BusinessMirror March 25, 2020 by BusinessMirror

House adopts Senate’s virus-bill version By Jovee Marie N. dela Cruz & Butch Fernandez

HE leadership of the House of Representatives on Tuesday defended the adoption of the more restrictive Senate version of the bill declaring a national emergency and granting President Duterte special powers to address increasing cases of coronavirus in the country. Following the adoption of Senate Bill 1418, Speaker Alan Peter Cayetano said under the proposed “Bayanihan to Heal As One Act,” 18 million poor families will receive P5,000 to P8,000 for two months. “We have to pass this law, so, that we can deliver, at the very least, P5,000

A QUEZON City Disaster Risk Reduction and Management Office employee assembles cubicle tents at the community isolation facility at a covered court in Quezon Memorial Circle, in preparation for the isolation of persons under investigation and persons under monitoring in case of a spike in the number of Covid-19 cases. NONOY LACZA

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to P8,000 to each and every family in the Philippines—the 18 million that need it most. Is this enough? It’s never enough. I mean, who can live on P5,000 or P8,000, but we are talking about survival here,” he added. “So, are we in a national emergency or not? We have to decide for ourselves. These are not normal times. We were shocked and we are still grieving for Yolanda. We were shocked [about] the disruption in Marawi and we’re still grieving, and we’re still finding ways how to build Marawi. But this is much, much more than that. As I mentioned when we opened this morning, 30 percent gets infected, at a 2-percent mortality, 700,000 Filipinos will die,” he added.

Continued on A2

BusinessMirror A broader look at today’s business

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LATEST BSP ANTI-VIRUS TOOL: A HEFTY RRR CUT www.businessmirror.com.ph

Wednesday, March 25, 2020 Vol. 15 No. 167

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NEDA: PHL ECONOMY FACES RECESSION AMID LOCKDOWN

PAMILIHAN Bayan ng Las Piñas City President Manny Pareja reminds market-goers to practice social distancing during the enhanced community quarantine. To prevent the spread of Covid-19, residents of the city must get a quarantine pass from their barangay to enter the wet market. NONIE REYES

By Cai U. Ordinario

BARANGAY leaders of Vitas Barangay Katuparan in Vitas, Tondo, Manila, distribute boxes of relief goods from the Manila Social Welfare Department as part of the City of Manila’s Ayuda Para sa Mahirap. BERNARD TESTA

MID the enhanced community quarantine (ECQ) due to the coronavirus disease 2019 (Covid-19) pandemic, the Bangko Sentral ng Pilipinas (BSP) continued to flush the ailing economy with liquidity through its most recent move—a 200-basis-point cut in banks’ reserve requirement (RR) ratio. In an announcement made Tuesday, BSP Governor Benjamin Diokno announced their move to reduce universal and commercial

banks’ RRR by 200 basis points effective March 30, 2020. The decision was authorized by the monetary board through a special

PESO EXCHANGE RATES n US 51.2210

meeting called for on Monday. The RR is the portion of depositors’ balances that banks are asked to keep idle in the BSP’s vaults as reserves. A reduction of the RR means that banks are required to deposit less in the BSP’s coffers, thus leaving them with more loanable funds for the public. According to economists at JP Morgan, Diokno’s recent move is expected to release P180 billion into the local cash stream. This is about 0.9 percent of the country’s gross domestic product (GDP). “The RR cut is intended to calm the markets and to encourage banks to continue lending to both retail and corporate sectors. This will en-

sure sufficient domestic liquidity in support of economic activity amid this global pandemic due to the coronavirus disease (Covid-19),” Diokno said in a statement. The cut is part of a slew of actions the BSP made in an effort to keep the economy afloat amid the Covid-19 pandemic. Last Thursday Diokno decided to cut the BSP’s main policy rate by 50 basis points as a response to the ECQ in Luzon. Three days later, the governor announced that the BSP is buying P300 billion worth of government securities from the Bureau of Treasury (BTr) to finance the government’s Covid-19 rescue package. Continued on A2

HE Philippine economy is already poised for a recession as the National Economic and Development Authority (Neda) estimates GDP could contract 0.6 percent this year. Based on the Neda’s initial estimates, the economy could slow to a growth of 4.3 percent to a contraction of 0.6 percent. The estimate was made based on the initial days of the lockdown. Neda Undersecretary for Policy and Planning Rosemarie G. Edillon told the BusinessMirror on Tuesday that the estimates could still change. For one, at the time the estimates were made, there were only 271 coronavirus 2019 (Covid-19) cases when there are already, as of Tuesday, 501 confirmed cases. “[Will the Philippines enter into a recession?], possibly. We’re working [and hoping] for a positive growth still but the situation is really very fluid,” Edillon told this newspaper. “If we do get into a recession, it will not be because we did not do mitigating measures.” The last time GDP contracted was in 1998 and 1991 when fullyear GDP both contracted 0.6 percent. Prior to those years, the last time GDP contracted was in 1984 and 1985 at 7.3 percent. In 1998 there was a severe El Niño and the tailend of the Asian Financial Crisis. In 1991 the economy suffered from the residual effects of the July 1990 earthquake and Mount Pinatubo’s eruption in June 1991. The years 1984 and 1985 were the last two years of the Marcos administration. A few months after the end of 1985, in February 1986, the country had the world’s first bloodless revolution and saw a change in administration. See “Neda,” A2

n JAPAN 0.4605 n UK 59.1346 n HK 6.6050 n CHINA 7.2244 n SINGAPORE 35.0492 n AUSTRALIA 29.8260 n EU 54.9601 n SAUDI ARABIA 13.6444

Source: BSP (March 24, 2020)

News BusinessMirror

A2 Wednesday, March 25, 2020

www.businessmirror.com.ph

Amid rising cases, PHL on right track to slow virus spread–WHO

Mitigating measures

Drilon’s caveat

favorable,” Abeyasinghe said. From less than 10 confirmed cases last month, the number of confirmed Covid-19 cases in the country rose to 552 based on the March 24 monitoring report of the Department of Health (DOH). Related story on page A8, “DOH reports 90 new Covid-19 cases, moves to protect patients with TB.”

beyasinghe said a similar surge in the number of Covid-19 cases is happening at a global scale. Based on WHO’s March 23 report, there are already 332,930 confirmed Covid-19 cases worldwide. “We need to recognize that this is now classified as a pandemic. In the words of our director general it is accelerating. The first 100,000 cases took 67 days, the second 100,000 took 11 days, the third 100,000 took 4 days, so more and more countries are affected,” Abeyasinghe said.

‘Not the enemy’

ALSO on Tuesday, Health Undersecretary Maria Rosario Vergeire

MARIKINA Mayor Marcelino Teodoro goes inside a decontamination tent as he demonstrates it to village chiefs in Marikina City on March 13, 2020. AP/AARON FAVILA

advised Marikina City Mayor Marcelino Teodoro not to consider the Department of Health as the enemy. This, after the mayor said Monday the DOH should not look at them as a “mere client” applying for a license to operate a laboratory facility for coronavirus disease testing. On Sunday, Teodoro was surprised to learn that Vergeire said they did not approve yet the testing center of Marikina. Vergeire said that when they heard about the molecular lab, they immediately sent a team to check. “We need to do the assessment process to ensure the quality and safety of the procedures,” Vergeire said in a radio interview. Once the assessment shows that the molecular lab is capable, then it can operate right away, she said.

“Let’s not prematurely lift expectations, because our people might start pinning their hopes on it. Even my family might have its expectations,” Vergeire said, disclosing that she is also from Marikina and Teodoro is a friend as well. On Tuesday (March 24), a team from the DOH again inspected the lab. “Just observe proper context and process. If the team says it’s okay, then we can proceed. We will use it for it would also be a big help for the government,” Vergeire added. The DOH official explained that a molecular lab is “not just a simple lab,” and highly technical people should be manning the lab, as they activate the extracted virus at the facility.

“If this is done by untrained personnel, then we will have a problem. What if the health worker gets infected? That is why we have this kind of laboratories in big institutions to prevent the spread of the virus,” she explained. On Monday, Teodoro said the DOH should allow the city’s testing center and the locally developed testing kits to be used for mass testing, stressing that people badly need to be tested for Covid-19, especially now that the country is facing a public health emergency. “DOH should not treat Marikina as a client applying for a license to operate a laboratory like this… it should be a partnership,” he stressed. The mayor met key officials of the DOH, the Research Institute for Tropical Medicine (RITM), the WHO and the Marikina City Health Office on Monday. Teodoro said Rizal province and Pasig will also benefit from the Marikina Testing Center. The city government of Marikina partnered with Manila Health Tek Inc., the first biotechnology private company for health in the country, which is a spinoff of University of the PhilippinesManila. Marikina City is procuring 3,000 Covid-19 testing kits from the firm. The doctors of the Marikina City Health Office will be trained by the scientists and doctors of Manila Health Tek Inc. for the molecular laboratory.

Neda: PHL economy faces recession amid lockdown “It also bears emphasizing that attaining the upper bound of 4.3-percent growth rate for 2020 is possible only if we are able to stem the impact of Covid-19 and the enhanced community quarantine to the rest of the economy,” Neda said in its report. “By extension, if the ECQ is extended beyond one month, or if the spread of Covid-19 is unabated even after the ECQ, then even the low end of the estimate is still too high,” it added. Based on the Neda’s estimates, given the simultaneous adverse effects on the supply and the demand side of the economy, they expect a cumulative loss of P428.7 billion to P1.36 trillion in gross value added using current prices. This is equivalent to 2.1 percent to 6.6 percent of nominal GDP in 2020. The bulk of the impact is due to the Luzon-enhanced community quarantine—P298 billion to P1.09 trillion, or 1.5-5.3 percent of GDP—and affects 61,000 to a million Filipinos. This is followed by losses in the transport and tourism sector worth P77.5 billion—P156.9 billion or 0.4 percent to 0.8 percent of GDP, and affecting 33,800 to 56,600 Filipinos in the sector. The list includes consumption losses worth P45.1 billion—P93.6 billion or 0.2-0.5 percent of GDP, and affects 16,500-62,500 Filipinos in the sector. Exports and remittances will also be affected with losses reaching P4.9 billion to P9.8 billion or 0.02-0.05 percent of GDP; and P3.9 billion-8.5 billion or 0.02-0.04 percent of GDP, respectively. In terms of exports, Neda estimates around 3,000 to 6,700 Filipinos will be affected while in remittances, 1,700 to 4,500 Filipinos. “To reiterate, the estimates assume that the adverse impact will be felt until June, though the brunt will be felt during the onemonth ECQ. External trade, however, is expected to recover beginning March, though it will still be

Bicameral meeting averted

affected by the ECQ,” the Neda said.

ESPITE the surge in local cases of novel coronavirus disease (Covid-19), the World Health Organization (WHO) said on Tuesday the country is still in the right direction to slow down its spread.

Continued from A1

DESPITE the approval of its own version on third and final reading, the lower chamber adopted on Tuesday the more restrictive Senate version of the bill to fast-track the passage of the measure and to avoid a bicameral conference committee meeting. Still, Cayetano did not let pass the chance to slam the senators for delaying the session with their amendments, hours after the House had approved its version on third reading. Addressing his peers about midnight, he said the bill was mangled to include so many amendments that it is “now as thick as a telephone directory.” Senate President Vicente Sotto III, who had earlier vowed to strike out giving too much powers—but mainly spending authority—to the Executive, shrugged off Cayetano’s remark. The bill seeks to adopt a unified national policy to address the public-health emergency situation by minimizing the further spread of Covid-19; mobilizing assistance in the provision of basic necessities to affected individuals; providing health care such as medical tests and treatments; and undertaking a program for recovery and rehabilitation, including a social amelioration program and provision of safety nets to all affected sectors. Under the bill, the special powers will now be in “effect for three months unless extended by Congress or may be withdrawn sooner by means of a concurrent resolution of Congress or ended by Presidential Proclamation.” This version was a month longer from the original proposal. The bill provides an emergency subsidy to around 18 million low-income households amounting to a minimum of P5,000 to P8,000 for two months. It also ensures that all public-health workers are protected by providing them with a “Covid-19 special risk allowance,” in addition to their hazard pay. The bill also directs the PhilHealth to shoulder all medical expenses of public and private health workers in case of exposure to Covid-19. It provides P100,000 compensation to public and private health workers who may contact severe Covid-19 and P1 million shall be given to families of health workers who may die while fighting the Covid-19. It also ensures that all local governments act in line with the rules and regulations and directives issued by the national government. When the public interest so requires, the bill grants the President the power to direct the operation of any privately owned hospitals and medical and health facilities, hotels and other similar establishments to house health workers or serve as quarantine areas or temporary medical facilities. Also, public transportation may also be directed to ferry health workers to hospitals. The measure allows the President to undertake procurement as the need arises in the most expeditious manner.

By Samuel P. Medenilla & Claudeth Mocon-Ciriaco

In a press briefing, WHO Representative in the Philippines Rabindra Abeyasinghe commended the declaration of the enhanced community quarantine (ECQ) in Luzon, which he said is crucial for the government to “buy time” to prepare its health-care system for the influx of Covid-infected patients. “That [ECQ] is important in buying time to flatten the epidemic and reduce the pace of the outbreak,” Abeyasinghe said. The WHO official, however, noted that the lockdown of Luzon will be insufficient to contain the spread of the disease if it does not go with strict social distancing. “The government is doing what it can. It is now the responsibility of everyone of us to maintain the physical distancing, particularly from those who are vulnerable: the elderly, the people with underlying health conditions like diabetes, hypertension, cancer and asthma, because we know if they become sick, the outcomes are going to be less

House adopts Senate’s virusbill version

NEDA said well-coordinated measures guided by a comprehensive plan are crucial to contain the spread of Covid-19 and to mitigate its social and economic impact. To mitigate the social and economic impact of the Covid-19 pandemic, Neda has proposed a threephased program of interventions. This is composed of Phase 1a or the clinical/medical response; Phase 1b, public-health response; Phase 1c, short-term augmentation of health systems capacity; Phase 2, rebuild consumer and business confidence; and Phase 3, resume a new normal state of economic activity that is more prepared for another possible pandemic. “This public-health emergency brought about by Covid-19 shows us how crucial it is for us to have a wholeof-government and whole-of-society approach in addressing this challenge,” Socioeconomic Planning Secretary Ernesto M. Pernia said in a statement. “The response measures should delicately balance the health and economic objectives, particularly as the impact varies by economic class. Otherwise, the situation could deteriorate to a social and political crisis,” he added. Once the ECQ is lifted, the Neda said reduced economic activity is still expected as the public becomes hesitant to engage. During this time, the government must assure the public of the adequacy of the country’s improved health systems, which is under Phase 2 of the proposed program on interventions. Redefining the new normal state of economic activity under Phase 3 includes recalibrating development plans and work programs to conform to the new normal. For its part, the Neda will begin its preparations for Phase 3 by conducting various scenario and foresight planning exercises involving multiple stakeholders, including experts and development partners.

EMPLOYEES of the Department of Social Welfare and Development (DSWD) repack and upload assorted canned goods and rice at the DSWD warehouse in Pasay City, to be distributed to 16 Metro Manila LGUs to help people affected by the lockdown imposed to prevent the spread of Covid-19. ROY DOMINGO

LATEST BSP ANTI-VIRUS TOOL: A HEFTY RRR CUT Continued from A1

While the BSP has been seen to do the “heavy lifting” to keep the economy breathing, ING Bank Manila economist Nicholas Mapa said this monetary stimulus should be coupled with an effective fiscal program to deliver the funds to necessary sectors in an efficient manner. “Monetary policy is only one side of the equation with the fiscal side needing to do its share. We can liken the economy to a sick patient, with monetary policy delivering all the medication and vitamins to help in the recovery. The medicines and vitamins will lay the groundwork to help the patient recover and fight the virus but the patient will need to survive and he will need to eat. This is where the fiscal rescue package is needed, to give the ailing economy sustenance to survive this crisis and to keep it alive long enough for the medicines and vitamins to get the patient back to full health,” Mapa said. In its release on Monday, the BSP also said the monetary board authorized up to 400 basis points in cuts in total for 2020. Di-

okno said the timing or implementation of the remaining 200 basis points cut are still being explored. “The BSP will have to assess the impact of Covid-19 on the broader economy,” Diokno said. He added that the behavior of banks, particularly their capacity to absorb, invest and lend the freed-up liquidity, will likewise be a determining factor for further adjustments. While local banking institutions have pledged to continue servicing the needs of the local citizenry amid the pandemic response, international credit watcher Fitch Ratings said the lockdown brought about by Covid-19 will test the Philippine banks’ asset quality and profitability. In a statement, Fitch Ratings decided to revise its outlook of local banks from stable to negative, taking into account asset quality risks and pressure on revenue from declining interest rates and the resulting economic slowdown. “We expect pressure on net interest margins from the 50-basis-point policy cut by the Bangko Sentral ng Pilipinas on 19 March 2020, adding to the 25 basis points in Feb-

ruary and 75 basis points in 2019. More cuts are likely in the next few months, although further cuts in the reserve requirement will offset the compression in yields to some degree. Lower revenue, in conjunction with slower credit growth, will weigh on banks’ profitability this year,” Fitch Ratings said. Already a burden on banks’ profitability, economists still expect more cuts from the BSP this year. “We expect the BSP to offload another policy rate cut even before the May meeting and another 200 basis points worth of RR reductions should market conditions remain tense,” ING Bank’s Mapa said. “Amid easing in external monetary conditions and the growing downside risk to growth from the evolving Covid-19 shock, we continue to expect monetary policy support in the near term [25-basispoint cuts in each of the forthcoming Monetary Board meetings in the second quarter of 2020—May 21 and June 25)— bringing the policy rate to 2.75 percent by end-2020,” JP Morgan economists said. The bank expects the Philippines to grow by 4 percent this year.

WARNING against potential misuse of the P275billion Covid-19 crisis fund, Senate Minority Leader Franklin M. Drilon said Tuesday strict auditing rules and the antigraft law will remain in effect despite the extra power granted to the President. Drilon pointed out Tuesday existing rules of the COA and the antigraft act “will not be waived amid the grant of additional powers to Duterte.” The senators voted 12-0 late Monday to pass SBN 1418, also known as “Bayanihan to Heal As One Law,” authored by Sotto and Sen. Pia Cayetano, seeking to grant Duterte extra powers to contain the Covid-19 threat. Drilon clarified, however, that Congress approval of the enabling bill “does not in any way waive audit rules and regulations and the antigraft law.” In a radio interview, he added, partly in Filipino: “It does not mean that we will set aside Commission on Audit rules and our antigraft law. If we don’t follow them, we will be liable.” Still, Drilon acknowledged, “these are extraordinary times, as the coronavirus spreads throughout the country; whether we admit it or not, there is really an emergency around us.” Many are sick, he noted, and “the demand for medical services is very high, and many have lost their livelihood and income due to the quarantine.” Drilon voiced hopes that SB 1418 “will give enough leeway to the executive branch to do their job within three months.” At the same time, the minority leader said he earlier moved to amend the Palacecertified legislation in a bid to stop “the desired perpetual exercise of the emergency powers by limiting the same to three months, unless Congress extends the same.” According to Drilon, the proposed legislation gives the President the authority to declare savings within the Executive branch in the 2020 GAA and use them “to augment items that could address the effects of the Covid-19 in the country.” In turn, the senator suggested amendments to make the provisions of the measure “compliant with the SC rulings on the PDAF and DAP,” referring to the 2013 court decisions striking down pork barrel as unconstitutional, as embodied in the Priority Development Assistance Fund and the Disbursement Acceleration Program. “The power to realign must be compliant with the regulation issued by the SC,” Drilon said. Speaking in a mix of English and Filipino, Drilon recalled the SC rulings had stated that fund realignments may only be done within the executive branch but not within the legislature, judiciary, constitutional commissions and there should be savings. Still, Drilon added that “we also made sure that the funds will be used to fund programs, projects and activities directly related to addressing the Covid-19 pandemic.”

