BusinessMirror March 25, 2021 by BusinessMirror

PCC urged: Probe possible ‘pork mafia’ B J M N. D C @joveemarie

S the retail price for liempo is still high at P350 to P400 per kilo, an economist-lawmaker on Wednesday asked the Philippine Competition Commission (PCC) to take action and investigate possible anti-competitive behavior in the pork industry. In a news conference, Marikina Rep. Stella Luz Quimbo said data showed that only 70 percent of the current Minimum Access Volume (MAV) has been utilized.

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“The PCC should investigate the industry’s anti-competitive behavior and penalize all those proven to have violated the law,” she said. “If the constriction of imports is deliberate and used for purposes of restricting supply and fi xing prices artificially at high levels, this is a violation of Section 14 of the Philippine Competition Act, [which provides for anti-competitive agreements],” she said. With this, Quimbo asked the Department of Agriculture to revisit its policies on unutilized import permits. “The question is, what ex-

actly is the reason why the price of pork is so high? True, local supply was disrupted. But according to the data coming out of the hearings in Congress, the MAV was not completely utilized. Apparently only 70 percent of the current MAV was used. So it is a mystery why they want to increase the MAV by 649 percent,” she said. “It is also a mystery why importers do not fully use their ability to import. Hindi ba’t kikita sila kapag magamit nila ang mga permits sa pagimport?...naiisip ko na baka merong pork mafia sa likod nito

[Logically, they should make a profit if they use the permits to import, right? I’m beginning to suspect there might be a pork mafia behind this],” Quimbo added. In February, to stabilize pork prices, the DA recommended to President Duterte the increase of the MAV of pork to 404,210 metric tons (MT). The government raised its proposed volume of imported pork this year to address the expected local demand for the food item, as the African swine fever (ASF) S “PCC ,” A

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A broader look at today’s business

NO-VAT DIGITAL SERVICE A HUGE REVENUE LOSS www.businessmirror.com.ph

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Thursday, March 25, 2021 Vol. 16 No. 165

P.  |     | 7 DAYS A WEEK

THE additional 400,000 doses of Sinovac vaccine donated by China are seen as they arrive on a Philippine Airlines flight from Beijing on Wednesday. The first batch of 600,000 doses that were donated arrived last February 28, 2021. Authorities are racing to ramp up the immunization campaign amid a surge in Covid-19 cases, as concerns rise that the inoculation of medical frontliners, especially, might be outpaced by the spread of the deadly virus. CONTRIBUTED PHOTO: MIAA MEDIA AFFAIRS DIVISION

B B D. N

@BNicolasBM

OUNTRIES in the East Asian region, including the Philippines, are losing “substantial” tax revenues by failing to apply current valueadded tax (VAT) rules to digital services, according to the World Bank.

In its “World Development Report 2021: Data for Better Lives,”

the Washington-based World Bank said the revenue at stake from ad-

New DA order will boost agri-export industry—groups

USPENDING payments on pesticide residue tests on fruits and vegetables is seen to benefit the agriculture export sector at a time when the economy is still reeling from the impact of the pandemic, business groups said. In a statement on Wednesday, the Philippine Chamber of Commerce and Industry (PCCI), the Philippine Exporters Confederation Inc. (Philexport) and the Philippine Food Processors and Exporters Organization Inc. (Philfoodex) welcomed the recent order by the Department of Agriculture (DA) as this protects the interest of both farmers and exporters. DA Order 11, series of 2021 exempts fresh and primary processed

fruits and vegetables, which are intended for export by accredited businesses, from pesticide residue analysis (PRA) fees. The business organizations noted that the National Pesticide and Analytical Laboratory (NPAL) has not been imposing PRA fees on fresh and frozen mango exports since 2007. In 2019, however, NPAL imposed residue fees of P5,200 to frozen mangoes in 2019. “Since more than 60 percent of farmers of fresh fruits and vegetables nationwide are into backyard operations, the amount multiplies tremendously as the costs are assessed based on the submitted lot S “N DA ,” A

PESO EXCHANGE RATES ■ US 48.6060

ministrative failures of developing countries to apply the current VAT rules is significant even in the short term and this could become substantial because of the rapid expansion of data-driven platforms, especially amid the Covid-19 pandemic. While more than 80 countries already require non-resident providers of digital services to register and collect the VAT, the World Bank said many low- and middle-income economies have not made the administrative adaptations needed to capture the VAT from third-party sellers through platform businesses.

“Evidence from East Asia indicates that the rapid growth of B2C [business to consumer] e-commerce has resulted in equally significant growth in the tax potential of the sector, with the indirect tax potential growing some eightfold, rising from US$0.46 billion in 2015 to US$3.7 billion in 2019,” the report said. For instance, the World Bank said the gross VAT revenue of the B2C digital economy in Indonesia is estimated to be about 0.39 percent of S “N-VAT,” A

PEZA FIRM ON MOVE VS. ERRANT LOCATORS; DTI BACKS 3-WAY MOA B T J C. P @TyronePiad

HE Philippine Economic Zone Authority (Peza) will not lift its punitive actions against two locators caught redhanded manufacturing tobacco products without proper permits until the Bureau of Internal Revenue (BIR) clears them of any violations. This, as the investment promotion agency agrees with the call of the Department of Finance (DOF) to implement stricter tax regulations on cigarette manufacturers intending to establish shops in the country’s special economic zones. The regulator of economic zone locators has ordered the suspension of the incentives and operations of GB-BEM and GB Global since February, Peza Director General Charito Plaza told the BusinessMirror. Earlier this month, Peza said the companies were subjects of investigation by the agency after a BIR raid revealed that they were operating without the requisite registration. Plaza said previously that Peza will follow its rules and regulations regarding applicable pun-

ishment—separate from whatever action BIR enforces against the alleged erring companies—for said locators. “We suspend their incentives and operations until cleared by BIR,” Plaza said. Among the incentives of a Peza-registered enterprise are income tax holiday, tax and dutyfree raw materials importation, capital equipment, machineries and exemption in other related fees. The Peza chief said GB-BEM and GB Global also got a temporary restraining order “from Court of Tax Appeals and those confi scated by BIR were returned to the companies.” Earlier, the investment promotion agency said it was withholding the import shipments of the companies until a writ of preliminary injunction was issued by the courts. The products of the two enterprises are all for export, which means they have no sales from the domestic market, Plaza said, explaining this is the reason the firms were not registered with the BIR. However, she clarified these firms are subject to 5-percent tax on gross income earnings. S “P,” A

■ JAPAN 0.4475 ■ UK 66.8527 ■ HK 6.2579 ■ CHINA 7.4595 ■ SINGAPORE 36.1302 ■ AUSTRALIA 37.0864 ■ EU 57.6078 ■ SAUDI ARABIA 12.9609

Source: BSP (March 24, 2021)

News BusinessMirror

A2 Thursday, March 25, 2021

No-VAT... C  A

GDP in 2021, and it is projected to grow to around 0.65 percent of GDP in 2025. “Assuming only half the amount of this estimated potential is collected [allowing for policy and administrative gaps], this would still translate into gross VAT revenues of some US$2.3 billion in 2021, increasing to US$4.6 billion by 2025,” it added. The World Bank said the slow pace of adoption of these administrative reforms in low- and middle-income countries can sometimes be blamed on resource constraints and the needed investments in information technology (IT) systems. However, it said financial constraints are “often less of a challenge” than the organizational transformations that revenue authorities must undergo to enable successful implementation. These include streamlining business processes to enable seamless data sharing and appropriate staffing for IT management, analytics, and compliance. In taxing the digital economy, the World Bank also recommended countries to adopt several tax policy reforms. “In considering proposals to tax the digital economy, policy-makers in all countries should seek those that ensure equitable taxation of data-driven businesses, unlocking a potential revenue source for flattening the debt curve after the Covid-19 pandemic. They should also ensure that those sectors that have gained the most from the crisis are contributing their fair share,” it said. World Bank also urged countries to strengthen their capacity to collect indirect taxes by adopting existing international guidelines for VAT collection and making the necessary investments in administrative capacity to ensure that VAT is collected on physical goods purchase online and on digital goods and services from both resident and non-resident companies. Moreover, it said countries should also collect financial information from online marketplaces on the income/sales of sellers on their platforms. “When combined with other third-party data, data on digital transactions can shed light on the VAT and wider tax compliance of numerous economic actors,” it said. There is also a need, it added, for countries to seek global agreement on direct taxation and to minimize the impact of ad hoc taxation, such as the risk of trade war. Further, the World Bank said countries should also leverage datadriven tax administration through creating data-sharing ecosystem. It also said policy-makers should ensure that new international data sources are available to developing countries.

Foreign envoys rue reef row over Chinese vessels in WPS

B R L. M

size sample,” the joint statement read. On the other hand, PCCI President Benedicto V. Yujuico said a halt order in collecting PRA fees will also significantly benefit agriculture stakeholders, including around 150,000 farmers and over 1,000 small- and medium-sized processors and exporters. “We commend the leadership of Secretary [William] Dar for responding to our call to remove the PRA fees. This is certainly a big

@rectomercene

OREIGN diplomats on Wednesday expressed alarm over the tense situation in the West Philippine Sea, as Manila has called out Beijing anew over the swarm of more than 200 suspected militia vessels at Julian Felipe Reef. The foreign envoys fear it could escalate into an armed confrontation, and urged both parties to settle their disputes through peaceful means.

This, as Foreign Affairs Secretary Teodoro L. Locsin Jr. asserted that the Philippines will not walk away from any similar face-off such as what happened in the Scarborough Shoal in 2012, a debacle he had blamed on bungled brokering by the United States between Manila and Beijing. Nigel Adams, who served as UK Minister of State for Asia since 2020 said in a tweet, “The Philippines is an important partner for the UK in the Indo-Pacific. I spoke to Secretary of Foreign Affairs Teddyboy Locsin about our integrated review and our shared concerns on Myanmar and the South China Sea, including actions which raise tensions there.” Australian Ambassador to the Philippines, Steven J. Robinson, for his part, expressed support on Twitter for keeping the status quo in the Indo-Pacific region, “which is secure and open and inclusive.” “The South China Sea—a crucial international waterway—governed by international rules and norms, particularly UNCLOS. We remain concerned about destabilizing actions that could provoke escalation,” he said in a tweet. Japanese Ambassador to the Philippines Kazuhiko Koshikawa, also on Twitter, said, “The South China Sea issues are directly related to peace and stability and concern for all. Japan strongly opposes any action that heightens tensions. We support the enforcement of Rule of Law in the sea and work with the international community to protect the free, open, and peaceful seas.”

Chinese embassy

THE Chinese Embassy in Manila

New DA order... C  A

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boost to the agri-food and export industry especially at this time when businesses have yet to recover from the negative impact of Covid-19 pandemic,” Yujuico added. Philexport President Sergio R. Ortiz-Luis Jr. described the DA order as a “huge reprieve for food exporters” given that the economy is currently in slump. Still, he called for further measures “that would help achieve our export targets by enhancing the competitiveness of the agri-food sector to open and expand global market access and niches.”

issued a statement, saying, “China as a littoral state of the South China Sea is committed to managing differences through bilateral consultations and safeguarding peace and stability in the region. Within our region, tensions are arising because some external countries are bent on playing fusty [antiquated] geopolitical games. “It is a pity that some Asian country, which has disputes with China in the East China Sea and is driven by selfish aim to check China’s revitalization, willingly stoops to acting as a strategic vassal of the US,” the embassy statement added, clearly referring to Japan. China is in conflict with Japan over what China calls Diaoyu Island, and Japan calls Senkaku Island.

No yielding next time

FOREIGN Affairs Secretary Locsin said on Wednesday the next time a confrontation happens between the Philippines and China in the West Philippine Sea (WPS), the Philippines must stand its ground and not yield an inch. During a tense confrontation in the Scarborough Shoal in 2012, Philippine authorities arrested Chinese fishing boats loaded with giant clams, corrals and sea turtles, among others. Such a potential confrontation is now feared in Julian Felipe Reef, where hundreds of Chinese fishing vessels have been massing since March 7, allegedly to seek shelter from rough seas. Locsin said the last time such a confrontation occurred, where a Philippine war vessel confronted a Chinese vessel, “US President told both to stand down, and withdraw. Only ours did.” On Twitter, Locsin added, “Next

For his part, Philfoodex President Roberto C. Amores welcomed the measure, and said the DA also needs to address other barriers that burdens the agri-food export industry. Amores noted that “developed countries like Japan, European Union, USA, South Korea and China and all other major markets have imposed stringent traceability standards or the Maximum Residue Limit on pesticide to protect their people and consumers, which has become a technical barrier that impedes our export performance.” The Export Development Council (EDC) also lauded the measure that lowers the cost of fruits and vegetable exports. “Amid the ongoing Covid-19 pandemic, we consider this bold response of DA as a gateway for us to boost the agricultural sector and also assist our economic growth and recovery towards a post-pandemic future,” EDC Chairman and Trade Secretary Ramon Lopez said in a separate statement. Tyrone Jasper C. Piad

time such a confrontation happens we stand our ground, or rather water, not yielding even a nautical iota as PRRD declared in the UN.” At the same time, Locsin, who filed a diplomatic protest late Sunday, urged China to withdraw its vessels near the Julian Felipe Reef, which the country deems part of its exclusive economic zone (EEZ) in the West Philippine Sea. Chinese Ambassador Huang Xilian insisted the vessels are not militia boats but fishing vessels seeking refuge from rough seas, but Philippine military authorities said there is no such weather disturbance in the area. Maritime experts also said the boats on Julian Felipe Reef clearly resemble the design of Chinese militia boats. The Philippine Coast Guard found the more than 200 Chinese vessels last March 7 and relayed the information to the National Task Force for the West Philippine Sea (NTF-WPS), which in turn alerted the Department of National Defense. In a strongly worded statement, the DFA stressed that “Julian Felipe Reef in the Kalayaan Island Group lies in the Philippines’ Exclusive Economic Zone.” The Philippines demands that China promptly withdraw its fishing vessels and maritime assets in

the vicinity and adjacent waters of relevant features in the Kalayaan Group of Islands in the West Philippine Sea, the DFA said in a statement. The DFA told China to direct its fishing vessels to desist from environmentally destructive activities. “China’s continuing infringements and tolerance, notwithstanding the persistent and resolute protest of the government, are contrary to China’s commitment under international law and the Asean-China Declaration on the Conduct of Parties in the South China Sea.” The Philippines called on China to faithfully honor its obligations as a signatory to the United Nations Convention on the Law of the Sea (Unclos). So far, 60 diplomatic notes were filed against China under the Duterte administration, of which 46 were issued during Locsin’s term. To date, China has only addressed issues raised in 48 diplomatic notes, the DFA said. “We reiterate that the continued deployment, lingering presence and activities of Chinese vessels in Philippine maritime zones blatantly infringe upon Philippine sovereignty, sovereign rights, and jurisdiction,” the DFA said.

PCC urged... C  A

ravaged the local pork industry and tightened supply. The current MAV is only at 54,000 MT. The National Economic and Development Authority has backed the Committee on Tariff and Related Matters (CTRM) recommendation to immediately lower pork tariffs to 5 percent within the MAV and 15 percent outside the MAV for 3 months, with a slight increase to 10 percent within the MAV and 20 percent outside the MAV for 9 months. The Neda said these rates are significantly lower than the current 30 percent within the MAV and 40 percent outside the MAV. Since the MAV is not fully utilized, Quimbo said there is no need

to expand it until the DA and Tariff Commission can provide sufficient data and analysis on import volumes under low tariff. Quimbo also reiterated her request to the DA to submit the “technical basis” of the proposal lowering tariffs on pork products to the committee. “Under the proposed tariff rates, how many local producers will be affected? What is the estimated loss of local producers when cheaper imported pork increase in supply in the groceries? What are the proposed relief measures? More importantly, what is our assurance that reduced tariff rates will actually result in lower pork prices for consumers?” Quimbo asked. Last week, the DA created a special committee to look into

Peza...

C  A

‘Loophole’ alarms DOF

BUT this “loophole,” the Finance department said on Tuesday, has allowed the ecozone locators to allegedly produce unregistered cigarettes and supply them illicitly in the country. DOF noted that Peza registration requirements do not include compliance and submission of secondary licenses or authorization from agencies, like the BIR, for locator-applicants that produce regulated products such as cigarettes, medicines, oil and alcohol. With this concern, Finance Secretary Carlos G. Dominguez III said that all cigarette manufacturers planning to establish operations in a special economic zone in the country will soon be required to register with the BIR first. “This is the misunderstanding here, so we agreed to have a MOA [memorandum of agreement] with BIR to put in Peza application and registration form the need to register every brand whether for export or domestic sales,” Plaza said. The Department of Trade and Industry (DTI) threw its support behind the measure. “We support that. Peza reported to me they are already jointly working on this with BIR some weeks ago,” Trade Secretary Ramon Lopez told this newspaper. The director general said the mandatory registration with BIR will also allow proper monitoring of manufacturing and trading of cigarettes—and other products likely to be smuggled—among economic zone locators.

allegations of corruption in the allocation of meat import certificates under the in-quota MAV scheme. Under the MAV scheme, the DA issues MAV Import Certificate to MAV licensees that may avail part of the annual in-quota allocation of 54,000 metric tons (MT) and pay a tariff of 30 percent. Firms wanting to import beyond the MAV volume, called as out-quota, will have to pay a higher tariff of 40 percent. The DA-MAV Secretariat also imposes penalties on licensees that were not able to utilize 70 percent of their allocation for the year. The unused volume is recalled and deducted from the licensee and will be raffled off to qualified applicants.

On eve of MB meet, BSP says ready to deal with risk factors

HE Bangko Sentral ng Pilipinas (BSP) governor reiterated his readiness to address the rising inflation pressures should signs of spillovers start to show. In a press briefing on Wednesday, BSP Governor Benjamin Diokno said that while their view of local inflation dynamics remains “manageable,” the Central Bank is ready to consider rewinding actions should the growth of local consumer prices get out of hand. “The BSP remains vigilant against upside risk factors that may threaten the achievement of the inflation target,” Diokno said. “Should these factors persist and show signs of spilling over to the demand side in the form of increased clamors for wage and transport fare hikes or elevated inflation expectations, then the BSP will assess the need for an appropriate monetary policy response,” he added. Diokno also told reporters that the BSP has actively taken part in international discussions that tackle Central Banks’ policy interventions and exit strategies in the post-pandemic period. The governor said planning ahead for when the economy reaches full recovery is impor-

tant, as it is crucial for the BSP to implement a pre-planned strategy for the withdrawal of policy stimulus to avoid unwinding policy measures either too early or too late. “The timing of the BSP’s exit strategy is crucial and will primarily depend on a number of factors such as the outlook on inflation and output, liquidity and credit conditions, financial sector risks, state of public health, as well as global developments and spillovers,” Diokno said. At present, Diokno said the manageable inflation outlook continues to allow the BSP room to maintain an accommodative policy stance, which remains “critical alongside health and fiscal policy measures” in supporting economic activity and market confidence during the recovery phase. International fora that the BSP is currently participating in includes: the Bank of International Settlements (BIS) Small Open Economy Virtual Conference, the Asia Pacific Economic Conference (APEC) Finance and Central Bank Deputies’ Meeting, the Executives’ Meeting of East Asia -Pacific Central Banks (EMEAP) and the Asean+3 Macroeconomic Research Office (AMRO) Finance

and Central Bank Deputies’ Meeting. Issues usually discussed, according to Diokno, include the winding down of debt relief measures, while transitioning to more targeted support as economic conditions improve; importance of adopting careful strategies for the exit from the policy support; and longer-term challenges in the post-pandemic period. The BSP has implemented one of the most aggressive monetary policy responses to the economic disruption caused by Covid-19 in 2020. In total, the Central Bank has cut its rates by 200 basis points—25 basis points in February, 50 basis points in March, another 50 basis points in an offschedule Monetary Board meeting in April, a further 50 basis point cut in June and the latest 25-basis-point cut in November—to bring down the Philippines’s benchmark rate to its alltime low of 2 percent. However, the BSP has been maintaining its monetary policy stance in recent meetings as inflation continues to creep upwards. The BSP is expected to hold its monetary policy setting again on Thursday, March 25. Bianca Cuaresma

The Nation BusinessMirror

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PHL receives 2nd batch of Sinovac vax from China By Claudeth Mocon-Ciriaco

IBP hails SC steps to curb attacks vs lawyers, judges as eight senators slam ‘brazen’ killings

Correspondent

By Joel R. San Juan

OLLOW ING t he a r r iva l on Wednesday of 400,000 additional doses of Coron aVac v acc i ne de ve lop e d b y Beijing-based Sinovac, Health Secretary Francisco T. Duque III renewed his call that the existing prioritization framework “must be maintained.” “We shall see to it that all of our health-care workers, not just in the National Capital Region, but in the whole country, are given the protection they need and deserve for being at the forefront of the battle against the virus,” Duque said. T he hea lth chief said that they are grateful for the arrival of additiona l donated vaccines f rom C h i n a , t he f i rst don ation of which tota ling 600,000 doses were received last Febr uar y 28. “The arrival of these vaccines could not have occurred at a more opportune time considering the continued rise in cases, which in turn increases the need to inoculate more high-risk individuals as soon as possible,” Duque said. National Task Force (NTF) against Covid-19 chief implementer and vaccine czar Secretary Carlito Galvez Jr. said that the arrival of the donated vaccines from China is a “testament that when all nations are working together, we can surmount any challenges ahead.” “The Philippine government will continue to strengthen its collaboration with China to finally put an end to this pandemic,” Galvez said. While initial doses from Sinovac and AstraZeneca are currently being rolled out in the county, Galvez is keen on the ongoing negotiations with different pharmaceutical companies, all towards ensuring that the country secures enough doses to vaccinate 70 million of the population in order to achieve herd immunity. The additional donated CoronaVac vaccines will be instrumental in the country’s ongoing Covid-19 vaccination program, especially at this moment when a persistent increase in cases is being observed. Moreover, the country is expecting to receive almost 2 million Covid-19 vaccine doses by the end of the month through the government’s negotiations with Sinovac and through the World Health Organization-led Covax Facility, 1 million of which will be procured from China’s Sinovac, while the remaining 979,200 doses are the additional donated AstraZeneca doses through Covax Facility. Aside from Duque and Galvez, Sen. Christopher Lawrence Go, NTF Deputy Chief Implementer Secretary Vince Dizon, Chinese Ambassador to the Philippines Ambassador Huang Xilian and other officials from the InterAgency Task Group and DOH welcomed the arrival of the additional donated CoronaVac doses at the Ninoy Aquino International Airport (Naia). Dubbed as “vaccine diplomacy” being waged by China along with Russia, this soft-power arrangement for third world countries apparently aims to undercut what was once America’s global role. Former National Security Adviser, Hillary Clinton, in a CNN interview on Wednesday, urged the Biden administration to do the same, “and not play catch-up with Russia and China.” With Recto Mercene

& Butch Fernandez

Editor: Vittorio V. Vitug • Thursday, March 25, 2021 A3

offices to furnish it with relevant information to shed light on the number and context of each and every threat or killing of a lawyer or judge within the past 10 years.

@jrsanjuan1573 @butchfBM

HE Integrated Bar of the Philippines (IBP) welcomed on Wednesday the Supreme Court’s move to institute measures that would prevent the rising incidents of red-tagging, threats, intimidation and killings of lawyers and judges in the country. As this developed, eight senators, crossed partylines to strongly denounce the alarming increase in the number of judges and lawyers killed in the recent wave of violence inflicted upon members of the law profession. “Our lawyers play a crucial role in the administration of justice in the country, especially in representing the most marginalized members of the community,” the senators stated in Resolution 691 filed by Senate Minority Leader Franklin M. Drilon with Senators Juan Edgardo Angara, Pilar Cayetano, Leila de Lima, Richard Gordon, Francisco Pangilinan, Aquilino Pimentel III, and Francisco Tolentino. In a news statement, IBP President Domingo Egon Cayosa said his group is grateful for the SC’s decision to take cognizance of the concerns of the members of the legal profession. “We welcome the en banc statement of the Honorable Supreme Court on the safety and security of lawyers and judges. It is deeply appreciated.

We welcome the en banc statement of the Honorable Supreme Court on the safety and security of lawyers and judges. It is deeply appreciated. We are pleased and grateful that a number of the suggestions and recommendations of the IBP are being acted upon.

Attention ‘fellow lawyer’ Duterte BM

IBP President Domingo Egon Cayosa We are pleased and grateful that a number of the suggestions and recommendations of the IBP are being acted upon,” said Cayosa. The IBP assured that they would work with the Judiciary, government agencies, other sectors and lawyers to improve the security aspect of those belonging to their profession. “While we vigorously pushback against any threat, violence or disregard of due process, we will move forward and focus on what we can do to deliver ‘Justice Bilis,’” he said. “Only when the evil-doers are swiftly and surely held accountable that the criminals fear the law and respect the rights of other. Justice Bilis helps secure not only the magistrates and lawyers but every citizen, especially the disadvantaged,” Cayosa added. Last Tuesday, SC broke its silence on mounting calls of lawyers for the High Court to take measures to address the

series of killing of lawyers and other concerns raised before it by stakeholders in the legal circle. It announced several measures it would be implementing in response to the plea of the parties in the AntiTerrorism Act of 2020 (ATA), the Integrated Bar of the Philippines, the University of the Philippines (UP) College of Law, and the Free Legal Assistance Group (FLAG). Among the measures are deliberation on the possibility of including a provision on its Rules of Procedure that would regulate the conduct of buy-bust operations in the enforcement of the Comprehensive Dangerous Drugs Act and promulgation of rules on the use of body cameras for the service of search and arrest warrants to prevent speculations of extrajudicial killings. The Court also compelled all lower courts and various law enforcement

SENATE Resolution 691 prods President Duterte, also a lawyer, to “undertake the necessary steps in ensuring the safety of the members of the legal profession.” The Senate Resolution noted that “the brazen acts of violence against lawyers send a chilling message to the members of the bench

Faithful warned vs bogus e-mail soliciting funds for Cardinal Tagle By Samuel P. Medenilla @sam_medenilla

HE Archdiocese of Manila has warned the public against a fake online solicitation to raise funds supposedly for the medical treatment of Congregation for the Evangelization of Peoples Prefect Cardinal Luis Antonio Tagle. It issued the statement after Tagle’s e-mail was hacked and is now being used to scam people. “The public is warned and reminded that the official communications chan-

nel of the Cardinal is only through the Vatican and not through any private person using e-mail or social-media accounts,” the Archdiocese of Manila said in the statement. Gregory Ramon D. Gaston, rector of Pontificio Collegio Filippino, who reported the incident to the Archdiocese of Manila, said a certain Dr. Ramon Ramos was asking via e-mail for financial aid for Tagle, who is supposedly confined in the University Medical Center De La Salle, Dasmariñas City, Cavite. Gaston belied the content of the email, stressing Tagle is in good health

in the Vatican. “Please rest assured that Cardinal Tagle is doing well in Rome, carrying out his ministry at the Vatican as Prefect of the Congregation for the Evangelization of Peoples,” Gaston said. “As you will see in today’s news, Cardinal Tagle was received by Pope Francis at noon of March 22, 2021, in an audience with the residents of the Pontificio Collegio Filippino, who celebrate the 60th anniversary of the institution,” he added. Tagle’s personal e-mail was hacked in 2015.

Davao City bounces back to ‘minimal risk’ status By Manuel T. Cayon

@awimailbox Mindanao Bureau Chief

AVAO CIT Y—T his cit y bounced back to its erstwhile manageable level this month after a steady and alarming rise in Covid-19 cases last month. City Mayor Sara Duterte-Carpio also ordered the return to requiring negative test result and other check for random symptoms from arriving airplane passengers to prevent an exponential surge currently being experienced in Metro Manila and Cebu. The City Mayor’s Office disclosed late last week of the recent classification of the city as minimal risk area in the Local Government Unit Risk Classification based on the Community Quarantine Decision Matrix. This matrix is being provided by the national Inter-Agency Task Force for the Management of Emerging Infectious Diseases. According to the matrix, Davao City recorded 563 cases in the past three to four weeks and 235 in the past one to two weeks. Dr. Ashley Lopez, acting city health officer, said that the classification was based on two indicators, the two-week growth rate (2WGR) and the average daily attack rate (ADAR). “Our 2WGR is -58.26, which means our cases are decreasing. Under this in-

dicator, we are classified low. Another indicator is the ADAR, we are at 0.9 or less than one per 100,000. That is also classified low,” he said. As of March 16, the city’s recovery rate was 92 percent. Davao City has recorded 13,408 cases since March last year, of which, 398 were active cases. This number of confined active cases constitute only or 3 percent of total infection. The city has placed five barangays under high-risk category, however, and seven under moderate risk, but Lopez said there were no barangays classified under critical risk. “In the past two weeks we have a remarkable decrease of cases and we have an improved situation compared to the last few months,” he said. With enough breathing space to manage the pandemic locally, DuterteCarpio has directed health and airport authorities to require all arriving passengers to show their health records and their respective swab test taken during the last 72 hours indicating negative result. She said this would help prevent the incursion of the more infectious Covid-19 variants. So far, Lopez said, the occupancy rate in the city’s Temporary Treatment and Monitoring Facilities (TTMF) stood at 13.8 percent. This means there are few positive cases admitted in the

facilities, he said. The Southern Philippines Medical Center’s utilization rate for the Covid ward beds and Intensive Care Unit (ICU) beds was less than 60 percent. Lopez,however,saidthefiguresshould not make Davao residents complacent. Vaccine utilization though, was slow here, as with many other local governments elsewhere in the country. A total of 7,970 health-care workers from public health facilities and private hospitals here were inoculated as of this week, but the number is only slightly more than one third of the targetted 21,000 health-care workers. Former City Health Officer, Dr. Josephine Villafuerte, who headed the city’s Vaccination Cluster, said that of the health-care workers on the list, 15 have refused and 167 deferred vaccination. “Those who refused are those who would want another kind of vaccine. Deferred cases failed to pass the screening stage, some of them have conditions like persistent high blood pressure, exposure to Covid infection, and recent Covid infection,” she said. She said the city government started this week the pre-registration of Dabawenyos who want to be inoculated against Covid-19. She said that Dabawenyos who are 18 years old and above may go to the nearest district and barangay health offices in their area to be pre-listed.

and the bar who, in the performance of their responsibilities to the society as administrators of justice, should be able to exercise their sworn duties and represent their clients or dispense justice without threats, persecution and fear for their safety and their lives.” At the same time, the lawyer-senators prodded President Duterte to “undertake the necessary steps in ensuring the safety of the members of the legal profession by laying out definitive solutions and actions to address such rampant violence and killings, including the prompt, impartial and efficient investigation and prosecution of the cases.”

