BusinessMirror March 17, 2020

VIRUS SINKS MARKET TO NEW 7-YR LOW

By VG Cabuag @villygc

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HARE prices resumed their downfall on Monday, still on Covid-19 fears that even a surprise rate cut by the US Federal Reserve was not able to lift investor sentiment.

The benchmark Philippine Stock Exchange index fell 458.57 points or about 8 percent to close at 5,335.37 points.

Trading was shortened to just until 1pm A man pedals past the Philippine Stock Exchange (PSE) in this file photo. Philippine shares plunged to a fresh seven-year low, as market players took into consideration the impact of Covid-19). NONIE REYES

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starting Monday, which will last through April 14.

It was a new seven-year low for the main index. The last time it touched the said range was on October 1, 2012 when it closed at 5,308.52 points, according to PSE data.

The US Fed cut its rate to near zero over the weekend, which surprised the market, and will buy $700 billion worth of Treasury Bonds and other mortgage backed security.

“With the number of [Covid-19] cases rising, the country has added measure for more social distancing. This, however, would imply that growth would be cut as establishments would realize less business as a result,” Luis Limlingan, managing director at Regina Capital and Development

Tuesday, March 17, 2020 Vol. 15 No. 159

Duterte places entire Luzon on quarantine T

By Samuel P. Medenilla @sam_medenilla & Lorenz S. Marasigan @lorenzmarasigan

HE surge in local novel coronavirus disease (Covid-19) cases despite existing government measures against it prompted President Duterte on Monday night to place the entire Luzon island under “enhanced” quarantine, two days after a similar measure was imposed on the National Capital Region.

In an address to the country just before 8pm, the President announced, “I am placing the entire mainland of Luzon under quarantine until April 12, 2020, coinciding with the entire end of Holy Week.”

The important thing, he said, is to abruptly stop the “chain of transmission.”

“But let me make this clear,” he stressed. “This is not martial law— under the constitution,” he added,

as martial law may only be imposed “if there is invasion, rebellion, or public safety requires it.”

The announcement will effectively stop not only all classes, but also work in Luzon, since people will be

“subjected to strict quarantine,” and confined to their homes, Presidential spokesman Salvador S. Panelo had explained in an earlier press briefing, hours before Duterte’s address.

In the televised interview, Panelo earlier said, “No movement and no transportation except only for frontline health workers authorized government officials.”

However, after Duterte addressed the nation, the DOTR still had no guidelines on restricting public transportation because they are awaiting the DILG’s instructions. “After we receive that, that’s the time we will create specific guidelines for the transportation sector,” said Assistant Secretary Continued on A2

Corp., said.

Total trades were valued at P6.44 billion.

Decliners edged gainers 145 to 46 and 40 shares were unchanged.

All other sub-indices ended in the red with the All Shares index losing 221.85 points to 3,271.79, the Financials index was down 126.47 to 1,289.19, the Holding Firms index plunged 568.49 to 5,105.16 and the Property index fell 232.35 to 2,753.05.

Property developer Ayala Land Inc. was the day’s most active and it fell P4.20 or 13 percent to P28.80, SM Prime Holdings Inc. lost P1.50 to P28.50, Alliance Global Group Inc. was down P1.03 to P8.02. SM Investments Corp. shed P96.50 to P735 and BDO Unibank Inc. retreated P17 to P110.

P25.00 nationwide | 3 sections 30 pages |

BSP SEEN TO CUT RATES BY 25 BP ON VIRUS WOES

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HE Monetary Board (MB) might trim the interest rates of Bangko Sentral ng Pilipinas (BSP) by 25 basis points (bp) this week to aid the economy currently in slump due to the coronavirus disease 2019 (Covid-19) pandemic.

In an economic research, JPMorgan Chase Bank, N.A. said that the policy cut was backed by declining inflation rate and “easing of external monetary conditions.”

The possible interest rate cut, JPMorgan said, would bring the overnight reverse repurchase (RRP) rate to 3.5 percent.

In February, MB cut BSP’s RRP by 25 bp to 3.75 percent, bringing overnight lending and deposit facilities to 4.25 percent and 3.25 percent, respectively.

The MB last year cut policy rates by a total of 75 bp, with RRP facility ending at 4 percent.

Last month, inflation rate eased to 2.6 percent from 2.9 percent in January and 3.8 percent a year earlier on the back of low food and

Banks guarantee least disruption amid crisis

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@Tyronepiad

HE banking sector assured continued services and operations amid the coronavirus disease 2019 (Covid-19) pandemic, the Bankers Association of the Philippines (BAP) said.

“The BAP is in constant close coordination with the Bangko Sentral ng Pilipinas [BSP] to ensure continuity of banking services and operations to serve the public,” the banking group said in a statement on Monday.

At the same time, BAP shortened the trading hours of the foreign exchange market. Trading in the morning is from 9am to 12 noon; and 1pm to 2pm in the afternoon.

BAP also expressed support to the guidelines released by the government in addressing the pandemic. “The banking community shall adhere to the guidance set forth by the Department of Health and relevant agencies to ensure the safety of our people while we remain committed to deliver banking services to the public,” it added.

The Central Bank, for its part, urged the public to transact via e-banking ad digital payment services amid the policy on social distancing. This, as BSP asked the banks to suspend online transaction fees and charges.

Publicly listed banks—following a mandate from the Securities and Exchange Commission (SEC)—

have also disclosed the impact of Covid-19 on their operations and measures they are employing to mitigate risks. The regulator last week ordered all publicly listed companies to inform the investing public regarding their current situation amid the pandemic.

In separate disclosures, these banks said that they would remain operational through their branches and digital platforms.

For example, BDO Unibank Inc. said that it would continue servicing its clients through over 1,400 branches and 4,400 automated teller machines and digital platforms, adding that the bank would stay “resilient.”

The Philippine National Bank said that it was implementing work-from-home arrangements to minimize the employees’ exposure to the virus.

PESO exchange rates n

See “Banks guarantee,” A8

Tyrone C. Piad

SEC gives Covid-hit firms FS extension

The BAP is in constant close coordination with the Bangko Sentral ng Pilipinas [BSP] to ensure continuity of banking services and operations to serve the public.”—BAP

By Tyrone C. Piad

nonalcoholic beverages prices.

The Federal Reserve, meanwhile, recently cut its benchmark interest rate by full percentage point, now ranging within 0 percent to 0.25 percent.

“Thus, we recently penciled in a further 25bp cut in the benchmark policy rate at next...Monetary Board meeting beyond our previous baseline forecast of 25 bp in 2020, to address the growth slowdown,” the bank said.

The National Economic and Development Authority recently said that the country’s gross domestic growth might slow down to 5.5 to 6.5 percent this year due to Covid-19 outbreak. This forecast is below government expectation of 6.5 to 7.5 percent for 2020.

The pandemic has paralyzed the tourism sector because of travel bans as safety precaution.

The supply chain was also at risk due to suspension of factory operations, affecting global trade.

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prohibited from entering the province of Aklan, through any means whether by land, sea or air.”

There are already 140 confirmed Covid-19 cases in the country, with 12 death and two recovered patients, according to an independent tracker, Covid19 Philippines.

As this developed, the Tourism Congress of the Philippines (TCP)

HE Securities and Exchange Commission is giving corporations affected by the outbreak of the coronavirus disease 2019 (Covid-19) until the end of June to file their annual report, more than two months from the previous deadline.

Corporations whose preparation of financial statements or completion of statutory audits are not affected by Covid-19 are required to file their annual reports and annual financial statements for the year ended December 31, 2019 within the periods prescribed under existing rules and regulations.

“The new coronavirus disease, Covid-19, has posed specific challenges to some Philippine companies in complying with certain reportorial requirements,” SEC Chairman Emilio B. Aquino said.

The Bureau of Internal Revenue, however, is not extending its deadline of submission of financial statements, where the submission of financial statements of all companies are based, on April 15. The filing period for the quarterly reports of publicly listed companies and registered issuers of securities for 2020 will also adjust, the SEC said.

See “Tourist destinations,” A2

See “SEC,” A2

A jeepney driver plying the San Andres to Taft Avenue route in Manila puts up improvised dividers in his jeepney on Monday to implement the social distancing required to avoid the spread of the virus. ROY DOMINGO

Key tourist destinations impose travel restrictions

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AJOR tourism destinations around the country have been closing their borders since Saturday, in response to the lockdown being implemented in the National Capital Region to contain the spread of the coronavirus disease (Covid-19).

Among the destinations that have announced their own “community quarantines” and travel

restrictions were the provinces of Cebu, Bohol, Batanes, Iloilo. The province of Aklan, where the worldfamous Boracay Island is located, has banned the entry of foreigners.

Executive Order no. 019-A dated March 16, 2020 signed by Aklan Gov. Florencio Miraflores, “mandates that foreign nationals coming from countries with localized transmission of Covid-19 are

US 51.1180 n japan 0.4775 n UK 63.4834 n HK 6.5814 n CHINA 7.2934 n singapore 36.3286 n australia 31.9079 n EU 57.2113 n SAUDI ARABIA 13.6195

Source: BSP (16 March 2020)

News

BusinessMirror

A2 Tuesday, March 17, 2020

www.businessmirror.com.ph

Holy Week events closed to public on virus risk

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By Samuel P. Medenilla

@sam_medenilla

LL Holy Week activities in Metro Manila this year will be closed to the public as part of the Church’s efforts to contain the rising novel coronavirus disease (Covid-19) cases in the region.

In a Pastoral statement, the Bishops of Metro Manila said they made the decision to prevent the spread of the disease through the Holy

Week activities, “which usually attract huge crowds of the faithful.”

“Since the dates for the Metro Manila community quarantine will

coincide with the last three Sundays of Lent, and Holy Week, it would mean that the liturgical celebrations during those days, including Palm Sunday, the rest of the Holy Week and Easter Sunday, will not be open to the public,” the prelates said in the three-page statement.

Among the affected traditional Holy Week activities are the public blessing of palms, Visita Iglesia, Siete Palabras, Good Friday procession and Easter Sunday Salubong.

Other means

Parishes will still be conducting the said activities though but would only be accessible to the public via the radio, television, or online.

Even without being able to partici-

pate in the said activities in person, the faithful, the bishops said, could still practice their religious devotion through other means like praying the Rosary “to meditate on the mysteries of the life of the Lord,” as well as making penance and fasting.

They also called on the Local Ordinaries and the Diocesan Administrators to “call for a Day of Prayer and Fasting for all those who are infected with Covid-19 and those who have died, and for our deliverance from the pandemic.”

The bishops also asked for donations for the poor and the sick, particularly those affected by the monthlong community quarantine in the National Capital Region (NCR).

“Let our parishes and church

Duterte places entire Luzon on quarantine Continued from A1

DOTr studying ban

Goddes Hope Libiran.

Enforcers

According to Panelo, further restrictions on movement, whatever these might be, will be enforced by uniformed personnel in quarantined areas to ensure compliance.

Panelo said only those engaged in medical, humanitarian reasons as transport of basic services and necessities will be still be allowed around Luzon for the period of the declaration.

Panelo said this will ensure that medical services as well as food supply will still be accessible to the quarantine-affected communities.

However, he said the distribution of the basic necessities will be handled by local government units (LGU).

“Provision for food and essential services shall be regulated -- the respective LGUs will have to create a system where food and essential needs will be delivered to the homes of the communities,” Panelo said.

Panelo said the other provision, which was implemented in Metro Manila such as a ban on mass gatherings, will also be expanded to other parts of Luzon.

It also includes travel restrictions banning land, domestic air, and domestic sea travel to and from Luzon.

Duterte seeks cooperation

The private sector will be asked to do workfrom-home arrangement, Duterte said in his evening address.

He asked the people to cooperate with the uniformed personnel and all those tasked to enforce the quarantine.

At the same time, he said in rambling remarks outside of his prepared speech, “Puede naman kayong lumabas, isa, bili ng pagkain . . . [You may still come out; maybe one in the family can go out to buy food].”

He urged people to “pray for all health workers,” and “your government.”

Tourist destinations. . . pressed its appeal to the government to extend tax breaks to accredited tourism stakeholders and financial assistance to the economically vulnerable among their ranks.

“We’re now resigned that the industry will shut down for 30 days,” said TCP President Jose C. Clemente III in a message to the BusinessMirror. “The ball is in government’s court regarding the financial impact and alleviation,” he stressed.

In a letter to Tourism Secretary Bernadette Romulo Puyat dated March 16, the TCP appealed for more assistance from the government to keep tourism businesses from going under. Among the new recommendations include: ■ A moratorium on bank loan payments for at least six months; ■ Reduction of corporate income tax for a minimum of six months; ■ A 20-percent discount on electricity and water bills for six months; and

The Department of Transportation (DOTr) is studying the possibility of a total transport ban in areas that are under the government’s so-called community quarantine, as it aims to further limit the movement of people amid the spread of the novel corona virus (Covid-19).

Quoting Transportation Secretary Arthur P. Tugade, Transportation Assistant Secretary Goddes Hope O. Libiran said the agency’s mandate now is to help avert the already-skyrocketing number of Covid-19 cases in the country by restricting public transport through its recently-issued guidelines.

“The DOTr, at this time, is not in this to arrange, or assure mobility. We are here to encourage people to stay at home. This is temporary and they should understand this.

Lives are at stake here,” Libiran said, quoting Tugade.

She replied in the affirmative when asked if the government considers imposing a total public transport ban in the quarantine areas that were identified by the Interagency Task Force for the Management of Emerging Infectious Diseases (IATF).

“We will take that up in the IATF meeting. If they deem it necessary and beneficial, they will recommend it for the approval of the President,” Libiran said. “Of course there will be contingencies that will be prepared for implementation.”

Under the guidelines, which carry out the pronouncements made by President Duterte on the lockdown of Metro Manila due to the Covid-19 spread in the region, domestic land, air, and sea travel will be temporarily limited within Metro Manila.

The guidelines are to take effect until April 14.

Domestic land transport is limited within Metro Manila, but employees living outside the capital region may enter the borders, pro-

Continued from A1

■ Financial assistance to tourism industry workers who will become jobless due to the prevailing business conditions, in the form of grants, low-interest loans, among others.

“As conditions continue to worsen for the tourism industry with the spread of Covid-19, we hope that our initial recommendations and the additional items above be acted upon with expediency to ensure the industry’s survival,” said Clemente in his letter.

There are about 9,000 DOTaccredited tourism stakeholders in the country, including hotels, travel agencies, tourist transport operators, and tour guides, as of December 2019.

Meanwhile, acting Malay Mayor Froilan S. Bautista issued Executive Order No. 013 on March 14, implementing a “mandatory 14-day quarantine of persons entering the municipality of Malay coming from Metro Manila and other places with positive cases of Covid-19 for 30

vided they submit to necessary health and security checks.

Already, this has caused quite a ruckus in social media, with people complaining of long queues at the borders, as each person has to be checked by the military and police before being allowed to enter the quarantine area.

Contract Management Specialist Ian Lim said he “had a taste of the quarantine going to Quezon City.” He hails from Montalban, Rizal, which is directly connected to Quezon City via Litex Road.

“It’s just not right. I can’t believe everyone should endure this just to go to work and earn. This is so unproductive in all levels,” he said.

Lim said it took him four hours before reaching the Litex terminal along Commonwealth Ave., as border officers only had one thermal scanner to use for the health checks. His place of work is at the Centris compound along Edsa, about 20 minutes away from Litex Market. On a normal day, it takes him about an hour and a half to get to work.

Aside from social distancing protocols, the government has also decided to limit the operational capacities of public utility vehicles such as jeepneys, buses, and UV express units.

R ailways are a lso operating at 25 percent of their rated capacities, while movement at the Ninoy International Airport (Naia) has also been limited and domestic f lights have been suspended.

The maritime sector has also imposed more stringent measures to ensure that supply cargoes entering Metro Manila are safe.

Libiran earlier said that the policy, released Saturday evening, will be subject to daily review and revision, as necessary. This means that the transport guidelines may be either tightened, or relaxed, depending on the developments in the government’s fight against the global pandemic.

days…” The quarantine procedures started on March 15.

Fighting slumping arrivals due to a travel ban issued on greater China, and fewer tourists from South Korea—both major markets for Boracay Island, known as the crown jewel of Philippine tourism —a number of hotels and resorts had cut their room rates to attract domestic travelers. Many of the resorts reported they were almost fully booked for the Holy Week of April 5 to 12, but the lockdown is expected to drastically reduce the island’s arrivals further.

There were 270,904 tourists in Boracay in January and February 2020, of which 138,737 were foreigners, data from the Municipal Tourism Office showed. In contrast, there were 340,309 arrivals in the same period in 2019, with 216,756 coming from overseas markets.

From February 1-29, the top source markets of foreign travelers in Boracay were South Korea, the United States, Russia, Australia, the United Kingdom, Japan, Taiwan, Germany, France and Canada.

Cebu, the country’s top tourist destination, announced a ban on flights from Clark International Airport in Pampanga, Legazpi City Airport in Albay, Cagayan De Oro City and Dumaguete City.

Bohol, home to the Chocolate Hills, the tarsier, and heritage churches, has implemented a lockdown for five days starting March 15.

Batanes, with its sea-sculpted high cliffs and rolling countryside, is restricting travelers from entering the province from March 16 to April 16.

The province of Iloilo, home to the popular La Paz Batchoy, Pancit Molo, heritage churches and houses, have asked its residents to postpone unnecessary travel and will strictly monitor the health condition of those who had recently traveled to places with Covid-19 cases.

Davao City officials have prevented their residents from traveling outside the city, and advised those planning to travel to Davao to postpone their trips.

Ma. Stella F. Arnaldo

institutions, in close coordination with their local government units [LGUs], be creative in going out of their way to help the people in their basic needs,” the bishops said.

Lastly, the Manila bishops said the Churches will be pealing their bells every 12 noon and 8 p.m. to remind the faithful to pray the Oratio Imperata on Covid-19.

Limited scale

The Holy Week, which will take place from April 5 to 11, will happen within the community quarantine of NCR from March 15 to April 14.

For the duration of the community quarantine, all mass gatherings will be suspended. Religious activi-

Avian flu. . .

Continued from A8

outbreaks in 2017.

The H5N6 virus could be transmitted to humans through exposure to infected or sick birds, including to their feces and other discharges. Humans do not acquire the virus by eating fully-cooked poultry products.

“There is no evidence that any human cases of avian influenza have been acquired by eating poultry products,” according to the government’s AI Protection Program Manual of Procedures (2016).

The government assured the public that consumption of poultry meat, eggs and quail eggs remains safe as only one quail farm has been affected by bird flu.

United Broiler Raisers Association (Ubra) also gave Filipino consumers assurance that there is no need to stay away from broiler or chicken meat as no broiler farm has been affected by bird flu to date.

Stamped out

Agriculture Secretary William D. Dar said the provincial veterinary office (PVO) of Nueva Ecija received a report of increased mortality of 1,500 heads in a quail farm last March 9, triggering the government’s disease investigation.

The quail farm had a total population of 15,000 heads.

Thirty live samples from quails tested positive for AI on March 13 at the DA’s regional laboratory in Region 3, which was later confirmed by the Bureau of Animal Industry’s national laboratory to

SEC. . .

Continued from A1

The agency still has to decide on the matter.

As a rule, publicly listed companies must report on their financials within 45 days after the quarter.

“For one, the travel restrictions, suspension of business operations and other measures implemented to contain the spread of Covid-19 have kept companies, particularly those with operations in China and other affected territories, from gathering all information or documents necessary in the preparation and the subsequent audit of their annual financial statements,” the SEC said.

To request for more time to submit its reports, a publicly listed corporation is required to submit a written request to the SEC, through the Markets and Securities Regulation Department, at least five days before the deadline of filing.

The submission shall include a sworn certification signed by the company’s president and treasurer to confirm that its financial year ended December 31, 2019 and that it has significant business operations or subsidiaries in China and other affected territories, including the Philippines.

The corporation must confirm that the completion of statutory audit of its financial statements

ties will be exempted from this provided it complies with the government policy of social distancing.

The bishops said baptisms, confirmations and weddings, which will fall during the community quarantine, which “cannot be postponed due to the enormity of preparations involved” may still be allowed.

However, the event should limit the number of its participants and comply with social distancing.

The said guidelines will be implemented in the Archdiocese of Manila, in the dioceses of Cubao, Novaliches, Pasig, Caloocan, Parañaque, parts of the diocese if Antipolo and Malolos, and some parts of the Military Vicariate of the Philippines.

be H5N6 HPAI. Dar said the government has completed the stamping out or culling and burying of the remaining 12,000 quails in the farm last March 14. “ The DA, local government unit officials, are now conducting disease investigation and contact tracing to determine source of infection,” he said in a press briefing.

Unhampered trade

The DA has revised its stamping out protocol following the learning and experience in the 2017 bird flu outbreaks.

The DA will now employ a test and cull protocol wherein it would only depopulate birds within an infected farm and those located in a 1-kilometer radius should they test positive for AI. Previously, the DA culled all birds located within the 1-kilometer radius of the infected premises.

The DA assured the public it has sufficient funds to purchase additional test kits as it expands it surveillance for bird flu beyond the affected farm.

The DA added it will compensate the quail farm owner with a rate of P10 per depopulated quail, the same amount provided to raisers during the 2017 outbreaks.

“We will always do the best for managing and controlling this.

Let’s not panic. We can overcome this with all the solid experiences in the past,” Dar said.

“We are calling upon those engaged in quail poultry and ducks to report immediately if there are deaths among their flocks,” Dar added. Jasper Emmanuel Y. Arcalas as of December 31, 2019 has been affected by travel restrictions, suspension of business operations and other measures imposed by authorities or by the corporation in response to the Covid-19 outbreak.

The company is also required to submit a sworn certification by its external auditor confirming its operations in China and other affected territories, as well as the impact of the Covid-19 outbreak on the auditing of its financial statements, the SEC said.

Given the impact of the delayed release of the annual reports, the corporation must also submit to the SEC an indicative date for its annual stockholders’ meeting.

Meanwhile, the corporation must observe its disclosure obligations under the Securities Regulation Code, and Philippine Stock Exchange’s Consolidated Listing and Disclosure Rules.

In the case of a non-publicly listed corporation, the written request should include sworn certifications signed by its president and treasurer, and by its external auditor.

“The SEC will continue to assess the impact of Covid-19 on the preparation of financial statements and on the completion of the statutory audits of companies. It may issue appropriate rules and regulations to address the concerns that may further arise,” the agency said.

VG Cabuag

REPUBLIC OF THE PHILIPPINES CITY OF MANILA

An Urgent Appeal to All Lessors of Commercial Establishment for the Waiver of Rental fee of their Lessees In view of the crisis caused by the COVID-19, the outbreak of which has resulted to national emergency, the City Government of Manila hereby appeals and humbly requests all lessors of commercial establishments in the City of Manila that were closed during the one (1) month period of General Community Quarantines to waive the corresponding rental fees and charges thereof.

This appeal is being made with the utmost intention of cushioning the socio-economic impact of the present crisis in the City of Manila.

Buong kababang loob at taos-puso po akong nakikiusap at umaasa sa inyong pang-unawa.

Maraming Salamatpo! PagpalainnawatayongPoongMaykapal!

Manila, GOD FIRST!

Francisco “Isko Moreno� Domagoso Mayor City of Manila

A4

Tuesday, March 17, 2020

The World BusinessMirror

Editor: Angel R. Calso • www.businessmirror.com.ph

Fed takes emergency measures to cut rates and ease bank rules

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ASHINGTON—The Federal Reserve took massive emergency action on Sunday to try to help the economy withstand the coronavirus by slashing its benchmark interest rate to near zero and saying it would buy $700 billion in Treasury and mortgage bonds.

