BusinessMirror March 31, 2020

NGCP to donate ₧1B to anti-Covid drive T

HE National Grid Corporation of the Philippines (NGCP) will donate P1 billion to support the country’s medical staff.

In a letter sent to President Duterte, NGCP president Anthony Almeda said the board of directors, particularly major stockholders Henry Sy Jr., Robert Coyiuto Jr., and the State Grid of China Corporation (SGCC), has decided to donate P1,000,000,000 “to aid our medical frontliners to support the President’s efforts to combat the outbreak of Covid-19 in the Philippines.”

Of the amount, P500 million

A FOOD business in Parañaque City offers frontliners some treats as long as they show them their identification card. NONIE REYES

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will be donated in the form of goods and medical equipment and the remaining half in cash, for allocation to other Covid-19 response purposes.

“NGCP will be coordinating with your team on the turnover of our donation. We will also continue to look for opportunities to support the government in battling this pandemic,” said Almeda.

The NGCP is conducting regular sanitation of all workplaces, temperature checks prior to entry in its offices, and providing alcohol/hand sanitizers in all facilities’ points of entry.

“Sanitation of frequently touched surfaces like doorknobs,

elevator buttons and light switches will be done every hour, while surfaces like walls, doors, floors and ceilings will be sanitized after office hours. All work tools, including keyboards and telephones, meeting rooms, hallways and pantries, will be cleaned and sanitized after office hours,” it said.

To mitigate further the impact of the disease on project deadlines and its overall effect on power transmission operations, the NGCP cited a contingency plan that includes the use of existing NGCP equipment in stock and resort to other suppliers not affected by Covid-19.

NGCP is also evaluating the implementation of the following

additional measures: maintenance rescheduling, except for Grid Operating and Maintenance Program (GOMP); isolation of entrance to control centers, substations and backup control centers; and provision of transportation, board and lodging for dispatchers and substation engineers.

Meantime, the grid operator is implementing these measures: cancellation of official travels to affected countries and non-essential large events, protocol on employees returning from abroad, stricter procedure on entry of guests, and introduction of alternative approach to meetings such as video conferencing, Skype/MS Teams call.

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STOP BLOCKING FOOD TRADE–GROUP TO LGUs www.businessmirror.com.ph

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Tuesday, March 31, 2020 Vol. 15 No. 173

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ROPES, trays and curbs make for social-distancing implements as residents from Las Piñas City, Marikina City and Cainta, respectively, maintain social distancing during the Luzon-wide quarantine. NONIE REYES, BERNARD TESTA

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By Jasper Emmanuel Y. Arcalas

HE Philippine Chamber of Agriculture and Food Inc. (PCAFI) on Monday sounded the alarm that the country could face a food shortage in the second half—and during Christmas—if local government units (LGUs) continue to hamper food production.

PCAFI President Danilo V. Fausto said the food value chain “should be left unhampered” during the implementation of the Luzon-wide enhanced community quarantine (ECQ), which ends mid-April.

Fausto, owner of DVF Dairy Farm, said LGUs are giving it a hard time to ensure a smooth flow of food trade.

“Some local government units are defiant to the executive orders and laws that were promulgated to ensure safety and availability of food for their constituents,” he said.

“LGUs should be forced, with the help of the police and the military, to let go of their excess food produced in their area in order to ensure their availability to other parts of the country,” he added.

Fausto explained that if the delivery and availability of farm production inputs like chicks, piglets, fertilizers, among others, are delayed, then the country may face a shortfall in food supply.

“Production inputs like chicks, piglets, fingerlings, seeds, feeds, fertilizer and irrigation should be made available and [their] delivery

FAUSTO: “If markets and income will not be assured, farmers will stop producing for the next cropping season.”

to the farmer producers assured this coming production and planting season,” he said.

No planting, production

“FAILURE to do this, there will be no new planting and production for the next season and [such] will result in shortage of food for the next semester and Christmas season,” he added.

PCAFI also urged the LGUs to not block the entry of laborers and workers in farms, food manufacturing plants and other food-related businesses to ensure continuous production of food products.

“Production and agribusiness should be protected and supported and their operations encouraged to normalize and allow the free flow of goods and services to feed the people,” it said.

PESO EXCHANGE RATES n US 50.9050

“Value chain requires the needed manpower in the supermarkets like drivers and helpers, merchandisers. They should not be blocked at the checkpoints. Factories producing the packaging materials should be allowed to operate,” it added.

The government, Fausto added, should help farmers find a ready market for their current harvest to prevent them from incurring losses, which could discourage them from planting anew.

“If markets and income will not be assured, farmers will stop producing for the next cropping season [both for rice, vegetables, meat, poultry and fish],” he said.

In line with this, PCAFI proposed that the government set up “emerging” trading centers down to the barangay level to ensure a steady supply of food during the ECQ.

“Emergency trading centers in barangays and subdivisions nearest to consumers will give people access to the food they need while the enhanced community quarantine is in effect. Mobile and rolling stores should be immediately dispatched,” he said.

“Marketing, distribution and delivery efforts should be augmented with the help of government, the LGUs, and even by the military to ensure that food reaches the consumers and market of the farmers’ produced is assured,” he added.

PCAFI also urged the government, particularly LGUs, to not forget necessary protocols and guidelines in controlling animal diseases, such as African Swine Fever and bird flu, to ensure that there are no further disruptions in the food supply chain.

“Complications on quarantine protocol: ASF for swine, Avian Flu for poultry and Fall army worm for corn, could be left unattended due to the pandemic on Covid-19,” Fausto said.

TREASURY REJECTS ALL T-BILL TENDERS, 3RD TIME IN MARCH

HEALTH workers at Barangay Balas in Talisay, Batangas, walk the stretch of a traffic-less national highway to monitor patients under investigation and under monitoring. According to them, no case of Covid-19 has yet been reported in this town/barangay, and this is why they imposed a total lockdown to prevent people from nearby areas in Batangas and Laguna from coming in. ROY DOMINGO

By Bernadette D. Nicolas

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HE Bureau of the Treasury (BTr) has not yet snapped its streak of fully rejecting bids for all tenors of debt papers since the enhanced community quarantine was declared in the entire Luzon due to the pandemic on March 16.

For the third time this month, the BTr on Monday once again rejected all tenders for Treasury bills (T-bills) since bid rates went “over the roof.”

Average bids for 91-day,

182-day and 364-day T-bills were capped at 4.517 percent, 4.259 percent and 4.402 percent, respectively. These were higher compared with the previous auction and the prevailing market rates.

The auction was also undersubscribed, with total bids only reaching P17.2 billion out of P20 billion offering.

This, even though the Treasury already shifted the amounts per tenor and allotted more for shorter-term debt instruments. The 91-day T-bills

amounted to P10 billion while the 182-day and 364-day T-bills were assigned P5 billion each.

National Treasurer Rosalia V. de Leon said she “heard banks are giving out ultra-high deposit rates.”

Despite this, De Leon expressed optimism that their decision to auction off P15 billion worth of 35-day T-bills on Tuesday (March 31), will finally attract more investors since “there is still opportunity cost for holding to cash.”

Continued on A2

n JAPAN 0.4726 n UK 63.3665 n HK 6.5672 n CHINA 7.1728 n SINGAPORE 35.6577 n AUSTRALIA 31.2964 n EU 56.6216 n SAUDI ARABIA 13.5530

Source: BSP (March 30, 2020)

News BusinessMirror

A2 Tuesday, March 31, 2020

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5 more virus rapid test kits get FDA OK; DOH eyes more labs D

By Claudeth Mocon-Ciriaco

THE Department of Science and Technology (DOST) said on Monday the field validation

ESPITE the approval of five more rapid test kits for Covid-19 on Monday, an official of the Food and Drug Administration (FDA) stressed the need for the Department of Health (DOH) to increase the number of capable laboratories accredited to perform the polymerase chain reaction (PCR) confirmatory tests.

FDA Director General Eric Domingo said the rapid test kits will yield a faster result compared to PCR-based kits, but it is important that a trained health professional is available to evaluate and interpret the results.

“We have to be very cautious in using these rapid test kits because they measure antibodies and not the viral load itself. The body takes time to develop antibodies and this might give a negative result for patients who have been infected but have not yet developed antibodies. A positive result due to cross reaction with other bacteria or viruses is also possible, which is why a confirmatory PCR-based test is still required,” Domingo explained as he underscored the need of a PCR-based test.

He, however stressed that FDA remains steadfast in its obligation to protect the public.

“Despite the global crisis we are faced with, FDA continues to safeguard public health by ensuring that health commodities, especially those related to addressing the Covid-19 emergency, are certified following regulatory standards—through streamlined processes,” he said.

He said they support government efforts to address the pandemic and the newly approved test kits will be a big help.

“We approve the kits that are registered and used in countries with advanced technology and wide experience with Covid-19. We want the people to have access to testing but of course, proper evaluation and safeguards will still be in place,” Domingo said, referring to the point-of-care test kits that are registered for use in countries with reliable regulatory agencies such as Singapore and China.

FDA also approved the SARS Cov2 kit by Gene Xpert. This test kit is PCR- based. To date, FDA has approved 17 PCR-based test kits

for commercial use.

The agency approved on Monday five brands of Covid-19 rapid test kits (lateral flow) for purchase and deployment in the country’s war against the pandemic: • Nanjing Vazyme 2019-nCoV manufactured by Biolidics Limited of Singapore • Novel Coronavirus Antibody Detection Kit manufactured by Nanjing Vazyme Medical Technol-

for the Philippine-made Covid-19 test kits is ongoing and is expected to be finished by Wednesday, April 1.

The issuance of the Certificate of Product Registration (CPR) from the Food and Drug

Administration Philippines (FDA) is expected on Friday, April 3.

Science Secretary Fortunato de la Peña said they have informed the FDA that

requirements for CPR Certification will be submitted on Wednesday, April 1 at the latest.

The Manila HealthTek Inc., manufacturer of the Covid-19 testing kits, said the first batch

of reagents has arrived, which will enable them to start the manufacturing process to create additional kits that can accommodate 120,000 tests.

A total of 1,300 testing kits good for 26,000 tests will be prioritized by the DOST for field

implementation and distribution to the Philippine General Hospital, Makati Medical Center, The Medical City, Vicente Sotto Memorial Medical Center, Southern Philippines Medical Center and Baguio General Hospital.

From April 4 to 25, there will be a field implementation for the 26,000 tests funded

under the DOST and the University of the Philippines-National Institutes of Health (UP-NIH) Project that was initiated by Dr. Raul Destura, also of the Philippine Genome Center.

The remaining kits good for 94,000 tests will be sold commercially by Manila HealthTek

at around P1,300 per kit, which is cheaper than the units currently being used in hospitals which cost about P8,000.

ogy Co. Ltd.

• Diagnostic Kit for Antibody to Coronavirus manufactured by Zhuhai Livzon Diagnostic Inc. of China • 2019 nCoV Antibody Test manufactured by Innovita Biological Technology Co. Ltd.

• SARS-CoV2 Antibody Test manufactured by Guangzho Wondfo Biotech Co. Ltd. Rapid test kits are currently in use in China, Singapore, South Korea, the UK, the US, Taiwan, Europe and other countries in combating

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DOST

the dreaded virus. Health Secretary Francisco Duque III said after much discussion and consultation, it is deemed by the DOH that rapid testing may complement the RT-PCR (real time-polymerase chain reaction) method in tracking the virus.

As a safety precaution, the FDA shall require the product inserts or label of the rapid test kits to state the following: “This product is strictly for medical professional

use only and not intended for personal use. The administration of the test and interpretation of results should be done by a trained health professional. Confirmatory testing is required.”

Likewise, FDA called on the local government chief executives, heads of agencies, hospitals and private companies to be cautious in using the test kits.

Domingo said the agency asks doctors to help in the testing and guide patients in the interpretation of the results.

Risky drug combination

AS for baseless claims on drug combinations for the treatment and prevention of Covid-19, the FDA directed all health facilities and health professionals to follow the recommended treatment guidelines endorsed by the DOH and the medical societies.

The drug combination of Procaine and Dexamethasone with Vitamin B called “Prodex-B” is circulating in various media platforms and claims that it has promising effects against viral infections and diseases. However, upon verification, the drug product “Prodex-B” was unregistered with its office, the FDA said.

Procaine is an anesthetic used to reduce pain on injections, while Dexamethasone, a corticosteroid, must be used cautiously due to its side effects including immunosuppression or weaker immune system leading to vulnerability to infections.

Unregistered drug products have no guaranteed quality, safety and efficacy data which may lead to patient harm, noted the FDA. All consumers who received the aforementioned drug are advised to monitor for any adverse reactions, and seek medical attention immediately and report to FDA at cdrr@fda.gov.ph and at E-Report at ereport@fda.gov.ph.

A FISH vendor from Quezon province says her sale from her stall in Farmers’ Market in Quezon City has significantly dropped, but the orders for pick-up have doubled. The supply is steady but the customers are declining because of Covid-19. BERNARD TESTA

RITM says its turnaround time for Covid-19 tests much faster HE Department of Health (DOH) assured the public on Monday it is exerting all efforts to provide timely testing after the Research Institute for Tropical Medicine (RITM) was overwhelmed with Covid-19 tests when the disease started to spread nationwide.

RITM Director Celia Carlos, in a virtual press conference, told DOH Undersecretary Maria Rosario Vergeire the tedious testing procedure of Covid-19 results takes 48 to 72 hours. The turnout time, however, according to Carlos, is already a “big improvement.”

“We hope that we can sustain this,” she added, noting that while before the RITM could only test 300 kits per day, “the RITM is now capable of conducting 900 to 1,000

PHILIPPINE-MADE Covid-19 test kit

tests each day.”

While they continue to do their best to quickly validate the test kits—but with accurate results—Carlos assured that they will go on taking care of patients in RITM as well.

Meanwhile, Vergeire said testing results will soon be expedited with the DOH’s expanded capacity following the operation of subnational laboratories at Vicente Sotto Memorial Center in Cebu City, Southern Philippines Medical Center in Davao City, Baguio General Hospital in Baguio City, University of the Philippines-National Institutes of Health (UP-NIH) and Lung Center of the Philippines in Quezon City. These laboratories can do at least 200 tests per day.

Vergeire said the molecular bi-

ology laboratories of St. Luke’s hospitals in Bonifacio Global City and Quezon City will also start doing Covid-19 testing next week.

“More laboratories will be assessed,” Vergeire said, and at least 40 private and public hospitals including freestanding laboratories with molecular biology services have signified their interest to do Covid-19 testing.

The DOH will go to these laboratories to assess their capability for testing Covid-19 specimens, she added.

Marikina lab

AFTER the DOH disapproved the Marikina Covid-19 Testing Center located at the City Health Office, Mayor Marcelino Teodoro on Monday announced that a two-story

building will be the new Marikina City Covid-19 Testing Center.

Teodoro said the free-standing structure is located in a part of the city that is not densely populated but accessible. He said it suits the DOH requirements and standard.

The newly built 160-squaremeter testing center is located at Bayan-Bayanan Avenue, Barangay Concepcion Uno, Marikina City.

On March 24, DOH told City Hall the proposed testing facility should be located in a separate location/facility outside the City Health Office so that cross-infection is minimized and less foot traffic will be observed for the protection of staff and Marikina residents. Claudeth Mocon-Ciriaco

Treasury rejects all T-bill tenders, 3rd time in March Continued from A1

“[The 35-day T-bills] should be appealing [for investors] and put their money to work,” she said in a message to reporters following the auction.

“Very short maturity, so funds will be available when needed,” she added.

Govt securities

DE LEON also confirmed that the BTr has already secured the P300-billion purchase of government securities by the Bangko Sentral ng Pilipinas (BSP) under a repurchase agreement in a “revenueneutral” rate wherein both the repurchase and deposit rates are zero. Under the agreement, the maximum repayment period is six months.

The fund generated from the agreement shall be used to support the national government’s programs to manage the spread of Covid-19 and to counter its impact on the local economy.

In a repurchase transaction, one party sells the government securities to another for cash, with the agreement that this will be repurchased back at an

agreed date.

De Leon also took positively BSP Governor Benjamin E. Diokno’s statement in a television interview over the weekend that it can still purchase more government securities under a repurchase agreement with the national government on top of its earlier P300-billion purchase. Diokno earlier said they are allowed under the law to undertake a repurchase agreement with the national government of up to slightly above P500 billion.

“[I] appreciate Gov [Diokno’s] statement and will certainly keep it in mind,” De Leon said.

But Diokno said BSP’s additional purchase of government securities would depend on the demand of the national government.

For April alone, the BTr earlier programmed to borrow P190 billion from the domestic market amid the risk-off appetite stemming from the lingering concerns on the pandemic.

As of end-February this year, the national government’s total outstanding debt has reached P8.17 trillion.

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The Nation BusinessMirror

PIDS study says women have lesser access to social protection than men

By Cai U. Ordinario @caiordinario

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ORE women than men in the Philippines do not have access to social protection, according to the Philippine Institute for Development Studies (PIDS).

Based on the study, titled “Towards Inclusive Social Protection Program Coverage in the Philippines: Examining Gender Disparities,” PIDS said access to social protection is dependent on being part of the formal sector.

But in the Philippines, PIDS Research Fellow Aubrey D. Tabuga and Research Analyst Carlos C. Cabaero said more women than men are working informally and/or not part of the labor force as they saddled by their domestic duties.

“Most social insurance schemes cover only those who are formally employed because the law requires it. Therefore, people who are in the informal sector, unemployed or not, in the labor force are unlikely to be protected by social insurance programs. Women are more likely to be part of the informal sector than men,” the authors said.

In 2017, Tabuga and Cabaero said about 31 million male workers are formally employed, while only about 25 million are under informal employment.

Among women, there were 15 million who were employed in the formal sector and significantly higher at 39 million, were working in the informal sector.

Tabuga and Cabaero said many of these women were working as unpaid family workers, working in private households, and were engaged in self-employment.

The study also found more women not in the labor force from poorer households at 58 percent compared to those who are part of rich households at 34 percent.

The authors also said that in 2017, around 69 percent or 8.3 million women workers were not yet members of any social protection programs, such as the Social Security System (SSS), Government Service Insurance System (GSIS),

and Philippine Health Insurance Corp. (PhilHealth).

In terms of sector, the study showed that the agricultural sector has the highest proportion of those unable to avail of the SSS, GSIS, and PhilHealth, at about 98 percent for female workers compared to 95 percent for male workers.

“Among women, the highest proportion of those without social insurance are the private household workers at 98 percent, followed by unpaid family workers at 95 percent and then the self-employed at 92 percent,” the authors said.

The study emphasized that interventions seeking to improve women’s access to social protection must prioritize those in the agricultural sector, the self-employed, unpaid family members and household workers.

The study further stressed that social insurance schemes must not be tied with having a formal work or registered business, adding that “innovative schemes must be developed to care for the social protection needs of the working age population regardless of their labor force status.”

This is especially applicable to women, according to the authors.

“So long as women are viewed as the persons responsible for looking after their family and household needs, the problem of low labor force participation rate will persist,” they explained, adding that “ between formal work and family, many women would rather care for their family members.”

In the long-run, the study said the government should be able to come up with an integrative framework that will improve the skills and employability of people, as well as ensure the development of agriculture, services, and industry sectors “so that people can obtain decent jobs.”

The study also suggested creating social insurance schemes that are affordable for the informal sector and home-based enterprises. It also called on the government to streamline its numerous requirements and lengthy processes in the access of social insurance.

No need for my approval to proceed with virus testing, says RITM head

By Claudeth Mocon-Ciriaco Correspondent

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FTER receiving a string of “malicious” text messages being circulated among infectious diseases (ID) specialists, Director Celia Carlos of the Department of Health-Research Institute for Tropical Medicine (DOHRITM) denied that samples need her prior approval to Covid-19 confirmatory testing.

Carlos clarified that RITM accepts the testing of all viable samples from Covid-19 patients and suspected cases.

“I do not screen who should undergo testing and who should not—it is within the discretion of the attending medical doctor to order the test. RITM processes and receives all samples that are fit for testing in our laboratory on a first-in, first-out basis; these do not need my go signal to proceed with the testing,” Carlos explained.

Carlos made the clarification after she received a text message from another ID specialist validating the legitimacy of claims that samples need her prior approval in order to be processed for Covid-19 confirmatory testing collected by the Regional Epidemiology and Surveillance

Units (RESUs).

The official explained that as the National Reference Laboratory (NRL) for emerging infectious diseases, RITM accepts and tests delivered samples if these fit the criteria, including, among others, the suitability of swab used for collection; the intactness of transportation tubes; and the appropriateness of packaging and temperature during transport.

Since the first confirmed case of Covid-19 community transmission in the country, RITM has expectedly seen a surge of samples from various regions, she added.

To date, more than 13,000 samples have already been tested since the institute independently ran the first batch on January 15.

Earlier Health Undersecretary Maria Rosario Vergerie said that there is no policy for special treatment for politicians, or very important persons (VIPs), when it comes to access to tests for the Covid-19.

“The DOH assures the public that there is no policy for VIP treatment and all specimens are being processed on first-in, first-out basis,” Vergerie said.

She, however stressed that “courtesy” is accorded to “officials holding positions of national security and public health.”

Editor: Vittorio V. Vitug • Tuesday, March 31, 2020 A3

SBMA takes over Subic hotel for Covid-19 isolation facility

SBMA Chairman Wilma T. Eisma inspects the six-story former Leciel Hotel in the Subic Bay Freeport, which will be converted temporarily into a care and isolation facility for Covid-19 patients.

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By Henry Empeño | Correspondent

UBIC BAY FREEPORT—The Subic Bay Metropolitan Authority (SBMA) on Monday took over a six-story hotel building here for conversion into a care and isolation facility for patients under monitoring for new coronavirus (Covid-19) infection.

SBMA Chairman and Administrator Wilma T. Eisma inspected the former Leciel Hotel here upon its turnover to the Subic agency on a temporary agreement with the Philippine Veterans Bank, which controls the property.

The hotel, which has 81 rooms, mostly with their own toilet, bath

and kitchen, will be converted into a care and isolation facility for patients with mild and moderate Covid-19 symptoms, Eisma said.

This will enable the Baypointe Hospital and Medical Center in the Subic Freeport to serve patients under investigation, or PUIs, with severe symptoms, those with comor-

bidities, or existing medical conditions, and Covid-19 positive patients, she added.

Baypointe, which is just two blocks away from Leciel Hotel, has a limited room capacity, and has admitted several PUIs from various Zambales towns and the nearby Olongapo City.

“We don’t want to be caught unprepared in case more patients of Covid-19 turn up. We must be ready for any eventuality because in a pandemic situation we should expect the normal health-care system to be overwhelmed,” Eisma explained.

“We pray that eventually this won’t have to be used, but right now our duty is to find all means possible to be able to respond to this health emergency,” she added.

On Monday, utility firms already restored power and water supplies to the hotel at the behest of the SBMA. Eisma said that aside from Leciel Hotel, the SBMA is converting the Subic Gym into another care and isolation facility for PUIs with mild to moderate symptoms. The gym, which was newly renovated in time for the Southeast Asian Games last December, has a capacity for another 32 isolation tents.

“With increased capacity, we will be able to provide for the needs of the local free port population and, should the need arise, to accommodate as well referrals by the Department of Health from other areas,” Eisma explained. She added that under government protocol, the DOH can assign and apportion PUIs among different hospitals in order to manage overall capacity.

As care and isolation facilities, both Leciel Hotel and the Subic Gym

will be under the supervision of experts from the DOH-Regional Epidemiology Surveillance Unit (RESU) and Baypointe Hospital, Eisma said.

The SBMA chief also said that as early as last month, the Subic agency has been eyeing the former Hanjin condominium at Subic’s Naval Magazine area for conversion into an isolation facility, but said venue was scrapped because it was too far.

Eisma also announced that the SBMA is trying to outsource a complete diagnostics Covid-19 test system from South Korea. She said this allow the SBMA to operate a remote dedicated center for Covid-19 tests in partnership with a DOH-accredited public laboratory, or testing center.

“Zone response is to strengthen local capacity to hunker down and withstand the worst, which is the possibility of a surge in local infections—while, at the same time, instituting tougher measures to suppress the virus and deprive its means of acquiring more targets,” Eisma said.

“It’s essentially a combination of defensive and offensive measures that presuppose a community that strictly observes quarantine and social distancing as the first line of defense, and then backed by a capable and reliable health-care system,” she added.

Eisma also said that effective April 1, Subic Bay Freeport residents who will exit the free port shall be required to surrender their SBMA ID and Quarantine Pass, thereby preventing their re-entry into the SBFZ. This will prevent free port residents from freely moving in and out of the zone, which is a violation of the Luzon-wide quarantine declared

by Malacañang, she added.

DENR to probe ‘discoloration’ Chinoy businessman nabbed of Manila Bay after Luzon ECQ for profiteering and hoarding

By Jonathan L. Mayuga @jonlmayuga

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HE Department of Environment and Natural Resources (DENR) will look into the reported discoloration of the waters of Manila Bay last week once the enhanced community quarantine (ECQ) over Luzon is lifted by Malacañang.

Environment Secretary Roy A. Cimatu, acting on complaints reaching his office, conducted a site inspection along Roxas Boulevard on March 28.

Last week, a netizen uploaded a video of the historic bay with turquoise blue waters in the social-media platform Facebook after noticing the change of its color.

Cause-oriented groups led by the Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (Pamalakaya) have called for a thorough investigation into the phenomenon.

Pamalakaya surmised that the waters turning turquoise means there was massive dumping of chemicals, or pollution discharge, while the entire Luzon is under partial lockdown.

Cimatu also sits as chairman of the Manila Bay Inter-Agency Task Force tasked to clean the bay dubbed as “Battle for Manila Bay.” The Manila Bay rehabilitation, which was ordered by President Duterte, is the agency’s top priority until 2022.