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DICT warns hospitals against cyberattacks By Lorenz S. Marasigan

@lorenzmarasigan

HE Department of Information and Communications Technology (DICT) has advised health-care facilities to report incidents of attacks in their ICT systems, as any threat may compromise their operations and risk lives in the process. In a statement, the agency said the cybersecurity breach on a hospital in Czech Republic may be replicated in the Philippines, hence local health-care facilities should be on the lookout for such attacks. Sadly, this comes amid the global Covid-19 pandemic. The ransomware attack, the department said, forced the hospital to “a tech shutdown in the midst of the outbreak, compromising life-sustaining medical equipment.” “ To prevent similar incidents, the Cybersecurity Bureau of the DICT urges hospitals and healthcare facilities nationwide to employ emergency backup systems to ensure operational continuity for both databases and infrastructure in case of outages caused by malware or cyber attacks,” the advisor y read. Health-care facilities may report incidents through the ICT department’s communication channels, including social media.

Editor: Vittorio V. Vitug • Wednesday, March 25, 2020 A3

Military alert: General, wife test positive for Covid-19 By Rene Acosta

@reneacostaBM

SENIOR military officer and his wife tested positive for the novel coronavirus on Tuesday and are now being treated at the Armed Forces of the Philippines Medical Center in Quezon City. The military official, whom Armed Forces of the Philippines Chief of Staff Gen. Felimon Santos Jr. did not identify, was the first senior member of the military who contracted the virus. “The Armed Forces of the Philippines, through the V. Luna Medical Center, is treating a senior military officer and spouse who were tested positive for Covid-19,” Santos said in a statement. The chief of staff said the officer has a history of foreign travel and was admitted at the military’s medical facility, along with his wife, as persons under investigation on March 15. “They have been undergoing proper

medical management with the military officer now being asymptomatic. They will continue medical treatment until fully recovered and strictly following DOH’s [Department of Health] imposed protocol for Covid-19 patients,” Santos said. The military said it had taken measures and issued specific guidelines to protect all of its personnel, particularly those stationed at its general headquarters in Camp Aguinaldo. Santos said that since the quarantine was imposed in Metro Manila, only two gates of Camp Aguinaldo have remained open, while additional thermal scanners were used to hasten screening for those entering the camp. “Protocol from the DOH in preventing and combatting the spread of Covid-19 is being strictly implemented, including intensified contact tracing to ensure the safety of military and civilian personnel in the general headquarters,” Santos said. Meanwhile, the Philippine Navy and one of its partner-stakeholders donated at least 50

“medical protective coverall,” or “bunny suits,” to the Lung Center of the Philippines following the appeal of one of its physicians for personal protective equipment (PPE) donations. The PPE, coming from electronic manufacturing company Tsukiden Philippines based in Biñan, Laguna, whom the Navy engaged for the donation upon the order of Navy chief Rear Admiral Giovanni Carlo Bacordo, were picked up and delivered to the hospital by the Navy. Earlier, Dr. Antonio Ramos of the Lung Center appealed for PPE suits and isolation gown for medical personnel handling Covid-19 patients, saying they use about 80 to 100 suits a day to care for some 40 patients. “We only have 98 [suits left]. We are seeing at the end of the day [is] we will have nothing,” the doctor pleaded. Relatedly, Philippine National Police deputy chief for operations Lt. Gen. Guillermo Lorenzo Eleazar said local officials must only impose regulations that have been

approved and issued by the Inter-Agency Task Force (IATF) on Emerging Infectious Disease for the Covid-19. Eleazar, head of the Joint Task Force CV Shield, made the statement during the government’s news briefing “Laging Handa” following complaints that those who are implementing the quarantine are sometimes too strict, or soft. “Our little challenge on this is the guidelines that are being given by the IATF are being stiffened by some local government units, which in a sense, are going against the basic guidelines,” he said, citing as an example the halting of cargo trucks, whose movement should be unhampered. The PNP through its spokesman, Brig. Gen. Bernard Banac, said it would also intensify its enforcement of the home quarantine and city ordinances, especially against minors, since it continue to register violations of these rules, seven days after the quarantine was imposed.

A4 Wednesday, March 25, 2020 • Editor: Vittorio V. Vitug

Economy BusinessMirror

Exporters press for business sector representative in IATF By Elijah Felice E. Rosales @alyasjah

XPORTERS are appealing to the government to include a member of the business sector in the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) to ensure that investor welfare is considered in the crafting of lockdown policies. Sergio R. Ortiz-Luis Jr., president of the Philippine Exporters Confederation Inc., asked for the appointment of a business leader in the state’s interagency body mandated to issue rules that would prevent the spread of Covid-19. He said this will ensure that business interests are protected in the face of the Luzonwide community quarantine. He said the IATF’s existing setup mostly addresses the concerns of the

local governments and the security forces, making the needs of the private sector secondary even as it plays the crucial role of keeping the economy afloat in a time of lockdown. “Our concern really is there are two sides in this quarantine: the first, the faction of the military, police, DILG [Department of the Interior and Local Government] and, the other, the economic team side. As of now, only the concerns of the first are mostly addressed,” OrtizLuis said in a phone interview with the BusinessMirror. “That’s why our call is for the IATF to include a member of the private sector to ensure that the task force sees the effect of its rules on businesses,” he added. The IATF, created by President Benigno S. Aquino III through Executive Order 168, is chaired by the De-

CCT beneficiaries assured of receiving cash grants By Tyrone Jasper C. Piad

HE Land Bank of the Philippines (LandBank) is pushing through with the release of cash grants under the Conditional Cash Transfer (CCT) program this month. Amid the coronavirus disease 2019 (Covid-19) pandemic, the state bank assured its over 2.5 million CCT beneficiaries that they would receive their grants on March 24, March 26 and March 28 as scheduled via LandBank’s cash cards. The CCT is a government social intervention program under the Department of Social Welfare and Development’s Pantawid Pamilyang Pilipino Program. The bank reminded the public that LandBank Cash Cards may be used for cashless purchases in supermarkets and drugstores. Heeding to the call of Bangko Sentral ng Pilipinas, LandBank encouraged its customers to transact via digital platforms and automated teller machines instead of visiting branches as safety precautionary measure. While LandBank still has operations amid the Luzon-wide enhanced commu-

partment of Health. Its members are the Departments of Foreign Affairs, Interior and Local Government, Justice, Labor and Employment, Tourism and Transportation. Ortiz-Luis said it is important to put a business leader in the IATF to avoid cases of misunderstanding regarding its rules, particularly those that address movement of people and goods at a time when the whole of Luzon is in a lockdown. Exporters are pitching the inclusion of Joey Concepcion, President Duterte’s entrepreneurship adviser, in the IATF, according to Ortiz-Luis. He said Concepcion is the best choice at the moment, as he is practically serving the President as business adviser. “We have to admit that many of the IATF’s rules disrupt private sector operations. The best that we can have for now is to get a

member of the business community [to sit] there to ensure the sector is represented in its policy-making,” he added. “The private sector has been very cooperative with the government in this lockdown, so we hope this request is granted.” Exporters are lamenting nuances in the IATF’s rule on movement of people and goods. With the Luzonwide quarantine in place, classes and work, except for those delivering basic services, are suspended, as the government tries to arrest the rising number of Covid-19 cases. Checkpoints allow cargoes, but some are reportedly experiencing hampered movement because soldiers on the ground interpret the guidelines differently—in the process, slowing down the delivery of crucial products and services to markets.

DOLE waives fines for expired alien employment permits

nity quarantine, only select branches are open for services in Metro Manila. The state bank also warned its customers of so-called vishing, or voice phishing, by fraudsters who are tricking customers into sharing bank account details. LandBank saw its total assets grow by 8.38 percent to P2.033 trillion last year from P1.876 trillion in 2018 due to higher deposits for the period. In 2019, the bank’s total deposit surged by 7.68 percent to P1.78 trillion from P1.66 trillion the previous year. Net earnings of the state bank surged by 19.57 percent to P18.51 billion last year from P15.48 billion in 2018. This, as bank’s gross loan portfolio rose by 2.82 percent to P891.77 billion while net investments spiked by 12.53 percent to P694.86 billion in 2019. As of end-2019, LandBank has 409 physical branches nationwide and 2,195 automated teller machines. Moody’s Investors Service recently affirmed the ratings of LandBank and set a stable outlook. Its domestic and foreign bank deposit was rated with Baa2 stable/P-2.

By Samuel P. Medenilla

@sam_medenilla

HE regional office of the Department of Labor and Employment (DOLE) in Metro Manila said it will temporarily waive penalties for foreign nationals (FN) who fail to renew their expiring Alien Employment Permit (AEP) on time due to the enhanced community quarantine (ECQ) in Luzon. DOLE-National Capital Region (DOLE-NCR) Director Sarah Buena Mirasol said they opted to relax their AEP rules after the agency was forced to suspend “until further notice” the processing of the said permit due to the ECQ, which started on March 17, 2020, and will end on April 13, 2020. During the 30-day ECQ, operations of most government offices have been suspended, while those allowed to operate will only use a skeletal work force. “This office shall not impose the penalty/administrative fine on all soon to expire AEPs or permits that expired during the suspension period. Hence, said application will still be treated as renewal,” Mirasol said, quoting Advisory 20-04. She said they will not also impose any administrative fines for AEP applicants whose employment contracts are effective during the suspension period. An AEP is a requirement of DOLE for FNs who will be working in the country for more than six months. Most of AEP applicants of DOLE, particularly in the NCR, are employed in the Philippine Offshore Gaming Operators (POGO) and related establishments. On Wednesday, the Philippine Amusement and Gaming Corp. announced the suspension of POGO activities in Luzon, which will last until the lifting of the ECQ.

DepEd strengthens ICT platforms in anticipation of long quarantine By Claudeth Mocon-Ciriaco Correspondent

FTER the Covid-19 pandemic forced the indefinite closure of schools nationwide, the Department of Education (DepEd) is currently strengthening its ICT platforms for students and teachers in preparation for possible contingencies like a prolonged community quarantine. Education Secretary Leonor Magtolis Briones said the DepEd will have to rely on robust ICT platform if the current situation will not improve.

“We will have to adjust accordingly,” Briones told the media in an online press briefing, stressing the need to use all available ICT platforms in the teaching and learning process during a pandemic. The DepEd, however, admitted that tapping technology for virtual teaching and learning would pose a great challenge for the agency. Undersecretary Alain del Pascua said that only 48 percent of public schools currently have Internet connection, “but enrollment in these schools runs to about 16,750,902 learners, representing 74 percent of

total public school enrollment.” “We acknowledge the reality of the situation where ‘DepEd Commons’ and its OERs [Online Educational Resources] arenotaccessibletoallteachersandlearners. Many of our schools still do not have connectivity and access to the Internet,” Pascua said. DepEd Commons is an online platform for public-school teachers to support distance learning modalities. But in this extraordinary situation, “we must walk before we run. We must start somewhere and work our way toward the ideal where all teachers and learners in the country

can access such resources.” “Until that time, we offer DepEd Commons and OERs to those who can make use of them, as we continue to work for the connectivity of all our schools and offices,” Pascua added. As of this time, Pascua said the DepEd Commons has a total of 446,787 unique users. Briones said the agency is taking proactive steps to improve the situation as the country faces the challenges posed by the Covid-19 pandemic, “and hopefully we will be able to speed things up when the situation settles down.”

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Power prices plunge as ECQ cuts demand By Lenie Lectura @llectura

LECTRICITY spot market prices went down to P2.71 per kilowatt-hour during the second week of March and further down to P1.64 per kWh in the following week. Independent Electricity Market Operator of the Philippines Inc. (IEMOP), operator of Wholesa le Elect r ic it y Spot Ma rket (WESM), said in a report that the average market price during the week of March 8-14 went down by 29.5 percent to P2.71/kWh from the forecasted average price of P3.85/kWh. From March 15-21, average prices went further down to P1.64/kWh compared to the forecasted average price of P3.44/kWh. This represents a 52.5-percent reduction in average price for the week, IEMOP said. The drop in WESM prices was brought about by an “ample supply of margin, as a result of the reduced demand,” IEMOP said. There was a reduction in electricit y demand since the enhanced community quarantine (ECQ ) was implemented in Luzon last week. IEMOP said demand from March 15-21 was greatly reduced to an average of 7,252 megawatts from the

forecasted 8,916 MW. This is an 18.7 percent or 1,664 MW reduction on the average. Meanwhile, the average demand from March 8-14 stood at 9,198 MW. Comparing the actual average demand between the two weeks, IEMOP said demand reduced by about 21.2 percent or 1,946 MW. “Actual average supply is generally sufficient with the average supply margin increasing by 2,084 MW during the ECQ week [March 15 to 21, 2020] as the gap between supply and demand increased due to the reduced demand,” IEMOP said in its report on Impact of Coronavirus on Power Situation Outlook released on Monday night. It explained that actual supply is generally higher than the forecasted supply since several generators supposedly on outage are available during the period. In the Visayas region, actual demand is almost the same as the forecast and available supply is enough through the period, said IEMOP. However, some demand reduction was observed starting March 18. “Comparing the actual average demand from March 8-14 [1,753 MW] with March 15-21 [1,665 MW], a reduction of about 5 percent [87 MW] can be quantified,” it said.

Govt allows easy import of PPEs but not for coronavirus test kits

MID local scarcity of personal protective equipment (PPE) amid an outbreak of the novel coronavirus disease (Covid-19), the government has streamlined its Customs processes to a l low t he swift entry of the said items donated, or imported, by foreign suppliers. During a news briefing on Tuesday, Foreign Affairs Undersecretary Brigido “Dodo” Dulay said they have already coordinated with the Department of Finance (DOF) and the Bureau of Customs (BOC) to fast-track the entry of PPEs. “PPEs like [face] masks, goggles, or hazmat [suit], will be allowed entry immediately because we really need those,” Dulay said. The foreign affairs official, however, said the new scheme will not apply for Covid-testing kits and equipment, which he said, must still first pass screening from the Food and Drug Administration (FDA) before it is allowed for local use. On March 20, FDA issued Advisory 2020-420 expediting the Customs processing of PPEs like face masks, shoe covers, gloves, head covers and gowns.

Alternative PPEs

THE World Health Organization (WHO) expressed concern over the shortage of PPEs in the coun-

try, which it said, could increase their risk from being infected with Covid-19. WHO also reiterated its position that face masks and PPEs should be reserved for frontline care workers, who are dealing with the Covid-19. “We know from our experience in other countries that we need to protect our health workers because if health workers are falling sick, there will be no one to provide support and care for the sick people,” WHO Representative in the Philippines Rabindra Abeyasinghe said. To address the concern, he said WHO is urging the private sector to assist the government in procuring more PPEs abroad, as well as rationalizing the use of existing supplies of the said items to minimize its wastage. Until there is sufficient supply of PPEs, Abeyasinghe said, people may resort to using doit-yourself PPEs like face shields although he was quick to add that this should only be a stop-gap measure. “The issue with that is that they are not 100 percent protective. But they will provide some degree of protection,” Abeyasinghe explained. “In this circumstances, any protection is better than no protection,” he added.

Samuel P. Medenilla

DOT comes to aid of 8,000 stranded foreign tourists By Ma. Stella F. Arnaldo @akosistellaBM Special to the BusinessMirror

LOSE TO 8,000 foreign tourists have so far been assisted by the Department of Tourism (DOT) in being transferred from their holiday destinations in the provinces to urban cities where they could later take their homeward bound flights. DOT Undersecretary for Tourism Regulation, Coordination and Resource Generation Arturo P. Boncato Jr. told the BusinessMirror in a Viber message, “Since the 72-hour rule for tourists to leave the country was lifted, we have been coordinating with airlines to facilitate the movement of tourists to Manila and Clark via sweeper flights.”

He added military planes will also be used for the same purpose. Boncato noted a C130 plane had already transported some tourists out of Cebu “before the lifting of the 72-hour rule.” Aside from the sweeper flights that had been provided by major carriers, Boncato pointed out that DOT regional offices have also been moving tourists “via land in Luzon and sea, inter-island, like using the PCG [Philippine Coast Guard] boats to move tourists from Dumaguete to Cebu.” In a travel advisory, meanwhile, the DOT said a temporary travel ban on foreigners has been implemented beginning March 22. “Only OFWs (overseas Filipino workers, repatriating Filipinos, their foreign spouses, and children (provided that the foreign

spouse and children are traveling with the Filipino national), and foreign government or international organization officials accredited by the Philippines will be allowed to enter the country.” The DOT also advised travelers to regularly coordinate with their airlines due to possible changes in schedules. “As the situation in the Philippines and foreign ports of entry evolve, airlines may change flight schedules from time to time to accommodate its passengers while complying with travel guidelines.” Carriers that have provided sweeper flights, so-called because they are meant to collect stranded passengers, include Philippine Airlines (PAL), Cebu Pacific

Air (CEB), PAL Express, the Ayala Group’s AirSWIFT, the Clark-based Royal Air Philippines, among others. “For Boracay, for instance, we had four sweeper flights last Saturday and Sunday, and one more this Thursday,” said Boncato. “We had five sweeper flights out Siargao to Clark [last] Saturday and Sunday,” he added. In Palawan, he said, there were many sweeper flights mounted by AirSWIFT. In Cebu, sweeper flights are being conducted by PAL. Tourists who took the flights to Clark, but were booked on homeward bound flights at the Ninoy Aquino International Airport in Pasay, were able to catch the premium Point-to-Point buses

that shuttle between both airports, on their own accounts. The Department of Transportation had earlier allowed Genesis Transport, operator of the P2P shuttle, to continue operations to help stranded passengers. The DOT official said there are no final numbers yet because the transfer operations are still ongoing. The agency has encouraged other stranded passengers to coordinate with DOT officials in their locations for possible assistance. A list provided by the Tourism Congress of the Philippines obtained by the BusinessMirror, showed 7,915 stranded tourists assisted in transfers by the DOT as of March 23. The sweeper flights were from March 14 to March 22, and were as follows:

Puerto Princesa-Clark (1,600 passengers) via other airlines from March 14 to 22; CoronClark (898 pax) via other airlines March 1422; El Nido-Clark (2,550 pax) via AirSWIFT March 15-22; El Nido-Tagbilaran (23 pax) via AirSWIFT March 15-22; El Nido-Cebu (291) via AirSWIFT March 15-22; El Nido-Caticlan (19 pax) via AirSWIFT March 15-22; Puerto Princesa-Clark (234 pax) via AirSWIFT March 15-22; Coron-Clark (68 pax) via AirSWIFT March 15-22; Cebu-Manila (1,265 pax) via C130 and PAL March 15-22; General Santos-Clark (56 pax) via CEB, March 19; Bacolod-Clark (135 pax) via CEB, March 19; Caticlan-Manila (500 pax) via Royal Air, 5 flights on March 21 and 22; and SiargaoClark (332 pax) via PAL Express, 5 flights on March 21 and 22.