BusinessMirror

A4 Thursday, March 25, 2021

ESTABLISHMENT / ADDRESS NO.

FOREIGN NATIONAL / NATIONALITY

ESTABLISHMENT / ADDRESS POSITION

24/7 BUSINESS PROCESSING INC. 11/f Capella Bldg. L-3&4 B2, Asean Drive Filinvest Alabang Muntinlupa City 1.

FOREIGN NATIONAL / NATIONALITY

POSITION

NO.

76.

ZHAO, YONGZHI Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

110.

LI, YUE Chinese

77.

ZHOU, KANG Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

CHINESE SPEAKING CUSTOMER SERVICE REPRESENTATIVE

ZAHARAH Indonesian

INDONESIAN CUSTOMER SERVICE REPRESENTATIVE

111.

LIANG, XUETUAN Chinese

CHINESE SPEAKING CUSTOMER SERVICE REPRESENTATIVE

112.

SUSANTO Indonesian

CHINESE SPEAKING CUSTOMER SERVICE REPRESENTATIVE

113.

WANG, DONGLI Chinese

CHINESE SPEAKING CUSTOMER SERVICE REPRESENTATIVE

114.

WANG, YUNOU Chinese

CHINESE SPEAKING CUSTOMER SERVICE REPRESENTATIVE

115.

WANG, YUSHUI Chinese

CHINESE SPEAKING CUSTOMER SERVICE REPRESENTATIVE

116.

WANG, WENJIN Chinese

CHINESE SPEAKING CUSTOMER SERVICE REPRESENTATIVE

35.

WEN, YI Chinese

MANDARIN SPEAKING CUSTOMER SERVICE REPRESENTATIVE

WU, HANAI Chinese

MANDARIN SPEAKING CUSTOMER SERVICE REPRESENTATIVE

LIU, CHENYU Chinese

MANDARIN SPEAKING CUSTOMER SERVICE REPRESENTATIVE

37.

WU, ZHIHAO Chinese

MANDARIN SPEAKING CUSTOMER SERVICE REPRESENTATIVE

38.

ZHANG, YAFEI Chinese

MANDARIN SPEAKING CUSTOMER SERVICE REPRESENTATIVE

39.

ZHAO, ZHENG Chinese

MANDARIN SPEAKING CUSTOMER SERVICE REPRESENTATIVE

CUSTOMER SERVICE REPRESENTATIVE

RUIZ CABRERO, JULIO GERMAN Spanish

CONSTRUCTION DIRECTOR

DE LILLO, MAURO EMMANUEL Italian

FINANCE MANAGER

ACQUIRE ASIA PACIFIC PHILIPPINES INC. Lg-c Worldwide Corporate Center Edsa Cor. Shaw Blvd. Mandaluyong City 6.

NO.

36.

JI, YANG Chinese

SIDDIQUI, SHAMA KALAM Indian

TALENT DEVELOPMENT PROGRAM MANAGER

ANOC99 CORPORATION 5/f Ayala Malls Manila Bay Building D. Macapagal Blvd. Cor. Aseana

DEXCOM PHILIPPINES INC. 22nd,23rd,25th,26th Floors Ecoprime Building, 32nd Street Corner 9th Ave. Bgc, Fort Bonifacio Taguig City 40.

SHIELDS, JESSICA LEIGH Australian

PRESIDENT/VICE PRESIDENT, INTERNATIONAL BUSINESS OPERATIONS

EASTERN GOLD CORPORATION 503 Nueva St Binondo Manila

MANDARIN CUSTOMER SERVICE

14.

LI, JIELU Chinese

15.

121.

XIAO, GEHONG Chinese

CHINESE SPEAKING CUSTOMER SERVICE REPRESENTATIVE

86.

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

ZHANG, LIXIA Chinese

122.

ZENG, XINGHAO Chinese

CHINESE SPEAKING CUSTOMER SERVICE REPRESENTATIVE

87.

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

ZHAO, CHANGWEI Chinese

123.

ZHENG, SHAOBIN Chinese

CHINESE SPEAKING CUSTOMER SERVICE REPRESENTATIVE

88.

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

ZHENG, SIQI Chinese

124.

ZHOU, BEI Chinese

CHINESE SPEAKING CUSTOMER SERVICE REPRESENTATIVE

DAI, JIANGBO Chinese

MANDARIN SITE TECHNICAL OFFICER

ENDERUN COLLEGES, INC. 1100 Campus Avenue Mckinley Hill Pinagsama Taguig City 46.

CHALOPIN, MARC MICHEL HUBERT French

DI EXECUTIVE CHEF

EXQUISEEN INC. Unit 1 & 3 14/f Shhg Law Center Sycip Law Center 105 Paseo De Roxas San Lorenzo Makati City

MANDARIN CUSTOMER SERVICE

49.

MA, SHUHAO Chinese

CHINESE SPEAKING IT PROJECT ASSOCIATES

16.

XU, MEI Chinese

MANDARIN CUSTOMER SERVICE

50.

WU, DONG Chinese

CHINESE SPEAKING IT PROJECT ASSOCIATES

17.

ZHANG, BING Chinese

MANDARIN CUSTOMER SERVICE

FAREAST OUTSOURCE PROCESSING INC. 7th, 8th, 9th Flr. Nu Tower Moa Coral Way Brgy. 076 Pasay City

18.

LIU, ZHU Chinese

MANDARIN LANGUAGE SPECIALIST

51.

21.

JAMPHEL NYIMA Indian

MANAGER - APP DEVELOPMENT

CHINA GEZHOUBA GROUP CO., LTD. (PHILIPPINES BRANCH) 916 High Street South Corporate Plaza Tower One 26th Street Fort Bonifacio Taguig City 22.

LUO, JIAN Chinese

DESIGN MANAGER

CHINA HARBOUR ENGINEERING COMPANY 5/f Rm 501 Ramon Magsaysay Center 1680 Roxas Blvd. 076, Bgy. 699 Malate Manila 23.

MEI, TAOTAO Chinese

MANDARIN ASSISTANT PROJECT MANAGER

24.

MA, KAIXUAN Chinese

MANDARIN PROJECT COORDINATOR

25.

SHAN, HAIXIANG Chinese

MANDARIN PROJECT COORDINATOR

26.

OUYANG, XINGPING Chinese

MANDARIN PROJECT SITE MANAGER

CHINA RAILWAY GROUP LIMITED PHILIPPINE BRANCH U-a &b 20/f Rufino Pacific Tower 6784 Ayala Ave. Cor. V.a. Rufino St. San Lorenzo Makati City 27.

SU, LEQUAN Chinese

FINANCIAL SENIOR SUPERVISOR

DA SUCCESS BUSINESS TRADING INCORPORATED 2503 The Finance Centre 26th Street Corner 9th Avenue Fort Bonifacio Taguig City

WU, WEI Chinese

CUSTOMER SERVICE REPRESENTATIVE (CSR)

52.

YAN, TINGBO Chinese

CUSTOMER SERVICE REPRESENTATIVE (CSR)

53.

YANG, BAOGUO Chinese

CUSTOMER SERVICE REPRESENTATIVE (CSR)

FLYING DRAGON NETWORK PHILIPPINES INC. 4th-11th Floor Aseana 3 Building Aseana Avenue Corner Diosdado Macapagal Tambo Parañaque City 54.

CHEN, YUNYUN Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

55.

DAI, SHIWEI Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

56.

DONG, HANWEN Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

57.

GAO, FENG Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

58.

GONG, XIAOPENG Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

59.

GU, HUAXIN Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

96.

JIN, DASHUANG Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

97.

LI, WANLONG Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

KONGANBUDDIES MARKETING INC. 48/f Lower Ground Pbcom Tower 6795 Ayala Ave. Cor. V.a. Rufino St. Bel-air Makati City

98.

LI, YANGBIAO Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

132.

BREAV SUGIARTO Indonesian

FINANCE MANAGER

133.

DITA VANIA Indonesian

INDONESIAN CUSTOMER SERVICE REPRESENTATIVE

134.

GUNAWAN Indonesian

INDONESIAN CUSTOMER SERVICE REPRESENTATIVE

135.

JIMMY SANJAYA Indonesian

INDONESIAN CUSTOMER SERVICE REPRESENTATIVE

136.

YEN RIANA Indonesian

INDONESIAN CUSTOMER SERVICE REPRESENTATIVE

137.

PILLAI, CHETIKA GOPAL Indian

MARKETING EXECUTIVE

138.

HENDRA PUTRA Indonesian

MARKETING MANAGER

MARKETING STAFF MANDARIN SPEAKING

LUO, DOUJIANNAN Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

66.

MA, ZHAOSHAN Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE CHINESE CUSTOMER SERVICE REPRESENTATIVE

30.

MANDARIN QUALITY CONTROL SUPERVISOR

69.

WANG, LEI Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

70.

WEI, YUNBAO Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

MANDARIN SPEAKING CUSTOMER SERVICE REPRESENTATIVE

JIANG, BIN Chinese

LUO, YUDIE Chinese

QI, YUE Chinese

WEN, YANGFEI Chinese

95.

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

CHINESE CUSTOMER SERVICE REPRESENTATIVE

34.

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

ZHANG, GUOJI Chinese

TONG, HAOJIE Chinese

MANDARIN SPEAKING CUSTOMER SERVICE REPRESENTATIVE

94.

GONG, YINHUA Chinese

101.

68.

SUN, YAN Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

CHINESE CUSTOMER SERVICE REPRESENTATIVE

MANDARIN MARKETING SUPERVISOR

33.

FU, XINGFA Chinese

LI, QIANG Chinese

RAN, JINGDI Chinese

RAO, WEIQUAN Chinese

93.

62.

29.

32.

DING, ZIQIAN Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

65.

71.

WEI, LIANGJUN Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

72.

XU, YANG Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

73.

XU, YUFENG Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

74.

YANG, HUI Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

75.

ZHAO, CHANGFENG Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

MANDARIN SPEAKING CUSTOMER SERVICE REPRESENTATIVE

92.

XU, YANG Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

SU, XIAODAN Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

100.

LIU, CHANGFU Chinese

126.

DING, YANG Chinese

91.

CHINESE CUSTOMER SERVICE REPRESENTATIVE

64.

MANDARIN SPEAKING CUSTOMER SERVICE REPRESENTATIVE

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

HE, MUTU Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

LIN, XIAOBIN Chinese

CHEN, CHENG Chinese

90.

61.

LI, JUN Chinese

125.

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

SONG, YANG Chinese

67.

MANDARIN SPEAKING CUSTOMER SERVICE REPRESENTATIVE

GLOBALLGA BUSINESS PROCESS OUTSOURCING Ground Level, Level 2-5 Floor Silver City 4, Ortigas East Ugong Pasig City

99.

63.

INQUICK SERVICES INC. Unit 606 6/f Itc Bldg. 337 Sen. Gil Puyat Ave. Bel-air Makati City

AFTERSALES DIVISION HEAD

CHINESE CUSTOMER SERVICE REPRESENTATIVE

28.

MANDARIN SPEAKING CUSTOMER SERVICE REPRESENTATIVE

CHONG, YOU HOONG Irish

GUO, KUN Chinese

OUYANG, JINGYU Chinese

LI, WEIZHUANG Chinese

89.

60.

MANDARIN CUSTOMER SUPPORT

31.

GLOBAL MOBILITY SERVICE PHILIPPINES, INC. 2/f Salcedo Bldg. 223 Salcedo Cor. Gamboa & Adelantado Sts. San Lorenzo Makati City

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

WANG, XIN Chinese

DAXIFA CORPORATION Mpire Center 93 West Avenue Project 7 Bungad 1 Quezon City

CHINESE SPEAKING CUSTOMER SERVICE REPRESENTATIVE

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

WU, DI Chinese

C3/CUSTOMERCONTACTCHANNELS PHILIPPINES LTD. 11/f, 17/f, 18/f, 19/f, 20/f Bonifacio One Technology Tower 3030 Rizal Drive Cor. 31st St. Bgc Fort Bonifacio Taguig City

ZENG, ZHIJIAN Chinese

LONG, ZIYU Chinese

CHINESE SPEAKING HARDWARE TECHNICIAN

CUSTOMER SERVICE REPRESENTATIVE (CSR)

119.

85.

LIU, ZHIDONG Chinese

LIAO, BIANFU Chinese

JIANG, LI Chinese

CHINESE SPEAKING CUSTOMER SERVICE REPRESENTATIVE

83.

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

WEI, YONGPING Chinese

CHINESE SPEAKING CUSTOMER SERVICE REPRESENTATIVE

48.

20.

118.

ZHANG, GUOLIANG Chinese

MANDARIN CUSTOMER SERVICE

CUSTOMER SERVICE REPRESENTATIVE (CSR)

HUANG, SHAOSHENG Chinese

CHINESE SPEAKING CUSTOMER SERVICE REPRESENTATIVE

82.

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

WANG, XIANG Chinese

120.

47.

HUANG, XIAOZHONG Chinese

117.

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

CHINESE SPEAKING HARDWARE TECHNICIAN

19.

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

LIAO, YUWEI Chinese

LIU, RENZHENG Chinese

BILLION DRAGON OUTSOURCE PHILS., INC. 3/f Ayala Mall Southpark National Road Alabang Muntinlupa City

DENG, YI Chinese

84.

45.

LI, XIAOYU Chinese

81.

MARKETING AND SALES AGENT

CHINESE CUSTOMER SPECIALIST

13.

FUXINGYING CAIYUN HENTONG, CORP. 7th, 8th, 9th, 10th Floor Eton Ewestpod Chino Roces Avenue Cor. Yakal & Malugay Streets San Antonio Makati City

RAN, YEHUA Chinese

LAN, JUN Chinese

MANDARIN CUSTOMER SERVICE

HEAD OF PROJECT MANAGEMENT OFFICE

MARKETING AND SALES AGENT

JIANG, HUI Chinese

TON RAUSCH, WERNER Deutsch

MENG, XIANYU Chinese

ECHOTECH SERVICES INC. 18/f Philamlife Tower 8767 Paseo De Roxas Bel-air Makati City

12.

80.

43.

CHINESE CUSTOMER SERVICE

MANDARIN CUSTOMER SERVICE

FRONTIER TOWER ASSOCIATES PHILIPPINES INC. Ug/f Somerset Olympia Bldg. 7912 Makati Ave. Urdaneta Makati City

MARKETING AND SALES AGENT

LU, KAN Chinese

HUANG, QIANG Chinese

CHINESE SPEAKING DATA ENTRY CLERK

HUANG, TAO Chinese

11.

YE, YUCHENG Chinese

42.

44.

MANDARIN CUSTOMER SERVICE

79.

MARKETING AND SALES AGENT

CHINESE CUSTOMER SERVICE

FEI, YAOLAN Chinese

FREEMOVED INC. 40/f Pbcom Tower 6795 Ayala Ave. Cor. V.a Rufino St. Bel-air Makati City

POSITION

HUANG, WEI Chinese

10.

78.

FOREIGN NATIONAL / NATIONALITY

41.

HE, SHIBAO Chinese

BIG EMPEROR TECHNOLOGY CORP. Eastfield Center Cbp1, Macapagal Blvd. Brgy. 076 Pasay City

ESTABLISHMENT / ADDRESS

POSITION

MANDARIN SPEAKING CUSTOMER SERVICE REPRESENTATIVE

ACCIONA CONSTRUCTION PHILIPPINES INC. 21/f Tower 2, The Enterprise Center 6766 Ayala Ave. Cor. Paseo De Roxas San Lorenzo Makati City 4.

FOREIGN NATIONAL / NATIONALITY

ESTABLISHMENT / ADDRESS

HUANG, ZHOULIAN Chinese

8 STONE BUSINESS OUTSOURCING OPC 5th-10th/f Tower 3, Pitx #1 Kennedy Road Tambo Parañaque City 3.

NO.

www.businessmirror.com.ph

102.

IBM BUSINESS SERVICES, INC. 8th Floor, 1800 Bldg. Eastwood City Libis Quezon City 103.

SU, SHENGWEI Chinese

SR HR ADVISOR (SME)

INTERCOMP LINK SOLUTIONS INC. 14th Floor, Filinvest Three Bldg. Northgate Cyberzone Filinvest Alabang Muntinlupa City 127.

GUAN, ZHIYONG Chinese

CUSTOMER SERVICE REPRESENTATIVE (CSR)

128.

JIANG, ZHONGRUI Chinese

CUSTOMER SERVICE REPRESENTATIVE (CSR)

129.

ZHOU, YOU Chinese

CUSTOMER SERVICE REPRESENTATIVE (CSR)

J-NA ALLOUT TECHNOLOGY SOLUTIONS CORP. 3/f Lipams Bldg. #48 President Avenue Bf Homes Parañaque City 130.

KIM, JOON OH South Korean

BUSINESS OPERATION MANAGER

KINGSFORD ENVIRONMENTAL PHILS., INC. Unit 2505-2506 Medical Plaza San Miguel Ave. San Antonio Pasig City 131.

CLARK, SALLY ANN Australian

VICE-PRESIDENT

MEGA-WEB TECHNOLOGIES INC. 6,7,8,9,10,11/f Met Live Bldg. Edsa Cor. Macapagal Blvd. Brgy. 076 Pasay City 139.

WU, JIE Chinese

MANDARIN SPEAKING CUSTOMER RELATIONS SERVICE PROVIDER

FENG, YUANCAI Chinese

CHINESE SPEAKING CUSTOMER SERVICE REPRESENTATIVE

140.

WU, PENGBO Chinese

MANDARIN SPEAKING CUSTOMER RELATIONS SERVICE PROVIDER

HSIEH, CHIH-LUN Taiwanese

CHINESE SPEAKING CUSTOMER SERVICE REPRESENTATIVE

141.

ZHENG, JIANCHAO Chinese

MANDARIN SPEAKING CUSTOMER RELATIONS SERVICE PROVIDER

HU, SONG Chinese

CHINESE SPEAKING CUSTOMER SERVICE REPRESENTATIVE

142.

ZHOU, JIE Chinese

MANDARIN SPEAKING CUSTOMER RELATIONS SERVICE PROVIDER

KOH BOON KEONG Malaysian

CHINESE SPEAKING CUSTOMER SERVICE REPRESENTATIVE

108.

LI, BO Chinese

CHINESE SPEAKING CUSTOMER SERVICE REPRESENTATIVE

109.

LI, HUI Chinese

CHINESE SPEAKING CUSTOMER SERVICE REPRESENTATIVE

INFOVINE INC. 9/f Y Tower, Moa Complex Coral Way Drive Cor. Macapagal Brgy. 076 Pasay City 104.

105.

106.

107.

MINDSCAPE CREATIVES INC. Unit 19-o, Burgundy Corporate Tower 252 Sen. Gil Puyat Ave. Pio Del Pilar Makati City 143.

WANG, YANXING Chinese

MANDARIN TECHNICAL SUPPORT

MOA CLOUDZONE CORP. 4th-11th Flr. Nexgen Tower C4 Rd. Edsa Ext. Brgy. 076 Pasay City 144.

CHE, LEI Chinese

CHINESE CUSTOMER SERVICE

TheWorld

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

Thursday, March 25, 2021

Cargo vessel turns sideways, blocks Egypt’s Suez Canal

UBAI, United Arab Emirates—A cargo container ship that’s among the largest in the world has turned sideways and blocked all traffic in Egypt’s Suez Canal, officials said Wednesday, threatening to disrupt a global shipping system already strained by the coronavirus pandemic. The MV Ever Given, a Panama-flagged container ship that carries trade between Asia and Europe, became grounded Tuesday in the narrow, man-made waterway dividing continental Africa from the Sinai Peninsula. It wasn’t immediately clear what caused the Ever Given to turn sideways in the canal. GAC, a global shipping and logistics company, described the Ever Given as suffering “a blackout while transiting in a northerly direction,” without elaborating. Evergreen Marine Corp., a major Taiwan-based shipping company that operates the ship, said in a statement provided to The Associated Press that the Ever Given had been overcome by strong winds as it entered the Suez Canal from the Red Sea but none of its containers had sunk. A Eg y ptian official, who spoke to the AP on condition of anonymity as he wasn’t authorized to brief journalists, similarly blamed a strong wind in the area for the incident. Egyptian forecasters said high winds and a sandstorm plagued the area Tuesday, with winds gusting as much as 50 kph. “All crew are safe and accounted for,” said Bernhard S c hu lt e S h ip m a n a ge me nt , which manages the Ever Given. “There have been no reports of injuries or pollution.” The management company denied the ship ever lost power. The Ever Given’s bow was touching the canal’s eastern wall, while its stern looked lodged against its western wall, according to satellite data from MarineTraffic.com. Several tug boats surrounded the ship, likely attempting to push it the right way, the data showed. An image posted to Insta-

In this photo released by the Suez Canal Authority, a boat navigates in front of a massive cargo ship, named the Ever Green, rear, sits grounded on, March 24, after it turned sideways in Egypt’s Suez Canal, blocking traffic in a crucial East-West waterway for global shipping. An Egyptian official warned Wednesday it could take at least two days to clear the ship. Suez Canal Authority via AP

gram by a user on another waiting cargo ship appeared to show the Ever Given wedged across the canal as shown in the satellite data. A backhoe appeared to be digging into the sand bank under its bow in an effort to free it. The Egyptian official said tugboats hoped to refloat the ship and that the operation would take at least two days. The ship ran aground some 6 kilometers north of the southernly mouth of the canal near the city of Suez, an area of the canal that’s a single lane. T hat could have a major knock-on effect for global shipping moving between the Mediterranean Sea and the Red Sea, warned Salvatore R. Mercogliano, a former merchant mariner and associate professor of history at North Carolina’s Campbell University. “Every day, 50 vessels on average go through that canal, so the closing of the canal means no vessels are transiting north and south,” Mercogliano told the AP. “Every day the canal is closed...container ships and tankers are not delivering food, fuel and manufactured goods to Europe and goods are not being exported from Europe to the Far East.” The Ever Given had listed its destination as Rotterdam in the

Netherlands prior to getting stuck in the canal. The ship, built in 2018 with a length of nearly 400 meters (a quarter mile) and a width of 59 meters (193 feet), is among the largest cargo ships in the world. It can carry some 20,000 containers at a time. Opened in 1869, the Suez Canal provides a crucial link for oil, natural gas and cargo being shipping from East to West. Around 10 percent of the world’s trade flows through the waterway and it remains one of Egypt’s top foreign currency earners. In 2015, the government of President Abdel-Fattah el-Sissi completed a major expansion of the canal, allowing it to accommodate the world’s largest vessels. However, the Ever Given ran aground before that new portion of the canal. The incident Tuesday marks just the latest to affect mariners amid the pandemic. Hundreds of thousands have been stuck aboard vessels due to the pandemic. Meanwhile, demands on shipping have increased, adding to the pressure on tired sailors, Mercogliano said. “It’s because of the breakneck pace of global shipping right now and shipping is on a very tight schedule,” he said. “Add to it that mariners have not been able to get on and off vessels because of Covid restrictions.” AP

China bashes US over racism, inequality, pandemic response

EIJING—China took the US to task Wednesday over racism, financial inequality and the federal government’s response to the coronavirus in an annual report that seeks to counter US accusations of human-rights abuses by China’s ruling Communist Party. The 28-page report issued by China’s Cabinet said the US in 2020 “saw its own epidemic situation go out of control, accompanied by political disorder, inter-ethnic conflicts, and social division.” T he document released by the State Council Information Office also highlighted the January 6, 2021 insurrectionist attack on the Capitol as well as gun v iolence and health disparities. “What happened on Capitol Hill revealed the shortcomings of US democracy,” Chang Jian, the director of the Human Rights Institute of Nankai University in Tianjin, China, said at a government news conference. “And that is the two political parties would sometimes do everything they can to advance their own interests.... They would incite division and violence among the people. So can US society continue to prosper under its current democratic system? I would put a question

mark on it.” C h i n a i ssues t he re por t each year in response to US criticism of its record on issues such as abuses against minority groups in the western regions of Xinjiang and Tibet and a crackdown on opposition voices in Hong Kong. It has used the Covid-19 pandemic, which has killed many more people in the US than in China, to highlight the Communist Party’s handling of the outbreak—and by extension, what it sees as the benefits of its system. “To defeat the epidemic requires mutual help, solidarit y and cooperation among all countries. However, the United States, which has always considered itself an exception and superior, saw its own epidemic situation go out of control, accompanied by political disorder, inter-ethnic conf licts, and social division,” the report said. “Vulnerable groups became the biggest victims of the government’s reckless response to the epidemic,” it said. The Chinese report is based on open-source material, as opposed to the US document, which is largely drawn from work by diplomats, journalists and human-rights activists who

cannot always reveal their information because of threats of retaliation from the Communist Party. The report comes after the European Union joined the US, Britain and Canada in imposing sanctions on Chinese officials over accusations they abused ethnic minorities. Beijing retaliated by announcing it would penalize four European legislators, a German researcher and European-based rights organization with bans on travelling to Chinese territories or having financial interactions with Chinese institutions. A US St ate De pa r t ment spokesman criticized the recent closed-door trials of two Canadians in China on espionage charges in apparent retaliation for Canada’s detention of an executive of the telecoms giant Huawei, who is wanted in the U.S. on fraud charges. “We can’t underscore enough that we stand shoulder-toshoulder with Canada in calling for the immediate release of both Michaels, Michael Kovrig and Michael Spavor, and continue to condemn the lack of minimum procedural protections during their two-year arbitrary detention,” deputy spokesperson Jalina Porter said Tuesday in Washington. AP

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A6 Thursday, March 25, 2021• www.businessmirror.com.ph

Pandemic prompts reckoning o ‘T

By Cai U. Ordinario

WAS the night before the eighteenth of March, when all through streets in front of houses not a creature was stirring, not even a mouse. The laughter of children and the chatter of women faded into hushed tones. Three million hungry denizens of the metropolis silenced to sleep grumbling stomachs.

Welcome to the “ bubble,” a dystopian-like world previously stowed in the pages of books of fiction by Isaac Asimov, Ray Bradbury, Orson Scott Card, Cormac McCarthy and George Orwell. Asimov allowed robots to march the earth and Bradbury brought humans to Mars. Card viewed a military school in space from the eyes of a child and Orwell introduced Big Brother’s totalitarianism. McCarthy trekked the road in search of scarce basic need: food. Albeit not 100-percent accurate, their words presented a future eerily becoming the present: robots, tablets, space exploration even the kitchen wonder “Instapot” for “automeals” ubiquitous. The kernel of this future was linked to the tampering of a nucleus the cell, the idea unknowing that a virus almost the size of a nucleus would give birth to what was only imagined. Nonetheless, the more the future and the present intertwine; the more the world changes, the more things stayed the same: lack of access to resources, hunger and poverty linger among the masses. A nd t he y lo ok to le ade r s for hope. “The country was pushed into the future much earlier than it has prepared for,” Ateneo Center for Economic Research and Development (Acerd) Director Alvin P. Ang told the BusinessMirror.

Back to the future

UNITED Nations Under-Secretary-General and Executive Secretary of Escap Armida Salsiah Alisjahbana pointed out the pandemic has exacerbated the existing inequalities making it even more difficult to achieve the Sustainable Development Goals (SDGs). These existing problems include weak health systems and low social security. There’re also the problems of “high informality,” inadequate fiscal space and high disparities in income and wealth, digital access, education and financial inclusion. Add to these are environmental stress and uneven access to vaccines. All these have made the region’s progress to attain the SDGs uneven. Alisjahbana said that even before the pandemic, the region was already off-track in attaining the goals. The pandemic will likely worsen this progress, she added. Alisjahbana said the pandemic is already pushing countries in the region to follow a K-shaped recover y where inequa lit y is expected to widen. This means the poor will continue to spiral downward while the rich enjoy the benefits of growth.

Upended by pandemic

LAST year, the Philippine economy tanked and posted a contraction of 9.5 percent, the lowest gross domestic product (GDP) growth recorded since the Second World War. Traditional production sectors that contributed

significantly to economic growth e.g. industry and services, hiccupped amid the lockdowns. Household consumption, the Philippine economy’s primary strength, suffered and shrank 7.9 percent last year, given that millions lost their jobs. Former Socioeconomic Planning Secretary Dante B. Canlas told the BusinessMirror that last year, one in 10 members of the labor force became jobless, forcing one in five families to fall below the poverty line. This, he said, could lead poverty incidence to reach 20 percent once the 2021 Family Income and Expenditure Survey (FIES) is released by the Philippine Statistics Authority (PSA). The survey is conducted every three years; the last survey being done in 2018. “From the standpoint of human welfare, the above means a profound decline in living standards of several Filipinos after notable improvements over at least the past two decades,” Canlas told the BusinessMirror. He said the pandemic, a health shock, carried economic repercussions that outweighed other shocks. The latter includes the oil-price shocks in the 1980s, the 1997 Asian financial crisis and the 2008 global financial crisis.