In ordering the investigation, Cimatu said hotels and other business establishments should be investigated, suspecting that erring companies that decided to take advantage of the partial lockdown decided to discharge their untreated wastewater leading to the unusual change of the colors of the waters of Manila Bay. “We suspect that this sudden color change from the previous dark blue to turquoise blue is caused by the direct discharge of wastewater from

the treatment plants of buildings and establishments in the vicinity,” Cimatu said in a news statement.

“We assure the public that the incident is now being investigated by the DENR to find out who is responsible for the discoloration,” said Cimatu adding that “once the investigation is completed, appropriate and immediate actions will be taken on who, or what caused the incident.”

Undersecretary for Solid Waste Management and Local Government Units Concerns Benny D. Antiporda said the investigation will be conducted as soon as ECQ is lifted.

According to Antiporda, the DENR’s hands are tied right now because the agency is currently operating under strict guidelines of the State of Public Health Emergency and Enhanced Community Quarantine over Luzon Island.

He said they are not risking the lives of DENR personnel because of the threat of Covid-19.

“Right now, we can’t use the NCR [National Capital Region] laboratory because one of our personnel was tested positive of Covid-19 that’s why we need to disinfect it first,” he said.

Antiporda said the DENR is also falling in line in requesting for disinfection of its facilities and would not want to join other establishments like hospitals requesting for disinfection. “We don’t want to join the long list of personnel who are racing to have disinfection. What we are going to do is wait for the quarantine to end. After the quarantine, we will immediately conduct the investigation,” he said.

All establishments along Manila Bay are now required to have their own sewage treatment plant, or STPs, while households need to be connected to proper sewer lines as part of the ongoing rehabilitation of Manila Bay.

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FILIPINO-CHINESE businessman was arrested on Sunday by the Philippine National Police-Criminal Investigation and Detection Group (CIDG) for selling overpriced medical supplies.

Jackson Chua was nabbed during an entrapment operation by members of the CIDG Anti-Transnational Crimes Unit (ATCU) at Anchor Sky Building at Ongpin Street in Binondo, Manila, at past 1 p.m. on Sunday.

Chua was collared for profiteering and hoarding of non-contact infrared body thermometers from which, upon investigation by the CIDG, was selling volumes of the items for a price of P4,700 each.

One hundred infrared body thermometers with an estimated market value of P235,000 and marked money were confiscated from Chua’s possession.

Chua and the pieces of evidence were brought to ATCU office for proper disposition while violations of RA 7581 as amended by RA 10623 (Price Act), RA 7394 (Consumer’s Act of the Philippines), and Section of RA 11332 are being readied for filing.

In Camarines Sur, 41-year-old Cherry Mae Abilay was arrested by the CIDG while in the act of selling gallons of 70 percent solution isopropyl alcohol at P1,200 each.

Confiscated by the authorities were 51 gallons of isopropyl alcohol, five thermal scanners, each sold at a price of P7,500, receipt of the seized isopropyl alcohol, and P1,000 bill used as entrapment money.

All seized items cost a total of P98,700whenitshouldonlycostatotal amount of P27,710 based on suggested government retail price. Rene Acosta

E-inquest proceedings launched to prevent further jail congestion

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HE Department of Justice (DOJ) is now implementing an e-inquest proceedings in a bid to prevent further jail congestion due to the arrest of thousands of individuals violating the Luzon-wide enhanced community quarantine (ECQ) and curfew ordinances being imposed by local government units to stop the spread of Covid-19.

DOJ Undersecretary Markk Perete told reporters that the department is now coordinating with the Department of the Interior and Local Government (DILG) to temporarily release violators before the preliminary investigation to no longer add to the already congested jails in Metro Manila.

Their release in line with the implementation of the e-inquest system that

was implemented starting March 27.

The e-inquest, which covers the entire National Capital Region, would be implemented until the period of public health emergency is over.

It is described as the virtual conduct of inquest proceeding using any online platform for video calls and conferences and all available electronic communications. It is a paperless procedure and does not require the physical presence of parties in the same area.

Perete said the e-inquest would apply to those caught pursuant to warrantless arrests.

After e-inquest, the prosecutor may dismiss the complaint, file an information before the court, or order the conduct of a regular preliminary investigation. Joel R. San Juan

A4 Tuesday, March 31, 2020 • Editor: Vittorio V. Vitug

Economy BusinessMirror

Study outlines impact of Covid-19, ECQ to children’s health, nutrition

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By Cai U. Ordinario

@caiordinario

EMPORARY and permanent work displacements due to coronavirus 2019 (Covid-19) could imperil household food supplies leading to malnutrition, especially among children, according to researchers from the Ateneo de Manila University (AdMU).

In a policy brief titled, “Paano na Sila: Fighting Covid-19 and Food Insecurity,” the researchers said households with at least one daily wage earner, which comprised 64 percent of the same households in the study, stands to lose P2,638.31 per week under the enhanced community quarantine (ECQ).

Households with at least one member in elementary occupation, or informal workers, or 38 percent of the sample, stands to lose P2,076.43 per week while households with two daily wage earners, or 14 percent of the sample could lose as much as P5,276.62 per week. “ T he income shoc k brought about by the sudden implementation of ECQ exacerbates disparities in health and nutrition. Nutrition plays a key role in immune response,” the researchers said.

“While the vulnerability of the elderly has received much media attention, yet another vulnerable group is children, particularly those living in poor house-

holds. Malnutrition during childhood leads to negative impacts that worsen viral immunity and long-term susceptibility to disease,” they added.

The researchers said efforts to address the shortfall in household incomes due to the ECQ and prevent malnutrition, include providing cooked healthy meals in relief packages.

Some local government units (LGUs), the researchers said, have centralized kitchen operations in communities and organized cooking in school canteens. These facilities can be used to provide healthy meals in communities during the ECQ, while still observing proper hygiene and physical distancing.

The policy brief also stated that LGUs providing relief packages can prioritize households with children.

Government-funded school feeding programs revealed that there are about 2 million malnourished children.

With this, LGUs can prioritize households through barangay reg-

istries, or data from public schools to ensure that children in these households do not go hungry during the ECQ. Further, the researchers also said that with 14 million or 66 percent of households not having refrigerators, it is important to provide access to fresh meat and vegetables, as well as increase food production.

LGUs can partner with the private sector in ensuring that communities are provided fresh food supplies by large-scale food producers and distributors. In so doing, the government will not only prevent hunger but also any social unrest that could emanate from deprivation.

The researchers also recommended that primary health-care systems be strengthened beginning with the implementation of the Universal Healthcare Law. The team said basic health system can help prevent the overburdening of hospital facilities during epidemic by providing services such as vaccination on preventable diseases.

“Food insecurity is a persistent challenge our country faces even in normal times. The current epidemic will continue to deal big blows to our society and economy,” the team said.

“We must have social protection in the form of food subsidies outlined above so that every Filipino is healthy enough to return to work and school and build up our country once again,” they added.

The researchers are Daniel Joseph P. Benito, Leslie A. Lopez, Eden Delight Miro, Joselito T. Sescon, Vanessa T. Siy Van and Lean Franzl L. Yao.

Davao mayor extends air travel ban, distribution of ‘food-medicine’ pass

By Manuel T. Cayon @awimailbox Mindanao Bureau Chief

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AVAO CITY—Mayor Sara Duterte-Carpio has extended the air travel ban to and from this city after the first ban expires on April 1, as government health authorities warned that coronavirus 2019 (Covid-19) cases in this city could possibly spike.

Duterte-Carpio issued Executive Order 22 on Monday morning extending the suspension of air travel until the state of public health emergency, or the state of calamity, is lifted.

She said the extended travel ban may be shortened, or further extended, upon the recommendation of epidemiologists and experts on infectious diseases providing primary advice to the mayor and the Regional Task Force on Covid-19, of which, Duterte-Carpio is the chairman.

The mayor said she has been urging the doctors to make the recommendation over the weekend and when they answered, they advised for an extension “as they continue to widen the contact tracing of people who were at the Matina Galleria cockpit from March 9 to 13, “where a number of persons have become ill and have died due to Covid-19.”

The multimillion-peso, multicock derby event was being held alongside the annual Araw ng

Dabaw festivities on March 16, which the mayor has suspended, along with other events, to avoid Covid-19 spread.

Those placed under the category of persons under investigation for showing the symptoms, of which at least three have died, pointed at their presence at the cockpit arena for likely getting the infection. The incident has now been seen as the origin of the local transmission of the Covid-19 here.

“The doctors are now [searching for] those who were..[at] the cockpit, and [especially for] those who were [possibly infected]…” she said on her regular radio program on Monday.

“The doctors have confirmed that there is now a community transmission,” she warned.

Duterte-Carpio said, however, that the quarantine period has lapsed on Friday “and if they did not show any symptoms, they have not contracted the disease. But the doctors are enhancing their contact-tracing on those people,” she added.

The problem would come from Manila, where she said, its travel ban would expire earlier. “It depends on whether or not it would extend the ban, or lift it, we have to prepare.”

“The doctors and other people here are making a system to ensure that people coming from Manila, or elsewhere, would have their details in place so that when symptoms emerge, it is easy to trace them,” Duterte-Carpio said.

“We have to consider all of them as PUIs [persons under investigation],” she added.

Duterte-Carpio dismissed the likelihood though of declaring an enhanced community quarantine, although she said the city was technically implementing it. “The features are there except that we still allow public transport and some companies and business establishments to operate.”

However, Duterte-Carpio has ordered the distribution of the food and medicine pass, a revised name for the regularly referred quarantine pass issued by several local governments. “But remember, this would be implemented during an enhanced community quarantine, which we are not still in.”

She said, “it would be soon implemented if people would only follow what the doctors advised on physical distancing, staying at home, wearing of face masks in public and regular washing of hands,” she said.

“We are not seeing it, however, in our markets.”

Duterte-Carpio said that police and barangay personnel would soon install a public address system to constantly remind market-goers of physical distancing.

She said it would be the doctors who would decide on it, if they see that the city would need a more stringent measure to force people to stay in their homes. She said food rations were beginning to be distributed to the homes.

Oil firms cut fuel pump price for fifth consecutive week

By Lenie Lectura

L

@llectura

OCAL pump prices went down for the fifth consecutive week.

Oil companies said Monday that gasoline prices will be reduced

by P2 per liter, diesel by P0.50 per liter and kerosene by P1.95 per liter.

Petron Corp., Phoenix Petroleum, PetroGazz, Seaoil said Monday the

price adjustment will take effect 6 a.m. of Tuesday, March 31.

“These reflect movements in the international oil market,” they said.

Other oil firms are expected to follow suit.

The Department of Energ y earlier assured the public of continuous and sufficient fuel supply in Luzon during the enhanced

community quarantine imposed by the government.

The agency is closely coordinating with all its stakeholders to ensure the unhindered entry of fuel supply to affected retail outlets. In addition, the agency has already requested oil companies to submit a status report on depots supplying Metro Manila.

www.businessmirror.com.ph

Getting ready for business revival?

What about supply chains?

South Harbor is now at 65 percent, while the MIP is at 74-percent storage space utilization.

With the government mandated lockdowns allowing only a few industries considered vital to operate and even these industries ordered to operate only on skeletal work force, we can expect a buildup of imports in Manila ports to substitute missing local supply.

However, Batangas and Subic can still take additional volume. Both are pushing hard to get more cargoes into their ports where their utilization is still below 50 percent.

By Michael Raeuber & Henry J. Schumacher

A

S we are hit by two major interrelated crises, a balanced response to keep the effects of both at manageable proportions is needed to mitigate their immediate but also future effects.

One crisis is Covid-19’s very contagious influenza infection, the other one is the hype and to some extent the overreactions manifested largely in overly bureaucratic restrictions, and limited answers about how to handle the future, beyond the restrictions.

It is important for us to outline the negative effect of the Covid-19 hysteria on business in general, and supply chains in particular.

Let’s start with international logistics:

A lot of flights are suspended and sailings are canceled. This means that air cargo can be difficult and circuitous. Since most of the cargo is still carried on passenger planes and with air travel mostly suspended, it can be very challenging to send airfreight. Airlines are now planning to convert passenger planes into cargo planes.

For exports, there is a sufficient supply of containers in the major International Philippine Ports such as Davao, Cebu and Manila.

Another challenge for export is the closure of the Manila International Container Terminal (MICT) at the North Harbor as what had happened a week ago. This will be a big problem if repeated.

International logistics hitting the Philippines:

Traffic of imports remains moderately okay with the Manila International Port (MIP) still receiving about 3,800 containers daily.

Especially worrying, however, is that food and medical supplies in refrigerated containers (reefer containers) are facing problems as they arrive in the Philippines. Evergreen and Cosco for now refuse reefer shipments to the Manila port due to lack of plug-ins, but accept reefers for Batangas and Subic.

There also has been a rush of importers delaying their imports mainly due to government mandated closures of restaurants and other establishments.

MIP suffers from huge numbers of reefers already at port and is struggling to accommodate them, some of them overstaying for long periods already.

Clearance of general and bulk cargo ships takes long, especially for ships with Chinese crew, as they cannot berth immediately, and ships stay at anchorage until Bureau of Quarantine gives the clearance to berth.

The significant number of factories either closed or only partially operating results in a buildup of overstaying import containers in the MIP as import withdrawals dropped by more than 25 percent.

Local logistics: From production to market

Despite the several issued by the Department of Trade and Industry issues memos coupled with Department of the Interior and Local Government, specifically stating the free flow of goods, this is hampered by several local government units having their own version of lockdowns. And the DTI’s intervention toward unhampered deliveries is focused on Luzon only. It urgently needs to be extended to the Visayas and Mindanao.

Additionally, DILG has stressed to LGUs not to stop the transport of goods!

The greatest challenge however is getting people to work. With all types of public transport suspended from air, sea and land, it has been extremely challenging to get people to work.

Local logistics: From supply centers for food, agricultural products, etc. to consumers.

Regarding domestic sea freight, there are a number of carriers suspending services either due to a lack of cargo or the ports they are calling are closed either due to a government mandated lockdown or lack of workers reporting for work.

Due to curfew and limited opening hours of wet markets, deliveries must be on time, which rely on supply lanes be free, so that shortages are not likely to occur. Supply chains have to be studied and effectively implemented. Several meat processors have giving warning signals that due to shortage of raw materials and particularly labor they can’t assure adequate supply to be available to the public in the near future.

Local logistics: From export producers to export markets

Once trucks can get through the checkpoints in the provinces and will reach Manila, and when they go back to their respective towns, or provinces, they often won’t be allowed to go in until having passed through a 14-day incubation period. Truckers have, therefore, stopped their pick-up and deliveries. This is not acceptable. Truckers need to be provided with special IDs. Life goes on and the economy needs to be kept going.

Additionally, activities in Philippine Economic Zone Authority remain restricted and very limited (especially due to restricted movement of people), hence, there are only a few export shipments from Peza. This is a big concern and it is foolish not to keep Peza companies going.

Again, special IDs and special tests are needed.

Trusting that business activities will be allowed to reactivate operations during the second half of April, what should be high on management’s list?

Shoring up supply chains Business needs to reevaluate their supply chains.

The virus has brought parts of the world to a quasistandstill.

Businesses will have to reevaluate their supply chains and look to diversify them. However, logistical hurdles are making it harder to get products from around the world due to panic buying and the threat of labor crunches.

As governments take nationalistic approaches, they risk disrupting an international system that has become increasingly interconnected in recent decades.

It’s time to get ready for business normalization, keeping, or finding the right people, maintaining equipment, looking for spare parts, and organizing regular supplies of raw materials!

Feedback is welcome; e-mail us at Michael.raeuber@ royalcargo.com or Schumacher@eitsc.com

Solon to LGUs: Help farmers find market for their harvest T

HE chairman of the House Committee on Economic Affairs on Monday urged local government units (LGUs) to establish partnerships with small-scale farmers to help prevent food waste amid the ongoing enhanced community quarantine (ECQ) in Luzon.

A AMBIS-OWA Party-list Rep. Sharon Garin noted that the adverse agricultural impact of the Covid-19 pandemic continues to plague farmers with tons of spoiled food surplus.

According to Garin, helping farmers will also promote the consumption of nutritious meals among families, while ensuring steady income for farmers

during quarantine period.

The lawmaker said Cordillera farmers have been disposing of truckloads of unsold carrots and cabbages due to lack of buyers in the region in the past three weeks.

“Such waste could have been prevented if LGUs have an established link with farms. LGUs in the meantime can help farmers by directly buying the crops and including it in the food packs regularly distributed among their constituents,” she said.

To prevent these from happening again, Garin vowed to push for a measure that can combat the increasing amount of food waste in the country

when session resumes in May. Garin said she already filed House Bill 3370, otherwise known as Food Waste Reduction Act. The bill highlighted the need for a system that will promote, facilitate and ensure the reduction of food waste through redistribution and recycling.

She said incorporated in the proposed measure is a National Food Surplus Scheme wherein the Department of Social Welfare and Development will be in charge of promoting linkages between food banks and LGUs to create a community-based food distribution system for the food insecure.

Jovee Marie N. Dela Cruz

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

The World

Virus forces Europeans to ask: How united do we want to be?

BusinessMirror

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ARCELONA, Spain—Europe’s fractured union came under new pressure this weekend, as Italy and Spain pleaded for urgent European help to withstand the virus ordeal but Germany showed reluctance to plunge into any radical new solutions.

The north-south divide that has dogged the European Union for years has resurfaced as the virus has galloped across the continent, claiming more deaths than any other region in the world.

“It is the most difficult moment for the EU since its foundation, and it has to be ready to rise to the challenge,” Spanish Prime Minister Pedro Sanchez said in a televised address on Sáturday night.

Sánchez warned that a lack of solidarity to share the enormous financial burden of the health crisis and the imminent economic slowdown will put the future of the bloc in danger.

“Europe must provide a united social and economic response. We must have evidence that Europe listens and that Europe takes action.”

Europeans have shown some signs of solidarity: Germany and Switzerland are treating the sick from Italy and France. Germany and France sent masks and hospital shirts to Italy. And the EU has pledged billions in aid, and threw one of its most sacred rules out the window to help countries weather the virus-driven economic crisis.

But given the scale of this drama, critics say that’s not nearly enough.

Meanwhile, China and Russia have made a point of sending medical aid to Italy, making some Italians question where their allegiances should lie. Cuba and Albania have sent medical teams too. ‘’Europe must demonstrate that it is able to respond to this historic call,’’ Italian Premier Giuseppe Conte said late Saturday. “I will fight until the last drop of sweat, until the last gram of energy, to obtain a strong, vigorous, cohesive European response.”

Spain and Italy alone account for more than half of the world’s death toll, with hundreds of new victims every day.

Sánchez warned that the bloc’s southern members can’t bear another round of the hardlove austerity applied in the 2008 recession, when countries like Greece and Portugal were forced to request a bailout and slash their budgets and social services.

“We must not repeat the mistakes of past crises,

otherwise the next debt crisis risks coming right after corona,” Austrian Finance Minister Gernot Bluemel told the Austria Press Agency on Sunday.

“We should use the existing instruments before we build new constructions that have long-term effects” on European economic stability.

This time, Spain, Italy, France and six other EU members have asked the union to share the burden of European debt, dubbed “coronabonds,” to help fight the virus. But the idea has met resistance.

German Finance Minister Olaf Scholz said on Sunday that it’s important to ensure that “countries can better carry this difficult task and the extra credit they have to take on.”

Scholz said European coordination is essential, but dodged a question about coronabonds. Instead, he stressed that countries are discussing mobilizing money from the eurozone rescue fund created amid Europe’s debt crisis a decade ago, the European Stability Mechanism.

“That is a very concrete contribution to solidarity in this difficult situation,” he said.

European Commission President Ursula von der Leyen also appeared unenthusiastic about coronabonds, referring to them as “just a slogan” in a weekend interview with German news agency dpa. That prompted dismay in Italy.

But Germany is not alone in urging caution.

The Netherlands and Finland have similar reservations about unleashing new aid that would have long-term impact on Europe’s collective finances. Some want to save money in case the crisis gets even worse, and fear a system where frugal northerners eternally subsidize debt-laden southerners.

Amid concerns about how the EU will survive this crisis, Scholz insisted it should lead to “more Europe.”

In closing borders and retreating into nationalist policies against the spreading virus, European countries have flouted the whole idea of the EU, created in the wake of World War II to avoid future conflict via open trade, and eventually, open borders.

Bernard Kouchner, a doctor and former French foreign minister, suggested that EU treaties should be amended to address health emergencies like this one.

“This should change Europe,” he said on Sunday on BFM television. Noting the failure of EU solidarity, he said, “We will learn lessons from what is happening now.” AP

Oil plummets to 17-year low as market drowns in crude

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rude dropped to its lowest in 17 years as virus lockdowns cascaded through the world’s largest economies, leaving the market overwhelmed by cratering demand and an unmanageable surplus.

Futures in London fell as much as 7.6 percent to their lowest since November 2002 while also slumping in New York to trade below $20 a barrel.

Physical oil markets are struggling to store fuel, hit by a double whammy of coronavirus restrictions eroding demand while Saudi Arabia and Russia dig in their heels over a damaging war for market share.

The kingdom said on Friday that it hadn’t had any contact with Moscow about output cuts or enlarging the Opec+ alliance of producers. Russia also doubled down, with Deputy Energy Minister Pavel Sorokin saying oil at $25 a barrel is unpleasant, but not a catastrophe for Moscow.

“Demand concerns are critical but well known, what really took the market down were the signals we got from Saudi Arabia and Russia that they intend to continue their current path,” said Vivek Dhar, a commodities analyst at Commonwealth Bank of Australia. “Market hopes of a deal have come undone.”

Opec nations aren’t giving support to a request from the group’s president for emergency consultations over tanking prices, according to a delegate. Algeria, which holds the cartel’s rotating presidency, urged the secretariat this week to convene a panel that assesses market conditions but the request has failed to gather the majority backing necessary to go ahead. Riyadh is among those opposing the idea.

The world normally uses 100 million barrels of oil day, but traders and analysts reckon as much as a quarter of that has disappeared in just a few weeks. The accelerating plunge in consumption is without precedent since a steady flow of oil became essential to the global economy more than a century ago. The great crash of 1929, the twin oil shocks of the 1970s and the global financial crisis don’t come close.

Brent crude for May lost as much as $1.90 to $23.03 a barrel on the ICE Futures Europe exchange before trading at $23.54 at 9:54 a.m. Sydney time. West Texas Intermediate fell as much $1.59 to $19.92 a barrel on the New York Mercantile Exchange before trading at $20.29.

Bloomberg News

A5

Health expert says virus could kill up to 200,000 Americans

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European Council President Charles Michel speaks during a media conference after an EU summit by video conference in Brussels on March 26. Following the informal video conference, members of the European Council adopted a statement on the EU actions in response to the Covid-19 outbreak. FranÇois Walschaerts, Pool via AP

Tuesday, March 31, 2020

EW YORK—The coronavirus outbreak could kill 100,000 to 200,000 Americans, the US government’s top infectious-disease expert warned on Sunday as smoldering hot spots in nursing homes and a growing list of stricken cities heightened the sense of dread across the country.

Faced with that grim projection and the possibility that even more could die in the US without measures to keep people away from each other, President Donald Trump extended federal guidelines recommending people stay home for another 30 days until the end of April to prevent spread of the virus.

Trump’s extension of the original 15-day guidelines was a stark reversal just days after he suggested restarting the economy in about two weeks and came after Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, made the dire prediction of fatalities, adding that millions in the US could become infected.

By evening , the US had over 139,000 infections and 2,400 deaths, according to the running tally kept by Johns Hopkins University, though the true number of cases is thought to be considerably higher because of testing shortages and mild illnesses that have gone unreported.

Worldwide, more than 710,000 infections were reported, and deaths topped 33,000, half of them in Italy and Spain, where hospitals are swamped and the health system is at the breaking point.

New York State—where the death toll closed in on 1,000, up by more than 200 from the day before—remained the epicenter of the US outbreak, with the vast majority of the deaths in New York City. But spikes in infections were recorded around the country, not only in metropolitan areas but in Midwestern towns and Rocky Mountain ski havens.

“This is not going to get better soon,” New York Gov. Andrew Cuomo said.

The virus is moving fast through nursing homes, assisted liv ing facilities and other places that house elderly or ot her w ise v u l nerable people, spreading “ like fire through

dr y grass,” Cuomo said.

New York City Mayor Bill de Blasio asked the federal government to deliver 400 more ventilators to city hospitals and warned that the city will run out of masks, gowns and other hospital supplies in a week if they don’t get resupplies.

Since the US saw its first major outbreak of the coronavirus earlier this month—centered at a nursing home in Kirkland, Washington—a stream of facilities have battled infections among residents and staff.

A week ago, the Centers for Disease Control and Prevention said 147 nursing homes in 27 states had patients with Covid-19. The problem has only worsened since.

In Woodbridge, New Jersey, an entire nursing home relocated its residents after two dozens were confirmed infected and the rest were presumed to be. In Louisiana, at least 11 nursing homes, largely in the New Orleans area, have reported cases. In Mount Airy, Maryland, a death linked to the virus was recorded in a home where 66 people were confirmed infected.

Residents’ loved ones are being kept away to try to slow the spread of the virus.

“I have a feeling that I very likely may never see my mother again,” said James Preller, whose 94-year-old mother, Ann Preller, is a resident at Peconic Landing, a retirement community near Greenport on New York’s Long Island where seven have died in the past two weeks.

Brian Lee of Families for Better Care, an advocacy group for those living in long-term care facilities, said in a nursing home, “when we see an outbreak that’s uncontrolled, it’s practically a death sentence.” But he also said the way residents are being walled off from the outside world is as much of a concern as the virus itself.

In New York, the virus is over-

Green fuel plants shutting down

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he coronavirus and cheap oil are hitting the fuel business so hard that ethanol plants are shutting down. Some may never come back.

The entire biofuel industr y is facing a reckoning. Long before the pandemic emptied roads and exacerbated an oil price war, producers were battling chronic oversupply and trade upheaval.

Now slumping demand and prices mean smaller producers and those with heavy debt loads will struggle to ride out the losses.

“When we come out of these two Black Swan events—the price war in oil and now the coronavirus—we will probably look differently as an industry,” said Todd Becker, chief executive officer of US ethanol producer Green Plains Inc. “There are definitely plants out there that are going to run out of capital.”

Seen as a greener alternative to gasoline and once promoted as a way for countries to wean themselves off foreign oil, the industry is facing another crushing blow. Corn ethanol plants are closing across the US, Brazilian producers of sugar cane-based fuel are sinking further into debt and efforts to use more biofuel are being jeopardized in Asia. In Europe, producers are either cutting back or making feedstock for hand sanitizer.

US gasoline hit a 20-year low and prices at the pump are already below $1 a gallon in some states. That’s on the back of an oil price war between Russia and Saudi Arabia that sent crude markets into meltdown and the virus outbreak that has upended demand.

While cheap fuel is good news for consumers, it’s hurting biofuel producers and American farmers, who sell about a third of their corn crops to the ethanol industry.

Valero Energy Corp., the No. 2 US oil refiner, is temporarily closing two plants and won’t comply with some contracts. Andersons Inc. is suspending operations at its plants and POET has “temporarily ceased corn purchases at a number of locations.”

Pacific Ethanol Inc. is cutting output by as much as 60 percent.

Storage squeeze

Producers are struggling to find storage as demand takes a dive. Three to four billion gallons of US production could come offline in the next 30 days, according to Green Plains.

“At some point, your tanks are full and your railcars are full and you start filling up the coffee cups in the cafeteria,” said Monte Shaw, executive director of the Iowa Renewable Fuels Association.

“Then, the plant shuts down.”

To be sure, fossil fuel makers are also getting hammered. But for the US biofuel industry, the pandemic and dirt-cheap oil are just the latest blows in a short but tumultuous history.

Archer-Daniels-Midland Co., the agribusiness giant that helped draw the blueprint for the US biofuel industry, started producing ethanol in the late 1970s. But it wasn’t until the early 2000s, when then-President George W. Bush instituted a mandate for its use to reduce dependence on

whelming some of the city’s poorest neighborhoods, with data showing high rates of infection in densely packed areas with big non-Englishspeaking populations.

Dr. Craig Smith, who heads the surgery department at New York-Presbyterian/Columbia University Medical Center, said the hospital will probably be forced into “apocalyptic scenarios” in the coming weeks in which ventilators and intensive care unit beds will need to be rationed.

“Yesterday tried my soul,” he wrote in an online posting.

Worry for the poorest was being echoed around the world.

In India, a lockdown covering the country’s 1.3 billion people has put untold numbers out of work and left many families struggling to feed themselves. Tens of thousands in New Delhi were forced to flee their homes, with no way to pay the rent, journeying back to their native villages. Women in saris held babies on their hips.

Others toted their belongings in bags normally used for cement.

Prime Minister Narendra Modi apologized for the hardships that the lockdown brought but said, “These tough measures were needed to win this battle.”

Though the US leads the world in reported cases, five other countries have higher death tolls: Italy, Spain, China, Iran and France.

Italy reported more than 750 new fatalities on Sunday, bringing the country’s total to nearly 10,800.

But the number of new infections showed signs of easing, with officials expressing cautious optimism that the most severe shutdown in the industrialized West is showing results.

Italy’s civil protection agency said more than 5,200 new cases were recorded in the last 24 hours, the lowest number in four days, for a total of almost 98,000 infections.

Spain moved to tighten its lockdown and ban all nonessential work as it hit another daily record of almost 840 dead. The country’s overall official toll was more than 6,500.

Spain’s health emergencies chief, Fernando Simón, said the number of people in intensive care units keeps rising and hospitals are at their limits in several regions.

“That is why we have to strictly apply the control measures,” he said.

Egypt shut its beaches as cases in the Mideast surpassed 50,000.

Police in the Philippines stepped up arrests of quarantine violators, and

imported oil, that the industry exploded. Still, some plants went bankrupt after corn prices jumped around the time of the financial crisis.

Slower growth in gasoline demand in the last few years meant more US supplies needed to be exported, but the top overseas growth market, China, all but stopped buying American supplies amid the trade dispute. That put plants on their heels, and they’ve never fully recovered.

Wh i l e B e i j i n g i s re t u r n i n g to t h e U S agriculture market after the phase-one deal, picking up a few cargoes of corn, that won’t be enough to offset the pain caused by the drop in ethanol production.

The corn market gets “too excited about a few corn cargoes to China but they are missing the fact that a structural demand destruction is going on right now,” Becker said. “That’s a fundamental risk to agriculture today.”

The industry could be further threatened by a move by the US Environmental Protection Agency that could extend biofuel blending exemptions for small refineries.

The picture is similarly bleak in Brazil, where millers are struggling with lower prices for both sugar and ethanol. The sector is drowning in dollar-denominated debt as the Brazilian real sank to a record low.

Even before the virus sent Brazilian fuel consumption tumbling more than 50 percent in a week, the sector had already been hit by a financial “hurricane,” said Alexandre Figliolino, partner at MB Agro. More than 50 mills closed since 2011 and 70-plus have filed for bankruptcy protection.

Bloomberg News

more tourists were evacuated from Mount Everest and the Indonesian island of Bali.

Poland is considering delaying its May 10 presidential election. Russia ordered borders to close on Monday, Moscow all but confined its 12 million residents to their homes, and the head of the Russian Orthodox called on believers to stay away from churches and pray at home instead.

A prominent French politician with the virus died, the country’s first death of a senior official.

For most people, the coronavirus causes mild or moderate symptoms, such as fever and cough that clear up in two to three weeks. But for others, especially older adults and people with existing health problems, the virus can cause more severe illness, including pneumonia, and lead to death.

About 150,000 people have recovered, according to Johns Hopkins.

Trump on Saturday backtracked on a proposal to quarantine New York and neighboring states amid criticism and questions about the legality of such a move. But the CDC issued a travel advisory urging all residents of New York City and others in New York State, New Jersey and Connecticut to avoid all nonessential travel for 14 days.

Shocking as that is, it stopped short of the restrictions imposed in Europe or elsewhere. Parisians are fined if they try to leave the city, South Africans can’t buy liquor, and Serbians are upset over a ban on walking their dogs. In Italy, burials are being held with only one family member.

Some US states began to try to limit exposure from visitors from harder-hit areas. Rhode Island National Guard troops went door to door in coastal communities to find New Yorkers. Florida is setting up checkpoints to screen visitors from Louisiana. Texas said it would require drivers from Louisiana to self-isolate for two weeks.

Few areas of the country have escaped untouched: West Virginia reported the state’s first death linked to the new coronavirus on Sunday, leaving Hawaii and Wyoming the only remaining states with no reported deaths linked to the outbreak.

A s others tightened controls, China continued to ease its restrictions, following the ruling Communist Party’s declaration of v ictor y over the coronav irus. Flights from Hubei prov ince at the epicenter of the countr y’s outbreak resumed on Sunday. AP

Canadian PM Trudeau says he will still self-isolate at home

T

ORONTO—Canadian Prime Minister Justin Trudeau said on Sunday he will continue to self-isolate at home even though his wife has recovered from the Covid-19 disease caused by the new coronavirus.

Trudeau said he was acting out of caution.

“But the fact is I was in the same house with someone who until a few days ago had Covid-19 and therefore the countdown will continue because I could have theoretically caught the virus even just a few days ago so I will remain in isolation.”

He suggested that could extend for a little less than an additional 14 days as she stopped showing symptoms a few days ago.

“And of course this is something we are asking everyone else to do. I will continue to work every single day from home,” he said.

Trudeau said his wife has taken their three children to the prime minister’s summer residence in Harrington Lake in Quebec.

Sophie Gregoire Trudeau received the clearance from her doctor and Ottawa Public Health on Saturday.

Trudeau’s office announced on March 12 that she had tested positive for the coronavirus after she fell ill upon returning from a trip to London.

The prime minister and his family have been in self-isolation at home since then. He and the children have not shown symptoms.

As of Sunday, Canada had confirmed 5,866 cases of Covid-19 and 63 deaths. AP

A6 Tuesday, March 31, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Best of humanity in the darkest of times

E

ven with the government-mandated quarantine, curfew and other restrictions in effect, a good number of Filipinos still find ways to help our health workers save lives and try to contain the Covid-19 pandemic.

From big names in the world of business, like the Lopez Group, which pledged P100 million to support people who temporarily lost their livelihood due to the crisis, to individuals like ABS-CBN actress Angel Locsin, who donated tents for patients in overcrowded Metro Manila hospitals, people from all walks of life have come together and committed time, effort and resources to the fight against Covid-19.

While some are doing medical help, others are donating cash, food, medical supplies and personal protective equipment, filling gaps in public resources that might otherwise have been left unfilled, and augmenting the work of government, which many people say leaves much to be desired.

The Jollibee Group Foundation, for instance, pledged P100 million worth of its food products for health workers and checkpoint personnel.

Local distilleries, like Ginebra San Miguel, are reportedly adding disinfectant alcohol and hand sanitizer to their usual product range, for donation to communities to help prevent the spread of Covid-19.

San Miguel Corp. is tapping its global network of suppliers to purchase P500-million worth of personal protective equipment (PPE) that doctors, nurses and other health-care workers desperately need now to continue saving lives amid Covid-19. SMC President and COO Ramon S. Ang also urged domestic manufacturers to retool their facilities, if they can, to produce these equipment and ramp up production to secure the supply chain.

Meanwhile, the conglomerate behind Emperador brandy, Alliance Global Group, said it will convert its stock of 86 percent alcohol into the kind that can be used for sanitizing clinics and hospitals.

Businessmen whose hotels and accommodation establishments are located near hospitals, such as the Philippine General Hospital, have opened their rooms to our medical workers, so they can have decent places to rest in after long, grueling, nerve-wracking extended shifts.

Metrobank and GT Capital Holdings Group of the Ty family pledged P200 million for the production of more coronavirus test kits by the University of the Philippines National Institutes of Health, and for PPEs for health-care staff.

The Gokongwei Brothers Foundation pledged P100 million for PPEs, mainly for the UP Medical Foundation Inc. and PGH Medical Foundation Inc. The Gokongwei Group’s food production unit URC is also donating its products to frontline health workers.

The SM Group is giving P100 million to the Philippine General Hospital and the Research Institute for Tropical Management “for their urgent needs and for improving their laboratory testing capacity.”

De La Salle University opened its Taft and Greenhills campuses to shelter homeless people affected by the enhanced community quarantine (ECQ) in Luzon, and Catholic schools in Manila like the Malate Catholic School, Espiritu Santo Parochial School, Holy Trinity and the Paco Catholic School followed suit.

A CNN Philippines story said a group of designers, engineers and chemists from the University of the Philippines Diliman, came up with easy-to-build disinfection tents to boost protection against the coronavirus.

Some local fashion designers, including Michael Leyva, Domz Ramos and Rajo Laurel, are also stepping up to help overcome shortages of face masks and other PPEs, retooling their production and putting their sewing teams to good use.

A story published in our Export Unlimited section on Saturday featured how the Labspace for Innovation, Knowledge-Honing and Application Fab Lab of the Batangas State University, together with the Department of Trade and Industry Region 4A, are manufacturing face shields using 3D printed face bands and acetate films for our health workers.

A group of Don Bosco Makati high-school alumni pooled their resources and solicited donations to make and distribute aerosole boxes for free to hospitals dealing with Covid-19 cases. The aerosol boxes, which are fabricated from acrylic sheets, can reduce exposure to droplets and aerosol while intubating Covid-19 patients. They also help confine viral spread of patients in the ICU in lieu of using plastic drapes.

In Palawan, conscious of the financial difficulties caused by the Covid-19 crisis, the Palawenyo Savers Club guaranteed the salaries of all its members, provided them groceries and assured their employment upon resumption of operations after the ECQ. The organization also donated surgical masks, alcohol and thermal scanners to different hospitals as far as Romblon, and is set to deliver decontamination tents to hospitals and institutions in Metro Manila and Palawan.

There are so many more activities and initiatives undertaken by private-sector organizations and individuals, too many to mention here. Suffice it to say that for every crooked businessman who hoards thousands of bottles of alcohol during this crisis, or for every politician’s absolutely irresponsible behavior that endangers others, there are countless moments of compassion, kindness and generosity that show the best of our humanity in this darkest of times.

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THE Entrepreneur

T

his is the first time for most of us to deal with a global pandemic that has changed our perception about the world.

Nobody thought the time will come when we should keep a distance from one another, even from our family members, to avoid the spread of this disease.

Amid this new era, I still believe every cloud has a silver lining. As the government implements community lockdowns and home quarantines to contain the spread of the disease, I see people stepping up to help others. People in the frontlines sacrifice their health to honor their duties and serve. Many companies disregard profits and contribute money to national efforts aimed at flattening the curve of infection. The government is releasing billions in funds to support around 18 million low-income households for two months.

Several established companies donated food, disinfectants and transportation to frontliners. Others distributed food packs to poor communities, where the source of livelihood was suddenly cut. And there are those that provided shelter and food to hospital staff so they can continue to serve others.

These good deeds remind us that life is more important than anything else, including wealth, power and

fame. This disease does not discriminate between the rich and the poor.

Even the most powerful nations feel helpless against the pandemic. This means our best hope is our faith in God who knows everything.

Although we are advised to maintain distance from one another, Filipinos still are united in prayer. The new situation has taught us that safety is more vital than personal convenience. It has strengthened our faith and love for one another.

It has brought us back to the safety of our homes.

It is too early to estimate the costs of the pandemic on the economy at this point, as the situation continues to evolve every day. This is why it is important to heed the government’s order to stay at home to stop the spread of the disease. Social distancing has suddenly become a buzzword and may continue to be a crucial strategy for several more weeks, if not months, to come.

I hope that the passage into law

Let’s go backwards

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Hope and resilience

John Mangun

OUTSIDE THE BOX

A

S we in Luzon enter our third week of the Covid-19 lockdown, certain things are becoming obvious. Perhaps the book of Proverbs says it best about most of the discussion, “Idle hands are the devil’s workshop; idle lips are his mouthpiece.

An evil man sows strife.”

The world has been in political chaos for several years now, and a transition has been ongoing from political power being more centralized to being more dispersed on a global as well as national level. This has been characterized as a battle

between the “globalists” and the “populists”—both terms being used in a pejorative sense.

It is impossible to find a government or a national political leader that could singularly qualify to sit only on one side of that

Some economists now believe a global recession is inevitable this year, and may be more serious than the ones we saw during the 1997 Asian financial crisis or the 2008 global economic crisis. Amid these challenges, I believe the resilience of the Filipino people will prevail. of the “Bayanihan Act” will prevent the further transmission of Covid-19 through “effective education, detection, protection and treatment.” This is possible by establishing more quarantine centers, temporary medical facilities and medical relief and aid distribution centers.

Some economists now believe a global recession is inevitable this year, and may be more serious than the ones we saw during the 1997 Asian financial crisis or the 2008 global economic crisis. Amid these challenges, I believe the resilience of the Filipino people will prevail.

We came out much stronger from the 1997 Asian financial crisis and the 2008 global economic crisis.

Even during the current Luzon-wide enhanced quarantine period, household spending remains strong, as the government ensures the continuous flow of commodities to meet the needs of families. Among the industries that continue to thrive in this period are pharmaceutical, food and telecommunication. The situation has accelerated the adoption of online jobs and work-at-home arrangements. And there are reports that

We are told that apparently the Earth is “healing” with about 2 billion people out of work. We all want a healthy planet. Maybe we are wasting a lot of energy on this whole medicine thing.

Imagine how much healing would happen if a billion humans just died—as long as it’s not you or I, of course. spectrum. However, perhaps because of too much idle time leading to too many idle hands and mouths, we are constantly hearing a variation of “we must vote wisely next time.” Obvious is the idea that the people voted wisely in the prior election but not in the last election, no matter which country you choose to look at.

air quality in Metro Manila has dramatically improved in the absence of congested road traffic.

While our gross domestic product may grow slower in the first quarter and the second quarter, it will eventually bounce back as the pandemic dissipates. What is important is that we should not lose hope and be prepared to cope with the challenges ahead. It is also time to reassess the capability of our country to handle future crises. We need to be more equipped and ready. We need to invest more in health care, manufacturing and housing sectors so that every Filipino family will feel safe, secure and convenient in their homes in case of another outbreak.

For many businesses, these challenges should serve as opportunities for expansion.

The National Economic and Development Authority said once the spread of the disease is contained and it becomes safe to resume operations, an economic recovery plan should be quickly established.

While the situation is far from being resolved, I believe that giving up is not an option. We as a nation have survived more serious crises before, and we will emerge stronger from this one.

We have also learned to become kinder, which is another silver lining in this situation. It has revived our bayanihan culture as many Filipinos turned into volunteers to give this country hope.

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

Apparently, there was a global virus that changed the electorate from being really smart prior to 2015 and dangerously stupid since then.

Then there is some sort of universal movement based on the idea that “we cannot go back to the way things were.” Prior to infections shutting down the world, things seemed pretty good. Economies were growing, people had jobs, and there was at least some optimism that the future was gradually looking better.

On January 16, 2020 a global survey was released showing that Q4 2019 global consumer confidence was unchanged at 107, suggesting more optimistic than pessimistic consumers. However, trade problems as well as “high oil prices” ($65 per barrel) had global See “Mangun,” A7

www.businessmirror.com.ph

Opinion

One day at a time

Surviving this pandemic without losing our sanity

BusinessMirror

Manny F. Dooc

Susan V. Ople

Scribbles

TELLTALES

E are not in control of life, as we know it, from this day onwards. All our business and social calendars have been reset to zero. What makes more sense is for everyone to now live one day at a time. Mankind has been stripped of its arrogance and self-indulgence. A virus that has the entire world in its deadly grip has come to teach us a lesson. We thought we were in control. We thought we were so modern and sophisticated.

We strut, but now we kneel.

rince Charles of the UK had tested positive for Covid-19. At 71 years old, Prince Charles is the oldest and the longest heir apparent to the British throne. He has served as the Prince of Wales since 1958. He has displayed mild symptoms of the disease, but otherwise he remains in good health. Prince Charles must be allergic to the crown as he contracted the “coronavirus.”

W

Italy has surrendered its elderly to the virus and we have all become Italians in search for answers. In the Philippines, ground zero lies across the National Capital Region, the seat of wealth and power. People lucky enough to have provinces to go home to and stay in have better chances at a better quality of life. My elder brother, Toti, and my 91-yearold mom, enjoy the fresh seafood of Hagonoy while under community quarantine. Here in Pasig City, our household keeps a sharp eye on the kitchen cupboards, because every grocery run is impelled with the risk of contamination.

The Covid-19 affects all of us in different ways. I think of the more than 80 Filipino migrant workers who suffer from this disease in isolation from workmates and especially their families. I think of the health workers—from doctors and nurses to the technicians and sanitation staff—and oh, how tired and frustrated they must feel. I think of their families, and the anxiety that they would have to deal with for every shift, day after day. I think of the family breadwinners, the minimum-wage earners, the small entrepreneurs, and part-timers. Income streams, no matter how wide or slim, have been disrupted without a specific timeline for resumption.

This virus affects all of us.

The economic devastation arising from this global pandemic is enormous. Factories have come to a halt; the service industry has shut down; and jobs are falling by the minute.

And yet, to even focus on that has become extremely difficult because to not die remains the best option. My fear is that when the health-care system has become untenable, and the number of fatalities rises by the day, and the poor are unable to afford the dignity of basic living—then social unrest can be Covid-19’s evil twin.

It is helpful but not enough that the government will be able to secure hundreds of billions of pesos to fight this virus through the “We Heal As One” legislative package. The government’s next challenge is how to dispense these funds in an effective, inclusive and fair manner. Real partnerships on the ground must be encouraged and the strengths of the private sector, particularly in the area

Mangun. . .

Continued from A6

business confidence levels at the lowest in years.

Now there is “no” global trade and, in comparison, crude oil is almost free.

With the words of the former mayor of Chicago—a failed state if there ever was one—in mind, “you never let a serious crisis go to waste,” our best and brightest are weighing in on the future. “Work from home answers the challenges of public transportation.”

Well, it is certainly unfortunate that the past two Philippine administrations put emphasis on public transportation and infrastructure.

But then again, what occupations can really work from home other than maybe lawyers and those selling phone-sex? Are we really ready to have our food, clothing, and entertainment, not to mention haircuts, worship services, and teeth cleaning, all delivered by someone on a motorcycle?

The Covid-19 affects all of us in different ways. I think of the more than 80 Filipino migrant workers who suffer from this disease in isolation from workmates and especially their families. I think of the health workers —from doctors and nurses to the technicians and sanitation staff—and oh, how tired and frustrated they must feel. I think of their families, and the anxiety that they would have to deal with for every shift, day after day. of sourcing of supplies and logistics as well as setting up distribution channels, must be harnessed. Government certainly cannot accomplish a lot by itself.

Transparency is also important.

Honesty remains the best policy.

All expenditures and procurement can be shown online, and tracking of problems with corresponding solutions can also be reported extensively through online platforms.

Our government must improve its crisis communications even more, especially since most of the jobless will now turn to their local governments for financial help. I worry that those in most need of government assistance may not even come close to the powers that would dispense it.

Guidelines must be clear and operations must be infused with compassion and sensitivity.

We are all in this together. When a doctor dies because of Covid-19, we feel the pain. When someone we know has developed respiratory problems, we become instantly scared and worried for him or her.

Covid-19 has brought down the walls that divide us. Because now we have a common goal: to live, to survive, to have as many tomorrows as possible.

God is teaching us what it means to live one day at a time. To think not only of ourselves, but also of others.

The morning skies are bluer now. It’s the best time to look up.

Susan V. Ople heads the Blas F. Ople Policy Center and Training Institute, a nonprofit organization that deals with labor and migration issues.

She also represents the OFW sector in the InterAgency Council Against Trafficking.

Further, things that actually have to be made like cars, washing machines, and the rest of the other 43 percent of the Philippine economy in industry and agriculture cannot be done from “home.”

We are told that apparently the Earth is “healing” with about 2 billion people out of work. We all want a healthy planet. Maybe we are wasting a lot of energy on this whole medicine thing. Imagine how much healing would happen if a billion humans just died—as long as it’s not you or I, of course.

Maybe it’s just me, but I think that things were a lot better before Covid-19. There has never been a time in human history when conditions could not be improved. But I have a really hard time believing that the Covid-19 pandemic is going to be a catalyst for a new Golden Age. E-mail me at mangun@gmail.com. Visit my web site at www.mangunonmarkets.com. Follow me on Twitter @mangunonmarkets. PSE stockmarket information and technical analysis tools provided by the COL Financial Group Inc.

P

Charles attended school rather than received education from a private tutor, as was the tradition for the royal family until that time. He also set the record by becoming the first heir apparent to complete a university degree when he graduated from Cambridge with a Bachelor of Arts. Charles served in the Royal Air Force and Royal Navy where he trained as a jet pilot. He was part of the Naval Air Squadron and later commanded HMS Bronington, a vessel mine hunter. He quit flying when he crashed in the Hebrides in 1994. He holds an honorary five-star rank in all three branches of the British Armed Forces as Admiral of the Fleet (Navy), Field Marshall (Army) and Marshall of the Royal Air Force.

He should get well and survive from this pandemic if he wants to ascend to the British throne. Queen Elizabeth II, his Queen mother, will turn 94 next month. She has been the Queen of the United Kingdom and the other Commonwealth countries since 1952. She is the oldest and longest-serving British monarch and head of state in the world. She survived 1992, a year she

considered as her “annus horribilis,” which saw the scandals and breakdown of her children’s marriages. She should survive Covid-19 even if her Prime Minister, Boris Johnson, was infected by it.

During his investiture as the Prince of Wales attended by a show of royal pomp and rich tradition, Prince Charles, who was then 17, pledged his utmost allegiance to Queen Elizabeth II by stating: “I, Charles, Prince of Wales, do become your liege man of life and limb.” They did not tell him it would take this long. It seems that the word “abdication” was not coined for Elizabeth II. Prince of Wales is the highest royal title given only to the heir of the English throne. nnn

Despite the constitutional ban on political dynasty, our disingenuous political leaders find ways to skirt the prohibition. Our country is virtually divided into fiefdoms where political rights are passed from fathers to sons and husbands to wives. We might as well embrace the Divine Right Theory to give this practice a political legitimacy. After all, some of our leaders behave like kings who do not

Tuesday, March 31, 2020 A7

To stem this pandemic, we have resorted to every form of antisocial behavior. Self-isolation.

Social distancing. Living the life of a recluse. Just to flatten the curve, which we once adore. But all these self-imposed measures can only go so far. It’s primordial that we discover the medical and pharmacological remedy to contain and prevent the coronavirus.

consider themselves accountable for their actions—not to Congress, not to the Courts, or worse, not to the people. The term limit is not a deterrent for them to stay in power. They can switch places with their immediate relatives, and still remain the real power behind the throne. Maybe it’s not yet late to switch to a monarchical form of government, instead of pursuing federalism, which may be just another device to perpetuate a person or group in power. A monarch will save us a lot of trouble every six years. And there would not be much change since, after all, our President already lives in a palace and he is surrounded by court jesters. nnn

It may take a little while before people learn to snuggle to each other again. The mantra: “Don’t stay close to me” may linger long even after the virus is gone. Kissing, hugging, handshaking, giving high-fives and backslapping may take awhile to revive. Intimate personal meetings have given way to teleconferencing, video meetings, zooming, messenger, viber and other digital forms of communication. Webinars will remain the order of the day for large group activities. Spacious set-up to

ensure social space, if allowed at all, has replaced cramped arrangements where SRO was normal in case of big events. We are reliving Love in the Time of Cholera, a novel by Gabriel Garcia Marquez (1985), where people are worried of being touched even by their lovers.