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

The World BusinessMirror

Fed unleashes strongest move to protect firms, governments

ASHINGTON—The Federal Reserve is unleashing its boldest effort yet to protect the US economy from the coronavirus by helping companies and governments pay their bills and survive a devastating crisis. With lending in Treasury and mortgage markets threatening to shut down, the Fed announced an aggressive set of programs on Monday to try to smooth out those markets. To do so, it committed to buy as much government-backed debt as it deems necessary. And for the first time ever, the Fed said it plans to buy corporate debt, too. Its intervention is intended to ensure that households, companies, banks and governments can get the loans they need at a time when their own revenue is fast drying up as the economy stalls. The Fed ’s all-out effort to support the f low of credit through an economy ravaged by the viral outbreak has now gone beyond even the extraordinary drive it made to rescue the economy from the 2008 financial crisis. “The coronavirus pandemic is causing tremendous hardship across the United States and around the world,” the Fed said in a statement. “Aggressive efforts must be taken across the public and private sectors to limit the losses to jobs and incomes, and to promote a swift recovery once the disruptions abate.” T he announcement initia l ly lifted stocks in early trading. But rancorous talks in Congress over a $2 trillion rescue package—and uncertainty over when any agreement might be reached—depressed shares about 2.5 percent in volatile midday trading. The yield on the 10-year Treasury bond fell, a sign that more investors are willing to purchase the securities. With its new programs, the Fed, led by Chair Jerome Powell, is trying to both stabilize the economy and allay panic in financial markets. As the need for cash has escalated among many corporations and city and state governments, large businesses have been drawing as much as they can on their existing borrowing relationships with banks. The intensifying need for money means that banks and other investors are seeking to rapidly unload Treasuries, short-term corporate debt, municipal bonds and other securities. The Fed’s move to intervene as a buyer of last resort is intended to supply that needed cash. President Dona ld J. Tr ump, a frequent Fed critic, had rare praise for Powell on Monday. “I really think he’s caught up and he’s done the right thing,” Trump said during a White House press conference. He said he called Powell on Monday and said, “Jerome, good job.” Less than two weeks ago, Trump was noting that he had the power to fire or demote the Fed chief. T he cent ra l ba n k ’s act ions, meanwhile, increase pressure on Congress to approve an agreement that would include funds to backstop the Fed’s lending. Many economists say that whatever financial support Congress eventually provides will likely be even more important than the Fed’s intervention. And they warn that such fiscal help needs to come soon. The Fed ’s intervention is not a substitute for fiscal stimulus,” said Joseph Gagnon, a former Fed economist who is now senior fellow at the Peterson Institute for International Economics. “Let’s

hope Congress passes something quickly.” Joe Brusuelas, chief economist at RSM, a ta x and advisor y firm, said that if Congress can pass the legislation and have it signed into law by Tuesday, banks could start making loans to small and medium-sized businesses, with the Fed ’s support, by Friday. In its announcement Monday, the Fed said it will establish three new lending facilities that will provide up to $300 billion by purchasing corporate bonds, a wider range of municipal bonds and securities tied to such debt as auto and real-estate loans. It will also buy an unlimited amount of Treasury bonds and mortgage-backed securities to try to hold down borrowing rates and ensure those markets function smoothly. The central bank’s go-for-broke approach is an acknowledgment that its previous plans to keep credit flowing smoothly, which included dollar limits, wouldn’t be enough in the face of the viral outbreak, which has brought the US economy to a near-standstill as workers and consumers stay home. Last week, it said it would buy $500 billion of Treasuries and $200 billion of mortgage-backed securities, then quickly ran through roughly half those amounts by week’s end. And on Monday, the New York Federal Reserve said it would buy $75 billion of Treasuries and $50 billion of mortgage-backed securities each day this week. “They’re really setting the economy up’’ to start functioning again when the health crisis subsides, said Donald Kohn, a former Fed vice chairman who is a senior fellow at the Brookings Institution. “Part of this is about the other side of the valley: Make sure the credit is there.’’ K o h n n o t e d t h a t it w o u l d t a k e t i me t o s e t u p s o me of t he Fe d ’s pro g r a m s, but ju st k now i n g t h at t he y a re o n t he w ay s hou l d re a s s u re b u s i ne s s e s . Many companies seeking loans are worried about cash flow as their revenue dries up along with their customers. Elizabeth Cooper McFadden, who runs Novella Brandhouse, a marketing firm in Kansas City, Missouri, has applied for a disaster loan from the Small Business Administration. But she’s concerned about how long that loan will take to be processed and wonders if the Fed program might be faster. She will need more money in the next 30 to 60 days. McFadden would also like to see more lenient terms than SBA loans allow. “We’re looking at any and all options,” she said, adding, hopefully: “I feel that 90 days from now, it’s going to be a different picture—in a positive way.” The Fed mostly creates the money it will use to buy bonds and lend to large and small businesses. But it seeks to avoid credit losses. It has been using money from a Treasury fund to offset any losses on its loans. That fund has already committed most of that money to the Fed’s existing facilities. The congressional legislation could boost that amount by about $500 billion. “The steps announced today, combined with the previous ones...

In this Tuesday, file photo, Federal Reserve Chairman Jerome Powell pauses during a news conference to discuss an announcement from the Federal Open Market Committee, in Washington. In a series of sweeping steps, the US Federal Reserve will lend to small and large businesses and local governments as well as extend its bond buying programs. The announcement on Monday, March 23 is part of the Fed’s ongoing efforts to support the flow of credit through an economy ravaged by the viral outbreak. AP/Jacquelyn Martin

should substantially improve market functioning and should provide some important support for the economy,” said Roberto Perli, a former Fed economist who is now head of global policy research at Cornerstone Macro. But Perli cautioned that the benefits won’t be felt immediately. “The next couple of quarters will still be probably bad,” he said. The new programs announced on Monday by the Fed include two that will buy corporate debt issued by large companies. One program will buy newly issued corporate debt. This is an effort to revive that market, which has effectively come to a standstill. The second will buy previously issued corporate debt. Both programs will include $10 billion provided by the Treasury to offset any losses. A third new lending program will buy securities backed by packages of auto loans, credit-card loans and some small business loans. Lending in those areas hinges on the ability of banks to package those loans into securities and sell them. So, the Fed’s move is critical to the ability of banks to continue to provide these loans as the economy falters. The Treasury will also provide $10 billion to that program to offset any losses. All told, those three programs can lend up to $300 billion. The Fed said that companies “that are expected to receive direct financial assistance under pending federal legislation” are not eligible to participate in the corporate lending programs—a reference to the airline industry and perhaps others under consideration. Companies will have to be rated at investment grade, or above junk level, to be eligible for lending. The companies can defer payments for up to six months, the Fed said. If they do suspend payment, they are not allowed to buy back their shares or pay dividends, it said. The Fed also said it will soon establish a “Main Street Business Lending Program” to support lending to small and medium-sized businesses. But it provided few details and didn’t say when that program would begin. T hat program w ill likely be f unded by a nd is intended to complement t he cong ressiona l stimulus legislation, which also includes a provision to provide financing to ver y small companies. The Fed ’s Main Street program will target medium-sized businesses, officials said. Brusuelas noted that by announcing the Main Street lending program, the Fed had committed to something before a congressional backstop was in place, a virtually unheard-of step. “You’re never going to see that again, hopefully,” he said. AP

Wednesday, March 25, 2020

A6 Wednesday, March 25, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

Helping citizens comply with ECQ guidelines

he outbreak of Covid-19, which has wreaked havoc around the world, is now hammering the Philippines like no crisis we have ever seen. The fear is that the pandemic will get worse before it gets better. As of this writing, more than 500 Filipinos have been infected, with 33 deaths, according to the Department of Health. The government had to impose enhanced community quarantine (ECQ) in Luzon in the hope of slowing the spread of Covid-19 and “flattening the curve,” which is the primary goal of epidemic control measures such as lockdowns. Flattening the curve is expected to prevent the collapse of the country’s health-care system due to the sudden surge in cases. The Philippines simply cannot handle an explosion in cases considering the state of our health-care system (See, “DOH admits lack of beds in Metro Manila hospitals,” in the BusinessMirror, August 15, 2017). The quarantine was initially confined to the National Capital Region (NCR), and the national government did not order curfews. A day after the quarantine went into effect and after Covid-19 cases spiked, the national government decided to expand the lockdown to include the whole of Luzon. This caused confusion as officials scrambled to craft guidelines that will guide local government units in implementing the ECQ. Prior to the clarification made by the national government, local governments were given the go signal to roll out the necessary measures to help their constituents cope with the lockdown. Local chief executives in Luzon heeded this call and set in motion various strategies to ease the difficulties posed by the lockdown. These initiatives include the distribution of food packs, disinfection, and provision of transportation to health workers who do not have their own vehicles. The national mood may be grim for now, but the local executives are helping ease the difficulties faced by their respective constituents. For instance, the local chief executive of Mandaluyong City distributed vegetables to his constituents, something that even experts would approve of as they have recommended the consumption of vegetables to boost the immune system. Other mayors in the metropolis have turned to technology to fight the virus, like what the local chief executive of Pasig did when he decided to use drones. However, many cities and municipalities continue to grapple with travel restrictions given the directive of the Inter-Agency Task Force on Emerging Infectious Diseases to limit the movement of people to prevent the spread of the virus. Some minimum wage earners, such as taxi drivers, were forced to violate the restrictions as they need to put food on the table. Local officials also faced difficulties in implementing social distancing in groceries and wet markets. The Covid-19 pandemic has brought unprecedented challenges to infected countries, including the Philippines. This crisis has presented many lessons that should be heeded by policymakers. For now, the national government and local government units must focus on immediately assisting Luzon residents so they would comply with ECQ guidelines. Hungry constituents sometimes respect no rules. Since 2005

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Social Security System amid the Covid-19 crisis Aurora C. Ignacio

All About Social Security

he Philippines is dealing with a pandemic that is currently confronting the rest of the world. As we write this column, we now have 501 reported cases and around 33 deaths. Our national government continues to monitor and combat the spread of the deadly Covid-19. In fact, more and more cities and municipalities are taking preventive measures to suppress or prevent local transmission. Enhanced community quarantine is being implemented to stop the spread of the virus, which include class suspensions, the setting up of military and police checkpoints in various cities, temporary closure of malls and other business establishments except for those that provide basic necessities, as well as cancellation of mass gatherings such as sporting events, concerts, large seminars and conventions, worship services, and other religious gatherings. With the enhanced community quarantine, citizens are strongly advised to stay at home, and alternative work arrangements have already been implemented in some private and public institutions. On March 16, 2020, SSS branches took similar preventive measures in adherence to the call of the Department of Health and the Local Government Units to strictly observe the social distancing protocol. Branches implemented stern screening of transacting members by setting up thermal scanners, including the provision of sanitizers and disinfectants at the entrance. Members were asked to fill-out contact-tracing forms upon entry, while social distancing policy is being observed within branch premises. Other branches installed improvised plastic

partitions functioning as droplet barriers at every counter. Last week, the SSS implemented its skeletal work force arrangement and drop box system in the National Capital Region (NCR) and Luzon branches, while Visayas and Mindanao branches also have their skeletal work force. Although SSS has limited its face-to-face interaction with transacting clients, the pension fund is now encouraging members to utilize our various online and mobile services at the comfort of their homes. In fact, digitalization is one of the top priorities of the current SSS management to provide easy, convenient, and unique customer experience to all members, pensioners, and their beneficiaries. The My.SSS Portal can be accessed by individual members through SSS’ official web site www.sss.gov. ph<http://www.sss.gov.ph>. They just have to register first by supplying personal information, accepting the terms of service and clicking the activation link e-mailed to them, which will lead the user to the account password set-up page. Member’s information that are available include registration information, contribution and loan records, and benefit claim status. Members can also file their maternity notification

The My.SSS Portal can be accessed by individual members through SSS’ official web site www.sss.gov.ph<http://www. sss.gov.ph>. They just have to register first by supplying personal information, accepting the terms of service and clicking the activation link e-mailed to them, which will lead the user to the account password set-up page.

and retirement application, submit their salary loan applications and bank enrollment, inquire or generate their Payment Reference Numbers (PRN) and pay online, update contact information, and even use the simulated retirement calculator. Aside from My.SSS, the SSS Mobile Application is also available. In fact, this user-friendly application can easily be downloaded in Google Play Store, Apple App Store, and Huawei App Gallery. Using our mobile application, members can view their membership information, contribution and loan records; submit salary loan application and maternity notification; generate PRN; update contact information; register to create a My.SSS portal account; view list of documentary requirements; and inquire on branch location with location maps. For members who don’t have regular mobile data on their cell phones, they may also use Text-SSS to get their PRN and inquire on their membership records, such as contributions, claim status, loan balance and loan status. To register, kindly text SSS REG <SSNUMBER> <BDAYmm/ dd/yyyy> to 2600. To know the appropriate keywords for inquiries, text SSS HELP to 2600. Text SSS has a service fee of P2.50 for Globe and Smart subscribers, and P2 for Sun Cellular subscribers.

Appeal for global cease-fire By António Manuel de Oliveira Guterres United Nations Secretary-General

ur world faces a common enemy: Covid-19. The virus does not care about nationality or ethnicity, faction or faith. It attacks all, relentlessly.

Meanwhile, armed conflict rages on around the world. The most vulnerable—women and children, people with disabilities, the marginalized and the displaced—pay the highest price. They are also at the highest risk of suffering devastating losses

from Covid-19. Let’s not forget that in war-ravaged countries, health systems have collapsed. Health professionals, already few in number, have often been targeted. Refugees and others displaced by violent conf lict are doubly

vulnerable. The fury of the virus illustrates the folly of war. That is why today, I am calling for an immediate global cease-fire in all corners of the world. It is time to put armed conflict on lockdown and focus together on the true fight of our lives. To warring parties, I say: Pull back from hostilities. Put aside mistrust and animosity. Silence the guns; stop the artillery; end the air strikes. This is crucial… To help create corridors for lifesaving aid.

Aside from SMS and mobile app services, an Interactive Voice Response System is also being offered by SSS to provide automated response to inquiries on contribution and loan records, claim status, and loan and benefit eligibility. Members in the National Capital Region may call 7-917-7777. Other IVRS Hotlines are: 8-442-6016 Baguio City; 8-982-8739 Tarlac; 8-562-9298 San Pablo; 8-472-7776 Naga; 8-253-0690 Cebu; 3-433-9476 Bacolod; 8-8583790 Cagayan de Oro; 3-227-7273 Davao; and 8-992-2014 Zamboanga City. Meanwhile, those residing outside NCR who are Globe subscribers may also call 7-917-7777 free of toll fee charges. As mandated by the national government, the Social Security System complies with the call for unity and cooperation during this enhanced community quarantine period and still ensures continuity of service to its members through its web services at the convenience of every member and working Filipino. Also, I would like to take this opportunity to thank the brave men and women of SSS who continue to report for work amid this crisis —our skeletal force—the drivers, programmers, human resource personnel, janitors, security guards, utility workers, cashiers and investment people who selflessly risk their lives in the interest of public service. For the SSS officials and employees who are working from their respective homes, my sincerest thanks for your hard work, dedication and professionalism. We are one in this battle and with God’s grace, we will be able to surpass all these challenges. Stay safe, mga kabalikat. Aurora C. Ignacio is SSS president and chief executive officer. We welcome your questions and insights on the topics that we discuss. E-mail mediaaffairs@sss. gov.ph for topics that you might want us to discuss.

To open precious windows for diplomacy. To bring hope to places among the most vulnerable to Covid-19. Let us take inspiration from coalitions and dialogue slowly taking shape among rival parties to enable joint approaches to Covid-19. But we need much more. End the sickness of war and fight the disease that is ravaging our world. It starts by stopping the fighting everywhere. Now. That is what our human family needs, now more than ever.

Opinion BusinessMirror

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Wednesday, March 25, 2020 A7

Working at home should Unshackle the banks to prevent a deep recession Banks require capital to extend finally bury e-mail new loans, so the risk with CECL is simply that bank capital will By Daniel Babich | Bloomberg Opinion

By Sarah Green Carmichael Bloomberg Opinion

here’s nothing good about the coronavirus pandemic, but maybe there can be collateral benefits. For example, it’s already forcing people to use the technology that everybody should have embraced already. With legacy systems like e-mail now creaking under the strain of work-from-home edicts, the time has come to leap into the future. We abandoned the fax machine (mostly) and no longer print out e-mails to read them (I hope). We can all adopt modern office-collaboration technology, too, if senior managers would get on board with technologies they’ve avoided using for years. It’s not as though digital collaboration tools are untested novelties. Slack has been around since 2014 and videoconferencing companies like Zoom (2011) and Skype (2003) have been around even longer. FaceTime has been available on iPhones for a decade. Google docs has been out of beta since 2009. These tools, and others, are beloved by geographically distributed teams for good reason. They’re built for precisely the moment in which we face ourselves now: isolated and hobbled by subpar Wi-fi speeds and personal laptops with limited memory and processing power. Virtual collaboration tools are no longer the domain of early adopters, but essentials that everyday workers in thousands of companies use without thinking twice. Google Drive has over a billion users, and Zoom has 13 million monthly active users. Slack is up to 12 million daily active users. But for every enthusiastic user, there seem to be six workplace laggards who think it will be “too much work” to “add one more system” — by which they seem to mean “learn to use something other than e-mail.” E-mail is not up to this moment. It’s a tool that hasn’t moved at the pace of business in at least 10 years. If, over the past week, you’ve found yourself reduced to begging employees to stop replying-all, or refrain from clogging in-boxes with messages such as “Thanks,” know that your pleas are doomed to fail. The medium shapes the message, and a chat program is a better way for now-virtual teams to communicate synchronously and transparently. Plus, it’s probably not a great time to advise employees to stop saying “thank you”—with everyone working feverishly to keep their companies afloat, tempers fraying from being cooped up with children and spouses, and fear about a deadly disease spreading, we should all be expressing more gratitude, not less. Find a medium that works for the messages people need to share, rather than demanding that people force their message to conform to the limits of the medium. That’s not to say that old technologies can’t be useful, too. The telephone

Virtual collaboration tools are no longer the domain of early adopters, but essentials that everyday workers in thousands of companies use without thinking twice. Google Drive has over a billion users, and Zoom has 13 million monthly active users. Slack is up to 12 million daily active users. But for every enthusiastic user, there seem to be six workplace laggards who think it will be “too much work” to “add one more system”—by which they seem to mean “learn to use something other than e-mail.” is a good way to touch base one-on-one and add a human element to solitary days. But the phone doesn’t scale. If your team is having trouble coordinating, phone calls probably aren’t going to help. Audio-only conference calls are unwieldy and hard to manage— you have to get the introverts to talk, the extraverts to stop filibustering, and everyone else to stop catching up on e-mail. Video calls make it much easier to pick up on the nonverbal cues, even if it’s something as small as seeing that someone else is trying to get a word in. And the comfort of seeing other human faces is welcome just now. Moreover, if your face is visible, you’re unlikely to have the alarming experience of hearing a colleague start to talk about you, having forgotten that you were on the call. We are making progress. People who’ve resisted installing Slack are asking for help downloading it; those who never bothered with Zoom are posting photos of the snazzy backgrounds they’ve chosen for their video calls. Together, we’re learning to mute ourselves when we’re not talking, reducing the steady background cacophony of heavy breathing, weird echoes and “very loud typing.” My social media feed is full of screenshots of people attending streaming church services, virtual yoga classes, video cocktail hours. Teams are slacking each other not just documents, questions and ideas, but photos of their makeshift workspaces, pets and children. We may be hunkered down, but these tools let us hunker down together. Many people are facing a steep learning curve. Some have shared their screens only to reveal embarrassing open tabs (or folders called “divorce”). But with a bit of practice we’ll get better. And by week three or 13 of this lockdown, we may wonder how we ever worked without them.