The Fed’s surprise announcement signaled its rising concern that the viral outbreak will depress economic growth in coming months, likely causing a recession, and that it’s poised to do whatever it can to counter the risks. It cut its key rate by a full percentage point to a range between zero and 0.25 percent.

The central bank said it will keep its rate there until it is “confident that the economy has weathered recent events.”

The Fed will buy at least $500 billion of Treasury securities and at least $200 billion of mortgagebacked securities. This amounts to an effort to ease market disruptions that have made it harder for banks and large investors to sell Treasuries as well as to keep longer-term borrowing rates down.

All told, the Fed’s aggressive actions are intended to keep financial markets functioning and lending flowing to businesses and consumers. Otherwise, as revenue dries up for countless small businesses that have suddenly lost customers, these employers could be forced to lay off workers or even seek bankruptcy protection in some cases.

“This is a break-the-glass moment” for the Fed, said Mark Zandi, chief economist at Moody’s Analytics. “They are throwing everything they’ve got at this. My sense is they must be nervous about the credit system not functioning properly. They are trying to shore up confidence.”

By slashing its benchmark short-term rate and pumping hundreds of billions of dollars into the financial system, the Fed’s moves on Sunday recalled the emergency action it took at the height of the financial crisis. Starting in 2008,

the Fed cut its key rate to near zero and kept it there for seven years.

The central bank has now returned that rate—which influences many consumer and business loans—to its record-low level.

The new bond purchases will be similar to the several rounds of “quantitative easing,” or QE, that the Fed conducted during and after the Great Recession to bolster the financial system and the economy. Chairman Jerome Powell, in a conference call with reporters, said the Fed’s purchases are intended to ensure that credit markets function properly.

Shoring up the Treasury bond market and other sources of credit, Powell added, is vital to the health of the economy.

Powell warned that the economy would likely shrink in the April to June quarter because of the widespread shutdowns from the coronavirus and a broad pullback in consumer spending. He noted that the necessary behavioral changes being made across the country to stem the outbreak—an avoidance of travel, shopping and mass gatherings—are inherently harmful to the economy, which he said had been in solid shape before the virus hit.

“Ultimately, the virus will run its course and the US economy will resume a normal level of activity,” Powell said, though he didn’t speculate on when the rebound might occur.

“The virus is having a profound effect on the people of the United States and across the world,” Powell said. The primary response will need to come from health-care providers, he stressed, as many experts have.

Still, he added that “economic policymakers must do what we

Federal Reserve Chairman Jerome Powell pauses during a news conference on Tuesday, while discussing an announcement from the Federal Open Market Committee, in Washington. In a surprise move, the Federal Reserve cut its benchmark interest rate by a sizable half-percentage point in an effort to support the economy in the face of the spreading coronavirus.

AP/Jacquelyn Martin

can to ease hardship caused by disruptions to the economy, and support a swift return to normal once they’ve passed.”

Powell acknowledged a concern sounded by many economists in recent weeks: That the Fed, the European Central Bank and other leading central banks have only a limited ability to ease the economic damage caused by the virus. The chairman said that Congress and the White House would also have to use tax and spending policies to boost the economy.

“We don’t have the tools to reach individuals and particularly small businesses,” he said on the conference call. “But this is a multifaceted problem, and it requires answers from different parts of the government and society.”

A statement from the Federal Reserve Bank of New York noted that the central bank’s new Treasury purchases will begin with $40 billion on Monday, while the mortgage bond purchases will total roughly $80 billion over the next month.

“We’re going to go in strong, starting tomorrow, Powell said, “and...do what we need to do to restore market function.”

The Fed is also joining in a coordinated global action, with the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank and the Swiss National Bank, to provide cheap dollar credit to banks. This move is intended to ensure that

foreign banks continue to have access to dollars that they lend to overseas companies.

Powell said the Fed acted on Sunday after having decided to meet this weekend in lieu of the meeting its policy committee had been scheduled to hold on Tuesday and Wednesday this week. He also said the central bank decided not to issue its usual quarterly projections for the economy and interest rates this week because the virus is altering the economic picture too quickly to make such projections useful.

US stock futures began falling after the Fed’s announcement.

Futures for the S&P 500 index were down about 4.5 percent. Gold prices rose 3.5 percent.

Sunday’s action drew rare praise from President Donald Trump, who had attacked the Fed as recently as Saturday, as he has frequently, for not acting quickly or aggressively enough.

“It make me very happy,” Trump said as he opened a White House briefing on the coronavirus. “I think that people and the markets should be very thrilled.”

One dissenting Fed member, Loretta Mester, president of the Cleveland Federal Reserve, voted on Sunday against the full-point rate cut, favoring a half-point cut instead.

She did support the Fed’s other actions to boost credit markets.

As more businesses across the country see their revenue dwindle as consumers stay home, many of

them will seek short-term loans to maintain their payrolls. The Fed said it has dropped its normal requirement that banks hold cash equal to 10 percent of its customers’ deposits, thereby allowing banks to lend that money instead. It also said banks can use additional cash buffers that were imposed after the 2008 financial crisis for lending.

“It confirms that the Fed sees the economy going down...very sharply’’ toward recession, said Adam Posen, president of the Peterson Institute for International Economics, said.

Yet, with the virus’ spread causing a broad shutdown of economic activity in the United States, the Fed faces a hugely daunting task. Its tools—intended to ease borrowing rates, facilitate lending and boost confidence—are not ideally suited to offset a fear-driven shutdown in spending and traveling.

“This isn’t going to be the magic bullet that saves everything,’’ said Timothy Duy, an economist at the University of Oregon who follows the Fed, but sends a signal to Congress that the economy needs emergency stimulus.

Duy predicted that the Fed will follow up with further actions, including possibly changing its inflation target to allow for more stimulus and providing more support for commercial paper—the short-term notes that companies issue to meet expenses.

“I don’t think they’re done yet,’’ Duy said.

Earlier Sunday, Treasury Secretary Steven Mnuchin said that both the central bank and the federal government have tools at their disposal to support the economy.

Mnuchin also said he did not think the economy is yet in recession. Many leading economists, though, have said they believe a recession has either already arrived or will soon. JPMorgan Chase predicts the economy will shrink at a 2-percent annual rate in the current quarter and 3 percent in the April to June quarter.

Two weeks ago, in a surprise move, the Fed sought to offset the disease’s drags on the economy by cutting its short-term rate by a half-percentage point—its first cut between policy meetings since the financial crisis. AP

Thai economic outlook among Asia’s weakest

T

hailand is preparing to restrict some aspects of daily life after the country’s biggest spike in coronavirus cases, further damaging one of Asia’s weakest economic outlooks.

The steps to be considered on Monday include placing more curbs on foreign arrivals, canceling events with big crowds and closing entertainment venues deemed risky for spreading the virus. Confirmed cases jumped by 32 on Sunday to 114, sparking fears of a bigger outbreak and some panic buying of groceries.

The Thai economy was already reeling from a collapse in the critical tourism sector amid lockdowns worldwide to slow the transmission of the disease known as Covid-19. A drought and delayed public spending are additional blows, leaving Thailand with the highest odds of recession among Asian nations—at 30 percent—after Japan, according to data compiled by Bloomberg.

“We may need a sudden stop of economic activity, like China, as it proved effective in tackling the spread,” said Somprawin Manprasert, chief economist at Bank of Ayudhya Pcl, a Thai unit of Mitsubishi UFJ Financial Group.

“With such disruption, the economy will likely contract this year.”

Stock slump

Investors have taken fright, making the benchmark SET equity index emerging Asia’s worst performer with a drop of about 32 percent so far in 2020. The baht has tumbled more than 6 percent against the dollar over the same period, the second-largest decline in an Asian basket tracked by Bloomberg.

Prime Minister Prayuth Chan-Ocha’s ruling coalition last week rolled out stimulus steps designed to deliver a near-$13 billion economic boost, but their effectiveness is in doubt after previous packages fizzled.

The Bank of Thailand’s scope to follow in the footsteps of the US Federal Reserve by slashing borrowing costs to near zero, from the current 1 percent, may be limited by rules making 0.5 percent an effective lower bound.

Contingency plan

Sunday’s abrupt jump in virus cases raised the specter of widespread community transmission of the kind that sickened thousands of people in nations such as China, South Korea, Iran and Italy. On Monday, the Thai army said the head of its welfare department had tested positive, leading to the quarantine of almost 100 people.

Prayuth said Sunday officials are mulling over contingency options in case infections climb, such as setting up a hospital specifically for Covid-19 patients. Operators of riskier entertainment venues like pubs and sports stadiums could be ordered to close, he said.

“Today, health is the most important issue,” he told reporters in Bangkok.

Tourism accounts for about a fifth of the economy, but the government estimates arrivals may drop 24 percent from last year, to 30 million people. Citigroup has chopped its Thai growth forecast to 0.2 percent for this year from 2.2 percent, while Bangkok-based brokerage Phatra Securities Pcl predicts a 0.4 percent contraction.

“There’s going to be a big trade off,” Bank of Ayudhya’s Somprawin said. “Economic losses, for the control of the epidemic.” Bloomberg News

Global economic coordination not happening in virus crisis F RANKFURT, Germany—When the global economy melted down in 2008, world leaders swiftly created an international forum to boost economies by spending more and keeping trade open.

Central banks announced rate cuts within seconds of each other.

But so far, nations’ approach to the economic shock from the coronavirus outbreak is looking very different.

With the world economy teetering, plenty of action is being taken—but often without coordination or consultation that could increase its impact. US President Donald Trump banned flights from Europe, surprising outraged allies and causing markets to collapse. Plans for fiscal stimulus have popped up separately and incrementally in Italy and Germany as US Congress debates aid measures.

The Federal Reserve, Bank of England, and European Central Bank poured in more stimulus—announced separately, the Fed on March 3, the Bank of England on Wednesday and the ECB on Thursday.

The disease, which has infected over 156,000 people worldwide, for most causes only mild or moderate symptoms.

For some, especially the elderly and the sick, it can cause more severe illness. At least 5,800 people have died so far, and another 74,000 have recovered.

On Monday, leaders of the Group of Seven rich democracies—the US, France, Italy, Britain, Canada, Japan and Germany—are to talk by phone, according to a tweet from French President Emmanuel Macron. What action or commitments result from that remains to be seen. Investors in financial markets brushed off an earlier G-7 statement by finance officials. Since then, major indexes have fallen by the most since the market crash of 1987 and remain unusually volatile.

I t i s a s h a r p co nt ra s t w i t h t h e coordination shown during the global financial crisis, when the Fed, ECB, Bank of England, Bank of Canada and others announced a half-percentage point rate cut simultaneously on October 8, 2008, as stock markets plunged.

The current piecemeal approach does not sit well with former policy-makers who dealt with previous crises, including ex-ECB chief Jean-Claude Trichet.

He told the BBC this week that it “is absolutely appalling that the US took a

decision to stop people coming in without any warning or any discussion with the Europeans. I think that it is without precedent and it is an illustration of the drama where we are.”

“We need a global response. We need the market to understand that there is some kind of global coordination.”

Alistair Darling, former UK finance minister, said that “one of the reasons that the global economy recovered 10 years ago was because of international cooperation.

We all did the same thing—from Communist China to Republican-led United States.

International cooperation at the moment is in something of short supply.”

The world economy is increasingly looking like it will fall into recession, with Europe and Japan almost certain to see a big economic contraction the first half of this year. The US is facing a steep slowdown and China’s growth is forecast as low as 1 percent at the start of the year, the weakest in decades, from 6 percent previously.

Tristen Naylor, a fellow in international re l at i o n s at t h e Lo n d o n S c h o o l o f Economics and deputy director of the

G-20 Research Group, said global leaders are missing the chance to use the G-20 as an instrument designed to help deal with global crises.

“There hasn’t been any sort of push for global coordination on this, despite the G-20 having been set up for a decade ostensibly with this very purpose, of being positioned to deal with a global crisis,” he said.

During the global financial crisis “the speed with which they came together is wholeheartedly different from what is happening now, and I think that tells us something about the state of global governance.” It’s not just Trump and his America First approach, he said, but part of a broad trend toward national approaches.

To compare the speed between then and now, the World Health Organization declared a global health emergency on January 30, six weeks ago, and the Dow Jones began its plunge February 24, three weeks ago.

In 2008, Lehman went bankrupt on September 15, deepening a crisis that was already under way. Three weeks later, on October 7, then-President George W. Bush

and British Prime Minister Gordon Brown were talking about convening 20 leaders representing most of the global economy.

The day after, major central banks cut interest rates.

The heads of state and government of the Group of 20 met November 14-15 and twice after that; a year later they were confident enough to say that an economic recovery was under way.

Lack of coordination doesn’t mean nothing is being done. But it means that the measures may lose some of their impact.

Barry Eichengreen, an economist and historian at the University of California, Berkeley, wrote in Worth magazine “that the Fed’s failure to coordinate its rate cut with other major central banks sent a negative signal about the coherence of the response.”

He described the latest G-7 finance o f f i c i a l s’ s t ate m e nt vow i n g u s e o f “all appropriate polic y tools” as “a nothingburger.”

It remains the case that monetary and fiscal policy may have limited effect against a medical crisis, since they cannot reopen businesses closed to prevent the

virus’ spread. But, Eichengreen noted, coordinated government support for the economy has a stronger effect since some spending “leaks” to foreign imports. Doing it together means all sides are boosted together.

“In an ideal world, policy-makers would maximize the confidence impact a n d e f f i c a c y o f t h e i r m e a s u re s b y announcing all of them fast and jointly,” said Holger Schmieding, chief economist at Berenberg private bank. “Alas, we will never live in an ideal world. The responses will continue to come out in a piecemeal fashion.”

“However, that should not obscure the fact that the various initiatives add up to an unprecedented and unusually fast response around major parts of the globe.”

Admittedly, the economic polic y response is still taking shape. The G-20 finance ministers and central bankers will have a chance to take up the crisis at three meetings this year ahead of the leaders’ summit in November in Riyadh, Saudi Arabia. So far, however, leaders may be working along the same lines, but not in unison. AP

Economy BusinessMirror

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Electronic firm seeks DOLE’s assistance to hire 3K workers

By Samuel P. Medenilla

@sam_medenilla

T

HE Department of Labor and Employment (DOLE) said over the weekend that at least 3,000 jobs from an electronics-manufacturing firm are now up for grabs for workers, who may have been displaced from the effects of the novel coronavirus disease (Covid-19).

In a news statement, Labor Secretary Silvestre H. Bello III said Perry A. Ferrer of EMS Components Assembly and Alliance Mansols Inc. has sent him letter to request DOLE’s assistance to select and hire the needed work force.

Ferrer said the electronics assembly plant would be located in the Lima Technopark in Batangas.

“I need a total of 3,000 [workers] for March and April. I hope with your reach, we can provide Filipinos looking for employment,” Ferrer said in his letter.

Bello said he welcomed the job vacancies as a “silver lining in the cloud of Covid-19.”

“This is proof that there are opportunities in adversities,” Bello said.

Government economic managers said that Covid-19 is expected to dampen economic growth this year.

As of March 15, DOLE said the travel restrictions and work suspension attributed to the disease has already affected the employment of 7,000 Filipino workers.

Bello said they are planning to provide subsidies for the affected workers as well as provide them with other interventions such as skills training or employment facilitation.

Amid Covid-19 threat, SSS suspends applications for UMID cards, cuts work force in Metro offices

By Cai U. Ordinario

T

E

VERY day we are confronted with information on companies that allegedly did things wrong, from data breaches to cyber attacks, from bribing to unfair competition, from paying the wrong taxes to damaging the environment—and so on…

It is essential for top management to understand that a contributing factor of customer loyalty involves how a company responds to crisis situations.

With the proliferation of social media, news of a crisis can spread quickly, impacting consumer perceptions and company reputations. Companies must adequately prepare themselves for how to handle difficult brand situations, or else, risk losing customers and esteem.

Crisp’s 2019 Crisis Impact Report that was released recently, surveyed 2,000 consumers in the US and UK to determine how brand crises affect consumers. More than half (53 percent) of respondents said they expect brands to respond to a crisis within an hour, indicating the importance of rapid response from brands. Responding quickly can be difficult though, as news travels faster than ever via social media. Consumers are more likely to share news of a brand’s crisis on social media (40 percent) than they are face-to-face (29 percent), the report found. Nearly half of respondents across age groups (47 percent) cited social media as the preferred channel for receiving a response from a brand about a crisis.

@caiordinario

HE Social Security System (SSS) has suspended applications for the Unified Multi-Purpose Identification (UMID) card in light of the community quarantine imposed to prevent the further spread of the coronavirus disease 2019 (Covid-19).

In a news statement, SSS said it would maintain a skeletal work force in all its Metro Manila-based branches to handle these transactions. The SSS will be open Mondays to Fridays from 8 a.m. to 5 p.m.

“The health and safety of its members, employees, and other stakeholders are

always a top concern of the SSS. It hopes that everyone will be guided accordingly,” SSS said.

The state-owned pension fund said transactions would be limited to applications for non-medical benefits such as retirement, death, funeral, and unemployment and sick-

ness and maternity notifications.

The SSS said transactions also include employer reimbursement claims for sickness and maternity; maternity claims for self-employed and voluntary members; Pension Loan Program application; and contribution and loan payments.

The SSS added that Medical Evaluation Centers in Metro Manila would only be open on Mondays, Wednesdays, and Fridays for sickness and disability benefit claims. Members are advised to avoid unnecessary trips to its branches.

However, SSS branches outside Metro Manila will continue with normal operations to serve the public.

Earlier, SSS said it is ready to release a maximum of P1.2 billion to support unemployment benefits of workers affected by Covid-19 induced firm layoffs and closures.

SSS said the estimate is based on the

worse-case scenario where 60,000 SSS premium-paying members lose their jobs.

The National Economic and Development Authority earlier estimated that Covid-19 could cut 30,000 to 60,000 jobs.

SSS Senior Vice President and Chief Actuary Edgar Cruz said the average unemployment benefit that qualified members receive is about P11,000. But the maximum cash benefit per applicant is P20,000.

The Department of Finance said the projected financial claims for unemployment benefits are just estimates because several factors have to be considered, such as the number of actual job losses.

Other considerations include the number of jobless workers who are actually SSS members; the number of SSS members who are qualified to receive unemployment benefits; and their average salary credits.

Gordon to employers, banks: Advance workers’ 13th-month pay, extend grace period on loans

By Butch Fernandez @butchfBM

T

HE key to effectively contain the deadly Covid-19 threat lies in “social cohesion,” according to Sen. Richard J. Gordon, suggesting, among others, that employers can voluntarily advance the

How social media makes or breaks a company in crisis

By Henry J. Schumacher

Editor: Vittorio V. Vitug • Tuesday, March 17, 2020 A5

The influence of social media on brands shouldn’t be surprising, as social media use has experienced steady growth over the past decade. It’s no wonder the platforms are essential for companies’ public relations. Social media plays a critical role in a brand’s reputation, it gives brands the opportunity to shape their identity and the way consumers perceive them on a daily basis, but what makes it unique­—compared to web sites ­—or other traditional media­—is that consumers can interact directly with the brand. Engagement is the powerful differentiator.

However, social media is a doubleedged sword, as we all know too well.

While social media can spread positive sentiments about a company, it is also a medium for bad press. Consumers consider popular company crises to include the mistreatment of workers (64 percent), ethical misconduct (59 percent), chief executive officer misconduct, data breaches, bribing, and the mistreatment of customers (58 percent).

When organizations undergo these crises, those affected—the customers—expect some sort of public response, and fast. However, if you respond too quickly, you might get your facts wrong, making things worse; but if you wait too late and the crisis could snowball. Speed, accuracy, and context are competing priorities in a crisis.

How companies should respond

WHILE bad news might spread fast, responses to a crisis can too. It is highly recommended that companies put a plan in place by brainstorming crisis scenarios, preparing for the worst, and drafting responses.

Let’s be honest: failure may not be an option, but it also may not be something you can avoid. Instead of pretending it’s not possible, how about preparing so it doesn’t do as much damage, and you can recover from it quickly? You need a disaster recovery plan. It’s never any fun to think about things falling apart, but it is fun to know you’ve got a good plan in place to recover fast if they do.

Luckily, there are tools available to prepare for crises. Proper reputation management requires automated tools which top management should make available.

If assistance is needed, contact me at schumacher@eitsc.com.

13th-month pay benefits of affected workers, while banks can grant grace periods on loan interest payments to small businesses.

Wearing his hat as chairman of the Philippine Red Cross, Gordon on Monday stressed the urgent need for everyone to “show social cohesion during this critical period.”

In a news statement, the senator also prodded mall operators to show consideration to their tenants by temporarily waiving rental charges and penalties “since business will be slack due to the mall hours adjustment in Metro

Manila and the quarantine amid the threat.”

At the same time, Gordon suggested to employers to help their employees by advancing their 13th-month pay.

“I call on everyone to show social cohesion at this critical period,” Gordon said, adding: “Malls should show consideration to their tenants by temporarily waiving rental charges and penalties.”

Gordon proposed that “business owners should advance 13th-month pay of their employees to help them over the next few weeks.”

He is also prodding the Bangko Sentral ng

Pilipinas to “work with banks to give a grace period in interest and principal payments” to small business owners that Gordon expects “will be hard hit during this period of community quarantine.”

Moreover, the senator pointed out that the Department of Labor and Employment and the Department of Social Welfare and Development have livelihood programs and so-called TUPAD funds that can be used to benefit displaced, underemployed and unemployed, seasonal workers during the monthlong quarantine.

A6 Tuesday, March 17, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Thank you

W

HEN do people become heroes? Definitely the word “hero” is used far too freely nowadays. All sorts of people, including athletes, celebrities and politicians are called heroes when, at times, they shouldn’t be. There have been many so-called heroes who have faltered in real life, even while they were hailed and adored publicly.

Too often, we also put our heroes on a pedestal, and then wait for them to self-destruct and fall.

But there are also many heroes who go unnoticed—ordinary people who are determined to help others in extraordinary ways without wanting recognition or reward.

The doctors, nurses, and other medical personnel who are on the frontlines in this war against Covid-19, those who are working around the clock, dealing with one patient after another, can certainly be called heroes.

They perform a vital function and have been saving lives at their own peril, and more than Xi Jinping and China and Bong Go, they are the ones who certainly deserve the nation’s praise and appreciation.

So we thank all of you—our doctors, nurses, and other medical personnel who are helping us survive this crisis. Thank you for saving lives and providing not only medical relief but also some measure of happiness, hope and inspiration to a people hungry for all these. More than any politician’s speech or national address, you are the ones lifting the spirit of our nation.

In return, the spirits of these heroes should also be lifted, and indeed there are many social-media posts asking Filipinos to show their support, encouragement and prayers for these brave and dedicated medical professionals.

Taking a page from Singapore Prime Minister Lee Hsien Loong’s recent public statement on the Covid-19 outbreak, we also wish to thank not just our health workers but the others providing vital basic services to our nation, the others on the frontlines—our civil servants, military and police, public-utility drivers, delivery and cleaning personnel, the farmers and fishermen and other people involved in our food production and delivery.

Thank you as well to our overseas Filipino workers. The OFWs working as maids in Hong Kong, the construction workers in the Middle East, and all the other OFWs have one more reason to hold their heads up high. If heroism is doing something outstanding to benefit one’s country, then this alone makes all OFWs heroes, the best ambassadors our country sends abroad.