Sectors badly hit

CANLAS explained to the BusinessMirror that the spread of the coronavirus tiny at 50 nanometers to 140 nanometers had the ability to disrupt economic and business activities that caused both consumption and investment activities to sharply decline. Ang said the decline in these activities is why the economy’s recover y is slow. Key sectors that significantly contributed to its growth remained “generally muted.” He said these key sectors are trade, transportation, accommodation and construction that contracted 5.7 percent, 31.2 percent, 44.7 percent and 28 percent, respectively in 2020. He said that while the agriculture sector was “not hit as bad,” it continued to be plagued by weather disturbances. Toward the end of the year, storms and floods devastated crops in the Bicol Region and Cagayan Valley. The manufacturing sector’s growth “was limited by the domestic lockdowns as well as the slow global economic recovery,” Ang told the BusinessMirror. Data from the PSA showed that the manufacturing output continued to contract in January at 17.6 percent. Average capacity utilization of the sector was at 46.1 percent in January, the second consecutive month that the average capacity utilization rate was below 50 percent. “This leaves the government to help arrest further declines in the economy through unprecedented borrowing and spending,” Ang told the BusinessMirror.

“Nonetheless, the effectivity of government actions were hampered by lack of formality and low levels of digitalization.”

IT adjustments

CANLAS explained to the BusinessMirror that the disruption caused by the pandemic forced enterprises to adopt new production techniques, organizational structures and information technologies to be able to continue to do business. All economic sectors adjusted, according to Canlas: work-fromhome arrangements were allowed and face-to-face team meetings were minimized. However, doing so also minimized coordination in the workplace. Households also adjusted to new realities. Goods pharmaceutical, food and non-food were bought online and delivered at their doorstep via porters. “ These are the new modes, whether in agriculture, industry and services. As virtual approaches in production and consumption gain currency, some work-skills are rendered obsolete,” Canlas told the BusinessMirror. “To be rehired, laid-off workers need retraining to able to adjust to the new production techniques that have emerged. As workers go through spells of unemployment and underemployment while retraining, aggregate consumption suffers,” he added. To note, some four million Filipinos were still jobless in January 2021.

Negative externality

THE pandemic exposed “the excesses of capitalism,” And told the BusinessMirror Market economics obeys natural laws that “put things into balance.” It is, he said, the role of other disciplines to place appropriate limits to achieve market equilibrium. Ang explained to the BusinessMirror this dynamic was observed in the agriculture sector. The natural and organic way of agriculture means taking away chemicals that could be harmful to health over time. However, the lack of discipline paved the way for excesses in consumption and production, Ang explained. But Canlas said that while capitalism had its limits, the economic shock brought by the pandemic did not show capitalism’s failure. The government stepping in to alleviate the suffering of millions by providing assistance in cash and in kind was expected in a shock such as the pandemic. The Philippines, Canlas said, continues to rely on markets to conduct business and economic activities. The only problem is the outbreak of the pandemic, a negative externality, caused these markets to fail or falter. Negative externalities are “adverse thirdparty spillover effects.” “Government intervention is indicated, which has several requirements. Good governance, in the sense of ‘zero-corruption’ in delivering the public health program designed to contain the pandemic is one prerequisite, for example,” Canlas said. “Summing up, the Philippines is a mixed economy, neither purely capitalistic nor purely socialist, in the sense that the government owns solely the factors of production like labor and capital,” Canlas told the BusinessMirror.

Embracing change

ANG said the lessons forced on the Philippines by the pandemic don’t necessarily lead to new economic models but to digitalization. He

told the BusinessMirror that digitalization will be needed to make the economy more resilient in the digital age. All roads lead to digitalization, a mantra that has existed for many years, Ang said. However, the government and even logistics for agriculture remained analog, he added. The economist told the BusinessMirror that countries and even companies who were able to adopt to digital trends were

the ones that survived during circuit breakers. All they had to do was shift their operations online, thereby, allowing their citizens to access public services and their workers to work remotely, wherever they were in the country or in the world. “Our institutions are not fine tuning to the changing environment fast enough. This is what I call 2-steps ahead mentality for both government and firms,” Ang told the BusinessMirror.

“For instance, elasticities of supply and demand clearly predict response and yet we continue to implement policies contrary to its expected outcomes.”

Sustainability challenge

TR ADE Undersecretary Rafaelita M. Aldaba said the pandemic fast-tracked the country’s digitalization “ journey.” For one, the number of online businesses registered with the Department of Trade and

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Editor: Dennis D. Estopace • Thursday, March 25, 2021

of PHL’s recent past, near future She also noted that traditional businesses and startups created digital business models to diversify their revenue streams. Aldaba said retail titans doubled efforts to upgrade their e-commerce systems to serve online clients better. However, she lamented that these recent gains on digitalization may not be sustained. Aldaba said economic statistics “do not currently give a clear and integrated response to questions about the role, nature and size of platforms.” Aldaba also said large internationa l platfor ms cur rent ly have complicated str uctures. She explained that because of this, a number of transactions are routed and processed in multiple ways, making it challenging for National Statistics Offices (NSOs) to get a holistic view of a platform’s activities.

Subsequent impacts

ALDABA said that NSOs need to include platforms in their surveys to obtain data on turnover and employment. She added that policymakers need to assess and compare the country’s innovation progress with its counterparts. Aldaba said this is important as digital innovation transforms markets and has “subsequent impacts on firms, market dynamics, people and communities.” She added that digital infrastructure is also needed as well as addressing regulatory constraints that limit competition. Based on the National ICT Household Sur vey (NICTHS), more than half or 63.7 percent of interviewed communities do not have telecommunication towers in their areas. Further, majority or 70.2 percent of interviewed barangays do not have fiber optic cables installed. The data also showed 87.8 percent of these barangays did not even have free wireless-fidelity (Wi-Fi) connection. Further, a recent World Bank report said that around 60 percent of Filipino households do not have access to the internet. This despite findings by a private firm that said Filipinos spend 10 hours online daily.

BM GRAPHICS: JOB RUZGAL

Mobile data connection

Indust r y ( D T I ) i nc rea sed to 82,000 in October 2020 from only 1,700 in March that year. In ter ms of volume of online pay ment t ra nsact ions, t here was a 624-percent and 130 -percent increase in the use of InstaPay and PESONet electronic f und transfer ser v ices, A ldaba shared dur ing a webinar co-organized by the Philippine Institute for Development Studies (PIDS) and the A sian Development Bank (A DB).

WORLD Bank Economist Kevin Chua said most Filipinos relied on mobile data for Internet connection. Part of the reason is that digital connection in the Philippines is expensive, slow and has a low broadband penetration rate. W here Internet services are av a i l a b l e , F i l i p i no c o n s u m ers experience slow download speeds. At 16.76 megabytes per second (Mbps), the Philippines’s mobile broadband speed is much lower than the global average of 32.01 Mbps. In the region, the report titled “A Better Normal Under Covid-19: Digitalizing the Philippine Economy Now,” said 3G/4G mobile average download speed stands at 13.26 Mbps compared to only 7 Mbps in the Philippines. Chua, lead author of the report, said the most commonly used in the country is 3G, which is the lower version of internet connection. Further, in a joint report by the ADB, UN Economic and Social Commission for Asia and the Pacific (Escap) and the UN Development Programme (UNDP) released this week, countries like the Philippines still had low digital capacities.

Internet use low

THE report noted that digital capacities in many parts of the region are low. The report added that the Philippines and Lao PDR has a

big gap in the share of adults with bank accounts between the top 60 percent and the bottom 40 percent of the income distribution. Further, Internet use is lower among those in the bottom 40 percent of the population in the region. In the Philippines, Filipinos over 35 years old are the least connected while in Lao PDR, Internet connection is also affected by gender. The data also showed that in Indonesia, Lao PDR and Viet Nam, among other countries, lower education levels are associated with low Internet use. The report also noted that while digitization of wage payments in the Philippines is progressing, there is still an “ample scope for greater inclusion.” “The region now must develop digital technology-based policy responses and mainstream data and statistics in (the region’s) recovery (from the pandemic),” Alisjahbana said at the 8th Asia-Pacific Forum on Sustainable Development (APFSD) that started last Tuesday.

Reckoning with debt

GETTING the economy on track to an upward trajectory will require changes. For one, Ang said, the country’s segmented view on health should be made more holistic. He told the BusinessMirror that healthy living is a public good and can be aided by technology. In terms of sovereign debt, Ang said these must be treated differently from private debts. He said public debts are, in fact, investments that allow countries to address its challenges. Action for Economic Reforms (AER) Coordinator Filomeno S. Sta. Ana III earlier said “Good economics allows heavy borrowing during a time of national emergency.” “Public debt if used properly becomes an investment that allows the country as a whole to repay. In the same way, integrated and whole of society thinking that is 2 steps ahead will address the future society you want to build,” Ang told the BusinessMirror. “[There is also a need to] fine tune the Ambisyon 2040 so that a holistic vision of the Filipino is improved.”

Resource allocation

CANLAS agreed with Ang about health systems and added that this and efforts to contain the pandemic should be part of the immediate and short-term focus of the government. He said efforts to strengthen the public-health program can help the country prevent another pandemic or health crisis in the future. Further, Canlas said a strong publ ic-hea lt h i n f ra st r uc t u re would dampen the fear of the uncertainties brought about by the Covid-19 pandemic. “This translates to higher savings that fund public and private investments in human, physical, and technological capital, the vital ingredients of growth and development.” Canlas said the allocation of resources by the government through the General Appropriations Act must be done responsibly. This means the government must put in place a “deficit-reduction program” while protecting the core values of people in education, health and social overhead capital such as infrastructure and climate-change mitigation. “Waste in government spending, such as, those stemming from pork-barrel allocations and corruption ‘a la Napoles,’ must be shunned,” Canlas emphasized.

Of utmost importance

TO address the country’s technology challenges, Aldaba said the DTI has adopted the Inclusive Innovation Industrial Strategy (i3S). This aims to create globally competitive and innovative industries by building an innovation and entrepreneurship ecosystem. The i3S also aims to remove obstacles to allow the Philippines to attract more investments, strengthen the domestic supply chain, and deepen industries’ participation in global and regional value chains. “By implementing the i3S, we can improve our competitiveness and introduce new goods, new processes, and new business models in the market, which can lead to more high-quality jobs, income opportunities and the emergence of new industries, thus resulting in an inclusive and sustainable industrial development,” she explained. For De La Salle University Economist Maria Ella C. Oplas, fiscal policy moving forward is of utmost importance. Oplas said pump priming the economy is an important vehicle to allow the economy to recover. However, government response should be directed and evidence-based. Further, Oplas said, the national government should also recognize the importance of the private sector. She said collaborative governance is the way to go, especially in times of crises. “I have always believed in the minimal role of government and more role for private sector in boosting the economy.” In the end, Canlas said the recovery from a crisis like the Covid-19 pandemic would take time. Ultimately, she said, the top political leadership, particularly, the Chief Executive, matters greatly, especially during crises. He said countries led by transparency leaders who embrace science in addressing the pandemic were more successful in managing the crisis.

Remove fear

CANLAS and Oplas agreed that Filipinos should be guided by their knowledge of the country’s experience in voting in the forthcoming Presidential polls. Oplas added that the need for Filipinos to be more discerning in choosing leaders should come into focus. This is not only highlighted in the government’s response to the pandemic but also in the inoculation of the general public. “I would like to believe that our current president knows local governance but the challenge is his limited social capital. His network is Mindanao, which limited his access to great technocrats,” Oplas said. “We need the vaccine ASAP in order to remove the fear in people and they can finally go out.” With everything that happened in 2020 and are still happening in 2021, books can be a constant reminder that while they provide a glimpse of far and distant worlds, it is people who deign to create them. For economists, embracing the digital world and being hyperconnected is the norm and may be the norm for years to come. There is no going back. The future is indeed here. “The key lesson [here] is that we should efficiently implement policies to make the countr y ready for the future,” Ang told the BusinessMirror. “Chang ing economic paradigms is good but it will take longer to adopt than simply improving what our institutions are currently designed for,” he added.

Doughnut Economics

n 2012, economist Kate Raworth created what is called “Doughnut Economics” where she proposed a new economic framework that renders Keynesian economics passé. Unlike Keynes, Raworth’s framework is “agnostic” to economic growth. Raworth described the “doughnut” as a way for humanity to thrive while being conscious of the needs of the planet. She said it is a compass for human prosperity in the 21st century. In https://doughnuteconomics.org/, the Doughnut consisted of two concentric rings, a social foundation and an ecological ceiling. Humanity needs to learn how to live between these two rings to not only thrive as a people but also “protect Earth’s life-supporting systems.” Falling into the doughnut means experiencing social, economic, and other deprivations while living beyond the ecological ceiling means causing or worsening climate change, pollution, and others. “Doughnut Economics proposes an economic mindset that’s fit for the 21st century context and challenges. It’s not a set of policies and institutions, but rather a way of thinking that brings about the regenerative and distributive dynamics that this century calls for,” according to the Doughnut Economics Action Lab. “Drawing on insights from diverse schools of economic thought—including ecological, feminist, institutional, behavioral and complexity economics—it sets out seven ways to think like a 21st century economist in order to bring the world’s economies into the safe and just space for humanity,” it added. Raworth said there are seven ways to think like a 21st century economist. The first is to change the goal of development from a never-ending upward trajectory as suggested in Keynesian economics but to the Doughnut where people and planet can coexist harmoniously. Another is to see the big picture where markets are selfcontained and the economy is an isolated system which does not have links to other systems to an embedded economy in society or the planet. Raworth also said it is important to nurture human nature by envisioning man to be the Homo Economicus who is not just interested in himself but should be “socially reciprocating.” Raworth also said it is important to “get savvy with systems” and view economics as a dynamic system that “can be summarized in a pair of feedback loops.” Gone were the days, she said, when economics are viewed from equilibriums because these do not always exist. The fifth way to be a 21st century economist is to view economics as a means of distribution. Raworth argued that economic inequality is a “design error” rather than an “economical need.” The second to the last is “create to regenerate” which highlights the importance of a circular economy that not only creates goods to no end until they become waste but also reuse these goods to contribute to development. The last is to be agnostic to growth. Raworth stressed that the 21st Century economist needs to realize that while constant economic growth is essential, nature does not design anything that grows infinitely. “Doughnut Economics recognizes that growth is a healthy phase of life but nothing grows forever and things that succeed do so by growing until it is time to grow up and thrive instead,” the Doughnut Economics Action Lab stated.

A8 Thursday, March 25, 2021

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A10 Thursday, March 25, 2021 • Editor: Angel R. Calso

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How PHL can fight China’s incursions

hina is 700 kilometers away from the Philippines. Until 1994, Filipinos thought of China as a huge neighbor across the South China Sea that posed no threat to Philippine interests or security. But on February 8, 1995, Filipinos woke up to find a Chinese flag flying over the Philippine-claimed Mischief Reef, some 200 kilometers from Palawan. Eight Chinese ships were in the area, and some of them were armed. Mischief Reef, which is off the Philippine coast but now controlled by China, has been filled out and turned into a Chinese military base, complete with radar domes, shelters for surface-to-air missiles and a runway long enough for fighter jets. Six other nearby shoals have been similarly transformed by Chinese dredging. In 2012, the Chinese Coast Guard had muscled the Philippines off the Scarborough Shoal, which is just 120 nautical miles from Luzon. China was not so far away, after all, and it has become a real threat to Philippine interests and security. The reality is that countries with overlapping territorial claims—the Philippines, Vietnam, Taiwan, Malaysia and Brunei Darussalam—lack the firepower to challenge China. On March 7, the Philippine Coast Guard spotted about 220 Chinese vessels moored at the Julian Felipe reef, about 175 nautical miles (324 kilometers) west of Palawan, which is within the country’s internationally recognized exclusive economic zone. This means the Philippines has the exclusive right to exploit or conserve all resources in the area. Defense Secretary Delfin Lorenzana on Sunday demanded that the vessels, which he said were militia boats, must leave the area. Foreign Secretary Teodoro Locsin Jr. said the Philippines has filed a diplomatic protest over the Chinese presence. But China insisted it owns the reef, which it calls Niué Jiao, and said the Chinese vessels converged in the area to avoid rough waters. The US Embassy, however, said “Chinese boats have been mooring in this area for many months in ever increasing numbers, regardless of the weather.” From the Associated Press: “The United States said Tuesday it’s backing the Philippines in a new standoff with Beijing in the disputed South China Sea, where Manila has asked a Chinese fishing flotilla to leave a reef. China ignored the call, insisting it owns the offshore territory. The US Embassy said it shared the concerns of the Philippines and accused China of using “maritime militia to intimidate, provoke, and threaten other nations, which undermines peace and security in the region. “We stand with the Philippines, our oldest treaty ally in Asia,” the US Embassy in Manila said in a statement.” The United States has long fashioned itself as a keeper of peace in the AsiaPacific region. But pundits say it’s a risky proposition to provoke conflict over a scattering of rocks in the South China Sea. “As China’s military power grows relative to the United States, and it will, questions will also grow regarding America’s ability to deter Beijing’s use of force in settling its unresolved territorial issues,” said Rear Adm. Michael McDevitt, who is now a senior fellow in strategic studies at the Center for Naval Analyses. President Duterte has nurtured friendly ties with China since taking office in 2016. He also sought infrastructure funds, trade and investments from China, which has donated and pledged to deliver more Covid-19 vaccines as the Philippines faces an alarming spike in Covid infections. However, the President should do something to stop China’s continuous incursions into the country’s internationally recognized exclusive economic zones. Maybe it’s about time to demand China’s compliance with an international arbitration ruling that invalidated Beijing’s historic claims to virtually the entire South China Sea. We have to safeguard our national sovereignty, security and our interests.

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Globalism and nationalism: The oppositions have it all wrong John Mangun

OUTSIDE THE BOX

ecause the press and pundits have created them to push their own political agendas, the terms “globalism” and especially “nationalism” have taken on negative connotations. As a result, the governing philosophies behind those two ideas are not being properly examined. Neither is the impact on elections being considered. Some definitions of globalism: “The expansion of a global political system, and its institutions, in which inter-regional transactions are managed.” “An increasing trend toward multilateralism...in which the United Nations plays a key role, and nongovernmental organizations act as watchdogs over governments and have increased influence.” “The UN has 4 main purposes: To keep peace; To develop friendly relations; To help nations work together; To be a center for harmonizing the actions of nations to achieve these goals.” The key words here are “managed,” “influence” and “harmonize.” Globalism is not some spiritual

concept where nations hold hands and have group hugs. It is the formation of a kind of global civil society—in the words of English political scientist Colin Crouch—where governments and non-governmental advocacy networks operating across borders “encourage” and often “demand” what another sovereign nation can and cannot do. Therefore, under globalism, each country has a primary obligation to the greater good of all nations as determined by that larger group of nations. It is justified by ideas like your homeowner’s association has a rule against you raising “dirty, stinking goats” in your front garden. The collective has a duty to pro-

tect itself from the individual by limiting the rights and actions of the individual, even when it comes to countries. Nationalism is the idea that promotes the interests of a particular individual nation, especially with the aim of gaining and maintaining that nation’s sovereignty (self-governance) over its homeland. If my goats are not dirty and stinking and do not interfere with my neighbors, I have a right to keep them. But since World War Two, in the furtherance of globalism, multinational pacts have been established like the US-led North Atlantic Treaty Organization and the Soviet-led Warsaw Pact. Yet those pacts allow for a political cover. The US formed the Southeast Asia Treaty Organization or Manila Pact, and then no one could claim the US invaded Vietnam. It was a group decision for the benefit of everyone including Vietnam, which obviously was making bad decisions. War against Saddam’s Iraq, Gaddafi’s Libya, and Assad’s Syria were all fought by “coalitions.” But it happens only when a war serves the “greater good.” It is great public relations in support of globalism to condemn the military in Myanmar. But no way is any Western blood and treasure going to be spent,

no matter if thousands of protestors are killed. In 1966, French President Charles de Gaulle downgraded France’s membership in Nato, withdrawing France from Nato’s integrated military command. The shock wave of rejecting Nato’s “globalism” was heard around the world. The political opposition in almost every country believes that the candidates’ character, personality, and specific policies determine elections, and to a certain extent that is accurate. But perhaps it is more profound and instinctive than that. In 2009 President Nicolas Sarkozy changed course and returned France to full Nato participation. Currently, those advocating France withdraw from Nato include the entire political spectrum from the far-right National Rally, Gaullist Debout la France, and the Popular Republican Union parties and the far-left La France Insoumise and the French Communist Party. People may be voting on the question, “Who should control the course of my country, the Globalists or the Nationalists?” E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.

Contentious hunt for Covid’s origin points to China animal trade By Jason Gale & Corinne Gretler | Bloomberg Opinion

cientists tracing the origins of the Covid-19 pandemic believe they’ve identified a possible transmission source: China’s thriving wildlife trade.

The highly anticipated findings from experts convened by the World Health Organization and the Chinese government are expected to show parallels to the spawning in 2002 of severe acute respiratory syndrome, or SARS, a bat-borne coronavirus spread by civets that killed 800 people. The path trod by SARSCoV-2—as the new coronavirus is known—before it emerged in central China in December 2019 remains a mystery, though it’s one researchers say can be solved. In Wuhan, where the first cluster of cases occurred, scientists involved in the hunt identified four hypotheses to explain the virus’s genesis, including two that stoked controversy even as they were deemed unlikely. The idea that the virus was introduced via contaminated food or packaging is one embraced in Beijing, while the Trump administration said it may have been the result of a laboratory accident. But the most plausible theory, say experts involved in the mission, concerns China’s wildlife trade for food, furs and traditional medicine, a business worth about 520 billion yuan ($80 billion) in 2016. Live animals susceptible to coronavirus infection were present at the

Huanan food market in downtown Wuhan, the city where the first major Covid-19 outbreak was detected. It’s possible they acted as conduits for the virus, carrying it from bats—likely the primary source—to humans, says Peter Daszak, a zoologist who was part of the joint research effort, which saw international experts visit Wuhan earlier this year after months of stonewalling by the Chinese government. “The main conclusion from this stage of the work—and it’s not over yet of course—is that the exact same pathway by which SARS emerged was alive and well for the emergence of Covid,” said Daszak, who is also president of EcoHealth Alliance, a New Yorkbased nonprofit that works to prevent viral outbreaks around the world. The scientists’ report, slated for release this week after delays due to political wrangling, is likely to be far from conclusive. More studies are planned, including outside China, with deciphering Covid-19’s creation story vital to understanding how best to thwart its resurgence, and to help avert similar catastrophes in the future. While the hunt for the virus’s origin has become political football for the world’s superpowers, Daszak says

he thinks the scientific process will prevail. Significant data on where SARS-CoV-2 came from and how it emerged will be uncovered over the next few years, he said during a March 10 webinar organized by Chatham House.

SARS spread

Farmed and wild-caught civets, a small, nocturnal mammal consumed in China, were blamed for spreading the SARS virus in a market in the southern province of Guangdong in 2003. Scientists later found the infection originated in horseshoe bats, a natural reservoir of coronaviruses. The two species likely collided in markets where live animals are caged in crowded conditions, potentially allowing the bat-borne virus to adapt and amplify before it spilled over to humans, initially among workers and those handling the animals. Scientists working on the origin hunt say a similar scenario may have played out with Covid-19. A study of the first 99 patients treated at an infectious diseases hospital in Wuhan found half were linked to the Huanan seafood market, which also reportedly sold live animals, some illegally captured in the wild and slaughtered in front of customers. It’s possible the virus was introduced through an infected animal that was sold at the Huanan market or somewhere else in Wuhan, said Dominic Dwyer, a microbiologist in Sydney who was part of the WHOconvened team that traveled to the

Chinese city in February. Still, questions remain about the market’s ultimate role. Testing after it was shut down in December 2019 failed to turn up any infected animals. Contaminated surfaces were widespread, compatible with the virus being introduced via infected people or tainted animal products. Compounding the confusion, the first known Covid-19 patient developed symptoms four days before the earliest cases tied to the market. An analysis of SARS-CoV-2 samples collected in mid-December found subtle genetic differences between them. The variation indicates the virus may have circulated su rreptitiously for weeks in the community before doctors were alerted to it via a handful of severely ill patients with a mysterious viral pneumonia. The original spill over of the coronavirus to a human was probably followed by rapid adaptation of the virus, said Joel O. Wertheim, an associate professor of medicine at the University of California, San Diego. It’s possible the virus was transmitted multiple times and went extinct when infected individuals didn’t transmit the virus to anyone, Wertheim and colleagues said in a paper published March 18 in the journal Science. Eventually, the virus infected someone who passed it to several people, who also passed it on to others, possibly in a superspreading event. See “Covid,” A11

Opinion BusinessMirror

www.businessmirror.com.ph

Calax Sta. Rosa-Silang section stuck in ROW issues

The victorious rejected King Msgr. Sabino A. Vengco Jr.

Alálaong Bagá

Val A. Villanueva

Businesswise

N November last year, Sen. Panfilo Lacson flagged a road infrastructure project that he said then “leads to nowhere.” Lacson was referring to the Eastern Interior Bypass Road in Cagayan de Oro City, constructed by the government between 2015 and 2020 for about P1.3 billion. Yet, the Department of Public Works and Highways was still asking for some P414.5 million allocation under the 2021 budget, which both chambers of Congress were trying to pass. Interestingly, the regional director of DPWH whom Lacson consulted said that the project was no longer feasible. During a 2017 budget hearing, the senator had already questioned the project’s inability to resolve right-of-way (ROW) issues, arguing that the ROW obstacle should have been hurdled first before the government spends a cent for its construction. It was baffling, Lacson said, that the DPWH was still requesting for additional funding for a project deemed unviable by the DPWH regional director. In the same hearing, Lacson also voiced concerns about other costly infra projects, such as the Guicadale Road Network to Bicol International Airport (Manawan-Kinuartilan Section) in Albay, which was appropriated P10 million in 2020 and was requesting for another P1 million under the 2021 budget. Before this, Lacson had exposed several infra projects that remained undone, despite fulfilled collections in the millions of pesos, which were seeking extra wherewithal under the 2021 budget. Unfinished government infra endeavors, funded mostly by pork barrel allocations, have been tarnishing President Duterte’s much-touted “golden age of infrastructure.” But delays and unfinished infra projects are not the monopoly of governmentfunded ventures. Where I live, the Santa RosaSilang section of the Cavite-Laguna Expressway (Calax), a private sector initiative that would benefit many of us who have relocated to this bustling city, remains hostage to ROW intramurals, which the DPWH seems helpless in settling. DPWH Secretary Mark Villar himself admitted that the ROW issue has been a challenge that pushed back the project’s target opening to the third quarter of this year. MPCALA Holdings, a unit of Manny Pangilinan-backed Metro Pacific Tollways Corp., on March 11 expressed optimism that the project, which is 83 percent complete, will finally open as promised. The 7.3-kilometer road’s remaining works include bridge deck and pavement construction, drainage works, and the structure of the Silang East Interchange, among others. When fully operational, the P24.2billion, four-lane expressway will connect Manila-Cavite Expressway in Kawit, Cavite, to the South Luzon Expressway at Greenfield (Mamplasan) Interchange in Biñan, Laguna. To Santa Rosa, Laguna residents like me, there seems to be more than meets the eye in this ongoing ROW negotiation. A powerful clan who owns a portion of the land on which the road section would be built is apparently refusing to budge. Under the Public-Private Partnership (PPP) program, the private sector foots the bill, while the government is in

Covid. . .

continued from A10

The Huanan market may have been where that occurred, Wertheim said in an interview. “The market may have been key to the virus ensconcing itself in humans.” Current evidence suggests the market is where SARS-CoV-2 was amplified, and not necessarily its birthplace, Dwyer said.

charge of ROW acquisition. As it is, the ball is now in the hands of the government: will it deliver, or will it drop the ball? It is inconceivable for the DPWH to engage in prolonged ROW negotiations, unless of course if it is dealing with powerful personalities. During an ocular progress inspection early this month, DPWH representatives found portions of the Santa Rosa-toSilang section of the Cavite-Laguna Expressway skipped over, while fullscale construction work was being done in areas where ROW issues have been resolved. The disparity was conspicuous because the idle portion was a huge, fenced piece of still-raw land, which seemed to be part of the road that Calax will traverse. Ownership of the property is allegedly being fronted by someone who is active in horse racing. Among the eight interchanges of the 45-kilometer Calax-Kawit; Imus Open Canal; Governor’s Drive; Aguinaldo Highway; Silang; Santa Rosa-Tagaytay; Laguna Boulevard, and Laguna Technopark, with a toll barrier before South Luzon expressway—only Laguna Boulevard and Laguna Technopark are operational. Set to open within the third quarter of this year is the link from Santa Rosa-Tagaytay Interchange to Silang East Interchange. We are entering the second quarter of 2021, With five more interchanges to complete and only five quarters to go until the end of 2022—the target full completion of Calax—will it be right for us to expect an interchange opening every quarter? Villar himself sees the importance of this road segment. “As travel restrictions are slowly but surely being lifted, this new subsection of Calax will help accelerate economic progress in Laguna and Cavite by providing interconnection between the two provinces of Region 4-A.” He explained that this segment is vital “since it is expected to serve almost 5,000 cars per day, and will ease traffic along Governor’s Drive, Aguinaldo Highway, and Sta. Rosa-Tagaytay Road once opened. Right-of-way acquisition has been a challenge, so we are giving our full effort to deliver and eventually open with as little deviation to the original timeline as possible.” With the Mamplasanto-Santa Rosa segments completed and currently servicing about 10,000 vehicles daily, Villar added, “We target to finish the whole 45-kilometer stretch of Calax and serve 50,000 cars before 2022 ends.” The million dollar question is: Will the “Bigshot JB” blocking construction work in some of the Calax segments budge? For comments and suggestions, e-mail me at mvala.v@gmail.com

‘Perfect place’ “When you visit the market, you realize that it’s a perfect place for an outbreak to occur because it’s crowded, lots of stalls, lots of animal products, and ventilation and drainage are a bit suboptimal,” he said in an interview. “It’s not surprising we had an explosion through there.” The WHO research team found evidence that wildlife farms in southern China were supplying vendors at

Thursday, March 25, 2021 A11

S our gospel reading for Passion or Palm Sunday, St. Mark’s long passion narrative (14:1-15:47) appears to have been fashioned by him before anything else and supplemented only with the accounts of Jesus’ ministry. Its apologetics and Christological motifs stand out.