nlike in 2008, when the banking sector brought about the financial crisis, today it can help keep the economy from suffering a deep recession—but only if reforms enacted by regulators in the last decade are relaxed. Central banks around the world have quickly sprung to action cutting interest rates and reactivating various financial crisis era programs. Although these steps are necessary, they rely on the banking system to transmit easier financial conditions into credit for the economy. The issue is that several reforms enacted after the financial crisis will limit the banking system from optimally responding to central banks’ actions. In short, any rule or regulation that restrains efforts by the banking system to promote growth should be suspended until the current crisis subsides. The post-crisis financial reforms introduced stringent capital and liquidity requirements that have transformed banking systems in the US and elsewhere in an effort to make them safer and better able to withstand downturns. The new liquidity requirements limit funding mismatches to ward off bank runs, and regulatory capital has been materially improved in both quantity and quality. On Sunday, March 15 the Federal Reserve urged banks to use their excess liquidity and capital in order to

support borrowers and ultimately the economy. However, the corresponding liquidity and capital requirements weren’t formally waived. These requirements should be suspended or adjusted lower, or they will constrain banks as the crisis persists. The reforms also introduced leverage requirements that restrict the overall size of bank balance sheets regardless of the mixture and risk profile of assets. This ratio basically functions as a backstop to prevent banks from accumulating seemingly low risk assets to boost returns and becoming excessively leveraged. But broker-dealers and investment banks have traditionally functioned as principles and provided liquidity during times of volatility, like in recent weeks, by warehousing financial securities. A leverage limit strongly inhibits this flexibility and effectively curbs their ability to act counter-cyclically during times of financial panic. Following from lessons learned during the last financial crisis, accounting and banking regulators introduced a new accounting framework for loan losses, known as the Current Expected Credit Loss (CECL)

elemedicine, long hyped as a more efficient approach to health care, is finally taking off. People who suspect they’re suffering from Covid-19 symptoms are being told to self-isolate. But they also need to seek medical advice. Many are turning toward telemedicine providers, who eliminate the need to leave home by connecting the potentially ill with medical professionals in a telephone or video call. For health-care providers, a remote consultation is considerably more cost effective (and safer) than an in-person visit. Telemedicine has for years promised a great deal, but previously delivered very little. All of a sudden it looks like it has genuine potential. French firm Doctolib SAS said last week that it had seen an 18-fold jump in the number of video consultations in the past month. US health insurers have meanwhile agreed to cover coronavirus-related telemedicine, while the federal government has made it easier for Medicare

recipients to use. Investors are keen on buying into an industry that the market leader, Teladoc Health Inc., estimates could be worth $10 billion in annual US revenue. Shares in Teladoc, the sector’s only publicly traded firm of note, have doubled in value since the start of the year—the S&P 500 is down about 30 percent in the same period. With a $12 billion market valuation, Teladoc trades on 16 times

methodology, which changes loan provisioning from an incurred basis, such as when a borrower actually runs into financial difficulty, to an anticipatory, forward-looking basis. Although CECL is being implemented by US banks, there is a phase-in period for higher provisions related to existing loan portfolios from the end of 2019. All loans will be dynamically, and pro-cyclically, provisioned starting this year. These provisions are determined by models such that expected losses on both new loans and existing, performing loans will increase as economic forecasts deteriorate. Banks require capital to extend new loans, so the risk with CECL is simply that bank capital will end up

American attitudes make virus response a hard sell

By ted anthony | AP National Writer

hen Americans are summoned to deal with an attack or defy overwhelming odds, the response typically goes something like this: Fight. Hold the line. Stand together. This won’t stop us. Keep on living your life. We will prevail. Some of the coronavirus language from leaders has mirrored this imagery. “An invisible enemy,” President Donald Trump called it. “We’re at war with a virus,” Joe Biden said at Sunday’s debate. Countered Bernie Sanders: “We have to act dramatically, boldly.” Contrast that with a meme that has been popping up everywhere on social media this week: “Your grandparents were called to war. You’re being called to sit on your couch. You can do this.” The arrival of the coronavirus, and the muted methods being recommended to the public to arrest its spread, are a hard sell for some Americans, and that’s not surprising. Literature, movies and advertising have always shown us otherwise. The central mythology across much of the country’s history, from the Puritans to the frontier to 9/11, has been about getting up and going out to do what needs to be done — not staying home, being quiet and practicing what can look a whole lot like inaction. “We’re beginning to see that the

traditional ways that Americans may handle adversity may be coming up a bit short,” says Daryl Van Tongeren, who teaches psychology at Hope College in Michigan and has studied how people find meaning in suffering. Part of that is because the imagery doesn’t quite fit: n We are, in many ways, a nation that prizes concrete ideas; fighting the minute and invisible coronavirus is a very abstract notion. n We are, in many ways, a nation that has obsessed on outcomes; this is a saga fraught with frustrating processes. n We’ve been conditioned for generations to be a certain brand of rugged-individualist tough; now we’re being asked to be tough in a way that’s completely different. This time, unlike a World War II or a 9/11, there is no willful human enemy, only nature creeping along silently and incrementally. As a war, it’s configured far differently than the ones we’re accustomed to watching and waging. And the dramatic, bold action for most among us will be near-hibernation, which is easy

The doctor isn’t quite ready to Skype you now By Alex Webb | Bloomberg Opinion

end up funding provisions on performing, seasoned loans to solid borrowers, which will consequently reduce the capital available to make new loans. CECL will thus make held-tomaturity loans to solid borrowers strongly pro-cyclical, and a policy designed to limit excessive credit growth during economic expansions may operate to choke off credit growth during a downturn.

funding provisions on performing, seasoned loans to solid borrowers, which will consequently reduce the capital available to make new loans. CECL will thus make held-to-maturity loans to solid borrowers strongly pro-cyclical, and a policy designed to limit excessive credit growth during economic expansions may operate to choke off credit growth during a downturn. While these reforms were appropriate in the aftermath of the financial crisis, the economic and financial challenges facing the nation now are very different and require decisive changes. The Federal Reserve system was created in 1913 to provide the US economy with a flexible money supply. Congress also provided for several safeguards to protect the integrity of the banking system. Those safeguards were relaxed during the Great Depression in order to allow the banking system to facilitate an economic recovery. Over the past hundred years, both the Fed and banking sector have materially changed; those old safeguards, like the gold standard, have been effectively replaced by capital and liquidity requirements for the banking sector. The Trump administration, Congress and the Fed must show the same flexibility and foresight today and work to eliminate rules and regulations that hinder banks from supporting our economy.

predicted 2020 sales, according to Bloomberg data. That would make it the most highly valued stock in a basket of hot software companies compiled by Jefferies analysts David Windley and Ben Flox. Even tech darling ServiceNow Inc., a cloud computing firm, trades at 10 times expected sales. Small wonder analysts have been revising down their recommendations on Teladoc stock. Superficially, the conditions are ripe for matching investment capital with an industry that needs to grow. When Tesla Inc.’s stock enjoyed a similar jump in January and February, the electric vehicle manufacturer did an opportunistic share sale. But things aren’t quite so simple for the telemedicine industry. Volatile markets make it hard to see how Teladoc, whose shares have seen 20 percent swings, could sell equity or one of its rivals could raise money by going public. Ven-

Superficially, the conditions are ripe for matching investment capital with an industry that needs to grow. When Tesla Inc.’s stock enjoyed a similar jump in January and February, the electric vehicle manufacturer did an opportunistic share sale. But things aren’t quite so simple for the telemedicine industry.

ture capital firms are also targeting resources on the defense of existing investments rather than seeking out new ones. To meet the surging demand effectively, they likely need that money. Questions over where telemedicine’s profitability will settle may also make investors pause. As with any new sector, first-mover advantages may be eroded over time by competition. New entrants have been

to mistake as a couple steps short of cowering. “In America, we don’t do subtle and subdued,” says Lorenzo Servitje, an assistant professor of literature and medicine at Lehigh University. His upcoming book, Medicine Is War, examines how Victorian-era England learned to understand medical progress through martial imagery. This “war,” Servitje says, is unlike most standard Hollywood fare. “It’s boring, difficult, challenging. It’s not everyone running around with machetes and fighting against people who become cannibals overnight. It’s trying to home school your kids, manage finances, reconfigure the way we’ve been doing things.” Some still respond defiantly— like the crowd in Nashville shown partying on Twitter early Sunday, or young people angry at the cancellation of their sports seasons venting under the hashtag #letthekidsplay. “I think we have a bit of a false sense of invulnerability. And situations like this shatter our assumptions,” says Van Tongeren. His new book, The Courage to Suffer, was cowritten with his wife, Sara Showalter Van Tongeren. “We think if we fight hard enough and use sheer willpower and outmuscle it, then we’ll conquer it. But that can cause us to ignore wise advice

from experts,” Van Tongeren says. “If we think of this as an enemy we might have to outsmart instead of outmuscle, then we start to think differently.” Those are important questions for Americans: How to recognize that outsmarting might work when outmuscling can’t? And how to rebrand the act of, well, not doing things as an expression of resolute commitment to a cause? “There is a narrative of action that can coexist with a narrative of social distancing,” says Nancy K. Bristow, a historian at the University of Puget Sound in Washington and author of American Pandemic: The Lost Worlds of the 1918 Influenza Epidemic. “To stay at home and not go out to the grocery store and use social distance—that’s action,” she says. “If people can think about it that way, there are active storylines right in the midst of all of this.” Imagine that: an American action narrative where staying home and persevering through the minutiae is an act of bravery, where mastering everyday life under unusual circumstances—multiplied by millions of households—can vanquish the “enemy” at our doorstep. You’re being called to sit on your couch. Can you do this? Will mastering that be the next American chapter? We’ll see.

emerging fast, with venture capital piling into the burgeoning healthtech sector. In 2018, $895 million was invested in telehealth start-ups, according to PitchBook data. While Teladoc’s share-price surge is comparable to Tesla’s, its business model is more akin to Uber’s: it’s essentially a two-way marketplace. The value resides partly in the software that poses questions to patients to ensure they’re directed to the most suitable physician. The main barrier to entry is signing up enough doctors to attract patients, and (although less so today) enough patients to use the service. In tech, the usual method of addressing such problems is to throw money at them—in this case, by providing generous financial incentives to both sides of the market to sign up. As Uber, whose software connects riders to the nearest driver, has found, fights to outspend rivals

may be best avoided. The ride-hailing company sold regional businesses to well-capitalized competitors in India, China and southeast Asia —cashing out of markets where it lacks scale instead of getting into price wars in the hope of eventually emerging as the dominant player. The need for capital is underscored by the operational challenges raised by Covid-19. Providers are still struggling to enlist sufficient doctors to meet demand, and are facing tech issues too, CNBC reported last week. Doctolib has an advantage, since it already has a database of doctors from its original business arranging medical appointments more efficiently. The industry has an opportunity to lessen the strain on the global health system. But whether it can overcome financial and operational constraints to make a significant difference to the current crisis remains to be seen.

A8 Wednesday, March 25, 2020

Bir extends tax amnesty deadline by a month as virus bugs business T By Bernadette D. Nicolas

@BNicolasBM

AXPAYERS with delinquent accounts can avail themselves of tax amnesty until May 23 as the Bureau of Internal Revenue (BIR) extended the deadline by another month.

BIR Commissioner Caesar R. Dulay signed the Revenue Memorandum Circular 33-2020 indicating the monthlong extension due to “current circumstances prevailing in the country in relation to the World Health Organization’s declaration of Covid-19 Global Pandemic.” “The deadline to avail of the tax amnesty on delinquencies is hereby extended from April 23, 2020, to May 23, 2020,” Dulay said in the circular dated March 24. Through the tax amnesty program on delinquencies, the Department of Finance earlier said it expects to generate P21.26 billion

or 26.58 percent of the total pending delinquencies. The extension of the tax amnesty deadline for delinquencies comes less than a week after the BIR also heeded the call of senators to move the April 15 deadline of the filing of the Annual Income Tax Return (AITR). The Department of Finance earlier said the “unintended result” of the deadline extension of AITR is an estimated delay and shortfall in tax collections of around P145 billion, which may have to be covered by additional borrowings by the national government.

PNP personnel question motorists passing the checkpoint at Barangay Pasong Tamo in Quezon City for not observing social distancing. NONOY LACZA

PCSO, Pagcor

Last week, the BusinessMirror reported that the Philippine Charity Sweepstakes Office (PCSO) is

set to lose more than P4 billion a month from the suspension of all of its games amid the enhanced community quarantine in the entire

Luzon due to the pandemic. At the same time, the Philippine Amusement and Gaming Corp. (Pagcor) expects to suffer P5 bil-

lion to P6 billion in monthly revenue losses due to the suspension of Philippine Offshore Gaming Operators as well as casinos and gaming stations that are either Pagcor-owned and -operated or privately owned. Earlier this month, Finance Secretary Carlos G. Dominguez III said the government sees a wider budget deficit of 3.6 percent of GDP this year—breaching its target of 3.2 percent of GDP— as it is seen to lose as much as P91 billion in revenue collections should the coronavirus outbreak drags until the middle of the year. The government is still negotiating for a $1-billion loan to help it better respond to the Covid-19 pandemic. The Philippine government also earlier secured a $100-million quick-disbursing loan from World Bank, to be made available to the Department of Health in a “matter of weeks.” Manila-based multilateral lender Asian Development Bank has also approved a $3-million grant to support government’s efforts to contain the spread of the virus.

Broiler farm-gate price dips 30% as Covid-19 dampens demand

HE average farm-gate price of live broiler plunged nearly 30 percent to P46 per kilogram as the industry endures another glut worsened by dampened demand due to Covid-19, the United Broiler Raisers Association (Ubra) said. The latest weekly price monitoring survey by Ubra showed that the average price of regular-sized broiler as of March 20 declined by P18.75 per kilogram from the P64.75-per-kilogram quotation on March 13. “It is because of the low demand since a lot of establishments and restaurants close and there are no gatherings. Demand is soft,” Ubra President Elias Jose Inciong told the BusinessMirror. The average farm-gate price of off-sized broiler fell 25.7 percent to P47 per kilogram from P63.25 per kilogram, while average quotation for prime-sized broiler declined 24.15 percent to P53 per kilogram from P69.88 per kilogram, Ubra data showed. The dampened demand for broiler meat came at a worse time

as raisers suffer another year of glut caused by higher local production and inventory of imported chicken meat. Inciong explained that historically and seasonally, it is easier to produce broiler during the first quarter due to extended cool and low humidity, which are conducive environment for production. Furthermore, broiler production is higher than normal during the period as hog raisers, particularly those affected by African swine fever (ASF), venture into the poultry business. The inventory level for imported chicken meat is also elevated as traders brought in a higher volume to plug the shortfall in animal protein output as ASF cuts local pork output. The country’s dressed chicken inventory in accredited cold storages as of March 2 was estimated at 56,521.45 metric tons, slightly higher than the previous week’s 55,684.86 MT, latest National Meat Inspection Service (NMIS) data showed. NMIS data indicated that more

than half of the inventory was comprised of imported chicken meat estimated at 35,870.38 MT while the remaining volume, which was locally produced, reached 20,651.07 MT.

Feed supply assured

In a statement on Tuesday, the Philippine Association of Feed Millers Inc. (Pafmi) assured local hog and poultry stakeholders there is sufficient animal feed supply to sustain their operations during the monthlong enhanced community quarantine. “We, at Pafmi, reassure Filipinos that we have enough food for all and will continue to produce as much as needed for as long as needed and even more so in these challenging times. We should all be calm and trust in our own ability as a nation to be independent and self-sufficient," it said. “We are in constant dialogue with producers, manufacturers, processors, and distributors of meat and fish products to ensure that our operations are sustained,” it added. Jasper Emmanuel Y. Arcalas

DOH reports 90 new Covid-19 cases, moves to protect patients with TB

HE Department of Health (DOH) reported 90 new cases (PH463-552) of coronavirus disease (Covid-19) on Tuesday, bringing the total number of infected to 552. As of 4 p.m. March 24, the DOH also announced two new recoveries and two deaths. There are now 20 recoveries and 35 deaths. The DOH said the 19th recovery is PH130. She is a 21-year-old Filipino female from Davao de Oro with travel history from the United Kingdom and Qatar. Onset of symptoms was felt on March 3; she was confirmed positive for the virus on March 15. She was discharged on March 23. She was asymptomatic with one negative result. She has bronchial asthma. A 76-year-old Filipino female (PH87) is the 20th recovery from Quezon City. She was exposed to a known Covid-19 case. Symptoms began on February 25; she was confirmed positive on March 14 but was

discharged on March 22. She was asymptomatic with one negative result. She has hypertension and diabetes. Meanwhile, DOH said the two additional deaths were two elderly people: ■ 71-year-old Filipino male (PH215—34th PH death) from Quezon City ■ 76-year old Filipino male (PH239—35th) PH death from Cavite

TB patients

Meanwhile, to ensure their safety, Health Secretary Francisco T. Duque III urged Filipinos undergoing treatment for active tuberculosis (TB) disease to get their free medicines good for one month instead of going to the health facility. “Those with TB are at higher risk of getting Covid-19. We are rolling out measures for their uninterrupted regimen,” Duque said. The move comes as the enhanced

community quarantine is enforced in Luzon and other parts of the country because of the coronavirus disease (Covid-19) pandemic. The DOH issued a Department Memorandum mandating health workers in government TB clinics to allow“enrolled patients to take home a one-month supply of anti-TB medications.” Since the start of 2020, about 37,500 patients have started their treatment regimen. In 2019, close to 330,000 Filipinos were enrolled for TB treatment. Old age, malnutrition, heavy smoking, weak immune system, being a person living with human immunodeficiency virus (PLHIV), and chronic conditions like diabetes and renal disease, increase the risk for people to become vulnerable to both COVID-19 and TB. “In the midst of the Covid-19 pandemic, we should not lose sight of other infectious and pandemic diseases, especially TB,” the health chief added. Claudeth Mocon-Ciriaco

www.businessmirror.com.ph

Companies BusinessMirror

Wednesday, March 25, 2020

SEC to lending firms: Help ease burden of borrowers

By VG Cabuag

@villygc

he Securities and Exchange Commission (SEC) has asked financing and lending firms to adopt measures, such as lowering their rates and penalties, to help their customers cope with the impact and challenges brought about by the coronavirus disease pandemic. In its notice, the SEC said it “strongly encourages” the lending and financing firms that it oversees to implement debt-relief measures, which may also include loan-term extension, suspension of collection, payment holiday and debt consolidation. Financing and lending companies may also develop and implement their own programs or schemes that will provide financial relief to their borrowers, it said.