A lot of our workers abroad are treated like second-class citizens. Yet they continue to work for their families despite these perilous times. Whether this administration cares to admit it or not, the billions of dollars in remittances injected into the economy from their earnings serve as one of the main pillars of our country’s economic stability during this critical time.

These people we are thanking truly give Filipinos a sense of national identity. They make us proud to be Filipinos. Their heroic efforts and their struggles on the frontlines in the war against Covid-19 serve to uplift our communal self-esteem as a people.

It is the kind of everyday heroism Filipinos can identify with. It is the kind of heroism that is very Filipino, as it reflects Filipino values; it shows courage and determination and our utmost faith in God when surrounded by enormous odds.

These everyday heroes and what they do certainly help us cope and come together as a nation and a people. We feel a little bit better about ourselves.

We feel we are worth even just a little bit more at a time when many deaths are just becoming nameless statistics.

Our gratitude toward them should spur us to do our own small acts of kindness, thoughtfulness and generosity, to show empathy, practice calmness and restraint, especially at this time when life is quite fragile and uncertain.

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Manny B. Villar

THE Entrepreneur

T

here are good reasons to believe that our economy will continue to grow despite the short-term impact of Covid19 on sectors such as travel, tourism, hotels and restaurants.

Some business establishments, however, will require government support to get through this challenging period.

One government body that will play a crucial role during this time is the Bangko Sentral ng Pilipinas.

I welcome Governor Benjamin Diokno’s assurance that the BSP is ready to become more aggressive this year to stimulate economic growth amid the persisting threat of Covid-19 that has forced the government to place Metro Manila under community quarantine until April 14, 2020.

In his latest statement, Diokno said “the Monetary Board is ready to deploy any or all of its policy tools, as appropriate, to address all challenges to our own financial markets and growth prospects.”

The Monetary Board also approved temporary and rediscounting relief measures for all banks. I just hope this will be extended to companies and enterprises that are affected by the temporary disruption. Companies would need leeway from banks in terms of lower interest

rates on loans and flexible mortgage payments.

While Covid-19 is a health issue, its implication could be deeply felt by many businesses. This is why I believe the BSP and the government should prepare stimulus packages that will help limit the impact of the disease on commercial establishments that might not be able to operate for a month while the community quarantine is in effect.

Such packages will help lessen the impact on businesses that need to pay the salaries of their employees, as well as the rent, mortgages and other bank loans while they are on limited operations. The BSP and the Department of Finance should tap their monetary and fiscal arsenals, and decisively support businesses that are in need to prevent them from going under and laying off workers.

At the same time, I commend Finance Secretary Carlos Dominguez

A new world order

Jennifer A. Ng Vittorio V. Vitug

Senior Editors

Creative Director Chief Photographer

PHL will now need stimulus packages

John Mangun

OUTSIDE THE BOX

I

wrote on February 5, 2020, that “China became the important manufacturing hub for both finished goods and parts.” Further, that “the longer the virus outbreak lasts curtailing Chinese production, the closer global manufacturing will look at finding ways—permanent ways—to not put all of its eggs in one Chinese basket.”

However, the fundamental change described above is only the tip of the proverbial iceberg when it comes to how Covid-19 will change the world for perhaps decades to come.

At this point in time, the pandemic is a drop in the ocean in terms of overall extraordinary health concerns both in numbers infected and fatalities. But that does not make the impact any less important and historical.

In virtually every country, citizens are caught in the dilemma of depending on the government to put

in place policies to protect the people and the desired right to do what an individual wants to do. For example, US health authorities have strongly warned that social distancing is vital, nearly begging people to stay away from crowded venues. Yet one woman posts on social media: “I just went to a crowded Red Robin [Gourmet Burgers and Brews] and I’m 30.

It was delicious, and I took my sweet time eating my meal. Because this is America. And I’ll do what I want.”

One US newspaper ran this headline: “Coronavirus vs. Constitution:

It is comforting to know that we have a BSP governor who knows what he is doing as he guides the economy through this rough time. He was quoted as saying that a 6-percent economic growth this year is still possible despite the impact of the coronavirus.

III for ordering the two state pension funds—Government Service Insurance System and Social Security System—to support the stock market at the time of heavy volatilities.

Governor Diokno also deserves our support. His decisiveness to respond to the situation sends comfort to businesses that rely on bank loans to sustain them in this challenging time. We expect the central bank under his leadership to remain a source of confidence among local companies and foreign investors in the Philippines.

In fact, the Monetary Board chaired by Diokno started with a 25-basis-point reduction in overnight borrowing rate this year.

Diokno hinted more rate cuts were possible in the next few months if the economic impact of Covid-19 would be worse than expected.

This is actually manageable as inflation rate eased to 2.6 percent in February and 2.75 percent in the first two months of 2020, below the midpoint of the target range of 2 percent to 4 percent. The DOF also

What can government stop you from doing in a pandemic?” The article goes on to say, “But if it seems these actions are infringing on individual freedoms guaranteed by the US Constitution, think again. You don’t have a right to assemble against the backdrop of known public health risk.”

Common sense should dictate that public health and safety demand that the government should impose restrictions for the public good. Roads can be closed through an area that is experiencing a brushfire without prior warning or consent.

But in the case of local government closing places like restaurants for public health concerns, some are saying that a court of law should decide this issue before the closures are enforced.

A man in the US state of Kentucky who was confined in a hospital as a confirmed Covid-19 infected patient, left the hospital without a medical release. He was placed under 24/7 armed guard after refusing to selfisolate. In this case, a court declared a state of emergency and invoked an obscure statute to allow the forced self-quarantine. The patient’s Constitutional rights were protected but

expects inflation rate to further ease in the coming months because of the declining global oil prices.

It is comforting to know that we have a BSP governor who knows what he is doing as he guides the economy through this rough time. He was quoted as saying that a 6-percent economic growth this year is still possible despite the impact of the coronavirus.

The National Economic and Development Authority estimates the Covid-19 could cut as much as 1 percentage point from the gross domestic product growth this year.

From the original target growth of 6.5 percent to 7.5 percent, this year’s growth could settle at 5.5 percent to 6.5 percent if the fallout from the Covid-19 spreads across the tourism and trade sectors until June, resulting in a reduction of 1.42 million in international visitor arrivals and job losses of 30,000 to 60,000.

Governor Diokno said the strong local banking sector would help the economy stay afloat, as Philippine banks have adequate capital to withstand potential losses linked to Covid-19. He said the banks’ average capital adequacy ratio (CAR) is much higher than the BSP-prescribed 10 percent and Bank of International Settlements’ prescribed 8 percent.

So far, there are signs that the economy continues to do better than the rest of the region. Philippine exports, in fact, grew 9.7 percent to $5.79 billion in January 2020 from See “Villar,” A7

the public good versus the individual’s rights is still a contentious issue.

Then comes the interesting question of who pays for public safety.

The transportation companies are already concerned and complaining about limits on the number of passengers they can carry, adversely affecting their income. Should they be reimbursed with taxpayers’ money?

The mall operators and their tenants are going to suffer huge financial losses. What about these businesses?

Should the dancers and GROs working in the local nightclubs and bars get a taxpayers’ subsidy for lost income? And what about the stall owners at the night markets and even the balut vendors who normally ply the streets after dark?

There are no easy answers to these questions, but in the weeks and months to come, all countries will be forced to make difficult decisions on these issues. Ultimately, the people will decide.

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

Opinion BusinessMirror

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April 15 tax filing deadline: Extendible?

Covid-19 is a great leveler Manny F. Dooc

TELLTALES

Fulvio D. Dawilan

Tax Law for Business

F

or many taxpayers, the deadline for the filing of annual income tax returns is drawing near. That is just a month from now. Corporate taxpayers adopting the calendar year as their taxable year and individuals are required to file their tax returns on or before April 15. Full payment of income taxes due falls on the same date, except for individuals who are allowed to pay their taxes on installment.

Amid the Covid-19 threat and the community quarantine imposed in the National Capital Region and other local government areas across the country, many hope, and some sectors and organizations have requested, that the April 15 deadline be extended.

We heard and read in the papers and social media that the tax authority has no plans to delay the April 15 deadline for filing of the income tax returns and the payment of the corresponding taxes. Their reason is that the date is set in law. They instead urge taxpayers to file earlier and/or use electronic channels instead to avoid crowds and minimize exposure to the virus. They may also allow amendment of the returns without the payment of interest subject to certain conditions.

But is there no basis for the extension of the deadline? Is it not legally possible for taxpayers to be given reprieve or relief in this challenging time?

The April 15 deadline is indeed provided in the National Internal Revenue Code. The same law, however, allows an exception to that rule.

As so provided in the law, the Commissioner may, in meritorious cases, grant reasonable extension of time for the filing of returns.

In fact, in the past, the “meritorious case” exception had been invoked voluntarily by the tax authority to defer the filing of tax returns beyond the prescribed deadline for all taxpayers, without imposing penalties.

For instance, the filing of the annual income tax returns covering the period ended December 31, 2000, was extended by the Secretary of Finance at that time, upon the recommendation of the Commissioner, without increments to compensate for the lost time and opportunity of the taxpayers to file income tax returns due to the close of business operations of banks during the Lenten break.

Similarly, for the filing of the annual income tax returns for the period ended December 31, 2002, the Department of Finance extended the filing deadline due to perceived systems failure of the Electronic Filing and Payment System of the BIR and for the reduced bank work force due to the fact that the April 15 deadline fell on the Holy week when so many bank employees went on leave.

Other than the filing of annual income tax returns, there were also instances in the past where the BIR allowed the filing of certain tax/in-

Villar. . .

Continued from A6

$5.28 billion in the same month last year, on the back of a 15.8-percent rise in shipments of electronic products.

Of course, these figures have only partially reflected the impact of Covid-19, which became more pronounced in February and March.

The Asian Development Bank said the magnitude of the economic losses in the region from Covid-19 would depend on how the outbreak would evolve in the coming months.

S&P Global Ratings said the Philippines was among the Asian countries that could be less affected by the virus because of its minimal exposure to China and the global supply chains.

formation returns for certain areas beyond the deadline without penalties. These situations include bad weather conditions (e.g., RMC 05613 and 049-12, 042-12), technical issues related to the implementation of new law (RMC 04-09 and 010-09), among others. Recently, with the declaration of Batangas under the state of calamity due to the eruption of Taal Volcano, the Commissioner found it proper to suspend the deadlines for the filing of tax returns and payment of taxes in the area until the situation returned to normal. Also, in a number of rulings and using the same “meritorious case” basis, the BIR granted individual requests of taxpayers for extension for the filing of their tax returns due to some acceptable reasons.

In short, in proper cases, the Commissioner may allow a reasonable extension for the deadline of filing tax returns and payment of taxes, even if that means going beyond the deadline set in the law.

Needless to say, the circumstances of the time present a meritorious case for extending the deadline for the filing of annual income tax returns. To some extent, crowding may indeed be avoided by filing ahead of the deadline or availing of the online filing and payment facility (by the way, not all taxpayers are enrolled in that facility). But it is not only the crowding of taxpayers that is sought to be avoided. Our restricted movements and disruption of our daily activities certainly made it difficult, and impossible to some, to comply with our obligations, including observance of set deadlines.

If the basis for the non-extension is merely on the ground that the April 15 is set in the law, there is an exception to that rule. There is no doubt that the extraordinary situation we are in now falls within that exception and calls for the granting of reprieve or relief to taxpayers by allowing them to file their returns and pay their taxes on a later date.

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

The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at fulvio.dawilan@ bdblaw.com.ph or call 8403-2001 loc 310.

A

S I wrote this, Covid-19 continues to wreak havoc on our citizenry and economy despite President Duterte’s declaration of a public health emergency last week. In our village, an elderly couple died from the disease and another adult from an adjacent barangay contracted the virus. Covid-19 has infected close to 150 individuals last weekend and should now be approaching the 200-mark. Covid-19 is a great leveler. The virus hits all people regardless of their social and economic class. Even Prime Minister Justin Trudeau of Canada was quarantined after his wife tested positive for coronavirus. Hollywood’s power couple—Tom Hanks and Rita Wilson—was infected by the virus while filming in Australia. Both are currently confined in a local hospital for isolation, treatment and monitoring.

Three NBA players have so far been afflicted with the virus, resulting in cancellation of NBA games until further notice. Back home, even President Duterte and a number of his cabinet members had undergone Covid-19 testing, but so far no one of them has been confirmed positive. Several senators and congressmen had gone through self-quarantine after being exposed to the virus. Poor and rich people, unknowns and celebrities alike are equally vulnerable to this pandemic. Even masses and religious services are suspended.

Believers and unbelievers pray to be spared from its lethal effects.

Some may not believe in God but everyone believes in the pernicious effects of Covid-19.

By Lionel Laurent Bloomberg Opinion

L

ike the eye of a hurricane, the epicenter of coronavirus disease Covid-19 has shifted from Asia to Europe, bringing with it a rising toll of infections, deaths and economic damage. After a messy few weeks in which the region’s leaders seemed incapable of hitting on a common response to the crisis—which has hit healthcare, consumer confidence and financial markets all at once—this weekend marked a turning point.

France and Spain announced draconian steps, similar to those seen in virus-stricken neighbor Italy, which has already gone several steps further in imposing a lock-down on citizens.

Germany is planning partial border closures, and Austria has banned gatherings of more than five people.

The public-health imperative explains the need to strangle the euro-area economy and robbing citizens of basic freedoms, but the very real threat of a knock-on recession means another test looms for governments: The need for fiscal stimulus to cushion the blow.

A ramp-up in cases has sparked the ramp-up in policies. France, Spain, and Italy boast some of the highest confirmed cases of Covid-19 outside

China, according to data compiled by Bloomberg, at 5,423, 7,753 and 24,747 respectively. The speed and severity of the infection is picking up: French cases have risen five-fold in just over a week, while Spanish deaths have doubled overnight. After initially holding back from coercive measures beyond shutting schools, French President Emmanuel Macron’s administration dramatically hit the accelerator on Saturday, decreeing the imminent closure of all non-essential businesses. (Though on Sunday France also, bafflingly, held a first round of local elections as planned.)

Covid-19 is no longer just about highly exposed countries like China or Italy.

Its epicenter is European.

Forcing people to stay at home may seem at odds with a region that has for years espoused free movement and borderless travel. But the hope is that this will slow down the spread of the disease and flatten an infection curve that might otherwise take publichealth services to the breaking point.

That’s sensible. Less sensible is the idea of sealing borders, which sounds great to some voters but is ultimately pretty meaningless when you consider the Schengen visa-free travel area covers 4 million square kilometers, 400 million people, and plenty of crossing points by sea, land or air. Especially

The Covid-19 class of 2020 Bloomberg Opinion

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

Bataan, organized his own guerilla outfit where he eventually commanded a 10,000-strong guerilla force under the famed Merrill’s command. He was partly responsible for clearing the Bataan peninsula of hostile Japanese forces for the successful landing of the American liberation troops.

After the war, Magsaysay was twice elected as a Representative of Zambales. President Elpidio Quirino named him as the Secretary of National Defense. He endeared himself to the masses and a popular clamor ensued urging him to run for president. The opposition adopted him as its presidential candidate and he ran under the banner of the Nacionalista Party. He was the first president to be sworn into office wearing a Barong Tagalog. He spearheaded the creation of the Southeast Asia Treaty Organization (Seato) in 1954, NATO’s counterpart in Southeast Asia, to overcome communism and marxism in the region. He subdued the Huks who were already knocking virtually at the gates of Malacañang under the previous administration. During his term, Huk Supremo Luis Taruc surrendered to the government with the young Benigno (Ninoy) Aquino, Jr. acting as Magsaysay’s emissary.

While in the New Bilibid Prison, Taruc wrote in his book, He Who Rides the Tiger (1967): “I know now from experience, that the nationalism of the communists is indeed opportunism, and that they use it for their own ends. Any nationality who makes an ally of the Communist is going for a ride on a tiger.” Magsaysay saved our government from the clutches of communism and protected our democratic form of life. On the eco-

nomic front, our GDP grew at an average rate of 7.2% during his threeyear term in office. The peso-US$ exchange rate was 2:1.

Magsaysay was a man of the people. He opened the gates of Malacañang to the ordinary folks.

Every week, he received throngs of visitors who were mostly unclad and unwashed. When he visited the countryside, he ate with the poor with his bare hands. He created the Presidential Complaints and Action Committee to hear and address the grievances of the people. He espoused a strongly pro-poor government policy and proclaimed, “Those who have less in life should have more in law.” She brought the government closer to the people. Together with his many pro-poor programs, he restored people’s faith in the government.

For his outstanding accomplishments, Magsaysay is acknowledged as the “Champion of the Masses” and “Defender of Democracy.” nnn

People flocked to the groceries and shops to buy food and grocery items during the past week. One could hardly find a parking slot or grocery carts in the malls. There were long queues at every cashier’s counter.

Alcohol and sanitizers ran out of stock. Grocery shelves were emptied. Popular products like Spam, sardines, Maling, vienna sausage and other canned goods disappeared.

Tocino, longanisa and other favorite breakfast fares were unavailable. If there were stocks, purchases were limited to two or three items of every kind. There was panic buying, but for those without money, there was simply p-a-n-i-c.

Europe freezes its economy in order to fight the coronavirus

By Francis Wilkinson

So far, the impact is limited to travel, tourism, hospitality and restaurant sectors. If this goes far beyond these sectors, we are confident that the BSP will employ its monetary arsenals to support the economy through lower interest rates. Such assurance will comfort our businessmen and help stop the hemorrhaging at the Philippine Stock Exchange, which usually reacts to the slightest negative news.

While we don’t know yet what the full impact of this virus scare on our growth targets, we know that we have good decision-makers at the BSP and the DOF who are willing to take actions to support our businesses and our economy in general.

nnn

Today is the 63rd death anniversary of a well-loved president dubbed as the “Man of the Masses,” Ramon del Fierro Magsaysay. Magsaysay was an ordinary man who served as the 7th president of the Philippines until an airplane accident untimely claimed his life on March 17, 1957. Magsaysay was born in Iba, Zambales and died at the age of 49. He dropped out from his pre-medical course in UP and took up engineering. He was working as a driver to support himself in college.

He transferred to Jose Rizal College where he completed his degree in commerce. He worked as a bus mechanic and was later promoted as shop superintendent before the war. He joined the Philippine Army at the outbreak of the war and after the fall of

Tuesday, March 17, 2020 A7

T

he Class of 2020 has been doubly cursed. They entered college in the late summer of 2016. A few months later their elders ushered President Donald J. Trump into the presidency. Now their final weeks at school are a sad, sputtering fiasco of remote learning, social distancing and mounting dread.

My own offspring, a senior, has generally made the best of her college experience, collecting friends and acquiring the kind of knowledge that you can pluck off the shelf at reputable institutions of higher learning. Lately, however, she has taken to messaging me with eminently sensible queries about whether her initiation into adulthood is inconveniently shadowed by apocalypse.

My answers lack conviction. I keep saying things will get better—provided she and her young friends vote

in November and don’t fall into the generational trap of “Bernie or Bust.”

But my encouragement must sound increasingly hollow. Cities and states are shutting down as a dangerously unprepared nation braces for viral outbreak.

The financial markets, where avarice once again has routed foresight, are indulging their gyrating talent for panic.

It’s difficult to argue, under present circumstances, that the world is not speeding to hell in a designer handbasket. The crook and liar who entered the White House shortly after my daughter and her classmates entered college is presiding over a national disaster that highlights the blatant pathologies that made him unfit for the office in the first place. Given the opportunity to remove him, Republican senators instead protected him, preserving his capacity to mismanage and exacerbate a crisis that could lead to hundreds (thousands?) of deaths.

How does a parent explain that with an air of reassurance?

considering that since the novel coronavirus landed in Europe, myriad of people have been crossing Europe’s internal borders, at least some of them bringing the infection with them. Still, overall, there is certain logic behind what’s being done.

The question is whether Europe can also do “whatever it takes” to offset the economic consequences of effectively putting a dome around tens of millions of people. What began this year as a hit to tourism and multinational supply chains running through China is now likely to affect all industries. Italy’s lock-down measures are estimated to have hit tourism and transport activity by 90%, retail by 50%, and factory output by 10%, according to former Italian government economist Lorenzo Codogno. The European Union expects the bloc’s GDP to shrink by around 1% this year. Replacing a virus outbreak with a recession and more strains on public services looks painful.

Encouragingly, it looks like momentum behind emergency spending plans is growing. The French government is eyeing a package worth over 30 billion euros ($33.4 billion), according to Les Echos, covering partial unemployment, taxes, and state guarantees for small-business

loans. That’s after Germany’s pledge to support businesses via state bank KfW, and Italy’s plan for €25 billion of spending. The European Commission has pledged 1 billion euros in loan guarantees via the European Investment Bank. The biggest threat to a truly effective crisis response may end up coming from across the Atlantic, rather than from Brussels: There’s not much hope that a conference call between G7 leaders scheduled for Monday will bring US President Donald Trump closer to European countries he has accused of spreading a virus he has said is under “tremendous” control in the US. It is the virus that will have the last word, to paraphrase (badly) Louis Pasteur. If the infection curve fails to flatten as hoped over time, it’s hard to see how the promise of more money will calm homebound voters or jittery markets. For now, though, there are some chinks of optimism in the gloom.

Europe is opting to freeze its economy in order to heal it, and a recession is likely—but increased commitment by governments to sink budgets deeper into the red, in order to cushion the blow, is a welcome development. Until the response becomes more global and more coordinated, though, any celebration will feel premature.

On campus orientation day four years ago, the US was governed by an informed, rational and ethical president. Yes, all the familiar fault lines were evident, and there was a creeping sense of unease along with a partisan clown show in Congress. But executive branch competency was high, and ethical standards were generally viewed to be as well. As these same students prepare for graduations that may not take place at all, the executive branch is in shambles. The president’s incapacity is magnified by his faltering staff. No one can succeed in this perpetually broken administration, or ever will, because of the malignancy at its center.

Meanwhile, the texts from my daughter keep coming. She is unnerved by the reckless malice displayed by her parents’ generation, which bears the greatest responsibility for foisting this grotesque on the world. And she is concerned about those younger than herself. What happens to kids enrolled in school-lunch programs when their

schools are shut down? How will they be fed? She suggests that we focus locally, where there are plenty of needy kids and we have a better chance of having a positive impact.

It’s smart advice. The thought—and the impending need—hadn’t occurred to me. I have been wallowing too much in outrage. Though I’m heartened by her capacity to think positively and pragmatically at such a time, I can’t quite bring myself to tell her that things will turn out OK. The Class of 2020 is graduating into an epidemic, in a nation governed by a conservative political party that is itself deeply sick.

Meantime, in exchange for useless advice from her parent, my soon-tobe-graduate has provided me with marching orders. Don’t provide food, she says. Money is what social-service organizations need to feed the hungry.

I appreciate the guidance. In times of widespread institutional failure, individual instances of leadership are especially welcome.

A8 Tuesday, March 17, 2020

SC: No work in all courts; key staff only

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By Joel R. San Juan

@jrsanjuan1573

UE to the continued rise in the Covid-19 cases in the country, the Supreme Court on Monday ordered a work stoppage in all courts, and court offices and units in the country, except for a skeletal staff who will act on urgent matters brought before them.

In a recently issued Administrative Circular 31-2020, Chief Justice Diosdado Peralta, upon the recom-

mendation of the Judiciary Task Force on Covid-19 and consultation with the members of the Court en

banc, said the reduced court operations will take effect starting March 16 (Monday) until April 15, 2020.

