 2,387,564 VIVANT 14.5 14.52 14.94 14.94 14.5 14.5 2,500 36,718 6.97 7.08 7.09 7.09 6.95 6.98 140,200 981,237 AGRINURTURE AXELUM 3.35 3.45 3.36 3.45 3.22 3.45 653,000 2,216,230 CNTRL AZUCARERA 13.1 13.98 13.04 13.2 13.04 13.1 8,700 113,998 17.88 18 17.94 18 17.58 18 2,277,800 40,626,490 CENTURY FOOD DEL MONTE 8.6 8.88 8.82 8.9 8.6 8.6 154,300 1,338,879 DNL INDUS 7.11 7.12 7.15 7.26 7.1 7.12 2,393,400 17,037,048 9.95 10 9.99 10.08 9.94 9.95 1,380,800 13,826,847 EMPERADOR SMC FOODANDBEV 66.85 67 67 67.1 66.75 67 58,640 3,928,446 ALLIANCE SELECT 0.63 0.65 0.63 0.65 0.63 0.63 795,000 506,390 1.47 1.49 1.46 1.49 1.46 1.49 1,786,000 2,631,240 FRUITAS HLDG GINEBRA 51.5 52.9 50.65 52.9 50.65 52.9 51,100 2,661,752 JOLLIBEE 178.9 179 175 180.2 175 179 930,450 166,452,527 33 34.15 33.1 34.2 33 34.2 8,100 268,250 LIBERTY FLOUR MACAY HLDG 7.5 7.9 7.9 7.9 7.41 7.9 4,100 31,069 MAXS GROUP 6.76 6.88 6.45 6.9 6.4 6.88 474,200 3,207,591 0.375 0.38 0.38 0.39 0.365 0.375 27,260,000 10,360,100 MG HLDG SHAKEYS PIZZA 7.21 7.34 7.3 7.4 7.2 7.21 107,300 774,506 ROXAS AND CO 1.14 1.15 1.16 1.2 1.14 1.14 10,846,000 12,654,550 4.54 4.7 4.6 4.7 4.6 4.7 15,000 69,200 RFM CORP SWIFT FOODS 0.139 0.14 0.137 0.142 0.133 0.14 7,700,000 1,072,820 UNIV ROBINA 127.6 127.7 129.3 132 127 127.7 4,060,760 520,231,010 0.89 0.9 0.87 0.89 0.86 0.89 2,863,000 2,518,990 VITARICH VICTORIAS 2.25 2.3 2.25 2.25 2.25 2.25 5,000 11,250 CONCRETE B 54.2 55 55 55 55 55 200 11,000 1.29 1.3 1.3 1.31 1.27 1.29 3,417,000 4,398,690 CEMEX HLDG EAGLE CEMENT 11.98 12 11.9 12 11.8 12 195,900 2,348,160 EEI CORP 8.2 8.3 8.31 8.4 8.03 8.2 418,000 3,440,460 6.19 6.23 6.2 6.28 6.15 6.19 87,300 539,476 HOLCIM MEGAWIDE 7.38 7.39 7.15 7.4 7.06 7.39 777,800 5,620,288 PHINMA 10.98 11 10.92 11 10.92 11 223,900 2,460,858 1.28 1.32 1.31 1.33 1.22 1.32 1,094,000 1,395,010 TKC METALS VULCAN INDL 2.75 2.76 2.69 2.85 2.65 2.75 22,755,000 62,388,470 CHEMPHIL 142.5 160 142.2 142.2 142.2 142.2 10 1,422 2.02 2.08 2.05 2.1 1.9 2.02 551,000 1,110,640 CROWN ASIA EUROMED 2.21 2.26 2.1 2.28 2.1 2.26 414,000 917,800 LMG CORP 4.71 4.97 4.71 4.71 4.71 4.71 1,000 4,710 5.41 5.5 5.4 5.8 5.4 5.5 52,200 283,616 PRYCE CORP CONCEPCION 21.05 21.1 21 21.8 20.7 21.1 997,400 20,947,805 GREENERGY 4.59 4.6 3.93 4.6 3.92 4.6 55,068,000 239,703,820 13 13.08 12.24 13.26 12.24 13.08 1,958,800 24,998,854 INTEGRATED MICR IONICS 1.22 1.23 1.22 1.25 1.21 1.23 1,130,000 1,383,330 PANASONIC 5.71 6.27 5.8 6.35 5.8 6.3 28,800 177,633 1.51 1.52 1.48 1.53 1.48 1.53 1,118,000 1,668,590 SFA SEMICON CIRTEK HLDG 6.53 6.54 6.3 6.69 6.2 6.54 1,499,100 9,781,329

14,577,024 -28,545,275 1,387,010 -7,432,445 -1,580,133.50 -94,468,300 -4,782,082 -2,652,820 -185,952 3,501,510 101,000 -294,197 -55,200 -15,641,566 -9,957,071 -3,256,784 293,508.50 -4,460 360,620 2,078,050 6,350,004 52,990 2,481,413 412,400 1,232,690 12,600 -118,768,276 -8,660 -648,240 69,488 -132,065.00 22,539 -820,076 131,000 744,740 -4,710 -206,950 -13,605,520 -999,382 -1,210 -294,835

HOLDING & FRIMS

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

1.08 7.19 748 42.15 10.72 2.95 7.34 0.81 0.85 0.83 5.4 5.3 8.75 0.238 559 3.63 64.4 1.75 3.73 14 0.52 1.81 4.07 4.88 2.55 2.72 1.25 314 1,009 124 0.78 140 0.255 0.227

1.09 7.2 758 43.2 10.74 2.99 7.35 0.83 0.87 0.89 5.48 5.35 8.85 0.255 559.5 3.75 64.45 1.76 3.8 14.28 0.53 1.98 4.12 5 2.57 2.79 1.29 335 1,010 125.7 0.8 142 0.26 0.228

1.09 7.2 750 43.45 10.34 2.95 7.35 0.81 0.85 0.86 5.38 5.35 8.85 0.236 539 3.7 62.1 1.57 3.75 14 0.52 2.02 4.15 4.85 2.43 2.97 1.3 312 1,010 125.5 0.79 135.9 0.24 0.232

1.13 7.24 769 43.45 10.78 2.99 7.4 0.83 0.88 0.89 5.48 5.35 8.85 0.29 559.5 3.75 64.45 1.77 3.78 14.28 0.54 2.02 4.15 5.5 2.64 2.98 1.3 335 1,027 125.7 0.79 142 0.26 0.235

1.04 7.18 738 42.15 10.2 2.88 7.35 0.79 0.83 0.86 5.34 5.2 8.8 0.236 534.5 3.61 61.75 1.45 3.73 13.86 0.51 1.81 4.06 4.85 2.38 2.7 1.25 312 1,006 122.4 0.78 135.9 0.24 0.225

1.08 7.2 748 42.15 10.74 2.95 7.35 0.81 0.85 0.89 5.48 5.35 8.8 0.255 559.5 3.75 64.45 1.75 3.73 14.28 0.53 1.98 4.07 4.99 2.57 2.79 1.29 333 1,009 125.7 0.78 142 0.255 0.227

20,124,000 22,039,320 103,900 749,212 820,260 615,342,030 2,976,200 125,883,890 15,432,800 164,746,066 1,284,000 3,783,930 36,900 271,228 2,402,000 1,937,610 2,692,000 2,293,000 60,000 52,770 3,938,600 21,304,096 5,542,600 29,417,673 55,300 486,875 2,710,000 700,030 229,760 126,078,720 33,000 120,500 4,619,740 295,883,524.50 37,043,000 60,617,980 320,000 1,196,470 3,589,900 50,231,868 543,000 283,780 19,000 36,230 42,109,000 171,762,380 81,000 404,680 9,790,000 24,693,190 278,000 787,800 80,000 100,620 450 143,860 848,115 859,280,945 126,310 15,774,668 412,000 321,880 7,080 983,242 5,930,000 1,497,560 7,670,000 1,752,310

325,560 92,918 -185,786,770 -20,929,320 37,889,534 755,190 -8,600 4,816,871 -12,864,913 -2,640 -2,360 5,335,655 -95,000 9,131,731 48,950 -1,007,850 6,471,750 -54,866,020 -1,688,550 -3,870 -321,054,940 3,938,697 -703,546 129,050 -

PROPERTY ARTHALAND CORP 0.64 0.65 0.64 0.65 0.63 0.64 603,000 388,290 ANCHOR LAND 7.46 7.94 7.94 7.94 7.46 7.46 400 3,080 39 39.05 38 39.7 37.6 39.05 11,816,900 460,716,515 AYALA LAND ARANETA PROP 1.3 1.38 1.3 1.39 1.3 1.39 24,000 31,650 AREIT RT 33.7 33.9 34 34 33.7 33.7 1,378,100 46,649,160 1.67 1.69 1.7 1.7 1.63 1.66 132,000 216,770 BELLE CORP A BROWN 0.91 0.93 0.92 0.94 0.9 0.93 1,320,000 1,215,840 CITYLAND DEVT 0.77 0.79 0.77 0.79 0.77 0.77 56,000 43,360 0.142 0.149 0.141 0.151 0.141 0.15 1,510,000 221,630 CROWN EQUITIES CEBU HLDG 7 7.15 7.48 7.48 7 7 392,700 2,833,605 CEB LANDMASTERS 6 6.09 5.28 6.5 5.2 6 13,958,900 81,831,212 0.405 0.41 0.41 0.41 0.405 0.405 1,410,000 574,900 CENTURY PROP CYBER BAY 0.33 0.335 0.33 0.345 0.325 0.33 5,110,000 1,712,300 DOUBLEDRAGON 15.2 15.22 14.9 15.4 14.9 15.22 2,904,000 44,101,416 6.6 6.7 6.55 6.6 6.5 6.6 52,800 344,940 DM WENCESLAO EMPIRE EAST 0.295 0.3 0.285 0.3 0.285 0.3 520,000 154,350 EVER GOTESCO 0.088 0.09 0.085 0.09 0.085 0.09 520,000 44,880 1.14 1.15 1.13 1.15 1.12 1.15 5,654,000 6,460,220 FILINVEST LAND GLOBAL ESTATE 0.89 0.9 0.9 0.9 0.89 0.89 244,000 218,640 8990 HLDG 7.25 7.42 7.42 7.42 7.25 7.25 59,500 436,432 1.56 1.6 1.45 1.6 1.4 1.6 8,069,000 12,326,030 PHIL INFRADEV MEGAWORLD 3.62 3.67 3.7 3.7 3.56 3.62 36,720,000 133,089,670 MRC ALLIED 0.495 0.5 0.49 0.51 0.48 0.495 33,379,000 16,492,335 0.55 0.56 0.46 0.59 0.45 0.56 67,600,000 36,295,700 PHIL ESTATES PRIMEX CORP 1.54 1.55 1.52 1.54 1.48 1.54 2,956,000 4,482,880 ROBINSONS LAND 19 19.58 19 19.58 18.3 19.58 5,081,200 97,674,462 0.285 0.29 0.29 0.29 0.29 0.29 30,000 8,700 PHIL REALTY ROCKWELL 1.44 1.47 1.42 1.47 1.42 1.44 96,000 137,360 SHANG PROP 2.75 2.77 2.7 2.78 2.63 2.77 781,000 2,167,220 2.12 2.15 2.12 2.2 2.11 2.15 497,000 1,069,640 STA LUCIA LAND SM PRIME HLDG 36.1 36.15 35.2 36.95 34.6 36.15 12,020,100 431,722,500 VISTAMALLS 3.9 3.99 3.85 4 3.8 3.9 47,000 183,870 1.75 1.76 1.73 1.78 1.71 1.76 1,699,000 2,947,890 SUNTRUST HOME VISTA LAND 4.32 4.34 4.24 4.35 4.22 4.34 2,012,000 8,659,480

17,920 46,208,310 -21,773,075 24,260 33,880 -12,410 -13,489,366 4,100 -6,513,704 69,000 16,150 379,720.00 -19,780 11,655 -123,200 -65,578,540 43,075 -245,900 1,496,580 -9,186,018 -37,400 -49,680 -54,811,150 -124,030 -311,730