The SEC said it is communicating directly with financing and lending companies, which have been the subject of numerous complaints from the public, and “urge” them to adopt schemes that will help their borrowers. “We call on financing and lending companies to adopt all possible measures that will help ease the burden of their borrowers amid this public health emergency, which has disrupted the everyday lives of Filipinos,

including their livelihoods,” said SEC Chairman Emilio B. Aquino. He said a number of financing and lending companies have already adopted debt-relief measures. For one, the Philippine Finance Association has informed the SEC that at least 18 of its members have allowed the extension of payment deadlines, without penalties and fees. The SEC last year has requested the Bangko Sentral ng Pilipinas (BSP) to consider capping the interest rates and other fees that lending and financing companies charge on consumer and payday loans. “With LCs/FCs [lending companies/financing companies] that charge as much as 2.5 percent interest rate per day on top of other fees and charges, predatory lending continues to be one of the major subjects of complaints that the Commission receives from the public,” said Aquino in his letter to the BSP. “Thus, the commission respectfully requests the BSP to consider putting a ceiling on the interest rates, charges, and other fees that may be imposed by LCs and FCs. The pro-

IC show-cause orders on 6 firms held By Bernadette D. Nicolas @BNicolasBM

he Insurance Commission (IC) has served show-cause orders to six non-life insurance companies for not complying with the P900-million minimum net worth and minimum capital investment requirements for existing insurance companies doing business in the country. Insurance Commissioner Dennis B. Funa told the BusinessMirror that “only six are non-compliant” with the requirements stated under the Republic Act (RA) 10607 or the Amended Insurance Code of the Philippines. However, Funa refused to name these non-life insurance companies. The commission also announced on Tuesday that it is putting on hold until further notice the show-cause orders it issued to insurance firms that failed to comply with the directive as of February 28. This, it said, is due to travel restrictions and the temporary suspension of business activities to contain the spread of coronavirus disease 2019 (Covid-19). “Show-cause orders already is-

sued. That is why it is being put on hold,” Funa said in a message. Nonetheless, the IC also said in its March 24 circular letter addressed to all life and non-life insurance companies authorized to do business in the Philippines that “every company affected by this circular is hereby directed to comply with the minimum net worth and the minimum capital investment requirement [security deposit] notwithstanding the suspension of the show-cause order.” In its Advisory 2-A-2020 dated February 11, IC said the show-cause order shall be served to direct any company, failing these requirements, to make good any such deficiency by cash, to be contributed by all stockholders of record in proportion to their respective interests, and paid to the treasurer of the company, within 15 days from the receipt of the letter. Moreover, such company shall be directed not to take any new risk of any kind or character unless and until it makes good any such deficiency pursuant to Section 200 of the Amended Insurance Code. Last month, IC also warned that it

shall issue a cease and desist order to the insurance company in the event that it still fails to comply with the said requirements within the prescribed deadline even after the show cause order has been issued. For purposes of determining compliance with the P900-million net worth requirement, IC said in the same advisory that it shall use the third-quarter financial reporting framework submission of the company, including any after-date transactions, such as capital infusion and/or other adjustments thereof, as basis of their compliance for the year ended December 31, 2019. Under the law, new insurance industry players are required to have P1 billion in paid-up capital, while existing insurance companies doing business in the country need minimum net worth requirement of P900 million by December 2019 and P1.3 billion by December 2022. As of February 20, IC listed 55 non-life companies, 27 life companies, five composite companies (life and non-life), one professional reinsurer, and five servicing insurance companies with valid and existing certificates of authority.

PNB advances 13th-month pay as staff tests positive for Covid-19

HE Philippine National Bank (PNB) announced advancing the 13th-month pay to its employees as one staff tests positive for the coronavirus disease 2019 (Covid-19). “We hope that by releasing the 13th-month pay early, our employees will be encouraged to stay home during the entirety of the quarantine,” PNB President and CEO Jose Arnulfo A. Veloso was quoted in a statement as saying. Veloso added that PNB has also included the hospitalization fees related to Covid-19 as part of their employee’s health care coverage. “Our people are our mostvalued resource and they are our partner in our success. Taking care of them goes beyond providing them with the skills, knowledge and productivity tools,” he

said. “For us in PNB, it also means protecting their welfare and that of their families.” Meanwhile, PNB confirmed on Tuesday that one of its employees stationed at its office in Pasay City tested positive for Covid-19. The said employee has been in voluntary self-quarantine since March 11, the bank’s statement read. “Identified primary contacts were asked to go into self-quarantine. They are being closely monitored, provided guidance and assistance,” PNB said. The bank emphasized that it has been disinfecting its main office and branches across the country to prevent the further spreading of the virus. Veloso said that the bank has implemented its business continuity plan following the an-

nouncement of the month-long Luzon-wide lockdown. PNB’s information technology group has been setting up the work-from-home arrangements to minimize the exposure of its employees to the virus, according to Veloso. A skeletal work force is current placed at the bank’s head office in Pasay City. “We understand the risks of having to work in this time of enhanced community quarantine and this is why we are giving a special daily allowance to each employee who reports to the office,” Veloso added. PNB has also shortened the working hours and provided vehicle ser vice with designated pick-up and drop-off points for its employees. Tyrone Jasper C. Piad

posed ceiling rates shall not apply to the whole financial sector, but solely to consumer loans and payday loans that are offered by the said companies,” he added. The Lending Company Regulation Act of 2007 allows lenders to grant loans in amounts and reasonable rates and charges as may be agreed upon with borrowers. The same provision, however, provides that the central bank’s Monetary Board, in consultation with the SEC and the industry, may prescribe such interest rate as may be warranted by prevailing economic and social conditions. At present, a lending or financing company can freely agree with a borrower on the terms and conditions of their loan contract, including the imposable interest rate and other charges such as transaction fees and penalties for late payment, in view of Central Bank of the Philippines Circular 902-82. The circular, issued by the Monetary Board in 1982, suspended the country’s usury law under Republic Act 2655.

Metrobank seeking to improve stock capital management

etropolitan Bank & Trust Co. (Metrobank) is seeking to create a new class of shares to improve its stock capital management, including foreign ownership. In a disclosure on Tuesday, Metrobank said it was planning to convert P1.2 billion of its current P20-billion non-voting preferred shares into 6 billion preferred shares with voting rights for 20 centavos apiece. “This will give Metrobank flexibility for foreign ownership and proactively manage its capital position,” the bank explained. The remaining P18.8 billion—representing 940 million shares with P20 par value apiece—will still be non-voting preferred shares. The bank would still be holding 6 billion common shares at par value of P20, with total amount registering at P120 billion. There would be no change in total authorized capital of P140 billion even after the transaction, the banks said. The creation of new class of shares is yet to be approved by the stockholders and regulators. Metrobank issued the statement as its shares slid 80 centavos or 2.22

percent to finish at P35.30 each amid the 0.65-percent hike for the main index on Tuesday. Following the Luzon-wide lock down due to coronavirus disease 2019 (Covid-19) pandemic, Metrobank said it has activated its business continuity plan protocols to mitigate disruptions in operations. It said it has also provided 30-day grace period for car loan and home loan clients with payment due date within March 16 to April 15. Metrobank booked P28.1-billion consolidated net profits last year— 27-percent better than P22.01 billion in 2018—supported by moderate loan growth and margin expansion, robust trading and foreign exchange gains and fee-based income growth. As of end-2019, the bank’s total assets and equity registered at P2.5 trillion and P309.6 billion, respectively. The merger of subsidiary Metrobank Card Corp. into Metrobank was greenlighted by the Securities and Exchange Commission in January. It was seen to improve MCC’s synergy, profitability, capital efficiency and competitiveness in credit card-business. Tyrone Piad

B2 Wednesday, March 25, 2020

World Companies

Editor: Angel R. Calso

SoftBank plans to sell $14 billion in Alibaba shares

oftBank Group Corp. plans to sell about $14 billion of shares in Chinese e-commerce leader Alibaba Group Holding Ltd. as part of an effort to raise $41 billion to shore up businesses battered by the coronavirus pandemic, according to people with knowledge of the matter. The Japanese conglomerate is considering raising the remainder of the money by selling a stake in SoftBank Corp., its domestic telecommunications arm, as well as part of Sprint Corp. following its merger with T-Mobile US Inc., said one of the people, who requested anonymity discussing private transactions. The Alibaba stake sale could range from $12 billion to as much as $15 billion, the people said.

SoftBank’s shares surged as much as 21 percent in Tokyo on Tuesday in their biggest intraday gain since listing, just days after marking a drop of roughly the same magnitude. The reversal comes as founder Masayoshi Son is finally doing what investors have been urging for years—using his stake in Alibaba for shareholder returns and to pay down debt. Son has set in motion his biggest play yet to silence critics,

unveiling the unprecedented plan Monday to unload 4.5 trillion yen ($41 billion) of stock and alleviate investor concerns that at one point shaved more than 40-percent off SoftBank’s value from a February peak. The company, which also operates the $100 billion Vision Fund, is vulnerable to economic shocks given its enormous debt load and ties to unprofitable startups from WeWork to Oyo Hotels. Many of the Vision Fund’s biggest bets lie in what’s known as the sharing economy, which has been particularly hard-hit by a virus that’s causing millions of people to stay indoors and slash travel spending. “The market sent a strong message and SoftBank has heeded it,” Kirk Boodry, an analyst at Redex Holdings who writes for Smartkarma, said after Monday’s announcement. “What’s changed is that this will entail a meaningful sale of Alibaba stake with much of the proceeds go-

ing to shareholders,” he added. “SoftBank has never done that before.” While SoftBank didn’t specify which assets would be sold, its Alibaba stake is worth more than $120 billion and makes up the largest chunk of unrealized value. It’s unclear what time frame SoftBank’s looking at—its stock in Sprint and Hong Kong shares of Alibaba may be subject to lockup periods: one year from listing in Alibaba’s case and up to several years for Sprint, though certain conditions may allow earlier transfers and the company could employ special vehicles to get a deal done. Alibaba’s stock was up as much as 2.7 percent, reversing early losses on Tuesday in Hong Kong. An Alibaba spokesperson didn’t respond to an e-mailed request for comment. SoftBank spokespeople in Tokyo and the US declined to comment. The Japanese company’s en-

Hit by virus, US airlines seek aid far exceeding post-9/11

ith each day that the coronavirus outbreak spreads and claims more lives, the damage to global airlines rises too. United States (US) carriers on Monday put a price tag on their pain: They asked the federal government for more than $50 billion in rescue aid. It is a staggering request for an industry that has chalked up tens of billions in profits over the past decade. It would far exceed the bailout that airlines got after the terror attacks of September 2001. Airlines CEOs have been making the rounds in Washington and making phone calls to lobby for assistance in the last few days. Airlines for America, the trade group representing all the leading US passenger and cargo airlines, finally provided some details about what the airlines want. They are asking for $29 billion in federal grants: $25 billion for passenger airlines, $4 billion for cargo carriers. They also want up to $29 billion in zero-interest loans or loan guarantees, split the same way between passenger and cargo carriers. And they want federal excise taxes on fuel, cargo and airline tickets to be suspended through the end of next year and possibly longer. That package would easily surpass the $5 billion in grants and up to $10 billion in loan guarantees that Congress approved after the terror attacks of September 2001, which temporarily grounded all US flights and led to a long slump in domestic travel. Without help, the carriers could run out of money in the second half of this year, according to their trade group. President Donald J. Trump wasted little time in saying that his administration will support the industry, although he didn't discuss dollars or say what an assistance package might look like. "We are going to back the airlines 100 percent. It's not their fault," Trump said during a press conference in the White House. He added that airlines were “having a record season” before the virus outbreak. On Capitol Hill, lawmakers are evaluating possible steps to help the airlines, including federal loans and tax relief, according to a Republican aide on the House Transportation Committee. Meanwhile, airlines continued to outline drastic plans to slash flights, hunker down and wait for the outbreak to pass. They said

visioned asset sale would almost match its entire market value last week. Part of the proceeds would go toward a new share buyback program of as much as 2 trillion yen that comes on top of previously announced repurchases. The scale of the endeavor surprised investors and sent SoftBank soaring. Yet even after Monday’s and Tuesday’s combined gain, the stock remains down about 33 percent from its 2020 peak, underscoring persistent concerns that tumbling technology sector valuations will damage Son’s debt-laden company. The coronavirus-triggered rout has spread to credit markets and sparked a surge in the cost of insuring debt against default—including that of SoftBank, whose credit-default swaps touched their highest level in about a decade. Apollo Global Management, the alternative asset management house

Brewers and distilleries hit hard by the pandemic

In this April 13, 2018 file photo, a Delta Airlines plane takes off above a taxiing Alaska Airlines airplane at the Seattle-Tacoma International Airport in Seattle. US airlines are asking the federal government for grants, loans and tax relief that could easily top $50 billion to help them recover from a sharp downturn in travel due to the new coronavirus. AP Photo/Ted S. Warren

travel demand is still falling. Nobody, it seems, wants to be cooped up in a plane, even a half-empty one, during a pandemic. Things are so bad, Southwest Airlines said Monday, that for some days this spring cancellations are outnumbering new bookings. The airline gave this new phenomenon a name: net negative bookings. Southwest expects revenue trends to get worse during the rest of March and the second quarter, and so it withdrew its 2020 financial forecast, said it will cut capacity 20% from mid-April through early June, and imposed a hiring freeze. The airline also said it completely drew down a new $1 billion credit facility as soon as the deal closed. Starting Friday, Delta, American and United on successive days seemed to outdo each other in announcing deeper cuts in flying than they were contemplating just a few days earlier. They have grounded hundreds of planes, imposed hiring freezes and asked employees to consider voluntary unpaid leave. Despite those measures, airline stocks have continued to nosedive, as investors join travelers in shunning the airlines. US airlines are coming off a decade marked by record profits. Since the start of 2014, Delta, United, American and Southwest have reported a combined, cumulative profit more than $70 billion.

Critics say the airlines have spent too much on buying back their own stock, which keeps the share price higher, and could have done more to protect themselves from the current downturn. Kevin Mitchell, who leads a group that represents business travelers, said airlines have opted not to buy pandemic insurance that has been available since 2018. “Airlines use record profits to buy back shares but not to secure insurance for predictable virus crises,” Mitchell said. In his view, airlines should be required to carry such insurance before they get any help from taxpayers or airline customers, a consumer advocates should have a stronger role in advising the government on federal policy toward airlines. Senator Edward Markey, DMass., said Congress should put conditions on aid to airlines. “Financial assistance may be needed for some of our most impacted industries,” he said, “but any infusion of money to the airlines must have some major strings attached,” including a ban on “unfair” fees for changing or canceling a ticket, and targets for reduce carbon emissions from airline planes. Around the globe, airline bookings are plummeting and cancellations soaring as governments restrict travel and people fear being enclosed in an airplane for several hours during a pandemic that has already sickened about 170,000 people and killed more than 6,500.

Late Sunday night, United Airlines announced that it would slash 50 percent of its flying capacity in April and May and warned that the cuts could extend into the peak summer travel season. Even with thousands fewer flights every week, the airline expects its planes to be only 20 percent to 30 percent full at best, and March revenue will be down by $1.5 billion. “The bad news is that it's getting worse,” CEO Oscar Munoz and President Scott Kirby said in a letter to United's roughly 96,000 workers. "We expect both the number of customers and revenue to decline sharply in the days and weeks ahead." American Airlines on Monday suspended about 75 percent of its long-haul international flights through at least May 6 and began grounding about 135 planes. It will cut passenger-carrying capacity in the US by 20 percent in April and 30 percent in May. Just a week ago, airline CEOs were confident they could manage through the outbreak. Their companies are stronger and more profitable than during the dark days after 9/11. Despite their stellar decade of the 2010s, however, the airlines haven't been tested in a recession. American’s CEO, Doug Parker, said last week that the coronavirus crisis will test the industry's ability "to withstand the types of shock that we have never been able to withstand before.” AP

co-founded by Leon Black, has placed a short bet against bonds issued by SoftBank because of its tech exposure, according to The Financial Times. Alibaba, Sprint and SoftBank Corp. are worth as much as $190 billion combined, estimates Atul Goyal, senior analyst at Jefferies Group. But Son will want to keep at least a 50-percent stake in the domestic telecom unit because it’s the only cash-generating asset and its dividends help pay for SoftBank’s interest on debt, he wrote. And since Sprint is going through a merger with T-Mobile, most of the funds will initially have to come from Alibaba, he said. “This buyback is music to our ears,” Goyal said. “But the timing of this announcement is not ideal. We would have ideally preferred such an announcement from a position of strength and not because the SBG stock came under tremendous pressure.” Bloomberg News

nheuser-Busch InBev NV withdrew its earnings outlook for 2020 and Pernod Ricard SA forecast a 20-percent drop in profit as the coronavirus pandemic eliminates most of the revenue that drinks makers get from bars and restaurants. AB InBev abandoned its target that earnings growth could reach 5 percent, the world’s largest brewer said Tuesday. Pernod now expects the steepest earnings decline in years. Businesses big and small have been hit by the outbreak, which has upended lives and social norms across the globe. Many countries have ordered bars and restaurants to shut to try to slow the spread of Covid-19 as the disease has reached almost every country. Companies from plane maker Airbus SE to retailer Macy’s Inc. have withdrawn earnings forecasts and suspended dividends. Pernod said it gets a quarter of its revenue from bars and restaurants, and it’s forecasting that business will be absent from mid-March through June. The company expects a slow recovery in China starting next month, and sales from dutyfree and shops in travel locations will drop 80 percent in the five

months through June. AB InBev also pushed back the closing date for the $11 billion sale of its Australian operation Carlton & United Breweries to Japan’s Asahi Group Holdings Ltd. because it remains under review by Australian competition regulators. The deal is now expected to close in the second quarter, the beermaker said. Shares of AB InBev rose as much as 4.1 percent, having lost almost half their value this year. Pernod, which has dropped about 20 percent since December, gained 2.9 percent. The bleaker outlooks show that the industry isn’t banking on an uplift from any alcohol hoarding. Last month, AB InBev predicted its worst quarter in a decade as it factored in the impact from China’s lockdown at the beginning of the year, and Chief Executive Officer Carlos Brito’s annual bonus was cut. Now, as China slowly recovers, the virus is wreaking havoc on the rest of the world. The UK ordered pubs to shut last week, and Hong Kong on Monday banned restaurants and bars from serving alcohol. The brewer is starting to produce hand sanitizer and disinfectants as part of virus relief efforts. Bloomberg News

Chinese beauty mask maker weighs options including sale

hanghai Yuemu Cosmetics Co., the maker of one of China’s top-selling facial beauty mask brands, is exploring options including a potential sale after a previous deal failed, according to people with knowledge of the matter. The maker of Mofashijia beauty products is working with an adviser to weigh alternatives, which could also include bringing in external investors, the people said. The company is engaging in talks with both private equity firms and other cosmetics companies, the people said, asked not to be identified as the deliberations are private. Following the collapse of a 2018 agreement with Shanghai-listed Zhonglu Co., the success of a new deal rests on whether investors are willing to bet on China’s fast-growing consumer market recovering in the aftermath of the novel coronavirus outbreak. Shanghai-based Zhonglu, one of the earliest bicycle makers in China, announced in early 2018 its intention to acquire the cosmetics company in a cash-and-stock deal of 5.6 billion yuan ($791 million). Later that year, Zhonglu revised its original valuation of Yuemu to 4 billion yuan and

said the mask-maker had failed to deliver the financial performance it promised in the initial agreement. The deal was terminated in 2019. Yuemu, founded in 2007, is based in the southern Chinese city of Guangzhou, according to its website. The skincare product maker, which is 75 percent controlled by its founder Huang Xiaodong and his wife, was one of the early beneficiaries of China’s Internet shopping boom. In addition to its online sales, the firm runs more than 50 direct stores and works with 150 agencies across the country. Net income of Yuemu jumped to nearly 300 million yuan in 2017, from less than 30 million yuan in 2015, according to the original acquisition plan announced by Zhonglu in 2018. The beauty mask market in China has expanded rapidly. Between 2012 and 2017, it grew at an average compounded annual rate of 15.8 percent, according to data compiled by ASKCI Consulting Co. The market size is expected to exceed 45 billion yuan by 2023. For domestic brands like Mofashijia, however, competition has become more intense as more foreign players enter China. The rivalry is driving up marketing expenses and compressing profit margins. Bloomberg News

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Entrepreneur

Report says virus drives shoppers to e-retailers

etail digital platforms are among the net beneficiaries of the coronavirus pandemic, according to a new report from Transport Intelligence. E-retailers have indirectly gained from the health crisis as consumers turn to eretail platforms to fulfill an immediate perceived requirement for home delivery of a range of fast-moving consumer goods (FMCG), according to a Ti whitepaper on coronavirus winners and losers, released on March 17. “E-retailers are benefiting not only from customers’ stockpiling behavior, but also from their desire to avoid public contact in physical shops,” said the paper dubbed “E-Logistics Winners and Losers of the Coronavirus Crisis.” According to Amazon, there has been a big increase in volumes of groceries bought over its platform, especially staple items. This has resulted in the company looking to hire 100,000 new employees in the US, and raising pay in the US, Canada, Europe and the UK by $2 per hour (or equivalent). In China, the two major e-retailers, JD.com and Alibaba, have shown a remarkably robust performance, the report said. In fact, the distribution infrastructure was a key factor in the mitigation of the impact of China’s lockdown policy in many parts of the country, particularly in Wuhei, the epicenter of the outbreak. JD.com’s latest guidance estimates its net revenues to grow by at least 10 percent in the first quarter, compared with the same quarter in 2019. Its FMCG categorie—fresh produce, home products, health-care products—have been selling particularly strongly. However, volumes of “big ticket” items have struggled during the period, although a bounce back is being anticipated. Moreover, there are also potential long-term upsides. Many people are working from home during the period that offices have been shut. This has led to more people ordering fresh food, necessities and groceries from home via the Internet. In countries where over-70s have been encouraged to self-isolate, a new generation is learning to rely on e-retailers rather than traditional shops or supermarkets. Large numbers of new customers are being forced to learn digital skills, which to date they had not considered necessary. In terms of product category, there may also be long-term implications for online purchases, the report said. “Whereas previously the major platforms have been successful at penetrating the consumer electronics and fashion sectors, grocery and FMCG have been harder to crack,” it observed. “This may now change as consumers’ buying behavior adapts although it is yet to be seen whether once the Covid-19 crisis abates, consumers will revert to bricks and mortar retailers or whether they remain attached to digital purchasing.”