During this period, at least the majority of the justices of the collegiate courts, and one or two judges in the multi-sala stations of the second and first level courts, together with the necessary skeleton-staff, will be in court or on standby at any given day to immediately act on these urgent matters.

For single-sala stations, their respective judges and the necessary skeleton-staff are required to be in court on standby.

It added that all night courts are completely suspended.

“There shall be no work in all courts, court offices, divisions, sections and units, including in the Supreme Court, during this period, except in courts and court offices concerned with the resolution of urgent matters and cases, the payments of salaries in the judiciary, the release of the 2019 Bar examinations, the medical services, and the security of the courts,” the circular read.

“Work that can be performed in the respective residences of the justices, judges and court personnel shall proceed,” it added.

Also during this period, all hearings nationwide are suspending except on urgent matters such as but

Avian flu here; DA clears out 12K-quail farm

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HE Department of Agriculture (DA) on Monday said it has completely depopulated 12,000 quails in a farm in Jaen, Nueva Ecija, that has been struck

by H5N6 highly pathogenic avian influenza (HPAI).

This is the country’s first confirmed AI or bird flu outbreak since the 2017 Central Luzon outbreaks, that resulted in the culling of over 200,000 layers and quails.

Furthermore, the DA said farm workers in the lone affected farm in Barangay Ulanin-Pitak, Jaen,

Nueva Ecija, would be quarantined within the farm premises for a maximum of 10 days to ensure that they do not contract the H5N6 HPAI. The H5N6 HPAI strain is known to be transmissible to humans but at a “very slim chance,” according to government’s top veterinarians.

Government veterinarians emphasized that the H5N6 HPAI strain that has hit the Philippines is not fatal, “nonfatal” and not known to be transmissible to humans compared to China’s H5N6 strain.

There has been no reported hu-

NORTHEAST MONSOON AFFECTING NORTHERN AND CENTRAL LUZON as of 4:00 pm - March 16, 2020

man infections of H5N6 virus in the country ever since the 2017 Central Luzon outbreak.

The H5N6 HPAI strain that hit the lone quail farm in Barangay Ulanin-Pitak is the same strain that struck hundreds of quail and layer farms in Pampanga and Nueva Ecija in 2017. To date, only China has a confirmed human infection with the H5N6 HPAI virus, which according to a World Health Organization (WHO)report dated March 6, has resulted in seven deaths.

China, according to the WHO

report, has a total of 24 “laboratory-confirmed” cases of human infection with H5N6.

“It is true that there is a possibility [for] H5N6 to be transmitted to humans. But in our experience, no human beings, not even the farm workers in the infected farms during the 2017 outbreaks were infected by the virus,” Arlene Vytiaco, DA Technical spokesman for AI, said. Vytiaco was also the head of the government’s task force in handling the AI See “Avian flu,” A2

NCR execs urged to set up Covid-19 facilities

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N a bid to minimize the transmission of the virus, an official of the Department of Health (DOH) called on local government officials to put up a designated coronavirus 2019 (Covid-19) facility in their area for patients with mild symptoms and asymptomatic.

DOH Undersecretary Maria Rosario Vergeire said they had asked the Metro Manila mayors about the proposal last Saturday during the Metro Manila Mayors Council meeting.

“I talked already to one or two mayors and they are willing to do that [put up a facility]...and they are willing to find a place for that,” Vergeire said in a radio interview.

She said that the DOH, under the new decision tool for the diagnosis and management of Covid-19, patients with mild symptoms and those asymptomatic will be sent home to undergo self-quarantine.

“But before we send them home, we make sure that they don’t belong to vulnerable groups like the elderly, high-risk pregnant women and with underlying conditions,” she said.

She added that before sending the patient home, they make an accurate assessment by making sure that the family is healthy, among others.

“That is why we need a facility for every LGU so that the virus will not spread to the patient’s family,” she explained.

Meanwhile, the Makati City government said they are willing to heed the call of the DOH and that they are ready to provide a facility soon.

Earlier, Vergeire said the country recorded a total of two persons infected with Covid-19 who have recovered already.

On the other hand, six patients with mild symptoms and asymptomatic were already advised to go home and undergo self-quarantine. Mild symptoms include cough, colds, fever and sore throat.

These patients, according to the DOH official, have not fully recovered, yet.

“And they were sent home for home quarantine but they are strictly monitored at home [by health-care workers],” Vergeire said stressing that the record of the agency for those who fully recovered remains at two— the two Chinese nationals who already went back to China.

She clarified that the six fell under the new decision tool for the diagnosis and management of Covid-19.

Claudeth Mocon-Ciriaco

not limited to petitioners, motions and pleadings in relation to bail and habeas corpus, promulgation of judgments of acquittals, reliefs for those who may be arrested and detained during this period and “other related actions that may be filed in relations to measures imposed at the local or national levels to address the declared health emergency.”

The SC also extended for 30 days the deadline for the filing of petitions and appeals, complaints, motions, pleadings and other court submissions that fall during this period.

“All court actions which are not considered urgent, such as but not limited to promulgation of decisions in civil cases, executions of

judgments, implementation of other writs, services of summons, auctions sales in extrajudicial foreclosures, solemnizations of marriages, etc., scheduled during this period are, likewise, suspended and shall be rescheduled,” the SC said.

For court actions with prescribed periods, the SC said these prescribed periods wil be extended for 30 calendar days counted from April 16.

But, the SC required all judges and justices to draft decisions and orders in their respective residences during this period.

The orders and decisions will be promulgated upon the resumption of court operations.

D.F.A. CHIEF THANKS CHINA FOR TEST KITS, SUPPLIES

By Recto Mercene

@rectomercene

F

OREIGN Affairs Secretary Teodoro Locsin Jr. has acknowledged China’s donation of medical supplies and Covid-19 test kits during a telephone conversation on Sunday with Chinese State Councilor and Foreign Minister Wang Yi. The exchange was released and appeared in Twitter on Monday.

The Chinese Embassy in Manila said 2,000 coronavirus test kits from China has arrived in Manila to help the country address the spread of the deadly disease.

“The high-tech fast test kits, developed by China BGI Group, have a capability to issue results in three hours,” an embassy statement said. More test kits and other medical supplies are expected to arrive in the coming days, the statement added.

“The kits have been widely used in China’s battle against the epidemic and proven to be quite effective,” the statement said.

The test kits had been exported to more than 50 countries, including Japan, Thailand, Brunei Darussalam, Egypt, Peru and United Arab Emirates.

The Chinese envoy assured they will actively coordinate the dispatch of medical experts and equipment with authorities. “China is willing to do its utmost to help the Philippines fight against Covid-19,” Yi was quoted as telling Locsin.

A netizen on Monday asked Locsin on Twitter if the Chinese shipment could be delivered directly from the Customs Manila Port to the hospitals needing them. “Frontline people are running out of number because some were quarantined, some were sick,”the netizen remarked.

Locsin replied that he would inform President Duterte about this. “I will ask in today’s Palace conference at 2 pm.”

Customs red tape

At the same time, aware of complaints of red tape in the Bureau of Customs, Locsin said that, “Now is not the time to be bitchy. Arrangements for PPEs [personal protective equipment] and other equipment in large quantities on the way.”

Earlier, it was reported that the Philippine General Hospital (PGH) had asked for donations of masks (both surgical and N95), 70-percent alcohol, face shields and surgical gowns for health workers.

Locsin tweeted Sunday: “PGH and other frontline medical personnel are looking for PPEs. They are in Customs warehouse, tons of them. Go get them

there. PGH is an arm of government and entitled to take them,” he said in his official Twitter account.

The World Health Organization (WHO) Philippines said on Friday that it has donated protective equipment for Filipino health workers. “WHO handed more than 2,000 kilos of personal protective equipment sets to @DOHgovph today,” the WHO Philippines said on Twitter.

“The PPE sets, composed of gowns, gloves, masks, goggles, and alcoholbased hand rubs, will support health workers in the clinical management for 200 severe cases.

Locsin, meanwhile, said he had asked ambassadors “for tens of thousands” of test kits for the novel coronavirus.

“Only a few. We started with 2,000 test kits. And I asked [ambassadors] for tens of thousands—private or government-to-government—same problem China warned me about. Without Customs clearance all impounded, yet, they are very perishable items. Also Health OK and worse, only four authorized labs,” he said on Twitter.

By way of a reminder to the controversial bureau, Locsin said he had “given up on the agency, which refused to release a donations of rice from China last year.”

“I’d give up on Customs where China’s mammoth rice donation just rotted.

Could’ve gone to the poor if given to religious charitable institutions.

A wide circulation daily said the shipment of 6,986 containers‘overstaying’ in various ports in the country in as recent as 30 days to more than 25 years, thus, should be disposed of in accordance with the law, the Commission on Audit has disclosed.

Meanwhile, BOC denied allegations it is holding or delaying the release of essential medical supplies and equipment in its warehouses.

In a statement, BOC said the processing of shipments containing medical supplies and relief goods is being fast-tracked at this time.

The BOC has also activated its Assistance Desk to expedite the clearance and immediate release of said shipments.

“The BOC enjoins its stakeholders/ importers to provide detailed advance information of importations of emergency medical supplies so that they can be expeditiously processed,” it said.

The bureau also reminded importers to secure the needed importation permits and clearances required by regulatory agencies prior to importation.

The statement was issued by BOC to counter allegations on social media that Personal Protective equipment (PPEs) were being unduly held in customs warehouses. With Cai U. Ordinario

Banks guarantee. . .

“The Bank has identified potential affected businesses, as well as consumers who might be affected by the crisis, and has existing policies in place that would allow granting of financial assistance [e.g., by way of suspension of payments, adjustment in due dates, etc.] to all affected customers,” Rizal Commercial Banking Corp. shared.

Mall operators, despite announcement of closure, said that public necessities—such as grocery,

Continued from A1

drug stores, home essentials and some restaurants—including access to banks will still be open.

The government recently placed Metro Manila under a one-month community quarantine beginning March 15 to contain the virus. This effectively prohibits travels going in and out of the capital region, with exemptions on special situations. Covid-19 cases have risen to 140 in the country, with the death toll at 12.

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If you have any information / objection to the above mentioned application/s, please communicate with the Regional Director thru Employment Promotion and Workers Welfare (EPWW) Division with Telephone No. 400-6011.

ATTY. SARAH BUENA S. MIRASOL REGIONAL DIRECTOR

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Companies BusinessMirror

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PCC suspends M&A processes till April 14

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By Elijah Felice Rosales

@alyasjah

HE Philippine Competition Commission (PCC) on Monday issued an order suspending merger and acquisition processes until April 14 to give way to the community quarantine imposed on Metro Manila.

In a commission resolution, the PCC resolved to call off merger procedures and timelines from March 16 to April 14 in view of the virtual lockdown placed in the nation’s capital. This includes the acceptance of new notification forms and letters of noncoverage, as well as the

Starbucks stores may go drive-thru only or limit seating

S

ome Starbucks stores in the US and Canada may become drive-thru only while others could limit the number of people allowed inside, the company said, one day after the World Health Organization declared the outbreak of coronavirus a pandemic.

“As a last resort, we will close a store if we feel it is in the best interest of our customers and partners, or if we are directed to do so by government authorities,” Starbucks CEO Kevin Johnson said in a letter to customers.

Johnson emphasized that any closures will be temporary. The company said decisions will be made on a store-by-store basis.

The Seattle roaster has approximately 15,000 US stores and 1,600 Canadian stores. Most are owned by the company but some—including locations in retail stores and airports—are run by licensees.

Starbucks has already increased the pace of sanitizing stores and put into place a temporary ban on use of personal cups or in-store mugs and glassware.

In a separate letter to employees, the company said it is temporarily expanding catastrophe pay for employees who have been diagnosed with or exposed to the virus. Employees can use up to 14 days of catastrophe pay in addition to paid sick leave, vacation time and personal days.

Employees with symptoms are also being asked to stay home.

National chains like Starbucks Corp. that serve customers face-toface are bearing the brunt of some of the fallout from the virus. The company’s shares plunged 7% on Thursday to a 52-week low. In the past month, since the gravity of the outbreak has hit home in the US, shares are down almost 30%. AP

evaluation of sufficiency of these documents already with the agency.

The PCC also suspended the 30day notification period under the Rules on Merger Procedure, and will only resume count once the community quarantine is lifted.

Under the Philippine Compe-

tition Act, parties to a merger or acquisition are required to notify the PCC of their transaction within 30 days from signing of definitive agreements. Failure to do so will result in a penalty amounting to half of the 1 percent of transaction value, but not exceeding P2 million.

As such, merger parties expressed their concern regarding the timely submission of notification forms for transactions whose 30-day notification deadline will expire during the duration of the community quarantine.

Further, the PCC adopted an alternative work arrangement from March 16 to April 14, or until such time Metro Manila’s quarantine is removed. The antitrust agency will maintain a skeletal

work force for the delivery of its basic services.

All pre-notification consultations and other inquiries shall be attended by competition officials through e-mail or telephone conference calls.

The whole of Metro Manila is placed under community quarantine as instructed by President Duterte in a bid to prevent the further spread the coronavirus disease (Covid-19). As part of the policy, alternative work arrangements, including work from home and compressed work week, is implemented in the Executive branch.

The PCC, an attached agency of the Office of the President, has its office based in Vertis North in Quezon City, where most of the Covid-19 patients live.

Amazon glitch stymies whole foods, fresh grocery deliveries

A

ma zon.com Inc. suffered a technical glitch on Sunday, affecting online grocery orders through its Whole Foods and Amazon Fresh delivery services, which have become lifelines for household essentials for people looking to avoid stores due to the coronavirus outbreak.

“As Covid-19 has spread, we’ve seen a significant increase in people shopping online for groceries,” an Amazon spokesman said in a statement. “Today this resulted in a systems impact affecting our ability to deliver Amazon Fresh and Whole Foods Market orders tonight. We’re contacting customers, issuing concessions, and are working around the clock to quickly

resolve the issue.”

The disruption also affected Prime Now orders, according to an internal Amazon memo reviewed

by Bloomberg.

Panic buying that has left store shelves empty is also straining Amazon’s delivery capacity. Around the country, Amazon staff reported long lines to enter delivery stations and delays getting items they were supposed to deliver. Amazon notified delivery drivers on Sunday evening about a “technical issue that is causing a delay to Prime Now, Amazon Fresh and Whole Foods Markets orders being assigned to delivery partners,” according to the company memo.

Jordan Insley, a resident of

Woodinville, Washington, who pays $120 a year for Amazon Prime fast-delivery service, said he is considering canceling his membership since he hasn’t been able to rely on the online retailer for essentials like laundry detergent, garbage bags and bottled water since shortly after the outbreak began in the Seattle region. Amazon warned shoppers on March 2 that surging demand was overwhelming its delivery capacity.

“If you’re paying for Prime, you’re paying for a service that doesn’t exist,” he said.

Some shoppers took to social media to vent about grocery shortages using the hashtags #panicbuying and #coronapocalypse. Bloomberg News

PCCI to set up Center for Innovation and Entrepreneurship

Photo shows PCCI President Benedicto Yujuico (4th from left) and Trade Secretary Ramon Lopez (5th from left) with PCCI officers (from left) Perry Ferrer, chair, trade and industry; Alfredo Yao, director for trade and industry; George Barcelon, chairman, utilities and legislative; Sergio Ortiz-Luis Jr., honorary chairman and treasurer; Francis Chua, director for international affairs; Edgardo Lacson, director for CSR; DTI Undersecretary Rafaelita Aldaba and Asec. Jean Pacheco.

T

HE Philippine Chamber of Commerce and Industry (PCCI), the largest business organization in the country, will set up the Center for Innovation and Entrepreneurship to serve as “incubator” for “start-up” businesses in the country.

In his meeting with DTI Secretary Ramon M. Lopez, PCCI President Benedicto Yujuico laid out his plans in the next two years of his presidency, one of which is the CIE, which will complement DTI’s Regional Inclusive Innovation Center.

“Innovation and Entrepreneurship are the core programs of my Presidency. It’s a personal advocacy because I’ve proven these concepts to be effective drivers not only in helping businesses grow, but also having an entire cycle of business

development,” Yujuico said.

Yujuico added that PCCI will strengthen its partnership with government and other stakeholders to establish an innovation ecosystem that provides greater opportunity to businesses in the country. Essentially, the CIE will work to handhold and mentor start-ups across the country with potential to grow and become big.

Lopez expressed his support to Yujuico’s current thrust on innovation—particularly on the set-up CIE and looks forward to collaborate with PCCI in strengthening DTI’s Regional Inclusive Innovation Center.

Meanwhile, Yujuico also discussed with Lopez the effect of the coronavirus on the supply chain.

PCCI Industry Committee Chairman Perry Ferrer said that although

the industry is still experiencing a shortage of raw materials due to the slowdown of factory operations in China, he expressed appreciation that the issue on cargo has been addressed.

O n E a se of Doi ng Bu si ness, DTI expressed interest to collaborate with PCCI, through the Anti-Red Tape Authority (Arta), in the search for Most Business Friendly LGUs—an award given by PCCI during its annual Philippine Business Conference. DTI Asec. Jean Pacheco also proposed to create a DTI-PCCI Technical Working Group on Cities and Municipalities Competitiveness Index (CMCI).

PCCI and DTI also agreed to proceed with the rollout of the training program for MSMEs using the MSME guide to Disaster Resilience.

Power players must submit plans to DOE on ensuring supply

By Lenie Lectura

@llectura

P

OWER industry stakeholders were directed to submit to the Department of Energy (DOE) their respective Business Continuity Plans (BCP), which outlines their strategies in ensuring power supply availability in the country.

The DOE directive is part of the agency’s working plan meant to ensure sufficient and uninterrupted power supply during the 30-day community quarantine in the National Capital Region (NCR).

“Electric power services must remain uninterrupted. We are working closely with the members of the power sector for their respective work plans and strategies to ensure the availability of power supply, particularly in vital installations such as hospitals. At the same time, we need to ensure that power sector personnel are compliant with the directives of the DOH in order to arrest the Covid 19 situation,” DOE Secretary Alfonso G. Cusi said.

Power stakeholders such as the generating companies, distribution utilities, have been directed to prepare and submit to the DOE their respective BCP, which outlines their strategies in ensuring power supply availability in the country, most especially in the NCR. The Independent Electricity Market Operator of the Philippines, Inc. (Iemop) said it has already submitted its BCP. The National Grid Corporation

of the Philippines (NGCP) has likewise implemented contingency measures to ensure uninterrupted power transmission services in the country.

The Manila Electric Company (Meralco), meanwhile, said it will defer its earlier scheduled maintenance activities during the community quarantine period except for those deemed as critically loaded areas, as approved by the DOE. At the same time, Meralco assured the public that it will continue to serve its customers and operate 24/7 to ensure uninterrupted distribution of power.

“During these challenging times, Meralco will continue working with the energy sector so as to ensure that electric power services remain uninterrupted. Meralco is implementing its business continuity plan and emergency measures to distribute power around the clock, especially to crucial installations such as hospitals.

“At the same time, we are one with the power sector in our total compliance with the directives of the DOH in order to arrest the Covid-19 situation. Our customers can rest assured that safety is also of paramount concern to us and we will continue to cooperate with government in ensuring that we will provide the best level of service expected from us,” said Meralco SVP & Head of Networks Engr. Ronnie L. Aperocho.

The distribution utility said it has taken all precautions to preserve the safety and health of its employees while also sustaining its continuous operations in the franchise area.

Aramco keeps $75-B dividend promise despite oil’s dive

E

VEN with oil prices having slumped, Saudi Aramco said it still intends to give at least $75 billion to shareholders this year.

The world’s biggest company by market value, which listed in the Saudi Arabian capital of Riyadh in December, will pay the dividends on a quarterly basis, it said in its 2019 financial results released on Sunday.

Capital expenditure will be cut to between $25 billion and $30 billion this year, from $32.8 billion in 2019. Even so, the firm would still need at least $100 billion to meet its dividend and capex commitments alone, almost matching its 2019 payments.

The spread of the coronavirus and the oil-price war instigated

by Saudi Arabia after Russia rejected coordinated production curbs has sent Brent crude prices spiraling. They have fallen more than 50 percent since the end of December to around $32 a barrel, and some analysts predict they’ll drop further to below $10 a barrel.

Low oil prices would crimp Aramco’s earnings and hurt Saudi Arabia’s finances. The kingdom’s royalties dipped more than 12 percent in 2019 and it needs an oil price of $84 to balance this year’s budget.

Aramco’s shares lost 2.8 percent as of 11:25 a.m. in Riyadh on Monday to 27.90 riyals, a record low on a closing basis and 13percent down from the listing price.

Aramco will be able to achieve a free cash flow of $63 billion in 2020, according to Riyadh-based

Al Rajhi Capital. That calculation assumes the company pumps 10.7 million barrels per day and Brent crude prices average $30 a barrel.

Raising debt is an option as borrowing costs are low and the company is still within its debtto-equity ratio of 5 percent-15 percent. The yield on Aramco’s $3-billion bond due in 2029 has climbed this month amid a global selloff of emerging-market assets, but at 3.64 percent is barely higher than when the debt was issued in April.

The government could also cut its own dividend allocations while paying private shareholders, which own around 1.5 percent of the company, their portion of the $75 billion.

“They don’t need to liquidate assets, restructure or borrow capital,” said Mazen Al-Sudairi, head of research at Al Rajhi. “They can do it easily from their cash flow, but it might affect the money transfer to the government for one or two quarters.”

Aramco’s profit slumped 21 percent in 2019 to 331 billion riyals ($88 billion) because of lower oil prices and production. Drone and missile attacks on two major facilities in September temporarily slashed its supply by more than half.