SERVICES ABS CBN 12 12.38 12 12 11.84 12 102,800 1,226,284 GMA NETWORK 7.11 7.12 7.02 7.17 7.02 7.12 617,500 4,381,712 0.46 0.49 0.46 0.465 0.46 0.46 70,000 32,300 MANILA BULLETIN MLA BRDCASTING 10.78 10.8 10.26 10.78 10.26 10.78 8,100 86,988 GLOBE TELECOM 2,010 2,026 2,010 2,026 1,996 2,026 177,525 358,814,375 1,287 1,288 1,315 1,315 1,285 1,288 270,045 348,951,135 PLDT APOLLO GLOBAL 0.255 0.26 0.245 0.26 0.24 0.255 647,090,000 162,890,250 CONVERGE 17.5 17.52 17.58 17.7 17.44 17.5 5,079,500 89,026,762 4.3 4.35 4.33 4.68 4.1 4.3 1,184,000 5,175,910 DFNN INC DITO CME HLDG 16.14 16.16 15.3 16.48 15.12 16.14 72,311,200 1,157,459,602 ISLAND INFO 0.17 0.174 0.165 0.17 0.155 0.17 10,390,000 1,694,890 2.05 2.13 2.03 2.15 2.03 2.13 46,000 95,590 JACKSTONES NOW CORP 2.93 2.94 2.7 2.97 2.64 2.94 4,698,000 13,497,780 TRANSPACIFIC BR 0.465 0.47 0.44 0.495 0.44 0.47 35,430,000 16,767,750 2.74 2.75 2.58 2.88 2.53 2.74 6,092,000 16,793,380 PHILWEB 2GO GROUP 8.26 8.55 8.48 8.55 8.25 8.55 49,800 422,962 CHELSEA 4.1 4.11 4.05 4.19 4.03 4.1 1,370,000 5,612,350 44.55 44.85 45 45.3 43.65 44.85 697,100 30,886,565 CEBU AIR INTL CONTAINER 119.9 120 122.7 124.6 119.9 119.9 3,921,810 479,158,724 LBC EXPRESS 16.06 16.8 16.06 16.8 16.06 16.8 39,500 647,266 1 1.04 0.98 1.04 0.98 1.04 62,000 64,060 LORENZO SHIPPNG MACROASIA 5.67 5.71 5.54 5.78 5.41 5.71 2,049,400 11,483,257 METROALLIANCE A 3.25 3.26 2.91 3.25 2.83 3.25 7,651,000 23,805,530 2.89 3.18 3.08 3.08 3.08 3.08 33,000 101,640 METROALLIANCE B PAL HLDG 6.05 6.1 6.2 6.2 6 6.05 98,700 596,781 HARBOR STAR 1.31 1.33 1.3 1.33 1.25 1.33 543,000 704,570 1.45 1.48 1.45 1.45 1.45 1.45 1,000 1,450 ACESITE HOTEL BOULEVARD HLDG 0.043 0.044 0.044 0.045 0.043 0.044 40,300,000 1,762,000 DISCOVERY WORLD 5.3 5.35 5.48 5.48 5.2 5.35 1,370,400 7,320,315 10.22 10.78 10.22 10.22 10.22 10.22 200 2,044 GRAND PLAZA WATERFRONT 0.56 0.57 0.54 0.59 0.53 0.56 17,626,000 9,819,390 CENTRO ESCOLAR 6.71 9.56 6.7 6.7 6.7 6.7 1,000 6,700 8.07 8.46 8.07 8.07 8.07 8.07 200 1,614 IPEOPLE STI HLDG 0.385 0.39 0.39 0.4 0.39 0.39 3,450,000 1,345,900 BERJAYA 4.32 4.5 4.33 4.34 4.3 4.31 41,000 176,980 7.72 8 7.7 8 7.5 8 3,121,600 24,509,692 BLOOMBERRY PACIFIC ONLINE 2.08 2.23 2.06 2.35 2.06 2.08 346,000 775,050 LEISURE AND RES 1.9 1.91 1.79 2.3 1.79 1.9 24,323,000 50,947,210 2.07 2.19 2.06 2.24 2.06 2.2 68,000 145,040 MANILA JOCKEY PH RESORTS GRP 2.57 2.58 2.48 2.6 2.43 2.57 5,612,000 14,209,840 PREMIUM LEISURE 0.47 0.475 0.46 0.48 0.46 0.47 4,690,000 2,215,850 7.96 8.05 7.9 8.1 7.85 8.05 1,507,400 12,067,913 ALLHOME METRO RETAIL 1.36 1.38 1.33 1.38 1.32 1.38 870,000 1,179,450 PUREGOLD 36.65 37 35.5 37 34.55 37 8,967,000 324,590,090 56.2 56.55 54 56.95 53.55 56.55 699,950 39,142,436.50 ROBINSONS RTL PHIL SEVEN CORP 98.05 98.35 103.8 103.8 98 98.3 37,230 3,657,445.50 SSI GROUP 1.41 1.42 1.31 1.42 1.3 1.42 5,260,000 7,291,860 17.84 17.9 18 18.44 17.9 17.9 7,812,000 140,755,230 WILCON DEPOT APC GROUP 0.415 0.42 0.415 0.42 0.405 0.42 860,000 356,150 EASYCALL 6.8 6.97 6.68 6.97 6.68 6.8 54,400 368,891 420 440 411 440 411 440 290 126,130 GOLDEN MV IPM HLDG 5 5.15 5.15 5.15 5 5 10,200 52,000 PAXYS 2.21 2.37 2.21 2.3 2.21 2.3 7,000 15,650 2.95 2.96 2.82 3.04 2.82 2.95 91,738,000 270,459,920 PRMIERE HORIZON SBS PHIL CORP 4.44 4.45 4.32 4.44 4.32 4.44 31,000 136,560

30,834,730 -147,740,280 1,090,920 -23,523,846.00 282,530 10,792,190 154,100 865,090 602,400 -57,780 4,050 -4,926,485 81,796,361 -8,144.00 507,584 12,020 -9,050 21,400 -2,044 -132,660 -6,700 -1,614 -1,092,050 9,927,401 2,060 -285,030 -2,376,380 -150,400 -298,758 -521,750 -36,025,210 4,302,667.50 -1,869,547 -185,360 96,307,548 -1,344 -1,000 -680,910 -

MINING & OIL ATOK 7.11 7.2 7 7.28 6.88 7.11 416,500 2,972,401 -82,300 1.55 1.56 1.55 1.58 1.55 1.56 1,671,000 2,602,420 -632,710 APEX MINING ABRA MINING 0.0034 0.0035 0.0033 0.0036 0.0032 0.0034 9,592,000,000 33,446,500 -115,400 ATLAS MINING 6.8 6.85 6.84 6.84 6.7 6.8 715,100 4,831,469 -2,506,274 2.76 2.92 2.79 2.93 2.79 2.92 92,000 261,690 BENGUET A BENGUET B 2.79 3 2.82 2.82 2.82 2.82 5,000 14,100 COAL ASIA HLDG 0.34 0.35 0.34 0.35 0.33 0.35 1,290,000 439,100 20,150 2.7 2.8 2.81 2.81 2.7 2.8 108,000 297,200 153,900 CENTURY PEAK DIZON MINES 12.5 12.78 12.58 12.96 12.04 12.78 396,300 4,962,730 FERRONICKEL 2.97 2.98 2.8 3.01 2.75 2.97 139,060,000 403,488,610 -543,270 0.47 0.48 0.485 0.495 0.455 0.48 9,860,000 4,648,050 -4,600 GEOGRACE LEPANTO A 0.149 0.15 0.149 0.153 0.148 0.15 12,650,000 1,897,180 LEPANTO B 0.152 0.154 0.154 0.154 0.152 0.154 3,210,000 492,750 -4,620 0.0099 0.01 0.01 0.01 0.0099 0.0099 117,500,000 1,166,170 MANILA MINING A MANILA MINING B 0.01 0.011 0.01 0.011 0.01 0.01 39,800,000 415,100 MARCVENTURES 1.63 1.64 1.6 1.66 1.56 1.64 2,051,000 3,333,360 43,540 2.6 2.68 2.94 2.94 2.52 2.68 590,000 1,535,040 67,580 NIHAO NICKEL ASIA 5.79 5.85 5.7 5.91 5.6 5.79 10,938,800 63,594,007 565,734 OMICO CORP 0.43 0.45 0.42 0.45 0.42 0.43 1,320,000 565,900 1.1 1.11 1.1 1.11 1.07 1.11 1,869,000 2,043,810 97,270 ORNTL PENINSULA PX MINING 4.96 5.01 4.9 5.09 4.84 4.96 1,621,000 8,031,660 -1,067,290 SEMIRARA MINING 12.74 12.76 12.6 12.8 12.5 12.76 1,857,100 23,681,598 -4,335,638 0.0093 0.0096 0.0096 0.0096 0.0091 0.0096 138,000,000 1,285,800 UNITED PARAGON ACE ENEXOR 20.75 20.8 20 20.8 19.5 20.8 325,900 6,676,242 -90,187 ORNTL PETROL A 0.012 0.013 0.013 0.013 0.012 0.012 98,900,000 1,204,200 0.013 0.014 0.014 0.014 0.013 0.013 4,800,000 62,700 ORNTL PETROL B PHILODRILL 0.013 0.014 0.014 0.014 0.013 0.013 192,900,000 2,511,000 -91,000 PXP ENERGY 9.08 9.3 9.02 9.56 9.01 9.3 413,700 3,787,980 -482,363 PREFFERED HOUSE PREF B 100.5 101 101 101 101 101 1,000 101,000 AC PREF B1 520 529 518 520 518 520 17,410 9,033,200 101.2 102 102 102 102 102 40 4,080 ALCO PREF B AC PREF B2R 512 519.5 512 512 512 512 100 51,200 CPG PREF A 101 102 102 102 102 102 30 3,060 101 102.1 101 101 101 101 4,040 408,040 DD PREF FGEN PREF G 106.4 107.9 106.5 106.5 106.4 106.4 3,040 323,756 -2,128 GTCAP PREF B 1,029 1,030 1,029 1,029 1,029 1,029 15 15,435 100 101.9 100.3 100.5 100 100 14,000 1,403,326 80,000 MWIDE PREF PNX PREF 3B 103 105 103 105 102.5 105 9,500 982,915 PCOR PREF 3A 1,091 1,100 1,100 1,100 1,091 1,091 1,290 1,410,000 1,125 1,140 1,140 1,140 1,140 1,140 5 5,700 PCOR PREF 3B SFI PREF 1.73 1.74 1.74 1.74 1.73 1.73 19,000 32,900 SMC PREF 2C 79 80 80 80 79 80 18,470 1,460,200 76.2 77.5 76.1 76.1 76.1 76.1 13,100 996,910 SMC PREF 2E SMC PREF 2F 77.85 79.3 77.8 79.3 77.8 79.3 1,450 112,885 SMC PREF 2G 75.7 76 76.9 76.9 75.7 75.7 19,440 1,474,681 76.2 76.95 76.2 76.2 76.2 76.2 1,000 76,200 SMC PREF 2J SMC PREF 2K 76.2 76.8 76.5 76.8 76.2 76.8 4,300 329,710 PHIL. DEPOSITARY RECEIPTS GMA HLDG PDR 6.85 6.95 6.9 6.95 6.85 6.95 451,900 3,099,340 -1,809,670 WARRANTS LR WARRANT 2 2.01 1.05 2.98 1.05 2 168,440,000 374,279,770 -419,450 SMALL & MEDIUM ENTERPRISES ALTUS PROP 19.04 19.5 18.5 20.5 18.5 19.5 124,900 2,441,464 ITALPINAS 2.8 2.84 2.7 2.97 2.67 2.8 1,316,000 3,685,520 24,890 5.9 5.99 5.8 6 5.8 6 8,200 47,580 KEPWEALTH MAKATI FINANCE 2.42 2.75 2.5 2.77 2.5 2.77 5,000 13,030 MERRYMART 6.68 6.69 6.63 6.86 6.49 6.69 13,937,200 93,522,195 646,232 EXHANGE TRADE FUNDS FIRST METRO ETF 102.2 102.3 102.7 103.3 101.5 102.3 48,400 4,957,253 276,216

www.businessmirror.com.ph

Health crisis slashed income of Robinsons Retail in 2020

By VG Cabuag

@villygc

obinsons Retail Holdings Inc. (RRHI) said its income dropped 30 percent last year to P3.19 billion from the previous year’s P4.55 billion.

Net sales fell 7 percent to P151.02 billion from the previous year’s P162.91 billion despite its push for ecommerce as the strong performance of its supermarkets were weighed down by its non-essential formats. The sales data includes the two

months’ results of Rose Pharmacy, a leading chain in the Visayas, which was acquired in October. “2020 was a year of difficulties for many businesses. Covid-19 might be considered a first in our lifetime, yet we remained resilient and focused

on providing the best products and services to our customers,” Robina Gokongwei-Pe, the company’s president and CEO, said. “I want to thank our partners, suppliers and employees for doing their best to ensure that our customers have access to their needs during these trying times. We remain steadfast in our commitment in 2021, confident that we can drive sustainable growth for all of our stakeholders.” Blended same store sales growth (SSSG) was at -8.9 percent for full year 2020 mainly due to the performance of the non-essential formats which were closed for 8 weeks in 2020. The SSSG of the supermarket seg-

ment was strong at 7.7 percent, but its drugstores segment ended flat, as sales of prescription drugs slowed down in the second half of the year with less people visiting hospitals. Sales of its department store, doit-yourself and convenience store segments were all down in 2020 but showed improvement in the fourth quarter as quarantine restrictions eased, the company said. Its total store count as of end-December reached 2,157, which included 178 supermarkets, 16 hypermarkets, 70 minimarts, 49 department stores, 225 do-it-yourself stores, 472 convenience stores, 829 drugstores and 318 specialty stores. On top of this are 2,025 franchised stores of The Generics Pharmacy.