BusinessMirror

Wednesday, March 25, 2020 • Editor: Vittorio V. Vitug

Dr. Rolando Hortaleza: Developing brands in his own sweet time By Rizal Raoul S. Reyes

@brownindio

Contributor

fter Splash Corp. was sold to an Indian business global giant, cofounder Dr. Rolando Hortaleza decided to take a long break to recharge. Just the thing he needed following the rigors brought about by the business he founded in 1985. His move, however, surprised some people because the doctor entrepreneur has a reputation of being one of the country’s top caliber businessmen.

After managing the business for 35 years, the entrepreneurial doctor thought he must have gotten tired of improving business processes, professionalizing the work force, launching several products, and facing business issues and challenges every year. “I needed a break. I wanted to focus on my health and wellness. I did a lot of sports, and also trekked to different sites in the Philippines with a group of friends. I also tried Pilates, worked out five times a week, and went to pursue a healthy lifestyle,” Hortaleza told the BusinessMirror in a recent interview at the Bonifacio Global City. As part of his wellness and health regimen, Hortaleza practices an 18hour intermittent fasting, and then feast for six hours. He adds that he is a proponent of ketogenic diet and

exercise. Furthermore, Hortaleza joined his buddies in mountain trekking activities in Bhutan, Korea and in Sagada. However, as the saying goes, once an entrepreneur always an entrepreneur. Hortaleza later decided to survey the business horizon. Seeing new opportunities, he established two new business ventures—Prime Global Corp. and the Prime Global Finance Corp. He also brought his two sons to the business. Alfonso is involved in Prime Global Finance, while Alexone is with Prime Global Corp. “Alexone is handling fast-moving consumer goods [FMCG] for Prime Global Corp., while Alfonso is involved in our financing company called Prime Global Finance,” he said. The Hortaleza patriarch and Alexone are excited about their ac-

quisition of the Barrio Fiesta condiments business, where 60 percent of their products are sold overseas while 40 percent is sold to the local market. “Later, we would like to make it 70 percent local while 30 percent is for the overseas market,” Hortaleza said. “We are doing a lot of initiatives. We are launching different products. Right now, it’s not anymore bagoong. Since we have a small market, we introduced other products, such as bullion, peanut butter and many more,” he added. To promote its newest products, Prime Global is organizing several “boodle fights” in the country in coordination with different organizations. Prime Global is also going to push its direct selling to the local market. Hortaleza believes this business platform offers a great potential in the market. He said this will use digital technology to expand the market. “We will revolutionize direct selling by applying digital technology,” Hortaleza explained. For his retail trade, direct selling and FMCG businesses, Hortaleza will use digital technology to build the brands and expand the business. Prime Global is also going to introduce the delivery carry out concept. Expounding, Hortaleza said Prime Global will offer the Delco service in some of their stores for delivery of food products. “For the next five years, we plan to introduce this service nationwide,” he said. Hortaleza said the launching of Delco is in response to the traffic situation in the metropolis and customers’ demand for convenience. Moreover, Prime Global will also

age, my new businesses are going to be anchored on digital technology,” he pointed out.

Work life balance

HORTALEZA

introduce a set of products for a specific market segment, such as Chinese and Korean brands. “The idea is to simplify the approach, if there is a chance that we can buy brands, we can skip the learning curve,” he pointed out. “We are also developing our own brand,” he said. Since Prime Global is partnering with a lot of big banks, Hortaleza said they are prepared to roll out this initiative nationwide. Prime Global Corp. is introducing a product this year in partnership with the Department of Science and Technology, Hortaleza said, adding that the new product will cater to the needs of the local government units. Before digital technology became a buzz word in the local business horizon, Hortaleza pioneered in the introduction of SAP’s enterprise resource planning solution (ERP). “Since we are now in the digital

Right now, Hortaleza is quite busy beefing up the digital capabilities of his new businesses. He stressed this is the way to go for any enterprise to be able to thrive and compete in the new economy. He said the millennials are harnessing the power of digital technology to do their shopping and other activities. That’s why he is building an IT team to handle the distribution of the workload and management of the business. Hortaleza said that an automated system gives a business a bigger room to hire professional managers to handle the system. In balancing his time between managing the business and pursuing a work life balance, Hortaleza said it is important to hire competent people to help the job get done. Even during meetings, he said his new companies are using templates that are brief but at the same time substantial. It was a far cry from his previous business where meetings and presentations took long hours. As he has mastered the templates, Hortaleza can now breeze through the meetings in a shorter span of time. “Now, we have more time for relaxation and be more productive,” he said. During weekends, he is on a relaxed mode. Hortaleza loves to drive to Tagaytay and try out the different restaurants. He prefers Japanese food over Western food because it is healthy. “I am thankful to have this chance now to pace myself in an easier and more relaxed manner.”

DTI releases guidelines for business operations amid Covid-19 pandemic

he Department of Trade and Industry (DTI) has released a memorandum circular prescribing the implementing guidelines for business operations following previously issued Resolution 12 by the Inter-Agency Task Force (IATF) for the Management of Emerging Infectious Diseases. Memorandum Circular 20-04, Series of 2020 covers all business establishments in the National Capital Region (NCR). It said all manufacturing, retail and service establishments shall remain in operation amid the community quarantine being implemented in Metro Manila, subject to certain restrictions. Mass gatherings by business establishments such as, but not limited to, general assemblies, large meetings or conferences, outdoor events that attract large crowds, and nonessential work-related gatherings shall be restricted. Their respective personnel shall

work on applicable flexible working arrangements pursuant to Department of Labor and Employment (DOLE) Advisory 09, Series of 2020. These arrangements include telecommuting, work from home, reduction of workdays/hours, rotation of workers, and force leave, among others. Mall operations, on the other hand, shall operate on limited capacity, only allowing operations of those business establishments or tenants that are offering basic goods and services, such as groceries and supermarkets, banks, pharmacies, health clinics, bookstores, and hardware stores. Business-process outsourcing (BPO) offices inside malls are likewise allowed to operate. However, for food stalls and restaurants inside shopping malls, only take-out and delivery services are permitted. Businesses offering leisure and entertainment, gathering crowds

confined in a specific area are strictly prohibited from operating during the effectivity of the General Community Quarantine in NCR. These establishments include places of amusement such as night clubs, bars, taverns, cocktail lounges, discotheques, beer parlors and pubs. Arts, entertainment and recreational activities such as live performances, events or exhibits intended for public viewing, art galleries, concerts, and opera or dance production, operation of concert and theater halls, and other arts; and gambling facilities such as casinos, bingo halls, and video gaming terminals and the provision of gambling services such as lotteries and off-track betting are likewise prohibited from operating. For all affected business establishments that will be closed for the duration of the 30-day General Community Quarantine in NCR, corresponding rental fees and charges shall be waived by the lessors and

owners of business spaces. Retail establishments, except those that are prohibited from operating and those functioning on limited capacity, and non-retail businesses such as agriculture, manufacturing, construction, and services companies will be allowed to operate provided that they strictly observe social distancing and implement sanitary measures, and that they duly inform and educate their employees/staff of these measures as mitigating efforts against the spread of the Covid-19. Only one person per square meter of unimpeded space will be allowed inside retail establishments, making the entry of people in these places limited. Retail establishments are highly encouraged to use Internet retail or online commerce to direct consumers to procure goods and services using these modes. Following this, only delivery platforms within NCR will be

allowed to operate. Owners of manufacturing, construction and services companies are encouraged to provide temporary housing for their respective employees/staff who are residing outside of NCR to ensure their safety and ease of travel to and from their place of work. Recognizing the massive global effect of Covid-19, all business establishments are strongly urged to prepare and implement an infectious disease preparedness and response plan to provide preemptive and protective actions against the virus, and other similar diseases. “We strongly appeal to the businesses and consuming public to strictly abide by the measures being imposed by the government to effectively mitigate the spread of Covid-19 in the country. Your utmost safety and protection are our primary concern. In this time of need, our solidarity and cooperation are extremely important,” the DTI said.

The work-from-home era amid global Covid-19 spread is creating its own boom market By Matthew Townsend Bloomberg Opinion

few years ago, Marc Rosenberg was trying to figure out what to do with his life after a career marketing toys for the likes of Hasbro Inc. He fancied himself an inventor, but of what? Rosenberg discovered just what when he stepped into his daughter’s college dorm and saw her roommates on their beds, typing away on laptops. They barely used their desks because they said they were uncomfortable. An idea was born, and after crowdfunding about $500,000, Rosenberg in 2016 launched the Edge Desk, an adjustable pop-up workspace with cushioned seats that now sells for $400. Almost overnight,

the pandemic has created a booming work-from-home economy, and Rosenberg’s business jumped eightfold in the past few weeks. “It’s been crazy,” said Rosenberg, who has just one full-time employee besides himself. “We’re managing the best we can.” “This is going to be a seismic shift.” As the US, and much of Europe, settles into weeks, if not months, of remote work, capitalism is adapting. Rosenberg said he’s not just selling a lot more desks, but he’s received interest from dozens of potential overseas distributors in Asia and the Middle East. ABC’s “Shark Tank,” a reality-TV contest for entrepreneurs, even reached out, he said, and asked him to apply to be a contestant. The 55-year-old is passing because he

wants to focus on his next goal: building a sales team. “This is going to be a seismic shift,” said Rosenberg, who was quick to point out that his desk comes assembled and can be collapsed for storage under a bed. It’s easy to move around, he continued, and on many days, he works from the backyard of his Deerfield, Illinois, home. “So many people are demanding that they want to work where they want to work.” According to Kate Lister, who has been analyzing and consulting companies on remote work for more than a decade, the current, forced work-from-home shift shouldn’t be underestimated. In the US, the evolution of telecommuting has been too slow and elitist, she says. It’s often only been a perk

for executives and other high-value employees. The Great Recession did push firms to expand remote work to cut costs (think call centers). And over the past few years, more firms have rolled it out to recruit and retain talent in one of the tightest job markets on record, although unemployment is about to swell. “This is going to be a seismic shift.” Even with those incentives, only 7 percent of US firms offer telecommuting and just 3.6 percent of American workers (5 million employees) spend at least half their labor hours at home, according to recent government data analyzed by Global Workplace Analytics, the consultancy Lister founded and runs. The growth of remote work has been plodding along at about 10 percent a year—until now when tens

of millions of Americans are thrust into setting up home offices on the fly. “This is the perfect storm,” Lister said. “And once the genie is out of the bottle, it’s not going back in.” That’s precisely the bet Rousseau Kazi is making as cofounder and chief executive officer of Threads, a collaboration tool that employs topic forums like those found on Reddit to speed project work for remote work forces. The Facebook Inc. veteran reckons that the pandemic has sped up the move home by as much as a decade. Threads, founded about three years ago and counting Silicon Valley stalwart Sequoia Capital as an investor, had been adding users slowly, but as its waitlist ballooned and demand surged, it decided to scrap a broader

launch later this year and instead this week offered up a version to anyone for free through July 1. “We decided we needed to help this,” said Kazi, who managed teams at Facebook working on projects ranging from mobile applications to search functions. “Our bet is the world is going to become more distributed.” And the 28-year-old makes a compelling case for why that will happen. Shocks to the system like the virus often cause society to leapfrog. The sharing economy, spearheaded by the likes of Uber and Airbnb, was just getting started when the financial crisis hit. A few years later, society’s view about vacationing in a stranger’s home dramatically shifted. It’s now seen to many as a cheaper—and more fun—way to travel. Bloomberg News

B4 Wednesday, March 25, 2020

DOT announces the guidelines on hotels and other accommodation establishments during the Enhanced Community Quarantine

Sun Life Personal Accident Insurance now available to Medicard Health Check Members

UN Life of Canada (Philippines), Inc. (“Sun Life”) brings affordable insurance closer to more Filipinos as it ties up with health maintenance organization Medicard to offer an exclusive benefit for members of its Health Check program. For only P20.00, qualified Health Check members may avail of a Sun Life personal accident insurance worth P20,000, with a full-year coverage for contingencies such as loss of life, dismemberment, and loss of sight due to accident. Open to Health Check members aged 18 to below 65, the Sun Life personal accident insurance covers various occupations except for military, naval, or air service. This exclusive offer is on top of other benefits that Health Check members enjoy in the program, including unlimited consultations with Medicard doctors and discounts on laboratory tests. “We’re delighted to see this initiative through because it will bring so much value to Filipinos who wish to live healthier lives. We thank Medicard for their trust and support,” Sun Life CEO & Country Head Benedict Sison said. “As we celebrate Sun Life’s 125th anniversary in the Philippines, this is yet another way for us to reiterate our

commitment to Filipinos as their partner in securing their future.” “Thank you to Sun Life for their trust in MediCard. This partnership bolsters our current product offering and further defines our footprint in healthcare” MediCard President Dr. Nicky Montoya said. Also present during the signing of the memorandum of agreement Sun Life General Counsel Atty. Ed Tordesillas, Sun Life Chief Marketing and Client Officer Mylene Lopa, Medicard Chief Operating Officer Atty. Jon Montoya, and Medicard

SVP and Chief Strategic Planning Officer Luis Montoya. The Sun Life personal accident insurance will initially be available at the Medicard Lifestyle Center in Paseo de Roxas cor. Sen. Gil Puyat, Makati, and the Medicard free-standing clinics in Eton Centris, Quezon City; at the LF Building in Fairview, Quezon City; at the Sta. Lucia East Grand Mall in Cainta, Rizal; at the Festival Supermall in Filinvest, Alabang; and at the RDC Plaza in Lipa City, Batangas, and will be rolled-out to all 15 free-standing clinics.

HE Implementing Rules and Regulations (IRR) on Operations of Accommodation Establishments During the Enhanced Community Quarantine issued on 18 March 2020 states that no hotels, resorts, tourist inns, motels, and the like are allowed to operate, except those with the following: Foreign guests with existing bookings under any accommodation establishment in the Philippines as of 17 March 2020; Long staying guests with existing bookings as of 17 March 2020; and Guests who are employees of neighboring basic establishments (e.g. supermarkets, hospitals, medical facilities, utility companies, BPOs, and the like). New bookings of only these guests are allowed. Moreover, all accommodation establishments that are allowed to operate

must report on a regular basis to the DOT the number of their staff comprising its skeletal workforce, as well as details about the guests booked with them. Said hotels are also expected to maintain limited operations and staff, ensure proper sanitation and disinfection, and implement social distancing measures. The DOT appeals to accommodation establishments to significantly reduce their rates for health workers and other frontliners who are affected by the shutdown of mass transportation. “Everyone’s cooperation is needed at this time to help flatten the curve. Let us help those who cannot stay at home, those who work at the front lines every day,” said Sec. Bernadette Romulo-Puyat.

CONG. VILLAR TEAM READIES ESSENTIAL SUPPLIES FOR BARANGAY HEALTH WORKERS . The Office of Congw. Camille Villar preps face masks and hygiene kits - soaps, alcohols and sanitizers - for distribution to barangay health workers and barangay health centers and offices in Las Piñas today. Recently, the office of Congw. Villar also distributed food packs to health workers, and hospital and military personnel who are at the frontline of the country’s fight against the spread of COVID-19.

3 Cities, 2 Towns in NCR and Rizal receive hygiene packages from Manila Water Foundation

O help fight the COVID-19 pandemic that has reached the Philippines, Manila Water Foundation (MWF) turned over 1,800 hygiene packages to three cities and two towns in NCR and Rizal on March 20. The local government units of Quezon City, Marikina City, Pasig City, Municipality of Pateros and Cainta, Rizal which remain to be the hardest hit areas of the respiratory disease, received Healthy Family Purified Drinking Water bottles, hand towels, Safeguard bar soaps and MWF info-educational materials that teach proper handwashing. The hygiene kits will be distributed to Barangay Health Emergency Response Teams, police and military personnel and other local frontliners who are working towards containing the respiratory disease in their respective areas. To also support frontliners in

Military personnel at the border of Marikina City and Rizal Province show off water tumblers, hand sanitizers and bar soaps turned over by Manila Water Foundation representatives.

the health sector, MWF provided 20 units of 5-gallon bottled water to the Philippine Heart Center. MWF plans to deploy more bottled water in the coming days at other major public hospitals. The health caravan is under MWF’s Health in our Hands

program which aims to educate and support communities to adopt proper hygiene practices to promote healthy living. As of March 20 at 12 noon, the country has 230 confirmed cases of COVID-19 with 18 deaths and 8 recoveries.