It seems that we are in for a long haul. We are now in the third week of the ECQ. How long will this contingency last? As Dr. Anthony Fauci has said: “You don’t make the timeline, the virus makes the timeline.”

Definitely it will not be Easter. God forbids but Christmas may even be closer. We have to shorten the timeline. To stem this pandemic, we have resorted to every form of antisocial behavior. Self-isolation. Social distancing. Living the life of a recluse.

Just to flatten the curve, which we once adore. But all these self-imposed measures can only go so far. It’s primordial that we discover the medical and pharmacological remedy to contain and prevent the coronavirus.

Covid-19 is the most disruptive pandemic in recent memory. It’s more contagious and transmissible than MERS and SARS. It’s “Public Enemy Number 1” in the world. The real challenge is how to survive this pandemic without losing our sanity. nnn

Belated happy birthday, President Duterte. Let me wish you sincerely with the old Irish blessing, which says: “May the road rise to meet you; May the wind be always at your back.

May the sun shine warm upon your face, The rains fall soft upon your fields.”

And lead your people wisely and justly to greater glory.

Assessment unplugged: Solving the BIR audit conundrum Atty. Lino Ernie M. Guevara

Tax law for business Part One

I

t’s that time of year.

Amid the global maelstrom whipped up by the Covid-19 pandemic, its timing coinciding with our tax season makes it all the more taxing. It’s a welcome relief that the Bureau of Internal Revenue, after its initial refusal, relented to extend the April 15 filing of the 2019 Annual Income Tax Return to May 15, 2020 sans any penalties. Likewise, the BIR through its Circulars and Operations Memorandum extended the filings of certain documents like protest letters and suspended the conduct of any field audit/investigation as well as prohibited personal service of electronic Letter of Authorities (eLAs) and the likes, but not assessment notices, during the enhanced community quarantine. Note though that only personal service is expressly prohibited with other modes of service, such as registered mail, still available. Service of assessment notices are not prohibited and, thus, may still be possible.

Hence, companies may still have to watch out for that dreaded Formal Letter of Demand and Assessment Notice due to prescribing cases by April 15, 2020. Under our Tax Code, the BIR can assess, that is, by issuing the FLD/FAN, “within three years after the last day prescribed by law for the filing of the return” (but extendible to 10 years under certain cases, e.g., fraudulent or false returns). Extension of the period to assess can only be done through a legislative amendment, not merely by a BIR issuance. Ergo, the BIR’s march to assess prescribing cases, Covid or no Covid, can neither be contained nor quarantined.

So, what to do if you’re “lucky” to receive that dreaded assessment notice from the BIR? I am certain you have already been bombarded with lots of tips and advice before, but there’s no harm in adding to your stockpile of armaments. Knowing and understanding better the assessment procedure is still your best starting defense when assessed or hit by a BIR audit. The key is to know and also, to ask the right questions.

Electronic Letter of Authority A taxpayer’s assessment travails commence with the BIR’s issuance of an eLA. It authorizes the BIR to examine the company’s books of accounts, records and documents. It serves as the initial salvo by the BIR giving you a checklist of documents to commence their examination. A word of caution: Do not ignore the BIR’s repeated demand to submit documents as doing so may trigger the issuance of a Subpoena Duces Tecum—a legal order for you to “bring” or produce the documents strictly within a prescribed period.

Further, one effect of the eLA issuance is that you can no longer amend tax returns for the period covered, even that of a tentative tax return.

As ruled by the Supreme Court, and echoed by the BIR in its issuance, any tax assessment issued without a Letter of Authority is a violation of the taxpayer’s right to due process and is, therefore, “inescapably void.”

Remember the general rule: No L/A or eLA, no valid assessment.

Questions to ask:

n Was a valid eLA issued to the company for the covered period being examined? n Does the eLA bear the name, designation and signature of the approving BIR official? n Does it contain a system-generated serial number and the date? n Were the names of the Revenue Officers assigned printed on said eLA? n Does it reflect the tax types and taxable period to be covered by the audit? n Does it indicate the basis for the audit (i.e., regular audit program, special audit, etc.)? n Does it have any manually written character, notation or erasure rendering it void? n Was it properly served by the BIR and was received by the company’s authorized personnel?

Notice for Informal Conference

Starting February 2018, the requirement for the BIR to issue a NIC was reinstated after having been previously dispensed with in 2013 by going straight to the issuance of a Preliminary Assessment Notice.

During the “Informal Conference” stage, the taxpayer has the opportunity to present his explanations, which shall not extend beyond 30 days from receipt of the notice. If still found to be liable and the taxpayer is not amenable with the findings, the case will then be endorsed for PAN issuance.

NIC is part of the taxpayer’s due process requirement. Hence, no NIC, no valid assessment.

Questions to ask: n Was a Notice for Informal Conference issued prior to the issuance of the PAN? n Was the company given the opportunity by the BIR to explain the initial findings within the prescribed period of at least 30 days from receipt of NIC?

Preliminary Assessment Notice

After the NIC, the BIR issues the PAN showing the facts and the law, rules and regulations, or jurisprudence on which the proposed assessment is based. Failure of the taxpayer to reply to the

PAN within 15 days from date of receipt will make him in default, so that the FLD/FAN shall be issued. Now, if he responds within15 days disagreeing with the findings, the FLD/FAN shall be issued within 15 days from the taxpayer’s filing of reply.

A PAN is always required to be issued EXCEPT for the five instances mentioned under Section 228 of the 1997 Tax Code, as amended (i.e., deficiency taxes arising from mathematical error, difference between tax withheld and amount actually remitted, excisable articles not paid, carryover and automatic application of refund amount claimed against tax liabilities and article transferred from a tax-exempt to a nonexempt person).

The PAN, similar to the NIC, is part of the taxpayer’s due process right, a substantive and not merely a formal requirement. Generally, the absence of PAN may invalidate an assessment.

Questions to ask: n Was a PAN validly issued to the taxpayer? n Did the PAN issued show in detail the facts and the law, rules and regulations, or jurisprudence on which the proposed assessment is based? n Was the taxpayer afforded the prescribed time to file its reply?

For the next part of this article, we will discuss the other stages of the assessment procedure beginning with the FLD/FAN issuance, then filing of protest, issuance of the BIR’s final decision on disputed assessment and the administrative and judicial remedies available to the taxpayer under the law.

The author is a Special Counsel of Du-Baladad and Associates Law Offices (BDB Law), a memberfirm of WTS Global.

The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at ernie.guevara@ bdblaw.com.ph or call 8403-201 local 160.

A8 Tuesday, March 31, 2020

Caap grounds entire Lionair fleet after medivac plane’s explosion

T

By Recto Mercene

@rectomercene

HE Civil Aviation Authority of the Philippines (Caap) on Monday grounded the entire fleet of the corporate charter service Lionair, as aircraft accident investigators recovered the cockpit voice recorder (CVR) of its jet that exploded on Sunday night, on a medical evacuation mission, killing eight people.

The Lionair twin-engine jet had erupted into a fireball at the end of runway 24 seconds after it appeared to have taken off from runway 06. Before the medical evacua-

tion, Lionair had allowed its plane to be used to ferry badly needed medical supplies across the country in the fight against Covid-19, drawing praise from the Department of

GET USED TO IT

A shopper goes through a misting and footbath tent at a grocery in downtown Cainta, Rizal. BERNARD TESTA

Health (DOH).

An eyewitness to Sunday night’s accident, Rene Salinas, saw the aircraft speeding along on runway 06. “I saw flames coming out of the engine,” Salinas, a janitor at the Manila International Airport Authority (Miaa), told the BusinessMirror. He said in Filipino that he was “transfixed by the sight” as he followed the plane from the glass window of the ramp control cab until darkness engulfed the corporate jet, with only the flames visible, “like a meteor.”

Salinas’s statement about the airplane having been airborne should be taken with a grain of salt since it was dark and only the sputtering engine is visible from his vantage point, said ramp controller Alger Ramo, a former pilot.

“The airline involved in the accident, RP-C5880, is Lionair Inc., a Charter airline registered in the Philippines and is not affiliated with Lion Air Indonesia, the lowcost airline based in Jakarta,” according to the Miaa.

The Caap closed the Naia to operations past 8 p.m. Sunday and allowed operations to resume at 5 a.m. Monday.

Captain Nick Castillo, a retired Philippine Airlines (PAL) pilot, said “there would be imbalance by the loss of power in one engine, and the airplane would ‘rotate’ [turn] towards the dead engine.”

He added: “A sudden rudder correction might result in a stall, meaning, the wings are no longer able to produce the required lift for normal flight and the plane falls to the ground.”

Retired air traffic officer Perry Casapao recalled an incident where a Fokker “F27” had one engine failure after takeoff on runway 13, then stalled and crashed on Moonwalk subdivision in Parañaque decades ago.

The Caap said the CVR “of the Agusta WW24 aircraft has been recovered from the scene and will further aid the investigation to answer why the crash occurred.”

The investigation for the crash

and resulting fire will be conducted by the Aircraft Accident Investigation and Inquiry Board (AAIIB), while the Flight Safety Investigation Committee (FSIC) will see if aviation safety procedures were violated by the aircraft operator and/or the crew.

The Agusta WW24 aircraft carrying a patient caught fire Sunday shortly after leaving runway 06 at 7:56 p.m. and killed all the eight people on board. Filipino Doctor Nicko Bautista, an American national, a Canadian national and five other Filipinos perished in the flight. The Filipinos also included a flight medic, a nurse and three flight crew.

In September 2019, a Lionair twin-engine plane exploded mid-air and crashed into a resort village in Barangay Pansol in Calamba, Laguna. The crash killed nine passengers, including the pilot and copilot.

The Caap said that while investigation of RP-C5880 is ongoing, it had decided to ground Lionair’s entire fleet.

Financial stocks biggest losers, fall 3.35% as virus stokes market jitters

By Tyrone C. Piad

F

@Tyronepiad

INANCIAL stocks were the biggest losers during the bloodbath on Monday as the coronavirus disease 2019 (Covid-19) continues to dampen market sentiment.

The financial sector ended in the red territory on Monday, shedding 3.35 percent or 40.83 points to close at 1,176.45.

Following this was holding firms which dropped by 3.07 percent. Property and industrial stocks both plunged 2.14 percent, while mining and oil slid 1.34 percent. Services, meanwhile, declined by 0.65 percent.

Regina Capital Development Corp. Head of Sales Luis Limlingan said the financial sector was in line with the drop for the main index as investors remained on the sidelines amid the pandemic.

T he benchmark Phi lippine Stock Exchange index fell 2.57 percent or 135.46 points to finish at 5,131.16 while the wider All Shares dipped 2.34 percent or 75.19 points to end at 3,144.31.

“Local stocks fell sharply, giving back some of the strong gains experienced in the previous days to kick start what seems to be another volatile week,” Limlingan said.

In terms of percentage, East West Banking Corp. booked the steepest decline among the financial stocks at 6.13 percent. Its shares fell 49 centavos to P7.51 each.

This was followed by Bank of the Philippine Islands (BPI), which plunged 6.02 percent or P3.85 to finish at P60.10 apiece.

The shares of BDO Unibank Inc. decreased by 2.84 percent; China Banking Corp., 1.49 percent; Metropolitan Bank & Trust Co., 0.79 percent; Philippine National Bank, 1.90 percent; Rizal Commer-

cial Banking Corp., 2.86 percent; Security Bank Corp., 4.96 percent; Union Bank of the Philippines Inc., 3.56 percent.

Philstocks Financial Inc. analyst Piper Chaucer Tan, meanwhile, said that heavy local and foreign sell-off of financial stocks dragged the sector, which was expected after booking 8.31-percent uptick on March 26.

“I think it’s more on profit-taking...for this trading session, particularly in the financials sector,” Tan said. “But I think that once this normalized, banks can be a great bet given their valuations.”

Foreign selling was at P887.40 million on Monday.

BDO was the most actively traded among financials stocks with value turnover of P256.17 million, followed by BPI at P214.14 million.

Overall, Ayala Land Inc. was the top active stock, booking turnover value of P414.26 million. Its shares ended flat at P31 apiece.

www.businessmirror.com.ph

Companies BusinessMirror

Tuesday, March 31, 2020

B1

Pilipinas Shell net income up 11% in 2019

By Lenie Lectura

D

@llectura

espite lower margins and higher taxes, Pilipinas Shell Petroleum Corp. reported that its net income increased by 11 percent to P5.6 billion in 2019 compared to a year ago.

It said Monday “strong marketing delivery and refinery cost savings helped temper the suppressed regional refining margins and higher excise taxes.”

Retail business, which comprise of 1,126 service stations, slightly im-

proved as retail volumes inched up by 1.2 percent despite higher excise taxes. A total of 53 new stations in key areas across the country were added last year.

“This growth was driven by targeted marketing activities coupled

with loyalty programs and further expansion of our network,” said Randy del Valle, VP for Retail.

Premium fuel penetration remains high at 27 percent, he added.

Lubricants, bitumen, aviation and commercial fuels, meanwhile, contributed to the overall commercial volume growth of 9 percent.

Pilipinas Shell has the country’s only Bitumen Production Facility.

The bitumen business more than doubled its operating profits last year.

Its refinery business, meanwhile, delivered close to P700 million in structural cost savings last year.

Further, as a response to the International Maritime Organization 2020 implementation, the refinery developed the flexibility to produce

Low Sulfur Fuel Oil since December last year. LSFO yields higher margins versus High Sulfur Fuel Oil. Pilipinas Shell said its refinery in Tabangao, Batangas, will continue to identify growth projects and synergies to make it more competitive.

It started setting up its Integrated Hydrogen Manufacturing Facility which will provide flexibility for the refinery to process more crude oil varieties into more quality fuels, while its Integrated Energy System will harness solar energy, natural gas and battery storage to create a more sustainable energy footprint.

In 2019, the oil firm spent P6 billion to expand the retail network, support refinery growth projects, and enhance supply and distribution capabilities.

“We will remain focused on strengthening our core businesses while being mindful of the evolving energy landscape. We will use our foundation of values and strong corporate governance as we continue to deliver on our strategy to make Pilipinas Shell a world-class investment case,” said Pilipinas Shell President and CEO Cesar Romero.

The company assured its customers of the continued operations of its service stations nationwide and the stable supply of fuel amid the community quarantine implemented in Luzon and other parts of the country.

“At this challenging time, Pilipinas Shell acts to reinforce its financial resilience to position

the Company for the eventual economic recovery and to protect the long-term interests of our shareholders. This includes a number of measures to conserve cash and shore up working capital, including revisiting the timing of its planned capital expenditure and further reducing operating expenses,” it said.

“However, we are cognizant of the tremendous impact the Covid- 19 pandemic is having on people and business. We continue to look for ways to appropriately support our key stakeholders and business partners, and commit to make the right sustainable decisions for the company in this time of challenges and uncertainties,” said Romero.

Xurpas halts operation of Singapore unit Metro Retail income

By VG Cabuag @villygc

X

urpas Inc. said it has decided to stop the operations of its Singapore unit to stop the bleeding and return most of its shares in another subsidiary, which was supposed to handle virtual currency, to its former owner.

In its disclosure to the Philippine Stock Exchange, the company said it is suspending the operations of Singapore-based start-up Art of Click Pte. Ltd., a company that specializes in mobile marketing solutions for advertisers, publishers, app developers and other operators.

“Majority of Art of Click’s staff will be retrenched, and the company’s ad network platform will [be]

deactivated, while Xurpas reassesses Art of Click’s situation once we have recovered from this pandemic,” the company said, referring to the effects of the coronavirus disease 2019 (Covid-19) to the economy.

Xurpas purchased the company in 2016, but a year later, Art of Click encountered financial difficulties as it lost several key clients. There was a decline in the ad network industry due to the growing dominance of companies such as Facebook and Google.

“Throughout this period, Xurpas has been supporting its subsidiary and has implemented drastic costcutting measures,” it said.

“However, Xurpas expects further losses to be incurred by Art of Click as a result of business chal-

lenges brought on by the Covid-19 pandemic, and as such, will suspend the business operations of the said subsidiary to better manage Xurpas’s funds,” it said.

Meanwhile, the company said it is selling 80 percent of CTX Technologies Inc. to Fernando Jude F. Garcia, the founder of Xurpas, for about P4 million.

“Current equity of CTX is at approximately P1 million as of December 31, 2019. The purchase price shall be deducted from Xurpas’s payables that is due to Mr. Garcia,” Xurpas said.

CTX was incorporated in 2018 primarily for the proposed virtual currency exchange business of the Xurpas group.

“With the decline of the virtual

currency market in 2019 and the unclear regulations involving digital assets, Xurpas’s management has previously decided to place CTX’s business on hold. CTX has not provided any material business for Xurpas, and has no revenue contribution to the group since its incorporation,” it said.

Xurpas has already been taken over by a Los Angeles venture capitalist Wavemaker Partners US, after its owners acquired 48 percent of the listed company for P170 million.

In its previous disclosure, Xurpas board has approved the issuance of 1.7 billion new common shares at a mere P0.10 per share to Wavemaker's general partners, Eric Manlunas, Paul Santos and James Jordan.

Xurpas shares closed Monday at P0.48 apiece.

MPIC designates Covid-19 referral hospital

T

he Metro Pacific Hospitals Group on Monday said it is doubling its existing capacity for coronavirus disease 2019 (Covid-19) patients nationwide and designated Our Lady of Lourdes Hospital in Manila to be its main Covid-19 referral facility.

“We are on the verge of an unprecedented national health emergency. Our Hospitals Group has been unselfish in doing its part. We would like to express our gratitude to the Sisters of the Holy Spirit in allowing the use of their Lourdes Hospital for this purpose,” said Augusto Palisoc Jr., president and CEO of the Metro Pacific Hospitals.

Lourdes Hospital, which Metro Pacific Investments Corp. (MPIC) bought in 2010, has about 211 beds and 144 rooms.

“The rest of the 15 hospitals nationwide have been tasked to review their respective spaces, personnel complement and technical resources, so that they can double their existing capacity for [Covid19-related] patients to more than 600 beds,” he said. The group on Monday said it created a crisis team to coordinate its activities to cope with the rising number covid-19 related cases.

Pilar Nenuca P. Almira, who currently heads both the Cardinal Santos Medical Center and the Our Lady of Lourdes Hospital, was appointed head of the team.

She said that by designating a hospital within the group to be the main referral facility for either persons under investigation or persons under monitoring and Covid-19 infected cases, the group is aligning its efforts with the government to

address the pandemic.

Should the pandemic rise in intensity in the coming weeks, MPIC's Hospitals Group said it has been mandated to plan for supplemental tents, with beds and requisite equipment, for noncritical Covid-19 cases in selected hospital grounds, as an "extraordinary" measure.

The MPIC Group together with its Foundations and other companies of the MVP Group such as Roxas Holdings, MetroPac Movers, PLDT and Smart Communications have also decided to scale up its cooperation with and assistance for key government hospitals that are focused on caring for Covid-19 patients such as the Philippine General Hospital, the Research Institute for Tropical Medicine, the Philippine Genome Center and the Lung Center of the Philippines.

This includes sharing vital supplies such as virus specimen collection kits, transportation services, water supply, alcohol, face masks, disinfectants and personal protective equipment and communications support like

hotlines, mobile phones, WiFi and other digital solutions.

“The country’s health-care system faces unprecedented challenges because of the ongoing pandemic, caused by a virus that is unfamiliar, and seems easily transmitted.

Our Hospitals Group are focusing their resources on critical concerns—particularly hospital care for the most critically-ill patients infected by Covid-19,” said MPIC Chairman Manuel V. Pangilinan.

“At the same time, we aim to provide every assistance possible to our doctors, nurses and health-care personnel to protect their well-being and safety as they courageously pursue their enormously difficult task of caring for patients. We owe them an inestimable debt of gratitude—these gallant frontliners who altogether reflect our people’s compassion and caring,” he said.

Assistance

MPIC companies such as Metro Pacific Tollways Corp. (MPTC), Manila Electric Co. (Meralco), Maynilad Water Services, Light Rail Manila Corp. (LRMC), Global Business Power (GBP) and the

MPIC Hospital group, as well as Metro Pacific Investments Foundation and One Meralco Foundation, have mobilized and distributed just some P190 million worth of support to various municipalities, government agencies and medical institutions all over the country.

The conglomerate also mobilized a nationwide internal program to take care of its thousands of employees involved in infrastructure projects all over the country, through the continuance of salaries and benefits during the coronavirus crisis period. The companies made provisions for hygiene supplies (masks, health kits and vitamins), and ensured advance payment of mid-year bonuses while on lockdown from March 15 to April 12.

MPIC employees were also given work from home (WFH) allowance for electricity and Internet needs, vitamins, with managers and executives provided a cash equivalent to replace fleet card liters.

Utilities with round-the-clock ser vices such as Meralco and Maynilad received medical assistance, PPE and hygiene kits for lockdown and mission critical operations, including skeletal work forces, shuttle bus services, meal allowances and roving company doctors on call, among others MPTC coordinated with some 220 barangays along the Nlex, SCTEx and Cavitex network to donate P4.5M worth of relief goods; One Meralco Foundation distributed face masks to the Rizal and Philippine heart centers, as well as the Department of Transportation. VG Cabuag

falls 20% in 2019

C

ebu-based Metro Retail Stores Group Inc. on Monday said its income last year fell by a fifth to P776 million, from the previous year's P965.37 million, mainly due to a new accounting standard.

The company, led by the Gaisano family, said the decline was mainly as a result of the Philippine Financial Reporting Standard 16, which took effect in January 2019.

The new accounting standard aims to provide a basis to assess the effect of leasing activities on the entity’s balance sheet, income statement and cash flows.

Without the new accounting standard, the company said its income would have increased by an annualized 18 percent. Sales rose about 9 percent to P36.8 billion in 2019, from the previous year's P33.28 billion.

“Noncore income increased

by P218.7 million mainly due to additional insurance recoveries, offset by the net impact of PFRS 16, which amounted to P363.7 million after tax for the full year of 2019,” the company said.

The company said it is increasing its store network to serve emerging cities and municipalities in Visayas, Central Luzon and the Bicol region, which it said was vital to the homegrown retailer’s strong performance. Adding to the company’s optimistic outlook is the steady sales of its newly reopened Metro Supermarket in its Cebu flagship store.

“Metro remains resolute in heeding the call of government to serve the interests of its customers, employees and the general public amidst the challenges posed by the current national health situation,” the company said. VG Cabuag

SMC to donate P500M worth of PPE

C

onglomerate S a n Miguel Corp. (SMC) on Monday said it is tapping its global network of suppliers to purchase some P500 million worth of persona l protective equipment (PPE) for frontliners fighting the coronavirus disease 2019 (Covid-19).

“It’s very crucial that we get more PPE—protective masks, gloves, surgical gowns, among others—out there as fast as we can. We are hoping to fill the gap and continue supporting our government in whatever way we can.

Our health care workers and government responders are risking their own lives to save ours but they are running out of equipment to protect themselves,” said SMC president and COO Ramon S. Ang. San Miguel said it is currently mapping out available PPE capacity from its own suppliers, as it continues to look for domestic suppliers to help increase the production of the protective equipment if they can as the battle against the virus continues.

“We are leveraging our network of suppliers to assist government in addressing this shortage. But this may not be enough.

That’s why we are also calling on local suppliers, even the small ones, to come forward. We will help purchase your products and get it out in the market where it’s most needed,” said Ang.

He requested for government to provide private sector with technical specifications and standards the protective items must meet. “And we need to streamline the certification and approval processes so that those who wish to respond can immediately provide the supplies our medical front liners need.”

The company has been repurposing most of its facilities to respond to the need for more protective items and food for the hardest-hit communities.

Ginebra San Miguel Inc. recently retooled its liquor plants nationwide to produce rubbing alcohol to help front liners fighting the outbreak.

It also started producing Nutribun-inspired bread it donates to poor communities affected by the quarantine. The company has also donated over half a million kilos of rice, along with canned goods, biscuits and coffee.

To date, the company has donated over 100,000 liters of ethyl alcohol to various front liners in the national and local government as well as public and private hospitals in Luzon. Food donations have, thus far, reached over P100 million.

Ang also asked domestic manufacturers to retool their facilities, if they can, to produce these equipment and ramp up production to secure the supply chain.

VG Cabuag

B2

Companies BusinessMirror

Tuesday, March 31, 2020

PSE STOCK QUOTATIONS

March 30, 2020

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

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

40.55 98.2 60 19.72 7.51 37.55 19.62 36.85 16.12 101.3 53 15.5 2.71 0.265 700 157

44.45 99.2 60.1 19.8 7.65 37.6 19.7 44.65 17 101.5 53.85 15.6 3.16 0.28 718 168.7

44.65 102.1 63.9 20.7 8 37.8 21 45.4 17.3 105 53 15.8 2.51 0.265 718 170

44.65 102.3 63.9 20.7 8 37.8 21 45.4 17.5 105 53.85 15.8 3.18 0.265 718 170

44.5 97.05 59.15 19.72 7.5 36.2 19.62 44.65 16 99.5 53 15 2.5 0.265 718 157.1

44.5 99.2 60.1 19.8 7.51 37.6 19.62 44.65 17 101.5 53.85 15.6 3.18 0.265 718 168.9

400 2602400 3571860 159200 184400 3882500 92600 900 20900 686030 520 3400 6000 20000 10 2790

17830 256171382.5 214139792 3200422 1400781 143774670 1836576 40330 339800 69489750.5 27789.5 52350 16890 5300 7180 460846

-78103025.5 -40707223.5 -431462 -143587 -4091335 -855562 -24415547 264400

INDUSTRIAL AC ENERGY 1.9 1.93 1.9 1.94 1.8 1.9 6784000 12663210 0.9 0.95 0.84 0.91 0.84 0.9 388000 328210 ALSONS CONS 24.05 24.7 26.45 26.5 24 24.05 2284200 56160830 ABOITIZ POWER BASIC ENERGY 0.157 0.164 0.166 0.166 0.156 0.164 600000 98600 16 16.1 17.04 17.04 15.92 16 2003900 32362796 FIRST GEN 47.5 47.9 48.05 48.85 47.5 47.5 158100 7512225 FIRST PHIL HLDG 210.4 214.4 220 221.8 210 214.4 310440 65844206 MERALCO 9.3 9.35 9.2 9.4 9 9.3 1896200 17582288 MANILA WATER PETRON 2.34 2.4 2.3 2.4 2.17 2.4 1814000 4162110 PETROENERGY 2.53 2.9 2.99 2.99 2.5 2.5 14000 36980 PHX PETROLEUM 9.15 10 9.5 10 9.1 10 195000 1919145 18.4 18.5 18.7 18.8 18.1 18.5 934100 17276668 PILIPINAS SHELL 7.89 8.14 7.88 8.15 7.6 8.14 56700 442561 SPC POWER VIVANT 12.12 15 14.7 15.1 14.7 15 500 7490 AGRINURTURE 6.1 6.39 6.6 6.81 6.04 6.39 100000 627637 AXELUM 2.08 2.09 2 2.08 1.94 2.08 919000 1859400 13.44 13.5 13.3 13.5 12.7 13.5 120000 1578516 CENTURY FOOD 3.3 3.4 3.25 3.3 3.25 3.25 6000 19550 DEL MONTE DNL INDUS 4.8 4.87 4.9 5.01 4.8 4.8 1742000 8533090 EMPERADOR 8.09 8.11 8.49 8.49 7.92 8.11 103300 835457 SMC FOODANDBEV 47 48.9 50.5 50.8 47 47 307640 14834434 0.49 0.52 0.55 0.56 0.49 0.5 823000 422920 ALLIANCE SELECT 1.12 1.13 1.16 1.16 1.1 1.12 10785000 12103780 FRUITAS HLDG GINEBRA 31.9 32 31.95 32 28.8 32 12100 386005 JOLLIBEE 102.8 103 106.9 106.9 100.1 103 801630 82543465 MACAY HLDG 4.2 5.1 4.8 4.8 4.8 4.8 3000 14400 4.58 4.59 4.84 4.84 4.5 4.59 260000 1195350 MAXS GROUP 1.7 1.73 1.62 1.79 1.62 1.73 1873000 3158100 PEPSI COLA SHAKEYS PIZZA 4.91 5 5.04 5.04 4.88 4.91 202700 1005858 ROXAS AND CO 1.42 1.44 1.33 1.44 1.28 1.44 2161000 2912890 RFM CORP 4.09 4.29 4.5 4.5 4.08 4.29 46000 193790 97.6 97.9 98.15 98.15 95 97.6 1518510 148409648 UNIV ROBINA 0.84 0.86 0.87 0.87 0.82 0.86 813000 684970 VITARICH VICTORIAS 2.2 2.52 2.2 2.52 2.2 2.52 12000 26720 CONCRETE B 45.7 54.9 45.5 45.5 45.5 45.5 10 455 1.04 1.05 1.09 1.09 1.01 1.05 3432000 3572180 CEMEX HLDG 7.49 7.5 7.65 7.78 7.4 7.5 370900 2775001 EAGLE CEMENT 5 5.01 5.34 5.34 5 5.01 200400 1020012 EEI CORP HOLCIM 11.6 12 11.6 12.4 11.6 12.3 16600 199116 MEGAWIDE 6.19 6.2 5.97 6.4 5.64 6.19 1279500 7760147 0.67 0.71 0.72 0.72 0.72 0.72 2000 1440 TKC METALS 0.56 0.57 0.58 0.58 0.57 0.57 41000 23390 VULCAN INDL 1.8 1.82 1.79 1.8 1.75 1.8 66000 116750 CROWN ASIA EUROMED 1.92 1.97 1.95 2 1.88 1.95 881000 1703090 LMG CHEMICALS 3.84 4.88 3.5 3.8 3.5 3.8 2000 7300 4.09 4.1 4.09 4.1 4.09 4.1 6000 24580 PRYCE CORP 0.77 0.79 0.8 0.8 0.75 0.78 351000 272260 GREENERGY 4.57 4.6 4.32 4.6 4.3 4.57 270000 1227840 INTEGRATED MICR IONICS 0.93 0.98 0.96 1 0.93 0.99 520000 498450 0.73 0.74 0.7 0.75 0.67 0.73 459000 332080 SFA SEMICON CIRTEK HLDG 6.37 6.4 6.24 6.55 5.8 6.4 2309100 14246084

-433180 -10661465 3486216 3738355 -18824780 -8763492 -162700 5600 -331300 -6713576 149475 -3020 -251291 -2050 1292002 -3250 -3123000 176343 1690809 20000 339400 338545 -6983097 -14400 -258270 -1172470 -523575 -164020 -50130 -67808317 24200 668060 -1240660 25050 -16156 -1529208 -130 -9420 -370010 -7000 4488

HOLDING & FRIMS ABACORE CAPITAL 0.5 0.51 0.5 0.52 0.48 0.5 2310000 1150820 5.5 5.6 5.93 5.93 5.5 5.5 21100 117685 ASIABEST GROUP 469 469.6 484.8 484.8 459.8 469 850660 399347774 AYALA CORP ABOITIZ EQUITY 32 35.2 33.2 35.2 30.65 35.2 639900 21671065 ALLIANCE GLOBAL 6.55 6.58 6.85 6.85 6.5 6.55 1689700 11110546 AYALA LAND LOG 1.68 1.7 1.71 1.83 1.7 1.7 566000 977590 6 6.24 6 6 6 6 1800 10800 ANSCOR 0.51 0.53 0.57 0.57 0.53 0.53 151000 84320 ANGLO PHIL HLDG ATN HLDG A 0.5 0.52 0.53 0.53 0.495 0.52 397000 198645 0.53 0.6 0.53 0.54 0.53 0.53 51000 27130 ATN HLDG B 4.5 4.65 5 5 4.5 4.5 316500 1488042 COSCO CAPITAL 3.6 3.64 3.55 3.72 3.5 3.6 21090000 75591650 DMCI HLDG 8.1 8.4 9 9 8 8.4 17100 138840 FILINVEST DEV GT CAPITAL 390 393 419.8 419.8 382 390 338880 133070978 HOUSE OF INV 3.6 3.65 3.65 3.65 3.6 3.6 119000 428600 JG SUMMIT 49.2 49.5 51 52.7 46.15 49.5 1915570 95560523 6 6.84 6 6 6 6 13200 79200 KEPPEL HLDG B 0.4 0.415 0.41 0.425 0.41 0.41 30000 12450 LODESTAR LOPEZ HLDG 2.83 2.95 2.83 2.83 2.82 2.83 244000 688890 LT GROUP 7.1 7.16 7.2 7.2 6.99 7.1 2563900 18147469 MABUHAY HLDG 0.405 0.54 0.54 0.54 0.54 0.54 2000 1080 2.39 2.4 2.6 2.62 2.34 2.4 116262000 281229250 METRO PAC INV 2.7 2.99 2.75 2.75 2.75 2.75 1000 2750 PACIFICA HLDG PRIME MEDIA 0.67 0.81 0.83 0.83 0.83 0.83 1000 830 2.4 2.9 2.6 2.6 2.6 2.6 2000 5200 REPUBLIC GLASS 130 144 150 150 130 144 160 22600 SYNERGY GRID 770 776 800 805.5 751 770 412060 320977735 SM INVESTMENTS 91 91.4 90 91.45 87.2 91.4 95890 8612557 SAN MIGUEL CORP SOC RESOURCES 0.6 0.63 0.63 0.64 0.63 0.63 60000 37900 130.1 152 152.5 152.5 152 152 350 53235 TOP FRONTIER WELLEX INDUS 0.163 0.18 0.185 0.185 0.185 0.185 10000 1850 0.127 0.136 0.132 0.132 0.132 0.132 100000 13200 ZEUS HLDG

103570 -3306 -86356738 4686285 -2123832 -460200 15858010 -20639934 -324200 -63397336.5 -332800 -1964758 -46731390 80954320 -425629.5 36480 -

PROPERTY ARTHALAND CORP 0.55 0.57 0.55 0.57 0.55 0.57 109000 60010 6.3 9 9 9 9 9 1200 10800 ANCHOR LAND 31 31.1 30.95 32 28.55 31 13388400 414259835 AYALA LAND ARANETA PROP 1.04 1.14 1.04 1.04 1.04 1.04 11000 11440 1.3 1.31 1.39 1.39 1.27 1.31 381000 498650 BELLE CORP A BROWN 0.51 0.52 0.52 0.52 0.5 0.51 1001000 512480 0.71 0.72 0.74 0.74 0.7 0.72 83000 60200 CITYLAND DEVT 0.128 0.133 0.133 0.133 0.128 0.128 390000 50680 CROWN EQUITIES CEBU HLDG 5.2 6.1 6.1 6.1 6.1 6.1 68400 417240 CEB LANDMASTERS 3.9 3.92 3.85 3.99 3.6 3.9 1131000 4416330 CENTURY PROP 0.36 0.37 0.37 0.375 0.36 0.37 1610000 595150 0.235 0.295 0.23 0.235 0.23 0.235 100000 23050 CYBER BAY 16 16.1 16.28 16.4 15.8 16.1 401700 6461854 DOUBLEDRAGON DM WENCESLAO 6.9 7 6.9 7.5 6.9 7 147700 1034430 FILINVEST LAND 0.9 0.92 0.92 0.93 0.86 0.92 21893000 19699550 GLOBAL ESTATE 0.73 0.75 0.7 0.75 0.7 0.75 721000 515950 11.6 11.98 11.82 12.48 11.6 11.98 23600 278602 8990 HLDG 0.65 0.69 0.64 0.67 0.62 0.65 7260000 4713960 PHIL INFRADEV MEGAWORLD 2.4 2.5 2.34 2.5 2.19 2.5 69077000 159622250 MRC ALLIED 0.138 0.139 0.142 0.142 0.133 0.138 4790000 652280 0.31 0.385 0.305 0.305 0.305 0.305 20000 6100 PHIL ESTATES 1.38 1.69 1.7 1.7 1.69 1.69 51000 86300 PRIMEX CORP 13.5 14 14.6 14.6 13.14 14 3175500 43311004 ROBINSONS LAND PHIL REALTY 0.222 0.275 0.27 0.275 0.27 0.275 420000 115050 1.47 1.48 1.5 1.5 1.48 1.48 315000 468200 ROCKWELL SHANG PROP 2.55 2.75 2.7 2.9 2.7 2.75 106000 291850 2 2.14 2.15 2.15 2.15 2.15 5000 10750 STA LUCIA LAND 27.35 27.4 28 28 26.1 27.35 13865200 377980485 SM PRIME HLDG VISTAMALLS 3.45 3.48 3.35 3.5 3.27 3.45 352000 1193440 1.15 1.18 1.15 1.18 1.05 1.18 609000 683330 SUNTRUST HOME 3.91 4.05 4.24 4.24 3.78 3.91 1760000 6987520 VISTA LAND

138236420 296690 14800 -0 -1804270 -1556126 205100 3410720 -4892 45454750 -4585006 -93240 -80789415 -1278750

SERVICES ABS CBN 15.6 15.88 15.98 15.98 15.4 15.88 219700 3426984 5.13 5.18 5.16 5.2 5 5.18 905300 4670649 GMA NETWORK 10.52 12.96 12 13 12 12.98 1700 20696 MLA BRDCASTING GLOBE TELECOM 1910 1912 1910 1949 1910 1912 56105 107426260 PLDT 1069 1070 1050 1088 1026 1070 225595 238806260 APOLLO GLOBAL 0.038 0.039 0.036 0.038 0.034 0.038 3600000 133200 0.068 0.08 0.08 0.08 0.08 0.08 20000 1600 ISLAND INFO 1.52 1.53 1.55 1.59 1.44 1.53 36531000 55335120 ISM COMM NOW CORP 1.32 1.33 1.32 1.35 1.3 1.33 992000 1308740 TRANSPACIFIC BR 0.152 0.154 0.155 0.156 0.15 0.152 1590000 246030 1.44 1.5 1.6 1.6 1.41 1.44 1493000 2179800 PHILWEB 5.9 6 6 6 5.8 6 16100 95245 2GO GROUP 2.52 2.53 2.61 2.61 2.42 2.53 1159000 2879280 CHELSEA CEBU AIR 44.95 46.5 43.45 46.5 41 46.5 306000 13020165 INTL CONTAINER 72.05 74 74.2 74.2 69 74 1088600 78327630.5 LBC EXPRESS 11 11.64 11.64 11.98 11.5 11.64 1600 18668 0.64 0.89 0.61 0.61 0.61 0.61 200000 122000 LORENZO SHIPPNG 4.73 4.8 4.9 4.92 4.55 4.73 1257000 5971270 MACROASIA METROALLIANCE A 1.48 1.49 1.5 1.54 1.45 1.49 1039000 1538890 1.41 1.58 1.4 1.4 1.39 1.4 31000 43350 METROALLIANCE B 6.5 6.59 6.75 6.75 6.5 6.69 11700 77779 PAL HLDG 0.7 0.74 0.72 0.73 0.7 0.7 514000 369160 HARBOR STAR 0.026 0.027 0.028 0.028 0.027 0.027 3700000 101800 BOULEVARD HLDG DISCOVERY WORLD 1.61 1.88 1.96 1.96 1.7 1.7 2000 3660 9.22 12.68 9.12 12.76 9.12 12.76 500 5330 GRAND PLAZA 0.375 0.395 0.38 0.395 0.38 0.395 120000 46900 WATERFRONT 6.03 6.79 6.04 6.04 6.04 6.04 6000 36240 CENTRO ESCOLAR 6 7.44 7 7.44 7 7.44 9900 69502 IPEOPLE STI HLDG 0.395 0.4 0.41 0.41 0.395 0.4 900000 361050 BERJAYA 2 2.28 2 2.28 2 2.28 14000 31160 5.5 5.87 5.86 5.87 5.1 5.87 2406900 13245478 BLOOMBERRY 1.31 1.35 1.3 1.5 1.3 1.34 10047000 13466860 LEISURE AND RES 3.32 3.94 3.8 3.94 3.8 3.94 12000 45990 PH RESORTS GRP PREMIUM LEISURE 0.29 0.295 0.3 0.31 0.28 0.295 3130000 916950 4.4 4.49 4.6 4.6 4.31 4.49 1928000 8562070 ALLHOME METRO RETAIL 1.4 1.41 1.44 1.45 1.31 1.41 1588000 2171950 36 36.2 35.9 37.5 35.5 36 4173600 151250105 PUREGOLD 54.45 58.95 54.55 58.95 54.35 58.95 583850 32070421.5 ROBINSONS RTL PHIL SEVEN CORP 130 131.9 130 131.9 130 130 79400 10322950 SSI GROUP 1.15 1.17 1.2 1.21 1.1 1.15 861000 1015690 WILCON DEPOT 12.8 12.82 13.48 13.48 12.48 12.8 974700 12436700 0.245 0.255 0.255 0.255 0.24 0.245 610000 151950 APC GROUP 5 5.06 5 5.1 5 5 9400 47208 EASYCALL PAXYS 2.15 2.79 2.03 2.03 2.03 2.03 3000 6090 0.195 0.198 0.202 0.202 0.19 0.195 420000 81320 PRMIERE HORIZON SBS PHIL CORP 5.21 6 6 6 5.4 5.4 5500 30000

-59056830 50536050 -800 368920 -33530 -144020 585 -98650 -437430 -8549803.5 -295400 -71000 27784 -13300 -308050 4833043 4020 -598690 -86530 -35459325 -14150890.5 -9503000 -84710 7767226 -3840 -

MINING & OIL ATOK 10 10.8 10.86 10.86 10.86 10.86 9100 98826 0.7 0.71 0.73 0.73 0.68 0.71 514000 356170 41999.9998 APEX MINING ABRA MINING 0.001 0.0011 0.0011 0.0011 0.001 0.0011 4000000 4300 1.81 1.89 1.8 1.86 1.8 1.86 28000 50460 1860 ATLAS MINING CENTURY PEAK 2.44 2.56 2.56 2.56 2.56 2.56 50000 128000 128000 6.35 6.5 6.68 6.68 6.14 6.5 2500 16188 DIZON MINES 0.53 0.54 0.56 0.56 0.5 0.53 5135000 2686520 -676950 FERRONICKEL GEOGRACE 0.187 0.196 0.186 0.195 0.186 0.187 80000 15410 0.069 0.075 0.074 0.074 0.068 0.069 1040000 72140 LEPANTO A 0.065 0.079 0.078 0.079 0.078 0.079 30000 2360 LEPANTO B 0.0061 0.0064 0.007 0.0071 0.0064 0.0064 5000000 34700 MANILA MINING A 0.0059 0.0086 0.0071 0.0071 0.0071 0.0071 1000000 7100 7100 MANILA MINING B MARCVENTURES 0.55 0.57 0.54 0.55 0.54 0.55 2234000 1228630 0.85 0.87 0.82 0.86 0.82 0.86 61000 52050 NIHAO 1.51 1.57 1.56 1.6 1.48 1.51 5551000 8409140 -3636650 NICKEL ASIA 1.96 2 2 2 2 2 252000 504000 PX MINING 10.62 10.7 10.5 10.8 10.22 10.7 938400 9976648 853344 SEMIRARA MINING ACE ENEXOR 4.91 5.25 5.25 5.4 4.9 5.25 218700 1125730 3.95 4 4.19 4.19 3.88 3.95 363000 1442490 130620 PXP ENERGY

PREFFERED HOUSE PREF A 93 95 95 95 93 93 970 90240 498 506 498 498 498 498 1100 547800 AC PREF B1 ALCO PREF B 98.5 100 98 98 98 98 2000 196000 492 495 495 495 495 495 310 153450 AC PREF B2R 97.7 97.8 97.7 97.8 97.7 97.7 6070 593077.5 DD PREF 96.5 99 98.7 98.7 98.7 98.7 3000 296100 PNX PREF 3A 98 102 105 105 102 102 60 6180 PNX PREF 3B PNX PREF 4 993 998 998 998 998 998 10 9980 1000 1049 1039 1039 1039 1039 5 5195 PCOR PREF 2B 1014 1015 1015 1015 1014 1014 4600 4666500 PCOR PREF 3A 1010 1040 1001 1010 1000 1010 1150 1151510 PCOR PREF 3B 75.4 75.5 76 76 75 75.5 84930 6386098 SMC PREF 2C SMC PREF 2D 73.8 74 74 74 74 74 7500 555000 73.5 74 74.05 74.05 74 74 28850 2135016.5 -889480 SMC PREF 2E SMC PREF 2F 74.1 74.15 74.25 74.3 74.15 74.15 50650 3756357.5 -3756357.5 74 74.5 74.8 74.8 74 74 34430 2548770 -1884930 SMC PREF 2H 73.6 74 74.3 74.3 74 74 10260 759558 -759558 SMC PREF 2I

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 13.8 14.02 14.02 14.02 13.8 13.8 25000 346100 4.9 5.3 4.9 5.3 4.9 5.3 5182400 25411040 -24757120 GMA HLDG PDR

WARRANTS LR WARRANT 0.7 0.78 0.68 0.68 0.68 0.68 4000 2720

SMALL & MEDIUM ENTERPRISES ITALPINAS 1.94 2 2 2 1.89 2 394000 767570 5.75 5.8 5.85 6 5.8 5.8 21900 128045 5850 KEPWEALTH XURPAS 0.48 0.49 0.48 0.48 0.46 0.48 1320000 625050 -23750

EXHANGE TRADE FUNDS

FIRST METRO ETF 77.3 79.35 80 80 77.3 77.3 58130 4557205 23516

www.businessmirror.com.ph

Standard Chartered commits $1-B Covid-19 loan support

By Tyrone Jasper C. Piad

S

tandard Chartered Bank is earmarking $1 billion for goods manufacturers and service providers to support the fight against the coronavirus disease 2019 (Covid-19) pandemic.

In a statement on Monday, Standard Chartered said that the fund will be used to finance companies that are manufacturing and distributing pharmaceutical and healthcare products.

This also covers those producing ventilators, face masks, protective equipment, sanitizers and other

consumables.

“Clearly there’s a cost for companies to switch into these hugely in-demand items, so it’s an area where we can help them get up and running more quickly. At the same time, we want to make sure that existing manufacturers and service providers get the support

they need,” said Simon Cooper, Standard Chartered CEO of Corporate, Commercial and Institutional Banking.

The $1-billion commitment may be given in the form of loans, import/ export finance or working capital to aid the daily business operations, the banking giant said.

“Our industry teams are looking across our client base and, given our understanding of clients’ current manufacturing processes, we’re assessing which companies might want to consider adding [anti-virus] items to their production line,” Simon added.

Standard Chartered said that all financing will be given to companies that received regulatory approval to manufacture such goods.

Earlier, the bank said that it has adopted several measures to ensure

business continuity and employee safety amid the Luzon enhanced community quarantine.

Standard Chartered reported that it has been reducing the exposure of its employees to the virus by adhering to travel restrictions imposed by the government.

It has also minimized physical interactions by employing workfrom-home arrangements, putting up split locations and cancelling or delaying events.

Its offices in Makati and Quezon City are currently operating with skeletal work force and on flexible working arrangement beginning March 17.

The bank reminded the customers that its digital platforms are readily accessible for transactions such as cash management, trade, foreign exchange and securities services.

GrabWheels activated in Metro Manila

By Lorenz S. Marasigan @lorenzmarasigan

S

UPER app Grab has activated its GrabWheels service in select areas in Metro Manila to address the need of health-care workers for mobility.

So far, around 50 GrabWheels, or e-scooters, have been deployed in the local governments of the City of Manila, Quezon City, San Juan, Muntinlupa, Navotas, Marikina and Pasig.

Grab said the “e-scooters will improve short-distance commutes for health-care workers, frontliners, and barangay officials in these cities.”

The service is free. The super app has about 300 GrabWheels ready to be deployed to other local govern-

ments, and the activation of the escooters will depend on the need of the city or provinces.

Implementing policies for borrowing and returning GrabWheels will depend on the directive of the corresponding local government.

The company has extended the assistance to health-care workers after the government placed the entire Luzon island under enhanced community quarantine to prevent the spread of the coronavirus disease 2019 (Covid-19). The ECQ will be in effect until 12 midnight of April 13.

The Department of Health reported that the Philippines has recorded 1,546 cases, 42 recoveries and 78 deaths as of Monday.

‘ICT-BPO firms must allow telecommuting’

W

hile directing tech-enabled business-process outsourcing (ICT-BPO) companies to maintain business continuity, the Department of Information and Communications Technology (DICT) has also advised such companies to implement telecommuting arrangements to reduce the risks of spreading the novel coronavirus disease (Covid-19).

Under a department circular issued recently, ICT-BPO companies are enjoined by the department to implement work-from-home arrangements, provided they transport the necessary equipment to the houses of their employees.

Likewise, companies may continue workplace operations with a

skeletal work force. Temporary accommodations and shuttle services should be provided by the companies.

Members of the skeletal work force are required to practice social distancing and apply discretionary measures to secure their health and well-being.

Also included in the guidelines are the monitoring of personnel exhibiting symptoms of the disease, regularly sanitizing the office premises, and ensuring that employees have proper identification at all times.

The government implemented enhanced community quarantine in Luzon starting March 17 to prevent the spread of Covid-19. Mass transport has been suspended while the island is under ECQ. Lorenz S. Marasigan

Vivant exec dies of Covid-19

T

he chief executive officer and chairman of Cebu-based Vivant Corp. died last Saturday due to coronavirus disease 2019 (Covid-19).

Dennis N.A. Garcia passed away on March 28 of complications related to Covid-19, according to a statement issued by the company. “He had prior respiratory health issues, specifically emphysema, before Covid-19 was a known issue,” the statement read.

Garcia, 70, was hospitalized at Cebu Doctor’s University Hospital last March 25, where he was tested for Covid-19. “Positive confirmation of Covid-19 was on Saturday, 28th

March, on the same day that he died at 6:38 p.m. As per DOH [Department of Health] guidelines, he was cremated at the earliest available slot the following day, Sunday, 29th March, at 10 a.m.,” the statement read. Vivant said it is working with the Cebu City government to track his movements in the two weeks prior to his hospitalization in order to identify people he was in close contact with for monitoring, quarantine and possible testing.

“We will also make this information available to any other affected LGUs and/or national agencies,” it added. Lenie Lectura

mutual funds

March 30, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 176.17 -33.28% -11.6% -9.3% -30.06% ATRAM Alpha Opportunity Fund, Inc. -a 0.873 -45.36% -14.99% -10.87% -36.83% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.387 -41.76% -16.17% -11.68% -35.1% Climbs Share Capital Equity Investment Fund Corp. -a 0.5974 -36.18% n.a. n.a. -33.41% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.61 -29.54% n.a. n.a. -28.18% First Metro Save and Learn Equity Fund,Inc. -a 3.8219 -30.21% -9.24% -8.51% -28.27% First Metro Save and Learn Philippine Index Fund, Inc. -a,6 0.5912 -32.33% -13.41% n.a.

-30.74% MBG Equity Investment Fund, Inc. -a 67.58 -47.05% n.a. n.a.

-34.6% PAMI Equity Index Fund, Inc. -a 34.8074 -32.88% -10.6% n.a. -32.12% Philam Strategic Growth Fund, Inc. -a 376.03 -30.74% -9.89% -8.33% -29.42% Philequity Alpha One Fund, Inc. -a,d,8 0.789 n.a. n.a. n.a. -23.41% Philequity Dividend Yield Fund, Inc. -a 0.9035 -30.96% -9.78% -7.64% -29.79% Philequity Fund, Inc. -a 26.446 -31.56% -9.15% -7.56% -30.22% Philequity MSCI Philippine Index Fund, Inc. -a,1 0.6866 -33.67% n.a. n.a. -32.56% Philequity PSE Index Fund Inc. -a 3.5464 -32.44% -10.02% -7.42% -32.11% Philippine Stock Index Fund Corp. -a 592.03 -32.42% -10.02% -7.64% -32.11% Soldivo Strategic Growth Fund, Inc. -a 0.5523 -39.76% -13.43% -11.21% -35.13% Sun Life Prosperity Philippine Equity Fund, Inc. -a 2.8121 -34.82% -10.56% -8.43% -33.19% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.6805 -32.45% -10.14% n.a.

-32% United Fund, Inc. -a 2.5348 -31.4% -7.73% -6.65% -30.62% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 79.3617 -32.27% -9.53% -6.82% -32.14% ATRAM AsiaPlus Equity Fund, Inc. -b $0.8657 -13.58% -2.71% -2.94% -15.82% Sun Life Prosperity World Voyager Fund, Inc. -a $1.1274 -10.02% 0.84% n.a. -18.23% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.4111 -18.08% -6.35% -6.31% -9.71% ATRAM Philippine Balanced Fund, Inc. -a 1.8563 -20.01% -6.53% -4.84% -14.89% First Metro Save and Learn Balanced Fund Inc. -a 2.2191 -16.14% -3.67% -5.58% -15.67% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,5 0.1751 n.a. n.a. n.a.

-23.37% NCM Mutual Fund of the Phils., Inc. -a 1.7276 -9.68% -1.99% -2.4% -12% PAMI Horizon Fund, Inc. -a 3.127 -14.77% -4.48% -4.45% -17.47% Philam Fund, Inc. -a 14.0626 -15.24% -4.48% -4.39% -17.09% -5.12% -3.91% -16.73% Solidaritas Fund, Inc. -a 1.7702 -17.3% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.0117 -21.8% -5.82% -5.15% -22.05% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d,2 0.8355 -16.62% n.a. n.a. -17.74% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d,2 0.7356 -26.47% n.a. n.a. -26.17% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d,2 0.7162 -28.2% n.a. n.a. -27.89% Sun Life Prosperity Dynamic Fund, Inc. -a 0.7232 -26.48% -7.87% -7.3% -25.81% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03765 4.24% 2.1% 1.36% -1.52% PAMI Asia Balanced Fund, Inc. -a $0.8684 -11.64% -2.72% -2.67% -16.33% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $3.3071 -9.12% 0.34% 0.2% -15.44% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,7 $0.992 -7.65% -0.79% n.a. -12.12% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a N.S. N.S. N.S. N.S. N.S. ATRAM Corporate Bond Fund, Inc. -a 1.9156 1.75% 0.67% -0.44% 0.72% Cocolife Fixed Income Fund, Inc. -a 3.1443 4.67% 5.08% 5.07% 0.9% Ekklesia Mutual Fund Inc. -a N.S. N.S. N.S. N.S. N.S. First Metro Save and Learn Fixed Income Fund,Inc. -a 2.3564 3.56% 2.21% 1.22% -0.11% 2.66% Philam Bond Fund, Inc. -a 4.3523 7.98% 1.65% -0.47% Philequity Peso Bond Fund, Inc. -a

3.7548 4.2% 2.68% 1.27% -0.88% Soldivo Bond Fund, Inc. -a 0.9579 3.93% 1.45% 0.05% -0.66% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.0503 5.54% 3.97% 2.39% -0.83% Sun Life Prosperity GS Fund, Inc. -a

1.6923 5.39% 3.6% 1.98% -0.52% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $467.3 3.02% 2.36% 2.46% -0.2% ALFM Euro Bond Fund, Inc. -a Є213.96 -0.99% 0.69% 0.55% -2.63% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.1516 -1.07% 1.06% 1.21% -4.61% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0255 1.19% 0.89% -1.16% 0.8% PAMI Global Bond Fund, Inc -a $1.0461 -1.98% -0.65% -0.98% -4.48% Philam Dollar Bond Fund, Inc. -a $2.3322 3.2% 1.96% 1.83% -2.98% Philequity Dollar Income Fund Inc. -a $0.0594817 2.43% 1.48% 1.38% -1.38% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1097 4.37% 1.9% 1.9% -2.07% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 126.69 3.68% 2.96% 2.25% 0.72% First Metro Save and Learn Money Market Fund, Inc. -a,3 1.0335 2.73% n.a. n.a.

0.7% Philam Managed Income Fund, Inc. -a 1.2526 4.98% 2.96% 1.58% -0.33% Sun Life Prosperity Money Market Fund, Inc. -a 1.2737 3.46% 2.97% 2.48% 0.72% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0395 1.71% n.a. n.a.

0.22% Feeder Fund Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,4 $0.85 n.a. n.a. n.a. -14.14% a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. d - in Net Asset Value per Unit (NAVPU).

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

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

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

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

www.businessmirror.com.ph

Banking&Finance BusinessMirror

BAP asks banks to keep rates ‘reasonable’ amid lockdown

By Tyrone Jasper C. Piad @Tyronepiad

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he Bankers Association of the Philippines (BAP) is urging banks to keep lending rates at reasonable levels as the country enters the third week of the enhanced community quarantine in Luzon because of the coronavirus disease 2019 (Covid-19) pandemic.

In a statement on Monday, the BAP told banks to help ease the burden of their customers and borrowers as Covid-19 cases hit more than a thousand on the 17th day of the quarantine.

“Maintain reasonable lending rates, with the objective of trying to keep such rates as close as possible to pre-quarantine levels,” BAP President Cezar P. Consing said.

Last week, a lawmaker also called on banks to freeze impending interest rate hikes for consumer and commercial loans during the pandemic.

The solon also urged the banks to “come up with flexible and convenient restructuring of existing loans to enable your clients to pay their arrears at a later period and at a lower amount.”

The Monetary Board recently reduced the Central Bank’s overnight reverse repurchase facility by 50 basis points to 3.25 percent, bringing the lending and deposit rates to

3.75 percent and 2.75 percent, respectively.

While Consing urged banks to keep digital platforms open, he said that they should still have operational physical branches for transactions that could not be accomplished online.

“Ensure availability of cash in your open branches and the majority of your ATMs [automated teller machines] and contribute to stable and liquid financial markets,” the BAP chief added.

Earlier, the bankers group appealed to the public for patience and understanding during transactions given bank’s limited capacity due to the lockdown.

“The banks are doing exceptional measures to ensure continuity of access to banking services in the most efficient and sustainable manner.

Now, more than ever, the public’s cooperation and understanding are needed and crucial in mitigating this health crisis,” the BAP’s statement read.

Consing said the BAP will coordinate with the Bangko Sentral ng Pilipinas in implementing the recently passed Republic Act 11469.

“The banking industry is here to support the national government and do what is necessary to help win the fight against Covid-19,” BAP added.

Applying for SSS calamity loans okay, but difficult to do due to lockdown–Ignacio

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member of the Social Security System (SSS) nationwide could avail of a calamity loan after President Duterte placed the entire country under a State of Public Health Emergency through Proclamation 929-2020.

“So far, we will no longer ask for documents [proving their areas are under state of calamity] since the entire country is now under calamity,” SSS President and CEO Aurora C. Ignacio said during a news briefing last Monday.

Ignacio said this is the first time the calamity loan will be made available for all SSS members nationwide.

“They could avail of it as long as they are employed and are members of SSS,” Ignacio said.

The SSS official said the amount of the calamity loan of an applicant will depend on their existing contribution in SSS. It will be payable in two years with an interest rate of 10 percent.

Ignacio, however, said their members, particularly those in Luzon,

which is still under enhanced community quarantine, will have a hard time applying for their calamity loan, which is only available via over-the- counter transaction, during the prevailing home quarantine in the area.

To address this issue, she said they are now targeting to make their calamity loans together with their unemployment benefit available in their online services by April.

Ignacio also reported that the SSS has imposed a moratorium on the payment of loans and contributions.

She said those with emergency and educational loans, which were supposed to be due on March and April, could pay on May without incurring any penalties. Ignacio added that for those with contribution payments from January to March could remit by June also without facing any penalties.

In case the quarantine will be extended, Ignacio said the SSS can consider implementing another round of payment moratoriums.

Samuel P. Medenilla

GSIS opens online loan filing for GSIS members, pensioners

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tate pension fund President and General Manager Rolando L. Macasaet announced that the Government Service Insurance System (GSIS) is now accepting online loan applications via the GSIS website.

To apply for a loan, GSIS members and pensioners need only to download and fill out an application form from the GSIS website and submit it electronically to an email address designated by GSIS for a particular area.

Aside from the application form, GSIS borrowers also need to submit an electronic copy of their GSIS temporary or unified multi-purpose identification card, their valid ID (with picture and signature) and their photo holding the duly accomplished application form.

“GSIS is exerting all efforts to ensure uninterrupted service delivery to our members and pensioners,” Macasaet was quoted in a statement as saying.

“This online loan application process is just one of the proactive measures we are taking to serve the urgent financial needs of our members and pensioners during this time of crisis.”

Macasaet clarified that for now, GSIS is accepting online applications only for consolidated loans, policy loans and pension loans; not for emergency loans.

Macasaet said he would be making

an announcement regarding the emergency loan at a later date, “perhaps in early April.”

Under the consolidated loans program, regular active members are qualified for the loan if they have at least 20 months of paid premiums, the GSIS statement read.

“They may borrow an amount equivalent to three times their monthly salary, which is payable in six years,” it added.

When this salary loan program was enhanced, those who have at least 15 years of paid premiums may borrow up to 12 times their monthly salary, while those with at least 25 years of premium payment are eligible for a 14-month loan. The loan is payable up to 10 years at 12-percent interest rate per annum.

Under the policy loan program, qualified active members may apply for a loan amount equivalent to the cash value of their life insurance policy.

They may avail of this loan, which bears an 8-percent interest rate, if they are insured for at least one year.

Under the pension loan program, old-age pensioners can borrow up to six times their basic monthly pension but not exceeding P100,000, depending on their age. The loan will be paid within two years at 10-percent interest per annum.

Tuesday, March 31, 2020 B3

Port managers add to govt war chest against pandemic

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By Bernadette D. Nicolas

@BNicolasBM

hree state-owned firms under the Department of Transportation (DOTr) added P10 billion to government’s war chest against the coronavirus disease 2019 (Covid-19) pandemic.

The DOTr turned over last week to the Bureau of the Treasury (BTr) the dividend contributions of Manila International Airport Authority (MIAA), the Civil Aviation Authority of the Philippines (CAAP) and the Philippine Ports Authority (PPA).

Of the P10 billion in dividends,

the PPA contributed P4 billion while the MIAA and CAAP remitted P3 billion each to the BTr, according to a statement from the Department of Finance (DOF) on Monday.

The DOF statement cited Republic Act (RA) 7656 that requires government-owned and -controlled corpo-

rations (GOCCs) to declare and remit at least half of their income as dividends to the national government.

The DOF commended the three port managers for taking the lead among other government agencies in contributing to efforts to defeat Covid-19.

The DOF is estimating that over P200 billion in cash or its equivalent in various GOCC accounts, and national government agencies’ accounts outside the Treasury Single Account can be tapped to help finance the massive funding needed to implement the provisions under RA 11469.

The law gave President Duterte special but limited powers to allocate cash, funds, investments, including unutilized or unreleased subsidies and transfers, held by any GOCC for programs to address the Covid-19

public health crisis. Duterte signed the law after announcing government is setting aside P27 billion to address the public health crisis.

The DOF maintains that the realignment of funds would not affect the government’s centerpiece infrastructure program.

To note, RA 11469 included measures to protect and compensate health workers and boost their capability to fight the pandemic and to provide emergency subsidies to 18 million poor and low-income households who lost their sources of income after government imposed a community quarantine on Metro Manila on March 15.

A day later, Duterte signed Proclamation 929, placing the entire country under a state of calamity for six months following the sustained community transmission of Covid-19.

Security Bank partners with Singaporean firm

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ecurity Bank Corp. announced it has tapped a Singaporean company to offer free access to educational materials and online classes amid the enhanced community quarantine in Luzon.

In a statement on Monday, the listed bank disclosed that its partnership with 88tuition Pte. Ltd. would provide free video-based learning materials for both primary and secondary school students until end of June.

Security Bank President and CEO Sanjiv Vohra, former Singaporebased executive for Mufg Bank Ltd., was quoted in the statement as saying that its deal with the Singaporean firm is part of their commitment to continuous education.

The listed bank’s partnership comes after a 17-percent surge in its net income to P10.1 billion in 2019. Security Bank, however, saw its shares slipp 4.96 percent or P5.30 to finish at P101.50 apiece amid the 2.57-percent dip for the benchmark index.

The bank said its partnership with 88tuition would allow

students from Grade 1 to Grade 10 to stream videos created by teachers in Singapore.

While the platform was online, it simulates a normal class routine and even gives out homework for further learning, the bank said in its statement. Among the lessons offered through series of modules are Mathematics, Science, English and Chinese education, it added.

Edukasyon.ph CEO and Founder

Henry Motte-Munoz was quoted in the statement as expressing “support” towards the bank’s initiative for continuity in learning and education amid the lock down.

“Whilst we understand the real concern that not all families have Internet access, this is nevertheless a welcome opportunity for many parents out there to give their children quality education despite the current situation and to

discover the value of online tools,” Motte-Munoz said.

Earlier, Security Bank announced giving a 30-day extension to all its customers having credit card, home loan, personal loan, auto loan, business mortgage loan or business express loan with current payment status as of March 16.

The bank also waived all withdrawal fees nationwide until further notice. Tyrone Jasper C. Piad

RCBC digital transactions up amid pandemic

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S the enhanced community quarantine (ECQ) restricts mobility, Rizal Commercial Banking Corp. (RCBC) saw an uptick in its digital enrolments and transactions.

The daily average of new signups after the announcement of ECQ— March 17 to 26—rose 117 percent from figures booked two weeks prior the lock down, RCBC noted.

In terms of transactions, cardless automated teller machine (ATM) withdrawal function had surged the most during the lockdown.

The said banking transaction has climbed by 633 percent and 416 percent in count and throughput, respectively, this month.

Send Cash transactions, meanwhile, grew by more than twofold during the period. Transaction amount, meanwhile, was up by 44 percent.

This service allows RCBC Online Banking clients to remit money to an unbanked receiver. The amount can be withdrawn from any RCBC branch and ATM across the country.

InstaPay fund transfers also rose by 41 percent in transaction count and 10 percent in amount.

“All these are geared towards enabling and empowering more Filipinos to leverage on digital technology as the bank readies new products that will address their needs during

these challenging and extraordinary times,” RCBC executive vice president Lito Villanueva said.

“RCBC’s online and mobile facilities proved to be a ready and reliable partner for its clients during this difficult time. Filipinos under quarantine have limited mobility but with increased financial requirements,” RCBC President and CEO Eugene Acevedo added.

Recently, RCBC announced that it has been boosting its digital platforms to expand presence in the country and to promote financial inclusion.

The bank, earlier this year, rebranded Cash Express mobile pointof-sale device into ATM Go. It allows

BancNet cardholders to make basic banking transactions like withdrawals, inquiry and fund transfers through any partner rural bank, drug stores, microfinance firms and even sari-sari stores.

The Yuchengco-led bank also developed an application to tap the unbanked and underserved Filipinos in the countryside.

RCBC saw its net earnings surge by 25 percent to P5.4 billion in 2019 on the back of robust core business and high margins and trading gains.

The listed bank’s shares slid 2.86 percent or 50 centavos to close at P17 each amid the 2.57-percent decline for the main index on Monday.

Tyrone Jasper C. Piad

How a $100B South Korean insurer became a penny stock

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nsurers the world over have been walloped by evaporating investment returns, but those in South Korea have been hit particularly hard.

Just consider this: The nation’s secondlargest life insurer became a penny stock this month.

Hanwha Life Insurance Co. has fallen 64 percent over the past year, and its shares touched the equivalent of about 71 cents on March 23. Its price-to-book value is just 0.1 times, a fraction the 0.8 average for European insurers or 0.9 among U.S. counterparts, according to data compiled by Bloomberg.

The latest slump in markets, which has seen the South Korean won tumble– casting a cloud on Hanwha’s tactic of investing heavily overseas–has layered

pain on top of a pre-existing condition.

Hanwha, along with its peers, sold a welter of long-term, fixed-rate products to retail investors two decades ago that are now proving costly to maintain.

Those legacy liabilities from the late 1990s to 2001, offering average annual returns of 6 percent, represent about 40 percent of Korean insurers’products, according to Financial Supervisory Service data obtained by opposition lawmaker Kim Sung-won. That’s putting a major squeeze on Hanwha amid the world’s worst market rout since the global financial crisis.

Hanwha has invested 29 percent of its total 121 trillion won ($100 billion) in assets outside of South Korea, the most in the industry and close to the 30

percent maximum allowed. That hasn’t work out so well. It posted a net loss of 39.7 billion won for the fourth quarter, the worst in nine years.

“The reason why Hanwha is particularly worse than its rivals is that it recently increased overseas investments and made more losses in hedging for foreign-currency” risk, said Im Joonhwan, senior research fellow at Korea Insurance Research Institute. “It’s not cheap for Korean insurers to hedge on currencies in the nation’s foreign-currency market. It’s not easy to find talent with good hedging skills.”

As with insurers everywhere, Korean firms have been challenged to find long-maturity assets that match their lengthy liabilities, yet still provide

a decent nominal return.

Hanwha said in its financial report on 2019, released earlier this month, that it’s working to minimize risks from a mis-match between its insurance products and its investment portfolios. It’s boosting longer-term assets such as Korean government bonds and managing sales of products with floating rates, the company said. It also has a risk-management committee that oversees a strategy for asset-liability management, the report said.

The Bank of Korea’s move this month to cut its benchmark interest rate to a record low of 0.75 percent, and adopt a version of quantitative easing, threatens to make that management all the harder. Bloomberg News

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Pages BusinessMirror

Tuesday, March 31, 2020

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Inspiring stories in ‘The Gift of Forgiveness’ F

By Jeff Rowe The Associated Press

orgiveness is liberating to the forgiver and the offender. For the forgiver, the suffocation of anger lifts; the liberation of letting go is physically, mentally and emotionally healthy.

Chris Williams forgave the drunken teen who smashed into his car, killing his pregnant wife and two of their children. Williams realized that withholding forgiveness and seeking revenge would lock him into a never-ending cycle of anger.

Forgiveness offered him the “ability to regain control when you experience something that seems to take every choice away from you.”

However, as author Katherine Schwarzenegger Pratt notes in The Gift of Forgiveness: Inspiring Stories from Those Who Have Overcome the Unforgivable (Pamela Dorman Books), forgiveness also is complicated.

Should we forgive those who not only don’t ask for it, fail to display any remorse, snap back at any notice of their wrongdoing, or are dead?

The author says yes.

Elizabeth Smart was kidnapped in 2002, at age 14. Her kidnapping made national news. Smart says forgiving her captors enabled her to move on with her life. “Forgiveness is not necessarily a two-way street,” Smart

says, nor is it necessarily the banishing of anger. “It’s allowing myself to feel whatever emotions I feel and to deal with them.”

In Smart’s telling, forgiving also has a practical benefit. “Holding on to a traumatic past does nothing but consume your present emotional space.”

Forgiveness, it turns out, is more a process than a single decision.

Sue Klebold, whose son was one of two shooters who killed 12 students and one teacher at Columbine High School in 1999, says she always will wonder if she could have done more had she been aware of her son’s emotional unraveling. She says she never truly will forgive herself but has come to an understanding; she has let go of her anger and cultivated empathy.

Sometimes, forgiveness takes an unusual course. In return for his wife’s forgiveness for having an affair, Ron Hall agreed to befriend and help a homeless man. Thanks to his wife’s selflessness and compassion, three lives were changed.

Here’s a sure conclusion from reading Pratt’s book: The world would be a far better place if we practiced more of what the people Pratt profiles have discovered. It would be less angry and more giving, less anguished and more empathetic, less vengeful and more loving. n

the US, and Creative Writing at the University of the Philippines. He has taught in the US and the Philippines, and is currently a Professor of Creative Writing at the University of Nottingham in Malaysia. He has also worked for the United Nations and for six years hosted Remoto Control, a daily TV-radio show in the Philippines.

By Eugenia Last

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CELEBRITIES BORN ON THIS DAY: Jessica Szohr, 35; Ewan McGregor, 49; Christopher Walken, 77; Shirley Jones, 86.

Happy Birthday: Listen carefully; you’ll find it easier to make the best decision. Learn from what you have experienced, and you’ll know exactly how to navigate your way through the changes you encounter. Stay focused on what you want to achieve, and you’ll get the results you want. A change will help you find new ways to use your skills and knowledge. Your lucky numbers are 8, 11, 20, 24, 27, 38, 44.

a

ARIES (March 21-April 19): Don’t expect things to go according to plan. Take a detour if it will get you where you want to go. Take pride in what you do, and don’t worry about what others think.

Choose the path that leads to your happiness. HHHH

b

TAURUS (April 20-May 20): Uncertainty will cloud your vision and deter you from taking advantage of an opportunity if you hesitate. Listen to your heart, get the facts and do what you do best. Common sense won’t lead you astray. Be responsible and show discipline. HHHH

c

GEMINI (May 21-June 20): Talk is cheap if you don’t follow through with your plans. Honesty and integrity will help you gain the respect of your peers. Be responsible, and maintain your status quo. Put greater emphasis on living a healthier lifestyle.

Commitment is favored. HHH

d

CANCER (June 21-July 22): A change of attitude will prompt others to do things your way. Positive influences will encourage you to look on the bright side of any situation you face. You’ll shine if you offer solutions. HHH

e

LEO (July 23-Aug. 22): Charm will get you further than force. If you don’t like the options offered, do your own thing instead of getting into a debate over something you cannot change. Take care of your interests, health and financial well-being.

HHH

f

VIRGO (Aug. 23-Sept. 22): You’ll learn a lot if you attend events, conferences or meetings that can help you get ahead. Your appeal will grow if you offer your experience and solutions to people going through changes. HHHH

g

LIBRA (Sept. 23-Oct. 22): Stand tall, and don’t skip a beat when dealing with matters that could easily spin out of control. Keep your emotions in check, and don’t make a move without having an alternative plan in place. HH

Penguin Random House SEA releases first coming-of-age LGBTQ novel by Danton Remoto RIVERRUN is a coming-of-age novel on the life of Danilo Cruz, a young gay man who grows up in a colorful and chaotic military dictatorship in the Philippines. Shaped like a memoir, it glides from childhood to young adulthood in chapters written like flash fiction and vignettes, along with a recipe for shark meat, a feature article, extracts from a poem and vivid songs. It can be classified as literary fiction that is nevertheless accessible to the general reader.

The book is published by Penguin Random House SEA, part of Penguin Random House established in 2018 to discover and publish local and international voices across Englishlanguage adult and children’s fiction and nonfiction formats for Singapore and Malaysia, Thailand, the Philippines, Indonesia, Vietnam, Cambodia, Lao PDR, Brunei Darussalam and Myanmar.

Riverrun is written by Danton Remoto, who studied Literature at Ateneo de Manila University, Publishing at the University of Stirling in the UK, World Literature at Rutgers University in

Today’s Horoscope

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Book makes readers think about dying in a new way

By Molly Sprayregen The Associated Press DUE to a clerical error made by Death himself, 23-year-old Daisy Cooper dies decades before she is scheduled to do so. Daisy becomes trapped in limbo, unable to fully move on to the land of the dead, but also unable to fully return to the living. So she begins working as Death’s assistant while they figure out if there’s any way for her to return home, rejoin the loved ones she so desperately misses and finish out what was supposed to be for the rest of her life.

As Death and Daisy work together to get Daisy home, they begin to form a unique bond that makes Daisy start to question which world she really

belongs to.

Tamsin Keily’s Daisy Cooper’s Rules for Living (HarperCollins) has some beautiful moments, and at times makes readers think about living and dying in a new way.

Nevertheless, it was difficult to become completely absorbed in the universe that Keily created. The world of the afterlife felt half-formed, with the rules and order of things not fully fleshed out. Readers don’t learn enough about the system, how Death came to be, or why he appears in human form, which makes his humanlike emotions—and, thus, the relationship he forms with Daisy— perplexing. As such, the ending felt disappointing, with not enough questions answered.

SCORPIO (Oct. 23-Nov. 21): Take an interest in what’s going on around you. The people you meet and the contributions you make will bring good results. Bonding with someone quite different from you will help you recognize your true potential. Romance is favored. HHHHH

i

SAGITTARIUS (Nov. 22-Dec. 21): Put your energy to good use. A chance to make a positive change at home or to a partnership will pay off. The money you need will manifest if you are smart with your investments and you restrict your spending habits. HHH

j

CAPRICORN (Dec. 22-Jan. 19): Don’t waste time on something that isn’t going to help you get ahead. Do things you know will pay off and encourage success. A change to the way you live will help you save money and promote better relationships with loved ones. HHH

k

AQUARIUS (Jan. 20-Feb. 18): Keep your life and your plans simple. Look for ways to lower your overhead. Don’t alter your life because someone else does. Baby steps will ensure you make progress. A friend or relative will offer unexpected insight. HHHHH

l

PISCES (Feb. 19-March 20): Use your imagination, and plan to have some fun.

Getting together with someone you haven’t seen in a long time will encourage you to get back to your roots. Love and romance along with personal improvement are favored. HH Birthday Baby: You are positive, kind and generous.

You are aggressive and open.

‘variable weather’ conditions by deeksha gaur The Universal Crossword/Edited by David Steinberg

ACROSS 1 Wild guess 5 Type of test for an app 9 Flag pin site 14 Heavenly circle 15 Churchgoer’s cry 16 Rub out 17 Not much 18 Audition goal 19 Pilgrimage destination 20 Mountain, for Boulder (see letters 3 to 9) 23 One can be clipped or painted 24 Tooth coat 27 Bouncers ask to see them 28 Door fastener 30 Actress ___ Naomi King 31 Band whose name symbolizes its raw energy 34 Wealthy spouse providing income, perhaps (1 to 7) 37 Have a bite ___ 39 Org. that confiscates drinks 40 Verb on a campaign button 41 Symbolic (4 to 10)

4 Spanish gallery contents 4 45 Follower of “Bon” or “mon” 46 Fill to capacity 47 Buzz 49 “Hakuna ___” 51 It may pull a barge 55 Presidential debate topic, or a hint to the starred answers’ indicated letters 58 Give a speech 60 Green building?

61 “If looks could ___...”

62 Submarine sandwiches 63 Last word of a threat 64 Environmental sci.

65 Center 66 Angry, with “off” 67 Attaches a button, say DOWN 1 Commandment verb 2 Verboten 3 Literary tea party attendee 4 Garden type 5 Birth rite 6 Inbox delivery 7 Two years, for a US House member

8 Pay to play 9 Dessert with a tart filling 10 Sports center 11 What may be close to one’s heart?

12 Emergency key 13 ___ & Perrins 21 Young bloke 22 Great enthusiasm 25 Boot out 26 Milky coffee drink 28 Waste maker, they say 29 Jai ___ 31 Mr. T’s crew 32 Punctuation mark in a list 33 Thing to swipe at a store 35 Californie, par exemple 36 New England cookouts 38 Most irritable 42 Respectful address with an apostrophe 43 Tossed 48 “Bleah!”

50 Some choral singers 51 Past, present or future 52 Like champagne in a bucket

53 Radiating joy 54 Giveaways at the poker table 56 Assist with a heist 57 Story 58 Resistance unit 59 Its salespeople may pitch tents

Solution to yesterday’s puzzle:

Show BusinessMirror

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Tuesday, March 31, 2020

blind spot bruce c.

EXPECTING

THIS actor took a big risk when he dumped his erstwhile girlfriend and screen partner for his real sweetheart. The screen partner took it badly and started bad-mouthing him.

The ex-screen partner said the actor made her believe that he was in love with her. The public, unfortunately for the actor, took her side and his career suffered. To be fair to the actor, he never actively tried to hide his having a girlfriend. According to him, his former partner was just so into the idea of them that she ignored all the signs. Lately, he’s been getting jobs and even endorsements. Nothing big but enough to live on.

This is good news because there are rumors that he and his girlfriend are expecting their first. Someone has spotted the girlfriend looking curvier than usual and concluded that she is pregnant. We’ll all know the truth months from now.

Kevin Guthrie (foreground center), and Edward Holcroft (background center), in a scene from The British Game, a six-part drama charting the origins of soccer now streaming on Netflix. NETFLIX VIA AP

‘Downton Abbey’ creator turns to the beautiful game

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By Mark Kennedy The Associated Press

EW YORK—With global soccer shut down these days, fans desperate for a fix of the beautiful game may find it from a rather unlikely source: the creator of the stately Downton Abbey.

Julian Fellowes has created and cowritten the new Netflix series The English Game, a six-part look at the origins of a onetime British gentleman’s game that has become the most popular sport on the planet. The series is now streaming everywhere.

“There are certain sports that cut right through society and appeal to people at every level. And that seems to me to be a wholly good thing,” Fellowes says.

The series is set in 1879 and focuses on the first fulltime professional players and how they infused the game with new tactics and passing strategies. But this being a Fellowes project, there’s plenty of drama off the pitch, too: the rise of both the working class and women’s rights.

Fellowes actually knew little about the origins of soccer when he began the project, but he was aware of its force firsthand: his son, Peregrine, is a rabid fan of Manchester United and, as a boy, decorated his pillowcases, duvet covers and lampshades with the team’s crest. Father and son attended games, and the elder Fellowes soon grew to admire the athleticism of the players.

“When you watch anything—and I do pretty well mean anything—being done superbly, it generates an interest even in the hearts of someone who is not

Stars of ‘Contagion’ reunite for a PSA

By Mark Kennedy The Associated Press NEW YORK—The stars of the 2011 virus thriller Contagion—a prescient film these days—have reunited for a series of public service announcements to warn about Covid-19.

Matt Damon, Laurence Fishburne, Kate Winslet and Jennifer Ehle have teamed up with scientists from Columbia University’s Mailman School of Public Health to offer four individual homemade videos.

“Wash your hands like your life depends on it,” Winslet says in her PSA. “Because right now, in particular, it just might.”

Ehle stresses that the coronavirus is novel, meaning no one is immune. “Every single one of us, regardless of age or ethnicity, is at risk of getting it,” she says.

Contagion, directed by Steven Soderbergh, explores a scenario in which a lethal and fast-moving influenza is spreading around the world.

Damon, who in the film played a character who was immune to the hypothetical virus, also stresses listening to experts and staying 6 feet apart. “That was a movie. This is real life,” he says. “I have no reason to believe that I’m immune to Covid-19. And neither do you.”

Fishburne appeals to helping medical staff on the front line. “If we can slow this thing down, it will give our doctors and our nurses in our hospitals a fighting chance to help us all get through this thing together,” he says.

For most people, the new coronavirus causes mild or moderate symptoms, such as fever and cough that clear up in two to three weeks. For some, especially older adults and people with existing health problems, it can cause more severe illness, including pneumonia and death.

particularly concerned with that subject,” he says.

“Watching Man U coming down the pitch, running like a sort of Russian ballet, was extraordinary.”

The English Game is based on real events and centers on Fergus Suter, a Scott regarded as the first full-time professional. He was lured to the mill town of Darwin in England’s Lancashire region to join the local team, the first player to earn a salary for his skill.

It was a time in England when the rules of soccer had been codified by the elite—bankers and lawyers who wore white tie and tails for dinner and considered the game something only gentlemen participated in. But it was attracting fans across the social spectrum and especially finding root in industrial towns among factory workers.

They were challenging the elite not just on the pitch but also in the streets, demanding better treatment, higher wages and unions.

What Fellowes found was that social changes in Britain at the time mirrored the changes in soccer, with each reinforcing each other. “I thought this is kind of playing out in miniature of what was happening in Western Europe on a grand scale.”

On the pitch, working men from Lancashire teams like Blackburn Rovers were increasingly beating teams made up of upper-crust Eton College alumni, using speed and passing to beat their better nourished class rivals.

Soccer was also helping industrial towns bind together, creating a sense of community and eventually spurring workers to demand changes together in the way they were treated.

“Here was something that would bind them into

a unit, that would bind them into a community,” he says. “Most human beings spend their lives trying to feel they belong to something that has value. And here it was just given on a plate.”

Rory Aitken, executive producer of The English Game, calls Fellowes as much a historian as a drama writer and credits him for unearthing the littleknown origin of a sport that has some 4 billion fans.

“It’s not just a narrow football story. It’s a big, period epic that tells us about the history of the world while telling it though the medium of football. Who would have expected that?” Aitken said.

Fellowes is a busy man of late. In addition, to the new series, he’s got The Gilded Age, a show about New York City in the 1880s, for HBO, and Belgravia, a drama based on his novel of the same title on Epix. Plus, there’s a second Downton Abbey film.

The English Game is filled with Fellowes’s brimming sense of humanity and respect for all sides. He may in real life be a Lord, but that hasn’t stopped his sympathy for the working class.

“My philosophy is a simple one, really,” he says.

“I believe that most men and women are doing their best. Whatever they have been born to, whatever they’ve given, they’re trying to do their best. Of course, there are some people who are not trying to do their best, but they are very much in the minority.”

He credits his wife, Emma Joy Kitchener, for his hopefulness. “I live with a tremendous optimist.

And I think an innate pessimism has been sort of disciplined by her,” he says.

“She is an optimist about absolutely everything.

And I think I have caught it a bit.” n

WHO’S JINXED?

THE project was doomed from the beginning. One of the more senior leads was hesitant about doing it. One of the other leads had just come from a very successful project and was also hesitant about this new one but the network persisted.

The leads in the project, a real-life couple, were seen as hasbeens although they’re both talented. Many predicted the project would not rate and it really didn’t. The female lead got involved in an incident that made headlines, then one of the senior actors is going through a health scare. All these are enough for people to say the project is jinxed. It’s not, however, the fault of the project leads. The script and directing are bad. The dialogue is not modern. There are so many reasons why the project is not doing well in the ratings.

DAMAGE CONTROL

SO it’s begun. The husband of the socialite who did some bragging on social media while people were scrambling for food and supplies last week has hired a PR person to boost his image. The guy, who is close to the powers-that-be, has his finger in every pie and he knows that bad publicity about his wife will reflect on him. The wife posted a picture with a caption that was deemed insensitive for these times when people are uncertain about so many things. Short of asking his wife to stop, the wealthy businessman did the next best thing—hire a PR person to clean up the mess. The PR person decided to come up with stories about the businessman’s donation to several charities, a clever move if we may say so.

GETTING BACK WHAT’S HERS

THE singer-actress is reportedly in talks, via a legal representative, to retrieve a portion of her money from her relatives, with whom she has had a falling out. She is also seeking the return of many of her personal belongings which are in the possession of her relatives. The singer-actress tried to do it the diplomatic way but one of her more assertive relatives blocked her every move, including contact with relatives she was close to. Thankfully, the singer-actress is being guided by her partner and her producer. The latter has been responsible for keeping the peace generally in her life and for that, the singer-actress is very grateful. Let’s hope she gets all that she deserves because she worked hard for it.

NEW KOREAN NETFLIX ORIGINAL ‘EXTRACURRICULAR’ TO PREMIERE ON APRIL 29 THE world’s leading streaming entertainment service, Netflix confirms that Extracurricular will premiere on April 29.

The show is a Netflix original series that follows a group of high-school students who choose a life of crime and face the dangerous consequences that result from their choices. The show is an offbeat and intense drama by veteran director Kim Jin-min (Lawless Lawyer, The Time Between Dog and Wolf, and Marriage Contract) and new aspiring writer Jin Han-sae.

Extracurricular has a fresh young cast of talented actors. Kim Dong-hee, who has been incredibly charming in

the web series A-Teen, as well as such dramas as Sky Castle and Itaewon Class, takes on a strikingly different role of Jisoo, a model student who wanders into a life of crime.

Jung Da-bin, who is well-known as a child actor in Korea, plays the ‘mean girl’ Minhee, while Park Juhyun, discovered by the creators of Extracurricular, plays Jisoo’s accomplice Gyuri. Nam Yoon-su, who is known for his roles in various web dramas, shows off his talent as Kitae, Minhee’s boyfriend and a school bully.

These exciting actors are brought together to create a powerful and gripping story of youth at risk. The

character posters show a striking image of the four students in blackand-white being ripped by savage claw marks. The tagline “Some Mistakes Cannot Be Erased” elicits curiosity about the life-changing decisions they make and what consequences they face.

The Netflix original series Extracurricular premieres worldwide on April 29.

Love watching Netflix on mobile?

Now at only P149/month, the new Netflix Mobile plan lets you enjoy all our movies and shows on your smartphone or tablet. Download the Netflix app, or visit www.netflix.com for more details.

Charo, Ardy Roberto, Makiwander, Ricky Lee to mentor aspiring authors Charo Santos-Concio, Ardy Roberto, Makiwander and Ricky Lee will train aspiring authors in the first-ever author search and mentoring program of ABS-CBN Books, dubbed “Project Foreword.” Through this new program, writerparticipants have a chance to collaborate with some of the country’s most respected authors in creating and having their original works published and promoted by ABS-CBN Books.

Project Foreword was launched on March 9, with the introduction of its four mentors.

First on the list of mentors is ABS-CBN Chief Content Officer and author of My Journey: The Story of an Unexpected Leader by Charo Santos-Concio, who aside from being a media icon has also established herself as an award-winning dramatic actress and the voice of compelling life stories through the drama anthology program MMK. As such, Charo said she deeply values characterization

in a story. “The characters have to resonate with me; I really have to know them so well. So the narrative that you bring your characters to has to be engaging.”

Award-winning entrepreneur and sought-after inspirational speaker Ardy Roberto, who has also authored multiple books, including The Happy Entrepreneur and The Heart of Healing, which won the Gintong Aklat Award for Best Inspirational Book in 2010—is also one of the mentors.

“The fastest-growing segment in publishing is inspirational books. So, me, I’m looking for writers and authors who still believe that miracles still happen and that heroes still exist,” Ardy said.

Meanwhile, Mari Kris de Luna Ogang, known by her readers as Makiwander, is a writer who amassed a following on Wattpad. A winner of The Watty Awards, Maki has already published nine books including the novel adaptation

of the Black Sheep film Between Maybes. Completing the roster of mentors is multi-awarded screenwriter, novelist and playwright Ricky Lee, who is perhaps one of the most respected writers in the country for his immense contribution in Philippine theater and cinema. Some of his brainchild include the films Himala, Karnal, Muro-Ami and Anak.

“If you want to write, you write whether you’re inspired, you have a deadline, you get to be paid, or you join a contest, you write. Like a baker who makes bread, or a doctor who treats illnesses, as a writer, you write. Don’t wait for any reason, it’s your deal, you write,” says Ricky in advise to budding writers.

Interested writers can submit their original, previously unpublished works until April 6 for a chance to be a part of Project Foreword.

More information is available at noink.abs-cbn.com.

B5

B6 Tuesday, March 31, 2020

SSS temporarily extends filing periods of sickness notifications, sickness benefit claims

New Fintech Platform aims to help further improve the growth of the Asian economy

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EW years ago, the Junca Group Company based in Japan went to the Philippines not just only toshare their advanced technologies and services when it comes to beauty like juncalogy which aims to enhance and protect the hair of an individual but also to help our country to solve different problems such as poverty, calamities and lack of employment through charities, humanitarian projects and establishing businesses.

Doing his business for five years, Hisayuki Nagatome, the CEO and President of Junca Group Company countinously believes that the Philippines which is currently under the leadership of President Rodrigo Duterte has a great potential to become one of the most progressive countries that will contribute to the economic development not only in Asia but in the whole world.

Thus, he is willing to assist and support with the current administration policies through his projects partnering with groups and organizations from different foreign countries.

His Fintech Platform known as Junca Platform is a technology aims to help further improve the growth of the Asian economy.

Through financial services and features such as international money transfer, foreign currency, and crypto asset exchange, online and offline settlement, domestic remittance,

and ATM (Withdrawal, Deposit, Domestic and International Remittance), he hopes that this modern platform will gain more profits and solve the remittance problem especially with our OFWs as well as helps to achieve currency revolution in the Philippines.

On the other hand, Junca cash will provide special benefits to all Junca Group member stores and franchise stores. It will also benefits all aspects in our society through donations and scholarship projects.

With its innovative features, Junca Platform will serve as a new marketing platform for beauty service providers and customers. With the ease of doing businesses through this machine, it will also promote the usage of the digital transaction trade.

This platform is already introduced in the Philippines, in major newspaper articles and news programs on government TV stations. Because of this, Nagatome is anticipating for more positive response and support from other organizations and government agencies.

In June this year, ATM “ATOM” will be launched which will able to convert crypto assets to legal tender as a real platform of Junca Cash. For anyone interested in this the soonest that it will be available in the market, you can use the service safely and conveniently with its smartphone application.

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HE Social Security System (SSS) has temporarily extended the filing periods of sickness notifications and sickness benefit claims for contingencies starting on 1 March until 30 April 2020.

SSS President and CEO Aurora C. Ignacio said the initiative is for its members and employers to avoid the penalties of late filing while there is the occurring threat of COVID-19.

For sickness notifications of home confinement, under the temporary extension, employed members may submit their Sickness Notification Forms to their employers within 60 calendar days after the end of their confinement. Their employers, on the other hand, are also given 60 calendar days from the receipt of the said forms to submit them to SSS. Self-employed (SE), voluntary members (VM), and Overseas Filipino Worker (OFW) members are likewise given 60 calendar days after the end of their confinement to submit their applications to SSS. Meanwhile, sickness benefit claims for home and hospital confinement with filing deadlines that fall within the said temporary extension period will not be reduced or denied.

Employers and SE/VM/OFW members may still file their sickness benefit claims

until 30 June 2020.

"We understand the situation that our members are currently experiencing due to this public health crisis. As part of our mandate in providing meaningful social security protection in times of contingencies, we have adopted a flexible schedule to accommodate their sickness benefit claims," Ignacio said.

Before the temporary extension, the filing of sickness notifications for employed members is within five calendar days after the start of their confinement, and another five calendar days is given to the employers to notify the sickness of their employeesto SSS. The same applies to SE/VM/OFW members on the submission of their applications to the SSS. OFW members, however, are given a 30day grace period to submit their respective applications given the nature and location of their employment overseas.

The prescriptive filing period for sickness benefit claims, on the other hand, is within one year from the last day of confinement, if in a hospital, or one year from the start of the illness, if at home.

Employers are also encouraged to pay in advance the sickness benefits of their respective employees, which is one of their primary obligations under the Republic Act 11199 or the Social Security Act of 2018

Making the Philippines a friendlier place for people with Down syndrome

D1 Milano’s millennial philosophy

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ith the rise of the hustle culture, a person who is always doing something is seen as successful. While passion and dedication to work is important, it is also important to take a step back and enjoy yourself.

This is the cause Italian watch brand D1 Milano is championing with their new collections—the new Ultrathin, the Skeleton and the Automatic. During “The Perfect Time” launch of these recent collections, D1 Milano Philippines collaborated with Travel Insider and Coffee Laboratory

to bring their philosophy of finding time for everything.

According to D1 Milano Philippines manager Manuel Dacanay, the new collections is meant to show how there is a perfect time for everything.

“We want to showcase how timing is very important,” he said “And why investing time for our passions, our hobbies, our relationships, and of course making time for all of these is just as important as the timing, as the perfect timing for the opportunities we are given.”

To help drive this idea in mind, they collaborated with Travel Insider’s Kara Ong Lim and Johan Aguilar, who organize personalized trips to Scandinavian countries along with Coffee Laboratory. According to Dacanay, both of the collaborations share D1 Milano’s philosophy of making time for everything.

“They [Johan and Kara] shared with us how individually, they pursued their passion-Johan in swimming and Kara in baking and the family business,” he stated, “And how they pursued their hobbies together as they started a company that caters to travel around Iceland and Denmark. They also shared with us how they make time for each other. It wasn't just making time for what they want to do together but also making time for one another. So I guess that is a reflection of what D1 Milano is.”

“As for Coffee Labs, coffee is something very close to the Italians. At the same time, it's not something that they take lightly. You take time,

you sit down, you enjoy the coffee. And you enjoy the company that you’re with or you enjoy your time alone,whatever it is you take time for yourself and for the coffee,” he added.

In conjunction to finding time for yourself, D1 Milano also showcases how to not just work hard, but smart as well. In their new Ultrathin collection, for example, they did extensive research on past and current trends to come up with a collection that can cater to everyone’s individual styles at an affordable price.

“The new collection brings is a reflection of the past year,” he said, “The data we gathered, the ongoing and upcoming trends. These are all information that we’ve gathered, studied and then we applied it to the design, into the essence of what D1 Milano is.”

Given that minimalism has become a big thing in the past decade, Mr. Dacanay gave this statement: “I think minimalism is still there, but right now what people are looking at is a sense of individuality, meaning a sense of ‘I am minimalist but this is my style.’”

With this keen understanding of the market’s taste coupled with an inspiring message for the bustling, busy youth of today should explain why D1 Milano is a hit with trendy millennial consumers.

By Stephanie Joy Ching

Foodpanda Philippines launches contactless delivery

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HE on-demand international food delivery service, Foodpanda, will continue to operate as usual during the Enhanced Community Quarantined period. The company has launched contactless delivery starting 19th March 2020.

Both customers and riders are able to opt for contactless delivery with the following steps: 1. Place an order and opt for online payment. 2. Go to the rider chat function on the foodpanda app and inform the rider/customers that they are opting for the contactless delivery. 3. Food will be placed at the designated drop off spot at the customers’ home or office. 4. Rider will notify customers that food has arrived via the rider chat function on the app or call.

5. 1-meter distance will be maintained between rider and customers. 6. Customers to verify the delivery. 7. Delivery completed!

“We value the safety of everyone in our community, and have introduced new measures to ensure you feel se-

cure while using our service. Our riders are instructed to wash their hands every two hours and after each time they handle a delivery and follow the rider safety guidelines and proper handling of deliv-

ery,” said Camille Hadjeri, Managing Director, foodpanda Philippines.

“We also encourage you to switch to online payment so we can reduce human interactions to a minimum," he added.

Michelle Aventajado (center), Executive Director at Best Buddies Philippines, together with her family

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PARENT’S love knows no bounds.

This is especially true of those of persons who are born with Down syndrome. The nurturing that their parents provide is the equalizer that will allow them to thrive and do great things, regardless of their condition. It is the key factor that will enable these individuals with special needs to live fulfilled lives.

Mothers Agnes Lapena, Suzanna Yuzon, and Michelle Aventajado are living embodiments of this kind of parental love.

As mothers of persons with Down syndrome themselves, they know firsthand the challenges that living with a family member who has Down syndrome entails.

“Down syndrome is a genetic disorder caused by the presence of all, or part of a third copy of chromosome 21. It is usually associated with increased risks of health conditions, physical growth delays, mild to moderate intellectual disability, and characteristic facial and physical features,” explained Yuson.

“There are also challenges associated with development, wherein individuals will experience certain delays in that regard, as well as behavioral issues. These equally require great care and attention,” added Lapena.

Wanting to use their personal experience to help other families, all three mothers each has made it a personal advocacy to help raise awareness about Down syndrome and other disabilities and promote inclusion for those who have it in the country.

Lapena is a member of the Down Syndrome Association of the Philippines Inc. (DSAPI), a non-profit organization that aims to offer support to families that have members with Down syndrome. Some of the many programs of DSAPI (www.facebook. com/groups/53343128860) include: Happy Walk, an annual walking event for Down syndrome that gathers thousands of families and advocates from different parts of the country; the annual golf tournament TeeUp for Down, a fund-raising campaign that supports various Down syndrome initiatives; and the Early Intervention seminar, which offers counseling and clinical consultation for

parents of children with Down syndrome.

Yuzon, on the other hand, is the founder of the Miss Possibilities Foundation Inc., a non-profit organization that advocates for the differently-abled, including those with Down syndrome, by offering free therapy sessions, medical missions, and activities that are set to enrich their lives—particularly a pageant where girls with special needs can show the world their beauty and individuality.

Visit https://www.misspossibilities.com/ and https://www.facebook.com/misspossibilities/.

Meanwhile, Aventajado is the Executive Director of Best Buddies Philippines, the local arm of international non-profit Best Buddies, which is “dedicated to establishing a global volunteer movement that creates opportunities for one-toone friendships, integrated employment, leadership development, and inclusive living for individuals with intellectual and developmental disabilities (IDD).”

Aventajado said. “Children with Down Syndrome have the right to be included in schools, in social situations, and fully integrated into society where they can contribute and earn a proper wage through gainful employment. Visit http://www. bestbuddiesphilippines.com/ and https:// www.facebook.com/BestBuddiesPhilippines/.

SM Supermalls, through SM Cares, its Corporate Social Responsibility group, fully understands the importance of inclusion for PWDs in their business environments.

This is why the Mall giant has been actively supporting non-profit these organizations amongst others, as the company has always supported causes for persons with disabilities (PWDs).

“Everyone is welcome in SM, and we have always made a conscious effort in ensuring that accessibility and inclusion are in the heart of everything we do,” said Engr. Bien Mateo, SVP Operations and Program Director of SM Cares Program on PWDs. Learn more about SM Cares and their various community programs by visiting their website at https://www.smprime.com/smcares or Facebook at https://www.facebook. com/OfficialSMCares/.

mirror_sports@yahoo.com.ph / Editor: Jun Lomibao

Sports BusinessMirror

Tuesday, March 31, 2020

B7

Tech boom, MLB programs helping women find jobs

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CHICAGO Cubs minor league hitting Coach Rachel Folden hits infield ground balls at the Cubs spring training facility in Mesa, Arizona, last month. AP

TENNIS STARS MAKE VALUABLE DONATION S

NOVAK DJOKOVIC and Roger Federer come together to help in coronavirus relief.

OME of the world’s best tennis players have donated large sums of money to help aid the relief of the pandemic surrounding coronavirus.

Serbian player and 17-time Grand Slam winner Novak Djokovic pledged $1 million through his and his wife Jelena’s charity, Novak Foundation to purchase medical equipment and supplies for Serbian hospitals.

In a statement on his Instagram, Djokovic said, “We have spent the past several weeks gathering every piece of necessary information on Covid-19 in order to make this informed decision on how my family could make the biggest impact on our country.”

“People from the Republic of China have given us tremendous help and support, we cannot thank them enough,” he added.

Rafael Nadal, partnered by six-time National Basketball Association (NBA) All-Star Pau Gasol have launched the #NuestraMejorVictoria campaign meaning Our Best Victory in English.

They aim to raise $12 million for the Red Cross and have already been supported by fellow tennis stars Feliciano López, David Ferrer, Garbiñe Muguruza and Carla Suárez Navarro.

Other compatriots from other sports to back the campaign include Formula One drivers Fernando Alonso and Carlos Sainz, former Real

Madrid goalkeeper Iker Casillas and track and field athletes Bruno Hortelano and Orlando Ortega.

The most decorated player in men’s tennis, Roger Federer has also donated $1 million to help vulnerable Swiss families with the nation being one of the hardest-hit by the coronavirus.

Young rising star Jannik Sinner has come up with a more creative way of donating money— by sending €10 towards medical supplies for every picture of a pizza that looks like him or any other Italian figure.

The 18-year-old, matched by his management company Starwing Sports, will donate the money for every uploaded photo to Instagram using the hashtag #SinnerPizzaChallenge.

Elsewhere, French player Nicholas Mahut, best known for playing the longest match in tennis history against John Isner, competed in a Fifa tournament that aimed to raise money for relief.

Finally, Colombian doubles player Juan Sebastian Cabal is aiming to raise funds for buying foods in local markets in his home city of Cali and delivering it to those who are vulnerable and cannot work due to health restrictions.

He said in a post on Instagram, “In our city, 70 percent of the population relies on the informal economy and we know that part of the success in the fight against Covid-19 is social isolation.

“In order to guarantee that our people who work in this way can comply, we must guarantee food for them and their families during the days of quarantine.

There are more than 642,000 confirmed cases of Covid-19 worldwide, resulting in the deaths of over 29,000 people.

The Dutch Olympic committee, Dutch Sports Federation, on the other hand, has provided hospitals in the country with cooling vests and iced drink machines to help their battle against the coronavirus pandemic.

Around 25 machines and hundreds of cooling vests will be delivered to hospitals to assist

medical staff, the body said.

The equipment had been bought by the committee as part of its preparations for the 2020 Olympic Games in Tokyo.

It was purchased to help the Dutch team acclimatize to the expected high temperatures in the Japanese capital, but will now be spread across 10 hospitals in the Netherlands after the Olympics were postponed amid growing international concern over the Covid-19 outbreak.

“It is nice to see that it will not only come in handy at the Games, but can now also help in such an important place in society: the hospital,” Technical Director Maurits Hendriks said. “This is a good example of how specific top sport know-how can be applied in a different place in society.”

The Netherlands has reported more than 630 deaths and over 9,700 cases of the virus.

Committee officials said the vests and machines would be used by hospital staff, many of whom will be treating Covid-19 patients, during their breaks.

Insidethegames

Hill virtual winner of Nascar’s live iRacing event

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HARLOTTE, North Carolina—Bob Weir of the Grateful Dead sang the national anthem from a remote location. Troy Aikman, borrowing Matthew McConaughey’s trademark phrase “All right, all right, all right,” commanded drivers to start their, uh, simulators.

Nascar’s new normal resumed Sunday with another virtual event, the second in an iRacing series thrown together after the coronavirus pandemic stopped nearly all sports. Nascar’s 36-race season was suspended four events into the year.

Timmy Hill won the virtual race at Texas Motor Speedway, where a highlight came when Daniel Suarez was parked by iRacing

officials for intentionally trying—but failing—to crash Ty Dillon.

Hill is considered among the top competitors in iRacing, a subscription-based gaming platform. His virtual victory was his 674th in the game.

Fox Sports again used its team of Mike Joy and Hall of Famer Jeff Gordon to call the race, which was aired both on Fox in some markets and nationwide on its cable channel.

The first iRacing event last Sunday drew 903,000 viewers to Fox Sports One and was the most watched eSports event in US history, bettering the 770,000 viewers Mortal Combat drew to The CW in 2016. That led Fox to offer affiliates the option to air the Texas virtual race

on broadcast.

Those who tuned in watched a live video game of 35 Nascar racers competing at an exact replica of Texas Motor Speedway, where the series was scheduled to be Sunday before the coronavirus shutdown. Fox was able to obtain feeds of drivers racing on simulators everywhere from their bedrooms, basements, garages and, in the case of last week’s winner, Denny Hamlin’s living room.

Clint Bowyer was the in-race reporter again, but when the booth cut to him to ask about an early race incident, he gave a quick update and shooed Joy and Gordon away.

“You guys are bothering me, sorry,” Bowyer said.

Alex Bowman again entertained fans via social media with commentary. It included his tweet “I just virtually drove through somebody,” after a wreck. Bowman also missed his pit stall, was speeding on pit road, bemoaned his need for a snack and ultimately decided “I’m a disaster.”

Chase Elliott, racing in striped socks, posted a video during a commercial break of his feet working the pedals. Michael McDowell talked fans through his pit decisions. With racing on hold and drivers desperate to give exposure to their teams and sponsors, Hill’s virtual victory gave the Nascar journeyman a rare live opportunity to thank his sponsors, the staple speech of any successful racer. AP

ESA, Arizona—Rachel Folden figured something out early on during her first spring training with the Chicago Cubs — long before the coronavirus pandemic wiped out team activities.

None of the players care all that much that one of their coaches is a woman. As for the girls she encounters, they care very much that one of the coaches is a woman.

“I’ve had quite a few people reach out that their daughters are like glued to the television watching baseball now or their daughters know that there’s some sort of way that they can get into baseball, they don’t have to pick softball,” Folden said. “I’ve heard that from quite a few people, actually.”

Major League Baseball (MLB) is pushing the same message. Recognizing the importance of representation when it comes to growing the game, the commissioner’s office continues to look at ways to bring more women and minorities into the sport.

The Institute for Diversity and Ethics in Sport (TIDES) at Central Florida gave baseball a C for gender hiring in its most recent diversity report, which was issued last April, down one point from the previous year to 70. But MLB is hoping a hiring spree over the winter is a sign that its Diversity Pipeline Program is working.

Alyssa Nakken became the first female coach on a major league staff when she was named an assistant under new San Francisco Giants manager Gabe Kapler. Folden got a job with the Cubs as their lead hitting lab tech and fourth coach for rookie-level Mesa. Rachel Balkovec was hired as a minor league hitting coach with the New York Yankees.

Veronica Alvarez worked with the Oakland Athletics during spring training for the second straight year, and Christina Whitlock was hired as a minor league coach with the St. Louis Cardinals.

“I’m here for a reason,” Nakken said. “I’m here to make an impact. People are free to think what they want to think, but it goes back to that sense of responsibility. I’m going to come in and grind and hustle and work extremely hard.”

Nakken, Folden, Balkovec, Alvarez and Whitlock have connections to Take The Field, a development program at the winter meetings that is designed to incorporate women into the baseball operations pipeline.

“At Take The Field, we have the opportunity to really put some of the strongest female candidates who are out there in front of staff from the clubs,” said Liz Benn, senior coordinator of labor relations and player programs for MLB. “This year we actually had a bunch of staff reach out to us asking if they could participate in Take The Field and they were really excited to just get in front of the female job candidates and meet them.”

MLB also is investing more in women’s baseball and softball events and programs, looking to identify and establish contact with women interested in working in the game.

Baseball’s increasing reliance on technology also is creating more opportunities for women.

“It’s now become, it’s really not as much about your playing background,” said Tyrone Brooks, senior director of MLB’s on-field and managerial diversity pipeline program. “It’s more about are you having a skillset that can be applied in how a team is going about trying to develop players. Obviously, technology is now playing a bigger and bigger role within player development.”

Folden, 33, is the founder of Folden Fastpitch, a northwest Indiana company that provides baseball and softball instruction based on biomechanics, technology and data. Folden, one of six siblings, played several sports while she was growing up in California, and then was a star slugger for Marshall University’s softball team.

Folden also has served as a hitting consultant for Elite Baseball Training, which is run by Justin Stone. While working together on a couple of softball and baseball deals, Folden told Stone she wanted to be involved on the baseball side.

So she got an opportunity to be around more baseball people, something she really enjoyed.

Stone then took a position with the Cubs in October.

“When he got hired as the director of hitting, we were driving to Michigan to do a softball consulting deal and he goes, ‘Hey, I got the job with the Cubs,’” Folden recalled. “I knew he was interviewing for it. He goes, ‘I got the job,’ and he goes, ‘I want you to come work with me.’”

Stone recommended Folden for an interview. Matt Dorey, senior director of player development for the Cubs, said the team was impressed. AP

Runners still find release during virus pandemic

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ENRY TON was looking for a way to help himself and neighbors stay fit and active after his gym closed because of the coronavirus pandemic.

The 46-year-old software engineer in suburban Phoenix organized a small running group he jokingly calls his “Social Distance Distance Running Club.”

Runners across the country are still hitting the pavement and the trails, singly and in small groups. It’s a way to get in their workouts, reduce the sense of isolation and work off some stress with gyms closed amid the coronavirus.

“Everybody’s probably like me, just sitting around in my house eating all day,” Ton quipped. “This is a way to get out, get some fresh air, sweat a little.”

For some, running also provides a social outlet in a time when officials are encouraging social distancing and limiting the size of gatherings to 10 or fewer.

Many have given up that aspect of it too, yielding to the safety of solo runs.

Elite distance runner Kaitlin Gregg Goodman is among those urging people to run alone. Goodman posted on Twitter: “QUIT RUNNING IN GROUPS.” For most people, the coronavirus causes mild or moderate symptoms, such as fever and cough that clear up in two to three weeks. For some, especially older adults and people with existing health problems, it can cause more severe illness, including pneumonia and death.

Sports cardiologist Benjamin Levine said continuing to run has physical and psychological benefits. But he also suggests those running with others should likely double the recommended six feet of social distancing because of the increase in the amount of air they’re breathing in and out.

“I think it’s preserving both your physical and your mental health,” said Levine, who is a professor of medicine at UT Southwestern and Texas Health Presbyterian in Dallas.

“I think it’s critical. But that’s not just psychological. That’s biological. I think exercise is one of the few things we can do that has a very, very clear and manifest positive mental health benefit.”

But Levine, the director of the Institute for Exercise and Environmental Medicine, said people need to observe guidelines.

“It’s not the time to be running hand in hand,” he said.

In Montgomery, Alabama, Marsha Trotter and members of her running group still gather four mornings a week for runs. They split up into smaller groups for different workouts, as usual, but are more conscious of keeping their distance.

They spread out for post-run photos to post on their Facebook page instead of standing side by side.

“It’s a normalcy,” said Trotter, a 45-yearold registered nurse. “Obviously people are not going to come out if they’re running a fever or have a cough or feel sick. That’s normal all year round anyway. But I think runners are crazy enough anyway so that nothing really scares them, so they’re going to come out and run and then go home.”

Runners keep lacing up and heading out even while most races are canceled or postponed, including the Boston Marathon.

Gail Nestor, a 52-year-old from Johns Creek, Georgia, had qualified for Boston, which has been postponed until September 14. Nestor has kept logging about 75 miles a week, first enjoying the social aspect and “running just for running’s sake.” She said it helps her cope and she has more time these days, too.

“We joke about how we’re helping our immune system,” Nestor said. “We’re like, We need a support group, Runners Without Races.” AP

BusinessMirror

B8 Tuesday, March 31, 2020

Vincent Juico @VJuico Instagram vpjp_j vince.juico@gmail.com

SPORTS WITHOUT BORDERS

‘Tatay’ Aric IF you’re a die-hard De La Salle University Green Archers fan, you watched in shock and horror as the late great legendary Coach Aric del Rosario was the main architect of University of Santo Tomas’s (UST) consecutive title conquests over DLSU from 1993 to 1996. UST won three of its four championships over La Salle.

On Wednesday March 25, del Rosario passed away at the age of 80, leaving behind a legacy, part of which, were former players who played for him who gave everything they’ve got on the court and more. He was soft spoken and humble, often crediting his players with all his achievements and accomplishments.

Another part of his legacy was “Tatay Aric” to his players, former players and former assistant coaches.

He was a father figure off the court teaching his players to play the right way in the game of life. In a way, he was a life coach to his kids in college both in UST and University of Perpetual Help System DALTA, a mentor cultivating young basketball minds.

According to former UST Tiger Cubs Head Coach, former assistant under del Rosario and now Parañaque City Councilor Binky Favis who played for del Rosario, “I played for him in UST and Nikon in the old PBL [Philippine Basketball League] and coached under him. He was instrumental in my transfer from La Salle to UST where I became the team captain and eventually started my coaching career as head coach of the Tiger Cubs and his assistant with the Tigers throughout the ‘4-peat.’ He was my coach, my teacher, my mentor, my Godfather and longtime inspiration. I owe so much to him.”

Favis continues, “In my book, he was the best College Coach in the Philippines ever! Judging from his championships, the number of high caliber superstars that came out of his program and the impact he effected on each and every one of us, his players in our lives after basketball. I love the guy and I am so saddened by his sudden demise. More sad that I couldn’t even see him and pay my last respects. RIP Coach, Ninong, Tatay Aric.”

Men’s Head Coach Louie Gonzales of the Jose Rizal University Bombers remembers del Rosario: “Tatay Aric to many, was one the few coaches that I knew who was passionate and committed to the game. He was humble in the sense that is he’s always ready to help and support coaches and aspiring coaches. I will remember my conversations with him and his pieces of advice about the game and about life.”

Sports Columnist Bill Velasco recalls his memories of Tatay Aric: “Coach Aric was the unique mixture of old school instinct and technical understanding of the game. His milestones as a coach will always stand out in Philippine basketball history: UST’s sweep of the UAAP[University Athletic Association of the Philippines], Pampanga winning the first Metropolitan Basketball Association championship, molding the young Alaska teams in the Philippine Basketball Association. But more than caring about the game, more than winning—which he was one of the best at—he cared about his players. He helped steer hundreds of young men in the right direction with his values and sense of fair play. Add that his Capampangan selflessness, and you have a father figure other teams wished they had. As commissioner of college leagues, he ran a tight ship. I knew him for more than 25 years. I will miss his raspy wisdom and childlike smile most of all.”

Former Green Archer standout Cholo Villanueva was a young player on the now defunct PBL’s Toyota Otis where del Rosario was a consultant and he’s now Chief Assistant Coach of the Maharlika Pilipinas Basketball League’s Pampanga Lanterns: “He was I fiery mentor and great motivator. He knew when to strike a balance of pushing you and pulling back to reach your full potential as a player.”

Sports Columnist/Analyst Quinito Henson remembers Coach Aric: “Coach Aric was and will always be an institution in Philippine basketball. He left his mark as a man who lived and breathed basketball throughout his storybook career. Aric was the architect of UST’s ‘4-peat’ in 1993-96 and also won championships in the MBA, PBA [as an assistant coach] and with the national team [2003 Southeast Asian Games].

“The remarkable thing about Tatay Aric was his spirit. He coached the Philippine team to a forgettable 15th-place finish (out of 16 teams) in the 2003 Fiba Asia Cup in Harbin, China, but bounced back to pilot the Philippines to the gold medal at the 2003 SEA Games in Vietnam. A rarity for a coach to display the heart and guts of rising virtually from the grave to bring the national team to the top over two international competitions two months apart.

Tatay Aric was a no-nonsense coach who let his players know if they were out of line and if they deserved a pat on the back...as NCAA and Filoil Flying V commissioner, he showed impartiality, an admirable trait.

“He was a friend who never turned down giving advice or insights whenever asked. His love for the game was extraordinary and he will always be remembered as a man of integrity, sincerity and humility.”

If you’re getting tributes of this magnitude from the Philippine basketball community, then you must’ve done something right.

Sports TOKYO OLYMPICS: SAME TIME NEXT YEAR? mirror_sports@yahoo.com.ph / Editor: Jun Lomibao

TOKYO 2020 organizing committee President Yoshiro Mori suggests there would be no major change from 2020. AP

By Stephen Wade

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The Associated Press

OKYO—Tokyo Olympic organizers seem to be leaning away from starting the rescheduled Games in the spring of 2021. More and more the signs point toward the summer

of 2021.

Organizing Committee President Yoshiro Mori suggested there would be no major change from 2020.

“The Games are meant to be in summer, so we should be thinking of a time between June and September,” Japanese news agency Kyodo reported Mori saying on Saturday.

International Olympic Committee (IOC) President Thomas Bach, after the postponement was announced in Switzerland on Tuesday, left

open the possibility of spring dates.

The postponed Games were to have opened on July 24 and closed on August 9.

Mori suggested some decisions could be made as early as this week when the organizing committee’s executive board meets.

Any final decision will be made by local organizers and the IOC, and hundreds of sponsors, sports federations and broadcasters.

Athletes have been left in limbo by the postponement. Many have been forced to stop training because of the spreading coronavirus.

Even those who can train have no idea about how to schedule training to reach peak fitness at the right time.

Mori and organizing committee CEO Toshiro Muto have both said the added cost of rescheduling will be “enormous.” Early estimates put those costs at between $2 billion to $3

billion with the several levels of Japanese governments likely to foot most of the bills.

Tokyo organizers say they are spending $12.6 billion to stage the Games. However, a government audit report said it will cost at least twice that much. All but $5.6 billion is public money.

The Switzerland-based IOC has contributed $1.3 billion to organize the Tokyo Olympics, according to local organizing committee documents. It has a reserve fund of about $2 billion for such emergencies and also has insurance coverage.

UCI: THE CRISIS IS BRUTAL

INTERNATIONAL Cycling Union (UCI) President David Lappartient said the UCI is seeking to build a new calendar that will not extend the season “beyond what is reasonable.”

Many races were postponed or cancelled— with no events on the international road calendar until May at the earliest—and it is likely that more races will follow given the scale of the Covid-19 outbreak.

“This crisis is brutal, and the governments have to take appropriate action to ensure the protection of the population”, Lappartient said in an address on Facebook. “It is important that you are able to respect their rules.”

Multiple professional cyclists had to self-isolate either because of where they have traveled or by virtue of being in contact with somebody who has coronavirus, while training is also difficult in the age of social distancing and people being urged to leave home only for essential travel.

The cancellation or postponement of events and the possibility of more to follow, including the Tour de France, led to discussion on changes

MAGNO, VOLLEYBALL ACES DO SHARE AMID LOCKDOWN

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ILIPINO athletes—from Tokyo Olympicsbound boxer Irish Magno to volleyball stars Jia Morado and Ara Galang—are doing their share to ease the burden wrought by the new coronavirus pandemic.

Magno, who is undergoing self-quarantine with her fellow boxers in Baguio City, launched a drive together with her girlfriend Erny Ann Micua to collect rice and other essentials from donors, all of which will be distributed to the marginalized individuals who have no source of income during the Luzon-wide lockdown.

For starters, Magno and Micua were able to collect three sacks of rice enough to feed 33 families.

“There are many people who want to help.

It’s really good to share the blessings, no matter

how big or how small,” Magno said.

The boxer, who qualified to the Tokyo Games along with Eumir Felix Marcial in the Amman (Jordan) qualifiers early this month, is targeting to help at least 100 families. She has a long way to go, but like the tough road she took for the Olympics, Magno is persistent.

“There are families who couldn’t afford to buy food,” Magno said. “I wish this simple gesture would also inspire others.”

Morado and Galang, who played for opposite sides—Ateneo and De La Salle, respectively, in college—also initiated efforts aimed at providing personal protective equipment for health workers.

Morado and Galang are auctioning their jerseys both from their college teams and

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Visa extends athlete sponsorship to 2021

ISA has told its global roster of Olympic and Paralympic hopefuls their sponsorships will be extended into 2021 after the Tokyo Games were postponed, providing some financial certainty amid the disruption caused by the coronavirus pandemic.

The credit-card giant’s Team Visa scheme features 96 athletes across 27 sports, including soccer star Megan Rapinoe, gymnast Simone Biles—a quadruple gold medalist at the Rio de Janeiro Games—and two-time defending 800-meter Olympic champion David Rudisha.

The athletes were contacted on Friday to be given the option of extending their sponsorship terms with Visa. It is the first clear commitment by a major sponsor to extend such sponsorship support after the unprecedented delay to the Olympics by a year was announced last week by the International Olympic Committee (IOC).

“We elected to stand behind our roster of Team Visa athletes and make sure they knew affirmatively we were planning to do so and that we were going to offer to extend our relationship with them into 2021,” Chris

Curtin, Visa’s chief brand and innovation marketing officer, told The Associated Press.

“They’re all dealing with how do they maintain their training schedules, discipline and focus at the same time they’re dealing with what’s happening with their families and their loved ones. One thing that we wanted to do as Visa was to take one potential point of ambiguity and maybe concern off their plates, because there should be none.”

While a spring date for the rescheduled Olympics had been suggested, the signs are now pointing to the IOC using the same slot in 2021 as planned this year when the Summer Games should have started on July 24 in Tokyo.

commercial squads.

“It’s very touching to see people come together for a great cause. Let us continue supporting the ongoing relief efforts happening in the country right now,” Morado wrote in her Twitter account.

Sen. Manny Pacquiao, the Alaska Aces and the national muay team are among the sports personalities who have initiated moves to help during the crisis.

Military athletes belonging to the national teams have also committed to help in the pandemic. Ramon Rafael Bonilla

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ellator President Scott Coker spent time during the coronavirus pandemic like so many others, binging on Netflix and catching up on Tiger King.

“That’s a crazy show,” Coker said.

Coker would love for mixed martial arts fans to catch up on his style of cage fighting in the promotion he runs through Bellator’s app or its YouTube channel. But live fights, right now in this climate?

Hard pass.

Bellator has postponed all fights until the Bellator 242 card on May 9 that features Ryan Bader defending the light heavyweight championship against Vadim Nemkov in San Jose, California. Even that event could be

in jeopardy after President Donald J. Trump extended federal guidelines recommending people stay home for another 30 days, until the end of April, to prevent the spread of the virus.

Bellator’s next big card could go down for the count.

“I feel like the right thing to do is wait,” Coker said. “When the state of California says, ‘You’re good to go,’ when we get a call from [the California State Athletic Commission] that says you’re good to go, then we’ll go. I think we’re waiting for the green light from the government.”

Coker had considered running its March 16 card with a Patricio “Pitbull” Freire—Pedro Carvalho Bellator 241 main event at Mohegan

reinvigorated sense of humanity and a renewed kind of enthusiasm about life,” Curtin said. “We have always been very bullish that this is going to be a special and really important Olympics.

But because of Covid-19 I think that’s now ramped up 10 times.”

Visa had already filmed some promotional campaigns with athletes for the Tokyo Games that will require some reworking. More immediately, they have spent this weekend filming their own messages promoting handwashing and social distancing that will be published over the next week. AP THE Team Visa scheme features 96 athletes across 27 sports, including soccer star Megan Rapinoe. AP

Bellator cools rage in cage in wake of Covid-19 crisis Sun Arena in Connecticut without fans until he decided to postpone the card. It has not yet been rescheduled.

“We’ll make up these fights,” Coker said. “If we miss any other fights while we’re waiting, we’ll make them up.”

With 241 in doubt, Bellator went ahead and paid all fighters, officials, judges, crew and any essential personnel connected to the card.

“It was quite expensive, well into the seven figures,” Coker said. “Revenue you can make up, and that’s what we’re going to do. I think there will be an impact, even if we make up these events.”

Bellator, owned by Viacom, also has a card

Vuelta a España organizers working as if race will go ahead as planned

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TOKYO Olympics qualifier Irish Magno aims to collect from donors rice for a hundred families.

“I’m crossing fingers for all sorts of reasons, well beyond just the Games coming back, that it reflects a reinvigorated marketplace and a

to the cycling calendar which are “not easy.”

Lappartient, however, made it clear that he favors the season not being extended for a long period, which may mean more cancellations rather than postponements.

“We’re going to try to find the best solution without extending the season beyond what is reasonable,” he said. “We will try to protect what makes the richness of our sport, of course in road cycling, the Grand Tours and the Monuments of our sport for both men and women.”

It is not possible to say yet when the season will resume, given the unpredictable nature of the pandemic.

Lappartient also described the postponement of the Tokyo Olympics until 2021 as a “wise decision” and one the UCI supports. With insidethegames

scheduled for May 16 in London.

“I feel like there’s a possibility everything will be fine by the end of April,” Coker said.

“If it’s not, then we’ll have to push the fights back. That’s a tough call. We’ll have to let them know in the next couple of weeks, here’s our backup plan.”

UFC has since held a card Brazil and company President Dana White has been adamant the company will still hold its next pay-per-view event in an undetermined locale on April 18. The main event fight between Khabib Nurmagomedov and Tony Ferguson was originally scheduled for Brooklyn. UFC had hoped to move two events, scheduled for March 28 and April 11, to its UFC Apex training complex in Las Vegas, where they would have been held without fans. They failed to go off as scheduled. AP

HE organizers of the Vuelta a España are working as though the Spanish Grand Tour will still go ahead as normal later this summer despite the uncertainty stemming from the coronavirus pandemic.

While the spring calendar, including the Giro d’Italia, has been wiped out by Covid-19, the summer and autumn races are waiting to see how the situation develops in the coming weeks.

Spain, where more than 3,000 have died as a result of the coronavirus, is currently on lockdown, with riders not allowed outside to train. The Vuelta a España is due to start in Utrecht, in the Netherlands, on August 14, and finish in Madrid on September 6.

“It’s a new set of circumstances, but the whole Vuelta team is working with motivation, and with the idea that the Vuelta will go ahead,” Race Director Javier Guillén told Spanish news agency EFE this week.

“We have to be prepared. For that reason, I’m transmitting excitement and motivation in these difficult times, and I can assure you that we are all more coordinated and united than ever. We want to put on a great Vuelta 2020— the best in history.”

With the Giro d’Italia postponed and the Tour de France under threat, there have been various ideas recently over how to structure the rest of the cycling season. Provided the coronavirus situation improves, many races will be looking toward the autumn. CCC Team’s Matteo Trentin proposed a combination of the three Grand Tours, with a week each in Spain, France and Italy, while former International Cycling Union President Brian Cookson suggested that the Grand Tours could be cut to two weeks.

Guillén, however, dismissed those ideas and is refusing to get distracted by other races. Nor is he looking into ways to run a “stripped-down” Vuelta, as is being considered with the Tour de France.

From the sponsors to road closures and police presence, it’s business as usual, for now.

“I’m worried by everything that’s happening, but above all from a human point of view. It’s an exceptional, unheard of, unprecedented situation,” Guillén said.

“From here, I’m trying to comply with the established measures, which are necessary, and I’m using work as therapy.

“We’re discovering new things, such as videoconferencing technology, and we’re working with a new ideas committee with motivation and imagination.” Cyclingnews