The plot, the arrest and the trial The rejection of Jesus by the chief priests and scribes plotting to kill him and the betrayal by Judas (14:111) are in dramatic contrast to the faith in Jesus by the woman who anointed his head with expensive oil, recalling the practice of anointing Israel’s kings (1 King 1:39; 2 Kings 9:3). This anointing in Bethany sandwiched between the details of the plot manifests Jesus as truly the anointed one of God, the messiah, but Jesus himself linked it to his burial indicating that he would accomplish his messianic mission through suffering. The account of the Passover meal with his disciples (14:12-25) recalls the tradition that the household head blesses, breaks and explains the symbolism of the bread of affliction (Deuteronomy

16:3), revealing therefore that in Jesus’ gift of his body and blood in the bread and wine he was already beginning his own Passover as he entrusted to his followers the food of the new Passover and of the everlasting covenant. Jesus at the beginning of his ministry wrestled with the devil in the loneliness of the desert, so now at the end he was alone again in his agony in Gethsemane as his non-comprehending disciples were asleep. Instead of friends, the betrayer with a kiss and a crowd with swords and clubs came to pick him up. The young man who was seized together with Jesus but managed to run off naked leaving behind his linen wrap-around appears intended by Mark to signal the connection between the arrest and the empty tomb

of the resurrection where the young man and the linen cloth would again be featured. Jesus may be arrested but he could not be seized by death, for he would leave his burial cloths behind and rise from the dead. The trials of Jesus by the Jewish officials and by the Roman authorities were a travesty (14:53-65 – 15:1-15). Jesus’ silence was directly opposite to the vociferous accusation against him of many things cooked up by his enemies. The preference by the people for Barabbas the murderer to Jesus the life-giver was total antipodes. And again sandwiched between the trials was the denial by Peter (14:66-72), the juxtaposition contrasting the fidelity of Jesus to the Father and the disloyalty of Peter to Jesus. Also, the affirmation by Jesus of his messianic titles and his tacit acceptance of his status as a king poignantly differ to the unwillingness by Peter to be known as his follower.

The cross, the death and the victory

The account of the torture and execution of Jesus is full of irony (15:1647). He had done no evil, but he was handed over to be crucified. The soldiers mocked him, dressed him in royal garments and hailed him as a king, while in truth he was king and deserved their homage. He who helped many had nobody to help him except one forced to do so, Simon from Cyrene. He gave his every-

US and China must decide what’s next after Alaska talks clear air By Nick Wadhams | Bloomberg Opinion

S and Chinese officials traded acrimony and accusations over two days of talks in Anchorage, Alaska, that both sides hope will clear the air.

Now the real work begins. While the Americans portrayed the talks as a good chance to exchange views, they left Alaska without any clear path forward on issues from tariffs and human rights in Xinjiang and Hong Kong to cyber attacks and the long roster of Chinese companies at risk of being delisted from US exchanges. That will be a disappointment to officials and businesses on both sides that had hoped for some solid indication that the world’s two largest economies were ready to ease off their confrontation, such as by planning a virtual summit on climate change between Presidents Joe Biden and Xi Jinping. In the end, they didn’t even come away with that. “We were clear-eyed coming in, we’re clear-eyed coming out and we will go back to Washington to take stock of where we are,” National Security Advisor Jake Sullivan said after emerging with Secretary of State Antony Blinken from the meetings in an Anchorage hotel. They refused to take questions from reporters. Yang Jiechi, a member of the Communist Party’s Politburo, told Chinese reporters that the talks were “candid, constructive and helpful” but added that “there are still some important differences between the two sides.” “China is going to safeguard our national sovereignty, security and our interests,” Yang said. If there was any hope to be had, it was that his remarks were far less hostile than his blistering 20-minute monologue at the start of the talks. The lack of any visible progress underscored just how bad relations

have become between the US and China in the time since former President Donald Trump shifted from intermittent praise of Xi to a far more confrontational approach to the country, and how little appetite —or ability—there appears to be on either side to improve relations. China’s Xinhua news agency reported that the two sides would establish a joint working group on climate change, and would hold talks on facilitating activities of each other’s diplomats as well as issues relating to journalists. By contrast, the US made no public mention of agreements after the talks. Lawmakers on both sides of the aisle in the US have pressed Biden to maintain Trump’s tough tone on China, and his team has largely done so. In China, the government has executed a hard turn toward greater authoritarianism, eroding democratic freedoms in Hong Kong and cracking down on ethnic Muslims in Xinjiang in a campaign that the US has labeled genocide. That designation especially rankles the Chinese. Calling it “the biggest lie of the century,” the Chinese delegation to the talks protested “the presumption of guilt by those who are biased and condescending,” Xinhua reported after the talks broke up. The meetings in Anchorage may have been “useful to see if there’s anything else people want to say behind closed doors that they’re not going to say publicly,” Bonnie Glaser, a senior adviser on Asia at the Center for Strategic & International Studies in Washington. She warned, though, that relations may only get worse. “We’re going to have more bills

the Huanan market, Daszak told the US.’ National Public Radio. It also found a route from southern provinces such as Yunnan—where the closest known coronavirus to SARSCoV-2 was found in horseshoe bats in 2013—to Wuhan, he said on the Chatham House webinar. “It provides a link and a pathway by which a virus could convincingly spill over from wildlife into either people or animals farmed in the region, and then shipped into a mar-

ket by some means,” Daszak said. “That’s a really important clue. Those beginnings of an understanding of a pathway need to be followed up pretty rapidly.” For decades, the government of China promoted the farming of wildlife to bolster rural incomes. The practice provided an especially valuable alternative source of meat after African swine fever emerged in 2018. The deadly outbreak resulted in an unprecedented short-

come out of Congress, not fewer, we’ll have more people screaming about how the US has to stand up to China,” Glaser said.

Unfinished work

IN the meantime, the Biden administration’s China policy is a work in progress. Officials are still reviewing how hard to push back against Chinese technology firms such as Huawei Technologies Co. and how much can be done to stall China’s ability to develop and export the latest-generation microchips. They haven’t said what they’ll do about the many Chinese companies that could be delisted from US exchanges, or whether they’ll lift tariffs on billions of dollars in Chinese goods. And China has shown no sign of backing down from its far bolder approach. “An optimistic read is that Yang’s public performance was entirely for a domestic audience, and behind closed doors it will still be possible to make progress,” Tom Orlik, the chief economist for Bloomberg Economics, wrote in a note. “A more straightforward interpretation is that China is now so confident in its ascendancy that it sees no benefit to working cooperatively except on its own terms.” The US had sought the talks and arranged to hold them in Alaska, where Blinken stopped to refuel after visits to key US allies Japan and South Korea. That was intended to send a signal: The Biden administration would talk to China only on its terms and after checking in with key partners. But whatever position of strength the US had seemed to dissolve within minutes, as Yang delivered the monologue in what were supposed to be perfunctory open remarks. Responding to a shorter presentation of complaints from Blinken, Yang accused the US of hypocrisy, called its democracy flawed and tainted by racism and said it was age of pork, researchers at the South China Agricultural University and University of Glasgow said in a study that was released in February without a formal peer-review. China typically consumes half the world’s pig meat.

Squirrels, porcupines

While the pork shortage bolstered wildlife consumption, eating birds, snakes, bamboo rats, squirrels, porcupines and other non-domesticated

thing for others, now even his garments were divided as spoils by the soldiers. The non-violent was crucified between two revolutionaries. He was reviled and taunted into taking back his sacrifice by the passers-by, his enemies and also those crucified with him. Everything that happened was in accord with the divine plan. It was prophesied of the suffering servant that lots would be cast for his garments (Psalm 22:19), that he would be counted among the wicked (Isaiah 53:12), and mocked by the on-lookers (Lamentations 2:15). The detail of the time of his crucifixion showed that it was not haphazard. His cry to God expressed his confidence in his Father (Psalm 22:2). And the “loud cry” as he breathed his last signified the final victory over evil, the end of the reign of death and the irruption of the reign of God. Jesus died on the cross in triumph, and his real identity, the messianic secret, was dramatically revealed as the centurion concluded, “Truly this man was the Son of God!” Alálaong bagá, in the paradox of the cross, Jesus revealed himself as our savior in victory, even as we are given the pledge that fidelity to God and goodness will never be overcome by evil. Join me in meditating on the Word of God every Sunday, from 5 to 6 a.m. on DWIZ 882, or by audio streaming on www.dwiz882.com.

the “champion” of cyber attacks. Within the administration, there was debate about whether the opening session—and even the decision to have talks—was a miscalculation. According to some officials, relations are so sour that Blinken and Sullivan should have expected, and sought to avoid, the show of vitriol. But others argued that China often amplifies its rhetoric before making concessions, and it was important to allow that before getting down to business. Two people familiar with the matter said the idea of the meeting originated with Kurt Campbell, Biden’s Asia coordinator, and voices in the State Department had pushed back, arguing a meeting had little utility. Skeptics said that the hope for a free-wheeling conversation was naive because Chinese officials rarely diverge from talking points even in private. That appears to have been the case, as one official who briefed reporters said that while the meeting was frank, they didn’t get the back-and-forth they had hoped for. Although the talks were merely the first move in the Biden administration’s approach to China, it left very little indication of what’s to come. Some Republicans are already demanding that the US boycott the 2022 Winter Olympics that will be held in China, a decision that would infuriate Beijing. And although former Secretary of State John Kerry is looking for an opening on climate cooperation, his portfolio, the tone in Anchorage seems to have left little opportunity or trust to make a deal anytime soon. “If anyone in the Biden administration believes that being testy with the Chinese in this meeting will create domestic space for cooperation,” Derek Scissors, a China analyst at the conservative American Enterprise Institute, said as the talks were underway, “they are out of their minds.” animals was already popular, especially in southern provinces, the researchers said. They cited a 2004 survey by the China Wildlife Conservation Association that found 46 percent of urban residents had consumed wildlife and 2.7 percent were regular consumers. A January 2017 survey found 52 percent of markets they investigated were trading wildlife, while 40 percent of restaurants were providing wild animal dishes.

A12 Thursday, March 25, 2021

28 IMMIGRATION MEN PROBED FOR SYRIA SEX TRADE OF PINAY OFWS By Joel R. San Juan

@jrsanjuan1573

T least 28 immigration officers are now under investigation for their alleged involvement in “sexual trafficking” of 44 Filipino women in Syria. This was disclosed by Bureau of Immigration (BI) Jaime Morente who admitted being embarrassed by the involvement of BI officers in this latest scam as revealed at Tuesday’s joint hearing of the Senate Committee on Women, Children, Family Relations and Gender Equality, chaired by Senator Risa Hontiveros, and on Labor, led by Sen. Joel Villanueva. Morente said he has ordered the immediate creation of a fact-finding committee to determine how the women managed to depart the country and those who facilitated their travel. “I am at a loss for words from what I heard. The truth is I felt embarrassed. I am disappointed and frustrated about the alleged involvement of BI personnel in these nefarious activities,” he said. “As already proven in the past, we will not hesitate to make them face the harshest penalties,” Morente said. He said the involvement of a handful of immigration personnel with such schemes has put the BI in a bad light anew and affected even the immigration officers who have been performing their duties fairly and honestly, especially those involved in activities of the IACAT (Inter-Agency Council Against Trafficking).” Morente bared that from 2017 to 2020, a total of 112,033 Filipinos were stopped from leaving the country for attempting

to leave with improper documents. “Majority of this number were those seen to be workers leaving in the guise of being tourists,” he shared. In the same period, a total of 1,070 victims were also referred to the IACAT for being possible victims of trafficking in persons. Morente noted that the Philippines has upgraded and consistently retained its Tier 1 ranking for the fifth year in a row, in the US State Department’s Trafficking in Persons Report, and this attests, he said, to the agency’s significant efforts to protect departing Filipinos. A Tier 1 rating means the Philippines has continually demonstrated serious and sustained efforts to combat the crime, making the country the forerunner in the South East Asian region when it comes to efforts against human trafficking. “Like what we raised during the previous hearings, this scheme has grown with people from many sectors involved. We hope that through this investigation, we can finally be rid of this by pulling it from its roots,”he added. Morente said they have sought the help of the Department of Justice, their mother department, in investigating and prosecuting those involved. At least 86 immigration personnel were earlier suspended and are now facing various cases for their involvement in the so-called“Pastillas”corruption scheme. Morente added that while they have dismantled the members of said syndicate following last year’s Pastillas inquiry, as well as put in place safeguards to prevent it from recurring,hebelievesthatthelong-termsolutionto theperennialproblemofcorruptionintheBureau is the passage of the new immigration law.

NCR+ lockdown hits 20K Holy Wk travelers, carriers By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

ORE than 20,000 flying passengers are scrambling to either rebook or refund their flights this coming Holy Week, with the government decision to ban leisure travel from the National Capital Region and four provinces from March 22 to April 4. In a Viber message, Cebu Pacific vice president for marketing and customer experience Candice Iyog said, “We have about 14,000 passengers booked on flights from Manila to popular leisure destinations such as Boracay, Cebu, and Bohol, for the upcoming Holy Week (March 29 to April 5). We had increased some of our frequencies to cater to the demand, but at the moment, we are allowing everyone to manage their preferred option online (rebook, convert to travel fund, or refund).” In its latest advisory, the carrier and its subsidiary, Cebgo, have cancelled seven Manila-Caticlan flights leaving on various dates starting March 25 to April 4, four Caticlan-Manila flights leaving on various dates starting March 25 to April 4; two Manila-Cebu-Manila

flights on April 2-3; but have kept its flights to Tagbilaran intact. Other cancellations were for some flights to Legaspi, Coron (Busuanga), Cagayan de Oro, Cauayan, Pagadian, Ozamiz, Iloilo, Puerto Princesa Kalibo, Naga, and Virac, on various dates starting March 31 until April 4. For her part, PAL spokesperson Cielo Villaluna said, “We are now processing requests for flight rebooking by passengers directly affected by IATF Resolution 104. They are leisure travelers restricted on flights between Manila and domestic destinations up to April 4.” Before the Inter-Agency Task Force for the Management of Emerging Infectious Diseases Resolution No. 104—restricting leisure travel between Manila and domestic destinations—was released,

Villaluna said, “We were operating two roundtrip flights daily between Manila and Caticlan, seven flights a week between Manila and Tagbilaran, and four round-trip flights daily between Manila and Cebu.” Most of the flights to Caticlan, the gateway to Boracay for instance, use the 76-seater Bombardier Q300, but when demand is high, as it is during the Holy Week, the carrier uses a 156-seater A320-200. She added, “Since flights have to be cancelled in view of the temporaryexclusion of leisure travelers until April 4, f light frequencies have decreased. We now operate one round-trip daily between Manila and Caticlan, five flights a week between Manila and Tagbilaran, and three roundtrip flights daily between Manila and Cebu.”

‘Load factor in high 80s’

BASED on the aircraft used and the reduced flights, BusinessMirror estimates close to 6,000 passengers on PAL flights from Manila to Mactan, Tagbilaran, and Caticlan, have been affected by the leisure travel ban. Issued on March 20, 2021, IATF Resolution No. 104 reverted Bulacan, Cavite, Laguna, and Rizal to general community quarantine (GCQ) status, and grouped them with the NCR and the municipality of Pateros in a “bubble” as these had the highest recorded Covid cases in the country. Non-essential travel is

prohibited from and to said bubble from March 22 to April 4, 2021. Before the resolution was released, Villaluna said their passenger load factor “was in the high 80s this Holy Week,” meaning 80 percent of the available seats for each f light were taken by paying passengers. “With this latest restriction, on domestic leisure travelers, our load factor on flights to Bacolod, Busuanga, Cagayan de Oro, Caticlan, Cebu, Davao, Dipolog, Legaspi, Siargao, Tagbilaran, and Zamboanga are most affected,” she said. “These are domestic destinations which have been accepting domestic tourists. In fact, booking loads were good because these were Holy Week travels.” Hotels and resorts in many leisure destinations have also been hurt by the leisure travel ban. (See, “Leisure destination hotels, resorts hit by 2-week NCR lockdown,” in the BusinessMirror, March 23, 2021.) While unable to reveal the actual number of booked passengers for the Holy Week, usually a peak revenue period for carriers, Philippines Air Asia spokesperson Steve Dailisan said, “Our load factor during Holy Week is around 75 to 85 percent.” PH Air Asia uses a 180-seater Airbus A320 for most of its flights. With an 85-percent passenger load factor, this would have meant passengers could have reached 153 for each flight during the Holy Week.

Recto reminds DBM, PNP: Heed SC order requiring bodycams

ENATE President Pro Tempore Ralph Recto reminded the Department of Budget and Management (DBM) and the Department of the Interior and the Local Government (DILG) to set aside funds to promptly comply with a Supreme Court directive for Philippine National Police (PNP) operatives to wear body cameras in serving warrants. In a statement on Wednesday, Recto sought PNP’s full compliance with the timely release of funds to buy the necessary equipment. “The Supreme Court’s statements that it will soon order the mandatory use of body cameras in the serving of warrants should be a signal to the DBM and the DILG to include funds for their purchase in the 2022 national budget,” the senator said, adding: “Sinabi na ng Korte Suprema. Ihanda na ang pondo. Hindi pwedeng idahilan na walang abiso [The high court has spoken. Please ready the funds. You can’t use as an excuse that no notice was made].” The Senate President Pro Tempore stressed that the SC’s two statements on the issue in a span of one week should be treated by agencies concerned as a “judicial notification.” Recto reminded the agencies that “the High Court made it clear it would promulgate rules on the use of body cameras by law enforcers whenever they serve search or arrest warrants,” adding that the DBM and DILG should take this as a cue “to create budget space for body cameras in next year’s spending bill.” He stressed there was “no need to wait for the formal court order,” and officials should ready funding for body camera acquisition in the PNP “shopping list for 2022. [The] Supreme Court directive was emphatic,” he added, partly in Filipino. As preparations for the 2022 national budget, projected to add up to P5 trillion, are under way, the Senate

President Pro Tempore recalled that the “Budget Call” which sets the parameters of next year’s national budget and its preparation timetable was issued by the DBM on January 6. The PNP’s tight budget for capital outlay is often less than 2 percent of the PNP’s annual appropriations, Recto noted, and this should be enlarged to include the body camera purchase. This year, he noted, only P3.6 billion out of the PNP’s P191.1-billion total budget is for “new buildings, cars, guns,” items that fall under capital outlay. “There’s no funding for body cam,” Recto added. When police operate they should follow a “bodycam on the chest, and a dashcam on the car” rule. “The missing but vital equipment in policing, video recording devices, is common technology in this Facebook Live age when food delivery guys have them,” he said. “But once given funds for body cameras, the PNP should make the purchase immediately and prevent a repeat of the debacle when it took 4 years and five PNP chiefs to buy some 2,600 body cams.” Recto recalled that after failed biddings of a 2017 allotment, the PNP finally took hold of the cameras early this year and are reportedly drafting protocols for their use. But if only 2,600 units is the annual number of bodycams the PNP can buy, he said “it will take 100 years” to provide every policeman with one. He added: “And about 20 years if the target is to buy 40,000, on the assumption that only one in every five officers would need to wear one at any given time.” The Senator envisioned that once “played in court, the footage is evidence hard to refute. It will also ensure that SOP is followed during operations. And it cuts both ways. It protects citizens from abuse, and the police from unfounded charges of abuse.” Butch Fernandez

THE breathtaking beauty of Taal Volcano and its lake, seen from a distance beyond the Twin Lakes area in Laurel, Batangas, at the weekend, masks its restiveness. Phivolcs recorded over 200 earthquakes anew and authorities repeated cautionary advice to residents nearby. BERNARD TESTA

Phivolcs records 259 volcanic tremors in ‘restive’ Taal By Jonathan L. Mayuga

@jonlmayuga

AAL Volcano continues to exhibit increased unrest, with more volcanic earthquakes and tremor having been recorded in the past 24 hours, the Philippine Institute of Volcanology and Seismology (Phivolcs) reported on Wednesday. In a Volcano Bulletin issued at 8 a.m. on March 24, Phivolcs said the Taal Volcano Network recorded 259 volcanic earthquakes, including 236 episodes of volcanic tremors with durations of one to 22 min-

utes, and four hybrid earthquakes. Volcanologists monitoring Taal also reported weak emissions of steam-laden plumes from fumarolic vents that rose 10 meters at the volcano’s main crater. Sulfur dioxide (SO2) emission that averaged 813 tonnes/day was measured on Tuesday (March 23, 2021) as temperature highs of 71.8°C and pH of 1.59 were last measured from the main crater Lake respectively on 4 March and 12 February 2021. “The ground deformation parameters from electronic tilt, continuous GPS and InSAR data analy-

sis indicated a very slow and steady inflation and expansion of the Taal region since after the January 2020 eruption. These parameters may indicate increased magmatic activity at shallow depths beneath the edifice,” Phivolcs reported. As Phivolcs maintained Alert Level 2 status in Taal, the agency reminded the public that sudden steam-driven or phreatic explosions, volcanic earthquakes, minor ashfall, and lethal accumulations or expulsions of volcanic gas can occur and threaten areas within the Taal Volcano Island (TVI). A permanent Danger Zone, es-

pecially the vicinities of the Main Crater and the Daang Kastila fissure entry into the TVI, is strictly prohibited. Phivolcs advised Local Government Units (LGUs) not to be complacent and continue to assess and strengthen the preparedness of previously evacuated barangays around Taal Lake in case of renewed unrest. Meanwhile, Phivolcs said aviation authorities must also advise pilots to avoid flying close to the volcano, as airborne ash and ballistic fragments from sudden explosions and wind-remobilized ash may pose hazards to aircraft.

www.businessmirror.com.ph

Companies BusinessMirror

Thursday, March 25, 2021

ALI to hike stake in AREIT via property-for-share swap

By VG Cabuag

@villygc

yala Land Inc.’s (ALI) holdings in its real estate investment trust (REIT) AREIT Inc. will increase to 66 percent after a property-for-share swap deal, which will see the infusion of development, such as the Vertis North, into the REIT firm.

In its disclosure, AREIT said Ayala Land’s holdings in the company will increase to 66 percent, which it said is a demonstration of its “strong support” for the REIT firm “while adhering to the prescribed minimum public ownership requirements under Philippine laws.” At the moment, the combined ownership of Ayala Land and its unit Ayala Land Offices Inc. in the REIT is about 54.43 percent. AREIT is increasing its authorized capital stock to P29.5 billion shares from the current P11.74 bil-

lion shares. Ayala Land will subscribe to 483.25 billion of the primary common shares of AREIT in exchange for the identified commercial properties valued at P15.46 billion, or at a price of P32 per share. If the transaction is approved by shareholders and regulators, AREIT ’s outstanding common shares will increase to 1.5 billion common shares from 1.02 billion common shares. Ayala Land is infusing some 205,000 square meters of leasable

space, primarily composed of office leasing properties located within Ayala Land’s prime estates in the country, in AREIT. These are Vertis North Commercial Development which has 3 office buildings and a retail podium located in Quezon City; One and Two Evotech in Nuvali Santa Rosa, Laguna; Bacolod Capitol Corporate Center and Ayala Northpoint Technohub, both located in Negros Occidental; and office condominium units at BPI-Philam Life buildings in Makati and Madrigal Business Park in Alabang. The largest of these properties is Vertis North commercial development with 125,000 sq.m. of leasable space and a retail podium of 39,000 sq.m. The 3 office buildings are 97 percent occupied and are leased to large business process outsourcing locators including Google Services Philippines, Teleperformance, Telus and Global Payments. The retail component is operated by a wholly-owned subsidiary of Ayala Land under the Ayala Malls brand and will pay a monthly guaranteed building lease to AREIT for a period

of 36 years. The Evotech buildings in Nuvali in Laguna have a total of 23,000 sq.m. of leasable space. The buildings are 100 percent occupied and leased to Concentrix CVG Philippines and IBM Business Services. One Evotech is LEED silver certified. The other properties are Bacolod Capitol Corporate Center with 11,000 sq.m. and Ayala Northpoint Technohub with 5,000 sq.m. both of which are occupied by ARB Call Facilities and Iqor, respectively. Meanwhile, the BPI-Philam Life Buildings in Makati and in Alabang have a total of 1,500 sq.m., occupied and leased to Oberthur Card Systems in Makati and Amaia Land, an Ayala Land subsidiary headquartered in Alabang. As a result, AREIT’s deposited property value will increase to P52 billion from P37 billion and its leasing portfolio will expand further to 549,000 sq.m. from 344,000 sq.m. At an exchange price of P32 per share, the properties will generate a projected yield of 6 percent. A R EI T ’s sha res c losed on Wednesday at P33 apiece.

DDMP makes lackluster stock market debut

hares of the real estate investment trust (REIT) of DoubleDragon Properties Corp. failed to fly during its debut at the Philippine Stock Exchange (PSE), as its share price was on a downward trend almost the entire day. Shares of DDMP Reit Inc. closed flat at P2.25 per share on its maiden trading, even if the general market was on the rise. “Listing during a pandemic is definitely not a walk in the park, but we believe this is our share of also promoting a more inclusive economy, and that what we can achieve together now during these challenging, never-beenchartered territories, brought about by this pandemic. Despite those challenges, your DDMPR team will still continue work hard to lift the company to greater heights while further solidifying its foundation year on year,” Edgar J. Sia II said. “I believe this DDMPR IPO [initial public offering] is probably the first of its P14.7-billion size IPO in the Philippines, that the pricing and direction was driven by the fragmented small and medium investors from across the country.” Shares of previous IPOs of companies

led by Sia, such as grocery chain operator Merry Mart Consumer Corp. and also DoubleDragon, flew on its first day of trade, and almost reached the 50-percent ceiling of increase per day allowed by the systems of the PSE. DDMPR shares opened at P2.26 per share, but only reached as high as P2.40 before being sold down late in the trade. The benchmark PSE index, meanwhile, was up 50.66 points to close at 6,497.01 points. Total value of shares traded reached P21.32 billion, a high number as a result of the listing, with 9.27 billion shares traded. Decliners edged gainers 98 to 90, and 64 shares were unchanged. Included in the DDMP portfolio is the 6 office towers with retail components developed by DoubleDragon within DD Meridian Park in Pasay. The share offerings came from the holdings of DoubleDragon, Benedict V. Yujuico and Teresita M. Yujuico. New investors cornered 36.67 percent of the issued and outstanding common shares of DDMP. DoubleDragon will retain a 44.33-percent interest, while

‘Northbound lane of Skyway extension to open soon’

Equipment, IT, infra upgrade gear up ATI MSH for future

Benedict and Teresita will own 9.65 percent and 9.35 percent, respectively. The selling shareholders will receive the entire proceeds, which shall be reinvested in the Philippines, pursuant to the REIT rules.

‘Another milestone’

Finance Secretary Carlos G. Dominguez III lauded DoubleDragon Properties Corp. for “bringing another milestone to the Philippine stock market” with the successful public listing of its REIT on Wednesday. In his recorded message, Dominguez said DoubleDragon’s REIT offering is the largest issuance in the Philippines so far and the second to be listed in the country’s history, following Ayala Land Inc.’s pioneering REIT last year. Ayala Land’s REIT raised P13.6 billion, while DoubleDragon’s offering is expected to net as much as P14.7 billion. He recalled that while the economy remained largely on lockdown last year, DoubleDragon successfully launched the IPO of its MerryMart Consumer Corp., a retail company principally engaged in

the operation of grocery stores. The finance chief added DoubleDragon’s REIT listing as well as the previous IPOs made during the pandemic reflect the “strong confidence of our investors in our economic recovery”, adding that REITs are “indispensable to rebuilding a strong and truly inclusive economy for our people.” “These will make available huge volumes of capital to our financial system that will help fund our long term growth.” In keeping with this provision in the law’s implementing rules and regulations, Dominguez said that a majority of DoubleDragon’s REIT proceeds will be infused as equity into its CentralHub Industrial Centers Inc. to carry out the company’s plan to build a chain of modern industrial warehouse complexes in strategic locations across the country. Dominguez said this infrastructure investment will help bridge the gap in the country’s logistics distribution network, encourage the expansion of manufacturing activities, create more jobs, and help fuel economic recovery. VG Cabuag, Bernadette D. Nicolas

an Miguel Corp. (SMC) said on Wednesday that the northbound lane of the Skyway Extension Project is “now structurally complete,” with asphalt-laying set to be done by the end of this month. Ramon S. Ang, the company’s president, said with this development the group will “soon” open the northbound section of the Skyway Extension to traffic. “I’m happy to announce that soon, we can open the northbound section of the Skyway Extension for our motorists coming from the south. This almost fourkilometer, three-lane expansion will have an additional capacity of 4,500 vehicles per hour, significantly easing congestion and allowing motorists to bypass the Alabang viaduct,” he said. Motorists coming from the South Luzon Expressway (Slex) or the Muntinlupa-Cavite Expressway (MCX) can use the ramp at Susana Heights, and directly go to Makati, Manila, Skyway 3, all the way to Quezon City and North Luzon Expressway (Nlex). “You can be at Nlex in 25-30 minutes instead of two to three hours, and bypass the usual traffic choke points such as Alabang, Magallanes, Edsa. This will be a big relief to so many motorists and will do a lot to ease traffic in southern Metro Manila, including on public roads leading to Nlex and Skyway,” Ang said. The 3.99-kilometer northbound section of the Skyway Extension runs from Susana Heights to Sucat. It aims to decongest the at-grade sections of the Slex and Skyway System. Lorenz S. Marasigan

Contributed Photo

eared up for the future, listed trade enabler Asian Terminals Inc. (ATI) has continuously upgraded its equipment, IT and major port infrastructures, even amid the pandemic, to further boost operational efficiency, capacity and safety at Metro Manila’s major international gateway port Manila South Harbor (MSH). Just recently, MSH took delivery of 5 state-of-the-art ZPMC rubber-tired gantry (RTG) cranes, which brings its container stacking fleet to 28 units. The RTGs are powered by the latest eco-friendly

Cummins QX15 engines and Stamford electric generators and can stack up to six containers high. Early last year, ATI successfully switched to the modern and more powerful Zodiac Terminal Operations System (TOS), the proprietary system developed by its foreign equity partner DP World and its global technology experts including ATI programmers. Zodiac seamlessly integrates vessel and yard operations, automates gate transactions and equipment planning and execution for smarter and seamless operations and greater convenience for

customers. Zodiac is the same TOS which powers Jebel Ali, DP World’s flagship terminal in Dubai, United Arab Emirates. Apart from these, yard expansions and Pier 3’s extension are currently on its advanced development stage. This is well timed with the scheduled delivery of two brand-new Ship-to-Shore (STS) crane by 2022, which by then bring MSH’s quay crane flee to 11. ATI’s investment programs in MSH are in step with future growth and in line with its commitment with the Philippine Ports Authority.