Wilcon Depot allocates P100M financial assistance to aid employees and community partners during COVID-19 quarantine

N the face of the Coronavirus Disease-2019 (COVID-19) pandemic, Wilcon Depot, the Philippines’ leading home improvement and construction supply retailer, releases a total of P100M financial assistance to its employees and community partners during the month-long enhanced community quarantine in Luzon. Considering its employees as

the company’s top asset, Wilcon allocates 80 million pesos to support its affected workforce in spite of the discontinuation of work in corporate offices and stores amidst COVID-19 crisis. As the company responds to make provisions for their employees to cope with the situation, Wilcon employees will receive their salaries in full. Wilcon believes that during this challenging time, prioritizing

its employees’ safety and wellbeing is essential. Furthermore, with the company's effort to contribute to the community in our ongoing battle against the pandemic, Wilcon has allocated another 20 million pesos to support ABS-CBN Lingkod Kapamilya Foundation and GMA Kapuso Foundation in their efforts to help provide basic medical supplies for the health and safety workers and supply food and basic needs to poor families whose source of living has been affected by the enhanced community quarantine. To support the government’s effort in fighting against the spread of COVID-19, Wilcon Depot also announced temporary closure of its stores located in Metro Manila and Luzon areas and suspended its retail operations. For more updates about Wilcon, you can log on to www. wilcon.com.ph and follow their social media accounts on Facebook and Instagram at @wilcondepot.ph

Nurturing God

EAR God, You promise to be with us always. In faith we pray: Let Your love be upon us, oh God. For the sick and their caregivers. For infants and orphans. For the lost, the least, and the youth at risk. For adolescents and parents. May God strengthen us for the ministry of discipleship and bless us with peace, through Jesus, our Savior and friend. Amen. GIVE US THIS DAY SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

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

Life BusinessMirror

PLÁCIDO DOMINGO HAS CORONAVIRUS AMID SPAIN OUTBREAK C4

Wednesday, March 25, 2020

HOW WOMEN CAN BETTER ENSURE THEY HAVE THEIR BEST YEARS AHEAD

Ways to future-proof your career SUI GENERIS CARLO ATIENZA

biblisko@gmail.com

EVERAL people from my floor became redundant because of a process automation they involuntarily helped build. Their work will now be done with computers and it will yield the company profit in terms of savings from overhead expenses. For any company, that is good news. For the employee, however, it means having to look for new work which fits their current skills set. But what if your skills set can be replaced with automated processes? How do you future-proof your career and ensure you can still find new work when your company decides to outsource your work to a computer? While there are processes which can be automated, there are skills listed in your job description which cannot be mechanized. It is imperative for you to take responsibility to upskill yourself. Whether or not your current organization offers any professional development training, find alternatives to learning new skills or even discovering something new about your work that you have not tried before. I used to have someone under me who really wanted to learn a new tool and his project dragged on for some time. I had to call him out, but he said he really wanted to learn how to do it better, so he kept trying and trying until he got it. I had to give it to him because he may have been late in one of his projects, but he compensated in the rest of his projects by finishing them ahead of time and, more important, also providing innovative ways of doing online training. The skills he learned cannot be taught to a computer. You can also expand your repertoire of skills by understanding the bigger field of your work. When I joined the Training Department, I did not know it was just one of the units under Human Resources (HR). I wanted to learn how my work interfaced with the other departments, so I took a course on

Strategic Human Resource Management which helped me understand how the whole of Human Resources works and the significant role HR plays in the employee’s life cycle in an organization. This helped me appreciate the Training Department’s role in preparing employees for new roles and responsibilities. This also helped me make recommendations to other departments because I knew how they worked and the role they played in the organization. I think the bottom line for anyone to future-proof their career is to become and remain relevant— relevant not just to your own field of expertise but to intelligently discuss with other departments and provide insightful recommendations. A beloved mentor once told us, “You are not overworked—it is called job security!” I guess what she was trying to tell us is that we were doing so many things for the organization because it was a validation of how much they needed our team. And to continue to be relevant to the organization, you need to understand your value to the organization and consistently and efficiently provide it. If, however, there comes a time when your organization does not find value in what you do, it would be easier to find an organization which does. Do not be confined to your own expertise if you are given the opportunity to learn something new from other departments. When we were working with the IT department for a new Learning Management System, I came across terms like SCRUM, Agile, User Stories, Design Thinking, and others which prompted me to look them up and learn. And because of the need to bridge IT with our requirements, we had to get a user experience designer to translate what we wanted to the IT developers. And my manager before, who now heads the LMS Team, had to learn new principles in user experience design which also proved to be helpful when we were designing interactive online courses. But these would not have been possible if we had just stuck with what we knew. We had to learn new things. And if the opportunity to learn new things does not present itself, create one by updating yourself on the current trends in your field. Keeping tabs with what is new will guide you in deciding whether the trend will be applicable to your organization. One way of keeping up with the latest developments is subscribing to online publications and even

attending webinars. While most webinars use it as a platform to sell their services, you can still get insights into best practices and inspiration for new ideas. Others provide a recorded version of their webinars so you can just sign up and if you miss the webinar, they will send you a recorded version which you can download and you can then listen to the parts which interest you. You also need to tap into your hobbies and see which ones you can use for work. My manager once asked me to do a write-up for several programs we were launching, and she asked one of the graphic designers to lay it out. When she presented it to our group head, he was impressed. And because my manager believed in me, I started to rediscover my love for writing. I took writing workshops and even joined an e-mail group where they sent us weekly writing assignments. All of these helped me in editing and coaching my team to become better writers. It also helped me when we had to come up with lastminute promotional materials, or when we had to create on the spot videos for marketing purposes. If you cannot find any hobby which is related to what you do, develop skills which cut across job functions. There are several skills you can learn which can be used in any field, like project management, presentation and facilitation skills, data analytics, people management, and marketing, to name a few. These are skills you can use whatever field you go into and will highlight your accomplishments. You should also expand your sphere of influence by deliberately making connections and building relationships because you never know who you will need later. Keeping good relations with people from other departments will help you maintain professionalism and make it easier for you to ask for help when you need them. It will also make it easier for them to reach out to you for your services or recommendations, which eventually will help maintain your relevance to the organization. Future-proofing your career means deliberately taking steps to ensure you remain relevant to your organization by becoming an expert in the work you do and the consonant processes which go with it. By demonstrating an understanding of the organization’s needs and providing astute recommendations to solve them, you continue to help the organization meet its objectives—and at the same time, you help yourself develop to your full potential. ■

THERE is no shortage of online stories that declare the 30s as the best years of a woman’s life. Statistically, those in their 30s are more likely to be established in a job they enjoy, reports Metro.co.uk. Many women in this age group say they feel sexier and more in tune with their bodies—and therefore enjoy a better sex life—than they did in their 20s, says Huffpost.com. You stress less over the small stuff, you’re brave enough to go after what you want, and you’re smart enough to know better, notes a listicle from Bolde.com. But as invincible as women may feel in their 30s, the decade marks the start of significant changes in their health. As metabolism starts to slow down, the numbers on the scale gradually creep up. Skin cell production isn’t as fast, prompting the appearance of fine lines and wrinkles. The 30s are also the beginning of bone density loss, making women vulnerable to osteoporosis in their later years. In celebration of National Women’s Month this March, Makati Medical Center (MakatiMed, www.makatimed.net. ph), the top hospital in the Philippines, through the MMC HealthHub, identify the health screening women in their 30s should consider taking. ■ PHYSICAL EXAM. “Though you don’t need to undergo a physical exam annually, having at least one or two during your 30s gives you a general idea of your overall health and what to look out for in case you have risk factors for heart disease, diabetes and hypertension,” says MMC HealthHub head Minerva M. Laconico, MD. ■ BLOOD WORKS. Blood pressure screening makes use of a sphygmomanometer, a device that is cuffed to your upper arm. With a handheld pump, your doctor inflates the cuff, preventing blood from flowing. When the cuff is deflated, blood flows again and with a stethoscope, your doctor listens to the blood flow in an artery at your inner elbow. The first “thump” represents the systolic pressure (blood pressure when the heart contracts), and the last “thump” is the diastolic pressure (the lowest amount of pressure between heartbeats). “Any blood pressure of 120/80 mmHg and below is considered normal,” Laconico explains. “A figure higher than that means you may have hypertension, which puts you at risk for a host of complications, including stroke and heart attack.” To check your cholesterol, high levels of which make you a candidate for heart disease, you’ll need to take a blood test that requires 10-12 hours of fasting. The recommended numbers: total cholesterol of less than 200 mg/dL (milligrams per deciliter); high density lipoprotein (HDL) or “good” cholesterol of 60 mg/dL or more; low density lipoprotein (LDL) or “bad” cholesterol of 100 mg/dL or less; and triglycerides (a type of fat found in the blood that is used for energy) of 149 mg/dL or less. “Discuss your options with your health practitioner if your tests do not yield the recommended numbers,” says Laconico. ■ BREAST CANCER SCREENING. “Mammograms and ultrasounds aren’t needed for women in their 30s unless they have a history of breast cancer in their family,” says Laconico. Instead, women of this age can ask a doctor or nurse to perform a clinical breast exam every three years; women can also do a breast self-exam every month at home. “Early detection allows you to address any suspicious findings right away,” Laconico points out. “With early detection, you can either rule out a symptom or take care of it before it progresses.” ■ PELVIC EXAM. The pelvic exam involves the examination of the vagina, cervix, fallopian tubes, vulva, ovaries and uterus for sexually transmitted infections (STIs) or other conditions. The exam includes a Pap smear, which tests for cervical cancer. A speculum holds the walls of the vagina apart so your doctor can see the cervix and take samples from it using a soft brush and a spatula. “Women usually have their first pelvic exam at 21 or when they want to be prescribed with birth control,” says Laconico. “Thereafter, women in their 30s can undergo a Pap smear every five years.” ■ EYE CHECKUP. As women get older, their risk of developing eye problems gets higher. If they have a strong family history of glaucoma, an eye condition that can lead to loss of vision, they should be diagnosed and treated early. Even if their vision seems normal, Laconico nonetheless advises women in their 30s and who are at risk to make an appointment with an eye doctor. “Everyday activities, such as looking at your phone for a prolonged period, can cause eye strain, and this tends to worsen with age. It is always better to get screened early once symptoms begin to prevent its progression.”

Spo

Business

C2 Wednesday, March 25, 2020

WRITING ON THE WALL: TOKYO 2021, NOT 2020 By Eddie Pells

The Associated Press

NTERNATIONAL Olympic Committee (IOC) members, national Olympic committees and athletes were all racing toward the same conclusion Monday: The Tokyo Olympics are not going to take place this summer. Craig Reedie, a longtime member of the IOC, told The Associated Press that everyone can see where things are headed, with the coronavirus pandemic spreading and Olympic hopefuls around the world unable to train. “In the balance of probabilities, the information known about conditions in Japan and the Covid-19’s effect on the rest of world clearly indicates the likelihood of postponement,” Reedie said. “The length of postponement is the major challenge for the IOC.” Earlier in the day, IOC member Dick Pound told USA Today that he had reached the same conclusion about the Games, which are scheduled to start July 24. A tweet put out by the newspaper read: “The 2020 Summer Olympics Have Been Postponed Over Coronavirus Concerns.” The IOC said no decision had been made, and Reedie was quick to acknowledge that he was speaking only for himself and not because of any insight provided to him by IOC President Thomas Bach, who will guide the final decision. Pound did not return a message left by AP. Earlier in the day, after Pound’s pronouncement, an IOC spokesman said, “It is the right of every IOC member to interpret the decision of the IOC [executive board] from Sunday.” Indeed, the interpretations and opinions are just that and haven’t always been spot-on.

Last month, Pound told AP that cancellation, not postponement, was the only real option if the Tokyo Games couldn’t start on time. But a lot has changed since then, and the rapid momentum of the “postpone” movement among athletes and nations seemed to diminish the likelihood that it will take all of four weeks for the IOC to reach a conclusion. That was the time line the IOC’s executive committee decided on Sunday when it announced it was putting together working groups to study the massive logistical issues involved in postponing the Games. Among those issues include the availability of venues in Japan, the disruption to the international sports calendar during whatever new date is chosen, the resetting of qualifying procedures, and insurance considerations—both the IOC and the Japanese organizing committee hold massive policies, the legalese of which will take time to unwind. After that IOC announcement, however, both Canada and Australia—whose senior Olympic official is IOC member John Coates, the leader of the Tokyo inspection team—sent word that they would not or could not send teams to Japan for an Olympics that start in July. “I know this is heartbreaking for so many people—athletes, coaches, staff and fans—but this was absolutely the right call, and everyone should follow their lead,” Canadian Prime Minister Justin Trudeau said. Other key delegations that have pushed for a postponement include World Athletics, the international federation for the centerpiece sport of the Olympics, along with Olympic committees in Brazil, Slovenia and Germany. USA Swimming and USA Track and Field, which combine to form about a third of the US team, also want a new date.

The rapid momentum of the ‘postpone’ movement among athletes and nations seemed to diminish the likelihood that it will take all of four weeks for the International Olympic Committee to reach a conclusion.

Athletes also grew louder in their request for postponement. A track group called The Athletics Association joined another athlete group, Global Athlete, in pressing the IOC to act. The track group is led by two-time Olympic champion Christian Taylor of the US, who said more than 4,000 track and field athletes responded to a survey, and 87 percent said their training had been adversely affected by the coronavirus. Individual athletes continued to speak out, as well. “Although I am upset that the Olympics will not be happening this year, I agree that this is the best decision in order to keep the athletes and spectators healthy and to prevent the virus from spreading further,” US gymnast Morgan Hurd said in a tweet, reacting to Pound’s comments. And while saying it’s a done deal might be jumping the gun, it feels inevitable the announcement will come.

A GUARD straightens a banner promoting the Tokyo 2020 Olympics as Games Chief Yoshiro Mori listens to questions from journalist d

Brady to Tampa Bay only tip of NFL’s ch

São Paulo Stadium transformed into hospital for coronavirus

ão PAULO—Pacaembu Stadium in downtown São Paulo is being turned into an open-air hospital to handle cases from the coronavirus outbreak. The 45,000-seat stadium is expected to house more than 200 beds for minor cases of Covid-19. It should be ready in 10 days. The stadium is near several key hospitals in Brazil’s biggest metropolis, which is the local epicenter of the disease. As of Monday afternoon, Brazil had more than 1,600 confirmed cases, and 25 deaths. Almost all arenas used in the 2014 World Cup were also offered by clubs as open-air hospitals and health-care units. Brazil has a public health-care system, but federal and state officials believe it will be overwhelmed by the end of April. All professional soccer in Brazil is halted. Three matches in the Roraima state championship last weekend were stopped by the local sports body hours before they began in the northern region close to the border with Venezuela. The São Paulo state championship, which used the Pacaembu, has been suspended for more than a week. On Monday, two days after reconstruction began, wires and cables were all over the pitch, and the first metallic structures were up in the stadium inaugurated in 1940 and used in the 1950 World Cup. AP

are reliant could only be performed locally or by doctors mutually agreed upon between franchises and players. Signed contracts must be registered with the league before anything becomes official and players can get paid on their new deals. That led to dozens of leaks of deals without teams being able to confirm them when the NFL business year began last Wednesday. Through all that, million-dollar pacts emerged everywhere—some of them still unannounced by teams. Tom Brady leaving New England has been the mind-blowing move, naturally. Suddenly, a franchise that hasn’t seen the postseason in a dozen years has some cachet. And the most dominant team of the past two decades, with Brady leading the Patriots to six championships in nine Super Bowl trips, has lost its essence. And the other relocations through free agency and trades will require some studying up by fans. The most impactful moves so far, and with several big names still on the market, seem to be: n All-Pro receiver DeAndre Hopkins dealt to

USOPC hears athletes, sees Olympics delay as ‘clear’ path

THE field of the Pacaembu Stadium is lined with metal frames as workers erect an open-air hospital to treat patients who have Covid-19 in São Paulo, Brazil, on Monday. AP

U.S.A. GYMNASTICS JOINS CALL TO MOVE GAMES DD USA Gymnastics to the growing chorus of high-profile organizations asking for the 2020 Olympics to be delayed. President Li Li Leung said Monday that a majority of senior national team members indicated in an anonymous survey that they would prefer the Games be postponed due to the coronavirus pandemic. USA Gymnastics sent out the survey to about 70 athletes in various disciplines. Leung said 80 percent of the athletes responded by Monday’s deadline and that the majority were in favor of a postponement. “Many of our athletes cited risk of health and safety of community and world if Olympics were

PHEAVAL is everywhere in the National Football League (NFL). It won’t likely end soon. A free agency frenzy that has seen steady player movement—yes, players beyond Tom Brady have changed addresses—has been the focal point. With little to nothing else going on in sports, the NFL has grabbed headlines with business deals between players and teams. Those transactions have changed the league landscape. But so have many other moves involving the draft, offseason programs and, perhaps, the upcoming season itself as the new coronavirus pandemic affects every aspect of our lives. Here’s a look at all of those elements in America’s most popular and lucrative sport. FREE AGENCY AWKWARDNESS might be the keyword. The NFL barred players from visiting teams courting them and banned club personnel from traveling to meet with the free agents—both wise and necessary moves. Physicals on which contract agreements

held,” Leung said. “They [also] felt holding the Games would be seen as unfair because of the impact on training schedules and it would be an unfair playing field for the athletes.” A groundswell that began Friday when USA Swimming became the first national governing body in the United States to request a postponement has rapidly grown into a tidal wave. Though the International Olympic Committee indicated it will wait four weeks before making a decision, IOC member Craig Reedie told The Associated Press on Monday that pushing the Games back is likely. Leung said her organization would not

specify how long of a delay it is requesting but added that most respondents were OK with holding the Games in 2021. She said those who wanted the games to go forward as scheduled were concerned about whether their bodies could withstand another year of training. Some respondents also worried about whether they could absorb the cost of extending their elite careers an additional 12 months. Asked what recourse USA Gymnastics might have to financially assist athletes if the Olympic cycle is extended a year, Leung said, “We are in the process of trying to figure out if we are able to support these athletes going forward.”

If the Games are postponed, the 2020 Olympic trials—scheduled for June 25 to 28 in St. Louis—would also be pushed back. Leung said the organization still hopes to hold a national championship at some point this year. The event is currently scheduled for June 4 to 7 in Fort Worth, Texas. Two-time world championship team member and 2017 national champion Yul Moldauer told the AP that he was among those who would like to see the games delayed. Moldauer, who typically trains at the University of Oklahoma, has been working out at a gym run by two-time Olympic gold medalist Bart Conner in Norman, Oklahoma, because the university is closed. AP

ENVER—Leaders of the US Olympic team said “it’s more clear than ever that the path toward postponement” of the Tokyo Games “is most promising”—a conclusion drawn from a survey in which nearly 7 in 10 American Olympic hopefuls say they don’t think the Games will be fair if held in July. The US Olympic and Paralympic Committee (USOPC) sent a survey over the weekend to more than 4,000 athletes for details on how the coronavirus pandemic has influenced their training and their feelings about the upcoming Games; they received responses from 1,780. Sixty-nine percent said they would feel comfortable competing in July if the World Health Organization—one of the groups consulting with the IOC—deemed it safe. But virtually that same number—68 percent—said they didn’t think the Olympics would be fair under those circumstances. The best explanation for that has been the massive disruption in training schedules, as athletes prepare for qualifying events this spring and summer. Other concerns were over unfair qualifying standards and the undermining of worldwide drugtesting protocols. With city and state governments closing gyms and asking people to stay in their homes, fewer than 1 in 10 of the athletes said they can

continue to train without any impact. And 65 percent said that continuing to train and prepare will put their health at risk. The USOPC has come under criticism for not advocating for a postponement, which is the position taken by its own sports organizations in swimming, track and gymnastics, along with national committees in Canada, Australia, Brazil and Germany. Part of the hesitance, CEO Sarah Hirshland told The Associated Press on Sunday, was to get a clearer picture from athletes about their training conditions and their feelings. Armed with the data, Hirshland and Board Chairman Susanne Lyons put out their strongest statement to date. “It’s more clear than ever that the path toward postponement is the most promising, and we encourage the IOC to take all needed steps to ensure the Games can be conducted under safe and fair conditions for all competitors,” they said in a statement. The calls for postponement are growing seemingly by the hour, and the chances of it happening felt virtually certain by Monday evening. An IOC member, Craig Reedie, told AP that conditions in Japan and worldwide “clearly indicates the likelihood of postponement.” The decision will be made within four weeks, with IOC President Thomas Bach guiding the outcome. AP

orts

sMirror

Wednesday, March 25, 2020

P.O.C. HEAD TOLENTINO: POSTPONE OLYMPICS P

during a press conference on Monday in Tokyo. AP

changing landscape Arizona by Houston. n QBs Teddy Bridgewater to Carolina and Philip Rivers to Indianapolis as free agents. n Standout cornerback Darius Slay leaving Detroit for Philadelphia, which released star safety and leader Malcolm Jenkins, who returned to New Orleans. n WR Stefon Diggs dealt by the Vikings to the Bills, who haven’t had such an accomplished receiver in years. n Todd Gurley, merely the league’s best running back from 2015-17 but now with knee issues, cut by the Rams and landing in Atlanta. n Calais Campbell, one of the best edge rushers around, dealt by Jacksonville to Baltimore. THE DRAFT WITH the huge extravaganza the draft has become scrapped, the NFL soon will announce its altered format. Look for something resembling a studio TV show with much of the information (and misinformation) flow fans are accustomed to. There’s even chatter about prospective picks being asked to allow camera crews in their