Despite the fall, the energy producer is still the world’s biggest company by market value and the most profitable. Aramco’s 2019 income was equal to that of Apple Inc., Samsung Electronics Co. and Exxon Mobil Corp. combined. Bloomberg News

B2

Companies BusinessMirror

Tuesday, March 17, 2020

PSE STOCK QUOTATIONS

Holcim to use more segregated waste to burn as fuel alternative

March 16, 2020

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

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

39.05 110 62.3 20 8.28 43.5 9.4 17 24 40.15 16.5 119 52.35 16.8 0.87 0.31 680 0.56 148.5

47.75 111.8 63 20.95 8.3 44 10.3 19.48 24.1 43.9 17 120 55 16.9 1.09 0.32 750 0.57 149

41.85 117 65 20.95 9 44 9.4 17 24.15 43.95 17.5 115 52 16.9 0.9 0.3 700 0.57 150

44 120 66 20.95 9 44.1 9.42 17 24.35 43.95 17.5 122.5 56.1 17 0.9 0.32 700 0.57 150

40 110 60.15 20 8.15 41.55 9.4 17 23 40.1 17 113 52 16.9 0.83 0.3 700 0.57 149

43.8 110 62.3 20 8.3 43.5 9.4 17 24 40.15 17 119 55 16.9 0.85 0.32 700 0.57 149

5300 3460140 1902200 28400 335200 2526500 63900 1400 158000 1500 47400 437670 27110 14400 28000 360000 50 43000 260

220450 396970118 118737965.5 579425 2781803 109939585 600712 23800 3774325 60585 820890 51756816 1413124 243370 24030 108600 35000 24510 38865

-154173680 -38434501 -1698742 -53967125 62765 -487810 6148790 10400 -

1.57 0.91 25.5 0.153 15.6 52.95 240 9.54 2.45 2.11 8.7 20.7 7.01 6 1.9 8.13 13 2.91 4.87 9.29 49 0.47 1.09 31 120.8 5.35 0.12 1.51 6.05 1.32 1.43 120 0.83 2.2 0.97 7 6.45 12.22 10.22 0.62 0.53 120 1.92 2.35 3.15 3.81 20.1 0.78 4.08 0.92 0.65 4.43

1.58 0.95 26.3 0.16 15.9 55 243 9.59 2.49 3.28 9.77 20.75 7.1 6.33 1.93 14.46 13.08 3 4.93 9.3 51.8 0.5 1.1 33.2 121 5.4 0.153 1.75 6.07 1.35 1.6 122.4 0.84 2.54 0.98 7.1 6.76 12.96 10.7 0.69 0.55 140 2.03 2.36 3.29 4.3 30.25 0.8 4.28 0.95 0.66 4.54

1.6 1 25.2 0.169 15.86 55 253 9.75 2.63 3.29 9.6 21.9 7.2 6.45 2 14.46 13 3.17 5.02 9 58.6 0.52 1.1 29.1 133 5.85 0.12 1.4 6.29 1.31 1.42 116 0.95 2.35 1 7.42 6.2 12.02 10.52 0.64 0.58 140 1.76 2.06 3.2 3.9 30.45 0.9 4 0.91 0.7 4.95

1.67 1 27.05 0.169 16 55 253 9.75 2.63 3.29 9.8 21.9 7.36 6.45 2 14.46 13.08 3.19 5.02 9.5 58.6 0.52 1.16 33.2 134 5.85 0.12 1.51 6.97 1.39 1.43 126.8 0.99 2.35 1 7.45 6.45 13 10.7 0.64 0.58 140 1.92 2.75 3.2 3.9 30.45 0.9 4.2 1.04 0.7 4.95

1.55 1 24 0.152 15.1 52.1 231 9.1 2.4 3.29 8.8 20.3 6.94 6 1.81 14.46 12.6 3 4.87 9 49 0.47 1.08 29.1 120.5 5.4 0.12 1.4 5.85 1.21 1.42 110 0.8 2.2 0.95 7 5.8 12.02 10.04 0.62 0.51 140 1.76 2 3.2 3.9 30.45 0.8 4 0.91 0.66 4.3

1.57 1 25.5 0.16 15.9 55 243 9.54 2.49 3.29 9.77 20.75 7.01 6.33 1.9 14.46 13 3 4.87 9.3 49 0.47 1.1 33.2 121 5.4 0.12 1.51 6.07 1.35 1.43 120 0.83 2.2 0.97 7.1 6.45 12.22 10.7 0.62 0.55 140 1.92 2.36 3.2 3.9 30.45 0.81 4.2 0.95 0.66 4.43

2037000 100000 3282700 160000 1127300 65370 486610 829400 2335000 9000 252200 244200 287700 1959400 1326000 500 1297500 135000 6691400 11446000 146960 289000 12617000 3900 2237330 1096500 200000 78000 13886000 609000 10000 3171730 9043000 798000 3265000 99000 50000 41700 363000 20000 1897000 20 1618000 6289000 3000 15000 200 249000 112000 669000 72000 224000

H

3239420 451780 100000 84026230 -24095440 24980 17699096 -665914 3542919.5 1924803 116820318 24205842 7859515 -2879089 5860060 -3922150 29610 2439274 5090545 -1542225 2052827 2192 12384215 -72175 2516860 -18660 7230 16844530 405950 407150 -1000 33,210,303( 17,859,341.9997) 107008317 -14041484 7802424 2010731.5 143080 9400 14061560 -264670 120970 64400 280545474 -29665435 6177969 -385651 24000 24000 115280 -32350 81956742 -481951 776570 14250 375785217 81584053 7563160 -1209000 1810700 1764300 3152010 34630 697986 -15255 311197 518344 -19290 3863594 -2452292 12430 1014400 -543240 2800 3096890 -172800 15726970 26310 9600 58500 6090 208610 -125010 454540 655030 49350 1016840 32590

HOLDING & FRIMS

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

0.5 6.21 510 35.25 8.01 1.67 5.32 0.55 0.6 0.56 5.3 4.7 8.5 511.5 50.3 5.21 5.5 0.415 3.4 6.36 0.5 3 2.6 2.4 0.85 735 92 0.56 - 122.1 0.209 0.13

0.51 6.5 514.5 35.9 8.02 1.7 6.68 0.56 0.64 0.88 5.32 4.8 8.87 523 50.6 5.5 6.84 0.435 3.48 6.45 0.51 3.03 3.69 2.95 0.95 735.5 97.5 0.68 1.99 145 0.21 0.145

0.53 6.7 555 35 8.99 1.62 6.6 0.56 0.65 0.65 5.71 4.68 9.99 570 48 5.21 5.5 0.455 3.48 7.13 0.5 3 3.9 2.4 0.84 750 108 0.64 1.9 144 0.2 0.145

0.53 6.7 559 37.7 8.99 1.72 6.69 0.59 0.65 0.65 5.71 5 9.99 570 54.2 5.5 5.5 0.455 3.48 7.13 0.5 3.14 3.9 2.4 0.84 800 108 0.68 1.9 145 0.209 0.145

0.49 6.21 510 35 7.96 1.61 6 0.55 0.6 0.65 5.2 4.53 8.5 501 46.2 5.21 5.5 0.41 3.4 6 0.5 2.95 3.8 2.4 0.84 735 92 0.62 1.9 144 0.2 0.145

0.51 6.3 510 35.25 8.02 1.7 6 0.56 0.6 0.65 5.3 4.7 8.5 511.5 50.6 5.5 5.5 0.41 3.4 6.45 0.5 3 3.8 2.4 0.84 735 92 0.68 1.9 145 0.209 0.145

3038000 58800 529220 2665900 70471700 466000 12300 135000 497000 15000 752400 15140600 28600 62360 1747880 19500 69100 210000 82000 3133500 50000 52602000 3000 23000 1000 653420 209370 29000 74000 70 1500000 10000

1550700 371775 279096045 94603105 576357341 788800 77511 75580 300270 9750 3981670 72474438 266216 32792770 88824611.5 102030 380050 86550 280600 20780719 25000 160791120 11600 55200 840 489545355 20458581 18120 140600 10140 311450 1450

-19380 -323832 -91617260 -9826775 -83704904 -188170 -607625 -37028687 -15878 -14571165 -40523373 -55000 -47860 1354399 -35624920 -153717545 -6459910.5 -

PROPERTY ARTHALAND CORP 0.56 0.58 0.56 0.6 0.55 0.56 613000 345800 28.8 29 31.5 32.9 28.8 28.8 23531700 734040005 AYALA LAND 1.05 1.28 1.28 1.28 1.28 1.28 7000 8960 ARANETA PROP 1.29 1.32 1.25 1.32 1.25 1.29 745000 953470 BELLE CORP 0.55 0.57 0.62 0.62 0.52 0.57 3260000 1829840 A BROWN CITYLAND DEVT 0.67 0.74 0.75 0.75 0.75 0.75 2000 1500 0.134 0.15 0.136 0.137 0.135 0.135 2090000 283170 CROWN EQUITIES 4.02 4.03 4.11 4.11 4.02 4.03 94000 380460 CEB LANDMASTERS CENTURY PROP 0.4 0.405 0.405 0.42 0.4 0.405 1470000 589600 CYBER BAY 0.25 0.285 0.25 0.25 0.25 0.25 60000 15000 15.98 16 16 16.2 15.96 16 942900 15099342 DOUBLEDRAGON 7.47 7.88 7.5 7.5 6.59 7.47 29700 217863 DM WENCESLAO 0.3 0.31 0.3 0.3 0.3 0.3 150000 45000 EMPIRE EAST 0.041 0.1 0.1 0.1 0.1 0.1 720000 72000 EVER GOTESCO 0.96 0.97 0.95 1 0.91 0.97 13712000 13378710 FILINVEST LAND GLOBAL ESTATE 0.79 0.83 0.84 0.84 0.79 0.79 1169000 954570 14 14.1 14 14.1 14 14 192500 2699432 8990 HLDG PHIL INFRADEV 0.66 0.68 0.65 0.7 0.65 0.68 1310000 864120 2.62 2.69 2.7 2.8 2.6 2.69 16725000 45204480 MEGAWORLD MRC ALLIED 0.128 0.13 0.12 0.13 0.12 0.13 2970000 379990 0.32 0.35 0.35 0.35 0.35 0.35 300000 105000 PHIL ESTATES 1.4 1.68 1.69 1.7 1.5 1.7 22000 33390 PRIMEX CORP 15.34 15.4 17 18.98 15.04 15.4 2514200 39519562 ROBINSONS LAND 0.23 0.25 0.25 0.25 0.25 0.25 100000 25000 PHIL REALTY 1.7 1.78 1.7 1.78 1.7 1.78 18000 30680 ROCKWELL STA LUCIA LAND 2.15 2.16 2.18 2.19 2.14 2.16 222000 477840 SM PRIME HLDG 28.05 28.5 29.4 29.65 27.1 28.5 21905400 624831160 VISTAMALLS 3.7 3.99 3.81 4.07 3.8 4.07 47000 184740 1.08 1.09 1.05 1.16 1 1.08 2062000 2197180 SUNTRUST HOME 5.32 5.38 5.55 5.64 5.11 5.38 565000 3,026,686( VISTA LAND

-107409165 8960 29470 11250 8000 -176178 -89418 -3740850 20102 -1164850 -24318 -77760 26484460 1,044,779.0003)

SERVICES ABS CBN 16.5 16.54 18.34 18.34 16.26 16.54 639900 10609828 5.1 5.2 5.25 5.25 5.05 5.1 107900 546929 GMA NETWORK 0.37 0.39 0.37 0.39 0.37 0.37 40000 15000 MANILA BULLETIN 5.91 11.9 11.96 11.96 11.96 11.96 100 1196 MLA BRDCASTING 1885 1920 1792 1920 1681 1920 94525 172081330 GLOBE TELECOM PLDT 970 980 970 995 910 980 232035 225191017.5 APOLLO GLOBAL 0.037 0.041 0.034 0.041 0.034 0.041 200000 7500 3.1 3.9 3.1 3.13 3.1 3.13 116000 362780 DFNN INC IMPERIAL 1.09 1.45 1.1 1.1 1.1 1.1 5000 5500 0.067 0.068 0.066 0.072 0.066 0.068 940000 63840 ISLAND INFO 1.15 1.16 1.16 1.22 1.06 1.15 17394000 20013470 ISM COMM 1.24 1.25 1.28 1.33 1.2 1.25 1586000 2015020 NOW CORP 0.152 0.159 0.15 0.16 0.15 0.159 1650000 253850 TRANSPACIFIC BR 1.29 1.34 1.34 1.39 1.27 1.34 841000 1103010 PHILWEB 5.2 5.5 6.05 6.05 5.1 5.55 12900 70971 2GO GROUP ASIAN TERMINALS 16 18.48 16 16 16 16 300 4800 2.4 2.41 2.5 2.6 2.2 2.41 422000 1007090 CHELSEA CEBU AIR 47.6 48.1 48 48.75 46 47.6 218500 10470060 INTL CONTAINER 85 85.2 80.75 86.5 75 85 2072470 172813230 LBC EXPRESS 11 11.1 11.1 11.2 11.1 11.1 1000 11130 5 5.1 5.7 5.79 5.1 5.1 1169600 6225102 MACROASIA 1.66 1.67 1.6 1.92 1.55 1.67 4624000 8127690 METROALLIANCE A 1.62 1.7 1.55 1.99 1.55 1.7 109000 201660 METROALLIANCE B 5.99 6 5.98 5.99 5.85 5.99 11600 69046 PAL HLDG 0.61 0.64 0.71 0.71 0.6 0.61 919000 578010 HARBOR STAR ACESITE HOTEL 1.2 1.38 1.38 1.38 1.38 1.38 5000 6900 0.027 0.032 0.029 0.032 0.026 0.032 3700000 108000 BOULEVARD HLDG GRAND PLAZA 7.01 12.68 12.88 12.88 12.88 12.88 100 1288 0.45 0.46 0.365 0.45 0.365 0.45 710000 312350 WATERFRONT 6 6.45 6.2 6.2 6.2 6.2 2000 12400 CENTRO ESCOLAR 800.5 830 800.5 800.5 800.5 800.5 570 456285 FAR EASTERN U 0.405 0.425 0.41 0.43 0.4 0.4 870000 357450 STI HLDG 5.6 5.65 5.8 6 5.6 5.6 7129100 41032176 BLOOMBERRY 1.25 1.27 1.27 1.31 1.18 1.25 192000 242540 LEISURE AND RES MANILA JOCKEY 2 2.25 2 2 2 2 20000 40000 0.315 0.33 0.315 0.33 0.3 0.33 7490000 2414500 PREMIUM LEISURE PHIL RACING 7.84 7.9 7.84 7.84 7.84 7.84 1000 7840 6.7 6.99 7 7.49 6.53 6.99 1596000 11080548 ALLHOME METRO RETAIL 1.31 1.35 1.24 1.35 1.2 1.35 962000 1212060 32.4 32.5 31.9 33.15 30.1 32.5 1069100 34683725 PUREGOLD 51.3 51.35 54 54 50 51.35 51170 2626755.5 ROBINSONS RTL 136.2 140 145 150 140 140 441190 61769150 PHIL SEVEN CORP 1.07 1.08 1.14 1.14 1.05 1.08 2234000 2432490 SSI GROUP 14.3 14.32 13.7 14.3 13.1 14.3 2873800 40561188 WILCON DEPOT APC GROUP 0.31 0.35 0.31 0.35 0.31 0.35 60000 19000 4.2 4.8 4.05 4.8 4.05 4.8 5000 23100 EASYCALL 303.2 349 348.8 354.8 348.8 349 510 178042 GOLDEN BRIA 0.192 0.2 0.21 0.21 0.185 0.2 850000 166450 PRMIERE HORIZON 7.65 8.46 8.48 8.49 8.48 8.49 5200 44147 SBS PHIL CORP

50655430 55447360 313000 -63840 -52070.0003 -660780 -142300 -2410 -8104710 38857703.5 -2496866 8440 -9600 -203250 1464448 1250 52400 -62125 500060 -2852220 -682501.5 871400 51190.0002 -6301968 -

MINING & OIL ATOK 9.3 10.48 9.54 10.5 9.54 10.5 9000 88020 0.67 0.68 0.76 0.76 0.65 0.68 1731000 1197070 14280 APEX MINING 0.0011 0.0012 0.0011 0.0012 0.0011 0.0011 111000000 122200 ABRA MINING 1.81 1.99 1.8 1.81 1.8 1.81 30000 54200 ATLAS MINING COAL ASIA HLDG 0.181 0.25 0.25 0.25 0.25 0.25 100000 25000 2.48 2.6 2.7 2.7 2.48 2.6 232000 587180 187200 CENTURY PEAK DIZON MINES 5.9 6 5.56 6.2 5.56 6.2 1200 6825 0.52 0.57 0.6 0.6 0.51 0.52 7388000 4021390 -2751100 FERRONICKEL GEOGRACE 0.185 0.188 0.18 0.188 0.18 0.185 250000 46150 9200 0.073 0.083 0.073 0.083 0.073 0.083 860000 64750 LEPANTO A 0.0057 0.0075 0.0058 0.0058 0.0056 0.0056 5000000 28600 MANILA MINING A 0.0053 0.0069 0.0053 0.0053 0.0053 0.0053 2000000 10600 MANILA MINING B 0.53 0.57 0.56 0.56 0.56 0.56 20000 11200 MARCVENTURES 0.84 0.89 0.83 0.85 0.83 0.85 2000 1680 NIHAO NICKEL ASIA 1.75 1.8 1.74 1.8 1.62 1.8 1675000 2931220 -1110540 ORNTL PENINSULA 0.395 0.54 0.495 0.54 0.495 0.54 60000 30150 2.1 2.2 2.18 2.42 2.08 2.2 306000 643590 PX MINING 12.14 12.16 12 12.7 11.72 12.16 5422200 66477234 -10573590 SEMIRARA MINING UNITED PARAGON 0.003 0.005 0.004 0.004 0.004 0.004 1000000 4000 5 5.28 5 5.4 4.94 5.28 86300 432290 -35145 ACE ENEXOR 0.0083 0.0089 0.0083 0.0089 0.0083 0.0083 23000000 191500 ORNTL PETROL A 0.008 0.009 0.008 0.009 0.008 0.009 22000000 187000 ORNTL PETROL B 0.0077 0.009 0.0077 0.0077 0.0077 0.0077 4000000 30800 PHILODRILL 4.31 4.42 4.28 4.5 4.28 4.42 323000 1416170 308620 PXP ENERGY

PREFFERED AC PREF B2R 498 500 498 498 496 498 400 198880 100.8 101 101 101 100.8 100.8 1200 121180 CPG PREF A 100.5 101 100.5 101 100.5 101 13100 1322300 -50250 DD PREF 106 111.2 106 106 106 106 11000 1166000 FGEN PREF G GLO PREF P 502 509 502 502 502 502 110 55220 902 990 990 990 990 990 1210 1197900 GTCAP PREF B 100 100.1 100 100 100 100 6300 630000 5000 MWIDE PREF PNX PREF 3A 99.8 101.9 102 102 102 102 900 91800 1010 1020 1010 1010 1001 1010 2695 2712515 PNX PREF 4 1043 1049 1049 1049 1043 1043 820 859580 PCOR PREF 3A 1060 1067 1060 1060 1060 1060 10605 11241300 PCOR PREF 3B 77.6 77.9 77.8 77.9 77.6 77.9 11620 902038 SMC PREF 2C 75.7 76.1 75.9 76.05 75.9 76.05 4500 341900 SMC PREF 2D 75.65 76.3 75.9 76.05 75.9 76 15570 1183187 60720 SMC PREF 2G SMC PREF 2H 75.75 76.45 75.75 75.75 75.75 75.75 7290 552217.5

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 15.3 15.98 16 16 15.5 15.98 76100 1211464 1112108 4.85 5 5 5 5 5 6800 34000 21000 GMA HLDG PDR

WARRANTS LR WARRANT 0.68 0.69 0.67 0.7 0.65 0.69 107000 72570

SMALL & MEDIUM ENTERPRISES ITALPINAS 1.8 1.9 1.89 1.98 1.79 1.9 284000 542390 187430 6.1 6.2 6 6.1 6 6.1 9000 54550 KEPWEALTH 0.5 0.55 0.54 0.55 0.47 0.55 1528000 772420 XURPAS

EXHANGE TRADE FUNDS

FIRST METRO ETF 85.05 88.9 84.9 89 82.5 85.05 240440 20300506.5 30165

By VG Cabuag

@villygc

OLCIM Philippines Inc. on Monday said it will increase its consumption or burning of segregated waste as alternative to its fuel usage and raw materials to manage costs.

INDUSTRIAL AC ENERGY ALSONS CONS ABOITIZ POWER BASIC ENERGY FIRST GEN FIRST PHIL HLDG MERALCO MANILA WATER PETRON PETROENERGY PHX PETROLEUM PILIPINAS SHELL SPC POWER AGRINURTURE AXELUM CNTRL AZUCARERA CENTURY FOOD DEL MONTE DNL INDUS EMPERADOR SMC FOODANDBEV ALLIANCE SELECT FRUITAS HLDG GINEBRA JOLLIBEE MAXS GROUP MG HLDG PEPSI COLA SHAKEYS PIZZA ROXAS AND CO ROXAS HLDG UNIV ROBINA VITARICH VICTORIAS CEMEX HLDG EAGLE CEMENT EEI CORP HOLCIM MEGAWIDE TKC METALS VULCAN INDL CHEMPHIL CROWN ASIA EUROMED MABUHAY VINYL PRYCE CORP CONCEPCION GREENERGY INTEGRATED MICR IONICS SFA SEMICON CIRTEK HLDG

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Holcim last year used more than 170,000 tons of waste materials from industries and communities as alternative to fuels and raw materials with its coprocessing technology unit. This allowed the

company to avoid coal in cement production for 38 days leading to lower carbon emissions and fuel costs while helping its partners manage their waste in an ecofriendly manner.

Holcim President and CEO John Stull said the company will continue to drive coprocessing operations and consumption of alternative fuels and raw materials to manage costs and have a more positive impact on the country.

“Through our coprocessing operations, we are able to lower our carbon footprint and help ease the waste management challenges of the country while producing an essential building material for development,” he said.

In 2019, Holcim Philippines agreed to preprocess as alternative fuel the segregated waste of several local governments near its plants in Luzon and Mindanao, and expressed readiness to help more

communities on this matter. The company has also coprocessed tons of nonrecyclable plastics as it continues to provide waste management services to partners in various industries.

In coprocessing , qu a l if ied w a ste m ater i a l s a re pre pro cessed as alternative fuel and fed into the high-temperature kilns along with other raw materials to produce cement. This process transform waste to alternative fuel and converts them into energy for cement production. The technology is recognized globally and is approved by the Philippine authorities due to its proven advantages in environmental and safety performance.

AboitizPower eyeing ₧41-B capex in 2020–Regina Capital stock report A

BOITIZ Power is reportedly setting aside P41 billion in capital expenditure (capex) this year, brokerage firm Regina Capital Development Corp. said in its latest report.

“The firm hiked its 2020 capex by +17 percent y/y to P41 billion.

The majority of the capex will be dedicated to GNPower Diningin.

The management noted that they will preserve cash and spend capex wisely this year to help cushion the blow of the current environment,” it said in its March 16 stock report.

GNPower Diningin’s first phase of 668MW is expected to come on line by the second half of the year, while the second generating unit of another 668MW is targeted on line in 2021.

“The management acknowledged that the recent virus outbreak, which initially affected the construction of GNPower Diningin, will put pressure on its opera-

tions. The firm will be prudent with its cash and its capital expenditures in order to brace for the headwinds,” said the brokerage firm.

AboitizPower faced some challenges last year. Earnings fell to P17.3 billion due to the lower sales volumes in the spot market. But the power firm is expected to post a growth in profit this year.

“The management expressed optimism for its 2020 prospects given that operational issues are being addressed and several plants are expected to come online this year. Therefore, we are expecting that profit growth will be positive this year,” it said.

Aside from that, AboitizPower is also looking to capitalize on the passage of legislations that focus on renewable-energy projects. Overseas prospects are also being looked at, particularly in Vietnam, Indonesia and Myanmar. Lenie Lectura

Nestlé aims for plastic neutrality in PHL

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ESTLé has signed the European Plastics Pact which will help the company achieve 100-percent recyclable or reusable packaging and reduce the use of virgin plastics by one-third by 2025.

The European Plastics Pact, initiated by France and the Netherlands, has a single goal: to accelerate the transition towards a circular plastics economy. It will stop the sole dependence on virgin plastics—plastics made from nonrenewable fossil fuel.

Meanwhile, in the Philippines, Nestlé is aiming to achieve plastic neutrality at the earliest possible time, whereby it recovers waste plastics equivalent to the amount of plastic packaging used for its products in the country.

Toward this end, Nestlé Philippines is accelerating joint initiatives with other stakeholders that have included a pilot prog ram to recover residua l soft plastic wastes in Valenzuela City in cooperation with the city government, as well as the coprocessing in cement kilns of significant tonnages of residual plastic wastes.

The Pact in Europe brings together leading companies, as well as NGOs and governments, who are together committing to real-

ize common goals by 2025 and go beyond current legislation.

These European targets include: n Reducing v irgin plastic products and packaging by at least 20 percent; n Raising collection and recycling capacity in Europe for plastic packaging by at least 25 percent; and n Boosting the use of recycled plastics in packaging to an average of at least 30 percent.

Marco Settembri, Nestlé CEO for Europe, Middle East and North Africa said: “We are pleased to sign the European Pact. One of our joint objectives is to create a circular economy by improving collection, sorting and recycling schemes across Europe. Already today a new Vittel plastic bottle is manufactured out of used ones.

Tomorrow, we want to make sure that also other packaging, such as our wrappers and pouches, can be recycled into new food packaging.”

This will not be easy. Nestlé’s top priority is the safety of its products. Any plastics used for food packaging must be food grade, which means it cannot contain any substances harmful to humans. In order to achieve food grade recycled plastics, recycling processes will have to evolve.

mutual funds

March 16, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 191.71 -26.23% -8.8% -7.65% -23.89% ATRAM Alpha Opportunity Fund, Inc. -a 0.9295 -41.21% -12.56% -10.25% -32.74% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.6147 -35.31% -13.38% -10.24% -28.91% Climbs Share Capital Equity Investment Fund Corp. -a 0.6648 -28.46% n.a. n.a. -25.89% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6666 -21.48% n.a. n.a. -21.51% First Metro Save and Learn Equity Fund,Inc. -a 4.1023 -24.05% -7.13% -7.22% -23.01% First Metro Save and Learn Philippine Index Fund, Inc. -a,6 0.641 -25.34% -11.12% n.a.

-24.91% MBG Equity Investment Fund, Inc. -a 75.84 -39.73% n.a. n.a.

-26.6% PAMI Equity Index Fund, Inc. -a 38.0464 -25.35% -7.48% n.a. -25.81% Philam Strategic Growth Fund, Inc. -a 408.28 -23.61% -7.25% -6.74% -23.37% Philequity Alpha One Fund, Inc. -a,d,8 0.8468 n.a. n.a. n.a. -17.79% Philequity Dividend Yield Fund, Inc. -a 0.9828 -23.8% -7.01% -5.98% -23.63% Philequity Fund, Inc. -a 28.8518 -24.06% -6.16% -5.8% -23.87% Philequity MSCI Philippine Index Fund, Inc. -a,1 0.7603 -24.95% n.a. n.a. -25.32% Philequity PSE Index Fund Inc. -a 3.878 -24.76% -6.91% -5.6% -25.76% Philippine Stock Index Fund Corp. -a 647.3 -24.75% -6.92% -5.77% -25.77% Soldivo Strategic Growth Fund, Inc. -a 0.6093 -32.7% -10.4% -9.45% -28.44% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.0978 -26.95% -7.45% -6.44% -26.4% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.7427 -24.94% -7.1% n.a. -25.79% United Fund, Inc. -a 2.7854 -23.03% -4.69% -4.59% -23.76% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 86.8679 -24.5% -6.35% -4.91% -25.72% ATRAM AsiaPlus Equity Fund, Inc. -b $0.8353 -17.02% -2.89% -3.44% -18.78% Sun Life Prosperity World Voyager Fund, Inc. -a $1.1221 -10.46% 0.9% n.a. -18.61% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.423 -16.27% -5.92% -6.12% -8.95% ATRAM Philippine Balanced Fund, Inc. -a 1.8952 -16.98% -5.82% -4.5% -13.11% First Metro Save and Learn Balanced Fund Inc. -a 2.2981 -11.75% -2.54% -4.93% -12.67% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,5 0.1861 n.a. n.a. n.a.

-18.56% NCM Mutual Fund of the Phils., Inc. -a 1.7779 -6.2% -0.91% -1.76% -9.43% PAMI Horizon Fund, Inc. -a 3.2701 -9.44% -2.93% -3.52% -13.7% Philam Fund, Inc. -a 14.682 -10.08% -3.02% -3.49% -13.43% -3.46% -2.98% -12.79% Solidaritas Fund, Inc. -a 1.8539 -12.65% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.2116 -15.39% -3.65% -3.76% -16.88% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d,2 0.8715 -10.94% n.a. n.a.

-14.2% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d,2 0.788 -19.14% n.a. n.a. -20.92% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d,2 0.7718 -20.65% n.a. n.a. -22.29% Sun Life Prosperity Dynamic Fund, Inc. -a 0.7758 -19.43% -5.55% -5.83% -20.41% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03699 3.47% 1.83% 1.05% -3.24% PAMI Asia Balanced Fund, Inc. -a $0.9117 -6.69% -0.37% -1.48% -12.16% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $3.4043 -6.31% 1.61% 0.88% -12.95% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,7 $1.049 -1.91% 1.39% n.a.

-7.07% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 360.52 4.09% 2.9% 2.32% 0.76% ATRAM Corporate Bond Fund, Inc. -a 1.9146 2.46% 0.62% -0.35% 0.66% Cocolife Fixed Income Fund, Inc. -a 3.1439 4.85% 5.12% 5.12% 0.89% Ekklesia Mutual Fund Inc. -a 2.2376 3.87% 2.36% 1.87% 0.57% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.359 5.41% 2.18% 1.38% 0% 8.94% Philam Bond Fund, Inc. -a 4.312 2.37% 1.6% -1.39% Philequity Peso Bond Fund, Inc. -a 3.7828 5.48% 2.95% 1.41% -0.14% Soldivo Bond Fund, Inc. -a 0.963 5.66% 1.6% 0.4% -0.13% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.0811 8.35% 4.36% 2.64% 0.17% Sun Life Prosperity GS Fund, Inc. -a

1.6943 7.53% 3.71% 2.01% -0.4% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $471.06 4.15% 2.73% 2.67% 0.61% ALFM Euro Bond Fund, Inc. -a Є218.46 1.45% 1.44% 0.98% -0.58% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.1672 0.79% 1.69% 1.64% -3.31% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0251 0.4% 0.57% -2.71% 0.27% PAMI Global Bond Fund, Inc -a $1.0693 1.42% 0.45% -0.22% -2.36% Philam Dollar Bond Fund, Inc. -a $2.3685 6.39% 2.93% 2.31% -1.47% Philequity Dollar Income Fund Inc. -a $0.0601024 4.13% 1.89% 1.68% -0.35% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.0908 5.29% 2.09% 1.87% -2.66% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 126.65 3.73% 2.97% 2.25% 0.69% First Metro Save and Learn Money Market Fund, Inc. -a,3 1.0326 2.78% n.a. n.a.

0.61% Philam Managed Income Fund, Inc. -a 1.2563 5.55% 3.05% 1.66% -0.03% Sun Life Prosperity Money Market Fund, Inc. -a 1.2725 3.55% 2.96% 2.47% 0.62% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0395 1.81% n.a. n.a.

0.22% Feeder Fund Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,4 $0.9 n.a. n.a. n.a.

-9.09% 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 January 3, 2019. 2 - Launch date is January 28, 2019. 3 - Launch date is February 1, 2019. 4 - Launch date is November 15, 2019.

5 - Launch date is September 28, 2019. 6 - Renaming was approved by the SEC last October 12, 2018 (formerly, One Wealthy Nation Fund, Inc.).

7 - Adjusted due to stock dividend issuance last October 9, 2019. 8 - Launch date is December 09, 2019.

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

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Banking&Finance BusinessMirror

GSIS Chief to go on self-quarantine

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he Government Service Insurance System (GSIS) president will go on self-quarantine after an employee of the institution tested positive for coronavirus disease 2019 (Covid-19).

In a statement, GSIS President and General Manager Rolando L. Macasaet said he had close physical contact with several of the individuals listed by the Covid-19 positive employee she had contact with.

Macasaet said the list is part of the GSIS contact-tracing process. The list of persons include those the employee had physical contact between March 7 to 11.

“The female employee had a travel history to Japan and she started manifesting symptoms on March 7.

She was admitted at the San Juan de Dios Hospital on March 11, where lab tests subsequently showed that she was indeed positive for the Covid-19 virus,” Macasaet said.

“I feel well and am not showing symptoms. But just as a precautionary measure, I had myself tested for Covid-19 and, while waiting for the results, I am placing myself on selfquarantine for the time being,” he added.

The GSIS president declined to reveal the identity of the subject employee, citing privacy and security reasons.

Macasaet added that, in light of these developments, the GSIS headquarters in Pasay as well as its branches in Quezon City, Cagayan de Oro, Tagum and Iligan will be closed to the public.

He said the GSIS building in Pasay City wil be on lockdown until April 15. The GSIS Management

also announced that its Mindanao Avenue, Quezon City, branch will be closed to the public for the same 30-day period.

Despite the lockdown, the GSIS Head Office in Pasay and its branch in Quezon City will continue to operate and will be manned by a skeletal workforce on rotational duty, Macasaet said.

Entry to the said offices, however, will be highly restricted and limited only to GSIS members with Unified Multi-Purpose ID cards who want to avail of loans through the wireless automated processing system, or Waps, kiosk.

Also allowed to enter are GSIS members who need to pick-up their Financial Assistance Loan (FAL) top-up checks and private lending institutions who need to pick-up their FAL checks.

The work suspension in Cagayan de Oro and Iligan City was implemented after several employees experienced symptoms. The said employees are currently waiting for their lab test results.

Macasaet, however, said other GSIS branch offices and extension offices nationwide remain open to the public.

Meanwhile, in order to eliminate the need for Agency Authorized Officers (AAOs) and Liaison Officers (LOs) to go to GSIS, applications for retirement/separation benefits, life insurance claims and over-thecounter loan applications may be submitted through designated drop boxes in the pension fund’s central office or via email to their membership coordinator.

The GSIS said its Operations

It’s yesterday once more

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ven since my young age, I was already fascinated by science fiction movies, especially about space and time travel. I have watched many time travel movies like “Timecop” and “Back to the Future,” to name a few.

This led me to think what if someone makes time travel possible? Can we alter the present by altering the past? What happens if we meet our younger self? Can we interact with people from the past?

It would surely be good to go back to the past and undo the mistakes we did. The only problem is that if everyone can travel back in time, then the present and future might be chaotic due to our top human nature: greed.

We all know that time that passed by will never return. Wasted time equates to wasted money because time is the real money. Anyone who disagrees just needs to look at his pay check and see how it was computed.

As early as my first salary, I started to save and invest because I want my money to make more so that I need not exert too much effort to grow it. Starting early was an advantage because I was young then and I have time on my side.

As my income went up, so did the amount I allotted investing. One day, a colleague asked me if I have accumulated a certain amount (he specified). I confirmed. He was surprised because I was hired later than him and yet I saved more.

When we computed how much he needed to save regularly to catch up with me, he found it difficult to do.

I jokingly told him to go back to the past and tell his younger self to seek my advice.

Edmund Lao

personal finance Is time travel possible? In the field of investment, a resounding yes!

I remember our CEO, Rex Mendoza of Rampver Financial, mentioned in our past training that “history repeats itself; people never learn.”

As of February 4, 2020, the PSEI is at the 7,300 level. By looking at the historical chart, this was also the level in May 2013. What does this mean?

History did repeat itself and it’s yesterday once more. It is as if we are in the year 2013.

In this case, we did not go back in time, but time came back to us and for us. Whoever failed to invest in 2013 can invest now (as if it was 2013) even if it is now 2020.

This will be their biggest opportunity to catch up with those who invested in 2013. The 2013 investors can also use this opportunity to add more at the same level (especially if they run out of funds that time). Once the market breaches past 8,000, it may never look back anymore as it is projected to go up even higher.

Busy employees who want to take advantage of this rare opportunity but have no time to monitor the market can go for managed funds as there are expert fund managers who know the ins and outs of investing in the market on their behalf.

Here are some pointers:

Group is currently coordinating the details of this interim measure to the various AAOs and LOs of government agencies.

Old-age pensioners who are experiencing problems accessing their pensions should report their concerns via the GSIS contact center.

Macasaet further emphasized that GSIS has an existing “file anywhere” policy.

“Government agencies based in Quezon City can submit their claims to GSIS Bulacan, and GSIS Bulacan will be able to process their claims,” he was quoted in the statement as saying.

“Individual members can also apply for a loan in any of our branches or Waps kiosks nearest them. Almost all of our systems and processes in GSIS are automated and computerized, and this allows us to provide our pensioners and members ‘anytimeanywhere’ access to our services,” he added.

“I would like to assure the public that GSIS has a BCP [business continuity plan] in place, and that our financial services will continue to flow unimpeded to our pensioners and members,” Macasaet stressed.

The BCP, developed by the GSIS’s Risk Management Office, comprises pre-arranged action plans and standard operating procedures for GSIS personnel to follow in times of natural calamities, man-made disasters and medical contingencies such as viral outbreaks.

The state pension fund regularly conducts drills and seminars to train its personnel how to deal with various scenarios and crisis events, according to Macasaet. Cai U. Ordinario

DOF to continue fuel marking, asks PCG to secure shipments

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By Cai U. Ordinario

Edmund Lao is a registered financial planner of RFP Philippines. To learn more about personal-financial planning, attend the 82nd RFP program this March 2020. To inquire, e-mail info@rfp.ph or text <name><e-mail> <RFP> at 0917-9689774.

In his message to reporters from a self-quarantine regimen, Finance Secretary Carlos G. Dominguez III said the Bureau of Customs (BoC) recommends the exemption of marker handlers in terms of movement of goods and people as borders of the NCR were placed under police and military control.

Dominguez added the BoC re-

quested the Philippine Coast Guard (PCG) to provide assistance during the transport of fuel supplies.

“With fuel being exempt from movement restrictions, we would like to continue fuel marking,” Dominguez said. “We can also continue marking with teams already on the ground in various areas.”

The program involves the use of

T

reduction this month by both monetary authorities.

The lower buffer frees up about HK$500 billion to support lending, the authority’s chief executive, Eddie Yue, said at a press briefing late Monday, adding that there’s scope to reduce it further.

Hong Kong, which has pegged its currency to the US dollar, typically mirrors move by US policy makers to keep the link stable, but the easing will also help an economy that’s headed

for its second annual contraction and where unemployment is soaring.

Central banks worldwide are stepping up monetary stimulus to counter the effects of the coronavirus, which has become a pandemic.

HKMA will meet with banks and businesses early next week to further talk about relief measures to support economy, he said. Hong Kong’s financial system is resilient and well-capitalized, Yue said.

Hong Kong’s banks aren’t obliged

a unique chemical marker capable of being embedded at a molecular level in petroleum products—gasoline, diesel and kerosene—thereby enabling authorities to test, identify and distinguish fuels being sold in the market.

The DOF earlier said fuel marking aims to curb smuggling and misdeclaration of petroleum products and dramatically increase revenue collections.

The DOF said in February that fuel marking is expected to raise an additional P20 billion in revenues as well as help deter entry of substandard products.

The DOF added the program also aims to safeguard the integrity of automotive and heating fuels and shield vehicles from damaging effects of adulterated oils.

The DOF has claimed that smuggling and misdeclaration of petroleum products cost government between P27 billion and P44 billion in annual revenue losses.

Investors seen holding on to cash as govt rejects bids for short-term debt securities he Bureau of the Treasury (BTr) decided to reject bids for the 91-day Treasury bills (T-bills) as it believed investors preferred to hold on to their cash amid the ongoing spread of coronavirus disease 2019 (Covid-19) and restrictions on movement of peoples to and from Metro Manila.

However, the BTr said its auction committee fully awarded the 182-day and 364day tenors, which fetched average rates of 3.398 percent, and 3.557 percent, respectively.

The BTr said that despite the rejection of bids for the 91-day T-bills, the auction remained oversubscribed with total bids reaching P42.28 billion, more than twice the P20-billion offering. “[The] bids were 57 bps [basis points] higher than previous auctions. [There was] practically no interest with undersubscription,” National Treasurer Rosalia V. de Leon told reporters on Monday. “Yes, (there was) preference to hold cash.”

De Leon said, however, there is no telling until when the impact of Covid-19 will affect the bond market. “[It] depends on [the] outcome of measures to contain [the] spread of Covid-19,” she said after the first auction held during a community quarantine that began early Sunday.

The 182-day T-bills also worth P6 billion on-offer posted an average 3.398 percent interest rate. This is higher by 0.086 basis points from the 3.312 percent interest rate it fetched last week.

The 364-day T-bills worth P8 billion on offer were also sold at an average auction rate of 3.557 percent. This was 0.031 basis points lower than the 3.588 percent in the previous auction.

De Leon was quoted in a state-run media portal they decided to open the tap facility because of the strong demand for the one-year paper.

The BTr issued a memorandum to the 11 government securities eligible dealers and market makers saying it has opened a

Hong Kong frees $64 billion in bank capital to lift economy

he Hong Kong Monetary Authority cut bank capital buffers to free up HK$500 billion ($64 billion) in cash to stoke lending in the struggling Asian financial hub.

The city’s de-facto central bank on Monday lowered its countercyclical capital buffer imposed on banks to 1 percent from 2 percent. That came after it also reduced its base rate by 64 basis points to 0.86 percent, hours after the US Federal Reserve cut its by 100 basis points, in the second

@caiordinario

he Department of Finance (DOF) intends to continue its program that inserts markers on fuels, one of the good exempted from being transported during a community quarantine of the National Capital Region (NCR).

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1. Start investing as early receiving the first paycheck. Time is our friend when we start early as compounding is at the maximum potential for long term investment 2. Invest regularly. Time can grow wealth but we must not forget that money begets money. The more frequent that we add to our investment, there will be more employees (money) working for us 24/7. At the same time, investing regularly means we are doing cost averaging where our total share price will be between the highest and the lowest. And that level will make our whole portfolio gain when the market recovers and goes up.

3. Look for mentors. No man is an island. Look for same minded people who are knowledgeable and seek wise counsel. In times of crisis where we are emotional, we need experienced mentors who are logical and can remind us the reason we invested. Never be emotional when it comes to investing.

As RFP Marvin Germo would often say jokingly: “Leave your emotions to your spouse.”

4. Be informed. As information is now easily accessible, it pays to research and be educated. Education is still the best antidote to fear. The more we are informed , the better is the decision-making.

Don’t be left behind again. This might be the only time that it’s yesterday once more.

Happy investing!

Turesday, March 17, 2020 B3

to follow with lower borrowing costs, though any support would likely be welcomed by local businesses. The city’s economy has been battered by months of unrest and the virus outbreak, while the local equity benchmark entered a bear market on Friday.

HSBC Holdings Ltd. on Monday announced it would make no changes to its prime lending rate, after last year cutting it for the first time in 11 years.

Bloomberg News

tap facility window for the one-year T-bond for P8 billion at a rate of 3.836 percent.

Tap facility is another window where BTr sells government securities. Cai U. Ordinario

B4 Tuesday, March 17, 2020

Globe powers Pampanga municipality with more affordable WiFi services

Janis Racpan, Director - Digital Solutions Group at Globe, Hon. Romulo Hon. Romulo Pecson, Mayor - Municipality of Magalang (left) Pecson, Mayor, Municipality of Magalang; and Joey Mendoza, CEO & with Winsley Bangit, VP and Head of Globe at Home Prepaid President at Pacific Infrastructure Telecommunications Inc.

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LOBE takes its mission of accelerating the country's digital transformation to one of the heartlands of Luzon Pampanga.

The telco giant recently cemented a formal partnership with the local government of Magalang, a first class municipality in the province. The partnership launch was led by Hon. Romulo Pecson, Mayor of Magalang with Winsley Bangit, VP at Globe at Home Prepaid and Janis Racpan, Director, Business

Development and Marketing - Digital Solutions Group at Globe.

With a formal partnership in place, Globe will be powering key locations in the city with its GoWiFi and KapitWiFi services. GoWiFi, the most pervasive public WiFi service in the country, is now available in public and high-traffic areas in the municipality such as the Magalang Municipal Hall and Magalang Plaza.

KapitWiFi, Globe's most affordable

community WiFi service which allows customers to simply connect to a hotspot, purchase a promo, and enjoy surfing in a snap, will be available in San Isidro Resettlement and Sta. Lucia Resettlement areas in April for the benefit of a total of 5,800 households in said communities. The new product promises affordability with no monthly fees and device cash outs, and availability to all mobile users regardless of network provider. For as low as P50, customers can enjoy up to 3GB of data allocation for three days.

GoWiFi continues its expansion plans nationwide, particularly in hightraffic areas like malls, hospitals, and schools to make high-quality internet connection accessible and affordable to more Filipinos. The service is now available in over 2,700 locations nationwide with speeds of up to 100Mbps depending on coverage area.

Meanwhile, KapitWiFi is available in other provinces such as Cebu, Iloilo and Tacloban with plans of more rollouts nationwide later this year.

Learn more about this story and other updates from Globe via https:// www.globe.com.ph/.

Robinsons Bank Treasury IT Solutions Opics named as “2019 Project of the Year”

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HE Treasury Group caps off Robinsons Bank’s award-filled year when Finastra, the third largest Financial Technology provider in the world, presented RBank with the “2019 Project of the Year” award.

RBank's Treasury IT Solutions Opics project aims to fuel the growing Treasury business activities of the bank.

Furthermore, recognized for its fast and seamless progression from negotiations to implementation, RBank's Treasury IT Solutions Opics Project surpassed standards as it made project timelines three months faster than the market average.

Finastra also acknowledged RBank’s collaborative communication, strong point of contact, and firm expectations as key players to the excellence that the Bank exhibited.

The “2019 Project of the Year” award is one of many recognitions given to RBank in 2019. In addition, last October 2019, the Philippine Rating Services Corporation

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HE Best of The Global Outsourcing 100 (GO100) list produced by IAOP recently recognized Sitel Group, a leader in CX management.

GO100 is the International Association of Global Outsourcing Professionals, and is published annually by FORTUNE Custom Projects. The recognition marks the 14th consecutive year that Sitel Group has been recognized as a leading outsourcing service provider and advisor by IAOP. "We are honored to be recognized once again as a global outsourcing leader, said Martin Wilkinson-Brown, Chief Marketing Officer, Sitel Group. "This recognition further supports our commitment as we continue to lead the market with innovation and exceptional experiences with human connection at the core. We are proud to be amongst the best and incredibly grateful for IAOPs support year after year."

I From L-R: Finastra Global Delivery Director Elaine Fontarum, Robinsons Bank President and CEO Elfren Antonio S. Sarte, Finastra Regional Field Sales and Account Manager Adam Mason, Fx Trading Group Head Andy Gaerlan, IT Group Head Eric Macalintal, IT Project Manager Niel Navarro, Treasurer Ma. Regina N. Lumain, and PESO Fixed Income Dealership Division Head Galo Yabut.

(PhilRating) issued RBank a high PRS credit rating of Aa minus with a Stable Outlook in light of its recent corporate bond issuance.

Early in 2019, RBank was recognized as the Fastest Growing Commercial Bank in the Philippines by Global Business Outlook (GBO) and the Best Commercial Bank in the Philippines by the International Banker. Its Robinsons Bank DOS Mastercard was also

Convenient digital services, now Padalapit lang with Smart Padala by PayMaya. In this photo (L to R): Joshua Deomano, Regional Business Lead in Luzon for Smart Padala; Mark Dee, Head of Growth and Marketing for PayMaya Philippines; Rolando “Butch” Conejos, Head of Smart Padala; Jeosen Sy Cua, Smart Padala by PayMaya agent; Smart Padala store staff; and Ethel Ines, Senior Manager for Brand and Marketing services for Smart Padala.

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The Best of GO100 recognizes the world's best outsourcing service providers and advisors Sitel Group has over 80,000 global employees across 28 countries. It is the trusted outsourcing provider for companies across multiple industries including retail, finance, insurance, telecommunications, travel, hospitality and more. Delivering innovative solutions across all stages of the customer experience journey, companies rely on Sitel Group to help them understand their customers and improve every touchpoint between them and the company.

"Companies that outsource, not only in the traditional sense but also through the wide array of the ever-changing collaborative business models, are scrutinizing their providers very closely, which is why choosing the right partners is more important than ever," said Debi Hamill, IAOP CEO. The GO100 is the definitive guide to help companies research and compare service providers with whom they are considering relationships. Visit, http://www.IAOP.org for more details.

In a world full of hate, Alaska Milk offers to add more love through cooking

recognized as the Most Innovative Credit Card Product by GBO; while the Simple Savings product was awarded as the Most Innovative Banking Product and Best Financial Inclusion Program by GBO and the Bank Marketing Awards, respectively. In addition to these awards, RBank was recognized by Visa for having the highest number of contactless transactions in 2019.

Smart Padala by PayMaya’s digital hubs bring crucial financial services to grassroots

MART Padala by PayMaya, the country’s largest mobile domestic remittance network, is intensifying its push to provide more digital financial services to the countryside as it launches its flagship stores that act as “digital hubs” across the country.

To date, Smart Padala by PayMaya has transformed its centers into digital hubs that are not only capable of processing sending and receiving remittance transactions, but also bills payment, PayMaya Add Money transactions, as well as mobile prepaid reloading

PAGCOR sponsors U.P. Kalayaan Residence Hall Batch '77 Golf Tournament. The University of the Philippines’ Kalayaan Residence Hall (KRH) Batch ‘77 hosted an invitational golf tournament recently at the Valley Golf and Country Club in Antipolo City to raise funds for projects such as a sustainable Mental Health Awareness program to help KRH’s current freshman residents. The event was sponsored by the Philippine Amusement and Gaming Corporation (PAGCOR), Smart Communications, UP-XDS Alumni Association, Spectrum, Masbate Gold Project, Sasonbi Solar, Five Star Cargo Services, Gaisano Malls, Cris Acosta, John Paul, Caloy Arcilla, and Popoy Pilando.

services. Soon, these centers will also be able to accept PayMaya QR as a mode of payment for day-to-day purchases of customers.

On top of offering these new services, Smart Padala

by PayMaya flagship stores boast a fresh new look, complete with a dedicated area for their customer's transactions, instructional materials on Smart Padala’s services and branded signages, giving their sukis a more comfortable and secure experience.

“Smart Padala by PayMaya centers all around the

country provide crucial digital financial services to Filipinos where the traditional banking system are unable to reach them. We are excited to bring even more services to our customers as we continue to digitize and bring the 'Padalapit lang' experience that our customers have come to know over the years,” said Shailesh Baidwan, President of PayMaya.

These Smart Padala flagship stores, currently located in Quezon Province, Pangasinan, Baguio, Bicol Region, Cebu, Aklan, Cagayan De Oro, Bukidnon and Metro Manila, were launched with exclusive promos and fun games for customers, enticing them to avail of Smart Padala’s newest offers.

With more than 27,000 Smart Padala agents in the Philippines, Smart Padala has become household name for domestic remittance among customers, and a viable source of income for micro and small entrepreneurs in every corner of the country. Through Smart Padala, Filipinos are able to send and receive remittance to and from their loved ones in the most convenient way, as these Smart Padala agents are usually in their community’s local sari-sari store.

Starting a Smart Padala by PayMaya business for aspiring entrepreneurs is easy because there is no franchise fee required. It is the first to give millions of Filipinos an e-wallet that allows them to pay cashless transactions at any time of the day, anywhere in the world, and from any device.

To sign up as an agent, visit www.smartpadala.ph.

T’S 2020, and we are waking up to a world that grows ever more divisive. Racial, political, identity and class wars are being fought in the streets and in the comment sections. All it takes is a different point of view, held fiercely enough, to incite a Twitter brawl.

It seems that the spirit of the age is resentment, fear and hate. “We…are taught to hate by the world around us,” says political commentator Sally Kohn, in a TED Talk.

As one of the country's leading milk brands, Alaska believes that now more than ever, we must choose love over hate. "It's easier said than done, to be honest. But we believe that in these times, we should encourage each other to be better, find ways to add love every day," says Harvey Uong, Managing Director for Alaska. "Food and cooking

is one of the easiest ways to do that."

The company has begun several initiatives to transform its purpose into action. Its latest film "Lataphone," has spread online and moved netizens with its story of a lonely man and an insistent child who finds a unique connection through an improvised string-and-can phone.

Alaska Milk and its partner agencies are also answering the challenge of adding love to the everyday with their #LutoOfLove initiative, a hashtag campaign that encourages its employees and partners to cook for each other and for their families. "Sharing food is a simple, but powerful way to let someone know that you care for them," adds Uong.

In a world full of hate, choose to add love every day.

Canon continues to spearhead hospital, healthcare digitization with Business Solutions

Arnold Endaya, Canon Marketing Philippines Inc. Business Solutions and Innovations Assistant Director

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ANON Marketing Philippines continues to pioneer in making their extensive business solutions accessible for various industries that tailor-fit respective document management issues, including the healthcare industry. At the 5th Asia HMS - Philippine Digital Hospital Transformation Conference held last February 20 at Sofitel Philippine Plaza, Canon was among a league of enterprises present. They delivered a comprehensive suite of services that address key challenges healthcare providers and hospitals experience on a day to day basis with an end goal of enhancing the customer experience and company’s internal productivity.

“A few of the challenges that healthcare practitioners share with other industries are manual document searching and retrieval, information security and privacy, document retention and manual archiving. It is our role

to help businesses understand that innovation and transformation is an on-going and tedious process that we at Canon are able to commit through the technology we have for everyone that we service,” said Arnold Endaya, Canon Marketing Philippines Inc. Business Solutions and Innovations Assistant Director.

“By providing data access and analysis, an enhanced customer experience, and helping standardize how businesses maximize their data, with Canon’s Software Solutions, our ultimate goal is to reduce workflow complexity by simplifying processes, therefore increasing productivity in the workplace,” he added.

Canon Business Solutions offers a comprehensive suite of information management, document retrieval, archiving, and security management, network surveillance solutions and digital scanning solutions. Each of the features deliver seamless and secure workflows to help companies remove barriers in digitization and encourage widespread adoption of the solutions that cater to different industries and services.

Canon’s commitment to innovation and their investment in new business areas will enable its customers to thrive in a connected and digital world, as the company aims to intensify its service approach towards empowering customers with effective and easy to use solutions that will support and complement their long-term business objectives.

Life

God of our ancestors

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EAR God, Your love is everlasting. We place our trust in You and pray: Give us Your spirit, oh God. Widen our circle of inclusion, and help us to be hospitable to the immigant, newcomer, lonely and sick. Inspire teachers to offer education that is meaningful, relevant and acessible. Grant peace to the dying and strength to those who wait with them. Stop the spread of coronavirus which is damaging to the whole human race.

May God strengthen us with every gift of the spirit so that we may live the Gospel and spread the good news with joy. Amen.

GIVE US THIS DAY SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

CIRCLES INSIDE THE QUARTER-OFA-CENTURY-OLD WORLD OF DOMINIC RUBIO C4

BusinessMirror

Editor: Gerard S. Ramos • lifestylebusinessmirror@gmail.com

THE hosts of the top-rating morning talk show The View, with Joy Behar (second from left)

Tuesday, March 17, 2020

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SHOW CANCELLATIONS AT CCP

AMID the increasing cases of coronavirus in the country, the Cultural Center of the Philippines (CCP) underscores the priority it places on the safety and well-being of its guests, patrons and employees, canceling all its shows, exhibits and other public events for the whole month of March.

Starting this week, the canceled shows and events include: ■ Ballet Philippines’s Rama Hari, slated from March 20 to 29.

■ CCP Arthouse Cinema film screenings on March 26 and 28.

■ Allegories and Realities: Ofelia Gelvezon-Tequi In Retrospect guided tours on March 26 and 28.

■ Crystal-making workshop with artist Samantha Feleo, slated on March 21.

The CCP Galleries, Library and Gift Shop will also be closed to the public until further notice.

THE FILIPINO CHANNEL ANNOUNCES STRATEGIC PARTNERSHIP WITH TELSTRA TV

A look at entertainers and entities on hold over coronavirus

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OME of the few entertainment entities that remained open and fully functioning were shutting down like much of the rest of the world on Friday, a day after institutions from Broadway to Disneyland closed their doors, TV shows, including The Price Is Right halted production, and movie release dates strategically scheduled years in advance were pushed back indefinitely.

Here’s a look at the latest closings, cancellations and postponements related to the new coronavirus, which most people recover from but can cause severe illness in the elderly and those with preexisting medical conditions.

‘THE VIEW’ FROM HOME JOY BEHAR says she’s going to skip her cohosting duties on The View next week and stay home amid growing concerns over the coronavirus.

“I’m in a higher risk group because of my age, but I’m perfectly healthy,” the 77-year-old comedian and performer said on the show on Friday. “I’m going to socially distance myself.”

Behar said she doesn’t trust the government and made the decision to self-quarantine herself. She added she is lucky that she doesn’t have child care needs and has enough money to tide her over.

“Are you going to miss me?” she asked her cohosts.

“Probably,” joked Whoopi Goldberg.

“I think it’s always better to be cautious than to be sorry,” Meghan McCain said.

Other talk shows that are shot in front of live audiences will stop production altogether.

HBO announced on Friday that Real Time with Bill Maher and Last Week Tonight with Trevor Noah will go on hiatus after their weekend airings, and Comedy Central says The Daily Show with Trevor Noah and Lights Out with David Spade will also temporarily halt production.

Late in the day, Ellen DeGeneres announced that

her daytime talk show would go off the air until March 30.

‘LITTLE MERMAID’ WON’T BE PART OF YOUR WORLD FOR A WHILE THE Walt Disney Co. says its shutting down many of its live-action productions, including The Little Mermaid and Ridley Scott’s The Last Duel, due to the coronavirus.

Hollywood on Friday continued to halt shoots of most films and television series to help control the spread of the virus. For Disney, that includes the liveaction remake of The Little Mermaid; The Last Duel, with Matt Damon, Adam Driver and Ben Affleck; Marvel’s Shang-Chi and the Legend of the Ten Rings; a Home Alone remake; and Guillermo del Toro’s Nightmare Alley. It’s also putting on hold a pair of films in preproduction: Peter Pan and Wendy, and a Honey, I Shrunk the Kids reboot.

“While there have been no confirmed cases of Covid-19 on our productions, after considering the current environment and the best interests of our cast and crew, we have made the decision to pause production on some of our live-action films for a short time,” said a spokesman for Disney. “We will continue to assess the situation and restart as soon as feasible.”

The Walt Disney Co. on Thursday delayed the releases of several upcoming films, including Mulan.

Disney is also slowing things on its television side, shutting down the productions of Grey’s Anatomy and Genius: Aretha for at least three weeks. And the crisis is hampering production of potential new shows, with work on more than a dozen pilots halted.

HALLOWED HALLS COME TO HALT ROCK and country music have both closed their halls of fame. The Rock and Roll Hall of Fame and Museum in Cleveland announced on Friday that the facility is shutting down for two weeks. The hall had

already postponed its annual induction ceremony and surrounding festivities until later in the year.

In Nashville, the Country Music Hall of Fame and Museum will close to the public on Friday and will remain that way through March 31. The museum, which calls itself “the Smithsonian of country music,” is one of the Nashville’s biggest tourist draws, bringing in a record 1.3 million visitors last year.

THEME PARKS GO DARK NO rolling or coasting will be happening at Six Flags theme parks.

The amusement park giant announced on Friday that all of its US parks will go dark over coronavirus concerns starting Saturday through the end of March, including Six Flags Magic Mountain near Los Angeles, Six Flags over Texas near Dallas and Six Flags over Georgia in Atlanta. Hundred-year-old Southern California institution Knott’s Berry Farm is shutting down for the same time frame.

“While there have been no confirmed cases of Covid-19 at our properties, we believe it is the right decision for our guests, associates and community,” Knott’s said in a statement Friday.

The decision comes a day after Disney announced the planned shutdown of its parks.

MOVIE THEATERS STILL MOVING ALONG US movie theaters have resisted the movement to close for the most part, but some are instituting limits for their audiences.

AMC, the country’s largest chain, on Friday said it would sell no more than half its seats in each theater beginning Saturday and until the end of April to help facilitate social distancing. AMC said it will sell no more than 250 tickets for a showing.

The Alamo Drafthouse chain is instituting “seat separation” policies, along with extra cleaning of theaters in between showings. AP

Unlocking the Magic: A guide to ‘Locke & Key’s’ 12 Enchanted Keys IF you had magical keys, would you use them to do good, get back at someone, or do something impossible that’s possibly life-threatening?

Locke & Key, the long-awaited television adaptation of the best-selling comic book series

by Joe Hill and Gabriel Rodriguez for IDW comics, explores the moral dilemma about the use of power for good versus evil.

After their father is murdered under mysterious circumstances, the three Locke siblings and their mother move into their ancestral home, Keyhouse, which they discover is full of magical keys that may be connected to their father’s death. As the Locke children explore the different keys and their unique powers, a mysterious demon awakens—and will stop at nothing to steal them. From Carlton

Cuse (Lost, Bates Motel) and Meredith Averill (The Haunting of Hill House), Locke & Key is a coming-of-age mystery about love, loss, and the unshakable bonds that define family.

Throughout Locke & Key, the siblings discover new keys hidden in Keyhouse, each imbued with a unique magical power that bends the confines of reality. When creating the keys in the comics, Hill and Rodriguez were careful to make sure each new key would ask a question and add to the narrative. The producers mirrored that logic.

“The keys represent one of the most important themes for our show: identity. Each of the keys has the power to change you or your world in some way,” Meredith said.

Locke & Key is now streaming on Netflix.

JACKSON ROBERT SCOTT as Bode Locke in Locke & Key

SYDNEY, Australia—Telstra TV users now have more access to Philippine television and films via TFC Online, The Filipino Channel’s digital platform. Through this partnership, Telstra, Australia’s leading telecommunications provider, is set to yield more viewers for TFC across Australia.

Subscribers with strong affinity to ABS-CBN’s content and personalities can now take advantage of their access to watch the latest series, such as Ang Probinsyano, which is now on its fourth year; Make It With You, the latest Enrique Gil and Liza Soberano starrer; and the classic Maalaala Mo Kaya, the longest-running drama anthology on TV. In addition, leading news programs TV Patrol and Bandila will continue to provide breaking news and information.

Premium members will also have access to over 500 Filipino movies including box offices hits, such as Hello, Love, Goodbye, Starting Over Again, and It Takes A Man and A Woman. Entertainment specials, as well as its massive library of series TV and variety, reality and talk shows by upgrading to TFC Online’s Premium Plan.

As one of the industry leaders in Australia, Telstra TV offers the region the first integrated built-in live TV, catch-up and on-demand voice and text search function. It allows users to stream movies, TV shows, live shows, music, and free-to-air content.

More information is available at www.tfc.tv.

SPAIN’S King Felipe VI

Spanish King renounces inheritance from father amid scandal MADRID—Spain’s King Felipe VI has renounced any future personal inheritance he could receive from his father, King Emerit Juan Carlos I, over the alleged financial irregularities involving the former monarch, the country’s royal house announced on Sunday.

The royal house said in a statement that in addition to renouncing his inheritance, Felipe is stripping Juan Carlos of his annual stipend. In 2018, the former monarch received €194,232 ($216,000).

The decision comes amid an ongoing investigation

by Swiss prosecutors into an offshore account allegedly operated for Juan Carlos. The account allegedly received €88 million ($100 million) from Saudi Arabia’s late King Abdullah in 2008, which prosecutors believe could be kickback payments, according to the Swiss newspaper Tribune de Geneve.

On Saturday, the British newspaper The Telegraph reported that Felipe was named as a beneficiary of an offshore fund that controls the Swiss account with an alleged €65 million gift ($72 million) from Saudi Arabia given to his father when he was on the throne.

Juan Carlos, 82, became king in November 1975 and reigned until his abdication in June 2014.

Felipe, 52, denied any knowledge of the fund in Sunday’s statement. AP

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Business

C2 Tuesday, March 17, 2020

No fans, no work: Arena workers caught in shutdown

BUGLER Jay Cohen plays “First Call” as he calls the riders to post for the first race at Santa Anita Park to empty stands in Arcadia, California. AP CREWS break down the court after the Dallas Mavericks defeated the Denver Nuggets in a National Basketball Association game at the American Airlines Center in Dallas.

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IAMI—David Edelman can usually be found at a Denver Nuggets basketball game or a Colorado Rapids soccer game. As an usher, he interacts with fans in a role he calls a staple of his life.

But there are no Nuggets games for at least a month.

No Rapids games, either. And Edelman has no idea what he’ll do now.

“This is what I do for a living,” Edelman said earlier this week, as the realization hit that sports were going on hiatus because of the coronavirus. “This is my income.”

Thousands of workers would have staffed the 450 National Basketball Association (NBA), National Hockey League (NHL) games that will not be played over the next month in response to the pandemic. And then there are the more than 300 spring training and regular-season baseball games, 130 NCAA Division I men’s and women’s tournament games, 50 or so Major League Soccer matches, all international golf and tennis tournaments, and who-knows-how-many high school, small college and other entertainment events canceled or postponed because of the global health crisis.

The total economic impact of the loss of sports and other events because of the pandemic—assuming only a month shutdown—is impossible to calculate but will reach the billions, easily.

Tickets aren’t being sold, so teams and leagues and organizing bodies lose money. Fans aren’t going to events that aren’t happening, so taxi drivers and ride-share operators have no one to ferry to and from those places.

Hotel rooms will be empty. Beers and hot dogs aren’t being sold, so concessionaires and vendors lose money. Wait staff and bartenders aren’t getting tips. Without those tips, their babysitters aren’t getting paid.

The trickle-down effect sprawls in countless directions.

“As players, we wanted to do something, along with our ownership and coaches, to help ease the pain during this time,” star guard Stephen Curry said.

Some teams and top players are trying to help. Dallas Mavericks owner Mark Cuban, within minutes of the NBA

shutdown announcement, said he wanted to find a way to help workers who will lose money because games won’t be played.

By Friday, he had his plan: “We will pay them as if the games happened,” he told The Associated Press in an e-mail.

The Golden State Warriors’ ownership, players and coaches have pledged to donate $1 million to provide assistance to employees who work games at Chase Center.

Other teams, including the Cleveland Cavaliers, have made commitments to workers at not just NBA events but also the building’s minor-league hockey games. The Miami Heat, Toronto Raptors, Washington Wizards and Atlanta Hawks were among the earliest NBA franchises to reveal they’re working on how they’ll take care of arena staffs.

So have the NHL’s Washington Capitals, among others, and the ownership group for Detroit’s Pistons, Red Wings and Tigers on Friday said they were setting up a $1 million fund “to cover one month’s wages for our part-time staff for games, concerts and events that they would have otherwise worked.”

“Our teams, our cities and the leagues in which we operate are a family, and we are committed to looking out for one another,” New Jersey Devils owner Josh Harris said.

Cavaliers star Kevin Love pledged $100,000 to help the workers in Cleveland address what he described as their “sudden life shift.” On Friday, reigning NBA MVP Giannis Antetokounmpo of the Milwaukee Bucks made a $100,000 pledge on behalf of his family and the team said later Friday that fellow Bucks All-Star Khris Middleton also donated $100,000.

“It’s bigger than basketball!

And during this tough time I want to help the people that make my life, my family’s lives and my teammates lives easier,” Antetokounmpo wrote on Twitter.

Zion Williamson of the New Orleans Pelicans said he would “cover the salaries” for workers at the team’s arena for the next 30 days. Blake Griffin of the Detroit Pistons pledged $100,000 for workers there, the San Jose Sharks said part-time arena workers would get paid for all games not played and Florida Panthers goalie

Sergei Bobrovsky said he was giving $100,000 to workers in that club’s arena—a donation matched by his teammates and followed by another pledge from the team’s ownership group.

“This is a small way for me to express my support and appreciation for these wonderful people who have been so great to me and my teammates and, hopefully, we can all join together to relieve some of the stress and hardship caused by this national health crisis,” Williamson wrote on Instagram.

The help—all of it—will go to good use.

At Chicago Blackhawks hockey games alone, about 1,500 workers are in or outside the building on event nights: guest services, concessions, parking, security, box office and so on.

“The per game payroll is more than $250,000,” said Courtney Greve Hack, a spokesman for the United Center.

If that’s the NHL norm—no official numbers are available— then workers around the league would stand to lose more than $60 million if hockey does not return this season.

“I get it,” said Chris Lee, who owns a coffee and smoothies franchise in Arizona that draws 70 percent of its annual revenue sales at spring training and Arizona Coyotes hockey games. “But this is going to be really tough.”

Lee was packing up cups that won’t be used when baseball announced Thursday that spring training was ending about two weeks early. He and his staff— one full-timer, 14 part-time employees—aren’t sure what comes next.

The enormity of the number of people affected stacks up quickly.

The group that owns the Raptors and other pro sports clubs in Toronto, Maple Leaf Sports and Entertainment, says it’s trying to help 4,000 workers in that city. Extrapolate that across other Canadian and US pro sports cities, and those teams could be looking at 100,000 workers feeling some sort of pinch—not counting the impact at college and other levels.

Some events won’t happen, and it is unclear if workers affected by those cancellations will get any help. AP

New recommendations from the Centers for Disease Control and Prevention on Sunday night seem to suggest that sports in this country could, for all intents and purposes, be gone until May, if not later.

By Tim Reynolds

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The Associated Press

HE already-delayed professional sports seasons in North America could be on hiatus for significantly longer than first planned after federal officials said Sunday that they recommend all in-person events involving 50 people or more be called off for the next eight weeks.

That’s twice as long as the 30-day shutdowns that the National Basketball Association (NBA), National Hockey League (NHL) and Major League Soccer (MLS) decided to put into place last week in response to the global coronavirus pandemic that has already made a deep impact on the US financial markets and has been blamed for at least 64 deaths in this country.

Major League Baseball (MLB) also was going with what essentially was a 30-day shutdown after canceling the rest of spring training and pushing back the start of regular season play for two weeks; opening day was to have been March 26.

But new recommendations from the Centers for Disease Control and Prevention on Sunday

night seem to suggest that sports in this country could, for all intents and purposes, be gone until May, if not later.

“CDC, in accordance with its guidance for large events and mass gatherings, recommends that for the next eight weeks, organizers... cancel or postpone in-person events that consist of 50 people or more throughout the United States,” it said. “Events of any size should only be continued if they can be carried out with adherence to guidelines for protecting vulnerable populations, hand hygiene and social distancing.”

The eight-week window easily exceeds what would have been the remainder of the NBA and NHL regular seasons, plus would cover about the first 25 percent of the MLB season—or roughly 40 games per team. It would also cast serious doubt on the ability to hold other major US sporting events as planned, such as the Kentucky Derby in early May. The NBA was already bracing to play games without fans in arenas, something that would have started late last week had a player—Rudy Gobert of the Utah Jazz—not tested positive for the virus, Covid-19. Utah teammate Donovan Mitchell and Detroit’s Christian Wood have tested positive since, but Gobert’s diagnosis

LULL MUCH was enough for the league to say that it was suspending play.

“I’ve been feeling a little better every single day,” Gobert said in a video posted Sunday. He added, “I wish I would have took this thing more seriously.”

Later Sunday, a person with knowledge of the matter said the NBA has sent teams a memo saying players can leave their home markets during the shutdown if they so choose—yet another clear sign that the game’s hiatus is not ending anytime soon. But if those players do leave for another market, they must do so after coordinating plans with their teams and medical advisers.