Companies BusinessMirror

Thursday, March 25, 2021

PSE STOCK QUOTATIONS

March 24, 2021

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

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

104.9 83.6 23 9.42 46.45 22.85 53.8 17 119.6 69 1.57 3.94 0.59 3 7.5 1.4 0.365 950 0.78 144

105 84.8 23.5 9.48 46.5 22.9 56.7 17.02 119.8 69.05 1.58 3.97 0.62 3.11 8.69 1.45 0.4 970 0.79 144.8

104.9 83.3 23.65 9.3 46.2 22.9 56.7 17.5 119.7 69 1.63 3.95 0.6 3 7.51 1.28 0.4 950 0.8 144

105 84.8 23.65 9.49 46.8 23 56.7 17.5 119.8 69.05 1.63 3.98 0.6 3.13 7.51 1.46 0.4 950 0.8 144.9

103.4 82.1 23.6 9.3 45.5 22.85 56.7 17 118.3 69 1.56 3.91 0.59 3 7.5 1.28 0.36 950 0.78 142.1

105 84.8 23.6 9.42 46.5 22.85 56.7 17 119.8 69.05 1.58 3.97 0.59 3.13 7.5 1.45 0.4 950 0.8 144

1,690,130 1,671,080 300 93,700 2,353,200 241,500 450 21,300 197,490 34,170 271,000 410,000 3,000 14,000 600 15,000 120,000 50 17,000 8,890

176,651,656 140,876,917.50 7,090 877,983 109,190,775 5,529,070 25,515 362,854 23,612,215 2,358,010.50 434,120 1,622,790 1,780 42,260 4,503 20,390 45,100 47,500 13,360 1,286,125

26,215,532 66,035,842 -350,114 9,525,400 -4,995,085 -289,494.00 11,462,013 -1,029,731.50 -586,900 7,200 47,500 3,200 -628,848

INDUSTRIAL AC ENERGY 6.91 6.92 6.96 6.97 6.85 6.92 6,086,200 42,117,395 ALSONS CONS 1.23 1.26 1.27 1.27 1.26 1.26 122,000 154,220 23.6 23.9 23.9 23.9 23.5 23.6 1,594,600 37,798,435 ABOITIZ POWER BASIC ENERGY 0.73 0.74 0.76 0.77 0.71 0.73 34,978,000 25,704,050 FIRST GEN 29.5 29.55 29.8 29.9 29.4 29.5 487,900 14,466,155 68.95 75 69 75 67.55 75 64,170 4,498,980 FIRST PHIL HLDG MERALCO 278 280 273.6 280 272.2 280 285,790 79,612,742 14.32 14.36 14 14.36 14 14.36 152,500 2,174,034 MANILA WATER 3 3.01 3 3.02 3 3 1,037,000 3,117,830 PETRON PHX PETROLEUM 11.3 11.44 11.38 11.5 11.38 11.46 13,900 158,516 20.85 20.9 20.8 20.95 20.8 20.9 120,200 2,507,820 PILIPINAS SHELL SPC POWER 10.22 10.3 10.4 10.4 10.16 10.3 184,900 1,888,666 13.68 15.2 15 15.4 15 15.4 300 4,560 VIVANT AGRINURTURE 6.73 6.86 6.71 6.89 6.7 6.86 4,112,600 28,186,742 AXELUM 3.06 3.11 3.06 3.11 3.03 3.11 243,000 750,350 17.28 17.3 17.54 17.54 17.2 17.3 2,735,200 47,335,880 CENTURY FOOD 8.85 9 9 9 8.79 9 33,800 299,541 DEL MONTE DNL INDUS 7.17 7.25 7.43 7.44 7.14 7.25 1,839,400 13,397,925 10.22 10.38 10.26 10.38 10.16 10.38 205,400 2,121,390 EMPERADOR SMC FOODANDBEV 59.2 59.25 59 59.5 59 59.25 18,400 1,090,007 ALLIANCE SELECT 0.62 0.63 0.61 0.64 0.61 0.63 238,000 150,440 1.34 1.35 1.32 1.36 1.31 1.35 1,971,000 2,626,590 FRUITAS HLDG GINEBRA 49 50 50.95 51 48.05 50 82,040 4,149,198.50 176.9 177.5 180 180 172 176.9 3,647,020 646,923,353 JOLLIBEE LIBERTY FLOUR 31 31.7 31 31 31 31 3,100 96,100 MAXS GROUP 5.8 5.83 5.8 5.83 5.71 5.8 114,800 659,357 0.295 0.305 0.305 0.31 0.285 0.305 9,000,000 2,674,150 MG HLDG SHAKEYS PIZZA 6.81 6.98 6.99 6.99 6.8 6.81 8,900 61,011 ROXAS AND CO 1.05 1.06 1.01 1.1 1.01 1.05 4,147,000 4,345,390 4.58 4.77 4.67 4.67 4.58 4.58 21,000 97,600 RFM CORP ROXAS HLDG 1.4 1.45 1.41 1.41 1.41 1.41 12,000 16,920 0.131 0.134 0.132 0.139 0.13 0.134 1,470,000 194,950 SWIFT FOODS UNIV ROBINA 125.9 127 122.5 127 121 127 1,200,500 150,337,900 VITARICH 0.78 0.79 0.79 0.8 0.78 0.78 969,000 757,150 2.21 2.25 2.21 2.21 2.21 2.21 1,000 2,210 VICTORIAS CONCRETE B 55.4 60.7 55.5 60.75 55.4 60.75 410 23,361 CEMEX HLDG 1.11 1.12 1.12 1.13 1.1 1.11 576,000 642,810 2.96 2.97 2.52 2.97 2.42 2.97 25,567,000 71,483,350 DAVINCI CAPITAL EAGLE CEMENT 11 11.3 11 11.3 11 11.3 28,000 308,190 7.31 7.5 7.29 7.5 7.29 7.5 106,100 781,498 EEI CORP 5.29 5.35 5.3 5.35 5.27 5.35 516,500 2,748,182 HOLCIM MEGAWIDE 6.17 6.18 6.18 6.18 6.07 6.18 270,200 1,656,007 11.94 12.2 11.94 12.2 11.94 12.2 80,000 972,078 PHINMA TKC METALS 1.07 1.09 1.07 1.1 1.07 1.09 173,000 185,910 VULCAN INDL 2.07 2.08 2.06 2.1 2.04 2.08 3,106,000 6,453,880 2.06 2.07 2.05 2.09 1.92 2.07 996,000 1,986,440 CROWN ASIA EUROMED 1.96 1.99 1.96 1.99 1.95 1.95 93,000 183,170 4.34 4.48 4.48 4.48 4.48 4.48 2,000 8,960 MABUHAY VINYL 5.24 5.25 5.3 5.3 5.25 5.25 98,300 518,155 PRYCE CORP CONCEPCION 20.6 21.15 20.5 21.15 20.5 20.5 4,800 98,515 3.72 3.73 3.85 3.88 3.73 3.73 11,479,000 43,528,030 GREENERGY INTEGRATED MICR 9.98 10.02 9.89 10.06 9.8 10.02 221,800 2,195,386 IONICS 1.07 1.1 1.1 1.1 1.06 1.1 28,000 30,160 5.78 5.98 5.5 5.78 5.5 5.78 2,600 14,636 PANASONIC SFA SEMICON 1.28 1.29 1.3 1.3 1.26 1.29 256,000 327,170 6.2 6.24 6.08 6.29 5.95 6.2 4,332,500 26,337,909 CIRTEK HLDG

-7,448,126 -4,566,855 -1,355,960 -4,366,520 769,199.50 -9,363,702 -24,228 -1,463,750 -1,709,215 2,740,780 6,160 -3,507,274 4,707,253 422,196.00 -659,035.50 -90,320 -26,146,214 11,992 57,200 -29,457 7,400 -30,509,084 -4,150 -215,370 2,728,420 16,500 -609,591 267,268 -125,311 -238,728 -11,710 4,160 9,950 8,960 28,700 -2,135,500 6,012 10,700 26,680 -1,942,588

HOLDING & FRIMS ABACORE CAPITAL 1.1 1.11 1.05 1.1 1.03 1.1 29,271,000 31,781,310 ASIABEST GROUP 6.83 7 6.88 7 6.81 7 4,100 28,417 730 731 730 737.5 718 731 239,160 173,223,885 AYALA CORP ABOITIZ EQUITY 35 35.4 35.75 36.5 34.7 35 2,733,000 96,610,840 10.34 10.5 10.6 10.6 10.3 10.34 1,244,700 12,963,048 ALLIANCE GLOBAL 2.89 2.9 2.88 2.9 2.85 2.9 767,000 2,211,810 AYALA LAND LOG ANSCOR 6.5 6.51 6.76 6.76 6.51 6.51 6,200 40,600 0.65 0.66 0.64 0.67 0.61 0.66 3,027,000 1,951,760 ANGLO PHIL HLDG ATN HLDG A 0.75 0.77 0.78 0.78 0.74 0.77 3,480,000 2,635,450 ATN HLDG B 0.75 0.78 0.79 0.79 0.75 0.78 80,000 61,500 5.2 5.21 5.21 5.25 5.15 5.2 1,016,400 5,292,702 COSCO CAPITAL DMCI HLDG 5.07 5.08 5 5.07 4.96 5.07 1,532,100 7,720,522 8.2 8.3 8.2 8.3 8.2 8.3 39,100 322,820 FILINVEST DEV 0.24 0.255 0.24 0.24 0.24 0.24 30,000 7,200 FORUM PACIFIC GT CAPITAL 511 515 522 522 510.5 511 46,150 23,708,035 3.51 3.66 3.67 3.67 3.67 3.67 2,000 7,340 HOUSE OF INV JG SUMMIT 58.65 58.8 58.5 58.95 58.2 58.65 1,023,020 59,974,327 LODESTAR 1.02 1.03 1.03 1.09 0.99 1.02 4,812,000 4,892,750 3.35 3.4 3.4 3.4 3.35 3.35 41,000 138,570 LOPEZ HLDG LT GROUP 13.64 13.76 13.76 13.78 13.62 13.68 3,522,800 48,160,402 0.46 0.48 0.46 0.46 0.46 0.46 20,000 9,200 MABUHAY HLDG METRO PAC INV 3.74 3.77 3.78 3.82 3.71 3.74 30,652,000 115,194,660 PACIFICA HLDG 3.46 3.57 3.46 3.48 3.46 3.46 35,000 121,160 2.94 2.95 3.08 3.08 2.88 2.94 4,260,000 12,588,590 PRIME MEDIA SOLID GROUP 1.24 1.25 1.24 1.25 1.24 1.25 84,000 104,200 SM INVESTMENTS 965 970 951.5 970 950 970 168,430 162,307,135 120 121 120 121 118 121 56,440 6,756,062 SAN MIGUEL CORP SOC RESOURCES 0.67 0.7 0.67 0.7 0.65 0.69 272,000 178,910 TOP FRONTIER 137.1 143 142.3 143 136.1 143 420 58,720 0.24 0.249 0.241 0.243 0.237 0.24 2,230,000 534,620 WELLEX INDUS ZEUS HLDG 0.195 0.204 0.198 0.21 0.195 0.204 220,000 44,170

-750,650 6,150 -64,534,555 -29,536,960 -1,526,018 73,980 -2,527,784 -1,685,825 -248,820 -13,632,050 7,340 -4,235,855.50 -10,200 -124,990 -6,231,694 -80,854,910 72,620 1,067,440 2,500 -21,089,085 792,896 4,820 -

PROPERTY ARTHALAND CORP 0.62 0.63 0.62 0.62 0.61 0.62 508,000 312,220 ANCHOR LAND 7.31 7.79 7.31 7.31 7.31 7.31 100 731 34.9 34.95 34.3 35.2 33.9 34.9 6,531,400 226,504,735 AYALA LAND ARANETA PROP 1.16 1.29 1.29 1.29 1.29 1.29 10,000 12,900 AREIT RT 32.95 33 32.8 33.05 32.8 33 898,000 29,633,600 1.43 1.46 1.41 1.42 1.41 1.42 236,000 334,330 BELLE CORP A BROWN 0.87 0.89 0.88 0.9 0.87 0.89 842,000 744,140 0.78 0.8 0.78 0.81 0.77 0.8 271,000 214,410 CITYLAND DEVT CROWN EQUITIES 0.131 0.132 0.134 0.134 0.131 0.132 830,000 108,830 CEBU HLDG 6.34 6.78 6.22 6.34 6.22 6.34 9,500 60,170 5.54 5.55 5.43 5.58 5.36 5.54 908,900 4,979,433 CEB LANDMASTERS CENTURY PROP 0.385 0.395 0.395 0.41 0.385 0.395 10,880,000 4,385,650 CYBER BAY 0.315 0.33 0.32 0.33 0.32 0.33 150,000 48,800 13.2 13.22 14.4 14.4 13.02 13.2 5,871,800 79,491,886 DOUBLEDRAGON DDMP RT 2.25 2.26 2.26 2.4 2.24 2.25 643,472,000 1,481,461,220 6.8 6.9 6.67 7 6.67 7 78,100 525,172 DM WENCESLAO EMPIRE EAST 0.275 0.28 0.29 0.29 0.275 0.28 270,000 75,000 EVER GOTESCO 0.089 0.09 0.091 0.091 0.088 0.09 300,000 26,720 1.11 1.12 1.11 1.13 1.1 1.11 3,830,000 4,261,840 FILINVEST LAND GLOBAL ESTATE 0.8 0.84 0.86 0.86 0.8 0.8 4,996,000 4,032,960 8990 HLDG 7.15 7.23 7.12 7.15 7.12 7.15 3,100 22,159 1.34 1.35 1.3 1.35 1.3 1.34 548,000 717,770 PHIL INFRADEV CITY AND LAND 1.29 1.33 1.34 1.38 1.26 1.29 3,081,000 4,113,450 3.38 3.42 3.48 3.48 3.38 3.38 9,025,000 30,849,180 MEGAWORLD MRC ALLIED 0.365 0.37 0.355 0.37 0.355 0.365 20,030,000 7,279,200 PHIL ESTATES 0.43 0.435 0.45 0.45 0.415 0.435 4,750,000 2,039,800 2 2.01 1.78 2 1.78 2 12,872,000 24,567,580 PRIMEX CORP ROBINSONS LAND 17.68 17.7 17.8 17.8 17.5 17.68 850,300 15,038,986 PHIL REALTY 0.247 0.255 0.247 0.255 0.247 0.255 490,000 121,470 1.44 1.52 1.48 1.54 1.41 1.45 1,587,000 2,373,520 ROCKWELL STA LUCIA LAND 2.34 2.36 2.35 2.38 2.33 2.36 224,000 527,900 35.1 35.3 34.55 35.3 34.2 35.3 4,149,700 144,548,820 SM PRIME HLDG SUNTRUST HOME 1.52 1.53 1.53 1.53 1.48 1.52 151,000 226,900 VISTA LAND 3.72 3.78 3.7 3.8 3.7 3.72 394,000 1,477,950

630 -68,754,010 -19,224,555.00 -116,000 99,990 371,370 -130,300 -2,749,672 -153,034,210.00 92,530 4,100 -15,550 -39,240 -16,149,320 814,900 8,500 1,978,910 -10,233,964 -1,170,900 1,051,615 -7,720 -693,030

SERVICES ABS CBN 10.9 11 11 11 10.9 11 32,900 361,534 GMA NETWORK 7.3 7.34 7.35 7.35 7.15 7.34 457,400 3,319,682 0.425 0.44 0.425 0.425 0.425 0.425 100,000 42,500 MANILA BULLETIN GLOBE TELECOM 1,909 1,910 1,913 1,924 1,902 1,910 65,400 124,946,370 PLDT 1,238 1,250 1,220 1,250 1,215 1,250 101,715 125,752,640 0.199 0.2 0.2 0.202 0.19 0.199 906,790,000 179,851,030 APOLLO GLOBAL CONVERGE 18.98 19 19.04 19.1 18.7 19 5,408,800 102,512,144 3.68 3.78 3.75 3.94 3.66 3.77 107,000 407,650 DFNN INC DITO CME HLDG 9.76 9.8 9.84 9.96 9.48 9.8 13,366,200 130,259,574 IMPERIAL 1.65 1.75 1.8 1.8 1.56 1.75 71,000 116,880 1.94 2.02 2.05 2.05 1.9 1.9 52,000 99,810 JACKSTONES NOW CORP 2.62 2.63 2.56 2.62 2.51 2.62 2,846,000 7,347,880 TRANSPACIFIC BR 0.415 0.42 0.42 0.43 0.41 0.415 11,560,000 4,816,750 2.71 2.74 2.68 2.74 2.68 2.74 584,000 1,582,200 PHILWEB 2GO GROUP 8.46 8.5 8.4 8.53 8.4 8.5 198,800 1,678,684 15.06 15.5 15.5 15.5 15.5 15.5 200 3,100 ASIAN TERMINALS CHELSEA 3.3 3.35 3.33 3.38 3.25 3.3 618,000 2,042,210 CEBU AIR 45.45 45.5 46.4 46.4 44.95 45.5 131,700 6,006,770 124.2 126.5 123.4 126.5 123.1 126.5 710,120 89,455,474 INTL CONTAINER LBC EXPRESS 16.8 16.98 16.8 16.98 16.8 16.98 300 5,076 LORENZO SHIPPNG 0.98 1.05 1.06 1.06 1.06 1.06 1,000 1,060 4.61 4.67 4.62 4.82 4.6 4.62 1,297,000 6,079,970 MACROASIA METROALLIANCE A 2.32 2.34 2.28 2.38 2.28 2.34 132,000 304,210 2.21 2.39 2.32 2.32 2.31 2.31 7,000 16,200 METROALLIANCE B PAL HLDG 5.9 6 5.95 6 5.9 5.9 44,800 267,388 HARBOR STAR 1.11 1.13 1.14 1.14 1.1 1.11 178,000 196,650 1.45 1.5 1.5 1.5 1.45 1.45 39,000 57,450 ACESITE HOTEL BOULEVARD HLDG 0.083 0.085 0.081 0.084 0.077 0.084 411,990,000 33,397,340 DISCOVERY WORLD 4.12 4.35 4.41 4.43 4.1 4.35 331,000 1,400,490 8.48 10.4 7.79 7.79 7.79 7.79 100 779 GRAND PLAZA WATERFRONT 0.51 0.53 0.54 0.55 0.51 0.53 4,590,000 2,420,810 6.51 7.15 6.51 6.51 6.51 6.51 2,000 13,020 CENTRO ESCOLAR IPEOPLE 6.96 7.89 6.98 7.05 6.96 6.96 145,100 1,010,150 STI HLDG 0.38 0.385 0.37 0.385 0.365 0.38 2,160,000 811,300 4.36 4.57 4.57 4.57 4.31 4.57 16,000 69,950 BERJAYA BLOOMBERRY 6.81 6.9 6.85 6.9 6.72 6.9 682,400 4,674,184 PACIFIC ONLINE 1.95 2.11 1.95 1.96 1.95 1.96 100,000 195,960 1.68 1.73 1.67 1.75 1.67 1.68 87,000 145,460 LEISURE AND RES PH RESORTS GRP 2.13 2.14 2 2.21 1.98 2.13 5,507,000 11,454,330 0.38 0.39 0.385 0.39 0.35 0.38 1,380,000 507,600 PREMIUM LEISURE 7.72 7.73 7.6 7.73 7.55 7.72 2,381,800 18,364,031 ALLHOME METRO RETAIL 1.28 1.29 1.26 1.29 1.25 1.28 271,000 347,420 40.45 40.5 40 40.45 39.1 40.45 5,689,000 227,190,700 PUREGOLD ROBINSONS RTL 57.8 57.9 54.75 59.4 53.9 57.9 1,486,710 84,561,449.50 PHIL SEVEN CORP 91.55 94 92 94.95 91.55 94 46,180 4,251,968 1.2 1.21 1.18 1.21 1.17 1.21 318,000 381,070 SSI GROUP WILCON DEPOT 17.22 17.34 17.3 17.48 17.2 17.22 462,000 7,979,414 0.395 0.4 0.41 0.41 0.395 0.405 150,000 60,700 APC GROUP EASYCALL 6.76 6.8 6.7 6.8 6.6 6.76 81,100 541,028 GOLDEN MV 433.2 450 450 450 440 450 360 161,000 4.95 5 4.9 5 4.9 5 5,000 24,950 IPM HLDG PAXYS 2.26 2.48 2.26 2.26 2.26 2.26 15,000 33,900 PRMIERE HORIZON 2.03 2.04 2.03 2.09 1.95 2.03 26,037,000 52,817,220

-25,117,060 -4,883,030 -5,366,200 19,019,324 -26,880 4,774,933 128,390.00 180,600 -130,080 0 -26,000 536,495 26,108,588 3,396 -1,157,210 -89,390 24,000 4,350 -779 -1,010,150 0 -307,139 -11,260 66,150 8,335,695 -40,660 -25,312,935 16,125,790.50 89,887 -59,840 -5,266,302 -4,100 -18,000 1,240,190

MINING & OIL ATOK 8 8.08 8 8.1 7.81 8 434,700 3,469,731 285,639 1.41 1.42 1.4 1.43 1.4 1.41 1,289,000 1,817,940 1,410 APEX MINING ATLAS MINING 6.25 6.29 6.31 6.32 6.25 6.29 408,600 2,571,746 -82,670 2.45 2.79 2.61 2.79 2.42 2.79 85,000 225,370 BENGUET A BENGUET B 2.5 2.91 3 3 2.95 2.95 4,000 11,930 -2,950 COAL ASIA HLDG 0.28 0.29 0.285 0.285 0.285 0.285 50,000 14,250 2.72 2.73 2.73 2.73 2.7 2.73 101,000 275,130 272,400 CENTURY PEAK DIZON MINES 8.5 9.6 9.5 9.68 9.5 9.68 1,100 10,468 FERRONICKEL 2.29 2.3 2.34 2.34 2.23 2.29 2,965,000 6,766,640 -200,400 0.32 0.325 0.315 0.325 0.31 0.32 800,000 252,000 19,200 GEOGRACE LEPANTO A 0.129 0.13 0.134 0.134 0.13 0.13 2,720,000 354,820 0.132 0.139 0.132 0.132 0.132 0.132 10,000 1,320 LEPANTO B MANILA MINING A 0.0097 0.0099 0.0097 0.0098 0.0096 0.0098 32,000,000 310,800 MANILA MINING B 0.0097 0.0099 0.01 0.01 0.0097 0.0097 6,400,000 62,410 1.16 1.18 1.17 1.19 1.17 1.18 264,000 309,900 -62,800 MARCVENTURES NIHAO 2.14 2.15 1.7 2.18 1.7 2.15 286,000 584,210 -12,900 NICKEL ASIA 4.97 4.99 4.9 4.99 4.82 4.99 5,821,400 28,531,806 5,341,308 0.4 0.43 0.4 0.4 0.4 0.4 10,000 4,000 OMICO CORP ORNTL PENINSULA 0.83 0.84 0.85 0.86 0.81 0.84 918,000 759,020 4.54 4.55 4.61 4.61 4.53 4.54 558,000 2,533,780 59,150 PX MINING 11.98 12.02 11.76 12.06 11.7 12 2,155,800 25,762,974 -3,618,072 SEMIRARA MINING UNITED PARAGON 0.0072 0.0076 0.0073 0.0077 0.0071 0.0076 50,000,000 365,100 21.9 22 22.65 22.8 21.9 22 175,000 3,865,110 19,265 ACE ENEXOR ORNTL PETROL A 0.01 0.011 0.01 0.011 0.01 0.011 27,700,000 282,700 ORNTL PETROL B 0.01 0.011 0.011 0.011 0.01 0.011 165,100,000 1,657,300 0.011 0.012 0.011 0.012 0.011 0.011 34,500,000 386,900 136,400 PHILODRILL PXP ENERGY 8.7 8.76 8.42 8.7 8.42 8.7 200,300 1,728,835 5,076 PREFFERED HOUSE PREF B 100.3 101 100.2 100.3 100.2 100.3 2,620 262,784 AC PREF B1 519 525 519 519 519 519 4,000 2,076,000 515.5 521.5 515 515 515 515 220 113,300 AC PREF B2R CPG PREF A 102.5 103.5 102.6 103.5 102.5 103.5 30,600 3,136,620 DD PREF 101.8 102.1 102.1 102.1 101.8 102.1 2,260 230,500 1,007 1,020 1,007 1,020 1,007 1,020 105 105,800 GTCAP PREF A MWIDE PREF 99.8 100 100 100 99.8 100 3,110 310,932 50,000 100.1 101 100.1 100.1 100.1 100.1 980 98,098 MWIDE PREF 2A MWIDE PREF 2B 100 100.5 101 101 100 100 90,720 9,162,700 PNX PREF 3B 106.2 106.5 106.2 106.2 106.2 106.2 100 10,620 1,000 1,008 1,001 1,001 999 1,000 21,350 21,349,855 20,020 PNX PREF 4 PCOR PREF 2B 1,008 1,011 1,010 1,011 1,010 1,011 890 899,115 PCOR PREF 3A 1,067 1,100 1,100 1,100 1,100 1,100 385 423,500 1,124 1,140 1,140 1,140 1,140 1,140 20 22,800 PCOR PREF 3B SFI PREF 1.65 1.74 1.6 1.63 1.5 1.63 16,000 24,860 77.75 78 78 78 77.75 78 4,090 318,127 SMC PREF 2C SMC PREF 2E 75.85 75.9 75.9 75.9 75.9 75.9 23,360 1,773,024 50,094 SMC PREF 2H 76.5 76.8 76.8 76.8 76.8 76.8 131,200 10,076,160 78 79 78.95 78.95 78.95 78.95 1,000 78,950 SMC PREF 2I SMC PREF 2J 76.3 76.95 76.25 76.95 76.25 76.95 10,900 831,645 SMC PREF 2K 75.55 76.7 75.5 75.5 75.5 75.5 50 3,775 - PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 10.34 10.88 10.2 10.5 10 10.34 61,800 630,788 -296,106 GMA HLDG PDR 6.92 6.99 6.99 6.99 6.99 6.99 133,200 931,068 -931,068 WARRANTS LR WARRANT 2.03 2.04 1.9 2.05 1.89 2.04 3,725,000 7,369,110 -85,280 SMALL & MEDIUM ENTERPRISES ALTUS PROP 19.02 19.5 19.44 19.5 19 19.5 78,700 1,506,620 ITALPINAS 2.38 2.39 2.34 2.4 2.32 2.37 210,000 494,070 58,780 5.09 5.17 5.1 5.1 5.09 5.09 2,600 13,239 4,072 KEPWEALTH MAKATI FINANCE 2.53 2.6 2.53 2.54 2.53 2.53 12,000 30,400 4.9 4.91 5.15 5.15 4.91 4.91 11,923,700 59,456,304 753,699 MERRYMART EXHANGE TRADE FUNDS FIRST METRO ETF 98.5 98.6 98.4 98.6 97.5 98.5 18,600 1,823,810 27,622.50

www.businessmirror.com.ph

Strong Q4 performance lifts Puregold income in 2020

By VG Cabuag

@villygc

uregold Price Club Inc., the grocery chain led by businessman Lucio Co, said its income rose 19 percent in 2020 to P8.05 billion from the previous year’s P6.77 billion, mainly as a result of its strong fourth quarter performance. Net sales grew 9 percent to P168.63 billion from the previous P154.49 billion. About 73 percent of the revenues came from the Puregold stores network while 27 percent was

contributed by S&R Membership warehouse clubs and S&R New York Style Pizza stores. The company’s performance was just slightly up for the three

quarters of 2020 compared with 2019 figures, but the company saw its income double in the fourth quarter to P4.65 billion from the previous year’s P2.21 billion. Sales skyrocketed as the public went out less frequently but shopped with higher ticket sales for most of 2020, broker Regina Capital and Development Corp. said. Sales for the last quarter of 2020 almost doubled to P86.66 billion, from the previous year’s 44.5 billion. “Our company has achieved a record breaking year in 2020 despite lot of challenges due to Covid-19 pandemic. We cannot achieve this without the support and commitment of our suppliers and employees on providing the best product and service to our customers. We are committed

to drive sustainable growth in 2021 thru continued store expansions and innovations in grocery retailing.” Co, the company’s chairman, said. The company said its consolidated income from operations grew 17 percent to P13.4 billion in 2020, from P11.4 billion during the same period in 2019. Puregold stores registered same store sales growth (SSSG) of 2.4 percent for the year while S&R registered an SSSG of 8.7 percent during the same period. As of end-December 2020, Puregold group has a total of 469 stores nationwide. These include 403 Puregold stores, 20 S and R membership shopping warehouse and 46 S and R New York Style quick serve restaurants.