SEC unveils online payment system T

he Securities and Exchange Commission (SEC) said its online payment system will be operational starting March 1. The agency’s payment portal is a web-based system that allows for the payment of registration and other transaction fees, as well as penalties, online using debit and credit cards, digital wallets and other cashless payment options. “With the SEC Payment Portal, corporations and other stakeholders can conveniently and securely pay registration and other fees anytime and anywhere,” SEC chairman Emilio B. Aquino said.

“The online payment system is just among the many initiatives under the commission’s ongoing digital transformation aimed at further improving the ease of doing business in the country.” The agency’s portal can be accessed through its website (www. sec.gov.ph/apps/payment-portal/ home). To proceed, clients need to enter the reference number provided in the payment assessment form issued by the SEC, select a payment option, then provide the required information. They will receive a one-time pin

STOCK-MARKET OUTLOOK Last week

Share prices fell for the third straight week, with the main index returning to the 6,700 point level, as investors continued to take profits. The benchmark Philippine Stock Exchange index (PSEi) fell 131.55 points to close at 6,794.86 points. The main index was mainly down during the shortened trading week, slightly recovering on Friday for the month-end window-dressing of companies. Average value of trading for the week remained high at P11.23 billion, while foreign investors were net sellers at P4.23 billion. Foreign transactions only averaged at 33 percent for the week. All other subindices were mostly down led by the broader All Shares index that shed 78.70 points to 4,120.30 points, the Financials index rose 5.69 to 1,477.19, the Industrial index declined 308.59 to 8,655.34, the Holding Firms index plunged 267.32 to 6,920.08, the Property index was up 11.46 to 3,457.14, the Services index was down 26.01 to 1,453.36 and the Mining and Oil index fell 65 to 9,331.67. For the week, losers edged gainers 169 to 76 and 10 shares were unchanged. Top gainers for the week were Bright Kindle Resources and Investments Inc., Philippine Estates Corp., Boulevard Holdings Inc., Prime Media Holdings Inc., Cebu Holdings Inc. and Discovery World Corp. Top losers were Abra Mining and Industrial Corp., Republic Glass Holdings Corp., PTFC Redevelopment Corp., DFNN Inc., Basic Energy Corp. and AbaCore Capital Holdings Inc.

This week

Share prices may continue to fall as trading is expected to remain volatile. Investors may base their trading decisions on another wave of financial reporting and the release of inflation data for February, which will happen this week. Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said inflation expectations are expected to be one of the main drivers of the market ahead of the release of the February consumer price index data. “We see a downward bias for the local bourse amid elevated inflation expectations that has just gained support from the Bangko Sentral ng Pilipinas’ range projection of 4.3 to 5.1 percent which is above the government’s target,” he said. “A surge in inflation is seen to aggravate the situation of our struggling economy which is still trying to recover from the pandemic-induced recession.” Broker 2TradeAsia said the past sessions have been characterized by wild intra-day swings even for the blue chip stocks, which indicates the general fragile direction of te market. “The next big impetus will be on the national vaccination drive; pending any headline on that front. Expect volumes to cycle towards the speculative second- and third liners, as broad market uncertainty may likely push funds to make quick in and out trades.” Immediate support for the main index is seen at 6,600 and resistance at 7,000.

Stock picks

Broker Regina Capital .Development Corp. advised to cut loss on the stock of DITO CME Holdings Corp. as its share price is plunging. Its share price fell 10 percent on Wednesday to end the session at P16. “The dip was deep enough to get DITO out of the overbought region. DITO’s price could still hover around its immediate support at P14.90,” it said. DITO’s share price closed Friday at P16.14 apiece. Meanwhile, it advised to trade the range on the stock of SM Investments Corp. as it remained traded below its 50-day moving average. “Generally speaking, indicators are mostly bearish on the stock. Overall, despite the bearishness, SM might just continue to be traded sideways in the near-term with support at P1,029.50,” it said. SMIC share price closed last week at P1,009 apiece. VG Cabuag

in the mobile phone numbers linked to their bank accounts or digital wallets. Once the payment goes through, the system will generate an electronic official receipt, which clients will also receive through e-mail. The SEC Payment Portal currently accepts debit and credit cards powered by Visa, Mastercard and JCB, as well as PayMaya wallets. Other pay-

mutual funds

ment options will be available soon. Meanwhile, the agency will continue to accept and process payments across its main, extension and satellite offices. The public may likewise pay registration and other transaction fees over the counter in select branches of Land Bank of the Philippines, and online through LandBank’s ePayment Portal. VG Cabuag February 26, 2021

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 214.86 -7.98% -9.22% -2.17% -5.44% ATRAM Alpha Opportunity Fund, Inc. -a 1.2967 6.58% -6.82% 3.59% -1.24% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.9554 -9.11% -13.35% -3.78% -5.67% Climbs Share Capital Equity Investment Fund Corp. -a 0.7558 -6.81% -8.54% n.a. -5.98% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.685 -12.73% n.a. n.a. -7.63% First Metro Save and Learn Equity Fund,Inc. -a 4.6792 -5.06% -7.08% -1.27% -5.3% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6912 -11.55% -10.53% -6.68% -9.03% MBG Equity Investment Fund, Inc. -a 98.43 3.69% -5.68% n.a. -3.44% PAMI Equity Index Fund, Inc. -a 44.2528 -5.94% -7.42% -0.58% -5.54% Philam Strategic Growth Fund, Inc. -a 462.27 -6.2% -7.36% -1.28% -5.46% Philequity Alpha One Fund, Inc. -a,d,5 1.0417 8.23% n.a. n.a. -5.07% Philequity Dividend Yield Fund, Inc. -a 1.115 -6.31% -6.77% -0.38% -4.55% Philequity Fund, Inc. -a 33.0319 -5.56% -6.68% 0.27% -5% Philequity MSCI Philippine Index Fund, Inc. -a 0.8561 -8.92% n.a. n.a. -6.23% Philequity PSE Index Fund Inc. -a 4.5285 -5.58% -6.87% 0.18% -5.48% Philippine Stock Index Fund Corp. -a 757.62 -5.38% -6.76% 0.1% -5.49% Soldivo Strategic Growth Fund, Inc. -a 0.6843 -9.53% -10.62% -3.75% -4.81% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.4252 -10.64% -8.9% -1.47% -5.48% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8668 -5.68% -7.06% -0.06% -5.55% United Fund, Inc. -a 3.1593 -6.71% -6.03% 0.89% -4.81% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 101.6596 -5.42% -6.55% 0.82% -5.48% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $1.33 33.78% 5.78% 11.15% 10.57% Sun Life Prosperity World Voyager Fund, Inc. -a $1.743 22.94% 10.44% n.a. 4.2% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.6469 7.93% -3.32% -0.5% -1.3% ATRAM Philippine Balanced Fund, Inc. -a 2.1989 6.13% -3.26% 0.75% -3.78% First Metro Save and Learn Balanced Fund Inc. -a 2.5288 0.1% -2.62% -0.36% -3.74% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.191 -9.22% n.a. n.a. -3.83% NCM Mutual Fund of the Phils., Inc. -a 1.9252 0.77% -0.65% 1.6% -1.98% PAMI Horizon Fund, Inc. -a 3.6444 0.05% -1.84% 0.64% -3.79% Philam Fund, Inc. -a 16.3124 0.16% -1.91% 0.56% -3.69% -3.12% Solidaritas Fund, Inc. -a 2.0287 -0.79% -2.92% 0.45% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.4542 -5.42% -4.55% -0.49% -3.33% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9791 0.36% n.a. n.a. -4.25% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.9031 -3.45% n.a. n.a. -4.86% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.885 -4.59% n.a. n.a. -5.15% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8543 -6.12% -5.32% -1.2% -3.76% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.0385 -1.86% 3.08% 1.68% -1.58% PAMI Asia Balanced Fund, Inc. -b $1.19 16.36% 3.71% 7.17% 3.46% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.6498 16.06% 7.84% 9.55% 3.03% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.2091 7.08% 4.11% n.a. 0.58% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 371.17 3.26% 3.24% 2.68% 0.03% ATRAM Corporate Bond Fund, Inc. -a 1.9044 -0.25% 0.51% 0.12% 0.22% Cocolife Fixed Income Fund, Inc. -a 3.2177 2.47% 4.26% 4.64% 0.09% Ekklesia Mutual Fund Inc. -a 2.2795 1.61% 2.7% 2.09% -0.72% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4294 2.51% 3.14% 1.92% -0.97% Philam Bond Fund, Inc. -a 4.5789 3.87% 4.77% 2.48% -1.2% Philam Managed Income Fund, Inc. -a,6 1.3194 4.76% 4.36% 2.67% -0.14% Philequity Peso Bond Fund, Inc. -a 3.9667 4.71% 4.33% 2.82% -0.86% Soldivo Bond Fund, Inc. -a 1.0251 5.01% 4.1% 1.93% -1.62% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1906 2.97% 4.64% 3.26% -0.48% Sun Life Prosperity GS Fund, Inc. -a 1.7408 2.07% 3.9% 2.68% -0.81% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $483.31 2.31% 3.03% 2.67% -0.12% ALFM Euro Bond Fund, Inc. -a Є219.36 -0.89% 1.04% 1.25% 0.08% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2184 -0.03% 2.9% 2.03% -4.84% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0261 0% 1.85% 1.36% -1.88% PAMI Global Bond Fund, Inc -b $1.0716 -3.67% 0.82% -0.22% -1.93% Philam Dollar Bond Fund, Inc. -a $2.4982 0.86% 4.74% 2.85% -1.47% Philequity Dollar Income Fund Inc. -a $0.062564 2.64% 3.28% 2.32% 0.39% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1498 -4.11% 2.3% 1.55% -2.29% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 130.04 2.78% 3.33% 2.57% 0.18% First Metro Save and Learn Money Market Fund, Inc. -a 1.049 1.66% n.a. n.a. 0.09% Sun Life Prosperity Money Market Fund, Inc. -a 1.2991 2.24% 2.93% 2.6% 0.19% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0542 1.36% 1.78% n.a. 0.17% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.1814 n.a. n.a. n.a. 4.59% Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.98 -1.01% n.a. n.a. 0% a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. d - in Net Asset Value per Unit (NAVPU). 1 - Launch date is September 28, 2019. 2 - Launch date is November 15, 2019. 3 - Adjusted due to stock dividend issuance last October 9, 2019. 4 - Renaming was approved by the SEC last October 12, 2018 (formerly, One Wealthy Nation Fund, Inc.). 5 - Launch date is December 09, 2019. 6 - Re-classified into a Bond Fund starting February 21, 2020 (Formerly a Money Market Fund). 7 - Launch date is July 6, 2020. "While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www. pifa.com.ph to see the latest NAVPS/NAVPU."

www.businessmirror.com.ph

Banking&Finance BusinessMirror

Perspectives Uncertainty creates planning complexity

‘T

HIS too shall pass.” This sentiment seems particularly apt when talking about the disruptions the world has faced over the past year. Much like during other epochdefining events (like the Second World War), the future of the world remains shrouded in a veil of deep fog. Planning for the future has never been more challenging. What we do know, however, is that the current disruption will pass; the fog will lift. What we do not know is the extent or permanency of the disruption’s impact. How will the way people travel and vacation change? Will they continue to avoid social interactions in favor of digital experiences? How must infrastructure adapt in order to support potential new ways of living and working? When building assets with lifecycles that span decades, this level of short to mid-term uncertainty and reduced forward visibility can be particularly challenging. Being able to understand user trends is important for making the right infrastructure investment decisions, but those trends are now in flux. And being able to distinguish the permanent changes from the transitory is not easy. We may all agree that we should “build back better;” but what exactly does that mean? And what investments will allow us to achieve that goal? In an effort to answer these questions, infrastructure planners have been considering a bewildering range of different scenarios on their long term planning (Transport for London, for example, agreed to a wide-ranging review of their future financial position and financial structures in return for nearly $2.2 billion of subsidy from the UK Government in May 2020). Scenarios under consideration have ranged from the potential for a continued shift in the value proposition of cities (see Trend 2: Cities rethink their value proposition, for more on this) through to what might be required to support a remarkably strong rebound. The problem is that one scenario may suggest a reduction in mass transit investment while another will point to a return to previous demand trajectories requiring significant capacity enhancements. And both seem just as plausible. What do you do? The temptation may be to wait until more certainty can be found. But that will only exacerbate the infrastructure deficit and leave countries and jurisdictions with suboptimal infrastructure to sup-

port society and drive economic growth. Waiting, therefore, is not a viable option. Choosing the right actions for the future, however, requires strong vision, leadership and—ultimately—consensus. In the absence of clarity, infrastructure owners and planners are now trying to identify ‘no regret’ investments that align to their existing long-term plans but allow for increased flexibility and agility to meet the rapidly evolving needs of business and society. Over the coming year, we expect infrastructure planners, operators and developers to start looking for ways to enable a much more nimble and flexible approach to infrastructure planning, development and delivery. This will be particularly difficult in today’s highly-politicized 24/7 media environment. Traditional approval structures and processes will be challenged. Indeed, our view suggests that the infrastructure sector will need to get used to operating within a more dynamic and evolving environment. As we first suggested back in 2016, infrastructure owners and planners will want to learn lessons from the technology sector where the leaders continuously reinvent, recalibrate and refocus based on evolving market conditions; translating that mentality into a world of real, fixed assets may be a challenge, however. Don’t expect the fog of uncertainty to dissipate in 2021 (it may get even thicker). But do expect to see infrastructure owners focus on enhancing asset utilization and optimizing performance as a way to better “sweat” their assets. At the same time, infrastructure planners will also need to focus much more on leveraging technology (such as using digital twins to support better planning through simulations), data and analytics (leveraging Internet of Things technologies for better operations and maintenance, for example) and decision-making tools. Doing so will help infrastructure planners them get more from their assets and to enable them to better navigate uncertainty and prepare for a future characterized by changing dynamics, risks and opportunities.

The excerpt was taken from “KPMG Thought Leadership, A balancing act: Privacy, security and ethics.” © 2020 R.G. Manabat & Co., a Philippine partnership and a member-firm of the KPMG global organization of independent member-firms affiliated with KPMG International Ltd., a private English company limited by guarantee. All rights reserved. For more information on KPMG in the Philippines, you may visit www.kpmg.com.ph.

Monday, March 1, 2021

Surge in tobacco excise tax collection boosts BIR’s take

By Cai U. Ordinario

@caiordinario

surge in tobacco excise tax collections doubled the government’s “sin” tax collections for the month of February, according to the Bureau of Internal Revenue (BIR). Preliminary data in a report to the Department of Finance (DOF) by BIR Deputy Commissioner Arnel SD. Guballa showed sin tax collections reached P9.2 billion or 109.85-percent higher than the amount of P8.37 billion collected in the same period last year. Guballa said the BIR overshot its February 2021 target for tobacco excise tax collections by 4.28

percent with P17.57 billion midmonth. The growth was largely due to the payments made by Japan Tobacco International (JTI) Philippines Inc. “We have a big increase in the collection of tobacco excises because JTI opened its plant in Lima, Batangas; so it’s in full operation [and] that’s why they increased their production. That’s also why we have quite a col-

lection in tobacco for this month,” Guballa reported to the DOF executive committee. The BIR official further said that JTI paid taxes of P10.94 billion or 108-percent more than the P5.25 billion it paid in January. Guballa said that with this remittance, JTI has overtaken Philip Morris Fortune Tobacco Co. as the country’s top tobacco excise taxpayer. The BIR noted that tobacco excise tax collections between January 1 and February 18 amounted to P29.1 billion. This is P12.33 billion or 73.53 percent more than the P16.77 billion collected for the January-February period of the previous year. In 2017, the DOF made history by collecting from cigarette manufacturer Mighty Corp. through a tax settlement amounting to P30 billion. This is the biggest sum on record raised by the government from a tax settlement.

Hence, the DOF lauded the heightened joint campaign by the BIR and the Bureau of Customs (BOC) against tax cheats. Forced to shut down its operations, Mighty sold its manufacturing and distribution assets to JTI Philippines. Tax collections from Mighty brands increased by an average of P2.5 billion a month since JTI took over Mighty’s operations. The DOF is confident the BIR would be able to overshoot its P2.08trillion collection target this year as government scrambles for funds after its poor governance of the pandemic led to an economic recession and widespread joblessness. The DOF said raising cash would rely on the BIR’s digitization initiatives and improvement in its administrative systems. Coupled with a “dedicated” workforce and the cooperation of taxpayers, the DOF said the BIR will achieve its 2021 collection goal.

Govt says ₧6.95-B loan helping 208 borrowers By Tyrone Jasper C. Piad @Tyronepiad

UNDREDS of borrowers composed mostly of micro, small and medium-scale enterprises (MSMEs) and co-operatives are benefitting from recent loan approvals amounting to P6.95 billion by Land Bank of the Philippines, the state-run financial intermediary said. Of this amount, P5.28 billion has been released to 208 borrowers already as of end-January, LandBank said in a statement it issued over the weekend. These clients include 167 MSMEs, 34 co-operatives, four microfinance institutions (MFIs), and three large corporations. Launched in April last year, the credit facility is expected to stimulate the recovery of these businesses deeply-affected with what Bangko Sentral ng Pilipinas Deputy Governor Diwa C. Guinigundo said was the poor governance of the pandemic. The LandBank said the facility provides credit and loan restructuring under more flexible terms and conditions to MSMEs, MFIs and co-operatives. This after the bank recently expanded the coverage of the borrowing window to allow more clients to avail of the credit and loan restructuring assistance. It now permits both the MSMEs and big corporates to borrow up

Damulog, Bukidnon Mayor Melino L. Buro (seventh from left) and Land Bank of the Philippines Don Carlos Branch Head Grace C. De Leon (sixth from left) led the official inauguration of the first-ever LandBank offsite ATM and Cash Deposit Machine Center in Mindanao on December 18, 2020. Last week, LandBank announced the approval of P62.32-billion worth of financing for 194 local government units across the country. Photo courtesy Land Bank of the Philippines

to 85 percent of their emergency or permanent working capital, the LandBank said. The interest rate is at 5 percent per annum for three years and will be subject to annual re-pricing af-

ter that period. The loan is payable up to 10 years with grace period of up to two years on the principal repayment. The LandBank said it plans to expand this lending program to intro-

duce new sub-credit facility for the benefit of the MSMEs, co-operatives and self-employed individuals. The bank said qualified borrowers, under this initiative, may be able to borrow a minimum amount of P100,000 or up to 85 percent of their permanent working capital requirement. Loans will be offered with lower interest rate of 3 percent per annum and are payable up to three years. “We are enhancing the lending program to cover a wider range of key industries that need greater access to credit,” LandBank President and CEO Cecilia C. Borromeo was quoted in the statement as saying. “LandBank is keeping in step with emerging requirements under the new normal in support of the country’s ongoing economic recovery.” The LandBank said it is making the lending program available until 2022. Last week, LandBank announced the approval of P62.32-billion worth of financing for 194 local government units across the country. Of this amount, P1.89 billion has been released already to 32 LGUs as of February 2, the LandBank said. The fund is coursed through another credit facility that aims to extend necessary funding requirements of provincial, city and municipal LGUs that are under different levels of quarantine measures.

DBP wants authorized capital hiked to ₧100B China Bank grew 2020 net income to P12.1B

HE Development Bank of the Philippines (DBP) announced plans to increase its authorized capital to P100 billion citing the move would boost its ability to lend to businesses deeply-affected with the economic recession. The state-run bank said this move is aligned with its lobby to amend its charter in a bid to further the recovery efforts amid the economic slump, according to DBP President and CEO Emmanuel G. Herbosa. The proposed capitalization is nearly triple its current P35 billion in the books. “The proposed amendments to the DBP Charter would be a boon to our efforts to undertake more developmental projects especially in the countryside, where these types of economic interventions are most sorely needed,” Herbosa was quoted in a statement as saying. The DBP said it is working with the Department of Finance, state regulators and legislators to introduce said amendments. It was in 1998 when the bank’s charter was last amended through Republic Act (RA) 8523, raising its

authorized capital to P35 billion from P5 billion. The state-run financial institution was originally founded as the Rehabilitation Finance Corp. to aid economic recovery following World War II. Herbosa said that the proposed measure is currently pending for deliberation with the House of Representatives’ Committee on Banks and Financial Intermediaries. Meanwhile, he expressed hope that a counterpart bill will be filed before the Senate to accelerate the passage of the charter amendments before Congress goes into a break in preparation for the national elections in 2022. “We pledge our full support and cooperation to our legislators and policy-makers in our collective efforts to strengthen DBP’s charter to make it more relevant and responsive to the demands of an ever-changing market and rapidly-evolving economic landscape,” Herbosa said. DBP Senior Vice President for Legal Services Group Soraya F. Adiong said that the capital hike and proposed amendments would allow the bank to offer a bigger menu of financial products and services and enhance

compliance with risk-based banking laws and regulations. Adiong said that the new charter “would also bolster existing governance mechanisms, tighten sanctions and penalties for specific violations and provide greater operational and organizational flexibility for the bank.” This year, DBP is eyeing to finance P314.547-billion worth of loans to key sectors, including the infrastructure and logistics sector; social services; and environmental projects such as renewable energy resources, public water systems and waste management, among others. The bank, Herbosa said, is sourcing its funds for the loans from P12.5billion worth of additional equity under RA 11494, in addition to deposit liabilities and bank borrowings. As of end-September 2020, the DBP official said that 94.63 percent of the bank’s funding sources came from deposits from government and private sources, non-ODA (official development assistance) borrowings, subordinated debt and dollar senior notes. The remaining 5.37 percent came from ODA borrowings. Tyrone Jasper C. Piad

ESPITE the surge in bad loans provisions, China Banking Corp. was able to conclude last year’s operations with double-digit growth, bucking the downtrend in the banking sector. The listed bank recently reported that it grew its net income by 20 percent to P12.1 billion last year from P10.1 billion in 2019, thanks to better topline figures. Loan-loss buffer was increased by 3.5 times to P8.9 billion in the past year in anticipation of the slowdown in business activities. However, China Bank said this was offset by robust growth in core business and returns from investment and trading. Net interest income was up 30 percent to P33.8 billion last year due to 39-percent decline in interest expense, which resulted in higher net interest margin of 3.92 percent. Non-interest income was at P10 billion for the period, which is a 19-percent improvement supported by P5.4-billion trading and security gains.

Return on equity and return on assets stood at 12.1 percent and 1.2 percent, respectively. “Going into the crisis, China Bank was operationally and financially sound, but what enabled us to remain resilient and to sustain our growth momentum was our employees who went above and beyond in 2020,” China Bank President William C. Whang was quoted in a statement as saying. “Our relentless efforts to build and maintain robust liquidity and capital levels have positioned the Bank well to weather the ongoing storm, and at the same time, to help our customers and the country recover.” Current and savings account deposits, which grew by 14 percent to P469 billion, lifted the total deposits to P835 billion. Time deposits, meanwhile, inched up by 1 percent to P366 billion for the period. Gross loans, meanwhile, declined by 1 percent to P572 billion as “business customers reduced loan drawdown,” China Bank explained. Nonperforming

loans (NPL) ratio was at 2.3 percent while NPL coverage stood at 128 percent. “We continue to support our customers through the uncertainty of Covid-19, providing credit, debt relief, and payment morator ium while ensur ing capital and liquidity preservation,” China Bank Chief Finance Officer Patrick D. Cheng said. “We have formulated strategies to mitigate asset quality issues given the possibility of a drawnout pandemic.” As of end-December 2020, the bank’s total assets were at P1.04 trillion. Capital accounts climbed by 9 percent to P105 billion last year, with common equity tier 1 ratio of 13.82 percent and capital adequacy ratio of 14.73 billion. In Febr uar y, China Bank raised P20 billion—four times the original offer size of P5 billion—from its first issuance of bonds this year. The proceeds were allocated for strategic initiatives and expansion programs. Tyrone Jasper C. Piad

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Stop softening tough feedback A

By Dane Jensen & Peggy Baumgartner

s a manager, you have likely served a subordinate a “feedback sandwich”: two pieces of positive reinforcement wrapped around a thick slice of criticism. It makes correcting people easier for you, but it rarely achieves the goal of helping someone improve. If you want to deliver feedback in a way that isn’t confusing and doesn’t feel like a sneak attack, here is how to construct it:

Describe the behavior that you want to reinforce or correct

In phrasing this description, avoid making judgments (such as “You were really rude in that meeting”) and rely instead entirely on descriptive language (“I noticed you interrupted the client twice in that meeting”). This ability to separate observations from interpretations is the cornerstone of effective feedback, as it minimizes the potential for debate (“I wasn’t rude; I was direct! Isn’t candor one of our values?”) and keeps the discussion focused squarely on observable facts.

Explain the impact of the behavior

This is what invests the feedback with importance. People need to know what is at stake. When explaining the impact of a certain behavior, avoid self-serving statements like “You really made me look bad in there” and focus instead on the consequences for your interlocutor: “You missed an opportunity to learn more about your client.” If it’s the behavior is a recurring offense, don’t shy away from discussing its effect on the team member’s relationship with you (“I’m starting to feel frustrated, and it’s creating friction between us”). The relationship someone has with a manager is a

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For people with strong egos, the criticism goes down too easily, while highly self-critical employees can choke on it. Others can find the mixed messages merely confusing. Some sandwiches are performance-oriented: “Vivek, great work on the strateg y for the launch. Unfortunately, the execution hasn’t been effective, and we need to talk about the details that are getting missed. With such a great strategic foundation, however, I have no doubt we can turn it around.” Others are about style: “You are delivering great results right now, Jim. As appreciated as that is, you are riding your team hard, and it’s starting to create issues. But the results are really tremendous and given how personable you are, I know you’ll make everyone feel appreciated.” In either case, the criticism feels like a sneak attack to the person on the receiving end. And, as a leader, you’ve wasted reinforcing feedback that could have had a positive impact on performance and morale if it had been delivered independently. Our work with hundreds of business leaders, executive coaches and sports coaches reveals that the best managers give feedback differently: They focus squarely on what needs to change. They pinpoint the behavior in question, dispassionately describe its impact and work out precisely what the employee should do differently in the future.

vital element of the job environment, and if it’s being affected, it’s important for that person to be aware of that.

Outline what you would like your employee to do

This can be accomplished by giving direct instructions (“Next time, if a thought comes up while the client is speaking, jot it down and wait until he finishes before jumping in”). Or you can ask your interlocutor what he could do next time. But ask only if you don’t have a specific behavior in mind that you would like to see. It’s not fair to ask people to guess what you want them to do. In both cases, the close should be forward-looking. People can’t change the past — and asking questions like “Why did you jump in?” feels like scolding, not coaching. The goal of a feedback conversation is to resolve the issue for the future.

Consider a situation that we encountered in our work recently with a large retail bank, which was seeking to increase its share of its customers’ wallets by winning their mortgage business. A manager observed one of the representatives at a branch efficiently process a request for a $10,000 certified check but fail to ask any questions about why the client needed the funds. Faced with a performance that had both good and bad elements, the manager’s tendency was to deliver a sandwich: “Great job in processing that money order quickly; you got the client in and out really efficiently. But in moving quickly you didn’t ask any questions about what it was for. We could have uncovered an opportunity to talk about our mortgage offerings, and you know how important that is to the bank right now. One thing I definitely noticed, though, is how

great the relationships that you have with your clients are.” The result? Mixed messages and a lack of clarity. Instead, we suggested that the manager say: “I noticed that when the client asked you for a certified check, you quickly processed the transaction without asking any questions to learn his story. As a result, we may have missed an opportunity to deepen that relationship. Next time take a few minutes to learn the client’s story. What questions could you have asked?” This feedback was clear, respectful and likely to trigger reflection rather than defensiveness. This approach also applies when delivering positive feedback. In the face of a subordinate’s strong performance, don’t simply say, “Great report!” Instead, say, “I notice that you put the conclusions of your report upfront in simple

language. Because the conclusions were so easy to read, I was able to forward it directly to senior management and put your name and hard work front and center. I’d like you to use this format for all reports going forward. Could you share it at our next team huddle?” Taking the time to describe behavior, link it to impact and identify a next step makes it much more likely that the reinforcement will lock in a behavior, instead of merely making someone feel good. To get better results, ditch the feedback sandwich. Instead, focus squarely on the employee’s behavior you’d like to correct, explain why and discuss how to make the change. You will find it is a much more effective way to help employees improve. Dane Jensen is CEO of Third Factor, where Peggy Baumgartner is chief learning officer.

Do behavioral nudges work on organizations? By Nina Mažar, Nicole Robitaille & Julian House

ore than a decade of research in behavioral economics has taught us that individuals can be influenced through the use of “nudges.” The design of seemingly small contextual factors— such as the simplification and planning of prompts that clearly articulate the when, where and how of an action—can be used to induce individuals to act in their best interests in a variety of areas, including their health, their finances and their education. Despite the breadth of insights on how to improve individuals’ behaviors, however, we know relatively little about how, or even whether, such tools influence organizational behavior. Should we expect organizations to respond to nudges differently? Behavioral economics has taught us that human behavior is context dependent, and researchers in the fields of social psychology and organizational behavior have studied the many ways in which group contexts can amplify some psychological

processes and diminish others. Organizations are subject to competitive pressures, which incentivize profit maximization, and they can put in place cognitive support tools, like training, bureaucratization and technology, to help employees make better decisions. This might lead us to predict that organizational decision-making is already sufficiently optimized and a nudge will provide little to no additional help. On the other hand, phenomena like groupthink, polarization and social loafing (a process by which people are less productive when collaborating than they are when working individually) are biases that uniquely afflict group decisionmaking, suggesting that nudges targeting solely individuals may be a poor fix for what can cause organizations to go off course. To help address the question of whether nudges can work for organizations, we collaborated with the Ministry of Finance in Ontario. Our research focused on organizations that failed to file an annual payroll tax return. Typically, the ministry informed delinquent organizations by

mail one week after their due date that their tax return had not been received, and it reminded them to file the return immediately to prevent further actions. The letter assumed that organizations simply forgot or were procrastinating because they did not take the delinquency seriously enough. So we tested one modification to this standard late-filing notice to see if it would help overcome this type of inaction. Our modified version of the letter included explicit step-bystep instructions that described how and where to file a return, and it specified a deadline. The specific deadline was chosen for two reasons. First, it marked the time when additional collection efforts would be initiated, at a cost for the ministry. Second, the deadline established a more concrete goal than asking someone to pay “immediately” did. Stylistically, we used second-person pronouns and the active voice, without significantly changing the meaning or the reading difficulty of the text. We expected these small modifications together would

help those organizations who intended to pay their tax act upon this intention. In each of two consecutive years, we randomly assigned all late-filers, around 6,300 and 6,200 organizations respectively, to one of the two letters—the ministry’s original or our modified version. We found that compared with the standard la te-filing notice, our prompt increased delinquent organizations’ likelihood to comply and file their annual taxes four or five days sooner, before the start of additional, more costly collection efforts. What does this mean in dollars? In the first year, our modified letter garnered 61% more in remitted taxes, prior to the start of additional collection efforts, resulting in $288,335 being collected within 10 days of mailing the modified letter and saving the government $5,766 in collection costs. Had our modified letter been sent to all late-filing organizations, the government could have expected to receive an additional $475,438 in remittances before initiating additional collection measures and

saved some $9,508 in collection costs. The results in the second year were similar. Having conducted our study for two consecutive years, we found no evidence that the effect of our letter persisted for more than one year. It’s not surprising that a single letter did not establish a self-sustaining organizational culture. But that result serves as a reminder that when it comes to nudges, timing is important, if not everything. More importantly, however, we did find that the effect of our letters was consistent over time. Our modified version of the letter worked equally well, if not even better when organizations received it for a second time, suggesting that sustained nudges can lead to sustained organizational change. Our intervention advanced the goals of the government and the public it serves: It saved the government money in collection costs, saved organizations money in additional penalties and interest, and increased collected taxes. Given that implementing this nudge involved zero marginal costs, and that we found

no evidence that repeated exposure to the letter diminished its effect, the government is adopting the experimental letter as a standard practice. Organizations are as complex and diverse as the people they employ, and much work remains to be done on the intersection of behavioral economics and organizational behavior. What we have learned is that the foibles that can cause individuals to fail to follow through on their best intentions can persist despite the advantages of organization, and that in some instances the same tools can be applied to successfully overcome these foibles. Nina Mažar is a professor of marketing and co-director of the Susilo Institute for Ethics in the Global Economy at Questrom School of Business, Boston University. Nicole Robitaille is an assistant professor of marketing at Smith School of Business, Queens University. Julian House is a behavioral scientist in the behavioral insights unit of the Treasury Board Secretariat, Government of Ontario.

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Edgar San Diego’s Reyna de las Flores, 24x36 inches, acrylic on canvas; and Mahimbing, 24x33, acrylic

LVMH to put Fenty fashion collection on pause

NEW YORK—LVMH Moët Hennessy Louis Vuitton, the world’s largest luxury group, has put Rihanna’s Fenty fashion collection on hold. The move, confirmed by LVMH on Wednesday, comes nearly two years after the fashion conglomerate announced the collaboration with the pop artist and business mogul. Rihanna became the first Black woman to head a luxury house with LVMH, which owns such labels as Christian Dior, Givenchy and Louis Vuitton. “Rihanna and LVMH have jointly made the decision to put on hold the RTW activity, based in Europe, pending better conditions,” according to the statement by LVMH emailed to The Associated Press. A representative for Rihanna couldn’t immediately be reached. LVMH said that the Paris-based company and Rihanna will focus their efforts on the growth and long-term development of Fenty on cosmetics, skin care and lingerie. WWD first reported the news on LVMH’s pause of Fenty fashion collection. AP

Editor: Gerard S. Ramos

• Monday, March 1, 2021

Edwin Ao’s 50 Days in Amsterdam III, 15x18, acrylic on paper; and Magnetic Fields, 15x18, acrylic on paper

In a painterly fashion F

ebruary is National Arts Month. This is an annual fete that started in 1991 with the signing of Presidential Proclamation 683. This year, the National Commission for Culture and the Arts declared the theme as “Alab-sining, Alay-sigla,” as “NAM aims to conserve, promote and popularize Filipino artistic creations; integrate the arts in the community life; and harness the arts as catalysts for values education” especially amid a pandemic. The fashion scene was in a frenzy, as the nominations for National Artist for Fashion ended on February 28. Salvacion Lim Higgins, the formidable woman behind the Slim’s Fashion and Arts School, seems to be the front-runner. Meanwhile, in their own way, established fashion designers Edgar San Diego and Edwin Ao are pursuing their other artistic calling: painting. EDGAR SAN DIEGO THE former president of the Fashion Designers Association of the Philippines, San Diego is known

for distinctive work in haute couture and theatrical costume design. “When I was taking up fine arts major in advertising at University of Santo Tomas, I took a few part-time jobs to make me financially independent. One of them was hand-painting gowns for some established designers [which was a trend that time]. This made me very familiar to acrylic paints, which is still my medium up to now,” San Diego said. He had a chance to join his college batchmates for three reunion/art exhibits a few years ago, although these were only short stints and he has always gone back to fashion after the exhibits were done. “During the lockdown, I started painting again but only full time last May 2020, since there’s more time in my hands now. My love for Filipiñana costumes, beautiful women, colors and production design inspire me, and I try to capture them in my art. I always try to give my paintings varied period looks, such as Victorian, Art Nouveau, Art Deco, Sampaguita movies, etcetera,” added San Diego. Among his favorite painters are Gustav Klimt, Diego Rivera, Claude Monet, Fernando Amorsolo and Botong Francisco. “Right now, I still continue to learn while painting everything I love most and I try to keep my colors happy and my subjects positive because it is something that we need most in times like this.” EDWIN AO A Cebu City-based member of the Fashion and Design Council of the Philippines, Ao also teaches multimedia arts at the Cebu Institute of Technology University. “When the government implemented the nationwide lockdown, my business closed and

my teaching profession was done online. That’s when I decided to revisit painting. I had to unearth my materials and decided to paint to keep myself sane in the midst of the rapid rise in Covid-19 cases in Cebu,” Ao shared. A graduate of Bachelor of Fine Arts major in Advertising Arts at the University of San Carlos, Ao has a fundamental background in painting. “I am a big fan of Francis Bacon. I admire his brushstrokes and his canvases communicate powerful sentiments—whole montage seem to scream, not just the people depicted on them. He has the ability to create such a formidable proclamation. Jean Michel Basquiat—because of his many different styles and techniques that are very distinctive. And Alberto Burri. Unlike other post-war abstract painters who focused on spontaneity and self-expression, Burri adopted a methodical approach to his work,” Ao said. He admitted that he is pretty much in his element in abstraction: “In abstraction, there are different facets to show something beyond it. My favorite materials to work on are canvas, paper and acrylic, although I’m now trying to study the effects of decomposed linen fabric to be included in the medium. Still in the experimentation phase.” Art brut (raw art) and abstract expressionism are Ao’s favorite artistic expressions. “I am working on a commission basis at this time. Some of my clients are asking me if can fill their walls with some of my works, and I’m very much happy to provide them with my works,” Ao said. “I haven’t had an exhibit yet. But hopefully in the future, because it takes full-time preparation and focus.” n

Heart Evangelista: Mirrors aren’t just for vanity

The new delicious bag

For its Spring-Summer 2021 collection, Longchamp unveils the Brioche. Refined and tempting, this latest line of bags from the French leather goods brand is as irresistible as the sweet pastry from which it takes its name. To respond to a general desire for softness, Longchamp—which is available at Rustan’s Makati, Cebu and Shangri-La Plaza, plus rustans.com–has created a bag that is silky smooth and reassuring. This new, streamlined design also features the puffy contours and shape of its namesake. The exceptionally soft leather also adds a certain sensuality.... It’s hard to resist the charm of the French brand’s newest addition. With its compact, quilted leather silhouette, this luscious, ultra-feminine design is not lacking in character.Vertical quilting gives it a structured look, while elegant tone-on-tone topstitching showcases the Longchamp expertise. Its subtle, refined design is free of superfluous detail, exuding a very Parisian spirit. The large flap is fastened with a rectangular metal closure, trimmed in leather. Infinitely soft and cozy, the Brioche can be slipped under the arm for an elegant and sophisticated look. It can also be worn over the shoulder or across the body, for a more casual style. The shoulder strap consists of a sliding chain, attached to both sides of the leather handle. The chain is adjustable, allowing you to walk in the city with your hands free.

Actress Heart Evangelista is someone whose name is associated with luxury brands, and while she does love wearing and using expensive stuff, she also has a practical side. During the grand launch of RLC Residences, which Evangelista has been tapped as the celebrity endorser, the actress was asked for storage tips for those who have so much clothes, shoes and bags and makeup. “Excess isn’t so good. When I have so much, I would reorganize to decide what I should keep, donate or sell. I honestly don’t mind buying secondhand stuff, or selling my old stuff to get a new one,” said Evangelista in the online question-and-answer segment of the launch. In terms of interiors, Evangelista describes herself as a maximalist. She likes sprucing up and refreshing her spaces at home with coffeetable books, pieces of art, items that remind her of people and places, and candles. Evangelista shared another home decorating tip: Mirrors aren’t just for vanity. They can also make spaces look bigger.

Home is very important to the actress, particularly in these times when she just stays there when she isn’t working. Evangelista bought her first property when she was 17. “Of course it was a loan but still, it was a great first step. Since then, I have purchased a number of properties and let me tell you, rentals from those properties paid for my electricity and other bills when I didn’t have work. And I’m very proud to say that I haven’t sold anything,” said Evangelista. When Evangelista was just starting out in show business, it was her mother who handled the actress’s earnings. When Evangelista became an adult and started handling her money, she said she became very excited. “I now realize that it was wrong of me to invest in a lot of material things.” Evangelista is very proud to have been chosen by RLC Residences to be its brand ambassador. She owns a unit at The Sapphire Bloc in Ortigas Center. Location, accessibility, convenience and safety are some of Evangelista’s considerations when it comes to choosing a home. It is also important that the company she invests in is trustworthy. RLC Residences’ projects are located either in destination estates or CBDs. All projects are also transit-oriented. Most importantly, folded into these standout developments are rest and recreational amenities suited for bonding and relaxation. More information is available at RLC Residences’ socialmedia pages. In the coming months RLC Residences and Evangelista will be working on a number of collaborations.

Heart Evangelista

B6 Monday, March 1, 2021

Filipino-controlled fintech firm gains reputation as the fastest growing automation in income opportunity

TikTok partners with Manila on vaccine education campaign via #VaccineAlamin

HE COVID-19 vaccine is gradually becoming available around the world, and in the Philippines, preparations are underway for a vaccination program roll-out in the coming months. Vaccination plays a key role in ending the COVID-19 pandemic by preparing a person's immune system to fight the virus, should you be exposed. This potentially helps to reduce its spread within entire communities. At present, majority of Filipinos are still unwilling to receive the vaccine due to concerns over its safety, according to the latest Pulse Asia survey. This poses a challenge to the implementation plans of both local and national government units. To address this, the City Government of Manila has partnered with TikTok for #VaccineAlamin, a COVID-19 vaccine education campaign. #VaccineAlamin aims to boost awareness on the health benefits of immunization, and spread accurate information about the COVID-19 vaccine to the public. Launched via TikTok Live on February 22, Mayor Isko Moreno provided an overview of what local government units are doing to support the nationwide vaccination program. According to him, their goal is not to force people to get vaccinated, but instead encourage and help educate them, to enable more Filipinos to make informed decisions once the vaccination program is underway. Mayor Isko identified fear and misinformation as two of the biggest barriers that need to be broken down. He also stressed the importance of communication, adding that the most effective strategy is to engage people, and make sure that they have access to factual information. He said, "I think it's more on talking to the people, kaya kami nagpapasalamat sa TikTok,

because this is a set of audience, because of its demographics, if we can use this type of outlet, malaking bagay kasi 'yung tao directly makatatanong samin." He adds, "Having TikTok nowadays, helps us. People are into it, so why not use it as a form of communication. Sa dami nang binabasa ng mga tao ngayon, sa dami ng pumapasok na impormasyon sa tao ngayon, kailangan maging catchy." Manila City Health Officer Dr. Arnold Pangan clarified that while the vaccine protects you from suffering from a serious form of COVID-19, it is still possible to get the disease after being vaccinated against it. This is why it is important to still take precautions such as physical distancing and mask-wearing. According to Dr. Pangan, "You may still be infected with the COVID-19 virus, tuloy-tuloy pa rin dapat ang ating pag-iingat kahit social distancing, kahit wearing of mask, kasi it's not a guarantee. Pag nabakunahan ka na, ang maganda doon, you will be protected from having a

severe form of COVID-19 infection." Members of the TikTok community can show their support for the #VaccineAlamin Campaign by using the hashtag, and sharing creative content filled with factual information about the virus and the vaccine to boost awareness. Whether it is a skit, a song, or a dance video, as long as it helps spread #VaccineAlamin's message, it is sure to make a difference. Mayor Isko himself issued a challenge to TikTok creators to join the hashtag challenge in order to amplify the campaign. He said, "Create a video that will help inform others about #VaccineAlamin Campaign, i will copy it and tag you!" TikTok values the safety of the entire community, and the #VaccineAlamin campaign is a great example for how the platform can be used to do good. Through its dynamic features like TikTok Live and hashtags, information dissemination becomes easy, enjoyable, and relatable, while still being meaningful and impactful.

Aboitiz medical equipment donation expands, speeds up Davao COVID-19 testing capacity

WITNESSED by Tourism Secretary Bernadette Romulo-Puyat (left), Davao City Mayor Sara Duterte-Carpio (middle) receives the RNA Extraction Machine from the Aboitiz Group represented by its Chief Commercial and Stakeholder Engagement Officer Danel Aboitiz (right)

HE Aboitiz Group, through the Aboitiz Foundation, continues to contribute to the country’s COVID-19 response efforts by turning over a brand new RNA (Ribonucleic Acid) Extraction machine to the Davao City local government unit (LGU), boosting the city’s overall testing efforts. RNA extraction is a key pre-analytical step before COVID-19 test samples are processed by an RT-PCR (Reverse transcription-polymerase chain reaction) machine. With the donation, Davao City will now have three RNA machines: one in Davao City International Airport and two in the city’s Los Amigos Molecular Laboratory. The additional RNA machine is expected to help increase the city’s testing capacity and yield faster testing turnaround time. “On behalf of the City Government of Davao, I would like to thank the Aboitiz Foundation for donating this RNA Extraction Machine to the City Government of Davao – the latest in the long list of donations and assistance we

have received from the Aboitiz Group over the past few years. We would also like to thank the Department of Tourism for facilitating this donation,” said Mayor Sara Duterte-Carpio during the machine’s turnover last February 19. Aboitiz Group’s Chief Commercial and Stakeholder Engagement Officer Danel Aboitiz assured Mayor Duterte-Carpio and the Davao LGU that it will continuously support its Covid-19 response initiatives. “As an LGU, you have shown great leadership in managing this public health crisis — from testing and contact tracing to, most recently, unveiling your vaccination program. This inspires us in the private sector to do more to support our host communities. We hope this RNA Extraction Machine, which is facilitated through Aboitiz Foundation, brings positive impact to all Davaoeños and Davao City towards reversing the trend of new cases,” Aboitiz said.Meantime, Department of Tourism (DOT) Secretary Bernadette Romulo-Puyat also expressed her gratitude, highlighting the public-private partnership between the

Aboitiz Group and the government. “To triumph over the COVID-19 pandemic, we need a strong multi-sectoral approach. This is being demonstrated here today as entities from the national and local government have worked handin-hand with the private sector, notably the Aboitiz Foundation, to donate an RNA extraction machine to the City of Davao,” Sec. Romulo-Puyat said. Aboitiz underscored the importance of working with the government in ensuring people’s safety and security as tourism activities and the economy gradually open. “We are likewise honored to be working with Secretary Berna and the Department of Tourism in bringing focus on our individual responsibilities to follow all the necessary health protocols as economic activity slowly resumes. One clear takeaway from COVID-19 is the crucial role of publicprivate partnerships in inclusive recovery, however long it may take,” Aboitiz added. The Aboitiz Group is present in Davao City through the country’s thirdlargest private power distribution utility, Davao Light & Power Co., Inc., and Apo Agua Infrastructura, Inc., which is helping build the Davao City Bulk Water Supply Project. It is one of the country’s largest bulk water supply facilities that will supply over 300 million liters per day of safe and sustainable water to the Davaoenos. Since the start of the community lockdowns in 2020, the Aboitiz Group has implemented various COVID-19 response initiatives nationwide, amounting to over P2.2 billion in monetary and in-kind contributions with the purpose of serving affected communities and medical frontliners nationwide.

FILIPINO-CONTROLLED, but Australian-based fintech firm by Smart Asset Management (SAM) Digital Technologies that is developed on the blockchain platform has the potential to grow by as much $3.5 billion in just one year with the launch of its own utility coin as well as the roll out of an array of digital and conventional businesses. Recently, the company inked a partnership with KinerjaPay (KPay) of Indonesia, an omnichannel payment platform that allows consumers to shop online with various payment services, such as credit card bill payment, utility, phone bill, healthcare insurance and direct transfer to anyone at their convenience. With its KPay partnership, SAM Digital has appointed Anjar Nugraha as Regional Director for SAM-KPAY Indonesia. Anjar is also working as a fulltime cryptocurrency and Forex trader. In addition, SAM rolled out the preorder of utility cryptocurrency coin SAMKoin, The coin, which functions as a transaction tool “that makes it easy to record in the blockchain's necklace,” is also scheduled to be listed in Probit and HotBit. “The conventional method of the entrepreneurial journey through sharing economy is now fully understood. You should be proud that SAMKoin is a utility coin that gets recognition from those two important sources,” Rommel

Santos, founder and Chairman of SAM Digital said. He added, “These are the Austrac of Australia and the Securities and Exchange Commission (SEC) and the Bangko Sentral ng Pilipinas (BSP). Already SAM is gaining reputation across the Asean and the Australasia regions as the fastest growing automation in income opportunity with digital and conventional business developments. Amongst its latest partnership is a collaboration with Manila, Philippinesbased Best Venture Company, headed by its chief executive officer (CEO) and President Dra. Joyce Trillado Gepollo. According to Santos, SAM strives to unify micro and macro enterprises for building foundation of a mutually beneficial and an all-inclusive business ecosystem for peer-to-peer acquisition, provision and sharing of collaborative economic values. SAM allied with its parent entity- SAM Digital Technologies, intends to provide an all-encompassing bundle of services to its platform users with lucrative incentives and accelerative profitable opportunities. SAM Digital Technologies possesses an intricate amalgamation of trailblazing Digital and Conventional businesses including, SAM Remittance, SAM e-wallet, SAM Ride, SAM Agri, SAM E-University, Remjohn Petroleum, and others.

PH hosts International Symposium for Arts, Inclusion and Diversity on March 6

HE International Symposium & SAORI Hands Weaving Workshop in Philippines is being held virtually for the first time on March 6, 2021 at 10:00 am. Titled, International Symposium for Arts, Inclusion and Diversity(ISAID), the program highlights the exchange of experiences of nine Asian countries, namely, the Philippines, Thailand, Malaysia, Singapore, Cambodia, Myanmar, Hong Kong, Taiwan, and Japan. "Our dream and goal is to see the day when we don’t have to use the word ”inclusion” -- that is when all people are included to the society, live equally and no one is left behind as stipulated in Sustainable Development Goals," said. Ms Yoko Hirasawa, representative director for Art For All Japan. "To achieve this dream, to realize “inclusion” and “diversity” in a real sense, it is necessary to do step by step exercise and effort in the society. This Symposium is designed to exchange the experience we all strive everyday for realizing “Inclusion” and “Diversity,” Hirasawa, who is also coorganizer of ISAID, added. "The new normal – with COVID 19 still hounding us – touches and transforms all lives differently. But during this pandemic and challenging time, life can still be good. We can still be together, one heart, one mind. Learning happens and friendship continues to strive. It is through this symposium that we could gather valuable resources among families with person/s with disabilities, professionals, and the general public," said Mrs. Rebecca Martinez Santos, ISAID chairperson and Founder / Executive Director of St. Francis Integrated Arts School (SFIASI)/SAORI Hands of Love "The online event will enable us

to participate and communicate our messages as well as live, strive for our dream, and hope for a better community through the arts which is actually a way of life," Santos said. The two-part symposium will discuss Arts Inclusion and Diversity in general and the Implementation of SAORI Weaving in the Society. SAORI Weaving has been cites as a good example of Inclusion. Providing entertainment as well as arts implementation would be the musical performance from Japan (Otoasobi Project and Mr. Niikura Takeo), dance performance from Hong Kong (Centre for Community Culture Development) & SAORI Fashion Show (SAORI Hands of Love, Philippines & others). This event is held for the benefit of SFIASI students who would get assistance through through vocational livelihood courses. Certificate of participation will be issued to attendees. Seats are limited to 80 slots only. Registratiom fee is USD 30.00 and USD20 for students. To secure your slot, please deposit your fees to any of the following : PAYPAL: Use link; https://www.paypal. com/paypalme/artfroalljapan GCASH – Michelle M. Garduque # 09171111820 Paymaya – Michelle M. Garduque # 09171111820 BDO account #004610158038 Zoom link details will be sent close to the event date. For questions and more information, contact mobile no. 09178333395 or send an inquiry at afa@ artforalljapan.org. Visit https://www. facebook.com/ISAID2021. For Japanese version, please visit http:// artforalljapan.org/

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Sustainable CSR: Going beyond philanthropy

PR Matters

By Abigail Ho-Torres

1. Create programs that are integrated into your value chain.

This just means that your CSR framework and programs should stick closely to your core: your vision, mission, and values. It’s important to remember that not any and all programs are appropriate for your organization. It’s not that you can’t run them—you can. But they probably won’t be sustainable if they don’t match with your organization’s objectives and business strategies. In Maynilad, we make a conscious effort to ensure that our CSR and advocacy programs are aligned with our core business—providing water and wastewater services. Our advocacies fall under five main categories: water, sanitation, and hygiene (W.A.S.H.) infrastructure, W.A.S.H. education, community empowerment and social entrepreneurship, environmental responsibility, and disaster response. The connection of the first two categories to our core business is obvious. How do the other three figure in our value chain? Our community empowerment and social entrepreneurship programs revolve around water access for marginalized communities. Programs with environmental thrusts are anchored on protecting the finite resource on which our very exis-

Brand & Business: How U-COIN by Unilever Philippines and RUSH of Globe’s 917Ventures is leading the country in the cookie-less race

MANILA, PHILIPPINES—As the world entered the “new normal” in 2020, brands and marketers were thrown in for a loop when people were forced to stay home, growing ever more reliant on the Internet to sustain much of daily life. nine-to-five professionals found themselves not on a commute to their office but working at home, as e-commerce platforms and courier service solved their retail needs. Two months into 2021, and we are still reveling in last year’s disruptions. Evolving consumer behavior, as well as a shifting online landscape offers an opportune time for innovative marketing—one that was not lost on Unilever Philippines. Despite housing some of the most iconic household brands, Unilever constantly strives for innovation and progress through groundbreaking strategies that merge data and creativity. According to Unilever Philippines Country Media Director Dennis Perez, digital evolution is inevitable, with

the Covid-19 lockdown merely accelerating its arrival. Looking back on 2020, Perez shares that last year’s events prompted a need to change how their brands interacted with people as digital usage soared. “We realized that we cannot just copy and paste what we historically did in traditional media to digital media. In traditional media, it’s all about one to many. But in digital, data and rich signals allow advertising to be really relevant to individuals rather than to a broad audience.” According to Perez, the rise of digital enabled Unilever to make their advertising relevant to people instead of consumers– addressing each person’s individual needs. Enter U-COIN, a digital rewards and data program created in partnership with RUSH, one of the country’s leading loyalty and e-commerce solutions providers under 917Ventures, the largest corporate venture builder and incubator in the Philippines and a wholly owned subsidiary of Globe Telecom. It was a match made in digital heaven. Behind RUSH was an impressive portfolio that included the widely successful Globe Rewards program, a fact that the Unilever team was completely familiar with. RUSH CEO Stephanie Kubota shared that they have been working closely with the conglomerate for almost five years. “From the very beginning, [Unilever has] been the most progressive of our partners. It’s a mutual understanding that loyalty and digitalization is no longer a supplement in fostering stronger and longer lasting relationships our customers—it’s a necessity. Digital

WWW.FREEPIK.COM

VER the past four Mondays, my fellow IPRAns, including Ipra global President Philippe Borremans, have written about topics from the maiden edition of Ipra Philippines’ CommuniTalks webinar series. So far, you’ve read about communication trends this year and beyond, navigating the multichannel universe, and survival tips from the points of view of a PR agency and a government institution. I’m capping off the CommuniTalks series on PR Matters by sharing my take on how you can engage in the practice of sustainable corporate social responsibility (CSR)— moving beyond philanthropy and ensuring the survival of your CSR programs even amid challenging times. For those of you who are already doing CSR, some of what I will share may already be familiar. This can be a refresher of sorts for you. For those who are thinking of going into CSR, this can arm you with enough of the basics to be able to figure out what to do next. For easier recall and application, I’ve come up with a list of five key things to remember:

tence depends. Disaster response activities have both humanitarian and stakeholder engagement objectives, effectively affecting relationships with groups and institutions that enable us to operate as smoothly as possible.

2. Anchor programs on greater goals.

This can be as simple as closely aligning your program goals and objectives with those of your company or organization, or with the rest of your group if you belong to a conglomerate. Or you can take it a step further and tie your goals to something bigger: the United Nations Sustainable Development Goals (UN SDG), for example, or your country’s sustainability or economic development plans. It’s not enough to have objectives that are confined to your CSR program alone. Link them with bigger goals so you can operate with greater purpose. This ties neatly with the value chain integration principle that I previously mentioned. Just make sure to align with goals that are relevant to your program and your organization, and that these goals are realistic for you.

3. Take advantage of strategic partnerships.

While you can definitely run your CSR programs alone, it is always good practice to spread your wings and explore collaborations. You can start with something as simple as tapping partners within your organization: groups that don’t directly handle CSR programs, but can help broaden the impact of your advocacy. Take the case of Maynilad’s Advocacy team. We partnered with personnel from our water treat-

transformation has been a rather slow and ongoing endeavor for enterprises for the past couple of years, but the pandemic really expedited the whole process.” Launched in October 2020, U-COIN is a program that promises shoppers and engagers exclusive rewards by participating in immersive experiences. Users can sign up on the U-COIN website and earn U-COINs by shopping Unilever products, answering in-web site surveys and engaging in other branded touchpoints. With their U-COIN, they can redeem amazing freebies from a wide range of partners that include GrabFood, McDonalds, Globe, and more. And with richer data from continuous engagement with consumers, Unilever can drive more targeted and relevant experience to its users. Glenn Estrella, head of Ideation & Acceleration at 917Ventures, credits the early success of U-COIN to Unilever Philippines’s ability to embrace the start-up mindset. “Through the partnership with RUSH, we have empowered Unilever Philippines to practice a lean approach—start small, experiment, fail fast but learn faster.” Estrella also cites this same solutionfocused mindset as instrumental in Unilever Philippines’s ability to involve other brands such as McDonalds and Grab as reward partners in order to improve their value and core. “Companies usually partner up based on immediate commercial benefits. But U-COIN’s partnerships were based on a shared vision where revenue is not the obvious goal, but impact—not just on

ment plant in Muntinlupa City for a program called “Timbayan,” a portmanteau of the words timba (bucket) and bayan (nation or people). Timbayan involves thoroughly cleaning buckets used to hold water treatment chemicals and distributing these to beneficiary communities, usually public markets or blighted areas. These recycled buckets can be used to store water or to hold goods such as fish for sale in markets. This simple partnership allows our organization to reduce our solid waste contribution, while providing beneficiaries with an item that they can use around the house or for their businesses. You can go a bit beyond your own organization by partnering with companies within your conglomerate, if you belong to one. It would be easier to align objectives and strategies with such companies, given that you are within the same “family.” If you’re feeling more adventurous, explore collaborations with companies to which you have no direct connection. They can be in the same industry as you or in a totally different one that has strengths to complement your own. You may also opt to partner with a government institution, a local government, or a cause-oriented organization. Your partnership possibilities are limited only by your own imagination, so be creative and don’t be afraid to explore. Just bear in mind that you have to be fully aligned with your potential partners, in terms of objectives and even vision. Misalignment can cause clashes during implementation, and could very well lead to the demise of your joint CSR project.

4. Go beyond just who you know.

While a wide network is impor-

customers, but on communities.” According to Unilever’s Perez, interactivity is at the core of U-COIN, providing people with valuable experiences and fostering personal relationships through heightened engagement. “U-COIN makes interaction with Unilever-branded experiences more meaningful. It’s gamified because they can actually choose to combine their coins or they can try to save it for a bigger reward in the future. There is a lot of expectation from users to be delighted with digital branded experiences. Unlike with traditional ads, people are looking for interactivity, rewards, and delight.” Users met U-COIN with warm response. This prompted the Unilever and RUSH teams to introduce the rest of its features, such as the addition of new reward partners. Wence Wenceslao, Unilever Philippines’ Digital Hub Lead and Co-Lead for U-COIN, shares, “The beauty of rewarding consumers for continuously engaging with us is they are empowered to choose what reward they want—and we can easily unlock that with [RUSH]. We started the pilot at 38 rewards, and we’re now at 100 rewards. With these rewards and continuous re-engagement, we gain deeper insights on their preferences and behavior online and offline, and forms a unified consumer view.” The program ties back to future-proofing the brand’s foray in a cookieless world, driving more targeted and personalized marketing. Jef Cruz, Commercial Head at RUSH, explains, “U-COIN was able to create a unified program to integrate different

tant in establishing partnerships and propelling projects forward, you can’t just rely on whom you currently know. People come and go. Elected officials have terms of office. Cabinet members serve at the pleasure of the President. Company executives resign or retire. If you anchor your programs on personalities alone, your program’s chances of survival are greatly reduced. Your CSR programs have to be built on strong foundations: integrated into your value chain, anchored on bigger goals, strengthened by partnerships. Programs with strong roots create bigger ripples, leave a more lasting legacy, and have a higher probability of success and long-term survival. This is not meant to diminish the value of having a vast network. After all, as public relations practitioners, our contacts and our relationships with them are worth more than their weight in gold. This is meant more as a reminder that success is not driven by your network alone. Sound strategies, coupled with a solid network, can spell the difference between good enough and exceptional.

5. Never lose your development mindset.

While we need to think of so many things when coming up with and running a CSR program, you should never lose sight of why you’re implementing such programs in the first place. I’d like to think that I speak for all of us CSR practitioners when I say that, ultimately, we want to make even a little bit of a difference in people’s lives, in society, in the world we live in. When you do CSR work, look

engagement channels. This enabled us to see customers from all touchpoints and how intricate it is to engage a specific set of audience. I am really surprised how each day is a brand new discovery when it comes to customer behavior that helps us create more rewarding experiences.” Once users sign up for U-COIN, each of their brand interactions allows Unilever to learn more about them—shaping specific, nuanced consumer experiences. It’s a far cry from traditional advertising aiming for mass appeal, and inches closer to the near future of personalized ads that address a user’s particular needs. While consumers clamor for more individualized branded experiences, this also comes with the expectation to respect user preferences. With growing concerns on data privacy worldwide, the digital sphere’s shift to a cookieless world seems imminent. This opens the field for both big and small players to come up with innovative and engaging solutions that offer personalized experiences based on consent and transparency. Driven by meaningful engagement and stronger, long-lasting customer relationships, the U-COIN program is designed as a new solution towards mutual consent between brand and consumer in the digital sphere. According to Perez, unlike third-party cookies that lack visibility on how users are profiled, U-COIN promises a transparent and engaging process. “As people get rewarded for sharing valuable insights, U-COIN makes our marketing more anticipated. In fact, a lot of people

beyond the numbers that you need to achieve to ensure good ratings in your performance scorecards. Focus on the impact that your programs will have on the lives of people around you: your communities, your stakeholders, your partners. You may have a million and one reasons for embarking on a CSR journey. Let social development be one of them. Ultimately, your authenticity and sincerity will shine through.

About last week…

LAST week’s column by Richard Burgos failed to include a brief introduction of the author, which we usually have on our boiler plate. Our apologies for the oversight, and here’s that introduction that we missed: Richard P. Burgos is the director of the Science and Technology Information Institute of the Department of Science and Technology. He is a two-term past chairman of Ipra Philippines and a juror at the Ipra Golden World Awards. PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premier organization for PR professionals around the world. Abigail L. Ho-Torres is AVP and Head of Advocacy and Marketing of Maynilad Water Services Inc. She spent more than a decade as a business journalist before making the leap to the corporate world. We are devoting a special column each month to answer our readers’ questions about public relations. Please send your questions or comments to askipraphil@gmail.com.

are now waiting for the next U-COIN drop. And that’s what Unilever is trying to do, we’re maintaining that relationship for us to basically drive a higher customer satisfaction and lifetime value. We value the people that we serve, and, and at the end of the day, we want to make sure that the trust will remain and stay there for a long time.” Unilever’s progressive mentality is what anchors their partnership with RUSH, allowing them to create strides in digital marketing here and worldwide. Within four months of its launch, U-COIN has already been lauded by marketing professionals worldwide—winning a global award for brand bravery during its pilot stage, a recognition for pulling off a feat that had yet to be accomplished in other markets. As a successful case study in the cookieless race, U-COIN’s launch has edged over other countries that may have more sophisticated infrastructure. Pia Inserto, digital analyst and co-lead for U-COIN for Unilever Philippines, adds, “The beauty of this whole partnership and this whole program is it’s not just addressing consumer needs during the pandemic and introducing a shiny new toy for consumers. It’s about really trying to think of every single scenario with the consumer at the heart of it. And I think what we wanted to do for Unilever is make them accessible to their consumers and really provide a wonderful experience. One of the things that allowed us to do that is really connecting all of their fragmented experiences into one universal, seamless channel through U-COIN.”

PBA Press Corp names Chua top defender in bubble

HE Philippine Basketball Association Press Corps (PBAPC) named big man Justine Chua as the Top Bubble D-Fender, giving the Phoenix Fuel Master a career-first major individual award. Chua will be officially bestowed the honor on March 7 during the online PBAPC Awards Night at the TV5 Media Center. The special event is presented by Cignal TV and will be shown over PBA Rush on March 8. The 6-foot-6 center out of Ateneo emerged as the top shot blocker in the Philippine Cup at the Clark bubble, averaging 1.6 swats per game, giving the Fuel Masters their last line of defense. He also posted averages of 11.7 points and 6.7 rebounds to also strongly contended for the Most Improved Player award. Chua led the All-Bubble D-Fenders unit with NorthPort’s Christian Standhardinger, former teammate now Magnolia’s Calvin Abueva, San Miguel Beer’s Chris Ross and Magnolia’s Mark Barroca. Chua, 31, was the second of two Fuel Masters who will be honored by the PBAPC after RJ Jazul, who will be hoisting the Mr. Quality Minutes trophy. Also to be handed out are the Outstanding Coach of the Bubble, Mr. Executive, President’s Award and a Special Citation. The other awardees were CJ Perez (Scoring Champion), All-Rookie Team of Aaron Black, Arvin Tolentino, Roosevelt Adams, Barkley Ebona and Renzo Subido, and the Game of the Bubble featuring Barangay Ginebra and Meralco. Also to be feted are the awardees of the previous season led by 2019 Virgilio “Baby” Dalupan Coach of the Year Leo Austria of San Miguel and Danny Floro Executive of the Year PBA Chairman Ricky Vargas of TNT Katropa, Presidential Awardee Bulakan Mayor Vergel Meneses, and Defensive Player of the Year Sean Anthony of NorthPort.

Sports BusinessMirror

| Monday, March 1, 2021 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

PSA AWARDS GOING ONLINE F

OLIVIA’S ROUTING The US’s Olivia Greaves

performs in the floor exercise during the Winter Cup gymnastics competition on Saturday in Indianapolis. AP

BALDWIN: OQT BERTH A GIFT T

By Josef Ramos

AB BALDWIN called the Philippines getting a lucky ticket to Serbia for the Olympic Qualifying Tournament (OQT) against mighty Serbia in July a gift. And the Kiwi-American men’s national team program director of the Samahang Basketbol ng Pilipinas Baldwin threw pessimism out the window, saying Gilas Pilipinas got that chance to make it to the Tokyo Olympics. “You always have a chance when you put your uniform on. If you don’t believe you have a chance, you don’t put your uniform on—it’s

just that simple,” Baldwin told BusinessMirror on Sunday. New Zealand withdrew from the June 29 to July 1 OQT in Belgrade, giving the Philippines passage to a chance at making Tokyo. The country, despite ranked No. 32 in the world, is the best-placed Asian nation to make the OQT grade. “This is really a gift. Once again, this crazy world that we live in now, which seems to be dominated by Covid-19 impact events, has presented the Philippines with a gift,” Baldwin added. But with the gift comes a tremendously heavy package.

The Philippines will also face world No. 19 Dominican Republic, which is expected to be led by the Minnesota Timberwolves’ center KarlAnthony Towns and Boston Celtics’ Al Horford in its group in Belgrade—although Serbia alone is already a tough mountain to trek. Serbia, ranked No. 5 in the world, has the National Basketball Association’s Mr. TripleDouble 6-foot-11 Nikola Jokic of the Denver Nuggets and 7-foot-3 Boban Marjanovic. Jokic and his teammates made mincemeat of the Yeng Guiao-coached national team, 67126, in the 2019 Fiba World Cup in China. Italy, Senegal and Puerto Rico make up the other group in the Belgrade OQT where only one team will make it to Tokyo.

OR the first time in its storied history, the Philippine Sportswriters Association (PSA) will staged the annual San Miguel Corp. (SMC)PSA Awards Night online. The affair is set on March 27 with a limited number of guests appearing live at the TV5Media Center studio in Mandaluyong City with the rest of the awardees and guests hooked up online. While the whole of sports wasn’t spared by the Covid-19 pandemic, a few Filipino athletes still managed to shine and rise above adversities and gave the country something to cheer about in this time of despair. Highlighting the unique but special event backed by SMC and the Philippine Sports Commission is the awarding of the coveted Athlete of the Year trophy, which is exclusively handed out by the country’s oldest media organization led by its president Tito Talao, sports editor of the Manila Bulletin. The other regular awards will be handed

out—Executive of the Year, President’s Award, National Sports Association (NSA) of the Year and the Lifetime Achievement Award. Major honorees in various sports are also included in the honor roll, as well as a handful of citations and special recognitions to people and entities which kept Philippine sports going during the global health crisis. The hour-long program will be covered by Cignal TV and will be hosted by Gretchen Ho and Carlo Pamintuan. Last year, Team Philippines was hailed as the Athlete of the Year honor following the country’s successful campaign in the 30th Southeast Asian Games. The Philippines emerged overall champion for the second time in its 43-year campaign in the biennial meet. The 2019 Awards Night was held at the historic Manila Hotel in March 6 last year, a week before the whole of Luzon was put under the enhanced community quarantine following the outbreak of the pandemic.

GRINGO, ALI HONORED The Philippine Taekwondo Association (PTA) honors

Department of Information and Communications Technology Secretary Gregorio “Gringo” Honasan and Undersercretary Arnold “Ali” Atienza as Honorary 5th Dan Blackbelts. Also in photo are (from left) PTA Marketing Head Jobet Morales, President Sun Chong Hon and Secretary General Rocky Samson.

Negrense weaving wonder in Subic

BANSE Negrense A and B made heads after sweeping pool action to secure the top spots heading into the knockout quarterfinals of the 2021 Gatorade-Philippine Superliga Beach Volleyball Challenge Cup on Saturday at the Subic Bay Freeport sand courts. Alexa Polidario and Erjane Magdato powered Abanse Negrense A to a 21-4, 21-7 rout of Kennedy Solar Energy-PetroGazz’s Arianne Alarcon and Christina Canares for a three-match sweep of Pool A of the bubble tournament held in cooperation with the Subic Bay Metropolitan Authority and Inter-Agency Task Force for the Management of Emerging Infectious Diseases Central Luzon. Abanse Negrense B’s Jennifer Cosas and Gelimae Villanueva also swept Pool B after taking down Toby’s Sports’s Jonah San Pedro and Javen Sabas, 21-11, 21-9, in the in the event that has Cherrylume, Ube Express and Subic bay Peninsular Hotel as sponsors and Cocolife, Cocogen Insurance, Data Project and Genius Sports as technical partners. “We’re happy that both Abanse Negrense teams are showing the great talents of players from Negros Occidental as a team and as individuals,” Magdato said. Polidario said that the challenge is how to sustain their momentum.

“We hope to sustain this kind of performance until the end of this tournament,” she said. Sta. Lucia teams, menwhile, bounced back from tough losses on Friday afternoon to seal the No. 2 spots in their respective pool. After a tough 21-6, 14-21, 11-15 loss to Abanse Negrense B late Friday, Sta. Lucia A’s DM Demontano and Jackie Estoquia vented their ire on United Auctioneers Inc.’s Ella Viray and Theresa Ramas, 21-13, 21-14, to finish with a 2-1 win-loss record in Pool B. “We exerted more effort because we fell short in our last game,” Estoquia said. “We have to do whatever it takes in the quarterfinals. We have to be patient and bring out our best efforts because it’s a knockout game.” Sta. Lucia B, on the other hand, leaned on Jonah Sabete’s scoring prowess and Bang Pineda’s excellent plays to beat F2 Logistics’s Jenny Senares and Kyla Gallego, 21-14, 21-13. The Abanse Negrense squads fought for semifinal slots on Sunday with Magdato and Polidario battling Pool B cellar-dweller Toby’s Sports while Cosas and Villanueva clashing with Kennedy Solar Energy-PetroGazz. Pineda and Sabete also eyed a semifinals berth against Pool B third placer United Auctioneers as well as Demontano and Estoquia, who took on F2 Logistics in the knockout quarterfinals also on Sunday.

Never shut up Rick Olivares bleachersbrew@gmail.com

Bleachers’ Brew you have seen football star Zlatan Ibrahimovic and basketball star LeBron James exchange—and that is putting it mildly—words about using their platform to voice out political concerns. I have never been for addressing concerns not in its proper forum. It isn’t that I do not have my concerns or gripes about society. I do. And there’s a lot to sound off. Imagine if I did a Carlos Celdran and interrupt a Mass with my gripes. Or I go to the Philippine Stock Exchange and voice out my concerns in the middle of the trading floor. Yet, history is replete with statements made during sporting events from Tommie Smith and John Carlos raising their clenched fists during the 1968 Olympics to boycotts in participation due to wars during the 1956 Melbourne, 1980 and 1984 Olympics. Of course, there was terrorism during the 1972 Munich Games that left nine Israeli athletes dead. And there’s the taking a knee not just during the playing of the US National Anthem but ever in football leagues across Europe in support the Black Lives Matter movement. This brings me back to my premise—should sporting events be used for making statements? I guess I am changing my tune. If the traditional outlets do not work for you then why not? Furthermore, social media has blurred lines so that ordinary citizens are able to capture news that traditional media people will not be able to do so. It has given a voice to the unheard (which is at the same times infested with trolls). I agree with athletes speaking out. Just not holding

the games hostage such as when players from the Los Angeles Lakers threatened not to play last season. I also think that Ibrahimovic was wrong considering not too long ago, he too spoke out about his being of not being pure Swiss as his parents were from Bosnia and Croatia and experiencing racism. Now he comes across as being a hypocrite. James was correct in his reply, “I would never shut up about things that are wrong.” Times have greatly changed a lot and all sports bodies—even the local—should have dialogues between league officials, team owners, and the coaches and players about how and where best to air issues. We’ve seen a number of professional basketball and football players air their grievances. Because our society generally does not condone this, it is harder. The funny thing is you try to do the right thing in local sports then you’re the bad guy or the minority. Even some in media are party to this because they are beneficiaries of patronage. I have butted heads with many a sports figure about a myriad of issues. So I guess, social media is good—for better or worse. It is good that fans and the common tao weigh in about these questionable trades in the Philippine Basketball Association. And I hope others weigh in on the state of other sports such as football, national teams, volleyball, and athletics because the local mafia, er, media, have gags orders or look to turn the other cheek for the sake of sports, unity, and the rest of that bull crap. And may LeBron James’s tribe increase.