The memo also told teams formal practices will remain off indefinitely, individual workouts at team facilities may continue and detailed other safeguards teams should be taking at this point, according to the person who spoke to The Associated Press on condition of anonymity because the memo had not been released publicly.

The NBA has already been asking teams to share availability for their arenas through the end of July, a sign that the league is prepared to extend the season at least that

Mike Lemcke sits in an empty Greensboro Coliseum after the NCAA college games are canceled at the Atlantic Coast Conference tournament in Greensboro, North Carolina. AP

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Tuesday, March 17, 2020

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Huelgas, Burgos lead aquathlon winners in Imus

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WO-TIME Southeast Asian Games gold medalist Nikko Huelgas and Erika Nicole Burgos dominated the standard distance races of the Vermosa Aquathlon 1 held recently at the world-class Ayala Vermosa Sports Hub in Imus City, Cavite.

Huelgas was unstoppable from start to finish as he finished the 500-meter swim and 5-kilometer run race in a swift 25 minutes and 54 seconds, easily ruling the Male 25-29 age-group.

Finishing behind Huelgas were Juan Francisco Baniqued (27:00) and Inaki Lorbes (27:17), both

from the 18-24 category.

Burgos emerged as the Female 18-24 champion after clocking in 30:33. She was followed by Female 15-17 champion Olivia Kwon with 33:25 and Female 18-24 entry Bea Marie Quiambao with 34:30.

Team AA (All-Female) composed of Mikaela Arroyo and Boo Pascual won, and Team Good Boiz (All-Male) made up of Hjalmar Pasaylo and Lorenzo Joaquin Solda topped the team categories, as well as Team GG (Mixed) composed of Gabriella Venturina and Mark Garin.

Huelgas praised the quality of the design of the race course saying that the lanes in the Olympic-size swimming pool were spacious while the angular roads around Vermosa provided nice challenge. It was was his first time to race in the venue.

Get Coach’D Academy Coach Doray Ellis said his team’s preparations, which includes training at Vermosa, paid off as their members won a huge number of awards across different age-groups. Burgos is a member of the team.

“Despite what has been

going on around us, we are very happy with the huge turnout of participants, as well as Bike King’s decision to push through with this first race we hosted this year. We are looking forward to hosting this June’s triathlon event and two more aquathlon events in the months to come,” Vermosa Operations Manager Andrea Intalan said.

The Top 20 finishers in the standard distance individual category earned points for the Ayala Vermosa Sports Hub Series and the Sun Life Aquathlon Series.

Zafra, De Guzman bag singles crowns in badminton tourney

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anz Ralf Zafra and Mikaela Joy Miranda de Guzman hoisted the open singles trophies of the 13th Prima Pasta Badminton Championships held recently at the Powersmash courts along Chino Roces Avenue in Makati City recently.

Zafra delivered his best performance in beating 2018 champion Rabie Jayson Oba-ob, 21-7, 19-21, 21-15.

Zafra, a national team member, dethroned last year’s winner, Malaysian Shahrul Shazwan, 16-21, 21-11, 21-16, in the

COULD BE H LONGER long if necessary—and those moves came a couple of days before the CDC made its latest recommendation. The NBA regular season was to have ended April 15 and the NBA Finals were to have started June 4, with the season done on or before June 21.

For most people, the new coronavirus causes only mild or moderate symptoms, such as fever and cough. For some, especially older adults and people with existing health problems, it can cause more severe illness, including pneumonia.

The vast majority of people recover from the new virus. According to the World Health Organization, people with mild illness recover in about two weeks, while those with more severe illness may take three to six weeks to recover. In mainland China, where the virus first exploded, more than 80,000 people have been diagnosed and more than 58,000 have so far recovered.

It’s not just the team sports that have been shut down: Pro tennis and golf have basically been called off for the next several weeks, with such marquee events as Indian Wells and the Miami Open in tennis and The Players Championship and Masters in golf either canceled or postponed.

The NCAA men’s Division I college basketball tournament—March Madness—was to release

its bracket Sunday and start the now-canceled 68team tournament Tuesday. The women’s Division I tournament was to have started this week.

They’ve all been called off, as have all other winter- and spring-sport seasons at all levels of the NCAA. Most high school state associations have also had to cancel seasons and championships as well.

Some minor-league hockey leagues have canceled seasons, and it seems increasingly unlikely that the G League—the NBA’s minor league—will resume play this season. Even a polo match in South Florida on Sunday was played without fans or reporters present, with organizers saying they needed to take ultimate precautions.

Some NBA players were spending Sunday at home playing video games; Miami’s Goran Dragic posted a video of himself outside his house kicking a soccer ball around. Others, like Golden State’s Stephen Curry, were urging their fans to continue taking the pandemic seriously.

“We all have to take responsibility for ourselves and do whatever it takes to #stopthespread,” Curry told his 14.1 million followers on Twitter. “There’s a sense of urgency to flatten the curve and give ourselves and the healthcare system the best chance to get through this pandemic. Share this message and let’s protect each other!”

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Brooks Koepka: I plan on playing the Professional Golfers Association Tour for the rest of my life. AP

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an introduction to handcrafting techniques involved in Tanduay’s premium rum products.

Tanduay Plant Manager Richard Teng then gave the GSW officials a tour of Tanduay’s Barrel Aging facility, which houses 50,000 9L Bourbon barrels of fine rums being aged to perfection until they are good to harvest.

This was followed by a visit to Tanduay’s Research and Development department, where they tasted Tanduay’s local varieties such as the Tanduay 5 years, Tanduay Superior and Tanduay 1854 as well as Tanduay’s premium brands such as the Tanduay Asian Rum and Tanduay Double Rum. The tour ended with a visit to the plant’s view deck, where they learned more about Tanduay’s history, achievements, accolades and entire product range.

“Truly, it was a nice experience going here in the Philippines to get to know more about Tanduay and the whole Philippine culture, because back in the Chase Center arena in San Francisco, we really see a lot of Filipino communities watching our game and how they take pride in their roots and

rooks Koepka said Sunday he has no interest in the Premier Golf League (PGL), another setback to a league promising guaranteed money and a team concept that now is missing some of golf’s biggest young stars.

“I am out of the PGL. I’m going with the PGA [Professional Golfers Association] Tour,” Koepka told The Associated Press. “I have a hard time believing golf should be about just 48 players.”

Later Sunday, Golfweek reported that world No. 2 Jon Rahm said he will not join, meaning the world’s top 3 players are sticking with the PGA Tour.

Rory McIlroy, who replaced Koepka at No. 1 in the world a month ago, said last month in Mexico City that he was not interested in the new league. He said he valued his freedom to decide when and where to

Tanduay Distillers Inc.’s AVP for Exports Jane Ong (second from left), Assistant Manager for Business Development Roy Sumang (third from left), welcome Todd Bynum (fourth from left) and Mike Kitts (fifth from left), along with Plant Manager of Tanduay Distillers Inc. Richard Teng.

heritage,” Kitts said.

“And it is amazing experiencing it first hand in this country. The hospitality, the people, the culture. We’ll sure to be back and have a longer stay here,” Kitts added.

21-13, for the mixed doubles open crown.

The other doubles champions were Christian Bernardo and John Matthew Bernardo (men’s A), Aldreen Rae Concepcion and Susmita Angelique Ramos (women’s B), Anthone Abellana and Emil Jose Mangubat (men’s B), Maria Virginia Lopez and Joyce Pauline Santos (women’s C), John Edgar Reyes and Michael Verdejo (men’s C), Althea Rio Fuentespina and Angel Valle (women’s D), Rainiel Lloyd Nguyen and Jose Miguel Ranada (men’s D), Samantha Quinsanos and Janella Quinto (women’s F), Daniel Gabriel Luciano and Jojo Meilat (men’s F) and Daniel Cabacungan and Kurt Luis Catap (men’s G).

Koepka won’t join Premier Golf League

Golden State Warriors brass visit Tanduay Cabuyao plant olden State Warriors (GSW) Senior Vice President for Corporate Partnerships Mike Kitts and Senior Manager for Partnership Development Todd Bynum recently visited the Cabuyao plant of Tanduay Distillers Inc., one of their brand partners in the National Basketball Association (NBA).

The visit was part of GSW’s goal of “making greater connection with all their brand partners and their vision of creating a great basketball culture through diversity.”

Tanduay and GSW forged a partnership in 2017, which made the 165-year-old rum maker the first Filipino brand to sponsor an NBA team.

“It was an honor to have them fly all the way from San Francisco to get to know more about our history and operations, and meet the hardworking people behind Tanduay’s success,” Tanduay Chief Marketing Officer Paul Lim said.

The GSW officials first visited Tanduay’s bottling line where they saw how the company’s local products are bottled and packed into cartons. They were then given

quarterfinals and defeated Ros Leenard Pedrosa, 21-19, 21-7, in the semifinals.

De Guzman, on the other hand, upset Sarah Joy Barredo, 21-13, 21-18, to bring home the women’s open singles title.

Peter Gabriel Magnaye and Alvin Morada beat Philip Joper Escueta and Paul John Pantig, 21-19, 21-15, to capture the men’s doubles open crown.

Alyssa Ysabel Leonardo and Thea Marie Pomar downed Jochelle Alvarez and Joella Geva Ramos de Vera, 21-13, 21-14, to win the women’s doubles open trophy.

Magnaye got his second title as he teamed up with Pomar to defeat Abhinaya Adira and Eleanor Christine Inlayo, 21-15,

After their Cabuyao visit, Kitts and Bynum had dinner at TKB (The Kushi Bar)

by Tanduay in Makati and saw how Tanduay can be infused with Japanese food as well as paired with Japanese dishes.

play instead of the proposed schedule of 18 tournaments, not including the majors.

Koepka said he made up his mind after meeting with organizers in Los Angeles a month ago during the Genesis Invitational, wanting to wait for a time when any announcement would not become a distraction. He had said at the start of the Florida swing only that “I want to play against the best.”

With golf shutting down over concerns about the new coronavirus, he wanted it made clear he wasn’t going anywhere.

Koepka, now No. 3 in the world, and McIlroy cited the freedom he enjoys on the PGA Tour. Koepka also spoke about the majority of the PGA Tour who he fears would be left out if all the attention was heaped on top stars competing in a team format.

“I get that the stars are what people come to see,” Koepka said. “But these guys who we see win, who have been grinding for 10 or 15 years, that’s what makes the cool stories. I’d have a hard time looking at guys and putting them out of a job.”

Koepka speaks from experience. Having failed to advance past the second stage of PGA Tour qualifying in 2012, he played remote spots on the Challenge Tour, earned a European Tour card and eventually made it to the PGA Tour, where he won his first tournament in early 2015. He and McIlroy each have four majors.

“I don’t forget where I’ve come from,” Koepka said. “There are guys from that top 125 who could be the next star.”

PGA Tour Commissioner Jay Monahan made it clear in a memo to players in late January, as six years of chatter about the league began to gain momentum, that PGA Tour members could not play both.

Monahan and the tour staff have been making the rounds over the last month, meeting with top players to get a feel for their position and to tout what the tour has going.

The PGA Tour announced last month a mediarights deal said to be worth a little more than $7 billion over the next nine years.

Monahan said last week he could see The Players Championship prize money going to $25 million, and the postseason bonus pool topping $100 million.

“Jay is incredible, the direction he has the tour going,” Koepka said.

Golfweek said it spoke to Rahm on Thursday and quoted him saying, “I think what I’m going to do is focus on just the PGA Tour. At the end of the day I’m a competitor. I’m a PGA Tour member and I’m going to stay that way.”

The concept of the league was to invigorate golf by putting together 12 fourman teams that would be required to play 18 events—10 of them in the US—that feature 54 holes, no cut and a shotgun start to fit a five-hour broadcast window. Total prize money would be $240 million, and the top player could earn as much as $50 million.

Koepka said that as much as he loves the Ryder Cup and Presidents Cup, “To have it every week, I’m struggling with that.”

“Golf is just not a team sport,” he said.

Koepka also said his financial advisers had doubts about how the money—most of from Saudi interests—would work.

“You ask some of these younger guys if they want to play for someone else,” he said, referring to how the rosters would be set under the 12 players who get equity in their teams. “The direction Jay has the tour going, they care about 125 guys. Yes, the top guys do a lot for the tour. But it should be more than 48 players that people are tuning in to watch.”

Ultimately, though, he said he was happy with the career he already has.

“Money isn’t going to change my life,” he said. “There’s something to be said about freedom of playing. I get to chose. To me, it’s not worth it. I’m happy with how things are.

When life is good—and it’s real good—you don’t want to change it. I think the PGA Tour is run beautifully.”

McIlroy had said last month in Mexico that he “wants to be on the right side of history on this one.” He said all that could change his mind would be if all the top players decided to join, though he didn’t see that happening.

Koepka said he thought it was a “real possibility” the Premier Golf League could still happen. Organizers had targeted a start date of 2022 at the earliest.

But it won’t include him.

“I plan on playing the PGA Tour for the rest of my life,” Koepka said. AP

Art

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Tuesday, March 17, 2020

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Todayâ&#x20AC;&#x2122;s Horoscope

By Eugenia Last

www.businessmirror.com.ph

CELEBRITIES BORN ON THIS DAY: Mia Hamm, 48; Rob Lowe, 56; Gary Sinise, 65; Kurt Russell, 69.

HAPPY BIRTHDAY: Donâ&#x20AC;&#x2122;t let anger or negativity be your downfall this year. Strive to see the good in everything and everyone. A positive attitude will help you discourage difficult encounters with people who can make your life difficult. Hard work, dedication and personal achievement should be your goals. A wellthought-out move will make you feel at ease. Your lucky numbers are 8, 17, 22, 29, 38, 40, 44.

ARIES (March 21-April 19): A short trip, change of scenery or personal pick-me-up will offer insight into how you should move forward.

Donâ&#x20AC;&#x2122;t lose sight of your goal or let emotional anger throw you off. Do your own thing, and you will make an unexpected gain. â&#x2DC;&#x2026;â&#x2DC;&#x2026;

TAURUS (April 20-May 20): Do your best to initiate what you want to happen. A takecharge attitude will put you in a good position and help you gain respect and recognition. Offer dynamic suggestions and solutions, and youâ&#x20AC;&#x2122;ll impress everyone you encounter. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

GEMINI (May 21-June 20): Avoid joint ventures, and donâ&#x20AC;&#x2122;t let anyone handle your money or personal affairs. If you are smart and take matters into your own hands, a settlement, financial gain or gift will come your way. Listen, observe and handle issues yourself. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

CANCER (June 21-July 22): Consider whatâ&#x20AC;&#x2122;s available, and mull over your options and the long-term effects. Discuss what you feel your responsibilities should be and what you want in return.

Patience will pay off, and significant advantages will be yours. Bide your time. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

LEO (July 23-Aug. 22): Take time to understand whatâ&#x20AC;&#x2122;s happening before you go on a rant or make a decision. Itâ&#x20AC;&#x2122;s the time taken to make sure you get things right that will pay the highest dividends in the end. Laziness will make you look bad. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

VIRGO (Aug. 23-Sept. 22): Live in and enjoy the moment. Sit back and relax with friends, and take part in things that will stimulate your mind. Love and romance are gaining momentum. Take a positive step forward. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

LIBRA (Sept. 23-Oct. 22): Anger wonâ&#x20AC;&#x2122;t solve anything, so avoid getting coerced into a battle.

Socialize with people who make you smile and think and bring out the best in you. Do something that eases stress and makes you feel and look fantastic. â&#x2DC;&#x2026;â&#x2DC;&#x2026;

SCORPIO (Oct. 23-Nov. 21): Plan to do something special with someone you love.

A positive change in attitude will encourage you to try something that youâ&#x20AC;&#x2122;ve been reluctant to pursue in the past. A desire for change will capture your heart and lead to intriguing considerations. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

SAGITTARIUS (Nov. 22-Dec. 21): Keep your head down, your focus on what you have to complete and your mind off petty annoyances and people who are manipulative or deceitful. When faced with pressure or negativity, your best option is to be straightforward. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

CAPRICORN (Dec. 22-Jan. 19): Try something different. Update your appearance, get involved in something you find fascinating or make more memories with someone you love. Express your feelings, and it will be easier to get others to side with you. Romance is encouraged. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

AQUARIUS (Jan. 20-Feb. 18): Do something relaxing to put your mind at ease. Refuse to jump into something because someone else does. Make decisions geared toward your interests and goals. Time is on your side, so put everything in place before you make a move. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

PISCES (Feb. 19-March 20): The choice will be yours. You can close and open a new chapter if you deal with someone from your past or a person who has the clout to help you get ahead. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026; BIRTHDAY BABY: You are responsive, sensitive and dedicated.

You are unpredictable and opportunistic.

MOUNTED by Galerie Joaquin at The Peninsula Manila, the recent exhibition Dominic Rubio Mondial was a celebration of the visual artistsâ&#x20AC;&#x2122; artistic career. PHOTOS FROM GALERIE JOAQUINâ&#x20AC;&#x2122;S IG ACCOUNT

Inside the quarter-of-a-century-old world of Dominic Rubio CIRCLES JT NISAY

jtnisay@gmail.com

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HE strong timber doors of The Peninsula Manilaâ&#x20AC;&#x2122;s Rigodon Ballroom have welcomed guests to countless top-class social gatherings. When it was opened on a recent Thursday evening, however, what awaited on the other side was not another glitzy wedding reception or prom party, but a different era.

Dominic Rubio is a Filipino visual artist who paints and sculpts the Filipino. He is also a transporter, bringing viewers of his artworks to the everyday of 21st century Philippines. And on that night, under the oldworld elegance of Rigodon Ballroom, he led a roomful of wineglass-holding art patrons back in time.

Dominic Rubio Mondial is a celebration of Rubioâ&#x20AC;&#x2122;s 25 years as an artist. Mounted by Galerie Joaquin, the exhibit, which opened on March 5, featured

paintings and sculptures of Rubioâ&#x20AC;&#x2122;s signature strawnecked Filipinos going about life in the 1900s. In one painting, a mother and child are seen doing laundry with a traditional wooden paddle, while in another an affluent couple in period clothes walk by a cathedral.

Rubio was born in Paete, Laguna, a lakeshore town heralded for its wood carving tradition. He studied at the University of Santo Tomas College of Fine Arts, where he majored in Commercial Arts. The artist made his mark in the international art scene in 2006, when Galerie Joaquin chose his works for their soldout opening exhibition in Singapore. Today, Rubio continues to be a favorite among major collectors in Asia, the US and Canada.

For his most recent and arguably biggest exhibit, Rubio covered everything and everyone from old Philippines. He depicted all social classes in all tableaus in his remarkable background-foreground play, where attention to detail is not compromised in either: He puts as much focus on the layered barong design and the individual bayong weaves worn by his characters, as he does in the bricks of the structure and the texture of its wooden window panels.

In Dominic Rubio Mondial, the artist presented pieces

categorized in three parts: Old Manila, where the capital is marked by Hispanic colonial structures; the â&#x20AC;&#x153;Chinoyâ&#x20AC;? culture shaped by Chinese influence; and the plantation life that depicted hard work and perseverance.

Each one, as with Rubioâ&#x20AC;&#x2122;s body of work, is the attempt of the artist to establish cultural identity for the Filipino by exploring the past. â&#x2013;

Indian artist Prafull Bhimraj Sawant holds watercolor workshop for UST students INTERNATIONALLY acclaimed watercolor artist Prafull Bhimraj Sawant held a watercolor demonstration and workshop for freshman students of the College of Architecture and the College of Fine Arts and Design, held at the AudioVisual Room of the Beato Angelico Building.

Sawant, a well-known realist artist, has held solo and group shows in Mumbai and other parts of India.

He also participated in international exhibitions, such as those in Germany, the US and Australia. His works were also featured in art publications in the US, Russia and France.

During his talk to University of Santo Tomas (UST) students, Sawant shared his recent illustrations that include the scenery overlooking the National Museum, a portrait of a

Filipino man, and sights in Europe and Asia. He continued with a demonstration of his painting process with the iconic UST Main Building as his subject.

During the process and between layers of watercolor, he discussed thoughts and techniques on certain hand strokes, color values and bias to achieve a realistic effect. In less than three hours, he was able to accomplish the illustration in almost full detail, which astonished and inspired the audience.

The watercolor artist was invited to UST by the College of Architecture with the help of artist Sarah LiusunOngsun, co-facilitated by the College of Architecture Dean Rodolfo P. Ventura and faculty member Arch. Artemio D. Garcia. The UST lecture-workshop was part of Sawantâ&#x20AC;&#x2122;s five-day watercolor

PRAFULL BHIMRAJ SAWANT held an on-the-spot demonstration for the students, with the UST Main Building as his subject. THOMAS INTAL BY ARKITRATO

workshop tour in Metro Manila.

Other than visiting UST, Sawant also held an atmospheric landscape watercolor workshop during the Art

Bar Art Fair 2020 in SM Megamall, Ortigas; and a five-day Plein Air Watercolor Demonstration and Workshop in Manila.

â&#x20AC;&#x2DC;the endâ&#x20AC;&#x2122; BY SALLY HOELSCHER The Universal Crossword/Edited by David Steinberg

ACROSS 1 Dressed like a superhero 6 Wildly out of control 10 Dentistâ&#x20AC;&#x2122;s directive 14 By oneself 15 Like venison 16 Approximately 17 Party whose gifts are mostly for someone who hasnâ&#x20AC;&#x2122;t arrived yet?

19 Womenâ&#x20AC;&#x2122;s rights advocate Lucretia 20 Superior, e.g.

21 Unexpected problem 23 Moving vehicle?

24 Zeta follower 26 Greed or lust 28 Out of the way 30 The Big ___ Theory 32 1954 thriller set in an apartment complex 36 Mother henâ&#x20AC;&#x2122;s offspring 38 Early deliveries 39 Sweet or savory Irish loaf 41 Latin dance popular in the 1960s 43 Classic wafer brand 47 What may make a square breakfast?

49 Regretted

50 51 53 54 55 59 61 63 67 68 69 70

Very angry Not many Thin pretzel shape Squidâ&#x20AC;&#x2122;s defense Chatters Sunrise direction Thwart Threatening water level ___ particular order Glow that surrounds Ace Ventura?

Emulate Cassatt or Kahlo Grassroots initiative for spreading ideas 71 Smell terrible 72 Harmonizes DOWN 1 Lyft alternative 2 Pie ___ mode 3 Pepper used in chile relleno 4 One-named Irish singer 5 Classroom furniture 6 Long, long ___ 7 Gaping mouths 8 Good or bad sign 9 Sedgwick of Brooklyn Nine-Nine 10 â&#x20AC;&#x153;Pahâ&#x20AC;? lead-in

11 12 13 18 22 24 25 27 29 31 33 34 35 37 40 41 42 44 45 46 47 48 52 56

Supply Los ___ Unidos Unoriginal Person in a will Neil who wrote Stardust Recede Road covering Kathmandu resident More disparaging Become lenient ___ Day (holiday for planting trees) Put new shingles on, say Diminutive Sharp turn on a golf course Daniel ___ Kim of Lost Without exception Similar in nature Agatha Christie novel subtitled Poirotâ&#x20AC;&#x2122;s Last Case, or what can follow the starred answersâ&#x20AC;&#x2122; last words Top exec Like 3, 5 or 35 Nintendo â&#x20AC;&#x153;exergamingâ&#x20AC;? product Requirement Hornets and yellow jackets In the distance

57 58 60 62 64 65 66

Navy, for example Like a bad loser Remain Bagel-and-cream cheese topper Wine-flavoring wood Health products chain UFO pilots

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