Century Pacific profit up 24% in 2020 C entury Pacific Food Inc. (CNPF), the maker of popular canned tuna and corned beef products, said its income grew 24 percent last year to P3.9 billion from the previous year’s P3.14 billion, as the pandemic pushed people to buy more canned goods. Revenues grew slower at 19 percent to P48.3 billion from the previous year’s P40.5 billion, mainly due to the good performance of its branded business which saw sales increase by 25 percent from 2019 figures. The branded business, composed primarily of the marine, meat and milk business units, remained as the major contributor to the company’s overall sales representing 81 percent of total topline. The balance of 19 percent of sales is accounted for by its commodity-linked OEM export business, which saw topline decline 1 percent year-on-year as a result of softer commodity prices, reallocation of capacity to domestic requirements and a stronger peso. “We saw robust demand for our branded products all throughout 2020 – beginning with a strong preCovid-19 performance, followed by pandemic-related demand spikes, then sustained growth to wrap up the year due largely to the essentials and staples nature of our portfolio,”

Christopher Po, the company’s executive chairman, said. CNPF said it expects a double-digit topline and bottomline growth target for 2021, despite a high 2020 base and continued uncertainty due to the pandemic. The growth target is due largely to resilient demand for the company’s core branded products, recovery in its OEM export business and increased contribution from new products and emerging categories. Starting April 1, the company is folding Pacific Meat Company Inc. (PMCI), an emerging player in the large refrigerated food category, into the publicly-listed firm. CNPF is buying Pacific Meat for P650 million from its parent firm Century Pacific Group Inc. The company said its acquired the Pacific Meat at a discount and the price is less than book value and significantly lower than its 2020 annual sales. Pacific Meat will be retained as a separate legal entity. CNPF will also acquire inventory worth P275 million, and the mode of payment shall be in cash. Pacific Meat has its own manufacturing facilities, cold chain distribution and an innovation pipeline of refrigerated better-for-you products. It is expected to provide CNPF with growth opportunities in a major seg-

‘Passengers affected by travel bubble may avail of free rebooking’ By Samuel P. Medenilla @sam_medenilla

ravelers who will be affected by the travel bubble in the National Capital Region (NCR) and nearby provinces may now avail of free rebooking. On Wednesday, the Department of Transportation (DOTr) announced the Civil Aeronautics Board (CAB) and the Maritime Industry Authority (Marina) have released the necessary issuance for the free rebooking. “Good news for those whose booking was cancelled because of stricter measures related to the NCR Plus bubble, they could rebook or get a refund from airlines and shipping companies,” Transportation Undersecretary Artemio Tuazon said during a television interview. He said this is because the pandemic is considered as “force majeure.” On Monday, the government en-

forced the “travel bubble” in NCR, Laguna, Cavite, Rizal, and Bulacan, which was collectively called “NCR Plus” in its attempt to arrest the influx of new Covid-19 cases in the said area. During the travel bubble, which will be effective from March 22 to April 4, people could only travel to and from NCR Plus for “essential” purposes such as work, business, medical reason or other official transaction. Those, who will leave for “non-essential” reasons such as tourism will be temporarily barred from passing through the “travel bubble” on the boundaries of NCR Plus. The “travel bubble” affected people who have scheduled out-of-town trips in time for the start of the Holy Week break next week. For those residing in the NCR Plus, Malacañang said they could still engage in tourism activities, but only within the areas covered by the travel bubble.

ment of the food market. “We are looking at refrigerated food as another platform for growth and look forward to bringing in PMCI as it has now hit scale and built out a pipeline of new products that will supplement CNPF’s. It will provide capabilities in a completely different food segment which is growing and will have synergies with the shelf-stable part of our portfolio,” Po said.

mutual funds

“Moreover, as a result of this acquisition, all consumer good businesses of the Po family will consolidate into the listed CNPF, eliminating potential sources of conflict of interest and improve our overall corporate governance. We believe the terms of the deal are minority shareholder friendly and we’ve undergone a robust process to ensure the transaction is at arm’slength.” VG Cabuag March 24, 2021

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 206.47 15.97% -9.32% -4.23% -9.13% ATRAM Alpha Opportunity Fund, Inc. -a 1.2349 54.02% -8.18% 0.95% -5.95% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.8259 30.15% -13.5% -6.43% -9.8% Climbs Share Capital Equity Investment Fund Corp. -a 0.7306 31.66% -8.66% n.a. -9.12% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6536 14.45% n.a. n.a. -11.87% First Metro Save and Learn Equity Fund,Inc. -a 4.5247 29.32% -7.18% -2.85% -8.43% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6548 21.28% -10.99% -7.75% -13.82% MBG Equity Investment Fund, Inc. -a 95.53 54.48% -5.69% n.a. -6.29% PAMI Equity Index Fund, Inc. -a 42.428 35.04% -7.22% -2.94% -9.43% Philam Strategic Growth Fund, Inc. -a 444.1 29.39% -7.13% -3.44% -9.18% Philequity Alpha One Fund, Inc. -a,d,5 1.0012 39.64% n.a. n.a. -8.76% Philequity Dividend Yield Fund, Inc. -a 1.0733 29.61% -7.02% -2.43% -8.12% Philequity Fund, Inc. -a 31.7947 31.23% -6.96% -1.95% -8.56% Philequity MSCI Philippine Index Fund, Inc. -a 0.8244 32.69% n.a. n.a. -9.7% Philequity PSE Index Fund Inc. -a 4.3443 35.4% -6.94% -2.25% -9.33% Philippine Stock Index Fund Corp. -a 726.53 36.01% -6.85% -2.38% -9.37% Soldivo Strategic Growth Fund, Inc. -a 0.6553 29.79% -10.72% -5.86% -8.85% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.2856 28.87% -8.95% -3.75% -9.33% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8306 35.37% -7.18% -2.5% -9.49% United Fund, Inc. -a 3.0541 32.31% -6.08% -1.22% -7.98% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 97.4831 36.16% -6.63% -1.71% -9.36% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $1.2721 61.82% 3.62% 8.71% 5.75% Sun Life Prosperity World Voyager Fund, Inc. -a $1.6928 63.18% 1.2% 9.23% n.a. Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.6181 17.83% -3.16% -1.57% -3.03% ATRAM Philippine Balanced Fund, Inc. -a 2.1377 18.87% -3.45% -0.88% -6.46% First Metro Save and Learn Balanced Fund Inc. -a 2.4744 16.34% -2.68% -1.52% -5.81% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1859 14.61% n.a. n.a. -6.39% NCM Mutual Fund of the Phils., Inc. -a 1.8857 12.43% -0.66% 0.43% -3.99% PAMI Horizon Fund, Inc. -a 3.5193 18.62% -2.01% -0.87% -7.1% Philam Fund, Inc. -a 15.7851 11.51% -1.93% -0.85% -6.8% Solidaritas Fund, Inc. -a 1.9791 10.42% -3.04% -5.49% -0.75% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.3463 17.6% -4.55% -2% -6.35% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.938 18.17% n.a. n.a. -8.27% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8595 27.41% n.a. n.a. -9.45% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.8433 29.02% n.a. n.a. -9.62% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8254 22.43% -5.48% -2.63% -7.02% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03806 5.55% 2.52% 1.37% -2.71% PAMI Asia Balanced Fund, Inc. -b $1.1339 34.76% 1.69% 4.93% -1.42% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.5428 44.68% 6.93% 8.24% 0.66% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.1855 25.73% 3.41% n.a. -1.38% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 369.79 2.57% 3.08% 2.56% -0.34% ATRAM Corporate Bond Fund, Inc. -a 1.9066 -0.3% 0.75% 0.27% 0.33% Cocolife Fixed Income Fund, Inc. -a 3.2171 2.47% 4.13% 4.56% 0.07% Ekklesia Mutual Fund Inc. -a 2.2392 0.24% 2.06% 1.6% -2.47% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4208 3.03% 3.02% 1.72% -1.32% 1.89% Philam Bond Fund, Inc. -a 4.4323 1.76% 3.69% -4.36% Philam Managed Income Fund, Inc. -a,6 1.3133 5.37% 4.15% 2.56% -0.6% Philequity Peso Bond Fund, Inc. -a 3.944 5.73% 4.14% 2.52% -1.43% Soldivo Bond Fund, Inc. -a 1.0161 7.29% 3.84% 1.82% -2.49% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1569 4.27% 4.5% 2.73% -1.53% Sun Life Prosperity GS Fund, Inc. -a 1.7221 2.63% 3.75% 2.07% -1.87% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $481.93 2.45% 2.9% 2.44% -0.4% ALFM Euro Bond Fund, Inc. -a Є219.42 0.75% 1.09% 1.21% 0.11% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.1856 11.31% 1.99% 1.34% -7.4% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0258 5.74% 1.33% 0.96% -3.01% PAMI Global Bond Fund, Inc -b $1.0525 0.74% 0.26% -0.53% -3.68% Philam Dollar Bond Fund, Inc. -a $2.4643 4.79% 4.11% 2.26% -2.81% Philequity Dollar Income Fund Inc. -a $0.0624738 5.81% 3.21% 2.21% 0.25% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1034 4.49% 1.85% 0.97% -3.73% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 129.82 2.58% 3.21% 2.52% 0.01% First Metro Save and Learn Money Market Fund, Inc. -a 1.0496 1.59% n.a. n.a. 0.14% Sun Life Prosperity Money Market Fund, Inc. -a 1.3004 2.12% 2.91% 2.59% 0.29% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.055 1.5% 1.76% n.a. 0.25% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.1995 n.a. n.a. n.a. 6.19% Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.98 20.99% n.a. n.a. 0% a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. d - in Net Asset Value per Unit (NAVPU). 1 - Launch date is September 28, 2019. 2 - Launch date is November 15, 2019. 3 - Adjusted due to stock dividend issuance last October 9, 2019. 4 - Renaming was approved by the SEC last October 12, 2018 (formerly, One Wealthy Nation Fund, Inc.). 5 - Launch date is December 09, 2019. 6 - Re-classified into a Bond Fund starting February 21, 2020 (Formerly a Money Market Fund). 7 - Launch date is July 6, 2020. "While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www. pifa.com.ph to see the latest NAVPS/NAVPU."

Envoys&Expats BusinessMirror

www.businessmirror.com.ph

Locsin, Indian envoy Kumaran accelerate vaccine collaboration

HE Philippines and India discussed ways to ramp up cooperation on vaccines, as well as the dynamic state of their multifaceted cooperation. Secretary of Foreign Affairs Teodoro L. Locsin Jr. and Ambassador Shambhu S. Kumaran covered on March 12 topics on maritime security, counterterrorism, cyber security, space, energy, as well as information and communications technology. Recalling the telephone conversation between President Duterte and Prime Minister Narendra Modi in June 2020, Locsin reiterated the country’s interest to se-

cure more supplies of coronavirus disease 2019 vaccines from Indian manufacturing companies.. He also welcomed the burgeoning ties between the Philippines and South Asia’s economic powerhouse, highlighting the recent steps forward in the areas of defense, health and pharmaceutical cooperation, as well as disaster preparedness. Kumaran, meanwhile, underscored the strong complementa-

SFA Teodoro L. Locsin Jr. and Ambassador Shambhu S. Kumaran DFA-OPCD CAMILLE BARIZO

rities between Modi’s Act East Policy and Duterte’s independent foreign policy, as well as the need

for security and stability in the Indo-Pacific and Southeast Asian regions. DFA

Israel invites Pinoys to write on Wailing Wall–virtually

OR Filipinos missing out on a trip and unable to visit Israel this Holy Week due to the pandemic, the Holy Land’s Ministry of Tourism is offering to place notes in the Western Wall— by digital means. According to its embassy in Manila, the notes will be submitted online, then they will be printed and placed in the cracks of the

historic wall. “While Israel is still closed to international travel, we wanted to create a meaningful way this coming Holy Week for the Filipinos [to] be inspired and connect with the spiritual sites...abundant in our country,” said Sammy Yahia, Israel Ministry of Tourism director for India and the Philippines. Traditionally, visitors could

write a prayer or wish in a piece of paper and squeeze it between the cracks of the wall. It is said that if one leaves a note at the Western Wall, it will be “heard, as it is directly taken to God.” “The Western Wall is an important piece of Jewish tradition and under normal circumstances, would attract thousands of travelers,” Yahia added. “With travel

currently restricted, we want to make this unique Israeli experience accessible for the Filipinos this Holy Week, so we created a portal for them to send their personal notes.” To access the Western Wall enote portal, visit https://israel. travel/ph/. Around 34,100 Filipinos visited Israel in 2019, according to data from the ministry.

Thursday, March 25, 2021

New Zealand, PDRF to enhance crisis response

HE Philippine Disaster Resilience Foundation (PDRF) has launched a special mentorship program on public service continuity to help local health-care workers reduce the delay in delivering life-saving services during disasters and other crises. Through the “Kalinga para sa Kalusugan ng Komunidad” (Project K3), the PDRF held a virtual orientation for the program on March 4. The program will adopt a blended-learning approach, which combines self-paced online modules uploaded on PDRF’s electroniclearning platform iADAPT, and will push for three webinar workshops. PDRF said qualified facilitators on public-service continuity planning will guide participants in drafting. Under the mentorship program, they are expected to create public-private communities of practice and foster new health resilience champions who will both support pandemic response and prepare communities for future calamities. Ambassador of New Zealand to the Philippines Peter Kell cited the requirement for public-private collaboration to respond to the crisis situation. “Significant, unexpected and hard-to-predict events are inevitable. Within this uncertain future environment, public-service continuity planning is an important requirement for success,” Kell said. “It is vital that we must build communities which [will not only survive, but also] thrive despite

AMBASSADOR Peter Kell FB: NEW ZEALAND EMBASSY-MANILA

adversity.” Department of Health Director Dr. Gloria Balboa also acknowledged the need for adopting a whole-ofsociety and a whole-of-nation approach in crisis management, particularly amid the prevailing health crisis. Key representatives from five cities in Metro Manila—including Navotas, Pasig, Parañaque, Taguig and Valenzuela, with seven hospitals: Philippine General Hospital, Ospital ng Makati, Quirino Memorial Medical Center, Medical City, Philippine National Police General Hospital, Cotabato Sanitarium, and Diliman Doctors Hospital—will participate in a series of self-paced courses and webinars in the coming months. Project K3 is an initiative of the PDRF as well as the New Zealand Ministry of Foreign Affairs and Trade Aid Program that targets to strengthen the health-care capacities of local government units, health-care institutions, and other local communities nationwide to respond to the public-health crisis and other emerging needs amid the pandemic. Lade Jean Kabagani/PNA

‘From one brother to another:’ Envoy optimistic on potential to further Pakistan-PHL partnership

N the occasion of Pakistan’s 81st National Day on March 23, the BusinessMirror was privileged to speak online with the Islamic republic’s incumbent ambassador Dr. Imtiaz Ahmad Kazi. The Pakistani envoy recently made an inventory of the numerous areas that will bolster the excellent “brotherly” relations existing between his country and the Philippines, as well as his plans to strengthen those further. The following is a continuation of the special feature on March 23:

ENVOYS&EXPATS: Please describe the bilateral ties between our countries.

AMBASSADOR KAZI: Soon after Pakistan gained independence in 1947 from colonial British rule, the Philippines was one of the first among the Southeast Asian countries to recognize our state. Your country opened its first consulate in Karachi in 1949, which was converted into a full-fledged embassy in 1956. So we have the blessing of having a very good start—right from the birth of my nation. I would say we have an excellent relationship around these 70 years, and we have good economic cooperation. Despite the pandemic, it has shown an increase in value—in the range of $200 million. And there’s room for improvement. Our economic ties and enterprises have been very good; same with our political relations. We never had any contending issues. Pakistan has had excellent cooperation and support from the Philippines and Asean, and we have also been supporting each other’s candidates in the international forum. We anticipate that these ties should continue.

What is the business landscape like for Pakistanis in this country?

Some decades back, we already had excellent cooperation, because of the Colombo Staff College and

the Asian Development Bank here. When Pakistani students started coming in the 1980s and 1990s, they had far better educational opportunities. Many of them founded a community and started developing programs and business ventures. They eventually settled here and established their businesses. There now is a substantial number of Pakistanis locally, especially in Subic Bay, importing textiles, pharmaceuticals, surgical goods and machinery. Many own and operate these businesses, and have settled down here with food and other types of businesses. They are well settled, though not big in numbers—about a few thousands. I do not have the exact figures yet, but they are very prosperous, law-abiding, and lead happy lives here. I can say the same for Filipinos in Pakistan.

What facets of mutual cooperation will you be improving further?

There are certain specifics. Our trade value is quite low, compared to the potential increase between our two countries. We need to work on that, plus cultural image, peopleto-people contacts. I would focus on these in the times ahead. We have some related agreements. Pakistan’s rice and kinnows, or citrus mandarin, had some importation hurdles, but these can still be improved. There are various areas where Pakistan and the Philippines can perform together. Both have many commonalities, as they went through colonial rule and struggled for independence. We have preserved our national security and territorial integrity. We have faced terrors and challenges regionally and internally. Our countries are among the most populous in Asia. We have unique strengths and capabilities as hardworking and enterprising nations. Filipino technicians, engineers, scientists and many others are in Pakistan and in Gulf countries. We have very good people to people interac-

AMBASSADOR Imtiaz Ahmad Kazi during his presentation of letters of credence to President Duterte on December 2, 2020. PCOO

tion out there. We share so many things—even our religious studies. Our religions are considered Abrahamic: Islam and Christianity. Speaking of health care, I think we can export our pharmaceutical products after this pandemic. One compatriot is importing 350 kinds of medicines from Pakistan. There is a broad scope that Pakistanis can share with this country in exporting cheap medicines. President Duterte passed a resolution last year regarding the availability of economical medicines. Filipinos need these items at affordable prices. Pakistan produces these medicines at the most affordable prices in the region. Our surgical goods are also the best in the world; we can export those here. And when exports are good, we can have many of these products locally. We actually have many similar items with the Philippines. I’m surprised that you have some of them at very economical prices: coconut, palm, machineries, electronics, and many others. At a level, these can cost low between our two countries. I think we can exchange so much economically. Textile is one of your fields of specialization, while it is also the strength of Pakistan. I have seen balikbayan shops with local products. We can have an exchange of similar goods here in the Philippines. In terms of people-to-people contacts, the cultural side is missing; as I have mentioned, we can be better

THE Chief Executive’s response as he welcomed Kazi. PIA-CARAGA

on that. There are also educational exchanges that can be improved. The best nurses in the world are from the Philippines; we can bring your best practices in Pakistan for our healthcare professionals.

What would you like to achieve and accomplish in your tour of duty?

During my tenure, I will focus on a few things: One is political contacts, so that they will provide impedance to our economic content. We have a Joint-Economic Commission, which saw a gathering for the first time in 2018. But we look forward to a second meeting very soon. Of course, the pandemic has derailed some of our programs and political-consultation talks. I anticipate that our countries will try to see that we can have more interactions to give impedance to our excellent ties. The other angle is cultural. We have to promote people-to-people, cultural and educational contacts. Learning institutions in both countries are excellent. Many Pakistanis fondly cherish the memories of their education in the Philippines. Their degrees are well recognized globally. We envision that our educational and information-related content will also

grow in the years ahead. My priority is that our leaders visit each other’s countries as soon as the pandemic is over. Our prime minister should come over. The other is that your president should visit Pakistan, because our heads of state’s visits will bring some dynamics to have more agreements signed.

Your thoughts on our countries’ regional interactions.

What can a brother expect from a brother? We have been together through thick and thin. I am happy that it has been a healthy relationship, despite regional challenges, and national interests. Your country has excellent relations with the United States and China. Pakistan also maintains the same relationship with both superpowers. Pakistan also shares the same distinction of having vital relations with them. It has a strategic dialogue with the US as its most important non-NATO (North Atlantic Treaty Organization) ally of the US during the war on terrorism in the last two decades. We have been with them in SEATO (Southeast Asia Treaty Organization)—the same bilateral defense agreements as the Philip-

pines with the US since the 1950s. We had a similar mutual-defense treaty with America. We joined SEATO, and then the Baghdad pact for the region as a bulwark to contain Communism. So we have the same challenges. Then, there are regional countries outside Asean. I am impressed that the Philippines has always extended the best possible assistance to my country’s full membership. Pakistan is already a sectoral dialogue partner of the region. We want to become a full dialogue partner of Asean, and the Philippines has been extending a constant hand of support in our every endeavor for such. We are dialogue partners in the Asean Regional Forum. We have a defense agreement under consideration. We are looking forward to strengthening what we have achieved so far, to augment this relation in the days ahead. Of course, cultural and trade potential needs to be added with “flesh and muscle,” much more to the scope that we do have. We have excellent relations; we have an excellent future to look forward to. As I have mentioned, our values and background convey that we are brotherly countries, developing together at every forum. We wish to continue these as part of strengthening our relations.

Curiously, have you been to the Philippines prior to your tenure?

It is actually my first time; I came here last year in November—unfortunately, during the pandemic. Prior to that, I had been to other countries in the region, but not the Philippines. I was an official delegate for some familiarity meetings in Asean member-states. I served as Pakistan’s deputy ambassador in Malaysia from 2009 to 2012, so I know the region’s culture a bit. But believe me, before landing here, deep down in my heart, I knew I am going to a place that is my home, which is “nearer” to my home, than in any other country.

B4 Thursday, March 25, 2021

Banking&Finance BusinessMirror

Digital fraudsters still active amid lockdown, study bares

By Tyrone Jasper C. Piad

@Tyronepiad

study by the local business of TransUnion LLC revealed that 44 percent of the Filipinos were targeted by digital fraud in the past three months. Preliminary data from TransUnion Philippines Consumer Pulse Survey noted that 40 percent of the respondents said the cyberattack were usually pandemic-themed phishing scams. The credit reporting agency will release the full report next month. “Fraudsters are always looking to take advantage of significant world events,” TransUnion Philippines President and CEO Pia L. Arellano said. “The Covid-19 pandemic and its corresponding rapid digital accelera-

tion brought about by stay-at-home orders is a global event unrivaled in the online age.” Most of the suspected fraudulent transactions transpired in Salcedo (Eastern Samar), Makati City and Manila, according to the study. TransUnion’s findings point out that the most targeted segment is the “Gen Z” (individuals born in the years 1995 to 2002) at 48 percent. Millennials (born 1980-1994) followed at 42 percent. It was also noted that digital

fraud on March 11, 2020 to March 10, 2021 has increased by 31 percent from March 11, 2019 to March 10, 2020. In the same periods, attempted fraud from the Philippines against telecommunication companies surged the most at more than tenfold year-on-year. The perpetrators were usually attacking the credit cards of the consumers in this segment. “Although credit card fraud isn’t unusual for any retailer, fraudsters are now looking for ways to monetize their efforts and are using fraudulent credit cards to purchase high end phones and then sell them on the black market,” TransUnion noted. Following this is digital scams against the logistics industry, which increased by 81.53 percent on shipping fraud. Online scams in financial services, meanwhile, climbed by 38.77 percent during the period. “By analyzing billions of transac-

tions we screened for fraud indicators over the past year, it has become clear that the war against the virus has also brought about a war against digital fraud,” Arellano added. In a recent statement, several business groups in the Philippines urged the public to be more vigilant when transacting online. They reminded the clients to pay attention to notices and warnings by financial institutions about digital frauds, reminding them to never share online credentials and onetime passwords. According to the Philippine National Police Anti-Cyber Crime Group, there were 869 online scams recorded from March to September last year, which is 37 percent higher than the 633 incidents registered during the same period in 2019. Recent studies by financial firms Visa and Mastercard explained that more and more Filipinos are adopting cashless payment schemes amid the accelerated shift to digital.

Tencent plays down effect of China’s tech crackdown

ENCENT Holdings Ltd. played down the impact of Beijing’s heightening scrutiny over China’s biggest Internet firms, saying a potential revamp of its $120 billion fintech wing should have little impact on its business. President Martin Lau acknowledged founder Pony Ma called on regulators recently but said that it was voluntary and part of a series of regular meetings. Executives reiterated that the company has always been cautious and compliant with fintech regulations and it will stick with its normal practice of acquiring minority stakes in Chinese startups, while regulators pore over past deals. Beijing is widening a crackdown on the country’s largest corporations, fearful of their growing clout after years of relatively unfettered expansion. Tencent’s attempt to allay investor concern over regulatory scrutiny comes after it posted revenue growth that barely met expectations. Regulators are said to be considering forcing the firm to overhaul its promising fintech division in a similar fashion to Jack Ma’s Ant Group Co. This month, President Xi Jinping warned he will go after “platform” companies that amass data and market power, a sign that the Internet crackdown isn’t limited to Ant and its backer Alibaba Group Holding Ltd. “We have always been very focused on compliance and we will continue to operate strictly in compliance with the rules and regulations,” Lau told reporters on a conference call. Any requirements to form a financial holding company will not have an impact on its business, he added. Top executives on Wednesday repeatedly stressed they will go all out to comply with regulations. Tencent, which has acquired stakes in hundreds of startups over the years, is now going over past investments to

by 29 percent in the fourth quarter— the slowest pace in about a year— helped by a surge in international games sales of titles like Peacekeeper Elite and the newly launched Moonlight Blade Mobile. That may spur concerns about the longevity of the pandemic-era global gaming boom.

Game stop A man on a bicycle passes by the headquarters of Tencent Holdings Ltd. in China. The company said its business was unfazed with the crackdown on financial technology (fintech) firms. Bloomberg News

ensure they comply with antitrust requirements. It pledged to safeguard user privacy even as it acknowledged the need to heed Beijing’s call to share data. Led by the People’s Bank of China, the government has proposed establishing a joint venture with tech giants that would oversee the lucrative data they collect, which would mark a significant escalation in regulators’ attempts to tighten their grip over the sector, Bloomberg News reported Wednesday. “Tencent is trying to reassure investors that its microloan business has substantive differences from Ant,” said Michael Norris, research manager at Shanghai-based consultancy AgencyChina. “While Tencent may avoid the same level of scrutiny as Ant Group, there may be some bumps along the road. Potentially issues could include scrutiny of data collection, or regulatory attention toward promotion and cross-sale of financial products,” he added. Tencent shares slipped 0.8 percent before the earnings Wednesday. The stock has dropped about 19 percent from its January peak, wiping roughly $180 billion off the valuation of Asia’s biggest company. Tencent’s fallen behind most of China’s largest Internet firms in

recent months. Sales rose 26 percent to 133.7 billion yuan ($20.5 billion) in the three months ended December, versus the 133.1 billion yuan average forecast. Net income came in at 59.3 billion yuan, with one-time gains contributing over half its profit. That compared with the 32.9 billion yuan projected. It’s unclear how far Beijing intends to go in its bid to rein in Tencent and its peers. In the short run, investors will likely focus more on how the world’s largest game publisher could sustain a pandemic-induced entertainment boom, while delving deeper into newer businesses like advertising and payments. All rely on WeChat, the avenue through which Tencent reaches users and markets products, including its biggest gaming hits like Honor of Kings and PUBG Mobile. Through the mini-program model it championed, WeChat hosted $240 billion worth of transactions for 400 million daily users last year. Now a new short-video feed inside the all-purpose platform is tasked with helping the Shenzhen-based company fend off arch-rival ByteDance Ltd., which has been luring eyeballs away with TikTok’s China clone Douyin. Revenues from online games grew

SALES from social networks climbed 27 percent, in part after Tencent consolidated contributions from Huya Inc. Online advertising revenues increased 22 percent. Fintech and businesses—the division that oversees Tencent’s various money operations as well as cloud—saw revenue climb 29 percent, due primarily to growth in payments and wealth management services. Concerns over whether the pace of expansion can continue have increased after people familiar told Bloomberg News financial regulators are now scrutinizing the unit. Along with Ant, proposed rules to break up market concentration in digital payments and rein in consumer lending online will damage prospects for Tencent’s WeChat Pay and its wider fintech business. Any diktat to fold those operations into a holding company that could be regulated more like a bank would potentially further curb its ability to lend more and expand as rapidly as it has done in recent years. Regulatory headwinds may extend beyond fintech. Earlier this month, Tencent was fined by the antitrust watchdog for not seeking approval on a past investment, and the company has been sued by parties including ByteDance Ltd. over alleged monopolies in its WeChat platform. Beijing has also called on firms to open up proprietary data in areas like search and social media. Bloomberg News

Deutsche Bank eyes Asia equity capital marts rebuild

EUTSCHE Bank AG plans to rebuild its equity capital markets business in Asia, seeking to stage a comeback amid strong demand for share sales, according to people with knowledge of the matter. The Frankfurt-based lender, which shuttered the majority of its equities business in Asia Pacific in 2019, plans to hire 10 to 12 bankers, said the people. The bank is looking to hire in roles across the spectrum to support its ECM business, including in origination, distribution and research, said one of the people. Deutsche Bank is working with

a recruiter and has started to reach out to prospective candidates in the region, including in Hong Kong and Southeast Asia, the people said, asking not to be named as the information is private. The move comes as global initial public offerings have already delivered the best quarter since at least 2009, with more than $200 billion raised so far this year, according to data compiled by Bloomberg. After a sustained boom last year in special purpose acquisition companies, and with interest rising in Asia, the case for partially reversing cuts to equities has grown harder to dismiss. The lender’s Asia ECM unit will

prioritize serving established clients whom they have a strong relationship with, rather than extensively courting small- to mid-sized companies, said one of the people. The team will likely choose to follow the strategy of its counterpart in the US, where focusing on a combination of SPACs, companies in the technology sector and existing clients has proved to be profitable, said another person. Discussions with prospective candidates are ongoing and the number of new hires could change, said the people. A representative from Deutsche Bank declined to comment. The German bank currently ranks

29th in Asia Pacific equity offerings, earning $738 million worth of deal credit, according to Bloomberg league tables. Among the bigger deals that it advised on for companies in the region are South Korea’s e-commerce giant Coupang Inc.’s $4.6 billion US IPO and online car-selling platform Autohome Inc.’s $689 million Hong Kong listing. Deutsche Bank is one of the few major firms that had a significant SPAC business long before it was fashionable. The blank-check wave is a significant opportunity for the bank and can be an important driver of profitability, said Barclays Plc. analyst Amit Goel. Bloomberg News

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Lender to extend ₧500M to MSMEs via mobile app

IZAL Commercial Banking Corp. (RCBC) targets to provide P500-million worth of lending via its financial inclusion app DiskarTech during the first phase of its loan product rollout. RCBC Chief Innovation and Inclusion Officer Angelito M. Villanueva said in an online briefing that the financial technology (fintech) platform will introduce ten loan products in the initial phase of its loan offering next month. “In so far as the loans disbursed, we are looking at, at least disbursing for this [first] phase, would be around half a billion pesos,” added Villanueva, who also heads the FintechAlliance.ph. He said the DiskarTech’s loan offering targets the micro, small and medium enterprises (MSMEs), given that the products are designed to cater to their needs. These include doctor’s loan, car loan, truck loan, motorcycle loan, public utility vehicle/taxi loan, multicab loan, tricycle loan, housing loan, overseas Filipino worker loan and seafarers’ loan. In the first phase, RCBC is teaming up with various lending institutions to roll out the loan products. “The idea is to come up with the loans marketplace to allow Filipinos to have a wide variety of choices,” he said. It is aiming to onboard 20 financial institutions; the platform currently has two. Villanueva said that RCBC itself will offer its own loan

products during the second phase. While Villanueva said that interest rate will vary depending on the loan type, it is seen ranging from seven to 10 percent. The app has reached close to 4 million downloads and around 2.8 million registered users, according to RCBC. The number of basic deposit accounts enrolled in the platform is nearly 1 million. As of end-February, deposits amounted to over P46 million, Villanueva said, noting this shows a 162-percent growth from January. Launched in July last year, the app offers a digital savings account that has no required initial deposit nor maintaining balance. It also allows cardless automated teller machine withdrawals, deposits and cash out from partner agents, fund transfers, bill payments and quick-response code transfers, among others. The Yuchengco-led bank saw its net income slide by 7 percent to P5.018 billion last year from P5.388 billion in 2019 as impairment losses increased by 26.1 percent to P9.33 billion. As of end-December 2020, total assets and capitalization stood at P770.8 billion and P101.5 billion, respectively. Capital adequacy ratio and common equity tier 1 are currently at 16.1 percent and 12.6 percent, respectively. Shares in RCBC ended flat at P17 each amid the 0.79-percent uptick for the benchmark index on Wednesday. Tyrone Jasper C. Piad

Inflation harder to rate after year of spending

INANCIAL markets are obsessed with where inflation is headed. Statisticians are struggling to figure out where it’s at. The pandemic has created major headaches for the people whose job it is to determine the rate of inflation right now, and set the benchmarks that will be used to measure it in the future. They face two fundamental problems. First, gauges like the Consumer Price Index are based on a “basket” of stuff that Americans typically spent their money on in the past— which looks quite different from what people have been buying in the pandemic year.

More booze, less clothes

SECOND, the standard way of compiling inflation numbers is to visit stores and check their asking prices. Researchers haven’t been able to do that during lockdown, leaving holes in the data. And a lot of shopping has in any case shifted online, where prices can be tailored to individual shoppers and subject to rapid change—making them harder to measure. These are more than just technical issues. The incomes of almost 80 million Americans, from recipients of social security and food stamps to workers in collective wage agreements, are tied in some way to the CPI. When it fails to capture changes in the cost of living, their budgets can get squeezed. (The Federal Reserve uses a different measure of inflation, based on more up-to-date spending patterns, so its interest-rate decisions are less affected by the measurement problem.)

Basket case

THE basket problem is the immediate challenge for the inflation technicians. “In effect, CPI weights suffered sudden obsolescence when the pandemic arrived,” Marshall Reinsdorf, an economist in the International Monetary Fund’s statistics department, said in a November presentation. For example, dining out accounts for 6.3 percent of the US CPI basket—but Reinsdorf estimates that a measure of spending habits during the pandemic would have lowered that weighting by almost half. Mean-

while, Americans have been spending more on food at grocery stores, where prices accelerated last year. Economist Alberto Cavallo, who teaches at Harvard Business School, has created a US inflation gauge for the Covid-19 era, using a basket based on credit-card transactions that reflect what Americans have been buying. It has consistently delivered a higher reading than the official CPI, and topped 2 percent last month for the first time since the pandemic began.

Pandemic effect

IN the normal run of things, the Bureau of Labor Statistics—which compiles the headline inflation numbers in the US—would update its CPI basket at the start of next year to reflect 2020 consumption patterns. But that could create new problems—by enshrining untypical spending habits as a benchmark for future inflation. The bureau is considering adjusting its usual procedures, BLS economist Jonathan Church said by e-mail. Alternatives include pretending 2020 never happened and sticking with data from prior years, or adjusting the Covid-era numbers based on secondary sources, says Randal Verbrugge, a senior economist at the Federal Reserve Bank of Cleveland. Either way, there’s a risk of introducing further mismeasurements. Global peers face similar problems. The Organization for Economic Cooperation and Development is due to publish some advice for member states. The second issue revolves around data collection. The BLS employs about 400 researchers who collect information about prices via two main surveys: one is focused on businesses that sell goods and services, and the other asks landlords and tenants about rent payments. Before the pandemic, more than 70 percent of data in the first survey—and some 40 percent of the second one—was compiled during in-person visits, a mix that had been fine-tuned over the years. But last month, 84 percent of the price data was collected online, with the rest coming from telephone surveys― while the rent survey was conducted entirely by phone. Bloomberg News

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www.businessmirror.com.ph

Editor: Gerard S. Ramos

• Thursday, March 25, 2021

A home full of possibilities Work-from-home inspired pieces that bring a twist to your workday...a fresh take on farmhouse style that puts craftsmanship in the spotlight...sun-washed naturals and neutrals that feel good now. With travel still pretty much limited, homemakers can use the to surplus to create a home full of possibilities with Crate & Barrel’s Spring/Summer collection (www.crateandbarrel. com.ph). Wouldn’t it be nice to go home to a place that will not only make us feel good but help us live well? Crate & Barrel designed the season to do just that. And here’s how to transform your home into your space, your canvas: n DESIGN WITH PURPOSE. Go home to a space which doesn’t only look good but feels good too. Create a space within your home that’s not only beautiful, but also purposeful and full of possibilities using multifunctional pieces like Crate & Barrel’s Twist Rotating Desk, Zuma Expandable Dining Table, and the Steen Storage Bench. n NEW NEUTRALS. This idea is more than a color palette—it’s about thoughtful curation, layers of warmth and modern design. It’s a meeting of whites, earth tones, texture and light to create a sense of peace and a place for inspiration to flow freely. Soft and tonal, this fresh palette goes way beyond white. n FEEL GOOD TEXTURES. Layer on warmth with all things neutral and touchable. Bring the best of nature inside to delight your senses. The brand’s catalog is available at www.crateandbarrel. com.ph. Consumers can get up close and personal with the Crate & Barrel’s new collection at stores at SM Aura Premier (0917-8895667), SM Makati (0917-5833573) and SM Megamall (0917-8704796).

Twist Rotating Desk Versatile Twist desk pivots on a round

hub to serve a variety of functions and configurations to fit your space. In its compact form, the table surfaces nest to create an office desk. Expanded, they part to become an expansive executive desk or angle as a corner desk.

Knot Rustic Dining Table There’s a wealth of woodworking artistry at work in the Knot table’s deceptively simple, updated farmhouse style. Expert marquetry and a mix of dramatic cathedral and lively quarter-sawn graining put all eyes on the beautiful white oak and oak veneer.

Marcus and me with a magnificent view of the water and mountains at Caramoan; my dad supporting Meagan as she swam with butandings (whale sharks) at Donsol, Sorsogon

My ‘ones’ in managing anxiety: Part I L

AST week, I mentioned my worry about the recent conversations I have had with parents and experts on the rising anxiety experienced by different members of the family due to the Covid-19 situation. But even without this pandemic, did you know that as early as 2011, WHO had predicted that depression will be the leading cause of disease burden globally by 2030? This is the reason why I have always shared my views on raising happy and fulfilled kids, with happiness as a primary objective. For the past few weeks, I have been researching on my “one” solutions—that by doing them, I would be able to manage my family’s anxiety and emotional health simply and effectively. (“One” is a concept I picked up from the book The One Thing: The Surprisingly Simple Truth Behind Extraordinary Results, by Gary W. Keller and Jay Papasan). Let me share the three “ones” I have discovered over the next few weeks. My first discovery is: water. Since Holy Week is coming up, I remembered our vacation in 2019. We spent our Holy Week in Bicol. It was a great family vacation with my own family and my in-laws. We visited the beaches of Donsol and Caramoan. I am not as much of a beach person as my husband is, but I truly fell in love with the serenity

contemporary classic. Its exceptionally comfortable seat rests atop wooden sleigh legs to highlight the marriage of form and function.

Maar High-Backed Chair Nestle into the inviting embrace

of the Maar chair. Designed to be cozy yet modern, the chair rises to the occasion with an exaggerated barrel back and a boxy, extra-thick seat cushion.

of the waters in Caramoan. This made me remember the many times water has calmed me, whether from a bath or just soaking in water. So I dug deeper and discovered so much more benefits of a good soak, bath or swim from Lifehack. org and Swimming.org: n Bathing can improve heart health: A warm bath, for people without prior heart disease, can lower blood pressure and improve cardiac function. n Taking a bath may help you to breathe easier: When the water is warmer and your heart is beating faster, your oxygen intake can be improved and the steam created by a warm bath can clear your sinuses and chest. Immersion in colder water such as taking a swim in a natural body of water or an unheated pool can help to reduce the risk of infection in people who suffer from COPD (chronic obstructive pulmonary disease). n Your brain and nervous system can benefit from bathing: Submergence in water can reduce pain and inflammation, and also calm the nervous system, reducing the levels of stress and anxiety in the body and improving your mood. n Bathing can benefit your muscles, joints and bones: Stretching and moving in water has been shown to be low impact on the joints, muscles and bones, but very effective in providing an adequate workout through resistance. n Swimming can improve mental health: Being active has a positive impact on mental health, including: improved mood, increased self-esteem, lowered risk of depression, slowed dementia and cognitive decline, improved sleep and reduced stress. Swimming has significantly reduced the symptoms of anxiety or depression for 1.4 million adults in Britain. Aside from these, it is good to also note that taking time to drink a large glass of water can actually be good for mental health. According to Healthline.com,

dehydration can actually cause heart palpitations, which can lead to feelings of panic and may trigger anxiety attack. So, for these coming months, especially this long holiday coming up, below are my recommended activities: n For this Holy Week and long weekends, my family have planned out to recreate our own beach haven. We have just ordered a Bestway Above-TheGround Pool from LazMall and found a good place under a tree in our garden. We even got a small one for Brad, our pet dog, so he can enjoy the home-cation with us. n After a work day or long week, try to end it with a quick soak in your bathtub, or an inflatable pool. Epsom salts is good for relaxing both your mind and muscles. You can also ready lavender-scented candles or oils; and even your favorite music or ballads. For a quick fix, I learned from my grandmother to soak even just my feet every night in a small basin. Try to keep your phone in another room. n Find time in a week to swim with your younger kids. For families with infants, baby swimming brings many benefits in the emotional parent-child bonding, plus physical aspects. Where else can you be face-to-face and skin-to-skin with your baby for an extended period of time? Swimming gives babies a boost of confidence and physical strength as it allows babies to exercise muscles that are not regularly used. It can also result to better sleep patterns. For toddlers, it is good to let them get used to the water, since water adjustment is a key part of learning how to swim. People use water for relaxation, play, recreation, exercise, nourishment and invigoration. As Rob and Kathy McKay puts it in their book Learn to Swim: “In water we are weightless, free, caressed and cleansed.” Amid this pandemic, let’s all listen and love ourselves a little better with water. n

Most couples still make decisions together when they give money to charity—but it’s becoming less common By Jacqueline Ackerman Indiana University–Purdue University Indianapolis

Sonoran Block Leg Sofa The Sonoran sofa is a

WHILE most US couples make charitable giving decisions together, the share of joint decision-makers is declining, according to a study we published March 16. About 62 percent of couples decide about their giving together, down from 73 percent in 2005, the last time anyone studied this behavior in the general population rather than in rich families. Meanwhile, we found that it became more common for one partner to make all giving decisions for their household. When that happens, women are more likely to be in charge than men—15 percent and 12 percent, respectively. The remaining 11 percent of couples decide separately about what charities to support and how much money to give away, down from 16 percent in 2005. These findings are based on responses to a Women’s Philanthropy Institute survey we and our colleagues conducted in May 2020 on how families make decisions about charitable giving. About 3 in 5 of the 3,500 people across the country who completed the online survey on behalf of their households were married or living with partners—in line with what’s typical for the US overall. Because we defined couples as anyone married or living together, including any gender combination, households headed by LGBTQ couples were included in our data. We did not analyze their giving patterns separately, and we plan to publish our findings on the

3 in 10 Americans who are single and couples whose households include other adult family members at a later date. We also looked at other factors, like demographics and how much couples give to charity. For example, we found that older couples and couples with children under 18 are more likely to give jointly. And, on average, men who decide on behalf of their household tend to give the most. Households led by people who are married or partnered and make charitable decisions separately give the least. Individuals have different thresholds for when to consult their partners. It makes sense that a person would be more likely to talk to their partner about donating $2,000 to a charity as opposed to $20. But couples who decide about giving separately, or where men make all the charitable decisions, have much higher thresholds for giving without any discussion. Couples deciding together, or where women make all the giving decisions, have much lower levels at which they talk about this issue their partner. Finally, most households seem satisfied with their charitable decision-making, with around threefourths of all couples indicating that they agree about the amounts and causes supported. WHY IT MATTERS THE roles women play, both in the workforce and in their families, have changed over time with more of them becoming breadwinners.

Understanding how these changes might affect household giving matters because charitable giving in the US mainly comes from individuals and families. Money from people, as opposed to foundations or corporations, has accounted for at least 70 percent of all charitable giving over the last 40 years according to research conducted by the Giving USA Foundation in partnership with the Indiana University Lilly Family School of Philanthropy. WHAT STILL ISN’T KNOWN WE studied charitable giving in terms of dollars given. But generosity isn’t just about money. Volunteering, advocacy and other forms of giving are also important, especially when financial resources are constrained. Scholars of philanthropy like us still do not fully understand household dynamics surrounding these other ways people give back to their communities. Interestingly, couples responded to our survey in May 2020, at the beginning of what economists are calling the “she-cession”—a period when women are disproportionately staying out of the workforce, especially mothers, to accommodate the additional caregiving and parenting responsibilities brought about by the Covid-19 pandemic. This timing means that we may have obtained data from a moment when women’s decision-making power is at its lowest level in recent years, but it’s too soon to know whether that might have influenced the dynamics of charitable giving for couples. THE CONVERSATION

B6 Thursday, March 25, 2021

74 Nominations received for International ICT Awards

SunPIOLOgy raises PhP 4.2-M for health and education advocacies

UNPIOLOGY, the annual charity fun run of Sun Life Philippines and brand ambassador Piolo Pascual, concluded its 12th year with two milestones: successfully transitioning into a virtual race and raising PhP 4.2 Million for its health and education advocacies. Close to 1,000 runners joined the virtual race, all of whom finished the distance they signed up for at their own time and pace. Participants say SunPIOLOgy helped them stay fit even if they could not do their usual fitness activities given the quarantine measures. Participants found fulfillment in the experience and encouraged others to try running as well. “I advise everyone, especially the youth, to go out and run,” says Crispin Banares, 1st Placer for the 30Km category. This was seconded by Aurie Roque, 1st Placer for the 100Km category. “Set aside your fears and explore your strength,” she said. The SunPIOLOgy Virtual Race ran from November 21, 2020 to January 21, 2021. It concluded last February 12, 2021 with a virtual awarding ceremony, which was graced by Piolo himself, along with fellow Sun Life brand ambassadors Enchong Dee and Inigo Pascual. Guest celebrities Klarisse de Guzman, Vivoree, and the

Nocturnal Dancers rendered special performances. Participants were also treated with rewards through the raffle prizes like, a brand-new TV, and 15 Garmin Vivofits. On top of these, special prizes were given to the top three male and top three female runners who finished by December 25.

Championing health and education

SUNPIOLOGY was able to raise PhP 1 Million for scholars of Hebreo Foundation, which was founded by Piolo’s family. The Hebreo Foundation has been supporting the education of young Filipinos since 2009. Meanwhile, PhP 228,000.00 was donated to Star Magic scholars, or children of ABSCBN employees who were affected by the network’s closure. For its health advocacy, more than PhP 3 Million was granted to the Institute for Studies on Diabetes Foundation, Inc. (ISDFI), to enable it to continue providing critical care and improve its facilities such as the Sun Life - ISDFI Nutrition Studio and the ISDFI - Sun Life GoWell Fitness Center. “The positive impact that SunPIOLOgy brings to communities and individuals truly encourages us

to continue advocating our causes,” says Gilbert Simpao, Sun Life's Chief Marketing & Client Experience Officer. “Our foray into the virtual realm is just a glimpse of things to come as we reach out even further with our commitment to be the nation's lifetime partner.” “We launched SunPIOLOgy 12 years ago with the objective of inspiring Filipinos to pursue their health and wellness goals as well as to support our partner charitable institutions. When the pandemic happened, we had to quickly shift into a virtual race. It was an unfamiliar territory for us, but we rested our fate on the community we have built through the years, and on the significance of our advocacies especially amid this prevailing pandemic,” says Benedict Sison, CEO and Country Head of Sun Life Philippines. “With everyone’s help, the first ever SunPIOLOgy Virtual Race turned out to be a success.” “I’m really thankful for the support for our event despite the current situation,” says Piolo. “This success is proof that together, we can make things happen and we can help make lives brighter.” Follow @sunpiology at Facebook or check out www.sunpiology.com.

Sen. Villar cites the critical importance of water

ECOGNIZING the value of water in our lives, Sen. Cynthia Villar has been at the forefront of sustainable water programs and initiatives, starting with the rehabilitation of Las Pinas-Zapote River and fighting for the conservation of the Las Pinas-Parañaque Wetland Park (formerly known as LPPCHEA). "Let us make our waterways and bodies of water safe and healthy for our own safety, health and survival. Water is a lifesustaining resource," stressed Villar as she joined the observance of World Water Day on March 22. World Water Day celebrated on March 22 is about what water means to people, its true value and how we can better protect this vital resource. Sen. Villar’s Sagip Ilog/Rehabilitation of the Zapote-Las Piñas River won for her the United Nations “Best Practices Award” in 2011 due to its outstanding contribution

towards improving the living environment and its demonstrable and tangible impact on improving people's quality of life within a metropolitan river basin. The Sagip Ilog program involves the daily collection of floating wastes, like water lilies which were used for weaving handicrafts and coconut husks which were processed into coco nets for slope protection and coco peat used as potting mix and organic fertilizer. To this day, the Las Piñas-Zapote River continues to play an important role as a “life artery for the people of Las Piñas and nearby cities”. Sen. Villar noted that the rehabilitation of the river paved the way for social enterprises that provided livelihoods to residents. The lady senator is at the forefront of stopping reclamations in Manila Bay that will destroy the Las Pinas-Parañaque Wetland Park, a 182-hectare critical habitat of wildlife that is also a Ramsar-listed

wetland of international importance. It may be recalled that she filed a Petition for Writ of Kalikasan in 2012 against the reclamation bound to encroach upon the area of the said wetland. In 2018, the wetland was given a protected area status upon the enactment of RA No. 11038 or the Expanded National Integrated Protected Areas System Act. Sen. Villar is likewise one of the staunchest advocate of the Manila Bay clean-up, being more actively done now under the Duterte administration, in compliance with the writ of continuing mandamus issued by the Supreme Court ordering 13 national government agencies and the local government units to clean up, rehabilitate, and preserve Manila Bay. Villar also pursued the clean-up of Baseco which included the planting of mangroves and installation of toilet facilities on homes, including the installation of communal septic tank and water waste treatment. As environment committee chairperson, she has conducted hearings on water-related issues so those responsible in water pollution will be obliged to act. Sen. Villar also filed SB No. 2036 National Wetlands Conservation Act, SB No. 1914 or the BIDA bill which calls for a better environmental protection mechanism to ensure the sustainable ecological conditions of Boracay amidst its development and SB No. 336 or the Rainwater Harvesting Facilities Act. For her tireless efforts and ‘pivotal role’ to address water concerns, Villar received the ‘Kampeon ng Katubigan’ award from the DENR- NCR's World Water Day Philippines Awards 2018.

HE Chairman of the Organizing Committee for 2021 International ICT Awards Philippines (IICTAP), Mr. Julian Payne, has announced that 74 nominations for awards had been received for the 15 award categories. The IICTAP has been the leading business awards programs in the Philippines to recognize and promote excellence by companies providing ICT services internationally. It has been organized annually by the Canadian Chamber of Commerce of the Philippines for 15 years since 2007 to promote and recognize ICT services industry and excellence in the Philippines. Payne reported that, in accord with the published procedure, the Independent Compliance Officer had completed the required review of all nominations received with 74 confirmed as fully eligible. Payne also reported that the independent Judging Panel will now start the adjudication process with this scheduled to be completed by March 30. In accordance with the established procedure, the names of the members of the Judging Panel will also be revealed

on the day the Finalists and Winners are announced. The procedure for selecting judges and adjudication is published on the IICTAP website at www.ictawards.org.ph. The eligibility and judging criteria for the various awards are also on the website. Payne also advised that the Organizing Committee had rescheduled the date of announcing the Winners from then April 10 to June 19 to allow more time for preparations of a TV show at which the Winners and Finalists will be announced to the public. The awarding ceremony, which will be prerecorded and streamed on Facebook, will be rescheduled on June 30, 2021. For further information contact the Organizing Committee at info@ictawards.org.ph.

The secret to good health and where to find it

HE pandemic hit hard last year and got everyone rethinking their health habits in fear of catching the disease, that’s for sure. But the secret to good health is and has always been within reach, according to retail giant Amway Philippines. “You achieve good health by taking care of yourself and keeping a balanced diet, giving your body the nutrients it needs and the love it deserves,” says Leni Olmedo, Country Manager of Amway Philippines. “A well-balanced plate has a lot of colors – lots of fruits and vegetables.” Despite the Philippines being rich with lands and farms full of fruit and vegetable crops, a colorful plate just isn’t a common sight in Filipino dining tables. Good thing Amway’s plant-based health supplement brand Nutrilite is launching its new flagship product, the Next Generation of Nutrilite™ Double X™, which can help color in these gaps in Filipino diets. The food supplement contains sophora japonica,

turmeric, rosemary, and a special blend of berries among other carefully selected fruits and vegetables. Jampacked with vitamins, minerals, and phytonutrients, this supplement is actually a level up of the company’s previous flagship product of the same name. The original mutivitamin had phytonutrients that took reactive defenses against excess free radicals in the body – which is known to accelerate ageing. In the upgrade, the phytonutrients take proactive defenses by eliminating excess free radicals in the cells themselves. “Our hearts have always been centered on helping our consumers lead healthier and more empowered lives,” Olmedo shares. “So we are constantly finding ways to innovate and improve. That’s why we were able to make our best supplement even better.” Nutrilite boasts of having its own certified organic farms where they plant and source majority of their ingredients. This has allowed the company to make supplements that are traceable down to the very seed of its ingredients so consumers can be confident that their vitamins are pure, safe, and effective. For Nutrilite™ Double X, over 90% of its botanical ingredients are sourced in these farms. “It’s not just about creating products and selling them. It’s about finding the best solutions and going the extra mile to ensure that they live up to their promise, and that’s what we do in Amway,” says Olmedo. NGDX is available in Amway Exclusive Shopper. Sign up for free to access NGDX among other essentials and get free shipping for orders P1,000 and above.

Mental health expert, Messy Bessy team up with TELUS to honor the strength of women-focused support groups

N time for Women’s Month, TELUS International Philippines (TIP), a leading provider of customer experience (CX) and digital IT solutions, showcases its programs and activities to engage its team members, support the communities, and promote diversity and inclusion. The company likewise shared how women at work faced issues that have become more apparent due to the pandemic – from livelihood and financial stability to mental wellness, and personal development. “Our resource groups played a significant role as we shifted to a remote work set-up. For our team members, these resource groups served as strong support systems and paved the way for them to share their unique points of view and find similar experiences with each other,” said TELUS International Philippines Country Vice-President, Mirei Magallona. The Connections Women’s Network, TIP’s womenfocused resource group, is one of the programs within the company that fosters an inclusive and diverse work environment. The group supports the needs and interests of team members who identify as female while supporting their professional and personal development. “Having that sense of belonging, of knowing that those around you accept you for who you are, it's a very liberating and exhilarating feeling. Being a part of a company with empowered women and with allies who all go the extra mile to help you succeed in your personal and professional life can greatly reduce stress, boost your confidence and resilience, and encourage rapport and collaboration in the workplace,” said Jonabee Beltran-Catura, Operations Director at TIP and Co-chair of Connections Women’s Network. When it comes to mental wellness, an often overlooked aspect of an employee’s wellbeing, TIP strives to support team members through organizing classes in partnership with mental health experts. They’ve focused on mindfulness, balancing work and home life, mitigating isolation brought about by the pandemic, and boosting productivity when working from home. They’ve also organized talks and workshops to help female-identifying team members address unique concerns they may be facing during the pandemic. These workshops included homeschooling 101, breast cancer awareness, domestic violence, and budgeting for yourself and your family. Through these

sessions, team members are able to apply what they learned to their current situations, which then benefits their work performance and overall disposition as they either continue to work remotely or for some, report back to the office for limited periods of time. “During this time, it is crucial to create an accepting environment and for us to explore all means possible to build that. In understanding and empathizing with what women like you may be going through, it may contribute to you feeling lighter and supported. This can already spark meaningful connections that people crave as we have to be socially distant for now,” said Dr. Gia Sison, an occupational medicine and mental health expert. Last year, TIP launched a new corporate social responsibility program (CSR) called “Titapreneur”. Created to help women in underserved communities to find another stream of income and acquire new skills to put up their own small business or pursue a side hustle, Titapreneur was first launched with TELUS International Philippines’ long-time beneficiary, Gawad Kalinga. “Because of Titapreneur we now have an alternative source of livelihood which can help augment our daily expenses, this is a big help to us”, said Elizabeth Moral, one of the Titapreneur beneficiaries from Gawad Kalinga. Messy Bessy, an eco-friendly local brand known for their personal and homecare products, is another partner of TELUS International Philippines. Since 2018, TELUS International Philippines has been supporting the livelihood initiatives of Messy Bessy by procuring tokens and giveaways from this brand. “Women at TELUS International Philippines have a significant role to play in at work, at home, and in our communities. Since the pandemic began, many of our female team members also had to take on different roles - mothers, homeschoolers, breadwinners, caregivers, entrepreneurs and partners. These incredible women have done all that while continuing to deliver on our customer first promise. They are an exceptional force of nature that manages not only to support each other but to inspire the rest of our team members as well . And we are fully committed to continue developing programs that will allow our team members to feel embraced and push them to achieve their dreams and aspirations while creating an open and secure environment not just for women but for everyone else,” said Magallona.

Editor: Anne Ruth Dela Cruz

Health&Fitness BusinessMirror

US health-care provider shares best practices in colon cancer screening

By Jun R. Ruiz, M.D.

olorectal cancer is a malignancy in either the colon or rectum. This is the 3rd most common cancer among Filipinos, despite it being one of the most treatable and preventable cancers. Screening can prevent colorectal cancer (CRC) through the removal of pre-cancerous lesions and reduce death through early detection and treatment of cancer. The fight against the world’s second deadliest cancer is a very challenging battle in the Philippines. There is no national population-based CRC screening program in the country. The Department of Health (DOH) still has to announce its plans on prevention and early detection initiatives of CRC under the National Integrated Cancer Control Act (NICCA).

Kaiser’s Best Practices Webinar

As the lead advocate of the CRC screening campaign of The Medical City, I initiated a forum in collaboration with Kaiser Permanente, an American integrated health care consortium and one of the largest nonprofit health care plans. The title of the webinar was “Colorectal Cancer Screening: Best Practices and Challenges of a Cancer Screening during the Pandemic and Beyond.” This highlighted one of America’s best, if not one of the world’s, best cancer screening programs. Kaiser Permanente (KP)’s quality of care has been highly rated around the world, and this is attributed to its strong emphasis on preventive care. Their best practices on CRC screening was the subject of the lecture of Dr. Theodore Robert Levin, the Clinical Lead for CRC Screening at KP Northern California. Representatives of the DOH and Philippine Health Insurance Corporation (Philhealth) were among those who attended. The fecal immunochemical test (FIT) and colonoscopy are the most commonly used screening tests employed at Kaiser. According to Dr. Levin, KP Northern California implemented in 2006 an organized CRC screening, consisting of a direct-to-patient annual mailed FIT outreach to eligible patients in a large community-based population. Opportunistic colonoscopy was allowed as a screening option by request. Dr. Levin said that the oversight of the program is ensured by the regional health management team, headed by a dedicated clinical physician leader. They manage all automated outreach to the eligible patients, through electronic health records and a tracker system with the support of their information technology division.

According to Dr. Levin, the automated FIT kit (FIT, pictorial instructions, and a prepaid envelope) is mailed to the identified patients for screening. This outreach is followed by secure e-mail and an automated telephone call as needed. The names of the non-respondents are automatically sent to their primary care doctor’s office eight weeks after FIT mailings for further local follow up. In this clinic-based outreach, medical assistants make personalized telephone calls or electronic messages to non-respondents to complete and return the test. Patients with a positive FIT were contacted by their physician to schedule a colonoscopy through a combination of telephone calls, secure messaging and mail.

The success of Kaiser’s screening program

Dr. Levin published their results in 2018 that showed that the implementation of the program rapidly increased the participation of patients and in the up-to-date status of screening from 38.9% in 2000 to 82.7% in 2015 (as compared to 66% nationally in the US). The higher rates of screening were associated with a 25.5% reduction in annual colorectal cancer incidence, and a 52.4% reduction in cancer mortality. The KP program requires an extensive service delivery infrastructure, multiple methods of outreach, and patient navigators to increase screening participation. This patient navigation improves health-care delivery for patients to access the care they need. These proactive strategies contribute to their high screening rates.

The Covid-19 Pandemic

The Covid-19 pandemic has severely challenged the provision of routine health care. The interruption during the pandemic has resulted in a delayed diagnosis of colon cancer, possibly in a more advanced stage. Though the program was stopped for 3 months, KP was able to rapidly resume the FIT outreach due to numerous employed strategies. The FIT outreach is particularly relevant due to limitations in access to colonoscopy and population fears of in-person visits because of Covid-19. When the DOH plans a population-based screening program in the future, this can result in diagnosing cancers in the earlier stages that can be effectively treated. When I asked him what would his advice be to Philippine health policy makers on starting a CRC screening program, he said it was “to start small based on your resources, use the FIT, build from there, and prove your concept”. We hope that once this pandemic is over, screening measures to prevent CRC in the country can be finally realized as envisioned by NICCA. Dr. Jun R. Ruiz is a Philippine and American board-certified gastroenterologist and the lead advocate for colorectal cancer screening of the Augusto P. Sarmiento Cancer Institute of The Medical City. He finished his Gastroenterology Fellowship at the George Washington University Medical Center in D.C. He was part of the physician staff of Kaiser Permanente in Santa Clara, California.

Thursday, March 25, 2021 B7

Are the most awaited Covid-19 vaccines worth the long wait? By Rory Visco

Contributor

henever we go to a fast-food joint because we are really hungry, what does the cashier usually say?

“Ma’am, Sir, willing to wait po?” Unable to do anything about the situation, we would just will our hunger pangs to wait it out. But with regards to the Covid-19 vaccines, are we still willing to wait after being told that they were supposed to arrive last February? Yes, there are vaccines available but still in trickles. Will waiting change our fortunes regarding the fight against this dreaded disease? Will we achieve the much-needed “herd immunity?”

The change Yes, there was a change. After the arrival of the initial doses of donated vaccines—the CoronaVac of Sinovac and those from AstraZeneca—things did change. Just last week, there were two instances where the number of daily cases shot up to record highs, 7,999 and 8,019, respectively, a spike the country only experienced during the early days of the pandemic. In a national virtual town hall meeting organized by the University of the Philippines (UP) entitled “May Covid-19 vaccine na: May Maiiba Ba?,” Dr. Gerardo “Gap” Legaspi, Director of the Philippine General Hospital (PGH), said perhaps something changed, and it happened already, though not the change everyone was expecting. There is a spike, definitely, the PGH director said, who made history as the first recipient of the Covid-19 jab in the country. “Even the WHO (World Health Organization) says there is a spike, though not yet willing to call it a surge.” Indeed, cases have been going up and this is no secret to all, says Dr. Legaspi. “We already started seeing the numbers go up, even before the end of February, numbers

that were higher compared to the last four months. It may not be the same peak that happened middle of last year so there’s still some room to reflect and intervene before that peak happens again that we will be forced to go back to MECQ (Modified Enhanced Community Quarantine).”

There may be other reasons for the change So is the spike caused by B.1.1.7 (UK variant) or B.1.351 (South African variant), which is also highly transmittable but not proven to be any deadlier than the other variants? Though there is one case detected already in January, Dr. Legaspi said most of them were seen by late February. Most of the variants were detected in Pasay, near the airport area. The cities of Makati, Malabon, Manila, Navotas, Parañaque, Pasay and San Juan were considered then as high case transmission risk areas, he added. “With the two-week growth rate of 121.41% and the Average Daily Attack Rate of 7.21/100,000 population, and with high incidents reported among ROFs (Returning Overseas Filipinos), these sort of drove many hospitals to go into their ‘Plan B’ after so many months where they were in relaxed mode.” Dr. Legaspi emphasized that the variants of concern have some implications, but he noted that they are not the only reasons for the surge in cases. He noted the increasing infections can be caused by the inconsistent and incorrect practice of wearing of face masks and face shields, physical distancing and other minimum public health standards.

“Probably the pandemic fatigue everyone is feeling, and the low numbers the past few months made many to become bolder when going out and led to violations of health protocols. These could be one among many other reasons.”

‘Covid-19 Vaccines: naiinip ka na ba?’ In another webinar organized by UP called “Covid-19 Vaccines: Naiinip Ka Na Ba?,” Dr. Enrique “Eric” Tayag, Epidemiologist and Public Health Expert, Director IV, Department of Health-Knowledge Management and Information Technology Service (DOH-KMITS), said that vaccines are one of the biggest public health victories in the world today. He provided a global and local perspective as to where we are now with regard to the vaccines just to assuage our emotions if ever we feel “naiinip” (impatient) already. Around 315 million doses of Covid-19 vaccines, he said, have already been administered worldwide as of March 15, 2021, while 85 million people have been fully vaccinated, and about 72 countries used the Pfizer BioNTech and AstraZeneca vaccines than any other vaccine types authorized for use. In the country, he said, we already received 1.125 million doses. Another 400,000 jabs arrived yesterday and hopefully, vaccination will be completed in the next few weeks before the arrival of the succeeding batches. The vaccination program in the Philippines will follow a specific flow of prioritization, where the A1 priority are frontline workers in health care facilities, both national and local, public and private, professionals and non-pros like students in health and allied professional courses with clinical responsibilities, nursing aides, janitors, barangay health workers. They will be followed senior citizens aged 60 and above, then persons with comorbidities, after which the frontline personnel in essential sectors, the uniformed personnel, for example, then members of the indigent population. “All the sectors following the A1

priority are also getting impatient. In this hierarchy of priorities, as long as the preceding sector is not yet fully vaccinated, vaccination can’t proceed to the next priority sector,” he said. Dr. Tayag emphasized that in the vaccination plan, they considered different scenarios, all dependent on the number of vaccines whether in limited, large number or sufficient, supply. “Securing vaccine supply is not easy even if there’s the COVAX Facility. Many countries still don’t have the vaccines because you can’t get access to the vaccines just by your ability to pay.” Then once the vaccines are available, they cannot just be sent around. The vaccines have to be sent out based on the plan, the flow of which involves securing the vaccines first, delivering them in a timely and safe manner, conduct vaccination efficiently, monitor for Adverse Events Following Immunization (AEFI) and then determine vaccine effectiveness in a real-world situation in order to achieve “herd immunity.” “Vaccination saves lives, not the vaccines, and it has to reach the vaccination centers, which is also a logistical challenge, not to mention weather disturbances so that needs careful planning and ensure proper handling to prevent the vaccines from expiring and go to waste,” he said. For those getting impatient, vaccination can’t be done simultaneously since allocation should be carefully planned, that’s why there is a prioritization plan.

Expectations by year’s end By the end of the year, it is expected that half of the 166 million vaccine doses would be available, 80 percent vaccinated of the 25 million priority individuals, target individuals administered with at least one dose, 50 percent to be fully immunized, “zero” serious or life-threatening adverse events, decreasing number of new cases per day, though this depends on vaccine availability, and finally transition to the “new normal.” “But wait, which year?,” he said. “It is all up to us.”

Covid-19 hampers govt fight against TB Chinese drug removed from ‘dangerous drugs’ list By Claudeth Mocon-Ciriaco

f tuberculosis services continue to be disrupted because of mobility restrictions brought about by Covid-19, over 100,000 Filipinos may die of TB in the next five years or 20,000 deaths per year. A modelling study by the Imperial College of London projected that between 65,100 to 146,300 TB deaths may happen if local TB services remain limited in another year. Since March 2020, the disruption in regular TB services ranging from consultation, testing to treatment due to limited mobility have resulted in a drastic drop in the number of TB cases being notified to the Department of Health (DOH). By the end of 2020, approximately 268,816 new and relapse TB cases were notified to DOH, a 35 percent decrease from 2019 data.

Notifying DOH

Case notification is an important activity of the TB Program as promptly finding and subsequently treating identified TB patients will help reduce the spread of TB and set the course for its elimination. According to the World Health Organization (WHO) global TB report in 2020, the Philippines has the highest TB incidence rate in Asia, with 554 cases for every 100,000 Filipinos. TB is caused by Mycobacterium tuberculosis, a bacteria passed on from a person with TB when he coughs, sneezes, spits or even talks. Bacteria will be expelled in respiratory droplets and close contacts may inhale the bacteria. At first, the body’s natural defense system will

fight the bacteria but once the immune system weakens, the bacteria may attach the lungs and other parts of the body. TB is curable and treatment is free in public health facilities nationwide. The 2016 National TB Prevalence Survey pointed out that only 19 percent of people with TB symptoms sought treatment and care. The rest would do nothing or self-medicate. These behaviors may likely prevail today as mobility restrictions continue with Covid-19.

World TB Day

Amid the pandemic, DOH and its partners are doubling efforts to get TB care back on track. In observing World TB Day yesterday, DOH made an urgent plea to local leaders to support their activities to find and treat as many Filipinos with TB as possible. “Let us end the stigma associated with tuberculosis. TB is a treatable disease, and we can prevent deaths and possible outbreaks if TB is detected and treated early,” Health Secretary Francisco T. Duque III said. This is why, Duque stressed, the DOH is continuously strengthening its efforts to deliver TB prevention and treatment services. “It is likewise important to support someone with TB and encourage them to get proper treatment. We call on people who are experiencing symptoms of TB or those diagnosed with TB to consult with your local health centers or TB clinics for free treatment,” he said.

Getting back on track

This year’s theme is “Find TB: Get Back on Track”

and DOH, with the support of the United States Agency for International Development and FHI360, is rolling out #TBFreePH, a national communication campaign supporting the program’s goal of making the Philippines TBfree by 2035. FHI 360 is an international nonprofit organization working to improve the health and well-being of people in the United States and around the world. With the tagline “Live TBFree,” #TBFreePH aims to address the stigma and the discrimination surrounding TB by highlighting resilience and positive health-seeking behaviors of Filipinos. The DOH with the World Health Organization is also recognizing Provinces and Highly Urbanized Cities (HUCs) that have stepped up amid Covid-19 restrictions through the Race to End TB Awards. Under #TBFreePH, the DOH is soliciting stronger support to end TB through advocacy drives for lawmakers and Local Chief Executives with an aim to increase TB funding, through private sector engagement, and through communication materials aimed at empowering Filipinos with TB to seek early treatment and complete their treatment so that they can live healthier and more comfortable TB-free lives. Lastly, #TBFreePH encourages the community to talk about TB and be informed about TB to address the stigma associated with it, inspiring more TB patients to get themselves treated so they can also live TB-free. “Indeed, the clock is ticking, and the time for action is now,” said the DOH.

t was worth the wait. After several public hearings, discussions and thorough evaluation, the Dangerous Drugs Board’s (DDB) Committee on Reclassification recommended and resolved, under Regulation 1 Series of 2021, to remove Lianhua Qingwen capsules from the list of dangerous drugs for one year pursuant to section 93 of RA 9165 or the Comprehensive Dangerous Drug Act of 2002. This means that Lianhua Qingwen capsules will not be in the list of dangerous drugs for the next 365 days. This also means that Filipinos can now buy Lianhua Qingwen capsules without the need for a prescription from an S2-licensed doctor. Not all doctors are allowed to order dangerous drugs and they need an S2 license to do that. An S2 license is issued only to physicians, veterinarians or dentists who are registered with the Philippine Drug Enforcement Agency (PDEA) to be able to prescribe such regulated drugs. The DDB regulation takes effect 15 days after publication, which in this case is March 12, 2021.

Surge in Covid-19 cases The announcement of the removal

of Lianhua Qingwen from the list of dangerous drugs, even for only a year, was welcome news. The nation currently faces a surge of Covid-19 cases, which reached a record high of 7,999 last March 20, 2021, then broke that record when the 8,000mark was breached two days later with 8,019 new cases. Family clustering was observed to be among the culprits, which prompted the government to adopt a “bubble” concept that clustered the National Capital Region (NCR), Bulacan, Cavite, Rizal and Laguna and called it “NCR Plus.” This means only authorized persons can do essential travel in and out of these areas, and the imposition of a uniform region-wide curfew from 10:00 pm to 5:00 am for a period of two weeks. The effectiveness of the reclassification of Lianhua Qingwen comes at a time where all the help is needed to curb the surge and bring it down to more manageable levels. The herbs in Lianhua Qingwen are traditionally used to clear windheat from and detoxify the lungs, thereby treating cases with fever, sore throat, cough, stuffy or runny nose, aversion to cold, muscle soreness, headache, wheezing—symp-

toms that are present in a person with Covid-19. Philippine Archipelago International Trading Corp., Lianhua Qingwen’s exclusive Philippine distributor, is also seeking approval from the Food and Drug Administration (FDA) to reclassify Lianhua Qingwen as over-the-counter (OTC) capsules. Lianhua Qingwen, the first traditional Chinese medicine (TCM) registered as a herbal product in the Philippines and manufactured by Yiling Pharmaceutical of China, was approved by the Food and Drug Administration (FDA) last August 2020 to cater to Filipinos with mild or moderate symptoms of the dangerous Covid-19 disease. Widely used in China, Lianhua Qingwen was made available in the country through the partnership between Yiling Pharmaceutical and its exclusive distributor in the Philippines, Philippine Archipelago International Trading Corporation. Lianhua Qingwen capsules can now be dispensed with a doctor prescription at a retail price of P288.00/ box (24 capsules/box), and available in all Mercury Drug Store branches nationwide and other drug stores. Rory Visco

PHOENIX STAYS IN PBA–UY

Sports

TOKYO 2020 Organizing Committee President Seiko Hashimoto holds a torch during a press conference in Tokyo on Wednesday. AP

BusinessMirror

| Thursday, March 25, 2021 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

BUSINESS tycoon Dennis Uy wants the Fuel Masters to stay in the Philippine Basketball Association.

By Josef Ramos

HOENIX Super LPG team will stay in the Philippine Basketball Association (PBA) and continue hunt for its first-ever title since it joined the league in mid-2016. This was confirmed by Uy in a texted message to the BusinessMirror on Wednesday. “None of course,” Uy said in his texted message when asked if the PBA team will be part of his privately-owned holding company Udenna’s asset sale to cut debt after most of his companies agonized during pandemic year 2020. Atty. Raymond Zorilla, Phoenix’s Senior Vice President for Corporate Affairs, confirmed that the fuel company has no plans of leaving the PBA and selling the franchise amid the Covid-19 pandemic. “No plans,” he said. Phoenix entered the PBA in 2016 after purchasing the Barako Bull franchise then coowned by George Chua of Photokina and Alberto Lina of the former Air21 team. Zorilla said Uy’s decision to sell some of his company’s assets doesn’t include the Fuel Masters. “That’s [sale of assets] part of our finance management strategy,” added Zorilla, stressing Phoenix will be competitive as always in the PBA. Rumors about Phoenix leaving the league circulated after Calvin Abueva, who the team re-signed to a three-year maximum contract worth P15 million, was traded to Magnolia for Chris Banchero and several picks in the recent Rookie Draft. Zorilla said the trade was “more of a [team] management decision.”

ALL EYES ON TORCH RELAY T

OKYO—The Olympic torch relay is usually just a sideshow for the real thing—the prelude, the buildup, the warm-up act that could be skipped. Not this time. All eyes will be on the torch relay when it begins on Thursday from northeastern Japan, headed to the opening ceremony of the postponed Tokyo Olympics on July 23: 121 days with 10,000 runners expected to crisscross Japan’s 47 prefectures. The relay could be the “canary in the coalmine” for attempting to hold the Olympics in four months despite the pandemic. Social distancing, maskwearing and limited crowds that are prohibited from loud cheering will be the order when the relay starts from Fukushima prefecture. If the relay has problems, if Covid-19 cases pop up and if there are delays, it could send up red flags about the feasibility of holding the Olympics. The first runner will be Norio Sasaki, who coached the Japanese team to the soccer Women’s World Cup title in 2011. About 15 members of the team will also run during the first day, although Homare Sawa, captain of the 2011 winning team, withdrew with unspecified health reasons. Here’s how seriously it’s being taken: Toshiro Muto, the CEO of the organizing committee and a former deputy governor of the Bank of Japan, is in charge of the relay and not a secondary department head. It was exactly at the start of the relay a year ago that the Olympics were postponed because of the coronavirus pandemic. It was the first postponement since the modern Olympic began in 1896.

HOPE LIGHTS OUR WAY

THIS is the event that organizers and the

International Olympic Committee (IOC) hope will help turn public opinion in Japan in favor of the Olympics. The slogan for the relay is “Hope Lights Our Way.” The notion is that the Olympics will be uplifting and a light at the end of the tunnel, which will allow Japan and the IOC to bask in the glow of the world returning to near-normal. Sentiments expressed in polls in Japan so far are overwhelmingly negative with about 80 percent suggesting another delay or cancellation. “We are fully aware that there still are people with anxieties around the Tokyo Olympic games,” Muto said Wednesday. He said people should be encouraged since many sports events in Japan are being held with fans attending. The relay and the Olympics both stir fear that they could spread the virus. There is also opposition to the rising cost of staging the Olympics, now put officially at $15.4 billion. Several audits suggest it’s twice that much and a University of Oxford study says these are the most expensive Olympics on record.

REBUILDING FUKUSHIMA

THE start of the relay will be from Fukushima prefecture, the area of Japan that was devastated 10 years ago by an earthquake, tsunami and the related meltdown of three nuclear reactors. At least 18,000 died in the tragedy of March 11, 2011.

Swiss meet next for Eala

Departed athletes, sports leaders honored with posthumous awards

Until the Olympics were delayed for a year, the focus on the relay was to be on the rebuilding of the northeastern area. Much is still left to be done. Since the postponement, much of the publicrelations focus has shifted to the global recovery from the pandemic. Organizers are again trying to incorporate the rebuilding of the area into their messaging, aware that some residents feel the area has been overlooked and that the Olympics have siphoned off resources. Seiko Hashimoto, the president of the Tokyo organizing committee, said Wednesday she hopes the relay will inspire “the affected people who still struggle to normalize their lives.”

EXTREME MEASURES

THE so-called Grand Start of the relay on Thursday will be closed to the general public. Extensive precautions are in place, which includes limiting the size of the staff coming from Tokyo. The capital is where Covid-19 has been most severe, and the fear is that the relay could spread it to rural Japan. There was talk at first of canceling the relay. But it is heavily sponsored by Toyota and Coca-Cola. The relay was first rolled out in the 1936 Berlin Olympics. “We will work in close collaboration with the municipalities to avoid density along the roadside routes and venues to have a completely safe operation,” Hashimoto said. AP

LEX EALA is moving on from a loss in her Miami Open debut two days ago and will vie in the International Tennis Federation-sanctioned W60 tournament in Bellinzona, Switzerland, from April 5 to 11. The 15-year-old Filipina earned a wild card at the Miami Open but lost to world No. 104 Viktoria Kuzmova of Slovakia, 4-6, 6-4, 6-2, at the Hard Rock Stadium in Florida. “Yesterday was huge,” Eala, ranked word No. 3 in juniors, wrote on her Facebook post the day after the match. “I am having a great week here and it is such an amazing experience.” The Rafael Nadal Academy scholar is seeded 34th in the main draw of the Swiss tournament. “Transitioning from being a junior to a professional is a scary point in one’s career,” Eala said in a WTA statement. “I am unsure about what the future holds and there are a lot of ups and downs. “My family never failed to support me

PORTSMEN and friends of Philippine sports who passed away last year will be remembered in the San Miguel Corp.Philippine Sportswriters Association (PSA) Annual Awards Night. Athletes, coaches, officials and supporters of sports will be posthumously honored during Saturday’s virtual ceremony at the TV5 Media Center. Never in recent memory has there been a long list of sportsmen who passed on to the Great Beyond than in 2020. To be honored are former Ambassador and basketball godfather Eduardo “Danding” Cojuangco, national basketball team coaches Januario “Aric” Del Rosario and Nic Jorge and Olympians Alfonso “Boy” Marquez and Orlando “Orly” Bauzon. The grand matriarch of Philippine boxing Laura Elorde and the PSA’s very own Teddyvic Melendres, former sports and senior news desk editor at the Philippine Daily Inquirer and PSA president from 2009-2011, would also be honored. A moment of silence and a special video presentation will be shown in their memory during the early part of the program presented by San Miguel Corp. and supported by the Philippine Sports Commission (PSC) and Cignal TV. The first ever virtual PSA Awards Night also backed by 1Pacman Partylist, Chooks-to-Go, and Rain or Shine as major backers will be aired on Monday over OneSports+ from 7 p.m. to 8:30 p.m. Also on the list are Inaki Vicente, Arianne Caoili,

MPBL targeting June 12 opening for new season

HE Maharlika Pilipinas Basketball League (MPBL) targets an Independence Day opening for its new season, according to commissioner Kenneth Duremdes. “We had a virtual meeting with some MPBL stakeholders and we set a June 12 opening date for our fourth season—but that’s dependent on the pandemic situation,” Duremdes told BusinessMirror on Wednesday. Duremdes bared that 19 of the 31 teams from last season’s roster have so far confirmed their participation for the coming season. The MPBL completed its 2020 season with two semifinals and five championship games in a bubble at the Subic Bay Freeport gym with the Davao Occidental Cocolife Tigers dethroning the San Juan Knights, 89-88, in

Game 5 of the Finals over the weekend. Duremdes said the MPBL remains vigilant over the spike of virus cases during the past weeks. “The first challenge before we open the new season is for the teams finding their respective practice venues in area under GCQ [general community quarantine,” he said. Duremdes said that the league’s stakeholders have yet to establish a name for its new season, but stressed the format would practically remain the same with all teams in the North and South divisions facing each other at least once in the eliminations. The home-and-away format, Duremdes said, is out of the picture because of the pandemic with the league preferring the same bubble setup in Subic. Miguel La Torre

SERENA’S CONQUEROR

World No. 89 Zarina Diyas of Kazakhstan eliminated Venus Williams, 6-2, 7-6 (10), in the Miami Open on

and know they are rooting for me in whatever I do,” she added. Eala climb 140 rungs up the WTA rankings to be at 763 in the world. She bagged her first professional title in the first leg of the W15 Manacor tournament in Spain after overcoming Spaniard Yvonne Cavalle-Reimers, 5-7, 6-1, 6-2. Miguel La Torre

Pinoy Pride on ‘The Apprentice’ Tessa Jazmines | tessa4347@gmail.com

PART OF THE GAME WITH most competitive sports events currently on hold because of the public health situation, the little screen grabs some of the action with a reality show that weaves together a contest of wills and mental agility alongside tough physical challenges that can push competitors to the brink. The Apprentice: ONE Championship Edition is the newest incarnation of the unscripted reality series that takes place in a boardroom and tests the limits of aspiring businessmen and women to be the Next Big Thing. Since it originally aired in 2004, hundreds of contestants have competed for a job as an apprentice to billionaire CEOs and has been aired in 120 countries This newest version titled The Apprentice: ONE Championship Edition is touted to be the toughest The Apprentice ever. Over and above the mental, psychological and creative challenges of the business side of the competition, physical challenges that test human limits are on the agenda too. Hosted by billionaire Chatri Sityodtong, founder, CEO and chairman of ONE Championship—Asia’s largest sports media property—this newest series has gathered 16 candidates from different parts of the world (US, Russia, Germany, Venezuela, New Zealand, Singapore, Japan, India, Thailand and the Philippines) to compete for a $250,000 job offer that lets them work directly under Sityodtong for a year as his protégé in Singapore. Two of the contestants are Filipino: Lara Pearl Alvarez, a single mother of 25, an accountant and former MMA athlete out of the Team Lakay stable; and Louie Sangalang, 44, former URCC champion, Iron Man Philippines finisher, first Filipino North Pole Marathon finisher and a cancer survivor. Lara saw the Apprentice as an open door to a better life for her and her 10-month-old son.

Salvador “Buddy” Andrada, Maui Huelar, Jomar Ang, Domingo “Coach Waray” Villanueva, Gene Poliarco, Alexander Lim, Bea Luna, Junel Mendiola, Ollie Ongtawco, Yana Bautista, Oscar “Dodong” Bascon, Albert Almendralejo, Ronald Dulay, Randy Villanueva, Rudy Del Rosario, Vangie de Jesus, Sudan Daniel, Rico Navarro and Josie Veguillas. At the top of the PSA honor roll will be pro golfer Yuka Saso, who will be receiving the prestigious Athlete of the Year Award solely given by the country’s oldest media organization headed by Manila Bulletin sports editor Tito Talao. The other awards to be handed out are the President’s Award (Philippine Olympic Committee President Rep. Abraham “Bambol” Tolentino), Executive of the Year (Philippine Basketball Association Commissioner Willie Marcial), National Sports Association (NSA) of the Year (Association of Boxing Alliances in the Philippines) and Major Awardees (Alex Eala, Johnriel Casimero and Pedro Taduran). To be honored with a Lifetime Achievement Awards are former Gintong Alay Project Director Jose Romasanta, former PBA Commissioner Renauld “Sonny” Barrios and Cojuangco, while boxing great Manny Pacquiao will receive the “Manok ng Bayan” award. Citations and a special recognition will be given to 20 personalities and entities as well as athletes who served as frontliners during the current Covid-19 pandemic. Gretchen Ho and Carlo Pamintuan will host the event.

After her selection from a tough audition, she scooped up her savings to travel to Singapore, entrusted her baby with her parents, left hearth and home for the first time ever, with only her courage, toughness and tenaciousness honed from years of training with Team Lakay to see her through. It was the first time she had ever been away from her baby boy, who would cry every time she would go on video chats with him. But she hanged tough, never losing sight of the vision that if she succeeds, she would be able to give him and her family a better life. “I’m glad I took a chance. It made me a stronger person, and a better mother. I’ve become more confident and know that being a single mother is not a setback. It’s a blessing because I was able to push myself harder. It gave me the strength to push past my limits,” Lara said. Louie Sangalang is a tough road warrior polished by years of experience and winning personal battles that included a scary bout with cancer of the appendix when he was 23. That major setback did not faze him. It became the turning point of his life. He never looked back and went on to become a martial arts athlete and an endurance runner who competed locally and internationally. He became URCC champion from 2005 to 2007. Louie’s approach to competing is pragmatic. “I knew that, since this is a ONE Championship show, they would be bringing in competitors that were physically capable. So that’s one of the things I prepared for. I trained for this, both physically and mentally. A lot of the other candidates weren’t as prepared and struggled early, not just with the challenges, but with all the protocols and quarantinerelated measures. Because we’ve had such a unique experience in the Philippines with

Tuesday. The 40-year-old Williams, ranked 79th, made her 21st appearance in the tournament, now held 75 minutes from her residence in Palm Beach Gardens, Florida. AP

regards to the pandemic, I think that helped prepare me a lot,” Sangalang said. But Lara and Louie are not the only contestants on The Apprentice:OCE that could bring pride to Filipinos. American Roman Wilson, a varsity football and former pro football player, has a unique Filipino connection too. Married to Filipina Carmina Mancenon, his classmate at Princeton, Roman lived for a while in the Philippines and loves the country, totally immersed in the culture, the food and the people. After his stint as an athlete, he was into investment banking on Wall Street, a hedge fund in Tokyo, agriculture in the Philippines, and now in corporate strategy for a F&B company in Singapore. He thinks his experience doing fast-paced work in banking and finance and his athletic experience in football give him an edge. “I worked in a bunch of different countries, with different people. The ability on The Apprentice to be able to work and get along with people from other countries is crucial. The challenges are tough, but being able to work with people, get along, and really work as a team towards a goal is I think the toughest challenge,” Roman said. To up the ante even more on the challenges that contestants would face, Chatri Sityodtong makes his CEO friends from Grab, Zoom, Zilingo, TUMI, Everise and Twilio, among others, into the picture. Every week a CEO friend or friends assign tasks for the contestants alongside Chatri. To add even more intensity, legendary and champion MMA athletes also take turns on the show to test the participants’ physical endurance and prowess. Brazilian MMA artist Renzo Gracie, George St-Pierre, former ONE Welterweight World Champion Ben Askren, ONE Heavyweight World Champion Brandon Vera, ONE Women’s Atomweight World Champion Angela Lee, ONE Flyweight World Grand Prix Champion Demetrious Johnson, Indian Wrestling Champion Ritu Phogat, Karate World Champion Sage Northcutt, and ONE Women’s Strawweight World Champion Xiong Jing Nan lower the boom on the contestants as well. The Pinoy contestants are in for a big challenge on The Apprentice indeed. Boardroom and MMA fans can cheer them on every Thursday, 8:50 p.m. on AXN cable network and on Mondays, 9 p.m. on One Sport.