Tom Brady leaving New England has been the mind-blowing move. AP

homes for reactions to being selected. By far the biggest effect of the pandemic on the draft is the elimination of pro days at various schools. While some see those as outings manufactured and managed by the collegians and their representatives, man y NFL teams find significant value in them. As for Las Vegas, it will get another draft, perhaps the 2022 selections that are unspoken for right now. Next year will be in Cleveland, 2023 in Kansas City. AP

HILIPPINE Olympic Committee (POC) President Abraham “Bambol” Tolentino on Tuesday sought the postponement of the Tokyo 2020 Olympics saying the health and safety of athletes, officials and stakeholders should be guaranteed against the new coronavirus. “I favor a postponement because the health and safety of everyone in sports—both in the Philippines and all over the world—is paramount in this Covid-19 pandemic,” Tolentino said. “The POC advises all athletes, coaches, officials and stakeholders to stay safe, stay at home and observe government and health department protocols so we could defeat this virus. The clamor to postpone the Olympics— which Tokyo is hosting from July 24 to August 9—grew by the day and there are strong indications that the International Olympic Committee (IOC) and the Tokyo organizers are heeding the call. On Monday, reports from all over the world raced toward the same conclusion: The Tokyo Olympics are not going to take place this summer. Canada and Australia told the IOC that they are no longer sending athletes to the Games that are four months away while top officials in the US are heeding the call of their athletes to move the Games. Tolentino, while he is for postponement, stressed 2021 would be ideal. Cancellation, he said, is not in his vocabulary. The cycling president said a postponement would augur well for Filipino athletes. “It’s better to postpone the Tokyo 2020 Olympics rather than cancellation so as not to lose [Philippines] our chance for our first gold medal—or even more golds,” he said. “[If the Games are postponed] more Filipinos have more chance to qualify.” A postponement, Tolentino explained, would give more time for training for Filipino athletes who have already qualified and also for those who are still trying to earn tickets to Tokyo 2020. Four Filipinos have so far qualified for the Olympics—world champion gymnast Carlos

Yulo, pole vaulter EJ Obiena and boxers Eumir Felix Marcial and Irish Magno. Among those hoping to qualify for Tokyo 2020 are Rio 2016 weightlifting silver medalist Hidilyn Diaz, women’s world boxing champion Nesthy Petecio, 30th Southeast Asian Games gold-medal winning taekwondo jins Pauline Lopez, Kurt Barbosa, Samuel Morrison and Arven Alcantara and Rio 2016 campaigner Kirstie Elaine Alora and cyclists Daniel Caluag (BMX) and Arianna Dormitorio (mountain bike). Also on the list are sprinter Kristina Knott and thrower William Morrison and judoka Kiyomi Watanebe and Asian Games skateboarding gold medalist Margielyn Didal. The Philippines is also hoping to qualify athletes in karatedo, shooting and swimming (compulsory slots). Team Philippines Chef de Mission to Tokyo 2020 Nonong Araneta also said

postponing the Olympics in July serves the best interest of all athletes. “It’s reasonable to postpone the Games,” Araneta said. “It will be difficult for our athletes to prepare for the Olympics because the focus should shift to the safety of all.” Lockdowns are now enforced in many countries, thus hampering the training and transit of athletes. Major competitions, especially Olympic qualifiers, have also been postponed or canceled. Magno, a first-time Olympian, headed directly to the Philippine Sports Commission facility in Baguio City after returning home from Amman, which hosted the Asian qualifier. A postponement, Magno told the BusinessMirror, would mean a longer preparation for her and Marcial, and also for the other boxers who are joining other qualifiers. With Ramon Rafael Bonilla

REP. ABRAHAM TOLENTINO: The health and safety of athletes, officials and stakeholders are paramount in these difficult times.

Al Mendoza alsol47@yahoo.com

THAT’S ALL

Government as single referee

WHO said World War III isn’t coming? It’s here. Already. If you say Covid-19 hasn’t declared war, think again. Trouble is, while both World Wars I and II involved man versus man and nation against nation, the present War pits, uh, a virus against us. What’s a virus but an invisible enemy? And while the previous viruses—flu etcetera—were invisible, they had been, well, easily defeated. Covid-19 seems proving to be a tough nut to crack? Since it launched its attack on December 17, 2019, in Wuhan, China, Covid-19 has already infected nearly 170,000 people worldwide and killed almost 6,000 unarmed civilians in 184 of the world’s 197 nations—the latest being Myanmar. If it’s any consolation, those figures are puny when compared to the casualties mankind suffered in the previous two world wars. Google says some 20 million people died and 21 million wounded in World War I from 1914 to 1918. And in World War II from September 1, 1939 to September 2, 1945, deaths tripled to 70 million—more than 20 million in military personnel and about 40 million-plus civilians. Horribly, many civilian casualties in World War II died from deliberate genocide, massacre, disease, mass bombings and, yes, starvation. Covid-19’s victims died from respiratory ailments mainly through lung assault leading to pneumonia. It continues to wreak havoc, with Europe now the center of the pandemic, that our scientists need to work fast to find its nemesis. God forbid please not to allow the virus to claim some more. The virus is like Michael Jordan in His Airness’ heyday: Hardest to stop once he decides to go for the hoops. The virus has virtually stopped the world from turning as we are now under house arrest—willingly, that is—to elude its fangs. The virus loves to hop from one person to another through MEN: Mouth, Eyes, Nose. No more kissing nor hugging. No social gathering, holding of religious services—not even wakes. And since practically all sporting competitions have been canceled in virtually all corners of the world, what is there to do? Nothing, except to obey the one single referee that holds the whistle: government. You complain and you could be technicalled. You overcomplain and you could be ejected. Thirty-three had been lost already, including four heroic doctors. Wash your hands frequently. Sleep tight. Stop socializing. Stay home. Behave or be banished by Covid-19. I’m not kidding. THAT’S IT I can see it coming now—the cancellation of the 2020 Tokyo Olympics. Just right.

Rainbow jersey maker to make protective face masks

Virtual race real success for bored Nascar

HARLOTTE, North Carolina—Seated inside a simulator in his living room, Denny Hamlin grew thirsty as he virtually raced some of his top rivals. He asked his one allowed crew member—his seven-year-old daughter—to get him a soda and she handed him a bottle of slightly shaken Coca-Cola. Caution. Put the yellow out: Hamlin opened the soda and promptly sprayed his pants and the pricey simulator that cost him north of $40,000 to build. It wasn’t even the funniest moment from Nascar’s bold attempt to provide fresh content to a nation starving for sports. Nascar owns the popular iRacing Series and many of its younger drivers are considered among the best online racers in the world. They play against each other and strangers late into the night, fine-tuning the skills needed to land a big ride. Nascar is suspended until at least May 9 because of the Covid-19 pandemic so the series and iRacing created an invitational to give its drivers something to do. Fox Sports 1 jumped on board, 35 drivers agreed to participate and suddenly there was live sports programming on Sunday. Yes, it was just a pretend race.

Sure, any kid with a couple hundred bucks could build a rig, buy an iRacing membership and would have been equally qualified to compete. And it was a huge gamble for Nascar, which rolled the dice with the event because it had the tools through its growing eSports arm. The iRacing game is as close to reality as any professional sport can get because of the granular detail and precise rendering of each Nascar track. The venues are laser-scanned to capture the bumps and imperfections in the asphalt, as well as duplicate the grandstands and billboards and pit lane. “You know, although Nascar has its struggles at times, for the regular fan to go out and simulate a game winning shot or game winning pass— iRacing has given them that [racing] platform, no other sport can do that,” Hamlin said. “NBA players can’t go play NBA2K and put it on TV and make it look like the real thing. You can’t go play Madden and make it look like the real thing. There’s so much animation. “But iRacing’s platform, this is something that really can gain a lot of traction simply because it’s as real as it gets.” The Dixie Vodka 150 was at the virtual 1.5-mile

Homestead-Miami Speedway, where Nascar had been originally scheduled to race. The next event will be Sunday at Texas Motor Speedway, where Nascar was scheduled to be, and the same drivers will again be invited to participate. Fox used Mike Joy and Hall of Famer Jeff Gordon to call the event and the network said Monday it is on board for the second round. Television ratings are not yet in, but the numbers won’t matter. What Nascar pulled off in a week was a pick-me-up that united the sport and energized its bored fan base. Some drivers had not virtually raced in years and had to rush to purchase rigs. Others were rusty or, in the case of seven-time Nascar champion Jimmie Johnson, just not very good. Johnson crashed his virtual Chevrolet into everything possible on a simulator he usually uses to practice driving Indy cars and sports cars. Many drivers used their social media channels to post pictures or stream their experience, and Alex Bowman live tweeted the event, including updates on eating a crustable, taking a bathroom break and finding his dog in his simulator seat. AP

ANTINI, the historic brand of cycling and triathlon technical clothing, is ready to convert a large part of its production chain to the practicalities of addressing one of the most urgent issues in today’s emergency—the shortage of protective face masks. Santini estimate it would be able to produce 10,000 masks per day and have already received requests for more than 100,000, although the demand appears likely to increase exponentially. The company—based in Lallio, Italy—will give initial priority to Bergamo, that is the most urgent task, then to the province and then the rest of the region and the country. The Lombardy province of Bergamo is the Italian epicenter of the dramatic spread of the Covid-19 pandemic with thousands of cases and hundreds of deaths. Santini has worked in partnership with the International Cycling Union for more than 30 years and produces the UCI World Champions’ rainbow jerseys. The Santini mask is reusable, sterilizable and washable up to 90 to 95 degrees with the integrity of the fabric being guaranteed for use up to 10 times. It is made of dense and very compact polyester fabric, with a treatment called “Acqua Zero” (Zero Water) which makes the mask completely waterproof. Santini sets its price on the mask to only

covers the cost of the technical fabric—high quality and Italian—and production. The high quality prototype that is currently being examined by the Politecnico di Milano

(Milan Polytechnic) to ensure it obtains all the necessary certifications ahead of starting production in large quantities as soon as possible. UCI News

A MODEL shows the prototype of the mask produced by Santini.

Show BusinessMirror

Wednesday, March 25, 2020

Today’s Horoscope By Eugenia Last

www.businessmirror.com.ph

z Plácido Domingo

CELEBRITIES BORN ON THIS DAY: Jenny Slate, 38; Sarah Jessica Parker, 55; Marcia Cross, 58; Elton John, 73. Happy Birthday: Sensitive issues will surface this year, leaving you no choice but to address them and carry on with your life. Change is within reach, but it will require effort on your part if you want to have a say in the outcome. There has never been a greater need for prudence, accountability and moderation. Stick to a plan, and do your best. Your lucky numbers are 4, 17, 21, 27, 32, 35, 49.

ARIES (March 21-April 19): Refuse to let situations spin out of control. Size up what’s going on, consider your options and proceed with caution. If you act in haste, you will make a costly mistake. HHH

TAURUS (April 20-May 20): Size up situations quickly, and avoid resistance. Consider what you can do to improve your life. A personal change will strengthen your relationships with others. Share an idea you have with someone who can help make your dream come true. HHH

GEMINI (May 21-June 20): Offer to help others. Your response will lead to an encounter with someone who can shed light on a personal situation you face. Personal gains are possible if you use discipline, honesty and personal sacrifices. HHHH

CANCER (June 21-July 22): Don’t wait; make a decision. It doesn’t matter what others do or think; it’s up to you to do what’s best for yourself. Finish what you start before you take on something new, and you will find it easier to move forward. HH

LEO (July 23-Aug. 22): Drama will attract attention. Before you head down that path, consider what you want and how to go about getting it without looking bad. Strive for equality, making stable connections and being productive, and you’ll project a positive image. HHHHH

VIRGO (Aug. 23-Sept. 22): Think twice before you get involved in someone’s pursuit. Don’t take a risk or donate to something that won’t benefit you. Spend time with someone you love, and you’ll find it easier to put your professional life in perspective.HHH

LIBRA (Sept. 23-Oct. 22): Take care of your emotional needs. Spend time on self-improvement and honing your skills. Confidence will help you reach your goals, and knowing what you are capable of doing will help you move forward with the finesse required to be successful. HH

SCORPIO (Oct. 23-Nov. 21): Modify your space so that it will help you reach your goal. Invest in yourself and what you have to offer. Your ability to set trends and adapt to whatever transpires will help you excel. HHH

SAGITTARIUS (Nov. 22-Dec. 21): Look over your choices, and make a decision that will accommodate what you want to pursue. The changes that take place may not be welcome at first, but once you settle in and work with the adjustments made, you will succeed. HHHHH

CAPRICORN (Dec. 22-Jan. 19): Embrace change, and make it work. Use your intelligence and foresight to create a scenario that will put you in the best position. An insensitive remark from someone will get you back on track. HH

AQUARIUS (Jan. 20-Feb. 18): Personal aspects of your life will need an adjustment. Make your feelings and your suggestions clear to anyone who may be affected by your plans. Getting together with an old friend will impact your life. Your sensitivity will bring positive results. HHHH

PISCES (Feb. 19-March 20): Look for a unique way to use your skills. The change or diversity you implement into your everyday routine will be gratifying. Share your feelings and reactions to the response respectfully, and you’ll find a positive solution. HHH Birthday Baby: You are stylish, questioning and witty. You are demonstrative and unique.

has coronavirus amid Spain outbreak By Julio Ojeda-Zapata Saint Paul Pioneer Press

PlÁcido Domingo on stage at the Metropolitan Opera in New York on November 23, 2018. The opera singer, who is 79, disclosed on March 22, that he tested positive for the coronavirus. AP

ADRID—Plácido Domingo announced on Sunday that he has tested positive for the coronavirus. The 79-year-old opera singer’s illness comes after his own glittering career had recently been stained by sexual misconduct revelations. The Spaniard said in a post on his personal Facebook account that “I feel it is my moral duty to announce to you that I have tested positive.” The tenor says he and his family are in selfisolation and that he is feeling well despite having fever and a cough. “I beg everyone to be extremely careful, follow the basic guidelines by washing your hands frequently, keeping at least a 6-foot distance from others, doing everything you can to stop the virus from spreading and please above all stay home if you can!” he said. Last year, multiple women accused Domingo of harassment and abusing his power while he held management positions at Los Angeles Opera and Washington National Opera in stories published by The Associated Press. After first denying any wrongdoing, Domingo issued an apology last month when the American Guild of Musical Artists and Los Angeles Opera found the sexual harassment allegations against him to be credible. He has since had a number of performances canceled. He also resigned as the director of the Los AngelesOpera. Spain is the third hardest-hit country after China and Italy with 28,572 infections and 1,720 deaths in the virus outbreak. The virus has infected several leading politicians in Spain, and the prime minister’s wife, as well as caused the death of former Real Madrid soccer club president Lorenzo Sanz. AP

Michelle Obama, Oprah, more joined an epic (virtual) party

LOS ANGELES—The hottest party in town on Saturday night was on DJ D-Nice’s Instagram, where over 100,000 accounts tuned in during his epic 10-hour set including the likes of Michelle Obama, Oprah, Rihanna and Will Smith. Oprah tweeted that it was the “best party of 1 and 100K I’ve ever been to.” Smith expressed a similar sentiment. As the world practices social distancing to slow the spread of the coronavirus, many have been looking for ways to hang out virutally and D-Nice’s joyous dance party proved to be just the ticket. D-Nice has been hosting Club Quarantine parties on his Instagram Live since Wednesday, but it hit a peak Saturday night, attracting entertainers, athletes and politicians to the account, like Missy Elliott, Ellen DeGeneres, Mark Zuckerberg and Magic Johnson. Presidential hopefuls Joe Biden and Bernie Sanders also stopped by the virtual party, as did Sens. Elizabeth Warren and Kamala Harris. 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. AP

GMA earmarks P350M for employees, launches ‘Operation Bayanihan Covid-19’ MEDIA giant GMA rolls out various efforts to extend support to its employees, frontliners, and Filipinos in need during the Luzon-wide enhanced community quarantine to fight the Covid-19 pandemic. The network, which recently announced that it will provide financial assistance for its employees, talents and support personnel, has earmarked an estimate of P350 million to cover the salaries, cash equivalent of rice benefits, and cash advances while operating on a skeletal work force and adapting special work arrangements. GMA Kapuso Foundation (GMAKF), the broadcast giant’s socio-civic arm, also launched the “Labanan ang Covid-19” campaign for workers at the frontlines in the fight against coronavirus. The funds raised are to be used to purchase face

masks, rubbing alcohol, hand sanitizers, and gloves for medical workers of public government hospitals and frontliners at border points. Also under the campaign is the “Operation Bayanihan: Covid-19” fund-raising drive which aims to help Filipinos in poverty stricken areas in Metro Manila. Grocery packs and hygiene kits will be donated to daily wage earners and their families who lack the means to access basic needs and have lost their source of income following the quarantine. Remaining true to mission of “Serbisyong Totoo,” GMA encourages the public to stay safe at home and, at the same time, lend a hand to kababayans in need by donating funds online through GMAKF (www. gmanetwork.com/kapusofoundation/donate).

‘endgame’ by jennifer marra The Universal Crossword/Edited by David Steinberg

ACROSS 1 Texture of dry hair 6 Wile E. Coyote’s vendor 10 Closes, as a pencil pouch 14 Dutch-speaking Caribbean island 15 Pre-calc class 16 Unwelcome smell 17 Played “Grand Theft Auto,” for example 18 Stoner’s water pipe 19 What Pig-Pen is covered in 20 Green-and-orange cereal 22 Wee bit 23 Either half of a colon 24 First vice president 26 Revenue minus costs 30 Infant ailment 32 Divulge 33 New Yorker’s toll payment device 37 Word used twice in the golden rule 38 Lieu 39 State known for its caucus 40 Doctor or lawyer, perhaps, to your mother? 42 Shrek and Fiona

43 Hamas rival 44 Give a time-out, say 45 Southern dish often made with heavy cream 47 Bit of horse feed 48 Word before “queen” or “race” 49 Something simple, or a hint to the final words of 20-, 33- and 40-Across 56 Vow 57 Crew team’s needs 58 Send over the moon 59 Tartan wearer 60 Coating of frost 61 Greeted and seated 62 Hamilton’s bills 63 Joie de vivre 64 Endures DOWN 1 Epic tale 2 One is hidden in “orchestra pit” 3 Heinie 4 First victim of sibling rivalry 5 Entered a kiddie pool 6 Facing the pitcher 7 Swamp beast, informally

8 Ferret’s furry relative 9 Sandwich filling with mayonnaise 10 Leo, for one 11 “Piece of cake” or “easy as pie” 12 Fortified wines 13 Miss, in Mexico 21 Quickly write 25 Talk trash about 26 Promote, as a product 27 Nevada gambling destination 28 Name that sounds like a car 29 Messy battles in cafeterias 30 Prague native 31 Sunfish or moonfish 33 Blues singer James 34 Actress Spelling 35 Astonishes 36 Bad cut 38 400 is the lowest one 41 Pet with nine lives, they say 42 Best in the marketplace? 44 You might scribble on one 45 Thanksgiving dinner ritual? 46 Betray by snitching 47 Mary-Kate or Ashley

8 Verb with “thou” 4 50 Painful precipitation 51 Cookbook author Rombauer 52 “Not guilty,” for one 53 Young fellows 54 Quarreling 55 Desires

Solution to yesterday’s puzzle: