BusinessMirror May 01, 2020

ILO: 300-M workers to lose jobs T

HE economic deterioration caused by the prolonged novel coronavirus disease (Covid-19) pandemic is now expected to displace over 300 million workers worldwide, according to new estimates of the International Labor Organization (ILO).

This is about a hundred million higher compared to the previous projection of the labor arm of the United Nations (UN).

“Global working hours in the second quarter are expected to be 10.5 percent lower than in the last precrisis quarter. This is equivalent to 305 million full-time jobs, which represents a significant deterioration on ILO’s previous estimate of 195 million for the second quarter,” ILO said in its latest report.

It attributed its higher estimated labor displacement to the “prolongation and extension of containment measures” now being implemented by at least 64 countries, including the Philippines.

“Around 68 percent of world’s total workforce,

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including 81 percent of employers and 66 percent of own-account workers, are currently living in countries with recommended or required workplace closures,” ILO said.

The wholesale and retail trade as well as food service and accommodation are among the industries heavily affected by the business disruptions caused by the Covid-19 pandemic.

ILO estimated over 436 million companies, including employers and own-account workers, were devastated by Covid-19.

It said governments must play a key role “to minimize if not prevent such mass labor displacement through employment-intensive public investment, government procurement that provides preferences to small businesses, and tax incentives to stimulate local sourcing of larger firms.”

Likewise, it also recommended “increased government spending to upgrade physical and social infrastructure.”

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Friday, May 1, 2020 Vol. 15 No. 204

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TRANSPORT SECTOR STILL RESTRICTED; STIMULUS PROPOSED

By Lorenz S. Marasigan

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HE Department of Transportation (DOTr) is studying the possibility of providing a stimulus package for operators and drivers who will be affected by the gradual resumption of public transportation in some areas in the Philippines, given that they are required to operate at very limited capacities.

Transportation Secretary Arthur P. Tugade said his group has so far laid out three “stimulant factors” that can help drivers and operators cope with potential revenue losses once they resume their operations. All forms of public transport are required to operate between 20 percent and 50 percent of their rated capacities.

“We are in deep consultations and discussions in packaging what we call an assistance package. We may call it stimulant package, which may be composed of several things. We are looking at the possibility of providing a fuel subsidy amounting to 30 percent of their daily consumption. We are also looking at providing preferred arrangements or interest rates in loans, and the extension of the payments for existing loans,” he said.

These, he said, will help the drivers and operators cope with their limited operations during the general community quarantine (GCQ), which is now being implemented in some parts of the country. Should the Covid-19 situation improve on or before May 15, Metro Manila’s enhanced community quarantine (ECQ) will be lifted and it will transition to a more lenient GCQ.

Public transport, he said, will be gradually reintroduced into the system, especially land transport.

Martin B. Delgra III, the chairman of the Land Transportation Franchising and Regulatory Board (LTFRB), said public transport operations are required to secure “special permits” to ply the roads.

“The fact that all public transport will be operating at half their capacity, we have to deploy public transport with higher capacities. We are applying the principle of hierarchy of public transport,” he said.

This means that buses, including point-to-point units, will be prioritized in the issuance of special permits. Jeepneys and UV Express units are also given priority.

Ride-hailing services, except for motorcycle taxis, are also allowed to operate, provided that passengers will be limited to two.

Each land transport unit will also be equipped with necessary safety and security features and will follow health regulations, such as an impermeable barrier between the driver and the passengers, deployment of automated fare collection systems if available, and social-distancing rules.

Delgra noted that there will be no fare hike to be implemented during the Covid-19 crisis, so as to “not put more burden to the riding public.”

POLICEMEN guard the 112-bed We Heal As One center at the Ninoy Aquino Stadium inside the Rizal Memorial Sports Complex in Manila, which will serve as quarantine facilities for Covid-19 patients. ROY DOMINGO

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Railways

By Cai U. Ordinario

HE Philippine economy may lose around P1.1 trillion due to the coronavirus 2019 (Covid-19) pandemic, according to the National Economic and Development Authority (Neda).

In an online briefing with the Foreign Correspondents Association of the Philippines on Thursday, Socioeconomic Planning Secretary Karl Kendrick T. Chua told reporters this estimate assumes that GDP growth will be zero this year.

Chua also took into consideration the revised and rebased estimates for GDP released by the Philippine Statistics Authority (PSA), which pegged GDP at around P18.6 trillion in 2019.

“Those are the numbers that I am translating for you based on the pronouncement that GDP will be flat and so far the survey seems to say that is not very far off because the survey says around P700

billion in losses, according to the people we interviewed,” Chua said.

Optimism on the country’s GDP growth numbers have been running low and Chua said it would not be a surprise if GDP growth in the first quarter will not come out as well as hoped.

3 factors

CHUA said the economy was hit hard by three exogenous factors in the first three months of the year that may have undermined the country’s growth prospects.

These factors are the Taal Volcano eruption; the decline in Chinese tourist arrivals and trade which also affected the local tourism industry

PESO EXCHANGE RATES n US 50.5890

and trade sector; and the imposition of the enhanced community quarantine (ECQ) in March.

The PSA is set to release the official first-quarter GDP growth estimates on May 7.

“I’m new here but my sense is that we have a good potential to see a positive growth. [But] we shouldn’t be surprised if the numbers are not to our best favor,” Chua said.

Apart from slow growth, the pandemic will likely increase the country’s debt-to-GDP ratio to around 46 percent to 47 percent from the current 40 percent estimate.

Chua said with the lack of revenues that the government can collect in light of the ECQ, the government can resort to borrowings.

To date, the Philippine government has secured $3.733 billion worth of grants and loans from multilateral agencies, the Asian Development Bank and the World Bank.

However, Chua said any increase in debts will be manageable considering that the Philippines was already on the brink of a fiscal crisis in 2004 with a debt-to-GDP ratio of over 80 percent; consoli-

dated public-sector debt was over 100 percent; and the budget deficit was reaching 6 percent.

Chua said having a debt-toGDP ratio of 41.5 percent as of last year now gives the country some fiscal space to secure low-cost loans, something that was unimaginable in the early 2000s.

“We are in a very good position to borrow because our economy is in a very good position. We have a track record and we put tax reform as our equity contribution,” Chua said.

ECQ lifting

AMID these grim expectations, the lifting of the ECQ in some areas will help boost the economy. Several provinces are expected to enter the general community quarantine (GCQ) phase starting Friday, May 1.

Chua said with 75 percent of economic activities returning to normal under GCQ, the economy still has a prayer for positive GDP growth this year. He said economic activities, provided they follow basic healthcare protocols, will be allowed and be able to give the economy a much needed boost.

FOR the rail sector, Philippine National Railways (PNR) General Manager Junn Magno said the four railways will be commercially operational once the GCQ is implemented in Metro Manila. They will be operating at around 25 percent of their capacities per coach.

“We will be opening the service to all allowed passengers dictated by the InterAgency Task Force in observance of the GCQ parameters,” he said.

Foot baths, sanitation areas, thermal scanning, and limited passengerpersonnel contact will also be implemented.

Airplanes

FOR the aviation sector, the transport agency is looking at operating airports at very limited capacities. The government is awaiting the official protocols from the International Civil Aviation Organization (Icao), as to how airlines will operate their passenger services.

“For now, we are studying social distancing inside the airplanes, because without social distancing inside the planes, health protocols implemented inside the airports will go to waste,” he said.

He added that his group is studying the possibility of leaving three rows on the back of the airplane vacant as an isolation area for passengers who may develop symptoms while mid-air.

Aside from requiring airport and airline personnel to wear personal protective equipment, sanitation areas and rapid testing centers will be deployed “in all airports” in the Philippines, according to Civil Aviation Authority of the Philippines (Caap) Director General Jim G. Sydiongco.

Maritime

THE maritime sector will follow the same safety protocols. Passenger vessels will be allowed to operate at 50 percent of their capacities.

Tugade said that all these will be the new normal for now, pending the eradication of the virus that has claimed over 200,000 lives in the world and more than 500 in the Philippines.

“The new normal will basically be predicated by health and safety. It includes the wearing of masks, sanitation and disinfection. It will have social distancing, which we have to follow while waiting, queuing and boarding,” he said.

Tugade added: “My instruction is to provide as much comfort and convenience to the riding public so as not to further hassle them. We are fighting an enemy where there are so many unknowns.”

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n JAPAN 0.4744 n UK 63.1047 n HK 6.5274 n CHINA 7.1489 n SINGAPORE 35.8381 n AUSTRALIA 33.1661 n EU 55.0155 n SAUDI ARABIA 13.4610

Source: BSP (April 30, 2020)

News BusinessMirror

A2 Friday, May 1, 2020

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DBCC cuts BOC collection goal by 6% on expected Covid impact

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By Bernadette D. Nicolas

HE Development Budget Coordination Committee (DBCC) has cut the collection target of the Bureau of Customs (BOC) by 5.9 percent to P706.861 billion from the initial goal of P751.250 billion.

Multiple reliable sources told the BusinessMirror the reduction in the full-year BOC collection target was done on the back of DBCC’s projections of slower GDP growth, decline in the prices of oil

in the world market, lower import volume, and the factor of pesodollar exchange—all in light of the impact of Covid-19 pandemic.

“BOC target was reduced to P706.861 billion from P751.250

billion by the DBCC,” Customs Assistant Commissioner and spokesperson Vincent Philip Maronilla said in a Viber message to the BusinessMirror.

“We have cascaded that to the collection districts and also revised their targets already,” he said.

He explained that the figures on the bureau’s collection targets were already inclusive of valueadded tax and tax refund.

For this year, oil prices in the world market are projected by DBCC to be at $35 per barrel and peso-dollar exchange rate is at $50 to P1, according to a source.

Import volume is also projected to grow 1 percent this year by the DBCC.

Maronilla expressed hope that the BOC can achieve the lower target for the year.

“We will work hard to achieve them but these are based on assumptions and we are hopeful that the strong economic fundamentals that was established by the Duterte administration will allow the realization of these assumptions if not surpass them,” he said.

BOC’s actual collections for January to April 15 this year fell to P160.98 billion, which is P32.91 billion or 17 percent short of the P193.89-billion target for the period. From P164.4 billion collected by the bureau in the same period last year, BOC’s actual collections this year was down by 2.08 percent or P3.42 billion.

BOC and Bureau and Internal Revenue (BIR) are the main collection agencies of the government.

Earlier, the DBCC also approved the reduction in collection target of BIR to P2.260 trillion, down by

12.27 percent from the P2.576 trillion previously as businesses took the hit from Covid-19 pandemic.

BIR and BOC missed their combined P1.073-trillion target as of April 17, falling short by 40 percent or P431.45 billion as government revenues further drop while the entire Luzon was placed under lockdown to contain the spread of Covid-19.

Preliminary data from January to April 17 submitted to the Department of Finance showed total collection of both BIR and BOC was at P641.62 billion, plummeting by 26.3 percent or P229.56 billion from P871.19 billion collected in the same period last year.

Economic managers said the country’s economy this year is expected to contract by 0.8 percent or post a growth of 0 percent.

More health workers infected with Covid; infants, too

By Claudeth Mocon-Ciriaco

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HE number of infected health-care workers (HCWs) with Covid-19 in the country continues to increase as 1,619 confirmed cases of medical frontliners were recorded as of Thursday.

And, as Covid-19 cases continue to rise with a total of 8,488 infected in the country, the Department of Health (DOH) said that infants are not also spared from contracting the disease.

The DOH expressed worries on the situation of health workers, but is apparently seeing hope after no confirmed cases of HCWs were recorded in the Lung Center of the Philippines (LCP).

Health Undersecretary Maria Rosario Vergeire said the last confirmed case of Covid-19 in LCP was discharged on March 28, 2020.

“And mercifully, no new case has been reported at LCP,” she said during the DOH Beat Covid-19 virtual press conference.

Of the 1,619 infected medical frontliners, Vergeire said 557 are doctors, 604 are nurses, along with 99 nursing aides, 63 medical technologists, 31 radiologic technologists, 17 respiratory therapists, 18 midwives, 13 pharmacists, and other HCWs, 217.

Vergeire said that 250 have already recovered from the disease.

“There are 33 confirmed deaths—24 physicians and 7 nurses,” Vergeire added.

Earlier, Vergeire noted that cases of health-care professionals with Covid-19 continue to increase due to expanded testing.

She noted that they were prioritized in the mass testing for being the most exposed to the virus.

She said that HCWs are now being tested on a regular basis.

New cases

AS of 4 p.m. April 30, 2020, the DOH reported 276 new cases (PH8213-PH8488) of Covid-19.

It announced 20 new recoveries, bringing the total number of recoveries to 1,043. Meanwhile, 568 persons have died from Covid-19 after 10 new deaths were recorded.

In a media forum with health reporters, Vergeire said that the DOH Epidemiology Bureau recorded a total of 25 infants (1 year old and below) who have turned out positive for Covid-19.

The youngest is a 9-day-old baby from Region 7.

Of the 25 infants, Vergeire said, two have died and the rest recovered.

“We are still continuing to investigate these cases and we

Pro-MSME Citira on agenda, but can’t be rushed–senators

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By Butch Fernandez

ENATORS on Thursday assured economic managers the Corporate Income Tax and Incentives Rationalization Act (Citira) pending with them will be given due attention when regular sessions resume on May 4, but cast doubt on the view that its quick passage is better than churning out a multibillion-peso stimulus package for the Covid-affected economy.

Sought for comment on Finance Secretary Carlos Dominguez III’s remarks that a stimulus package will entail tedious deliberations, not to mention require looking for new resources, senators said passage of the Citira will rest on the bill’s merits. They said quickly dismissing the need for a separate stimulus package may be premature.

“We have to rethink Citira. I will support a progressive corporate tax structure that reduces taxes on MSMEs,” said Senate President Pro Tempore Ralph Recto, referring to micro, small and medium enterprises that employ 90 percent of workers and which were badly hit by the lockdowns forced by the Covid-19 pandemic.

Sen. Panfilo Lacson also cautioned against any move to make the Citira and the stimulus package an “either/or” proposition.

“Unfortunately, the virus dictates the way forward, not the economic managers and policy-makers. Once the Senate resolution calling for a virtual plenary session via teleconferencing is adopted, we can get moving and hopefully debate intelligently to pass the Citira and other pending legislative measures,” Lacson said in a text message to the BusinessMirror.

“A legislative measure, especially a tax bill,

needs careful scrutiny and thorough committee and plenary deliberations before its passage, considering its long-term impact on millions of taxpayers,” said Lacson as he defended senators from criticism they had taken too long to pass Citira, which was approved by the House of Representatives late last year.

Speaking at “The New Normal” webinar hosted by the Harvard Business School Alumni Association of the Philippines on Wednesday, Secretary Dominguez said, “You want a stimulus? There is a bill. It’s been sitting in the Senate for the last six months. Why don’t we get that passed and you have immediately a tax stimulus in place?”

Asked for a reaction, Lacson said, “The Senate is generally known for being more deliberate and comprehensive than our House counterpart in this regard.”

For his part, Sen. Ronald “Bato” dela Rosa also defended the Senate’s record in passing legislation. “We cannot just pass a law haphazardly, especially tax measures. It needs thorough deliberation by the body,” dela Rosa said in a separate text message to the BusinessMirror.

House Ways and Means panel chairman Rep. Joey Salceda had vowed to push aggressively for tackling the House version of its stimulus package when Congress returns from a two-month recess on May 4.

Like Recto’s pitch for the MSMEs, Salceda had said these businesses will get priority attention, after their operations were shutdown by the Covid-induced lockdown, leaving them saddled with debts to banks and suppliers, and some workers either out of jobs or on leave without pay.

HEALTH workers wearing protective suits hold signs beside a 16-day-old baby who recovered from Covid-19 as he is discharged from the National Children’s Hospital in Quezon City.

The baby nicknamed “Kobe” is the first Covid-19 patient to be discharged at the children’s hospital. AP/AARON FAVILA

will verify the accuracy of these reports,” she said.

She stressed there is still no evidence showing that Covid-19 can be transmitted “vertically from mother to the baby.”

“According to the WHO (World Health Organization), no presence of the virus has yet been found in samples of amniotic fluid or breastmilk,” she said.

She noted, however, cases of newborns presenting with pneumonia at birth and testing positive, adding, “these cases could

either have been false positives or the newborns were exposed to the virus after birth.”

On Wednesday, a 16-day old baby who conquered the disease was discharged at the National Children’s Hospital in Quezon City.

Makati HCWs

MEANWHILE, Health Secretary Francisco T. Duque III commended Makati City’s efforts to keep the Covid-19 infection rate low among its HCWs.

Duque, who visited Ospital ng Makati (OsMak) and the quarantine facility in Pembo Elementary School on Thursday morning, lauded OsMak’s infection control measures to ensure that none of its health-care workers take the virus home.

Dr. Vergel Binay, OsMak’s OIC medical director, reported to Duque that only 18 out of its almost 1,300 HCWs have tested positive, or an infection rate of only 1.4 percent.

“We make sure that our health-care workers don’t go around the hospital wearing their scrub suits,” Makati Health Department Chief Dr. Bernard Sese explained, relating infection and contamination to improper use of PPEs.

He emphasized that it is not necessarily the lack of PPEs, but the breach of protocols in the donning and doffing of PPEs, that is a possible cause of transmission in other facilities.

According to Sese, the hospital disposes all of its used PPEs, nothing is reused or recycled.

These PPEs are composed of masks, gloves, shoe covers, etc.

They also make sure that HCWs leave their hospital clothes or scrub suits in the facility for laundry and sanitation.

UNDP…

Continued from A8

For hospital beds, Asean-5 countries such as Singapore still had more than the Philippines at 24 beds per 10,000 population; Thailand, 21; Malaysia, 19; and Indonesia, 12.

“The level of human development and its inequality, together with healthcare system capacity, can portray countries’ preparedness to respond effectively and efficiently to a health crisis,” the UNDP said.

Remittances

MEANWHILE, the UNDP said that in terms of immediate economic vulnerability to the Covid-19 pandemic, the Philippines is one of the most vulnerable to the impact of the virus on remittances.

UNDP data showed that this is because remittance flows into the country as a percentage of GDP reached 10.22 percent using 2018 data. This is higher than any of the Asean-5 countries.

After the Philippines, Thailand is a far second, with remittances accounting for only 1.48 percent of GDP followed by Indonesia at 1.08 percent and Malaysia at 0.47 percent.

Globally, the most vulnerable country to Covid-19’s impact on remittances is Tonga with remittance flows accounting for 40.7 percent of its GDP, followed by South Sudan at 35.27 percent and Kyrgyzstan at 33.23 percent.

The Philippines has a medium vulnerability in terms of the population living below the income poverty line.

UNDP data showed that using Purchasing Power Parity (PPP) of $1.9 per day, an average of around 6.1 percent of the population live on less than $1.9 a day.

Employment

IN terms of total employment, UNDP data showed 23.3 percent of working Filipinos are earning $3.2 per day, using PPP terms.

However, this is lower than Indonesia’s 24.2 percent.

The rest of the Asean-5, Singapore, Malaysia and Thailand, only had 0.1 percent of their working population earning $3.2 per day in PPP terms.

“Poverty adds to the high risks of long-lasting consequences. Despite recent progress in poverty reduction, about 1 in 4 people still lives in multidimensional poverty or is vulnerable to it, and more than 40 percent of the global population does not have any social protection,” UNDP said.

The data is based on two Dashboards prepared by UNDP. Dashboard 1 on Preparedness presents indicators for 189 countries while Dashboard 2 on Vulnerabilities presents indicators that reflect countries’ susceptibility to the effects of this crisis.

Dashboard 1 included level of development, inequalities, the capacity of a healthcare system and Internet connectivity—to assess how well a nation can respond to the multiple impacts of a crisis like Covid-19.

“The pandemic is more than a global health emergency. It is a systemic human development crisis, already affecting the economic and social dimensions of development in unprecedented ways,” the UNDP said.

“Policies to reduce vulnerabilities and build capacities to tackle crises, both in the short and long term, are vital if individuals and societies are to better weather and recover from shocks like this,” it added.

Covid seen to cost PHL economy ₧1.1T Continued from A1

The Neda chief said being prudent with the lifting of the ECQ is one of the ways the economic team and the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF-EID) will ensure a sustained economic recovery.

“We already know from other countries that too hasty a decision without the necessary preparation can lead to a second or a third wave. And that’s worse, actually. We would like to prepare better and recover and sustain that. We don’t want a recovery followed by a sudden collapse again,” Chua said.

New hope

CHUA said one of the possible growth drivers of the economy in post-Covid-19 Philippines would be the agriculture sector.

He earlier explained that all activities linked to the agriculture sector and food production as well as delivery are allowed, even under the ECQ.

As such, the government is able to ensure that the country has sufficient food supply during lockdown and allow the agriculture sector’s growth to see some much-needed improvement.

The government, he said, also has tools in its arsenal to support farmers such as the Land Bank of the Philippines

and programs such as SureAID and the Rice Competitiveness Enhancement Fund (RCEF).

Chua said, however, what is needed is to increase the productivity of the sector. For years, the agriculture sector barely grew 2 percent, the country’s average population growth rate.

“Agriculture growth hardly exceeded population growth in the past years. So that suggests we cannot even feed our own people if we cannot grow by at least 2 percent every year,” Chua said.

“We are going to put a lot of effort into improving agriculture and this requires what we actually did in the case of rice. We opened up the sector but we put a lot of money to mechanize, to get the high-yielding seeds, and all the support so that once and for all, we make agriculture very productive,” he explained.

Meanwhile, Chua also reiterated that the Build, Build, Build program will also be accelerated once the government can ensure that workers can safely continue with these projects.

Chua said the BBB program remains one of the government’s key strategies to recover from the economic losses brought by the pandemic.

After establishing the “new normal,” Chua said, the government will prioritize which projects would have the most impact on the economy and fast-track these projects.

The BBB program can also help returning overseas Filipino workers (OFWs) gain employment. Chua admitted that the country was in short supply of quality workers in the construction sector and OFWs would be able to fill this gap if they chose to stay in the country.

Nonetheless, Chua is confident that with the excellent brand of service that Filipino workers have established globally, many OFWs will be able to return abroad.

Earlier, in an Ateneo de Manila University (ADMU) Policy Brief, Ateneo Center for Economic Research and Development (ACERD) Director Alvin P. Ang and Institute for Migration and Development Issues (IMDI) Executive Director Jeremaiah M. Opiniano estimated around 300,000 to 400,000 OFWs will be laid off or suffer pay cuts due to the pandemic.

Ang and Opiniano said this will likely cut the remittances from OFWs by 10 to 20 percent or as much as $3 billion to $6 billion, “the steepest decline in remittances in Philippine migration history.”

This means remittances could only reach $24 billion to $27 billion this year from $30 billion in 2019.

“These base-to-worst case scenario are significant numbers hitting the economy externally and then internally.

With overseas Filipinos’ remittances fuelling national consumption, we can lose 20 percent to 40 percent of consumption due

to the pass-through effect of remittances,” Ang and Opiniano said.

The Covid-19-induced lockdowns and work stoppage have put global economies in limbo. Multilateral institutions as well as international and local think tanks have painted a grim picture for global GDP growth this year.

On March 17, President Duterte imposed an enhanced community quarantine (ECQ) on the entire island of Luzon where the National Capital Region, Calabarzon and Central Luzon regions are located. The three regions account for 60 percent of the country’s GDP. The monthlong Luzon ECQ was extended to April 30; and once again, to May 15, but this time for Metro Manila and nine other areas in Luzon, the Visayas and Mindanao deemed at high risk of infections.

The government is also expecting the return of thousands of OFWs due to the work stoppage, particularly among cruise ships and ocean liners, due to Covid-19.

Ang and Opiniano said another concern when it comes to the plight of OFWs is the decline in oil prices. They estimate that if the current trend continues, more Filipinos in the oil-rich Middle East will be out of jobs or suffer pay cuts.

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DOLE’s ₧25-B program seeks to farm out jobs to the regions

By Samuel P. Medenilla @sam_medenilla

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P25-BILLION comprehensive employment recovery plan is now being pushed by the Department of Labor and Employment (DOLE) to prevent possible mass labor displacement amid the raging novel coronavirus disease (Covid-19) crisis.

In an online news conference on Thursday, Labor Secretary Silvestre H. Bello III disclosed a significant component of the plan is the Barangay Emergency Employment Program (BEEP) that would focus on generating employment opportunities, mostly in the provinces, for workers, facing possible retrenchment.

He explained the project is anchored on the concept of urban-torural relocation, which is currently being advocated by the government to reduce population in the country’s metropolitan centers.

“We are deep into the details of a recovery plan post-Covid for the generation of a fresh 1 million jobs in the provinces for our workers in the coming months,” Bello said.

Jobs and subsidies

DOLE will tap the Public Employment Service Offices (PESO) to facilitate the hiring of qualified beneficiaries three-month emergency employment under BEEP. Former Labor Secretary Marianito D. Roque, who is now a consultant of Bello and the “brains” behind the recovery plan, said this may involve construction projects of the Department of Public Works and Highways (DPWH).

“We will appeal to them to increase their manpower so instead of them using their equipment so that there will be job creation for their existing projects in the provinces,” Roque said.

Other provision of the DOLE recovery plan is the three-month wage subsidy to workers in micro and small scale enterprises, including those in the “gig” economy and members of the mass media; and the hiring of 5,000 “new-graduates, new board-passer” nurses for six months to be trained and implement a Nurses for Occupational Health and Safety Program (NOSH).

D OL E a l s o pl a n s to re cruit 15,000 overseas Filipino workers (OFW), who were displaced because of Covid-19, to undergo training as nurse assistants and support the NOSH nurses.

Roque said the DOLE recovery plan will be submitted to the InterAgency Task Force for the Management of Emerging Infectious Diseases (IATF) for approval.

DOLE unveiled its recovery plan with its hefty price tag amid its fund shortages for its existing cash aid programs for local workers and OFWs, who were affected by Covid-19.

Existing gaps?

LABOR groups recognized the good

intention of the recovery plan, but expressed concern regarding its feasibility, especially since the Covidcrisis has crippled the operations of many businesses.

“Absent this robust economic activity, no jobs will be generated, thus, no worker will be attracted, and with no demand, there comes no business.... It would take a long time to develop a dynamic economy in the provinces,” Partido Manggagawa (PM) Chairman Renato Magtubo told BusinessMirror in an SMS. For his part, Trade Union Congress of the Philippines (TUCP) Spokesman Alan Tanjusay said the wage rates, which will be offered to the displaced workers, will be crucial in the success of the proposed recovery plan.

“If the wage and benefits is too small it will be difficult to retain the workers in low [minimum] wage [rate] regions,” Tanjusay said.

Federation of Free Workers (FFW) President Sonny Matula said the government should have consulted the labor sector to craft a “well-accepted” recovery plan.

“Consultation and participation of the people and their organizations are important for the people to have ownership and their needs and concerns to be appropriately addressed,” Matula said.

DSWD, LGU issues

THE chairman of the House committee on Public Accounts on Thursday asked the Department of Social Welfare and Development (DSWD) and local government units (LGUs) to iron out their issues, which hamper the distribution of P5,000 to P8,000 financial aid to 18 million families.

Rep. Mike Defensor of Anakalusugan issued the statement as just a little over half of the target beneficiaries have actually received the assistance for this month as of April 30, the deadline for its distribution.

Citing information posted on the DSWD web site, Defensor said of the targeted 18 million householdbeneficiaries, 3.7 million covered

by Pantawid Pamilyang Pilipino Program (4Ps) and 5.7 million non4Ps have received cash assistance.

This means that there are 8.6 million families waiting for the financial aid for April, including about 700,000 4Ps beneficiaries, he said.

Defensor also said since almost half of the funds for April is yet to be delivered to the beneficiaries, the DSWD should allow LGUs to continue distributing the funds beyond the deadline.

“Obviously,thereareproblemsslowingdownthedeliveryofaid.TheDSWD and LGUs, which the department has tasked to distribute the funds, should resolve these issues,” he said.

Defensor added resolving distribution issues would speed up the delivery of the remainder of the P100 billion in aid budgeted for April and another P100 billion for May.

With Jovee Marie N. Dela Cruz

Amid lockdown, Caritas Manila distributes P1.37B worth of food vouchers to the poor

By Rizal Raoul S. Reyes

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@brownindio

ARITAS Manila has facilitated the distribution of P1.37 billion worth of food vouchers to 1.37 million families in Greater Manila Area amid the Luzon-wide lockdown to prevent the spread of the novel coronavirus disease 2019 (Covid-19).

From the middle of March to the middle of April, Caritas Manila Executive Director Fr. Anton Pascual said Project Damayan gave out P1,000 food voucher per household to 1,371,855 families in 650 parishes and 10 dioceses in Metro Manila and surrounding provinces of Bulacan, Rizal, Laguna and Cavite.

Caritas Manila’s objective, he said, is to minimize the impact of hunger among poor families forced to stay home during the enhanced commu-

nity quarantine, stressing that this is the biggest charitable undertaking of Caritas Manila.

The project was made possible through Project Ugnayan, a fundraising initiative of the country’s top businessmen led by Fernando Zobel de Ayala in coordination with the Philippine Disaster Resilience Foundation (PDRF), Pascual said.

For its part, Caritas Manila utilized its vast network of Diocesan Social Action Centers, thousands of priests and volunteers to help identify the recipients and distribute the vouchers.

Pascual has expressed his gratitude to the business community and the PDRF for entrusting Caritas Manila to undertake the distribution of assistance to people who are most in need during the Covid-19 outbreak.

Caritas Manila is the lead social service institution of the Catholic Church.

Editor: Vittorio V. Vitug • Friday, May 1, 2020 A3

SC slashes bail for ‘poor’ PDLs to ease prison congestion, control virus spread

By Joel R. San Juan @jrsanjuan1573

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HE Supreme Court decided on Thursday to reduce bail and allow recognizance for indigent persons deprived of liberty (PDLs) charged with a crime punishable of imprisonment not exceeding to six months as part of its measures to decongest crowded jails and prison facilities and stop the spread of Covid-19.

Under SC’s Administrative Circular 38-2020 addressed to all justices, judges, prosecutors, public attorneys and members of the SC, Chief Justice Diosdado Peralta said more PDLs are expected to be released with the latest initiative.

“This circular shall take effect immediately and may be availed of only during this period of public health emergency,” Peralta said.

Peralta noted that from March 17 to April 29, 2020, a total of 9,731 PDLs have been released from jails due to several measures issued by the High Court.

These initiatives aimed at facilitating and expediting the release of PDLs include Administrative Circular 33-2020, supplemented

by Office of the Court Administrator (OCA) Circular 89-2020, which allowed the electronic filing of information and transmission of release orders; OCA Circular 912020, which reiterated the guidelines on the release of qualified PDLs through self-recognizance and provisional dismissal; and Administrative Circular 37-2020 on the pilot testing of videoconference hearings of urgent matters in criminal cases involving PDLs. Out of the 9,731 PDLs released, 2,082 are from the National Capital Judicial Region, 4,657 in Luzon (outside NCJR), 1,072 in Visayas, and 1,920 in Mindanao.

“We have also countlessly ruled that the amount of bail should be reasonable at all times. In implementing this mandate, regard should be taken on the prisoner’s pecuniary circumstances. We point out that what is reasonable bail to a man of wealth may be unreasonable to a poor man charged with a like offense.... The amount should be high enough to assure the presence of the defendant when required, but no higher than is reasonably calculated to fulfill this purpose,” the circular stated.

Upon consultation with the other members of the Court and considering the urgent need to further decongest detention facilities, Peralta said they have decided to reduce bail and allow recognizance based on the following circumstances:

For those charged with a crime punishable with the maximum period of reclusion temporal or 12 years and one day to 20 years, the bail shall be computed by getting the medium period multiplied by P3,000 for every year of imprisonment;

For those charged with a crime punishable with the maximum period of six years and one day to 12 years, the bail shall be computed by getting the medium period multiplied P2,000 for every year of imprisonment;

For those charged with a crime punishable with the maximum period of prision correccional or six months and one day to six years, the bail shall be computed by getting the medium period multiplied by P1,000 for every year of imprisonment;

For those charged with a crime punishable by arresto mayor or one month and one day to six months, and arresto menor or one day to 30

‘Tele-hearing:’ Trial courts harness technology in trial of criminal cases

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HE use of videoconferencing will be the so-called new normal in hearing criminal cases pending before trial courts in the country during a state of public health emergency.

Court Administrator Jose Midas Marquez, who is leading the expanded pilottesting of videoconferencing, also known as “tele-hearing” in the Judiciary, said the method will be adopted by selected trials courts under the enhanced community quarantine and general community quarantine due to the Covid-19 pandemic.

Marquez said the pilot-testing is scheduled to start within the week in the National Capital Region (NCR) and several provinces.

He said videoconferencing would be utilized “while there is public health emergency unless extended by the Supreme Court thereafter.”

When asked if this would be the “new normal” when it comes to court hearing on criminal cases until a vaccine against Covid-19 is made available, Marquez replied, “New normal during public health emergency.”

While the use of videoconferencing covers only hearings on criminal cases, Marquez told the BusinessMirror that it may be extended to cover civil cases later on.

In line with this, Marquez issued Circular 922020 which provides electronic mailing (e-mail) accounts to selected first-level and second-level courts for the purpose of electronic filing and pilot-testing of videoconferencing.

“All are hereby directed to immediately sign-in to their Judiciary 365 accounts, particularly to Outlook for their e-mail, and to teams for videoconference hearings. All account users must regularly access their accounts, as these will be used for official communications to and from the Supreme Court, the Office of the Court Administrator, and court users,” the circular stated.

He reminded judges and court personal that the Philippine Judiciary 365 accounts should only be used in the performance of official duties and responsibilities of the account holder.

“Any communications not related to the performance of official duties and responsibilities shall subject the account holder to administrative sanctions,” Marquez said.

Earlier, Peralta said the adoption of present technology into the court rules and proceedings will prepare the Judiciary in the event of a similar health crisis in the future.

Subsequently, Peralta directed the conduct of pilot-testing of the use of videoconferencing to hear criminal cases in the NCR and other selected parts of the country to curb the increasing number of persons deprived of liberty (PDLs) getting infected with Covid-19.

The videoconferencing method would be applied in all stages of the trial, whether it is newly filed, already pending before a court or the promulgation of judgment.

The Chief Justice also gave orders that during the videoconferencing of the trial, the constitutional rights of the accused would be observed.

“The hearings through videoconferencing shall cover all PDLs and may apply to all stages of trial of newly filed and pending criminal cases, including but not limited to, arraignment, pretrial, bail hearings, trial proper, and promulgation of judgment,” Peralta said.

The videoconferencing has long been practiced and adopted during court trial of cases in the technologically advanced countries like the United States to address delays in court proceedings. The method is described as “the holding of a conference among people at remote locations by means of transmitted audio and video signals.”

Through these conferences, “individuals meet one another in a real-time virtual manner ‘as if they were in the same room’ without the hassle and expense of traveling.”

Even the SC en banc, in lowering the passing rate for the 2019 Bar examinations from 75 percent to 74 percent, acknowledged the “need for more younger and technologically adept lawyers” to work with different sectors in addressing the challenges and the country’s transition to the new normal.

Likewise, Integrated Bar of the Philippines (IBP) National President Atty. Domingo Egon Cayosa advised to incorporate current technology in their practice of law.

“Technology can be harnessed to significantly improve the administration of justice and the practice of law; and that we can help our community and country beyond traditional lawyering,” Cayosa said.

“Have a broad perspective and measure up to global standards. Use technology to efficiently deliver justice and more importantly to promote peace, conscientiously advance the interest of your clients and help the less fortunate in your community and in our country,” he added.

Justice Secretary Menardo Guevarra also shared the same view as he urged new lawyers to be adept of modern technologies in order to cope with the changing times.

“In this day and age, human interactions are carried on to a large extent with the use of high technology. Commerce is conducted electronically; communications through the Internet and social media; and many other transactions, crimes included, via cyberspace,” Guevarra pointed out.

“Consequently, the legal framework has, likewise, morphed. Laws governing electronic transactions and penalizing offenses committed through cyberspace have been enacted, and the way our legal institutions operate has been modified to cope with and make use of computerdriven technologies. All new lawyers should be equipped to tread on this new landscape, where the environment for many human activities has become a virtual reality,” he added. Joel R. San Juan

days, they may be released on their own recognizance.

“Any violation of the undertaking, or conditions, imposed on the bail, or recognizance, shall be a ground for the cancellation of the said bail or recognizance which will justify the issuance of a warrant of arrest against the accused,” the circular read.

On the other hand, for indigent PDLs who have not yet been arraigned, the Court said they must first be arraigned before they can seek bail or recognizance.

The arraignment and release on bail, or recognizance, may be conducted through videoconferencing as provided in Administrative Circular 37-2020, according to Peralta.

“This is without prejudice to the exercise of the court’s discretion to deny the application for bail or recognizance if there are reasonable grounds based on prevailing jurisprudence and existing rules, and to the imposition of additional bail and conditions, or the cancellation thereof, to those who will be convicted, pending their appeal,” it added.

PDLs who are already serving sentence are no longer covered by the circular.

DOT to mount ‘sweeper flights’ for stranded locals

By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

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OMESTIC tourists will now be able to get a chance to return home to their residences in the National Capital Region (NCR) as the Department of Tourism (DOT) will be mounting sweeper flights from their respective locations.

The Inter-Agency Task Force on Emerging Infectious Diseases (IATF-EID) approved on Monday the DOT’s request to undertake necessary measures to charter and fund said sweeper flights for the qualified stranded local tourists. Those who are in the NCR and wish to return home to their provinces will also be allowed to take the sweeper flights from the Ninoy Aquino International Airport (Naia).

As of April 28, regional offices of the DOT has recorded 2,392 domestic tourists stranded in various locations.

“This is a positive development that will complement our ongoing efforts in the department to assist qualified stranded local tourists, which include the provision of one-time financial assistance,” said Tourism Secretary Bernadette Romulo Puyat in a news statement.

She told the BusinessMirror, for stranded tourists who live outside the NCR, the DOT is currently discussing with their respective local governments the procedures to allow them to return home as some provinces are also under enhanced community quarantine (ECQ).

A stranded local tourist may be eligible for the assistance if registered with the DOT regional office and has a confirmed return land, air, or sea ticket to their home province, city or municipality but was canceled due to the implementation of local quarantines.

The agency will announce the dates of the departures of these sweeper flights. Stranded local tourists are encouraged to communicate with the nearest DOT regional office.

Earlier, the DOT helped mount sweeper flights for foreign nationals, who were stranded in local destinations where they were holidays, or conducting business.

Meanwhile, the DOT-NCR said it has served a total of 24,336 nationals directly and indirectly, since the ECQ was implemented on March 16.

DOT-NCR Director Woodrow C. Maquiling Jr. said they have assisted 13,694 foreign tourists and 9,614 overseas Filipino workers (OFWs) who transited through the Naia terminals in Pasay, the country’s premier international gateway.

As of April 19, the DOT-NCR helped passengers from 55 sweeper flights from other domestic airports, 20 repatriation flights mounted by foreign governments, helped rebook flights of over 466 stranded passengers, facilitated temporary shelter of over 2,402 travelers, and transported 1,033 travelers, whose flight and travel arrangements were disrupted by the ECQ. Maquiling added, 22 foreign embassies also tapped his office, which closely coordinated with its counterparts in the various regions as well as the national government, in mounting repatriation flights for their respective nationals who had been stranded across the country.

The DOT-NCR has also started distributing some 12,000 health essentials, composed of face masks, latex gloves and vitamins to airport frontliners at the Naia.

As of April 13, a total of 4,536 hygiene essential kits for OFWs have been distributed to identified accommodation establishments in Metro Manila. The DOT has been able to secure 11,549 hotel rooms to accommodate OFWs who are required to undergo the 14-day quarantine upon their arrival in the country.

A4 Friday, May 1, 2020 • Editor: Vittorio V. Vitug

Economy BusinessMirror

Government eyeing to extend deadline for SAP distribution

By Samuel Y. Medenilla @sam_medenilla

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HE government is now eyeing to extend the deadline for local government units (LGU) to disburse the allocated funds for the Social Amelioration Program (SAP) up to this month.

This developed after some local government units (LGU) aired concern following the lapse of the threeday deadline set by the DILG for SAP distribution expires this week.

The leaders of the said LGUs have appealed for additional time for the distribution, especially after the Department of Social Welfare and Development (DSWD) allegedly took some time to disburse the SAP funds. “[DSWD] Secretary Rolly [Rolando] Bautista and I are now studying the [distribution] situation in Metro Manila and other areas with high density population of urban poor families,” Interior Secretary Eduardo Año said in an online news briefing on Thursday.

LGUs in the said areas, Año said, have difficulty completing the distribution of the SAP cash aid to targeted beneficiaries en mass while still maintaining social distancing.

Currently, he said, they are now considering extending the SAP distribution in the National Capital Region, the provinces of Cavite, Rizal, Laguna, Bulacan, Cebu City and Davao City by another seven days.

Other LGUs, which still have SAP distributions delays, may be given a

4-day deadline extension.

As of Wednesday, Bautista reported only P33.3 billion of the P81.9 billion funds downloaded to LGUS for SAP have been distributed to its intended beneficiaries.

To further speed up the distribution initiatives of LGUs, Bautista said they will soon allow LGUs to make partial submission of their liquidation reports so they could start the validation process.

He pointed out they could will only release the funds for the second tranche of SAP to those which will have their liquidation reports validated by DSWD. SAP is a two-month cash aid program of DSWD meant for poor families, who were affected by business disruptions related the novel coronavirusa disease (Covid-19) crisis.

The distribution of its first tranche was supposed to have been completed in April, before the start of the distribution of its second wave this month.

DILG earlier warned LGUs, which will fail to distribute the SAP on time may face criminal and administrative charges.

More ‘vulnerable’ families

RESEARCH group IBON, meanwhile, said that some 3.8 million “vulnerable” families still without assistance are at risk of slipping into deeper poverty should the government “reprioritize” social amelioration to only the areas retained under the enhanced community quarantine

(ECQ) and will be “discontinued” in declared general community quarantine (GCQ) areas.

The group, in a news statement issued on Friday, said that government should be sensitive to the plight of all still unserved and now struggling beneficiaries by making good on its promise to immediately distribute emergency subsidies.

The Duterte administration declared that the extended ECQ­ previously set to end on April 30­­ will be again extended to May 15 in areas classified as “high risk”. The areas observed to still have many Covid-19 cases are Benguet, Pangasinan, Central Luzon except Aurora, Metro Manila, Calabarzon, Cebu, Iloilo, Bacolod City, and Davao City.

The rest of the country—considered “low risk” and “moderate risk” areas—will be under a GCQ. Face masks and physical distancing will still be required, but work and transportation are expected to reoperate under more relaxed quarantine.

IBON observed that despite President Duterte being granted emergency powers by Congress, promised financial assistance has not been expediently delivered to the targeted 18 million poor families affected by the Luzon-wide ECQ. DSWD Bautista said that GCQ areas will no longer receive cash subsidies due to limited SAP resources as per National Economic and Development Authority (Neda) recommendation.

Though the DSWD recently clari-

fied that beneficiaries in the GCQ areas will still receive the first tranche of subsidies, IBON said that overall, government should stop making excuses on top of a huge SAP backlog.

The group said that government should provide humane and compassionate response and it can start by immediately dissolving all bureaucratic hurdles to deliver promised cash assistance to the millions of unserved beneficiaries including those in GCQ areas.

Relaxing activities in areas previously locked down does not offset the six-week impact of the ECQ on the incomes and livelihoods of the most vulnerable families, said the group.

Based on DSWD data, IBON noted, some 1.3 million beneficiaries, or one of three target SAP beneficiaries in Luzon GCQ areas alone remain unserved as of April 29.

Meanwhile, 8.4 million households across the country are reported to have not yet received any emergency assistance. Of these, 4.6 million households are in the retained ECQ areas and the remainder 3.8 million households are under the downgraded GCQ areas by May 1.

Also, some P50.3 billion in SAP funds have yet to be paid out nationally, P19 billion of which is for GCQ areas.

IBON hit government’s “indifference” to the plight of the poor. The group observed that government was able to afford a one-and-a-halfmonth delay in emergency aid to its poorest constituents and is now deciding to even ration it.

Neda’s Chua says PHL economy ready to handle Covid-19, Taal eruption crises

By Cai U. Ordinario @caiordinario

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HE Philippines’s strong macroeconomic fundamentals continue to shield the economy from the ill effects of the Taal Volcano eruption and the coronavirus 2019 (Covid-19) pandemic, according to the National Economic and Development Authority (Neda).

In a television interview on Wednesday, Socioeconomic Planning Secretary Karl Kendrick T. Chua said the economy, which has been growing at 6 percent, is equipped to handle the recent crises.

There were also fewer poor Filipinos to protect given that the latest data showed the number of poor Filipinos already declined by 6 million.

“Actually, we are coming into the crisis with a strong economy. As of 2019, going into 2020, our growth rate is averaging 6 percent when other economies are slowing,” Chua

said in a mix of Tagalog and English.

“In 2018, when the poverty incidence data was released, it showed poverty plunged from 23 percent to 17 percent. So we were already able to realize our promise of lifting 6 million Filipinos out of poverty by 2022 earlier,” he added.

On top of this, Chua said the latest data from the Philippine Statistics Authority (PSA) showed the country’s revised and rebased National Income Accounts (NIA) bodes well for the dream of becoming an upper middle-income country (UMIC) either this year, or next year.

Currently, the Philippines is classified by the World Bank as a lower middle-income country with a per capita gross national income (GNI) of between $1,026 and $3,995 using 2018 data.

An upper middle-income economy is classified as those countries with a GNI per capita of between $3,996 and $12,375, according to

DENR addressing human-primate strife on case-by-case basis–exec

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HE Department of Environment and Natural Resources (DENR), through the Biodiversity Management Bureau (BMB), is addressing human-macaque conflict on a case-by-case basis “with the most humane approach possible.”

This was the assurance by DENR Assistant Secretary Ricardo Calderon in response to an appeal made by an animal-rights activist in response to government’s plan to allow capture of native monkeys on an island in Romblon Province for research and development purposes.

Responding to NE dim C. Byukmihci, emeritus professor of Veterinary Medicine at the School of Veterinary Medicine, University of California, Calderon said the position of the DENR is that the removal of macaques, or any wildlife, in conflict with humans is considered as the last resort after all other measures had been exhausted in consideration of the welfare of both

humans and wildlife.

According to Calderon, the concurrent director of the BMB, other approaches to addressing human-macaque conflict are forest restoration, appropriate disposal of wastes, and the massive public awareness campaign on avoiding interaction with macaques.

“As we endeavor to achieve human-wildlife co-existence, rest assured that the future actions of this bureau on the sustainable use of wildlife resources shall be guided by the national wildlife conservation law and regulation and in accordance with the Multilateral Environment Agreements to which the Philippines is a party,” he said.

A leading animal-rights activist and expert on veterinary medicine, Byukmihci, who was speaking on behalf of the group Action for Primates, earlier appealed to the DENR to reject applications for a special permit to harvest native monkeys from the wild. Jonathan L. Mayuga

World Bank data.

“PSA released the revised and rebased GDP last week, showing that [the] economy grew more than originally measured. This is likely to make [the] Philippines [a] UMIC. We [will] wait for [the] World Bank to confirm,” Chua told the BusinessMirror.

With this, Chua said the government has been able to extend help to people affected by the Taal Volcano eruption in January 2020.

The economy’s robust growth also enabled the country to weather any slowdown in tourism and trade in the first few months of the year.

This was largely due to the slowdown in the Chinese economy, which was already battling the coronavirus at the time.

Further, Chua said through the gains in the economy, the government was able to extend assistance during the Covid-19 pandemic.

Initially the government set aside P27 billion for the tourism sector

followed by a P205-billion social amelioration package under the Bayanihan We Heal As One Act. The new law also provided for a P51 billion worth wage subsidy for employees of micro, small and medium enterprises (MSMEs) who may have been negatively affected by the pandemic.

This, Chua said, is on top of other regular social programs of the government such as the Conditional Cash Transfer program, pension for seniors, and rice subsidy program, to name a few.

“This is because of the good handling of our economy starting from previous administrations. That’s the first thing we have to remember. When it comes to Covid-19, this is a problem of countries all over the world, no one is exempted from this. But what is good about this is that we are coming from a stable and strong economy,” Chua said in the vernacular.

www.businessmirror.com.ph

DICT chief vows support to PNPKI initiative for secure e-transactions

By Lorenz S. Marasigan @lorenzmarasigan

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S the National Economic and Development Authority’s (Neda) Regional Development Council for Northern Mindanao adopts the use of the Philippine National Public Key Infrastructure (PNPKI), the chief of the Department of Information and Communications Technology (DICT) said his group will be providing the necessary support services for the implementation of the said initiative.

DICT Secretary Gregorio B. Honasan II said operating PNPKI, which is mainly used to secure electronic documents, is a core service that aims to encourage the public and private sec-

tors alike to adopt the use of digital certificates.

“The collaborative efforts of our fellow public servants towards improving the state of public health and welfare are sooner realized when enabled by ICT [information and communications technology] services,” he said.

Digital certificates serve as a form of authentication, or proof of identity, allowing people to sign, save and e-mail official e-documents securely, and therefore facilitating faster remote work transactions.

“This is in support of the wholeof-government efforts…and in compliance with the measures issued by the Inter-Agency Task Force for the Management of Emerging Infectious Diseases,” Honasan said.

CamSur offers 300-hectare industrial estate for ‘Balik Probinsya’ program

By Jovee Marie N. Dela Cruz @joveemarie

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HOUSE de put y s pe a ker on Thursday said the 300-hectare industrial estate within Camarines Sur’s Provincial Capitol complex will be offered as the first site for “Balik Probinsya” program, where companies in Metro Manila could relocate to do business once the coronavirus pandemic is over.

Deputy Speaker Luis Raymund Villafuerte of Camarines Sur said the province is already coordinating with Trade Secretary Ramon M. Lopez to offer the complex as a possible Balik Probinsya relocation site.

The CamSur local government’s sprawling complex in the provincial capital of Pili is also just a five-minute drive from the Naga Airport.

Villafuerte said CamSur is ready to offer the land complete with incentives and support to accept investors for the Balik Probinsya program.

This 300-hectare property is ideal for investors, he said, as it is already equipped with the necessary infrastructure such as fiber-optic Internet connection, along with available power, or electricity, and water and accessibility.

Vil lafuerte said there is a business-process outsourcing (BPO) company already operating in the industrial park accredited by the Philippine Economic Zone Authority (Peza) within the 300-hectare estate.

CamSur’s incumbent governor is the deputy speaker’s son, Miguel Luis Villafuerte.

“We are fully supporting the Balik Probinsya project as it will serve as a catalyst for quick economic recovery, especially in the countryside,

as soon as the Covid-19 pandemic is contained,” Villafuerte said in a news statement.

“Providing incentives to businesses to set up shop outside Metro Manila jibes with both the commitment of President Duterte to equitable growth and regional development and the spirit of the proposed Citira [Corporate Income Tax and Incentives Reform Act], which offers a menu of tax incentives to corporations that will set up shop and create jobs outside the metropolis,” Villafuerte, a coauthor of the Houseapproved Citira bill, said.

For his part, Lopez said he would push improvements in the tax incentives offered under the proposed Citira for companies that will locate outside Metro Manila.

Lopez said one of the incentives he would support to improve Citira is the grant of a longer income tax holiday (ITH) for companies that will locate in the countryside.

The House-approved Citira bill provides for ITH and other perks for businesses willing to relocate, or expand their operations outside the metropolis.

Citira’s counterpart measure in the Senate is pending with its committee on ways and means.

The Balik Probinsya plan was discussed during the televised Inter-Agency Task Force-Emerging Infectious Disease meeting after it was announced that the President had approved the task force’s recommendation to extend the enhanced community quarantine until May 15 in Metro Manila and other areas classified as “high risk” areas to Covid-19, and to relax the containment rules in “low risk” places that were placed under general community quarantine.

Some workers may not be entitled to receive holiday pay on Labor Day

By Samuel P. Medenilla @sam_medenilla

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OME workers will not be getting their holiday pay on Labor Day because of the novel coronavirus disease (Covid-19).

This after the Department of Labor and Employment (DOLE) issued Labor Advisory (LA) 152020 exempting some companies from the holiday pay rule amid the national emergency arising from the virus.

“Establishments that have totally closed, or ceased operation, during the enhanced community quarantine period are exempted from the payment of the holiday pay under this advisor y,” Labor Secretar y Silvestre H. Bello III said in the one-page issuance.

Others employees, who are still lucky enough to be entitled to the holiday pay, may have to wait a bit longer to get it from their companies.

“Employers are allowed to defer

payment of holiday pay on May 1, 2020, until such time that the present emergency situation has been abated and the normal operations of the establishment is in place,” Bello said.

Labor Day, which is commemorated on May 1, is a regular holiday.

Therefore employees, who will go to work during that day will get twice their regular pay.

They will be entitled to another 30 percent of their hourly rate during that day if they will work overtime (beyond eight hours) and another 30 percent of their daily rate if the holiday coincides with their rest day.

Bello explained even employees, who will not report for work during the holiday, must still be paid 100 percent of their wage that day “subject to certain requirements under the implementing rules and regulations of the Labor Code, as amended, or that he or she was present or on leave with pay on April 30. The workday prior to May 1, 2020.”

Labor Day is an international celebration, which commemorates the contribution of workers to society.

Online commemoration

THE labor group Workers’ Alliance in Region 3 (WAR-3) said it will commemorate Labor Day online due to the enhanced community quarantine (ECQ ) lockdown brought by the Covid-19 pandemic.

“We can still celebrate and hold mass actions on this historical day even in our own homes by taking pictures and videos of our activities and post these online, the social media will have a very important role in these times,” Pol Viuya, WAR-3 chairman said.

“Today, the need for airing our grievances is more than ever. The workers and the people are very disappointed with how the government is addressing the health crisis and we will not be stopped by the limitations of the ECQ,” Viuya added.

“The Duterte government should be held accountable for its incompetence and lack of a comprehensive plan,” he said.

The group started their protest since April 27 and 29 by video taping their noise barrages and their selfies complete with empty pots and pans, as symbols for hunger and tools to make noise which they uploaded on their Facebook page.

Other peoples’ organizations (PO) also made their own versions as support for the workers’ historical celebration.

“We are demanding the urgency of government to deliver immediate relief to all workers,” he said.

“From DOLE Region 3’s report, there are only about 80,000 workers that were given financial aid,” he added.

“But workers in Clark alone have more or less a hundred thousand workers. The government is keeping a bureaucratic red tape that kept it sluggish in implementing the program.” Viuya said.

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

Oil climbs amid output cuts and rising demand

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il advanced for a second day on signs fuel consumption is star ting to recover in the world’s biggest economies, while global production cuts also begin to offset the demand destruction caused by the coronavirus.

Futures in New York rose around 8 percent to above $16 a barrel. They surged by more than a fifth of their value on Wednesday as Energy Information Administration data showed a surprise drop in American gasoline stockpiles and a jump in demand. In China, traffic is returning to the streets, suppor ting a boost in fuel consumption and refinery processing rates.

On the supply side, US output will fall by 2 million barrels a day in May compared with March and the price of crude has likely bottomed out, according to the head of trading house Mercuria Energy Group Ltd. Russia also flagged that its produc tion would fall by around a fifth.

D espite the indications of a tentative rebound in demand, there’s still a massive global glut of oil that will need to be cleared before there can be any meaningful recover y in prices. A fleet of super tankers carr ying 43 million barrels of Saudi Arabian crude is bearing down on the US, which will add to the over-supply in the world’s largest economy.

“Oil appears to have caught some tailwinds” with the EIA data less bearish than expec ted a n d g a s o l i n e d e m a n d re cove ri n g,” s a i d Va n d a n a Ha ri , t h e f o u n d e r o f Va n d a I nsights i n S i n g a p o re. “ B u t i t ’s to o e a r ly to call an in f l e c t i o n p o i nt.”

WTI for June delivery rose 7.5 percent to $16.19 a barrel on the New York Mercantile Exchange as of 9:24 a.m. in Singapore after jumping 22 percent on Wednesday. The discount for June futures relative to July was around $4 after blowing out to almost $8 on Tuesday as major index funds ditched the front-month contract.

Brent added 3.9 percent to $23.42 a barrel on the ICE Futures Europe exchange after climbing 10 percent in the previous session.

Russian Energy Minister Alexander Novak told the Interfax news agency that the nation’s oil companies will cut production by about 19 percent from February levels. Nigeria, which has been struggling to sell its oil even at $10 a barrel, will ship the smallest volume of its key Qua Iboe crude grade since 2016 in May and June.

The EIA repor ted a smaller-than-expected 8 . 9 9 m i l l i o n - b a r re l i n c re a s e i n U S c r u d e stockpiles and a 3.64 million-barrel build at Cushing, Oklahoma, the deliver y point for futures. US gasoline inventories fell by 3.67 million barrels, compared with expectations for a build of 2.49 million. Weekly gasoline supplied, an indicator of demand, rose by 549,000 barrels a day. Bloomberg News

China’s manufacturing weaker in April as virus hurts exports

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EIJING—China’s manufacturing activity weakened in April as the coronavirus pandemic clobbered global consumer demand, hampering Beijing’s efforts to revive the world’s second-largest economy, two surveys showed on Thursday.

China became the first major economy to reopen factories in March after the ruling Communist Par ty declared victor y over the outbreak. But the United States, Europe and other major markets have yet to lift controls that are keeping consumers from spending.

A monthly purchasing managers’ index issued by business magazine Caixin slipped to 49.4 from March’s 50.1 on a 100-point scale on which scores below 50 indicate activity is contracting. A separate survey by the Chinese statistics bureau and an official industry group sank to 50.8 from the previous month’s 52.

The official survey’s sub-index for export orders plunged by 12.9 points to 33.5.

Both surveys showed employment weakening.

“It is still too early to conclude that the Chinese economy is growing again,” said Iris Pang of ING in a report.

Manufacturing activity contracted at its fastest pace on record in February after Beijing shut down much of the economy to fight the virus, which emerged in December in central China.

Activity rebounded in March but forecasters warn manufacturers might face a second dip due to a possible second wave of the outbreak, plunging global economic growth and a financial shock due to falling oil prices.

“There is still a lot of uncertainty in the coming months from weak global demand,” said Pang. AP

The World BusinessMirror

Friday, May 1, 2020

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Dueling data on potential Covid-19 drug leave critical questions open

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ith dueling data released on Gilead Sciences Inc.’s potential coronavirus drug, the jury remains out on how well the medicine works.

There are two big reasons why.

While Anthony Fauci, the National Institute for Allergy and Infectious Diseases director, said a US government-run trial met its overall target, full details haven’t been published. At the same time, the only large, rigorous study for which full data is public--a Chinese trial published in The Lancet medical journal on Wednesday— showed the opposite.

The competing trials are the latest example of how science has taken a back seat to optimism in the rush to find a way out of the coronavirus crisis that has paralyzed economies around the world.

Dozens of companies are studying 11 potential therapies and 137 vaccines in an effort to get the virus under control. Gilead’s experimental drug remdesivir, which had already been tested on other coronaviruses, is the one of the most closely watched.

“It’s not just a single trial that’s going to hold the truth here,” said John Norrie, a professor of medical statistics and trial methodology at the University of Edinburgh. The

real implication of the US government study won’t be clear until it’s been scrutinized by outside scientists and published in a top medical journal, he said.

“The bottom line is, you can’t rely on press releases,” Norrie said.

Nevertheless, early glimmers from encouraging data are likely to increase pressure on US regulators to clear a path for remdesivir to reach the market.

President Donald Trump, who has aggressively pushed for experimental therapies to treat Covid-19, praised the findings as a substantial step forward and nodded toward an eventual approval of the medicine by the US Food and Drug Administration. A decision on the medicine could come as soon as this week, with agency officials saying they have been working closely with Gilead.

“I want them to go as quickly as they can,” Trump said. “We want everything to be safe. But we would like to see very quick approvals, especially with things that work.”

The FDA “has been engaged in sustained and ongoing discus-

sions with Gilead Sciences regarding making remdesivir available to patients as quickly as possible, as appropriate,” said spokesman Michael Felberbaum in an e-mail.

Critical questions

Scientists will be looking for answers to the same major questions that are asked of any clinical trial. They’ll want to know whether remdesivir worked, whether it is safe and if there’s a good biological explanation for how patients fared. Most of those questions remain open.

They will also need to know the results of the entire trial. The preliminary findings were released after a safety monitoring committee conducted an interim analysis that showed patients on remdesivir recovered more quickly. Only about half of the 1,063 patients in the trial were included in the review, according to Aneesh Mehta, an infectious-disease doctor at the Emory University School of Medicine and an investigator on the trial. The final results may yield a somewhat different conclusion.

While Fauci called the results “quite good news,” other scientists and regulators will weigh the magnitude of the benefit. The experimental drug helped patients who recovered get better four days faster than those who took a placebo, meeting the primary goal of the study. But the results show only a trend toward improving survival,

Fauci said. In clinical trial terms, that means it wasn’t clear whether the difference was due to chance.

The venue for Fauci’s comments was unorthodox. A small pool of reporters came to the Oval Office expecting news out of a meeting between Trump and Louisiana Governor John Bel Edwards. Instead, they got a briefing from Fauci on the remdesivir findings.

That briefing followed by just hours the release of Gilead’s own statement about the government results. Companies often release so-called top-line findings as soon as they know whether a trial succeeded or failed overall.

But it’s unprecedented for a company to announce the success or failure of a study it didn’t run.

Gilead declined to comment on the timing.

In a separate statement, Gilead said that its in-house study showed that patients who got remdesivir for five days did just as well as those on the 10-day course of treatment used by the government study and other trials. This would be important information if remdesivir is proven to work against the virus, because it would essentially double the number of people who could be treated. But the Gilead results don’t show whether the drug helped patients more than the current standard treatment.

Confusing data

There’s a history of confusing

and premature data on remdesivir. Last week, the negative results from a trial in China were accidentally posted on a World Health Organization web page.

The Lancet published the full Chinese trial involving 237 patients on Wednesday. Though researchers had to stop the trial early after not being able to recruit the 453 they had originally planned, they found that remdesivir didn’t help patients get better faster, and it didn’t have an effect on deaths. Most curious is that it didn’t show an effect on the amount of virus in patients’ bodies—an unexpected finding since the drug is an antiviral.

Fauci dismissed the results of the Chinese study, saying it didn’t have enough patients or the right design to be definitive. The US study, in which more than 1,000 participants were randomly assigned to either get the drug or a placebo, is more conclusive with a clear endpoint, he said.

“I don’t like to pooh-pooh other studies,” Fauci said, “but that’s not an adequate study and everybody in the field feels that.”

A nd t hough t here wa s no d if ference in adverse events between the trial groups in the Chinese study, more patients in the remdesivir group dropped out because of side effects including heart failure. The NIH didn’t release side effect data from its trial. Bloomberg News

UK has world’s third-highest Fed signals it will likely hold rates near zero for months coronavirus-related death toll W

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ONDON—The UK has the third-highest coronavirus death toll in the world after the British government published new figures on Wednesday that include deaths outside of hospitals.

After factoring in deaths in all settings such as care homes, the number of people in Britain who have died after testing positive for the virus has now hit 26,097, way ahead of the 21,678 announced on Tuesday. Until now, hospital deaths have been reported daily, while deaths in nursing homes and other settings were reported separately on a weekly basis.

Under the new measurement, the UK has leapfrogged Spain and France in Europe, with only Italy ahead. The US has the world’s highest death toll.

The upward revision prompted renewed criticism of the government’s approach throughout the crisis. The new leader of the main opposition Labour Party, Keir Starmer, said the scale of deaths in the UK is “truly dreadful” and has accused the Conservative government of being too slow in putting the country into lockdown, in testing people for the virus and in getting critical protective gear for medical workers.

Foreign Secretar y Dominic Raab sought to ease any worries, saying the additional deaths were a cumulative total going back to March 2.

“They don’t represent a sudden surge in the number of deaths,” he said at the government’s daily press briefing.

In spite of that, it is becoming increasingly clear that the UK could end up with the secondhighest coronavirus death toll in the world, partly because Italy is considered to be around a couple

In this handout photo provided by the UK Parliament, Britain’s Foreign Secretary Dominic Raab speaks during Prime Minister’s Questions, as members of Parliament observe social distancing due to the coronavirus, in the House of Commons, London, on April 29. Jessica Taylor/PA via AP

of weeks ahead in the epidemic.

There is also an acknowledgement that the new figures underestimate the total death toll in care homes as they only include those who have tested positive for the coronavirus. Also, the death certificates of those dying in care homes can take a couple of weeks to be issued.

Professor Yvonne Doyle, medical director at Public Health England, said the new figures, which her organization helped to compile, provide “a comprehensive picture, and this is most important for control.”

In spite of the grim death news, the trends in most of the virus-related numbers are heading in the right direction. The number of people being hospitalized with the coronavirus has been falling for the best part of three weeks, particularly in London, which was the epicenter of the outbreak in the country. Also the number of coronavirus-related deaths are falling when measured

on a seven-day rolling basis.

Doyle said she could not yet say whether deaths in care homes were falling but that “we should know that soon because the hospital curve has declined.”

Raab said it was too soon for the government to make an assessment as to whether its five tests on easing the lockdown restrictions have been met. Among those tests are a “sustained and consistent fall” in daily coronavirus-related daily deaths, and reliable data showing that the rate of inflection has moderated to manageable levels.

“We are coming through the peak but we are not there yet, which is why we are keeping our focus on the social distancing measures,” he said.

The Scientific Advisory Group for Emergencies, or SAGE, is due to deliver its latest advice to ministers in the next few days but all the signs are that the government will extend most of the lockdown restrictions from May 7. AP

ASHINGTON—The Federal Reser ve signaled on Wednesday that it will keep its key short-term interest rate near zero for the foreseeable future as part of its extraordinary efforts to bolster an economy that is sinking into its worst crisis since the 1930s.

Chairman Jerome Powell noted the gravity of the downturn caused by the coronavirus outbreak and made clear that the Fed would continue to do all that it could to provide support.

Speaking at a virtual news conference, Powell said he believed the viral outbreak would imperil the economy for potentially a year or more, particularly if a vaccine or an effective treatment isn’t developed before then. He warned that a deep and prolonged recession could cause devastating damage by forcing businesses into bankruptcy, keeping unemployment high and eroding the skills of idled workers.

“It will probably take some time for us to get back to a more normal level of employment and ultimately, maximum employment,” the chairman said.

Powell made a forceful, if indirect, plea for Congress to spend as much as necessary to aid workers and businesses. And despite his previously expressed concerns about surging deficits, Powell urged Congress not to fret about the cost of expanded government aid. Congress has already approved more than $2.5 trillion in rescue programs.

“Elected officials have power to tax and spend and direct how we as a society direct our resources,” he said. “This direct support can make a critical difference in limiting long-lasting damage to our economy.”

The chairman did not explicitly mention the need for aid to state and local governments, a subject of contention in Congress. Yet many economists have warned that states and cities urgently need more financial help to avoid layoffs and spending cuts that would deepen the economic downturn.

Unlike Congress, the Fed’s powers are limited, Powell noted, by the fact that it can provide only loans, not grants. And for many businesses that are struggling to survive, additional debt isn’t a good option. Even so, the chairman stressed that the Fed would continue to provide whatever support it can through an array of emergency lending and bond buying programs.

“We will use our powers forcefully, proactively, and aggressively until we’re confident that we are solidly on the road to recovery,” he said.

In a statement it issued after its latest policy meeting ended, the Fed raised concerns about slowing inflation, which is likely to sink further below its 2 percent target level in the coming months.

Constance Hunter, chief economist at KPMG, said this reference suggested that the Fed is prepared to keep rates ultra-low for as long as it take to raise inflation back to its target.

“We’re looking at a situation where the Fed does not move rates up for at least a year and a half, or even two years,” she said.

Asked about eventually lifting rates, Powell made clear that that wouldn’t happen for many months at least.

“We are going to wait until we are quite confident the economy is on the road to recovery,” he said.

Some Fed watchers think the policy-makers may eventually announce additional support for the economy. Ryan Sweet, an economist at Moody’s Analytics, said the Fed may start to buy enough short-term Treasurys to keep interest rates on one-year or two-year Treasury notes at zero.

Doing so would signal that the Fed plans to keep its benchmark rate near zero for that long as well.

Under Powell, the Fed is confronting a deeply perilous moment for an economy that had looked robust just a few months ago. Since the virus struck with full force last month, widespread business shutdowns have likely pushed the unemployment rate as high as 20 percent. As layoffs mount, retail sales are sinking, along with manufacturing, construction, home sales and consumer confidence.

At his news conference, the chairman noted that layoffs have struck hardest at the lowest-income American workers, many of whom had just begun to make progress in the 11th year of an economic expansion that has now ended.

“It is heartbreaking to see that is threatened now,” Powell said. During two emergency meetings in March, the Fed cut its benchmark rate to a range between zero and 0.25 percent. It has also announced nine new lending programs to pump cash into financial markets and provide support to large and medium-sized businesses as well as cities and states.

In its statement, the Fed said it will also keep buying Treasury and mortgage bonds to help keep rates low and ensure that companies can lend easily to each other. It did not specify any amounts or timing for its bond purchases.

The Fed’s statement came on the same day that the Commerce Department released grim news about the economy: Economic output shrank at a 4.8 percent annual rate in the first three months of the year—the worst showing since the Great Recession struck near the end of 2008. The economic picture is expected to grow ever darker, with the economy forecast to contract at a shocking 30 percent to 40 percent annual rate in the April-June quarter. AP

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Friday, May 1, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Destroying freedom?

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he most powerful statement regarding human rights is found in the second paragraph of the United States Declaration of Independence. It reads: “We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty, and the Pursuit of Happiness.”

It can be argued that 244 years after it was written, the statement was incomplete. It did not mention women, ignored that men were held as slaves by even some of the authors, and that in modern context “pursuit of happiness” can mean almost anything these days.

In truth, the phrase pursuit of happiness was included in substitution for “property”, meaning material possessions as well as the land under our feet.

However, it was not meant as a statement of fact but as a statement of the ideal that a government could be founded upon. When the first Constitution was written 23 years later, the first 10 amendments became the “Bill Of Rights” to attempt to codify as law the principles outlined in that one sentence of the Declaration of Independence.

In the centuries since, those rights have often been ignored, distorted, and have been subject to revision and reinterpretation around the world. But these have always been done for a good cause.

The most prolific mass murders in history—directly or through their policies—from Genghis Kahn to Adolf Hitler and Josef Stalin to more recently Pol Pot and Mao Zedong, were atrocities committed for the greater good. Certainly, these are only a few examples of the infamous.

John Emerich Edward Dalberg-Acton, more widely known as Lord Acton, wrote in a letter that “power tends to corrupt, and absolute power corrupts absolutely.” More recently, American author William Gaddis wrote, “Power doesn’t corrupt people, people corrupt power,” which may be more accurate. Power in the hands of the few has been a problem throughout human history. Greek philosopher Plato wrote that his utopian city Kallipolis would be ruled by a philosopher king, a ruler “who possesses both a love of wisdom, as well as intelligence, reliability, and a willingness to live a simple life.” That is why we say “utopia” is an imagined ideal society.

The Universal Declaration of Human Rights says it is “a common standard of achievement for all peoples and all nations.” Included in its articles are the words: “Everyone is entitled to all the rights and freedoms set forth in this Declaration.”

Article 9: No one shall be subjected to arbitrary arrest, detention, or exile. Article 12: No one shall be subjected to arbitrary interference with his privacy, family, home, or correspondence. Article 13: Everyone has the right to freedom of movement and residence within the borders of each state. Article 19: Everyone has the right to freedom of opinion and expression. Article 20: Everyone has the right to freedom of peaceful assembly and association. Article 23: Everyone has the right to work. Article 26: Everyone has the right to education. Article 27: Everyone has the right to participate freely in the cultural life of the community.

All of these “rights” have been altered or even eliminated during the Covid-19 pandemic. History will judge whether governments made the correct decisions. However, we have all sacrificed much freedom in the name of, and for, the greater good.

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Sonny M. Angara

Better Days

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ith much of the world still under a Covid-19 induced lockdown, the race is on to find a vaccine. More than 100 are now being developed around the world, with six already undergoing clinical trials. Despite this number, however, it will take some time before any of these initiatives lead to something ready for mass production and global distribution.

In hopes of fast-tracking the process, the United Nations, several world leaders and the Bill and Melinda Gates Foundation recently launched a global collaboration between governments, pharmaceutical companies and other private sector actors to end the pandemic through more effective diagnostics, treatments and, more importantly, a vaccine. Part of the initiative is a global pledging effort to raise up to $8.1 billion—roughly P411 billion—for medical research in these areas.

In fact, we are already contributing to the global pandemic response in no small way. Our government is working so that clinical trials for Avigan—or the anti-influenza drug Favipiravir developed by Toyama Chemical Co. under Fujifilm Holdings—can be conducted here before the end of the month. If successful, Avigan can then be used to hasten the recovery of patients.

Fujifilm aims to boost production of Avigan to have enough supply to treat 300,000 patients a month

by September.

Aside from Avigan, our country will also participate in World Health Organization (WHO) “Solidarity” clinical trials for four other drugs—namely the new remdesivir; lopinavor or ritonavir that are used against HIV; interferon; and chloroquine (which was developed as an antimalarial medication).

One interesting development is an initiative funded by the Department of Science and Technology-Philippine Council for Health Research and Development. Under this project, Dr. Fabian M. Dayrit has been researching on whether certain coconut oil components, such as lauric acid, can help in the fight against Covid-19. Samples are already being prepared for testing by the Duke-National University of Singapore. The project paper said that lauric acid and its derivative, monolaurin, have been known for many years to have significant antiviral activity. If this proves true, then it is a significant development in the fight against Covid-19.

Clearly, the world’s scientists and researchers are working double

Peace rooted in trust

Ruben M. Cruz Jr.

Rev. Fr. Antonio Cecilio T. Pascual

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Medical solutions to Covid-19

SERVANT LEADER

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rothers and sisters, it was not Covid-19 but a bullet from the gun of a police officer that caused the death of 34-yearold retired soldier Winston Ragos. This past week, news reports described how the former soldier was killed after reportedly attempting to draw a gun while at a checkpoint in Quezon City.

The police confronted him because he was allegedly violating the enhanced community quarantine, and was said to have shouted at, and threatened, the officers manning the checkpoint. It was also discovered that Ragos was suffering from post-traumatic stress syndrome, a condition he developed after being

deployed in Marawi in 2017, which explained his behavior at the checkpoint that angered the police. The residents, who witnessed the incident, attempted to stop the police because they knew about Ragos’s condition. But the police continued to threaten the former soldier, and they ultimately shot him. What is

As we wait for medical science to come up with solutions, it is incumbent for the rest of us to stay healthy and effectively limit the spread of the virus.

Indeed, even in the face of a global pandemic, an ounce of prevention is worth more than a ton of cure. time to come up with the proper treatment or vaccine. That fact alone should provide some modicum of hope in the face of a global pandemic. We must remember, however, that all these efforts will take some time before anything useful emerges. And as such, we must do what we can to stay healthy amid this pandemic.

First, we should follow WHO guidelines and government regulation on wearing face masks. It is important that we wear a mask, particularly when we are near people who may be or are already sick, or when we are visiting loved ones considered high-risk. Face masks can lower infection rates significantly, as it can stop the wearer from infecting others through coughing or sneezing. This is particularly important as some people are asymptomatic or may have a mild version of Covid-19 that presents as a cough or a cold.

Second, it is important to wash our hands frequently, especially if we have traveled to places where there is a possibility that surfaces may have been contaminated. The virus may be present in small droplets from exhalations, sneezes or coughing from carriers. If these droplets are on the surface of objects, and they transfer

even worse is that instead of allowing investigators to gather pieces of evidence from the crime scene, like the gun that was reportedly being carried by Ragos, the police themselves are the ones who retrieved them. Fortunately, the incident was caught on CCTV. What happened to Winston Ragos is one of the cruelest events that transpired since the government implemented the enhanced community quarantine to stop the spread of the deadly Covid-19. It was human life that was sacrificed in line with efforts to enforce discipline among the people amid the health crisis. But many incidents of abuse occur every day since the government started limiting the movements of 55 million people in the entire area of Luzon. For as long as we can remember, cruelty was also the authorities’ answer to almost 100 residents of Sitio San Roque, also in Quezon City, who

to your hand through touch, proper handwashing with soap and water can stop the virus from spreading even more.

Third, we must endeavor to keep healthy and boost our immune system. In a recent Zoom meeting I had with the Federation of Filipino Chinese Chamber of Commerce and Industry Inc., one of the members suggested that aside from rice and other relief goods, vitamin supplements that boost immunity should also be provided to households by the government.

This has some factual basis, as vitamins A, C, D and E have shown potential in treating various conditions related to the immune system.

Exercise, too, is important. The WHO even has guidelines: adults over 18 years of age should do at lest 150 minutes of moderate-intensity physical activities, or at least 75 minutes of vigorous physical activity.

Finally, we should always, always practice physical distancing, keeping an optimum of six feet away from each other in public spaces as best we can. This will make sure that even the inadvertent cough or sneeze’s effects can be minimized.

As we wait for medical science to come up with solutions, it is incumbent for the rest of us to stay healthy and effectively limit the spread of the virus. Indeed, even in the face of a global pandemic, an ounce of prevention is worth more than a ton of cure.

Sen. Sonny Angara has been in public service for 15 years—nine years as representative of the Lone District of Aurora, and six as senator. He has authored and sponsored more than 200 laws. He recently won another term in the Senate.

E-mail: sensonnyangara@yahoo.com|Facebook, Twitter and Instagram: @sonnyangara.

went outside their community to call for help from the local government.

We can also see from the news how the police treated the residents, especially in the poor communities.

They shout at those who are outside their homes and carry them to precincts or even punish those who aren’t wearing face masks or not following the rules.

Amid all these, what can we rely on if even our own leaders—headed by the President—who commanded authorities to “shoot them dead” if they see those who violate the lockdown and whom they see as threats to their lives? The police even swore to the President not to give any warnings for the arrest of violators.

The equivalent of the word “peace” in Hebrew is “shalom”, which can also be translated to fullness or even completeness. And this is emphasized in the social teaching of the Holy See “Pascual,” A7

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Opinion

‘Bobbit’

In a viral parallel universe, a folk tale

BusinessMirror

Manny F. Dooc

Tito Genova Valiente

TELLTALES

annotations

S we commemorate Labor Day, we remember the name Augusto Sanchez, more popularly known during his time as “Bobbit.” Together with Jovito Salonga, Renato Saguisag and Avelino “Ave” Cruz of ACCRA, they formed the best legal minds, political reformers and illustrious sons of Pasig, Rizal. Except for Salonga, they are products of the San Beda College of Law. All are bar topnotchers, with Salonga and Cruz even copping the first place in their respective bar examinations. After passing the bar, Bobbit joined the law office of Sen. Jovito Salonga. He later set up his own law office, which specialized in labor law practice. He was the foremost defender of ordinary workers and an active advocate of labor rights. He also published and edited a weekly paper in his native town of Pasig called the “Weekly Post,” which was eventually branded by his tormented adversaries as the “Weekly Pest.”

he first time the king of this island-republic announced he was holding a meeting in the Palace, citizens—the liking and disliking—waited, excited and hopeful. The next day, the Internet was a battlefield of those who saw through the vapid presentation, a reminder that protocol of the proper kind had long ago been deleted from the memory of this administration.

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Bobbit first attracted national attention when he was elected delegate to the 1971 Constitutional Convention representing the congressional district of Pasig. Together with other idealists in the ConCon, he tried to introduce much needed constitutional reforms, but he was frustrated when President Ferdinand Marcos abruptly declared martial law in 1972. Just like the other oppositionists at that time, he went into hiding after the regime had arrested and jailed leading anti-government figures like Ninoy Aquino and Jose W. Diokno. But he could not remain quiet for long. Joined by other lawyer activists, they organized the Movement of Attorneys for Brotherhood, Integrity and Nationalism, which elected him as its first chairman.

The Movement counted as members Joker Arroyo, Rene Saguisag, Jejomar Binay, Fulgencio Factoran, and other legal luminaries. MABINI became the foremost defender of the victims of the dictatorship. These human-rights lawyers took up the cases of the victims of martial law.

He headed protest marches and rallies to denounce the abuses of Marcos and his authoritarian rule, further courting the ire of Marcos. During these years of living dangerously under the martial law regime, Bobbit was one of the visible faces of the anti-Marcos movement and his name was mentioned in the same breath as the eminent Lorenzo Tañada, fellow human-rights lawyer Joker Arroyo, publisher Joaquin Roces, Jose W. Diokno and others who remained in the country during its darkest days to lead the fight against tyrannical rule. Bobbit virtually dedicated his life fighting the dictator.

After Ninoy Aquino’s assassination in 1983, he became more active in the crusade to oust Marcos. He gained more adherents from the working class and he commanded massive following from the labor force whose interests he had boldly fought for and unselfishly served.

He ran for the Batasang Pambansa in 1984 and emerged victorious despite massive electoral fraud. He realized, however, that the Batasang Pambansa was only a puppet legislative body to deodorize the stinking regime. He foresaw that inevitably the nascent people’s clamor to remove Marcos from power would eventually explode into an open revolt. Thus, the Edsa revolution finally materialized after Cory C.

Pascual. . .

continued from A6

Church, peace not only achievable through the absence of war or conflict but having full trust with one another and from solidarity.

With our current situation, peace is important—one form of peace that cannot be achieved through fear mongering and threats but by trusting each other. From the Winston Ragos incident, as well as those who fear the authorities, how do we expect people to give their trust?

How can we achieve peace amid the prevailing worry and uncertainty?

Brothers and sisters, like what the mother of Winston Ragos said,

He ran for the Batasang Pambansa in 1984 and emerged victorious despite massive electoral fraud. He realized, however, that the Batasang Pambansa was only a puppet legislative body to deodorize the stinking regime. He foresaw that inevitably the nascent people’s clamor to remove Marcos from power would eventually explode into an open revolt.

Aquino was fraudulently robbed of the presidential victory in the 1986 snap elections. Bobbit was named the new Labor secretary.

However, powerful elements from the military, which accused Bobbit of being a communist, and business, which claimed that he is too biased for labor, strongly opposed his appointment. To avoid destabilizing her fledgling government, Aquino succumbed to pressure and relieved Bobbit from his post barely a few months after he occupied the Labor portfolio. He was eventually succeeded in his position by Franklin Drilon who was his undersecretary.

Drilon, who served as the Managing Partner of ACCRA, acted as corporate counsel for many corporations, including labor problems on the side of management, and had numerous encounters with Bobbit during their practice. Despite their philosophical differences, Drilon admitted, “I had a number of encounters with Bobbit Sanchez during those raucous times but he always respected me, I would like to think, and I always had a respect for him.”

Bobbit continued to receive death threats after he left the government.

He grieved the disappearance and murder of his friend and close colleague in the labor movement, Orlando Olalia, on November 19, 1986.

Less than a year later, a prominent UP student leader and activist, Lean Alejandro, was killed on September 19, 1987. But Bobbit remained undaunted. After he lost in his Senate bid in the 1987 election, he faded from public view but he quietly continued his legal struggle to protect the lowly workers against abuses and exploitation. He died from a natural cause on February 15, 2003 at the age of 71, but his memory shall remain alive in the hearts of the working class whose interests he had championed all his life. it is the virus that is our enemy, not the innocent people. Like what we are reminded by the book of Jeremiah 22:3, “Do what is just and right.

Rescue from the hand of the oppressor the one who has been robbed.

Do no wrong or violence to the foreigner, the fatherless or the widow, and do not shed innocent blood in this place.” We expect an impartial investigation of what happened to Winston Ragos, and may the family of the fallen soldier achieve justice.

Make it a habit to listen to Radio Veritas 846 Ang Radyo ng Simbahan in the AM band, or through live streaming at www.veritas846.ph, and follow its Twitter and Instagram accounts @veritasph, and YouTube at veritas846.ph. For your comments, e-mail veritas846pr@gmail.com.

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But hope, as they say, springs eternal. The expression is a cliché, meaninglessly pretty. It is, however, the language one speaks when the world has lost its logic and sense. In a space where expletives take the place of anger, when rage, at least can save a putative leader, one clings to a near future that will assuage and assure.

Indeed, another night came. The leader, in the default implication of that ugly word, was there again in that room. He was cool first, drawling, but the citizens knew he would summon a vocabulary expected to take the place of the elements missing in the conference—a clear assessment of the situation, the critical look at what has been done after the initial gathering, and a solution. Which is expected. You know the old lesson in research—a problem well defined is a problem half-solved.

Happening late at night, the call from the King soon became a habit that his men thought would be hard to break. In this Age of undefined affliction, his men were wrong. The king became a bad habit that demanded from the citizens one action —kill the habit.

But politics can be relentless and enervating. In place of the act of listening, some individuals began to summarize the words, the edicts of the king. The criticism did not stop.

The world never stops in pandemics or politics—two words that are readily interchangeable for their putrid impact upon the world.

One thing is true: the Palace can go on while the rest of the society of this island-republic also goes on.

The social media became one of the true references for these events running parallel with the contracting universe of the said King. With communities in lockdown, the Internet was made flesh in the mobile phones and other devices.

Each day was tracked by people

holding on to their devices and sanity.

Behold the histories of our Age, captured in the ether and disseminated online: A woman on a motorbike is stopped by a barangay tanod and asked why she is not wearing a face mask. The woman parks her bike, returns to the village officer and slaps her. Policemen later on brings her to jail.

A man seeks a meeting with a barangay captain who chooses only the recipient of the fund from the Special Amelioration Program. The female staff in the office screams at the man taping the confrontation with his mobile phone. The man says it is better to have evidence of what is transpiring. The barangay captain explodes and attempts to hit the man with the camera who is entreated to leave the office.

A barangay captain, this time of the gentle and proper kind, knocks at the gate of a compound. Out comes a well-dressed woman. The man asks why she keeps on posting online how

Friday, May 1, 2020

she has not received any relief goods.

The man enumerates the many times he has brought personally diapers and milk to the household. The woman reasons out how she needs to distribute the items to the other families in her home. It is then revealed how this woman has listed herself in other villages in order to maximize her demand for goods.

An angry woman (unseen in the frame) follows another woman, a local leader, and identifies the latter as the person who blocks the relief items that are supposed to go to the area of the woman with the mobile phone. The woman who is being tracked tries to move away but the skill of the other woman with mobile phone is amazing: she manipulates the phone so the woman with distribution skills would not be able to hide her face. The coverage ends with the blocker of Gifts presented up close, her face challenging any film critic to read her expression—cunning, conning, confident in her evil act.

A local leader whips a young man caught “loitering” and reminds the onlookers of the enhanced community quarantine. The mother of the young man runs toward the leader and confronts him with all the bravura lines from our tradition of bad melodramatic cinema.

A policeman is trying to enforce the law in a rich enclave. A foreigner mocks and curses him. The policeman tries to capture the man. He delivers the line: I arrest you in my presence. The comments that follow this event are dominated, as usual, by lawyers, latching on to the legal.

We know of course the truth: the legal is not necessarily the moral and

A7

the ethical. When a lawyer is here, can the grammarian be far behind?

Posted online are remarks making fun of the policeman and his bad English. We know of course the truth: online everyone is a righteous and savvy interlocutor.

More whipping and slapping are captured by mobile phones serving humanity and countering injustice.

A frame displays a woman with lovely tresses. She is caught in the checkpoint and is discovered to have used the relief fund for her hair rebonding. If you ask me the rebonding was good.

Finally but without finality, a quiet day shows policemen in a neighborhood. The story is a young man goes to the checkpoint being manned by these policemen and berates them.

They are looking for that man and finds him in front of his home. We see him raise his hand as if in surrender.

The young man appears to be moving toward a bag. A policeman shoots him. He falls to the ground. Dead.

The young man fought in Marawi.

He is, as his mother explains, suffering from the trauma of war.

Days after, the young man is buried in the Libingan ng mga Bayani.

A hero.

Days after, the policemen are being investigated. They, too, are suffering from the trauma that the reign of this King has inflicted upon them and those who are expected to follow blindly the words of violence.

If we connect all the scenarios enumerated and described above, they would make a really bad film.

But those scenes are factual, real.

And they really a bad, sordid life make.

E-mail: titovaliente@yahoo.com

When will the healing process of the nation begin?

Luis Dumlao

EAGLE WATCH

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he first case of positive Covid-19 in the Philippines was detected on January 30 and the first death was reported on February 1. The number of cases remain two, both of which are non-Filipinos, for the rest of February, so that it seemed that the Philippines will not be hit by what was still then an epidemic.

On March 6, the cumulative number of cases doubled to four, and then on March 9 more than quintupled to 23. When the World Health Organization (WHO) elevated the epidemic to a pandemic on March 11, the cases in two days more than doubled to 48. By then, it was already obvious that the country will be hit hard. On March 17, when the enhanced community quarantine (ECQ) became effective in the whole of Luzon, there were already 186 cases.

While the cumulative number of cases will only increase, the key to further understand the data is to look at the additional cases per day— i.e., the first difference or the first integration in economics parlance.

Still, the number of cases fluctuates daily. In finance and in time series, scientists and practitioners try to understand erratic series of numbers by smoothening the data using

moving averages (MA). For example, stock market players often use MA to eliminate idiosyncratic changes and capture the long run trend or the secular data. Known examples of applying the MA on Covid-19 include the New York Times 5-day MA and John King of CNN’s 7-day MA. Suppose we use halfway of the one to 14 days of incubation in accordance to WHO, which conveniently translates to a week.

The number of incidences and admittances to the hospital began on March 20 with the cumulative cases increasing at an increasing rate. On April 3, the incidences and admittances per day peaked at 316 and 171, respectively. On April 5, the incidences and admittances per day declined to 261 and 143, respectively, on April 6 increased to 302 and 162, and then decreased for four consecutive days. On April 7, it has

On May 2, for the first time, the number of recoveries per day at 4.57 will be greater than the number of incidences per day at 4.49. The healing process of the nation will begin. But that is if trends remain. That is if conditions remain the same.

But ECQ and post-ECQ are totally different.

become statistically official that we have passed the apex of incidences and admittances per day. April 7 was also the date that the number of recoveries then at five per day started to pick up. It was also the date that President Duterte decided to extend the ECQ to April 30.

A key scientific question was whether the incidences and admittances per day would move in cycles or permanently decline. It turned out that these will cyclically decline.

These numbers will continue to decline and reach what mathematicians call the local minimum on April 10 with 168 and 91 incidences and admittances per day, respectively. On April 13, for the first time, the number of recoveries per day at 24 topped the number of deaths per day at 22.

On the same day, the incidences and admittances per day became statistically officially on the upswing again; this is mere proof that the decision to extend the ECQ about a week before was right.

On April 17, the incidences and admittances per day reached its new peak or what mathematicians call the local maximum with 241 and 126, respectively. It would be the infamous date when the 7-day-MA number of deaths per day peaked at 24. On April 19, the incidences and admittances per day would be statistically officially on a downswing and the number of recoveries per pay, which stood at 54, peaked.

If trends remain, which in likelihood will not, April 24 will be the day that the 43 recoveries per day will top the 39 admittances per day.

It will mark the peak when hospitals are most distressed. After that, the net number of patients in hospitals will start to decline. It will be the day our medical frontliners’ work will start to “ease” for lack of better term.

On April 24, the sum of the number of new deaths and recoveries of 10.5 will top the number of new incidences at 10.1. The number of active Covid-19 positives will peak at 6,468 and decline from then on. On May 2, for the first time, the number of recoveries per day at 4.57 will be greater than the number of incidences per day at 4.49. The healing process of the nation will begin. But that is if trends remain. That is if conditions remain the same. But ECQ and postECQ are totally different.

Luis Dumlao, PhD, is the Dean of the John Gokongwei School of Management, Ateneo de Manila University.

A8 Friday, May 1, 2020

IATF eases curbs on work-linked, religious gatherings and on seniors

By Samuel P. Medenilla

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@sam_medenilla

ORK-RELATED and religious mass gatherings will now be allowed in areas which will be placed under general community quarantine (GCQ) starting on Friday.

The change was included in the Inter-Agency Task Force for the Management of Emerging Infectious Diseases’s (IATF) omnibus guidelines for the implementation of GCQ, which also included its apparent “softened” stance on the movement for senior citizens, following howls of protests over an announced ban on people 60 years or older from leaving their homes, especially going to malls.

In a online press conference on Thursday, Presidential spokesman Harry Roque announced “essential work gatherings and religious activities,” will be allowed in GCQ

areas provided its participants will be 2 meters apart during the said activities.

Aside from social distancing, he said they will also be required to follow minimum health requirements including wearing of face masks, face shield or other facial protective equipment.

Interior Secretary Eduardo Año, however, stressed that all other kinds of mass gathering, except for the aforementioned activities, will remain banned in GCQ areas.

Senior movement

ROQUE also clarified that IATF will

no longer restrict the movement of people, who are 60 years old and above, especially in GCQ areas.

He said senior citizens, who have no immunodeficiency conditions will be allowed to go out of their homes on the following grounds: when indispensable under the circumstances for obtaining essential goods and services; and for work in permitted industries and offices.

Initially, the IATF was considering barring those who belong to the said group from leaving their homes in GCQ areas due to their vulnerability to novel coronavirus disease (Covid-19).

The proposal drew widespread public criticism for is apparent impracticality. Among them was election lawyer and senior citizens’ advocate Romulo Macalintal, who said the action is constitutionally and legally questionable.

Even Sen. Christopher “Bong” Go, a close ally of the administration, eventually issued a statement supporting the exemption for movement restriction for senior citizens in GCQ areas.

Roque admitted that even he, the one who announced the IATF’s proposed movement restriction for senior citizens, became the subject of ire of senior citizens opposing the policy.

“There were so many who were texting me to ask how they will be able to go to work and others stating 60 to 70 years [age group] is the most productive period. You will no longer be restricted [to go out of your homes] as long as your work is allowed [in GCQ] areas,” Roque said.

There were so many who were texting me to ask how they will be able to go to work and others stating 60 to 70 years [age group] is the most productive period.

You will no longer be restricted [to go out of your homes] as long as your work is allowed [in GCQ] areas.”—Roque

Privacy of Covid-hit patients assured T HE government on Thursday called on health authorities to safeguard the privacy of Covid-19 patient data and the data privacy rights of patients to keep them away from threats of physical assault, harassment and discrimination.

The Department of Health (DOH) and the National Privacy Commission (NPC) said they uphold the provisions of Republic Act 11332, or the Mandatory Reporting of Notifiable Diseases and Health Events of Public Health Concern Act, and the Data Privacy Act of 2012.

They explained that these laws guide the processing of Covid-19 patient data, which the government uses for disease surveillance and response.

“As we call on all Covid-19 patients to truthfully and accurately disclose their personal data to proper authorities to help fight this pandemic, the DOH guarantees that the data privacy rights of these patients are protected,” the DOH and the NPC said in a statement.

They maintained their stand against any form of unwarranted disclosure of personal data to the public.

As such, they reminded health workers, providers and institutions to secure the privacy of Covid-19 patient data and and the data privacy rights of the patients.

This way, the DOH and the NPC said they can help in allaying the fears of Covid-19 patients on virus-instigated physical assaults, harassment and discrimination, encouraging them in the process to disclose their symptoms, take confirmatory tests and submit themselves to proper authorities.

Likewise, the agencies reiterated the government’s appeal for honesty and cooperation from all suspect, probable

and confirmed patients of Covid-19. They said it will allow health workers, who are at the forefront of the fight against the respiratory virus, to adopt appropriate measures to protect themselves.

For its part, the DOH vowed to only disclose patient data to health authorities and concerned health-care providers for the purposes of contact tracing and disease management.

The health department and the data privacy regulator said patient data may also be submitted to authorized government entities based on DOH guidelines.

In these cases, health authorities, concerned health-care providers, as well as authorized government entities, are responsible for the protection of data privacy rights of patients and must ensure their confidentiality.

The DOH and the NPC argued that “fostering mutual trust and protection between patients and authorities is an indispensable part of our fight to defeat the Covid-19 pandemic.”

In April, the DOH demanded the public to stop harassing and discriminating against those who recovered from Covid-19. The agency admitted it is receiving reports of discriminatory attacks not only against those who recovered from the respiratory ailment, but also against those who are still fighting it.

Health Undersecretary Maria Rosario S. Vergeire said the public should not make patients feel that they will need to go through another struggle after battling the virus. As of April 29, there are 8,212 confirmed cases of the coronavirus tdisease in the Philippines. Of this, 1,023 patients recovered, but 558 succumbed to the illness. Elijah Felice E. Rosales

LOW PRESSURE AREA 855 KM EAST SOUTHEAST OF DAVAO CITY INTERTROPICAL CONVERGENCE ZONE AFFECTING EASTERN SECTION OF VISAYAS AND MINDANAO as of 4:00 am - April 30, 2020

SECRETARY Carlito Galvez Jr. (extreme right), National Task Force Covid-19 chief implementer and Presidential Peace Adviser, attends the turnover of the We Heal As One Center at the Philippine Arena, the world’s largest indoor arena located at Ciudad de Victoria, Bocaue, Bulacan. NONOY LACZA

UNDP tracks PHL’s weak points in handling pandemic problems

By Cai U. Ordinario

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@caiordinario

HE Philippines may be one of the world’s top exporters of medical personnel, but it has one of the lowest number of nurses and midwives per population, making it ill-prepared for health shocks such as the coronavirus 2019 (Covid-19) pandemic.

Based on the United Nations Development Programme (UNDP) Dashboard on Covid-19 preparedness, the Philippines only had two nurses and midwives per 10,000 population between 2010 and 2018.

The Philippines and the Central African Republic were on the same

boat, after Liberia and Madagascar which had the lowest number in the world with only one nurse and midwife per 10,000 population.

“Every society, group and individual is vulnerable to adverse events. However, when it comes to shocks such as Covid-19 pandemic, our ability to respond is significantly lower and unequally distributed,” UNDP said.

The dashboard also showed the Philippines’s vulnerability in terms of remittance flows, employment and poverty.

The Philippines’s preparedness for Covid-19 is also low when it comes to the number of hospital beds per 10,000 population.

Between 2010 and 2018, UNDP data showed there were only 10 beds per 10,000 population in the country.

Second highest in Asean-5

THE shortages in the health-care system were evident despite the fact that the country spent an average of 4.4 percent of GDP for health using 2016 data. This was the second highest in the Asean-5 after Singapore at 4.7 percent.

In terms of health personnel, other Asean-5 countries such as Singapore had 72 nurses and midwives per 10,000 population; Malaysia had 41; Thailand, 30; and Indonesia, 21.

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Companies BusinessMirror

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Friday, May 1, 2020

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PSE adopts three-level circuit breaker

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By VG Cabuag

@villygc

he Philippine Stock Exchange Inc. (PSE) will implement a three-level circuit breaker, which will kick in when market prices fall at a certain level to protect investors from market volatility caused by the coronavirus disease 2019 (Covid-19) pandemic.

The new circuit-breaker rule has been approved by the Securities and Exchange Commission (SEC).

The PSE said its circuit-breaker systems have been completed by Nasdaq, tested by PSE’s Market Operations Division and will be made operational starting May 4.

Under the new rule, if the benchmark PSE index drops 10 percent from the previous day’s close, a 15-minute market halt will be implemented. The PSE called this level one and was already introduced in 2008.

At level two, trading will be halted longer for 30 minutes if the main index declines by 15 percent and for one hour if the drop widens to

20 percent, or level three.

Notwithstanding a breach of the circuit-breaker thresholds, no market halt shall be implemented if it will overlap with the five-minute continuous trading period prior to the preclose and trading-at-last phases of the trading day.

This means there will be no trading halt for level one if it is triggered at 12:26 p.m. onwards, if level two is triggered at 12:11 p.m. onwards and if level three is triggered at 11:41 a.m. onwards. Currently, trading at the PSE is only until 1 p.m.

The circuit-breaker levels can only be triggered once per trading day.

In case the higher level is breached

first, the lower level circuit breaker will no longer be triggered on that trading day.

“We have seen unprecedented market volatility in reaction to uncertainties caused by the Covid-19 crisis. Our first step to address this volatility was to reduce the lower static threshold of securities from 50 percent to 30 percent. We followed this up with the addition of two circuit-breaker levels to give the entire market a breather when these are triggered,” said PSE President and CEO Ramon S. Monzon.

“These will enable the PSE to better manage extraordinary volatility arising from fears over the Covid-19

pandemic,” said SEC Chairman Emilio B. Aquino.

The circuit-breaker levels can only be triggered once per trading day. Also, in case the higher level is breached first, the lower level circuit breaker will no longer be triggered on that trading day.

The previous single level circuit breaker has been tripped four times since it was adopted in September 2008, on October 27, 2008, and on March 12, 13, and 19, 2020.

“We thank the SEC for their support in approving amendments to our rules and guidelines to help us address the needs of the equities market at this time,” said Monzon.

IMI books $4.61-million loss in Q1 Megaworld income

A

yala-led Integrated MicroElectronics Inc. (IMI) said its losses deepened in the first quarter to $4.61 million (about P235 million), from $335,000 in income last year as the company reels from the global fallout from the pandemic.

The company said it still managed to book $255.81 million in revenues, down by 21 percent from the previous year’s $323.04 million.

IMI said its global management teams have been able to partly mitigate the negative financial impact by controlling overhead costs, reducing raw material expenses, and securing ongoing support from various governments including Bulgaria, China, Czech Republic, Germany, Serbia and Singapore.

“The company’s wide geographical footprint gives us the flexibility to shift and address demands across all our regions as the pandemic situation continues to affect global markets,” said Arthur Tan, CEO of IMI. “With our experience in high quality manufacturing, we are able to serve current demands in the medical and telecom segments that are critical during this outbreak. Despite these turbulent times, we firmly believe that the strategies we set forth in building towards a sustainable, interconnected future continue to be very relevant,” Tan added.

IMI’s wholly owned businesses declined to $209 million of revenues, a 19-percent reduction from last year’s record.

Revenues from its Asian operating units were reduced by 20 percent to $105 million as its operations were hampered by governmentmandated shutdowns of its Chinese facilities in February, and the enhanced community quarantine protocols in the Philippines that began in mid-March.

Operating sites in Europe and North America, the company said, remained fully operational throughout the first quarter, but declined 15 percent in revenues as it grappled with market disruptions in the global supply chain.

Via Optronics and STI Ltd. produced combined revenues of $47 million, a decline of 27 percent from 2019. Both subsidiaries faced near-

term headwinds in their regions, particularly Via’s extended shutdown of its main operating plant in Suzhou, China.

Since returning to full operational capacity in early March, IMI’s operating sites in China have seen growth in demand for products used in medical equipment and 5G telecom infrastructure.

STI has also started producing components used in medical ventilators as part of the Ventilator Challenge UK. The recent rise in work from home arrangements is expected to lead to an uptick in demand for Via Optronics’ display solutions in the laptop segment, the company said. VG Cabuag

Jeep drivers PAL eyeing to partially resume flights give free rides to frontliners

J

EEPNEY Kings has backed a transportation-for-a-cause project called “Elmer’s Run” as it rolled out 10 units of public utility vehicles (PUVs) manned by 17 jeepney drivers called “TsuperHeroes.”

This newly established modernized jeepney fleet operator recently responded to the call of 1111 Empire Inc. Chief Executive Officer and Chairman Elmer Francisco for aid to help small fleet operators and frontliners affected by the coronavirus disease 2019 (Covid-19) crisis.

Initially engaged in this initiative is the Baclaran-Nichols Transport Service Cooperative led by Reynaldo Liwag with the support of Izupart Caloocan.

The suspension of PUV operations by the government during the enhanced community quarantine has left more than 600,000 operators and drivers unemployed and unable to support their families’ needs.

This also made frontliners of essential services and health workers helpless and unsafe as they needed to walk for hours just to get to work, go home, and vice versa.

To their rescue, each of TsuperHeroes works eight hours for a 24-hour operation to provide them with free transportation in coordination with some local government units.

The salaries of drivers and fuel expenses are shouldered by Francisco and from the coffers of 1111 Empire, makers of Francisco Passenger Jeepneys.

Since their resources are not enough to support everyone in the initiative, he said he would also seek the help of his fellow members of Rotary Club of Makati West.

He said nine other Rotary Clubs from Makati San Antonio, Makati East, Makati Ayala Triangle, Global City, Parañaque Metro, Parañaque Merville, Muntinlupa East, Las Piñas, Las Piñas Camino Real followed suit through the efforts of Rotary District 3870 Governor Ador Tolentino.

Jeepney Kings, with investment from local entrepreneurs Enrique Gonzalez and Rajan Uttamchandani, and Hong Kong-based financier Francis “Bing” Zhou, distributed relief goods to TsuperHeroes who suddenly became unemployed amid the pandemic. Roderick L. Abad

rises 22% in 2019

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ndrew Tan-led property developer Megaworld Corp. on Thursday said its net income expanded 22 percent to P19.3 billion in 2019, from P15.8 billion in the previous year.

Consolidated revenues grew 17 percent to P67.3 billion in 2019, from P57.4 billion in 2018, mainly as a result of the strong performance of all of its key businesses.

Excluding non-recurring gains of P691 million, net income grew 18 percent to a new record high of P18.6 billion.

“Our strongest rental business still comes from our leases of prime office spaces across the Philippines.

This excludes the office spaces that we have already sold and are currently selling,” said Kevin Andrew L. Tan, company executive vice president.

“The good news is that we still continue to see growth in the business-process outsourcing [BPO] and information-technology sectors, which comprise majority of our office rentals to date,” he added.

Tan also noted the growth in the demand for office spaces outside of Metro Manila, in which the company

is in the best position to provide to space seekers because of its adequate office inventory in the provinces, including those that are still in the pipeline.

Megaworld’s rental business posted another record growth last year, rising 18 percent to P16.8 billion from P14.3 billion in 2018.

Its office leasing arm, Megaworld Premier Offices, primarily contributed to the record growth in rentals, as it increased 20 percent to P10.5 billion, from P8.7 billion the previous year.

The company was able to complete around 192,300 square meters of new leasable office spaces last year, bringing its inventory of leasable office spaces to 1.3 million square meters.

The company said it built office towers, primarily to cater to the growing BPO sector, in Iloilo, Bacolod, Davao, Cebu, Cavite, Laguna and Pampanga. In Metro Manila, the company had additional office developments in its various townships such as McKinley West and Uptown Bonifacio in Taguig, and Arcovia City in Pasig. VG Cabuag

AboitizPower records lower income in January-March

By Lenie Lectura @llectura

A

By Recto Mercene @rectomercene

F

lag carrier Philippine Airlines (PAL) on Thursday said it plans to operate international and domestic in a limited capacity starting May 16 “with the guidance and approval from the Philippine government.”

PAL Spokesman Cielo Villaluna said the carrier has identified routes for possible bookings, “but we still need the go-signal from the government to operate.”

“We intend to resume regular, commercial flights by May 16, once allowed by government authorities, public health conditions and the overall travel environment,” Villaluna added.

She said PAL has complete sets of protective suits, masks, gloves, goggles and personal protective equipment (PPE) which its crew will wear during and every flight.

Villaluna said PAL is now prepared for the resumption of operations and that it is now finalizing

operating flights and routes from May 16 onwards.

“If your flight is cancelled, we assure you that your ticket is safe and remains valid. We’ve enhanced our policies to give you more flexibility due to the evolving Covid-19 [coronavirus disease 2019] situation,” she said. She said PAL protects and preserves its aircraft on ground in line with maintenance protocols. The airline, she said, carries out intensive disinfection procedures using highgrade products in line with the guidelines of global aviation authorities.

PAL also conducts thorough inspections on all planes in line with the guidelines of its aircraft engineering, quality and safety teams.

“These measures ensure that our fleet is ready when the time comes for us to resume normal operations.”

Villaluna made an assurance that social distancing norms will be enforced during a flight and at the preflight stage.

Also, PAL will make adjustments in food service and in the number of reading materials loaded.

As for Cebu Pacific, the airline said it is coordinating with the Department of Tourism (DOT) and other organizations to mount sweeper and repatriation flights.

“We have finalized sweeper flights with the DOT, starting May 1 between Manila and key domestic destinations to fly stranded passengers,” said Charo Lagamon-Logarta, Cebu Pacific corporate communications chief.

The airline also continues to operate all-cargo flights to keep vital goods moving across the country, she added.

Both PAL and Cebu Pacific said, “If your flight is cancelled, we assure you that your ticket is safe and remains valid. We’ve enhanced our policies to give you more flexibility due to the evolving Covid-19 situation.”

All Philippine Airlines and Cebu Pacific domestic and international flights are cancelled up to May 15, in line with the extension of the enhanced community quarantine in many areas in Luzon, including the National Capital Region.

boitiz Power Corp. posted a lower income at end-March this year, mainly due to tax payments, interest expense and power plant outage incidents.

From January to March this year, the power firm booked P2.1 billion, from P3.6 billion recorded in the same period last year.

During the period, the company registered non-recurring losses of P27 million. Without these one-off losses, core net income for the first quarter of 2020 stood at P2.1 billion.

“This was mostly due to the decline in earnings before interest, tax, depreciation and amortization [EBITDA], coupled with additional taxes from the Income Tax Holiday expirations of Therma South and GNPower Mariveles power plants, and the additional interest expense from the parent bond and loan that were taken up late last year,” AboitizPower said Thursday.

The company’s performance was also affected by outages in Therma South and GNPower Mariveles power plants, and lower selling prices, which mitigated the fresh contributions of Therma Visayas and decreased purchased power costs.

AboitizPower President Emmanuel V. Rubio said the company continues to adapt to the constantly changing business climate due to the pandemic situation and would make further adjustments when necessary, to sustain the business.

“The pandemic has affected the timeline of GNPD [GNPower Dinginin Ltd. Co.] . Unit 1 will synchronize by the fourth quarter of 2020 and will commence commercial operations by the first quarter of 2021.

Unit 2 will synchronize by the first quarter of 2021 and will commence commercial operations by the second quarter of 2021,” said Rubio during the company’s recent annual meeting.

Similar to other power firms, Aboitiz noted a decline in power demand since the enhanced community quarantine (ECQ) was implemented.

“Demand for power has dipped since the ECQ; spot prices are also lower, given the lower demand and collections are down.

We’re seeing an upward movement week on week, especially with demand due to higher temperature. Likewise, collections are higher than expected. It is expected to gradually increase upon the easing of lockdown," he said.

But with the additional capacities in its portfolio, Rubio said the company has “fortified our bench and have further strengthened governance across different parts of the business.”

We are going to continue growing our renewable portfolio. We are focusing on participating and playing a significant role in the program of the government on RPS [Renewable Portfolio Standards] and the Green Energy Option program, plus our focus growth area overseas,” he said.

AboitizPower has remitted P14 million to the government of Davao City. The amuont represents its share of Energy Regulations 1-94 (ER 1-94) Program funds in support of its efforts to combat the effects of coronavirus disease 2019 (Covid-19).

Last April 6, the Department of Energy (DOE) issued Department Circular 2020004-00080, dictating that the ER 1-94 funds received by host communities of power generation companies may now be used in full for efforts towards managing the effects of Covid-19.

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Companies BusinessMirror

Friday, May 1, 2020

PSE STOCK QUOTATIONS

April 30, 2020

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

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

45.65 100 58.5 19.74 7.84 39.05 8.54 16.4 23.65 43.95 105.1 16.6 103.4 53.8 15.5 2.73 0.94 0.34 511 0.57 165.5

48.7 101 58.95 19.8 7.85 39.1 8.79 17.9 23.8 44 116 17.1 104.4 53.9 15.88 2.8 0.95 0.35 639 0.64 168.9

48.7 100.1 59 19.82 7.63 38.15 8.5 16.7 23.5 42.5 98 17 105.9 54.6 15.42 2.74 0.95 0.345 639 0.64 165

48.7 101 59.15 19.82 7.85 39.1 8.5 16.7 24 43.9 116.4 17.1 105.9 54.7 15.5 2.74 0.95 0.36 639 0.64 168.9

48.7 98.6 58.5 19.72 7.63 37.65 8.5 16.7 23.5 42.5 98 16.5 103.1 53.6 15.42 2.73 0.95 0.33 639 0.64 165

48.7 101 58.5 19.74 7.85 39.05 8.5 16.7 23.8 43.9 105.1 16.6 103.4 53.9 15.5 2.73 0.95 0.34 639 0.64 168.9

2000 2716910 2638530 87500 130300 7605700 10700 200 152900 14400 630 45200 306480 1900 3300 32000 4000 2030000 10 20000 1230

97400 271723034.5 155180668.5 1730350 1012808 291702180 90950 3340 3641100 621890 68596 758198 31830289 102510.5 51070 87480 3800 705100 6390 12800 207225

INDUSTRIAL

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

2.29 0.93 27.4 0.171 18.82 57.35 254.4 10.64 3.18 2.38 11.5 18.46 7.89 8.38 2.96 74 13 14.3 3.63 5.29 7.9 58.95 0.55 1.43 32 143.1 6.5 6.6 1.9 6.74 1.67 4.35 1.38 0.116 125.8 0.85 58.85 60 1.11 8.17 5.37 11.22 6.55 8.52 0.83 0.72 162.1 1.74 2.79 3.53 23.75 1.29 5.91 1.17 3.87 1.22 9

2.3 0.98 27.6 0.179 19 57.7 258 10.68 3.19 2.45 11.58 18.5 7.98 8.43 2.97 86 13.46 14.32 3.72 5.5 7.91 59 0.56 1.44 32.35 143.2 6.65 6.61 1.91 6.78 1.68 4.49 1.45 0.118 125.9 0.86 60 65.3 1.12 8.21 5.38 11.5 6.6 8.88 0.85 0.73 180 1.79 2.8 3.66 24 1.3 5.92 1.19 4.93 1.23 9.03

2.32 0.93 27.4 0.18 18.54 57.15 264.2 10.9 3.2 2.44 11.16 18.4 7.88 8.24 3.02 87 11 14.5 3.74 5.56 7.9 59.05 0.55 1.47 32.4 148 6.15 6.75 1.91 6.96 1.64 4.4 1.42 0.118 122.2 0.86 60 62.95 1.13 8.16 5.44 11.2 6.64 8.5 0.86 0.74 180 1.75 2.86 3.6 26.5 1.34 5.85 1.2 4.3 1.26 8.9

2.33 0.93 27.85 0.18 19 58 266 11.04 3.22 2.47 11.8 18.68 7.98 8.6 3.06 87 13.48 14.56 3.74 5.56 7.94 61 0.56 1.49 32.4 149 6.65 6.9 1.91 6.99 1.69 4.49 1.42 0.118 126 0.86 60 68.65 1.14 8.22 5.44 11.5 6.71 8.88 0.88 0.74 180 1.75 2.9 3.6 26.5 1.34 5.92 1.2 4.3 1.29 9.15

2.26 0.92 27.2 0.171 18.44 57.15 254.4 10.64 3.15 2.38 11.14 18.32 7.88 8.21 2.93 87 11 14.3 3.61 5.29 7.86 58.95 0.54 1.43 31.05 143 6.15 6.4 1.9 6.71 1.61 4.35 1.42 0.109 122.2 0.83 55 62.95 1.11 8.05 5.3 11.2 6.5 8.5 0.85 0.71 180 1.74 2.75 3.6 24 1.28 5.78 1.17 3.81 1.2 8.5

2.3 0.92 27.4 0.179 19 57.35 254.4 10.64 3.19 2.45 11.58 18.5 7.98 8.43 2.96 87 13 14.3 3.74 5.29 7.9 59 0.56 1.44 32.35 143.1 6.5 6.61 1.91 6.78 1.68 4.49 1.42 0.118 125.9 0.86 60 68.65 1.11 8.17 5.37 11.5 6.55 8.88 0.85 0.73 180 1.74 2.79 3.6 24 1.3 5.91 1.19 4.3 1.22 9

3975000 7000 1605400 50000 740300 2610 344280 5678500 1492000 27000 273700 781500 36600 399300 1706000 40 3300 303300 11000 2187200 1029700 190540 239000 11703000 3400 1930300 9400 1791800 128000 1059900 1377000 14000 17000 790000 1907400 8018000 310 190 7190000 425800 1097900 578300 2090800 6300 241000 653000 270 97000 1312000 13000 15100 2872000 164700 8153000 8000 1954000 3424900

97400 -66787594 -77297244.5 -245344 -166215 -17403940 -1875255 48215 -126120 -15145613 -74404.5 -

9115840 6450 44168515 8720 13,945,306( 149994.5 89554478 60886890 4753920 64730 3132340 14,464,076( 290241 3359895 5070540 3480 41894 4348414 40670 11,754,598( 8134725 11261932.5 131610 16939190 107835 278959709 60910 11983088 244220 7287932 2294750 61490 24140 91180 238123566 6850010 18450 12017.5 8071170 3469706 5899528 6572410 13793373 54774 205230 473030 48600 169690 3675740 46800 364005 3742750 964713 9699600 32930 2410240 30548473

123450 -2326865 1,245,090.0004) -54428.5 -44672460 -49651592 1959210 4,781,031.9999) 188720 -206700 3435692 -3610 9,611,040.9996) -7900000 1284300 -86400 9600 -54518287 -8610 -442180 17170 2561828 57000 -51167917 91790 3777 -448740 -1435219 -361265 -2141880 -2793479 161950 -358955 92540 -12260 167592.9999

HOLDING & FRIMS ABACORE CAPITAL 0.58 0.59 0.59 0.6 0.58 0.58 3232000 1892060 ASIABEST GROUP 7.7 7.8 7.8 7.98 7.63 7.7 26200 205503 AYALA CORP 582 582.5 582.5 586.5 580.5 582 342060 199386850 ABOITIZ EQUITY 41.5 41.95 41.5 43 41.5 41.5 1125100 47124850 ALLIANCE GLOBAL 6.4 6.46 6.36 6.5 6.28 6.46 5550300 35416203 AYALA LAND LOG 1.96 1.97 1.81 1.96 1.81 1.96 3448000 6542330 ANSCOR 5.97 6.1 6.09 6.1 5.97 6.1 2100 12730 ANGLO PHIL HLDG 0.53 0.55 0.54 0.54 0.54 0.54 1000 540 ATN HLDG A 0.56 0.57 0.54 0.59 0.53 0.57 9738000 5486380 ATN HLDG B 0.56 0.6 0.55 0.61 0.55 0.56 116000 65530 COSCO CAPITAL 4.98 5.08 5 5.15 4.98 4.98 1742000 8770050 DMCI HLDG 4.12 4.14 4.18 4.2 4.12 4.12 10548000 43669580 FILINVEST DEV 8.59 8.6 8.6 8.6 8.26 8.6 10800 92512 GT CAPITAL 453 453.8 464 469 447 453 173940 78917472 JG SUMMIT 50.85 50.9 51 51.8 50.8 50.9 3001690 153329129.5 JOLLIVILLE HLDG 4.51 6.24 6.24 6.24 6.24 6.24 1000 6240 LODESTAR 0.48 0.485 0.49 0.495 0.48 0.48 40000 19500 LOPEZ HLDG 2.61 2.62 2.67 2.68 2.62 2.62 4070000 10735930 LT GROUP 7.73 7.75 7.81 7.89 7.72 7.75 1309600 10149537 MABUHAY HLDG 0.49 0.54 0.475 0.54 0.475 0.54 220000 110250 METRO PAC INV 2.57 2.58 2.56 2.61 2.56 2.57 46462000 119755470 PRIME MEDIA 0.82 0.83 0.8 0.83 0.8 0.82 110000 88970 SOLID GROUP 0.99 1.03 1.01 1.03 1 1.01 15000 15050 SYNERGY GRID 170 174.5 160.1 170 160 170 510 84460 SM INVESTMENTS 845 845.5 843 846 834.5 845 242720 204843605 SAN MIGUEL CORP 97 97.5 97.9 97.9 97 97 305520 29715196.5 SOC RESOURCES 0.63 0.65 0.63 0.65 0.63 0.65 26000 16560 TOP FRONTIER 141 142 142 142 142 142 800 113600 WELLEX INDUS 0.176 0.188 0.189 0.189 0.188 0.188 60000 11290 ZEUS HLDG 0.159 0.162 0.145 0.163 0.14 0.162 9990000 1607180

-434660.0001 54600 -44059190 -8822800 -3018251 -61050 -923240 -17823780 10318 -41991488 -91371996.5 -5728370 2160445 -10200 -20393080 -5100 35196045 -19198838 -

PROPERTY ARTHALAND CORP 0.56 0.57 0.56 0.57 0.55 0.57 953000 529940 AYALA LAND 31.95 32 31.8 32.2 31.3 31.95 18012900 574228090 ARANETA PROP 1.05 1.07 1.04 1.05 1.04 1.05 268000 280820 BELLE CORP 1.37 1.44 1.35 1.44 1.35 1.37 194000 263940 A BROWN 0.57 0.58 0.58 0.59 0.56 0.58 1622000 916650 CITYLAND DEVT 0.74 0.77 0.73 0.77 0.73 0.77 3000 2270 CROWN EQUITIES 0.13 0.133 0.133 0.133 0.12 0.133 470000 58590 CEBU HLDG 5.9 5.98 5.9 5.9 5.9 5.9 2000 11800 CEB LANDMASTERS 4.06 4.08 3.98 4.06 3.98 4.06 3216000 12929760 CENTURY PROP 0.36 0.365 0.355 0.365 0.355 0.365 2240000 804550 CYBER BAY 0.29 0.31 0.295 0.295 0.29 0.29 1460000 423450 DOUBLEDRAGON 16.14 16.16 16.18 16.2 16.04 16.16 260100 4202432 DM WENCESLAO 6.9 6.98 6.96 6.99 6.9 6.9 127700 886179 FILINVEST LAND 0.95 0.96 0.96 0.97 0.94 0.95 7155000 6836350 GLOBAL ESTATE 0.82 0.85 0.8 0.85 0.8 0.82 62000 50720 8990 HLDG 10.9 11.06 10.7 10.9 10.68 10.9 7700 82884 PHIL INFRADEV 0.86 0.87 0.84 0.87 0.84 0.87 462000 395290 CITY AND LAND 0.69 0.73 0.74 0.74 0.74 0.74 2000 1480 MEGAWORLD 2.58 2.59 2.63 2.66 2.58 2.58 20779000 54234960 MRC ALLIED 0.167 0.168 0.166 0.169 0.164 0.168 5910000 979400 PHIL ESTATES 0.31 0.325 0.325 0.325 0.3 0.31 230000 69800 PRIMEX CORP 1.49 1.51 1.51 1.51 1.49 1.51 9000 13510 ROBINSONS LAND 15.04 15.1 15.5 15.82 15.02 15.04 4544900 68665726 ROCKWELL 1.51 1.52 1.5 1.54 1.5 1.52 109000 165080 SHANG PROP 2.7 2.71 2.73 2.74 2.7 2.71 169000 457000 STA LUCIA LAND 1.86 1.94 1.9 1.97 1.85 1.94 152000 292600 SM PRIME HLDG 30.7 31 31 31.05 30.05 31 13148900 404748825 VISTAMALLS 4.02 4.04 3.95 4.1 3.95 4.04 124000 501350 SUNTRUST HOME 1.28 1.29 1.27 1.3 1.26 1.28 3756000 4810080 VISTA LAND 4.31 4.39 4.13 4.41 4.08 4.31 4178000 17951150

139522700 63000 -172820 -2957530 -7200 -1304868 -147597 717760 1072 -10440 -1915350 -16600 -26714356 -129510 -7529790 1851460

SERVICES ABS CBN 17.96 18 17.1 18.2 17.1 18 1087400 19273438 GMA NETWORK 4.83 4.87 4.8 4.89 4.78 4.87 240000 1153260 MLA BRDCASTING 8.12 10.22 10.22 10.22 10.22 10.22 2000 20440 GLOBE TELECOM 2196 2222 2250 2256 2196 2196 64440 142429590 PLDT 1288 1299 1269 1305 1263 1299 362915 467545715 APOLLO GLOBAL 0.041 0.043 0.043 0.044 0.041 0.043 31200000 1308500 DITO CME HLDG 2.2 2.21 2.24 2.27 2.18 2.2 44179000 98054670 ISLAND INFO 0.081 0.083 0.083 0.083 0.083 0.083 70000 5810 NOW CORP 1.91 1.92 1.9 1.98 1.88 1.92 7696000 14850670 TRANSPACIFIC BR 0.197 0.199 0.192 0.2 0.185 0.199 4030000 788010 PHILWEB 2.36 2.38 2.38 2.44 2.35 2.36 1937000 4604210 2GO GROUP 10.56 10.66 10.7 12.2 10.5 10.6 1850500 20993480 CHELSEA 3.34 3.35 3.35 3.35 3.3 3.34 549000 1830530 CEBU AIR 48.3 48.35 50 50.05 47.35 48.35 406500 19754825 INTL CONTAINER 89.55 89.6 88 92.8 87.55 89.6 3754000 336732318.5 LBC EXPRESS 13.5 13.7 13.7 13.7 13.6 13.6 4900 66780 MACROASIA 5.05 5.06 5.3 5.38 5.01 5.05 17353800 90050593 METROALLIANCE A 2.72 2.76 2.75 2.87 2.6 2.76 7268000 19862860 METROALLIANCE B 2.55 2.75 2.75 2.75 2.75 2.75 38000 104500 PAL HLDG 7.2 7.25 7.3 7.3 7.25 7.25 6100 44367 HARBOR STAR 0.89 0.9 0.89 0.91 0.88 0.89 364000 325160 ACESITE HOTEL 1.13 1.19 1.13 1.13 1.13 1.13 1000 1130 BOULEVARD HLDG 0.027 0.029 0.029 0.029 0.028 0.029 12500000 354700 DISCOVERY WORLD 1.52 1.77 1.55 1.55 1.54 1.54 17000 26260 WATERFRONT 0.4 0.415 0.4 0.415 0.4 0.415 340000 137550 CENTRO ESCOLAR 6.13 6.48 6.25 6.26 6.25 6.26 2000 12510 IPEOPLE 7.03 8.38 7.8 8.39 7.8 8.39 62300 486117 STI HLDG 0.345 0.35 0.345 0.35 0.34 0.345 5710000 1975500 BERJAYA 2.32 2.38 2.41 2.42 2.32 2.32 365000 851910 BLOOMBERRY 5.51 5.6 5.6 5.65 5.36 5.6 5239800 28717231 PACIFIC ONLINE 1.73 1.74 1.74 1.75 1.7 1.73 60000 103890 LEISURE AND RES 1.49 1.54 1.44 1.55 1.44 1.54 434000 651010 PH RESORTS GRP 2.81 2.89 2.94 2.94 2.81 2.91 7000 20130 PREMIUM LEISURE 0.31 0.315 0.31 0.32 0.31 0.315 4460000 1396950 ALLHOME 6.18 6.2 5.8 6.35 5.8 6.18 6339700 39515995 METRO RETAIL 1.88 1.89 1.95 1.95 1.88 1.89 2612000 4961790 PUREGOLD 46.25 46.3 46.85 46.85 45.8 46.3 4469100 206763050 ROBINSONS RTL 67 67.05 65.55 69.5 65.55 67 709490 47573889 PHIL SEVEN CORP 123.5 127.9 125 125 123 123.5 53640 6626576 SSI GROUP 1.34 1.35 1.36 1.39 1.33 1.35 15019000 20371120 WILCON DEPOT 14.58 14.7 14 14.7 14 14.7 2334700 33643662 APC GROUP 0.315 0.32 0.31 0.34 0.31 0.32 2890000 937250 EASYCALL 7.9 8 8.13 8.64 7.8 7.91 302900 2472348 GOLDEN BRIA 312.4 338.2 339.8 339.8 312.4 312.4 320 106992 IPM HLDG 4.21 5 4.5 5 4.5 5 2200 10750 PRMIERE HORIZON 0.25 0.255 0.255 0.26 0.25 0.255 7490000 1920550 SBS PHIL CORP 5.5 5.83 5.14 5.14 5.14 5.14 100 514

-27729910 26574705 853410 -243220 -750 193250 -8430 -167000 -8261965 24333427.5 -16568410 900 6250 -98999.9999 93557 -5340 -10500 -1950186 -356010 -130943975 220840 -552317 -374780 6904960 -18744 -

MINING & OIL ATOK 10.1 10.3 10.9 10.9 10.3 10.88 1500 16040 APEX MINING 0.94 0.96 0.95 0.96 0.94 0.95 726000 689950 ABRA MINING 0.001 0.0011 0.0011 0.0011 0.001 0.001 21000000 22100 ATLAS MINING 1.85 1.9 1.9 1.9 1.9 1.9 2000 3800 BENGUET A 1.02 1.09 1.02 1.02 1.02 1.02 40000 40800 COAL ASIA HLDG 0.197 0.204 0.193 0.204 0.193 0.204 160000 31100 CENTURY PEAK 2.7 2.74 2.73 2.74 2.73 2.73 200000 546900 DIZON MINES 6.71 6.88 6.72 7 6.72 6.87 1700 11620 FERRONICKEL 0.89 0.9 0.9 0.91 0.87 0.9 3210000 2865480 GEOGRACE 0.203 0.207 0.2 0.207 0.2 0.203 440000 89990 47150 LEPANTO A 0.081 0.082 0.082 0.083 0.081 0.081 9620000 781230 LEPANTO B 0.083 0.09 0.085 0.09 0.083 0.084 6280000 529130 9400 MARCVENTURES 0.57 0.59 0.58 0.59 0.56 0.59 62000 35910 NIHAO 0.91 0.96 0.96 0.96 0.91 0.91 154000 144460 NICKEL ASIA 1.7 1.73 1.72 1.74 1.67 1.7 8291000 14165400 -3193420 OMICO CORP 0.395 0.44 0.4 0.4 0.4 0.4 20000 8000 ORNTL PENINSULA 0.495 0.5 0.495 0.5 0.495 0.5 20000 9950 PX MINING 2.29 2.32 2.31 2.31 2.29 2.29 454000 1044310 -207030 SEMIRARA MINING 12.08 12.1 12.18 12.18 12.08 12.1 1365700 16570168 4534228 UNITED PARAGON 0.0042 0.0044 0.0042 0.0042 0.0041 0.0041 4000000 16500 ACE ENEXOR 6.79 6.94 6.95 6.99 6.79 6.94 25500 175381 ORNTL PETROL A 0.0084 0.0086 0.0085 0.0085 0.0085 0.0085 8000000 68000 PHILODRILL 0.0083 0.0085 0.0084 0.0084 0.0084 0.0084 1000000 8400 PXP ENERGY 4.34 4.35 4.32 4.48 4.32 4.35 884000 3885800 -498280

PREFFERED AC PREF B1 496 500 500 500 500 500 30 15000 ALCO PREF B 99.1 101 100 100 99 99 7520 750530 AC PREF B2R 490 504 504 504 504 504 100 50400 CPG PREF A 99 99.5 99.5 99.5 99.5 99.5 1250 124375 DD PREF 99 100 99 99.95 99 99.95 510 50965 FPH PREF C 490 504 495 495 495 495 500 247500 GTCAP PREF B 970.5 980 981 981 970.5 970.5 26900 26383650 MWIDE PREF 100 100.1 100 100.1 99.8 99.8 2940 293996 PNX PREF 3A 98.9 99.4 99.5 99.5 99.4 99.4 4890 486225 PNX PREF 3B 103.4 104.5 101 103.4 100.1 103.4 5000 501434 PNX PREF 4 997 1000 999 1000 998 998 1040 1038900 PCOR PREF 3A 1005 1012 1012 1012 1012 1012 110 111320 PCOR PREF 3B 1022 1039 1020 1020 1020 1020 100 102000 SMC PREF 2D 74.4 74.9 74.9 74.9 74.9 74.9 600000 44940000 SMC PREF 2E 75 75.1 75 75.1 75 75.1 2570 192907 75000 SMC PREF 2F 75.25 75.5 75.5 75.5 75.5 75.5 77380 5842190 SMC PREF 2G 75.2 75.3 75.3 75.35 75.25 75.25 17400 1310001 SMC PREF 2H 75 75.15 75.1 75.15 75.1 75.15 5000 375625 SMC PREF 2I 74.7 75 75 75 75 75 4900 367500 15000

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 15.7 16.36 15.58 16.5 15.58 15.7 1060800 16832122 -13580600 GMA HLDG PDR 4.64 4.89 4.83 4.83 4.83 4.83 13000 62790

WARRANTS LR WARRANT 0.78 0.79 0.78 0.82 0.78 0.8 99000 79900

SMALL & MEDIUM ENTERPRISES ITALPINAS 2.15 2.16 2.29 2.32 2.11 2.15 9703000 21132500 657280 KEPWEALTH 7.79 7.8 7.7 7.87 7.51 7.79 231200 1787747 76750 XURPAS 0.62 0.63 0.64 0.64 0.61 0.63 674000 418550

EXHANGE TRADE FUNDS

FIRST METRO ETF 86.6 87.2 86.25 88 86.25 86.6 17630 1534671.5 18220

www.businessmirror.com.ph

AEV Q1 income falls by 42% on weakness of power unit

A

By VG Cabuag

@villygc

boitiz Equity Ventures Inc. (AEV) on Thursday said its profits declined 42 percent to P2 billion for the three months of the year ending March, from P3.5 billion last year due to the continued weakness of its power arm.

Revenues for the period were down 1 percent to P47 billion from the previous year’s P47.4 billion.

AEV also said it recognized losses of P262 million for the three-month period, down from P334 million last year. These were due to unrealized foreign exchange losses from the revaluation of dollar-denominated assets.

Without these one-off losses, the company’s core net income for the first quarter was P2.3 billion, still a 41-percent decline.

Power accounted for 55 percent

of the total income contributions from AEV’s strategic business units, followed by banking at 46 percent, food at 2 percent, infrastructure at 1 percent and real estate -4 percent.

“We will continue to look for opportunities to keep the country’s economy moving as we carefully evaluate our business strategy,” Sabin M. Aboitiz, AEV president and CEO, said in a statement.

Aboitiz Power Corp. net income contribution to AEV for the first quarter fell 43 percent to P1.6 billion from P2.8 billion last year. Its

net income for the quarter was P2.1 billion, 43 percent from last year.

The company’s generation and retail supply business recorded earnings before interest, taxes, depreciation and amortization (Ebitda) of P7.4 billion for the period, some 13 percent lower than last year’s P8.6 billion.

It said the fall was due to the other income AboitizPower gained last year, but stripping that income, its Ebitda would have been lower by just 3 percent.

AboitizPower’s performance during the first quarter of 2020 was also affected by outages in Therma South Inc. and GN Power Mariveles Coal Plant, and by lower selling prices. These offset the fresh contributions of Therma Visayas Inc. and the decreased purchased power costs.

Income contributions from the generation and retail electricity supply businesses, which accounted for 65 percent of total income from other business segments, totaled P1.9 billion, some 44 percent lower from last year.

Its distribution business recorded

an income share of P1 billion, an 8-percent decline.

Lender Union Bank of the Philippines reported an income contribution to AEV at P1.3 billion, 23 percent higher than the P1.1 billion last year.

AEV’s non-listed food units had an income contribution of P60 million for the first quarter, 56 percent lower than the P137 million recorded last year.

Property developer Aboitiz Land Inc. had a net loss of P110 million for the period, deeper than the P44 million in losses last year.

AboitizLand contributed P508 million in revenues, some 24 percent lower than revenue contributions from the same period in 2019. This decrease was primarily due to higher forfeitures and lower construction progress resulting from the eruption of Taal Volcano and enhanced community quarantine due to the coronavirus disease 2019.

For the infrastructure group, Republic Cement and Building Materials Inc.’s income contribution to reached P61 million, a turnaround from the P32-million loss recorded last year.

Alsons debt papers get PRS A plus rating

By Lenie Lectura

@llectura

D

ebt local watcher Philippine Rating Services Corp. (PhilRatings) has assigned a PRS A plus rating to Alcantara-led Alsons Consolidated Resources Inc. (ACR) for its proposed P1 billion worth of commercial papers (CPs).

“ACR was once again assigned a 'PRS A plus [corp.] with a Stable Outlook' issuer credit rating...for the second tranche [P1 billion] of the Company’s CPs Program of up to P2.5 billion that it registered with the Securities and Exchange Commission [SEC] in 2018,” said the listed firm Thursday. Early this year, ACR reissued P694 million from the first P1.5-billion tranche of CPs. The issuance will provide interim funding to help the company’s expansion into the renewable energy (RE) sphere.

According to PhilRatings, a PRS A plus (corp.) rating means that ACR has an above average capacity to meet its financial commitments compared to other local firms.

Among the factors cited by PhilRatings as basis for the rating were “the positive growth prospects for Mindanao which will bring about an increasing demand for power,”

and ACR’s “ability to establish joint ventures with strong partners for particular projects.”

The rating has also been assigned a stable outlook, indicating that it is unlikely to change in the next 12 months.

ACR has a portfolio of 4 power facilities with an aggregate capacity of 468 megawatts (MW) serving over 8 million people in 14 cities and 11 provinces, including key urban centers such as Cagayan de Oro, General Santos, Iligan and Zamboanga City.

The company has reported that its power plants continue to operate despite the ongoing quarantine of many areas in the country including the Mindanao localities where the group’s power facilities are located.

“Our operations are ongoing and we continue to dispatch power to our various customers in Mindanao,” said ACR Executive Vice President and Chief Executive Officer Tirso G. Santillan Jr. The group is currently building a P4.5-billion 14.5-MW run-of-river hydroelectric power plant at the Siguil River basin in Maasim, Sarangani Province—the company’s first foray into RE. The Siguil Hydro power plant is expected to begin com-

GCash offers insurance products to Pinoy users

F

INANCIAL technology (fintech) player GCash has partnered with MicroEnsure Philippines and AXA Philippines to provide Filipinos with “affordable” insurance policies delivered digitally through their mobile phones.

GCash Chief Technology and Operations Officer Pebbles Sy said through this partnership, Filipinos may avail of a comprehensive insurance product of life, personal accident, and daily hospital income insurance “for as low as P39.”

“We at GCash believe that there is a huge need to bring insurance products closer to Filipinos. By offering personal insurance products to GCash users, we are allowing them to reap the immense benefits of having insurance policies that are not only affordable, but also very convenient,” she said.

Fully verified GCash users aged 18 to 65 years may avail of GCash Insurance through their mobile phones. After one to two days, a confirmation text will be sent to the user and fees can be automatically deducted from the GCash account.

Once insured, the insurance benefits related to coronavirus disease 2019 (Covid-19) can be

availed of, since it exclusively covers cases related to the novel coronavirus. Users can claim these benefits through email by attaching the necessary documents.

Sy explained that the entire process beats the traditional way of getting insurance since users can skip face-to-face interactions, and the queues for claims, among others.

“Insurance is one of the best ways to stay financially protected for emergencies and unexpected situations. It is a way of sparing bank accounts from the brunt of the expenses in emergencies and accidents. Plus, it’s a great way to give people a peace-of-mind since insurance plans provide safety nets. With GCash Insurance, this security is made accessible because of the low price,” she said. Sy added that GCash is helping “safeguard Filipinos from emergency situations without breaking the bank” by offering affordable insurance policies through their mobile phones.

“The Covid-19 pandemic is a reminder that nothing is certain in this world, but everything can be managed if we know how to protect ourselves financially,” she said. Lorenz S. Marasigan

mercial operations in 2022 and will provide power to Sarangani Province, General Santos City and key municipalities of South Cotabato.

Another project in the company’s pipeline is the 105-MW San Ramon Power Inc. (SRPI) baseload coal-fired

mutual funds

power plant in Zamboanga City, which is slated to begin operations in 2023. “Even with the current quarantine, we do not foresee a major delay in the targeted commencement of operations for our Siguil and SRPI projects,” said Santillan.

April 30, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 185.99 -29.39% -11.55% -8.02% -26.16% ATRAM Alpha Opportunity Fund, Inc. -a 0.9611 -40.19% -13.83% -8.77% -30.46% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.5021 -39.31% -16.14% -10.63% -31.97% Climbs Share Capital Equity Investment Fund Corp. -a 0.6445 -31.14% n.a. n.a.

-28.16% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6613 -23.87% n.a. n.a.

-22.14% First Metro Save and Learn Equity Fund,Inc. -a 4.0537 -26.23% -8.75% -7.09% -23.92% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6299 -28.13% -12.79% n.a.

-26.21% MBG Equity Investment Fund, Inc. -a 74.44 -41.42% n.a. n.a.

-27.96% PAMI Equity Index Fund, Inc. -a 37.2562 -28.47% -10.08% n.a.

-27.35% Philam Strategic Growth Fund, Inc. -a 399.93 -26.48% -9.46% -7.05% -24.94% Philequity Alpha One Fund, Inc. -a,d,5 0.8438 n.a. n.a. n.a. -18.09% Philequity Dividend Yield Fund, Inc. -a 0.955 -27.19% -9.4% -6.22% -25.79% Philequity Fund, Inc. -a 27.9583 -27.73% -8.82% -6.17% -26.23% Philequity MSCI Philippine Index Fund, Inc. -a 0.7392 -29.03% n.a. n.a.

-27.39% Philequity PSE Index Fund Inc. -a 3.7938 -28.08% -9.57% -6.02% -27.37% Philippine Stock Index Fund Corp. -a

634.2 -27.97% -9.55% -6.21% -27.28% Soldivo Strategic Growth Fund, Inc. -a 0.5778 -38.25% -13.54% -10.23% -32.14% Sun Life Prosperity Philippine Equity Fund, Inc. -a 2.972 -31.3% -10.41% -7.21% -29.39% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.728 -28.09% -9.7% n.a.

-27.26% United Fund, Inc. -a 2.6991 -27.76% -7.46% -5.11% -26.12% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 85.0373 -27.81% -9.07% -5.39% -27.29% ATRAM AsiaPlus Equity Fund, Inc. -b $0.8916 -13.64% -1.89% -4.04% -13.3% Sun Life Prosperity World Voyager Fund, Inc. -a $1.2324 -5.11% 3.19% n.a.

-10.61% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.4937 -13.18% -5.37% -5.06% -4.42% ATRAM Philippine Balanced Fund, Inc. -a 1.9592 -15.32% -5.7% -3.62% -10.17% First Metro Save and Learn Balanced Fund Inc. -a 2.327 -11.82% -3.23% -4.53% -11.57% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1845 n.a. n.a. n.a.

-19.26% NCM Mutual Fund of the Phils., Inc. -a 1.7651 -7.99% -2.17% -1.93% -10.09% PAMI Horizon Fund, Inc. -a 3.306 -10.01% -3.68% -3.27% -12.75% Philam Fund, Inc. -a 14.7704 -11% -3.89% -3.37% -12.91% Solidaritas Fund, Inc. -a 1.8341 -14.33% -4.84% -3.09% -13.72% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.1239 -18.86% -5.69% -4.31% -19.15% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.8957 -10.23% n.a. n.a.

-11.81% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.7917 -20.58% n.a. n.a. -20.54% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.7681 -22.82% n.a. n.a. -22.66% Sun Life Prosperity Dynamic Fund, Inc. -a 0.7706 -21.42% -6.78% -5.9% -20.95% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03791 4.98% 2.21% 1.33% -0.84% PAMI Asia Balanced Fund, Inc. -b $0.9207 -7.13% -0.93% -2.59% -11.29% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $3.5721 -4.22% 2.36% 1.29% -8.66% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.0568 -2.93% 0.94% n.a.

-6.38% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 362.38 4.15% 3.02% 2.42% 1.28% ATRAM Corporate Bond Fund, Inc. -a 1.9287 2.32% 0.87% -0.2% 1.4% Cocolife Fixed Income Fund, Inc. -a 3.1675 4.93% 5.2% 5.11% 1.64% Ekklesia Mutual Fund Inc. -a 2.2715 5.16% 2.79% 2.19% 2.09% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4171 7.1% 2.96% 1.78% 2.46% Philam Bond Fund, Inc. -a 4.4832 11.2% 3.46% 2.11% 2.52% Philam Managed Income Fund, Inc. -a,6 1.2771 6.66% 3.64% 1.96% 1.62% Philequity Peso Bond Fund, Inc. -a 3.8624 6.99% 3.6% 1.87% 1.96% Soldivo Bond Fund, Inc. -a 1.0192 10.94% 3.32% 1.51% 5.69% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1136 7.92% 4.5% 2.81% 1.23% Sun Life Prosperity GS Fund, Inc. -a

1.7224 7.68% 4.05% 2.43% 1.25% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $467.67 2.88% 2.26% 2.34% -0.12% ALFM Euro Bond Fund, Inc. -a Є213.68 -1.11% 0.5% 0.54% -2.75% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.1782 0.9% 1.76% 1.67% -2.4% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0256 1.19% 0.93% 0.96% -0.78% PAMI Global Bond Fund, Inc -b $1.045 -1.72% -0.74% -1.01% -4.58% Philam Dollar Bond Fund, Inc. -a $2.3811 5.25% 2.59% 2.12% -0.94% Philequity Dollar Income Fund Inc. -a $0.0595391 2.24% 1.47% 1.37% -1.29% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1505 5.85% 2.1% 2.08% -0.78% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 127.32 3.83% 3.09% 2.32% 1.22% First Metro Save and Learn Money Market Fund, Inc. -a 1.0369 2.73% n.a. n.a.

1.03% Sun Life Prosperity Money Market Fund, Inc. -a 1.2774 3.37% 3% 2.52% 1.01% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0413 1.67% n.a. n.a.

0.4% Feeder Fund Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.9 n.a. n.a. n.a.

-9.09% a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. d - in Net Asset Value per Unit (NAVPU).

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

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

7 - Adjusted due to stock dividend issuance last October 9, 2019.

8 - Launch date is December 09, 2019.

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

Banking&Finance BusinessMirror

www.businessmirror.com.ph

GSIS doubles cap on emergency loans, benefits for frontliners

By Samuel P. Medenilla @sam_medenilla

& Bernadette D. Nicolas

T

@BNicolasBM

he Government Service Insurance System (GSIS) announced it has doubled the cap of its emergency loans to help its members cope during lockdown against the coronavirus disease (Covid-19) pandemic.

The state pension fund also announced on Wednesday it would soon release P12.9 million in life insurance benefits to the families of eight government health workers who died from Covid-19.

In an online press briefing, GSIS President Rolando L. Macasaet said the GSIS Board of Trustees decided to increase the maximum amount for their emergency loans from P20,000 to P40,000.

Macasaet explained the decision was arrived at after the trustees noticed that those who already availed of the emergency loan will still usually end up with additional loans from GSIS. He added that based on latest data, the GSIS has already released P4 billion in emergency loans for its almost 40,000 members.

GFAL resumption

Likewise, Macasaet said members could also once again avail of the GSIS Financial Assistance Loan (GFAL) by May. The GSIS temporarily suspended GFAL applications on March 15, 2020, or two days before the enhanced community quarantine (ECQ) in Luzon took effect.

The GFAL was suspended since it requires members availing the platform to undergo a seminar.

“They will have to undergo the seminar [for GFAL] since it will allow them to borrow P500,000,” Macasaet said. He said the GSIS is now considering making the seminar available online so they could accommodate GFAL applications even during the ECQ. Macasaet said they plan to relaunch GFAL once it seminar requirement becomes online or after the expected lifting of the ECQ in Metro Manila and other areas with high risk for Covid-19 by May 15, 2020.

Benefits for health workers

ON April 14, the GSIS Board of Trustees approved a resolution establishing the Bayanihan Fund for Frontliners (BFF), providing government health workers an additional P500,000 cash benefit.

This is on top of their regular GSIS life insurance policy.

Currently, Macasaet said there are eight GSIS members whose family will receive such benefit.

He explained the total life insurance benefit of the said beneficiaries was supposed to be only P9 million. But GSIS opted to add another P4.5 million while President Duterte added another P1million to the total life insurance benefits.

“So among the eight, there will be someone who will get one million pesos, P1.2 million, or P1.8 million,” Macasaet said.

Processing papers

According to Macasaet, GSIS insurance officers are already coordinating with the bereaved families of the eight health workers.

“Once the papers are duly processed, we will release the amounts without delay,” he said. “And, as promised, we will be granting an additional P500,000 under our BFF on top of their regular insurance benefits in recognition of their heroism and selfless dedication to public service.”

“It is devastating to lose a loved one but we do hope that this will help assuage the grief felt by the families of those left behind by these heroes who made the ultimate sacrifice for our country,”Macasaet added.

Five of the eight health workers belonged to the Philippine Health Center, Philippine General Hospital, National Children’s Hospital and the Vicente Sotto Memorial Medical Center in Cebu. Three of the deceased worked in local health centers of Manila, Parañaque and Pampanga, according to a statement released by the GSIS.

Pensions release Macasaet said the GSIS will also be releasing the pension of their members at an earlier date next month.

“For May, since May 1 is holiday, we will release [the pension] to our members on May 5,” Macasaet said.

“The early release of pension is one of the several proactive measures we are taking to help our pensioners cope,” with the ECQ, according to Macasaet. He said the GSIS has earmarked a budget of P6.1 billion for 511,000 pensioners.

Auditing firm urges banks to review impact of delayed loan payments

B

By Tyrone Jasper C. Piad

@Tyronepiad

anks and financial institutions are advised to evaluate how the imposed grace period on loan payments can impact their cash flow management, according to Isla Lipana & Co. The member firm of PricewaterhouseCoopers Llp also urged these institutions to review their respective overall financial position during a two-month lockdown addressing the coronavirus disease 2019 (Covid-19) pandemic.

Isla Lipana said in a report that financial institutions should evaluate delayed loan payments, noting that a 13-week cash forecast can provide them an understanding of their liquidity requirements.

The government, through Republic Act 11469, is mandating the implementation of a 30-day grace period to all loans with principal and/or interest falling due during the enhanced community

quarantine (ECQ).

“Assessing your current cash and overall financial position is a key step in implementing cash forecasting; responding quickly is, likewise, essential,” Isla Lipana’s report titled “Staying Afloat Amid the Crisis: Guarding Your Cash Position and Managing Your Working Capital” revealed.

Understanding cash position can aid firms in making quick tactical business decisions with confidence amid the pandemic, the auditing firm explained.

It added that setting up reliable cash forecast can also allow firms to stretch credit terms, reduce costs and capital expenditures and see possible flexibility on loan covenants.

To ensure effective cash forecasting, Isla Lipana said that business unit controllers should have clear objectives, access to reliable and accurate information and come up with consensus on the approach and assumptions for the projection, among others.

“Once clarity on the cash position has been obtained, management should take immediate action

Metrobank’s Q1 up on deposits, hedges vs risks from ECQ impact

M

etropolitan Bank & Trust Co. (Metrobank) increased its provisions by more than twofold after posting a 13-percent growth in the first quarter at P27.6 billion on the back of higher loan portfolio, deposits and non-interest income.

Metrobank, as of quarter ending March, recorded an 8-percent uptick in total deposits at P1.7 trillion on the back of an 18-percent increase in current account/savings account (Casa) deposits. This improved the bank’s Casa ratio to 66 percent in the first quarter from 61 percent last year in the same period.

Net loans and receivables grew by 6 percent to P1.4 trillion in the first three months, supported by corporates, middle market, small and medium enter prise and retail segments.

Non-interest income rose 7 percent to P6.2 billion in the first quarter. The growth was driven by P3.3-billion service

Association’s crisis tool kit in ‘3R’ stages

O

ne of the webinars I attended recently was on “How to Manage Association Communications during Covid-19” of the Australasian Society of Association Executives (AuSAE). Presenters Felicity Zadro and Debbie Bradley shared tips on how best an association can deal with the pandemic through courses of action at each stage of the “3Rs”—response, recovery and rebuilding.

In the response stage, association leadership (board and management) needs to make a quick decision on how to cope with the situation and on communicating early and clearly to its members. For example, a personal email, website or newsletter message from the leadership to inform members what the association has done or is doing would be a good start. Providing a dedicated web page updating the membership on developments is another.

A creative way which AuSAE did to continue to engage with its members was to have a one-hour “Let’s Have a Virtual Coffee” session every Friday.

Within the organization, response

Friday, May 1, 2020 B3

Association World Octavio Peralta would be on how to deal with the staff’s needs, e.g., work from home, payment of salary, as well as on its programming activities such as event cancellation or postponement and pivot to virtual programming. It is also a time for budget review and resource realignment.

For the recovery phase, the key questions to answer are: What will be the ‘new normal’? How will the association remain relevant and how best to serve members?

It is also worthwhile to redefine the association’s strategic plan, rethink its value proposition, revisit its membership and revenue models, refresh offerings, increase collaboration activities, and search for new opportunities—all

fees and commission and P1.4billion trading and foreign exchange gains for the period.

As of end-March, the bank’s non-performing loans (NPL) ratio was stable at 1.4 percent while NPL coverage stood at 114 percent.

It currently has total equity of P305 billion, with capital adequacy ratio at 17.6 percent—well above the 10-percent minimum regulatory requirement.

“We have weathered periods of crisis in the past and we are confident that we are well prepared, as the bank has one of the strongest capital positions in the industry,” Metrobank President Fabian S. Dee said in a statement on Thursday.

“We will continue to adjust our processes to ensure the sustained delivery of meaningful banking services; and implement the necessary measures to keep both our customers and our people safe.”

Metrobank said it allocated P5-billion reserves in the first three months, which was

meant to meet the new realities.

An example of proactive communication is that of the Council of Small Business Organizations Australia (Cosboa), which set up a one-stop information webpage on how small businesses can cope and bounce back.

The rebuilding aspect is a retrospective reflection and a forward-thinking process on an association’s value proposition vis-à-vis current needs of its members.

It is about asking the hard questions: Are you facing a decimated industry or a thriving one? What do you stand for? What are the member needs going forward? How will you redefine your events? How has the workforce been affected and what will they need?

Some of the actions an association can take could be to engage and consult with its board, staff, and members on survivability and sustainability. For example, what association assets can be used differently and is there a need to change membership and programming models? This requires a rebuilding plan done collectively, with a “buy-in” of key

significantly higher than P2.4 billion the previous year for the same period.

This resulted to Metrobank reporting first-quarter net profits to decline by 9 percent to P6.12 billion from P6.75 billion year-on-year. “[C]urrent conditions point to an expected slowdown in the business environment and challenges ahead,” Dee said. “Mindful of the potential impact of this pandemic, we decided to take the prudent approach of increasing provisions to cover anticipated risks.”

Amid the pandemic-induced lockdown, majority or 60 percent of branches remain operational, the bank said. Metrobank and GT Capital Holdings Group recently pledged P200 million to help government’s efforts against Covid-19.

Metrobank shares climbed

by P1.45, or 3.86 percent, to close at P39.05 apiece amid the 1.005-percent rise for the benchmark index.

Tyrone Jasper C. Piad

stakeholders.

This unprecedented crisis has brought a major disruption and fundamental shift to the way associations work and relate with their members.

Member engagement and event implementation going forward will be mostly virtual for now and will progressively evolve in the future.

While online activities cannot replace face-to-face meetings, it is a reality that the old traditional business models of associations no longer apply.

Focused, creative and technology-oriented associations will thrive in this crisis and for others to come.

The column contributor, Octavio “Bobby” Peralta, is concurrently the secretary general of the Association of Development Financing Institutions in Asia and the Pacific and the Founder & CEO of the Philippine Council of Associations and Association Executives. The Pcaae is holding the Associations Summit 8 on November 25 and 26, 2020 at the Philippine International Convention Center, which is expected to draw over 200 association professionals here and abroad. The two-day event is supported by Adfiap, the Tourism Promotions Board and the PICC. E-mail inquiries@ adfiap.org for more details on AS8.

to ensure that this position can be maintained at a minimum,” Isla Lipana said.

It added that businesses should then be able to take into account working capital, funding sources and cost management in order to maintain liquidity.

For example, Isla Lipana said that companies need to understand and analyze the key drivers and components of their working capital, identify cash conservation measures and optimize capital use, among others.

The companies should identify channels—including grants and government subsidies—that can be accessed to acquire further funding, the audit firm pointed out.

Isla Lipana also told companies to study their cost structure, identify key drivers and chart opportunities, in addition to creating and employing cost reduction measures.

Banks have remained committed in offering services to the public amid the prolonged ECQ in Metro Manila and other areas deemed high-risk owing to still-rising Covid-19 infections, the Bankers Association of the Philippines said.

Credit registry issues guidelines for contactless database access

T

he country’s credit registry is boosting digital efforts to make information on credit and financial condition of borrowers accessible amid restricted mobility due to government restrictions addressing the coronavirus disease 2019 (Covid-19) pandemic.

In a statement on Thursday, the Credit Information Corp. (CIC) said it released guidelines and requirements for the contactless, paperless registration and access of financial institutions to its database.

Through CIC Circular 2020-01 titled “Requirements on Becoming an Accessing Entity of the [CIC],” the credit registry said that existing process and requirements will be codified, standardized and streamlined in accordance with the Ease of Doing Business and Efficient Government Service Delivery Act as mandated by the Anti-Red Tape Authority (Arta).

“The CIC has always envisioned an end-toend technology driven process,” CIC President and CEO Jaime Casto Jose P. Garchitorena said. “[The] Arta already provided the initial motivation to improve government services so it was easier to switch to an almost fully automated process that would minimize physical interactions among CIC personnel, system users, and the general public,” he added.

Application to become an accessing entity is done through web-based system “Covered Entity Portal.” Apart from registration, applicants can also update and submit documents online through the platform.

According to Ma. Bernadette B. Bautista, acting head of the Credit Information Management Systems Group, many users were smaller financial institutions without corporate email addresses or a “sophisticated” security system. With this in mind, the CIC ensured that communications with the end-users can also be done via validated user-registered email addresses.

“We have to make sure that our processes require nothing more than an internet connection while the security features are frontloaded onto the CIC’s system,” Bautista added.

The credit registry also vowed that its services would remain available despite the imposed enhanced community quarantine.

The CIC currently has 483 members comprising credit card issuers, universal and commercial banks, thrift banks, rural banks, cooperatives and cooperative banks, savings and loan associations, private lending institutions, private leasing and financing companies, microfinance institutions, government-owned and controlled corporations with lending facilities and insurance companies.

Tyrone Jasper C. Piad

B4

Friday, May 1, 2020

Relationships BusinessMirror

The story of us Tourism Secretary Ramon Jimenez Jr. received an honorary degree, a Doctorate in Hospitality Management, from the Holy Angel University in 2018.

He is flanked by his daughters, Nina and Sassa.

www.businessmirror.com.ph

Today’s Horoscope

By Eugenia Last

z

CELEBRITIES BORN ON THIS DAY: Wes Anderson, 51; Tim McGraw, 53; Joanna Lumley, 74; Judy Collins, 81.

Happy Birthday: Keep your life simple and your plans doable. How you structure your finances, spending and promises will determine how well you do mentally and financially. Remaining calm regardless of what’s going on around you will help you make better decisions. Working with what you’ve got will help you control the outcome instead of being at someone else’s beck and call. Your lucky numbers are 7, 18, 26, 28, 31, 39, 44.

I

WAS annoyed with Tourism Secretary Ramon Jimenez Jr. even before our very first meeting.

This happened some years ago, and seriously I was thinking how on God’s Earth did he expect me to ask him rationale questions, then comprehend his responses at 9 in the morning?!

Prior to this, I had heard Sec. Mon speak at his first press conference in Malacañang, saying, “The Philippines should be easy to sell as Chickenjoy,” that iconic everyman fried chicken, smothered in a thick gravy that Filipinos everywhere long for, to remind them of home. So my thought balloon upon hearing that was, “Ang yabang naman nito.”

Fortunately, the interview went well, and he impressed upon me that despite the infrastructure issues, complaints about the traffic and sanitation in some areas especially in Metro Manila, there was a need to create a demand for the Philippines.

That it was important we raised our profile in markets overseas, and get tourists to come here, and eventually, fingers crossed, government would address the other problem areas. That was the reason, in the first National Tourism Development Plan, the Department of Tourism (DOT) had targeted to attract 12 million foreign guests by 2016.

In that interview and subsequent interactions with him, I also got a sense how Sec. Mon was an optimistic fellow. While all other countries were spending millions of dollars in their respective tourism campaigns, he was stuck with a severely limited budget. Yet with the advertising agency BBDO Guerrero, he launched the “It’s More Fun in the Philippines” (IMFITP) brand campaign in January 2012, and fired up the imagination of Filipinos and captured the attention of foreign tourists.

By the end of Sec. Mon’s term at the DOT in 2016, inbound tourism receipts reached P353 billion, while domestic tourism receipts grew to a staggering P1.81 trillion. All these, despite the various travel advisories versus the Philippines, diplomatic skirmishes with Hong Kong and China, the massive earthquake in Cebu and Bohol in 2013, and typhoons Sendong and Yolanda in December 2011 and November 2013.

Sec. Mon’s mind was always working, trying to see how he could sell the Philippines, that he grabbed the opportunity to do so even in the aftermath of Supertyphoon Yolanda. The ad, placed strategically in billboards in key destinations around the world, consisted of images of people from all walks of life, rebuilding their livelihoods, saying “thank you” to all the country’s donors, along with very subtle placements of tourist spots and touristic activities in the background. It was so heartfelt, and so Pinoy in conveying the right touch of sentiment, even I got weepy watching it again the other day. Sec. Mon passed away on Monday.

Here, some friends and colleagues, share their thoughts and memories of Sec Mon: n PEPS VILLANUEVA (colleague at Ace Compton Advertising): MonJ was the serious type who had a wonderful sense of humor. He was very sharp and creative. It was he who conceptualized the “Timex The Tough Watch” campaign with Sonny Jaworski as endorser placing the watch on a motorbike tire and around the shin of the racehorse. This campaign came about after he threw a watch out of the window from the sixth floor and asked someone to retrieve it. When the guy came back, the watch was the damaged badly

a

ARIES (March 21-April 19): You’ll make a lasting impression. Set up interviews, discuss your plans with someone you love or help a cause. You will feel good about what you accomplish.

A change at home will give you a boost. Romance is on the rise. HHHHH

b

TAURUS (April 20-May 20): Take it easy, stay out of the way and don’t start something you cannot finish. An emotional disagreement will leave you unsettled. Concentrate on what you have to accomplish instead of the impossible. Avoid emotional spending. HH

c

GEMINI (May 21-June 20): Catch up, finish what you start and refuse to let anyone interfere with your progress. Keep the momentum flowing, and you will reach your target. Make physical fitness, emotional well-being and personal success your priorities. Romance is in the stars. HHHH

d

CANCER (June 21-July 22): Jump into the spotlight, and address issues of concern.

People will listen and rally behind you if you are passionate about the changes that need to take place.

Interacting with like-minded people will lead to good results and new friendships. HHH

e

LEO (July 23-Aug. 22): Prepare to battle if you share your plans. You’ll face opposition that can hold you back. Be sure to have your facts straight and a foolproof plan in place before you initiate your ideas. HHH

as it broke into pieces but the mechanism was still thinking. Thus, “The Tough Watch.” n EUGENE KAW (former Chief of Staff): My favorite memory of Sec. Mon was when we sang a duet together, “Just the Way You Are,” during our first Christmas get-together at his home. The lyrics of the song was to be a foreshadowing of how we would be to each other for the rest of our time at the DOT. “I wouldn’t leave you, in times of trouble. We never could have come this far.” He also taught me Spotify, believe it or not. He was chill and hip, and wise as an owl. He liked Drake; he knew hip-hop. n MARGARITA FORES (chef): I’ve been attending Madrid Fusion since 2005, and I told him that for each edition, there was a guest country, like South Korea, and they would have a kimchi truck going around the day. So Sec. Mon said, “You know we can go a step further and invite them here...we’re the only ones who have a story with Spain. And people in Europe are now looking for a market outside to expand to, and they’re looking at Asia.” So President Aquino went on that trip to Madrid and they kind of jump-started it there. Before I knew it, we had the Madrid Fusion Manila. It brought the Philippines to the center stage, globally. It introduced Filipino chefs to the world, and at the same time, we got the best chefs of the world to come to Manila. They said the foreign chefs were overwhelmed by the way they were treated that after the first edition, all the other foreign chefs were like lobbying to be invited. And nobody can take that away from us. n FORMER PRESIDENT BENIGNO S. AQUINO (on the IMFITP campaign): Seeing the multi-stylized map of the Philippines on a multicolored mat or banig, I must admit I was a bit apprehensive then, thinking the proposed slogan was another variation of the rejected campaign of his predecessor. To my surprise, and that of everyone present at that meeting, the video that Mon presented was not just short and entertaining

with its catchy music, but was informative and very worthwhile. It fulfilled our need to promote the Philippines with a very limited budget yet would have a significant appeal to the target market that we were trying to reach. That meeting ended with all of us so energized, as we were convinced that we had a winning campaign.”

The last time I heard from Sec. Mon was in February, when he greeted me on my birthday via Facebook. I was later told by his staff that he had been ill and had surgery last March. But he had recovered, and allowed to go home to his rest home, a sanctuary he built with his late wife, Abby, in Alfonso, Cavite. He was even supposed to have attended a Zoom meeting with some colleagues from Holy Angel University, which had awarded Sec. Mon an honorary doctorate degree in hospitality management in 2018.

A classmate from UP even shared some of the last messages he received from Sec. Mon, which was about Covid-19: “Clearly, the biggest lesson that the pandemic has taught us is that we are all connected.

What we do [or fail to do] has an effect on the entire community. The concept of shared spaces, shared resources and shared consequences has finally become painfully clear to everyone. From now on, any plan we make must take everyone’s needs into account. One man’s sore throat could be another man’s death sentence.”

Sec. Mon was kind to everyone, and very inclusive.

After one interview, he told me to join him for lunch.

The DOT was still at Luneta then, where the new Museum of Natural History is now located. The lunch was nothing fancy, but it was the best fried chicken I had tasted, something that I still crave for today. And over lunch, I continued asking Sec. Mon questions, and he answered—he was never selfish with his time, which made him an ideal official for the press to cover.

Continued on B5

f

VIRGO (Aug. 23-Sept. 22): Look at all sides of a situation before you make a decision.

Take an intelligent approach when dealing with others, and it will help you avoid an unnecessary argument. HHH

g

LIBRA (Sept. 23-Oct. 22): Find an outlet that will help you relax and bring you joy. It’s best to adapt to inevitable change and carry on with your chores. Get involved in a cause, and it will open up prospects that offer alternatives. HHHH

h

SCORPIO (Oct. 23-Nov. 21): Emotional problems at home will lead to an irreversible change. Keep the peace, be rational and offer alternatives. A partnership will lead to a profitable option. HH

i

SAGITTARIUS (Nov. 22-Dec. 21): Venture outside your comfort zone to find answers.

Trust the facts and figures when dealing with money or people trying to talk you into something questionable. Avoid excessive behavior. Make fitness and health priorities. Romance is encouraged. HHHHH

j

CAPRICORN (Dec. 22-Jan. 19): You may want change, but someone will oppose you every step of the way. Do whatever it takes to win over your detractors before you start something new. HHH

k

AQUARIUS (Jan. 20-Feb. 18): Be careful who you trust with personal information. Keep busy, and you’ll avoid getting drawn into something you don’t want to do. Home improvements and self-improvements should be your objectives.

Update your image or your living space, and it will lift your spirits. HHH

l

PISCES (Feb. 19-March 20): Greater involvement in a cause or organization will give you the boost you need to explore new options and territory. The connections you make will encourage you to rethink your choices and to walk away from negative influences. HHH Birthday Baby: You are impulsive, outgoing and emotional.

You are smart and persevering.

‘(s)top thief!’ by steve mossberg The Universal Crossword/Edited by David Steinberg

ACROSS 1 Prayer leaders who read the Quran 6 Word before “fail” or “novel” 10 “Notorious” Supreme Court initials 13 Train that stops a lot 14 Wash gently against 16 Violet, e.g.

17 Animal that isn’t a bear 18 Like ghost stories 19 Useful connections 20 At rest 21 “Maybe, maybe not” 23 They’re elected in conclaves 25 Resettle in 26 Google browser 29 Legwear that anagrams to a piece of footwear 30 Crushing defeat 31 Bee-related 34 Maker of squishy darts 38 1, for a square of side length 1 39 Corp. shuffle 40 Stone of Orange Is the New Black 41 Crow’s nest site

2 Lucky break 4 43 Canal to the Great Lakes 44 Award for Lin-Manuel Miranda 46 Tanzania neighbor 48 Dazzlers in a light show 51 Showing better judgment, perhaps 53 Succeeds in business 55 Like Bubble Wrap 59 ThirdLove undergarment 60 Sign before Libra 61 Catchall category 62 ___ Pan Alley 63 Dream for a sitter 64 What a director says after “and” 65 End of a proof 66 Thor and Loki 67 The ones over here DOWN 1 Varieties 2 No longer relevant 3 Berry in a breakfast bowl 4 Fry ingredients at a food court restaurant?

5 Zigzag on skis

6 Cartoon milk mascot 7 Diplomatic agreements 8 Tablet with a mini model 9 People who spread empathy?

10 Cologne’s river 11 Ring-shaped pan type 12 Painter’s plaster 15 Features of “acros” and “dowwn” 22 Biennial yearning?

24 Alternative to bobbing for apples?

26 Study intensively 27 Bat mitzvah circle dance 28 Regrets 29 “Listen up,” old-style 32 Legendary soccer forward 33 Promise to pay 35 Merit 36 Apt name for a bookworm?

37 Tiny circus performer 45 Cheer for a soprano 47 Dejected reply to “How was the game?”

48 Pride letters 49 Peregrine falcon’s abode

0 Get on your feet 5 51 Carried on, as a battle 52 Much-admired celebrities 54 Therefore 56 Clarified butter in Indian cooking 57 Females in coops 58 A child may climb one

Solution to yesterday’s puzzle:

Show BusinessMirror

www.businessmirror.com.ph

Friday, May 1, 2020

B5

ASIAN American actors Tzi Ma

Asian celebs work to combat racist attacks amid pandemic N

By Alicia Rancilio The Associated Press

EW YORK—Actress Olivia Cheng was recently volunteering in Vancouver when she says she witnessed a man drive up to an elderly Chinese woman, roll down his window and yell, “This is your fault!” before throwing trash at her.

The incident enraged Cheng, and also served as another reason why she feels it’s so important for celebrities of Asian descent to use their voices and speak up against anti-Asian attacks, which authorities say are increasing during the coronavirus pandemic.

“I don’t think we can pretend that this isn’t happening,” Cheng, who stars in The Stand on CBS All Access, said in a recent interview with The Associated Press. “For now, it would not be unwise to be a little more careful, to maybe have buddy systems when possible to go get your groceries if you’re not feeling safe.” The FBI reports there has been an uptick in hate crimes and harassment against Asian Americans since the outbreak of Covid-19, which first appeared in Wuhan, China, late last year. Some people have blamed China and Asians in general for the spread of coronavirus; President Donald J. Trump at times has called it the “Chinese virus.”

In New York, state Atty. General Letitia James has set up a hotline to report harassment or other targeted crime. Some of those incidents have been filmed and posted online.

Tigertail star Tzi Ma says he’s been a victim of such harassment. He was entering a grocery store in Pasadena, California, recently when he was confronted by a man in a car. “He looked at me straight in the eye and said, ‘You should be quarantined’ and took off,” said the veteran actor, who was born in Hong Kong but moved to the United States as a child.

“I got very angry obviously, flush with this kind of

cold in your body. And I started screaming at him, but he was way too far away for him to hear me.”

Actor Alain Uy, a star of the upcoming Hulu series Marvel’s Helstrom, worried early on that such incidents would occur after the virus’ spread.

“Once this outbreak happened in Wuhan, we all kind of went, ‘OK, we know what this is gonna mean,’” said the actor, who was born in the Philippines.

Crazy Rich Asians director Jon M. Chu said he’s been feeling more cautious than usual.

“It’s very sad when I feel a little bit weird when I’m going to go for a walk around the block,” he said.

The Real cohost, Jeannie Mai, who is halfVietnamese and half-Chinese, revealed recently that for the first time, she needed someone to monitor her social-media posts to delete racist comments.

The Good Doctor actor Will Yun Lee is even nervous about taking his baby son to the grocery store: “My wife is Caucasian, but my son is half Korean and half white. But he looks very Asian.”

But Ma and other stars are speaking up and working to combat the ignorance and harassment.

Ma joined actress Celia Au and other celebrities and influencers in the recent campaign called “ Wash the Hate,” created by IW Group, an Asian Americanfocused marketing agency. The PSA features Ma, Au and others washing their hands and reminding people that hygiene, not xenophobia, is the way to help combat the virus.

“If I can start the conversation, why not?’ said Au, who was also born in Hong Kong. “If we don’t talk about it, then it’s not going to be talked about at all.”

For Cheng, the recent wave of anti-Asian sentiment brought back painful memories of her childhood growing up in Edmonton, Canada, where she was the victim of a bias attack as a teen.

She went down an internet rabbit hole of attacks posted online. “I had to stop watching,” she said. “It brought up all those feelings again from being a kid

and not being able to do anything.”

Mai says that it’s not only important for Asian stars to speak out against these attacks, but people of other races as well.

“These are the conversations you need to be having with your kids in your house. You need to, even if you’re not Chinese. You should be explaining that this is terrible, that racism is coming out of this pandemic,” she said. “So, have that talk with your kid. Have that talk with your friends. If one of your friends says, ‘Yo, this ‘Chinese Virus’ is crazy.’ Say, ‘No. Actually, man, it’s called Covid-19. It’s not the ‘Chinese Virus.’’ Just check them.”

Earlier this month, Bill Maher, host of HBO’s Real Time with Bill Maher, defended calling coronavirus the “Chinese Virus,” comparing it to the Spanish flu.

“While people say it’s innocuous and that it came from China, it’s the undertones,” Lee said.

“Certain people will grab those undertones and attach to it.” There’s also a worry that anti-Asian American sentiment could translate to a regression in Hollywood after recent success of telling Asian stories. This year, the South Korean film Parasite won the best picture Oscar, and Chinese-American director Lulu Wang took home the Independent Spirit Award for her film, The Farewell. Crazy Rich Asians was a hit at the box office in 2018 and last year, Sandra Oh became the first Asian woman in 39 years to win the best leading TV actress Golden Globe for Killing Eve. “I worry, is this going to impact our chances so soon after it feels like we finally made inroads?”

Cheng said. “Is this going to regress us and put us however many steps back?”

Ma says the only way to proceed is to keep putting out diverse stories.

“There’s no relenting. We’ll keep moving forward.

And hopefully one day, people are going to say, ‘You know what? I not only accept the differences, but I also accept the fact that we’re very much alike.’” n

(from left), Olivia Cheng, Will Yun Lee, Jeannie Mai and Jon M. Chu. As people across the world shelter in place due to the breakout of Covid-19, some people of Asian descent are worried about what happens when they have to leave the safety of their homes, due to the rise in hate crimes due to the growth of the virus—which is believed to have originated in Wuhan, China. AP

The story of us Continued from B4 On a trip I joined in London, where he had invited me to cover the World Travel Market, he would make me join him in his service vehicle. Then when he and his staff left the event we had attended, I was later told he kept looking for me, and left instructions to make sure I was okay. He was quite fatherly in that sense, which was touching.

There were times we would spar over some data or a piece of news the agency would release, but he was always such a sport. I always told him he was a bolero. Being an ad man, he could make anything, even a disaster, appear to be God’s gift to the tourism sector. Sometimes, I would let him run with his bola and get co-opted into helping him spread the good tourism news.

One of his most oft-quoted phrases was, “Ang turismo ay negosyo.” This was his way of stressing that each visitor we attract to the country would redound to the benefit of many, especially the impoverished— those selling souvenirs at the beach, the mothers selling local snacks by magnificent waterfalls, the pedicab driver bringing tourists from a volcano back to their hotels, etc.

And that was his gift. Sec. Mon was a master storyteller. He would craft concepts around simple objectives, for instance, making tourism more inclusive using stories of the common folk.

In one slogan, “It’s More Fun in the Philippines,” just a few simple words strung together, he told the story not just of the encompassing beauty of our 7,600 islands, but how we Filipinos would always go out of our way to make guests feel at home by insisting they stay with us, feeding them, bringing them around.

Making each moment count. If you think about it, it was nothing clever. It was just the truth.

Whether it was the selling Chickenjoy, or selling the Philippines, Sec. Mon was succesful, because he was telling the story of us. n

Meghan’s lawsuit against British tabloid has court hearing LONDON — A British newspaper publisher fought back against the Duchess of Sussex at a court hearing on Friday, rejecting allegations that it deliberately stoked a dispute between Meghan and her father, and asking for the claim to be struck from her lawsuit against the company. The preliminary hearing at Britain’s High Court was the first stage of Meghan’s legal action against the Mail on Sunday and its parent company, Associated Newspapers, for publishing what she describes as a “private and confidential” letter to her father in August 2018.

Excerpts from the letter she wrote appeared in the newspaper and online six months later. Meghan’s civil lawsuit accuses Associated Newspapers of copyright infringement, misuse of private information and violating the UK’s data protection law.

The company denies legal wrong-doing, and its lawyers argued that the specific claims of “dishonesty and malicious intent” should not be part of the case.

Meghan and her husband, Prince Harry, were expected to listen in to the part of the hearing argued by her lawyers.

The duchess’s lawyer, David Sherborne, said during Friday’s hearing that the publisher “disclosed to the whole world the detailed contents of a private letter of a daughter to her father.”

Sherborne said Associated Newspapers had “harassed” Megan’s father, Thomas Markle, manipulated him into giving interviews and taken other actions for the purpose of “stirring up” a dispute between Markle and his famous daughter.

A lawyer representing the publishing company,

MEGHAN, Duchess of Sussex

Anthony White, said in court papers that Meghan’s lawsuit alleged “seriously improper” and deliberate conduct “to the effect that the defendant’s motive was to seek to manufacture or stoke a family dispute for the sake of having a good story or stories to publish.”

White asked the judge to strike the claim ahead of a full trial in the case, arguing that the publisher’s motivation was “irrelevant to the claim for misuse of private information.”

The lawyer also rejected Meghan’s allegation that the publisher “acted dishonestly” when deciding which parts of her letter to publish.

Thomas Markle’s strained relationship with

his daughter complicated Meghan’s entry into the royal family. He had been due to walk Meghan down the aisle at her and Harry’s May 2018 wedding but pulled out at the last minute, citing heart problems.

The former television lighting director has given occasional interviews to the media, complaining in December 2018 that he’d been “ghosted” by his daughter after the wedding.

The letter Meghan wrote him was penned three months after the royal wedding at Windsor Castle.

Analysts have compared the legal case to a lawsuit brought by Harry’s mother, the late Princess Diana, over photographs showing her exercising on gym equipment. The case was settled before it was heard in court. Harry has long had a difficult relationship with the press. When he and Meghan announced the legal action over the letter, he accused some newspapers of conducting a “ruthless campaign” against his wife and compared it to press treatment of his mother, who died in a Paris car crash being chased by paparazzi in 1997. Earlier this week, the couple made public a strongly worded letter they had written to several British tabloid newspaper stating they would no longer cooperate with the publications because of what they called “distorted, false or invasive” stories.

They wrote in the letter they were unwilling to “offer themselves up as currency for an economy of click bait and distortion.”

Harry and Meghan announced in January they were quitting as senior royals, seeking financial independence and moving to North America. Their plan became official at the end of March. AP

GMA Entertainment Group launches newest online destination for comedy and laughs

UP for a good laugh? Or simply browsing for a fun time?

Beginning May 1, GMA Entertainment Group spreads the cheer online with YoüLOL, a comedy channel on YouTube featuring premium offerings and rib-tickling highlights from all the best GMA shows.

Subscribe to watch the most hilarious Filipino comedians, hip and trendy original videos, together with specially curated funny content from individuals on the web.

For its launch, netizens can look forward to a fun weekend of live chats with the cast of Bubble Gang on May 1 and Pepito Manaloto on May 2. Subscribers will have the chance to interact, greet, and have their favorite GMA artists give them a special shout-out online.

One of YoüLOL’s segments is “Brgy. Bubble,” where channel subscribers can comment their challenge requests for the Bubble Gang cast to take on. YoüLOL will also feature multi-awarded comedian and content creator Michael V.’s hit parody music videos, along with funny gags, comical sketches and various games that netizens can participate in, and more videos that will make viewers laugh out loud.

Sit back, relax, and have a good laugh at bit.ly/2Yi5yeV.

B6 Friday, May 1, 2020

SM Cares celebrates Earth Day 2020

I

N line with the 50th celebration of Earth Day on April 22, SM Cares has partnered with Earth Day Network Philippines for a social media campaign that aims to promote eco-friendly and sustainable practices among Filipinos.

SM Cares’ #LoveEarth campaign is a social media initiative centered around the message of “Healing the Earth” that calls for positive change in behavior and mindset in caring for the environment. The campaign encourages individuals to be more appreciative, mindful, and moderate in their

consumption of Earth’s resources such as food, water, and energy, even while staying at home for the period of the COVID-19 pandemic.

“Through this campaign, we want to encourage everyone to adopt a more sustainable lifestyle and work together toward caring for the only planet that we all call home, even in our own little way,” said Liza B. Silerio, VP of Corporate Compliance of SM Supermalls. #LoveEarth campaign supports Earth Day Network’s recently launched digital

campaign Earthrise, a youth-led digital movement whose goal is to mobilize organizations, communities, and individuals all over the world on Earth Day to demand immediate action on climate change from the world’s leaders and policy makers.

Earth Day is an annual celebration led by the Earth Day Network that puts the spotlight on issues that are affecting the environment. First held in 1970, Earth Day was the result of a need for a unified response against various environmental problems like pollution and resource depletion. Today, the event is considered the biggest environmental movement in the world, with millions joining celebrations every year.

For this year’s celebration, Earth Day’s theme centers on climate action.

“The enormous challenge – but also the vast opportunities – of action on climate change have distinguished the issue as the most pressing topic of the 50th anniversary,” Earth Day Network says in its website. “Climate change represents the biggest challenge to the future of humanity and the life-support systems that make our world habitable.”

The #LoveEarth campaign is just one of the numerous ways that SM is promoting sustainable living among Filipinos, and the company has other programs aimed at helping care for the environment. These are the Regular Trash to Cash Recycling Market that is held every first Friday and Saturday of the month; daily water recycling systems, and environmental campaigns such as the Green Film Festival and Green Retail Agenda, just to name a few.

To learn more about the #LoveEarth campaign and other environment initiatives by SM, visit the SM Supermalls official Facebook page at https://www. facebook.com/smsupermalls/.

Sun Life Grepa reaches 2.9M lives, posts healthy income growth in 2019

S

UN Life Grepa Financial, Inc. (Sun Life Grepa), one of the Philippines' top life insurance companies, opens 2020 with a most promising outlook as it continues its 2019 streak of successes, foremost of which is helping protect 2.9 million Filipino lives.

With this achievement, Sun Life Grepa exceeded its five-year target of 2.5 million lives, which it set out to achieve by 2020. On top of this, Sun Life Grepa also marked a 48% increase in net income, and 22% increase in its agency force.

“All these achievements were driven by our commitment to the Filipino people.

We were especially inspired in 2019, as we celebrated our company’s 65th anniversary,” says Richard Lim, Sun Life Grepa President.

“This 2020, we have the momentum to aim for more, as we strive to provide our clients with new ways of growing and protecting their goals with us. It is always by listening to their needs that we are able to continue providing such levels of service.”

Meanwhile, other initiatives launched were the Sun Grepa PH app, as well as its online client portal, My Sun Life Grepa. Both channels will afford Sun Life Grepa's clients more convenience in managing their policies.

The company also launched several products, namely: Sun Grepa Senior Care, a health protection plan that provides coverage to those in their pre-retiree and retiree stages; Sun Grepa Power Builder 100, a Variable Universal Life (VUL) Insurance plan that offers a combined benefit of insurance protection and investment with coverage until age 100; and Sun Grepa Peso Asset Builder, a limited-

offer VUL Insurance plan that provides easy access to global investment opportunities.

Along with these, two new VUL fund options were also added: SLG Global Growth Fund is available through Sun Grepa Power Builder Dollar 1, while SLG Money Market Fund is available through any of Sun Life Grepa’s peso-denominated VUL Insurance plans for fund switching/transfer.

Sun Life Grepa revitalized several of its sales offices, with more scheduled to follow suit this year onwards.

“We look forward to reaching more Filipinos,” says Lim. “In the years to come, we will continue to meet our commitment to help Filipinos build and protect their dreams through life and health protection as we continue to become their partner beyond a lifetime.”

Don’t forget to take care of your mental health during ECQ

Statement of the DOT on the IATF-EID Authorization to mount sweeper flights

T

HE Department of Tourism (DOT) welcomes the approval by the Inter-Agency Task Force on Emerging Infectious Diseases (IATF-EID) of its request to undertake necessary measures to charter and fund sweeper flights for qualified stranded local tourists from other regions to the National Capital Region.

“This is a positive development that will complement our on-ongoing efforts in the Department to assist

qualified stranded local tourists, which include the provision of one-time financial assistance.”, Tourism Secretary Bernadette Romulo-Puyat stated.

A stranded local tourist may be eligible for the assistance if registered with the DOT Regional Office and has a confirmed return land, air, or sea ticket to their home province, city or municipality but was cancelled due to the implementation of the community quarantine.

As of 28 April 2020, the DOT Regional Offices nationwide have listed about 2,392 remaining domestic tourists. The DOT assures the public that it will do everything within its mandate to bring qualified stranded local tourists home as it works on mounting sweeper flights.

The DOT will announce the dates of the departure schedules of these sweeper flights. Stranded local tourists are encouraged to communicate with the nearest DOT Regional Office.

Makati innovates financial aid distribution amid COVID-19 through GCash

W

ITH the help of GCash, the leading mobile wallet in the Philippines, the City of Makati will disburse the second tranche of financial assistance to over 8,000 drivers to help them cope with the national health crisis and aid them in providing for their families.

According to Makati City Mayor Abby Binay, each of the 8,376 jeepney, tricycle, and pedicab drivers in Makati will receive P2,000 via their GCash accounts.

Broken down, the beneficiaries are: 5,952 registered tricycle drivers, 598 pedicab drivers, and 1,826 jeepney drivers who are part of the Makati Jeepney Operators and Drivers Association (JODA).

This is the second tranche of the local government’s initiative to provide P16.7 million financial assistance to the city’s transportation sector via electronic means to ensure transparency and to avoid physical transactions in light of the dangers brought by COVID-19.

The first tranche of the financial aid was disbursed three weeks ago via manual cash distribution, but the City of Makati found that handing out financial aid via GCash is much faster and more efficient versus having city hall employees go through each house to send money.

“Drivers who are Makatizen cardholders will receive their financial aid through their GCash e-wallets. We will also course through GCash the cash grant for our citizens who have yet to receive their Makatizen Cards. It’s a big help for

both the city and its residents not only because it’s a faster way of transferring money for everyday use, but also because it also promotes public health by avoiding physical contact,” said Makati City Mayor Abby Binay.

Health experts around the world have found that paper money increases the risk of viral transmission since harmful bacteria and viruses can survive on its surface for several days. Given the safety protocols implemented by the government this past month, digital fund transfers are becoming the norm.

Establishments ranging from grocery stores to organizations collecting donations have shifted to digital financial services like GCash for a more efficient way of transacting and transferring money amid the pandemic. Government units also are encouraged to utilize such platforms to promote accountability and health safety in the distribution of financial aid to intended beneficiaries.

Makati is the first city in Metro Manila to implement contactless financial assistance through GCash and the Makatizen Card.

Likewise, the City of Makati will be creating GCash accounts for nonMakatizen card holders based on the mobile number and other information that they have provided to the local government.

Once they receive the financial aid, beneficiaries can opt to use their card

or e-wallet to buy food, medicines, and other products from grocery stores, convenience centers, and even pharmacies. They may also use the funds to pay their utility bills or government dues, or even transfer cash to their loved ones through the GCash app.

Recipients of the financial aid may also cash out or withdraw the money through authorized GCash Cash In/Cash Out agents. They only need to present a government issued ID and a text message showing the remittance of the financial assistance to their Makatizen card or GCash e-wallet.

Through its digital wallet, GCash has paved the way for 20 million Filipinos to have a safer and more efficient way of transacting either online or offline. With roughly 70,000 partner merchants across the archipelago, GCash users can dispense with the use of paper bills whenever they need to buy their essentials to protect themselves from the virus.

“We at GCash always strive to provide relevant services to our customers.

Seeing our platform being used by local governments as a conduit for financial assistance to help their citizens cope with the national health crisis encourages us further to focus on creating impact to the ways of people, businesses, government institutions, and organizations especially during these very challenging times,” GCash Chief Technology and Operations Officer Pebbles Sy said.

T

HE COVID-19 pandemic has caused so much fear and anxiety, because of uncertainties that can be overwhelming, causing strong emotions among adults and children alike. Indeed, this is a stressful period that could put your mental at risk.

Many of us worry about our own health and those of our loved ones that could affect our sleeping pattern, or worsen some chronic health problems. For some, they might be feeling isolated, especially if they’re living alone far from family and friends. These can lead to mental stress, or worse, engaging in vices like drinking alcohol, smoking, or taking illegal substances.

First of all, we need to recognize that we’re going through tremendous stress these days before we can begin to learn how to cope with the current situation. Secondly, there are changes we must welcome to our lives as we deal with the new realities under quarantine.

Take care of your body. Feeling good physically can help us feel better emotionally. Since we are bound to stay home, make the best out of the situation and take extra care of your physical health.

Now, is the time to learn and try new and healthier recipes, loading up your diet with fresh produce such as fruits and vegetables to strengthen your immune system, set a daily exercise routine, and get plenty of sleep.

Make time to unwind. Doing chores around the clock may keep you busy, but you also need to slow down and devote some time of the day to unwind and relax.

Go back to the activities you enjoy, or discover a new one. You can also play with

your pets, or start a mini garden. To keep you calm and collected, have a coffee break, or tea time while watching the sun sets, if your location permits it. If you’re into it, do some meditation, focus on taking deep breaths and be grateful of your situation.

Seek comfort from others. Take a break from the watching, reading, listening to the latest news about the pandemic, including social media. While we do need to abreast with the developments, these can be upsetting to the least, so regulate how much information you can handle. To help you gain attention over your concerns and process your emotions, try reaching and talking to your friends and loved ones often.

Call them, or make use of the available apps online to communicate with the people you care and care for you. You can also connect with your spiritual adviser, or join the prayer groups online for your peace of mind and heart. Social distancing may be daunting, but it should not stop us from practicing social solidarity during these difficult times.

Lastly, please seek professional help if you’re experiencing an increased amount of distress. There are consultations available online for mental health.

Sandari Batulao is a real estate development that promotes one’s physical health and mental wellness as well. Located in Nasugbu (15 minutes from Tagaytay), Batangas, Sandari Batulao’s scenic mountainous view and lush greenery are most favorable to some activities related to self-care. For inquiries, please email us at inquiries@cpmc.ph For more information on Sandari Batulao, please check www. sandaribatulao.com, Sandari Batulao (Official) on Facebook, and Instagram.

Sports BusinessMirror

mirror_sports@yahoo.com.ph / Editor: Jun Lomibao

PHILIPPINE Paralympic Committee President Mike Barredo says they expected the cancellation of the 10th Asean Para Games.

PHL PARALYMPIC HEAD: HEALTH, SAFETY PRIORITY

By Ramon Rafael Bonilla

P

HILIPPINE Paralympic Committee President Mike Barredo concurred with the Philippine Sports Commission’s (PSC) decision to withdraw its support of the 10th Asean Para Games the country is supposed to host later this year.

What is paramount, Barredo stressed, is the health and safety of everyone as the Covid-19 pandemic continues to sow havoc all over the world.

“We prepared for the Games. Our athletes devoted much of their time to prepare. But we should think of our future and the repercussions of this pandemic,” Barredo told the BusinessMirror on Thursday.

The PSC announced on Wednesday that it will implement belt-tightening measures as the agency heeds a government directive to

departments and agencies to cut cost and channel much of the public funds to the fight against the virus.

And the casualties of such measures are the PSC’s flagship programs—Philippine National Games and Batang Pinoy—and the Asean Para Games, which the sports agency is funding for P400 million.

The government, through the Inter-Agency Task Force (IATF) on Emerging Infectious Diseases, also banned all activities that involve a mass gathering of people including sports events.

“We were anticipating the decision because we are aware with situation. It’s getting difficult, and the economic repercussion of this pandemic really hurts us a lot,” Barredo said. “We know that this will eventually happen.”

Barredo said that he will immediately relay

Coe stresses sports faces uncertainties

WORLD Athletics Head Sebastian Coe says the International Olympic Committee couldn’t go on forever postponing the Olympics. AP

the cancellation of the country’s hosting of the Games to the Asean Para Sports Federation once he gets an official copy of the PSC’s withdrawal of support which was decided during PSC Chairman William Ramirez’s virtual meeting with his board on Tuesday.

With Malacañang imposing stiff priorities on government spending, the PSC, Ramirez said, has to tinker with its program for the rest of the year.

“We heed the call of the national government to cut expenses as we reroute majority of our resources to fighting the pandemic,” Ramirez said on Wednesday. “But we also stand by our commitment to keep supporting members of the national team.”

“It’s hard,” said Barredo, who had been frequently briefed by Ramirez on developments at the PSC. “But we are really for the safety and

welfare of the athletes, and also to abide by the efforts of the government to realign funds for the needs of the public.”

Barredo said they are continuously monitoring the para athletes who are training in their respective homes.

“Chairman [Ramirez] is very supportive of the athletes. Still an all-out support. But this situation is really difficult,” he said. “I know, they [athletes] will feel it’s a lost opportunity to show the Filipino people their abilities, but they will understand that there is uncertainty.”

Barredo, a former PSC commissioner, finds the Asean Para Games’ fate this year as bleak. Vietnam will host the 31st Southeast Asian Games and 11th Asean Para Games in December next year but with the absence of a vaccine for Covid-19, the events’ future is uncertain.

IOC brass suggests Olympics in 2021 not dependent on vaccine

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L

ONDON—World Athletics President Sebastian Coe is worried that the delayed Tokyo Olympics could still be in jeopardy unless the coronavirus pandemic can be contained by next year.

The Summer Games have already been moved by a year to July 2021 as the world tries to limit the spread of Covid-19.

“I think it’s pretty clear, though, that you couldn’t go on forever postponing an Olympic Games,” Coe, who helped organize the 2012 London Olympics, said in an interview on Wednesday. “There comes a point where you do have to start posing questions. I hope we’re a little way off that yet.”

International Olympic Committee (IOC) President Thomas Bach and Japanese Prime Minister Shinzo Abe said last month when the delay was announced that the Tokyo Games would not be held beyond the summer of 2021.

And Japan Medical Association President Yoshitake Yokokura said Tuesday it would be difficult to hold the Olympics unless effective vaccines are developed.

“I’m really genuinely hoping that the pandemic will have been curtailed,” Coe said. “I don’t know enough to even speculate about vaccines.... Forget the Olympic Games at the moment, I’m sure that’s what most medical teams inside governments are trying to grapple with at the moment.”

The Olympics being postponed led to the world track championships in Eugene, Oregon, being rescheduled for August 2022. It will be staged after the Commonwealth Games in the English city of Birmingham.

“To have all that in one summer...it’s a headache,” Coe said.

A more immediate concern is finding a way for this year’s track season to get under way, with Diamond League meets postponed.

“The ambition is to get the athletes back into competition as soon as we possibly can but only when it is safe to do so,” Coe said. “If it’s not safe you can’t put them at risk. You shouldn’t actually be putting those communities that you want to be enjoying the sport at risk as well.

“So at the moment it’s really trying to create some structures that with best endeavors we’re able to fulfill, but I don’t think any of us really know what the next few months is really going to look like. The one advantage we have actually is at this stage being an individual sport.

We can organize things where you don’t actually need 22 people on a pitch.” AP

Friday, May 1, 2020 B7

A TOP Japanese medical official suggests that Tokyo 2020 could not be held in 2021 if a vaccine has not been developed.

LPGA pushes back schedule to mid-July

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HE Ladies Professional Golf Association (LPGA) bought itself an extra month to make sure it’s safe to resume playing, releasing a new schedule that could end with two of its biggest events and finish five days before Christmas.

The LPGA hopes to restart from July 15 to 18 at a team event in Michigan and play every week except for the week of the Masters (November 12 to 15) and Thanksgiving until the season ends in blockbuster fashion—the US Women’s Open followed by the CME Group Tour Championship, with a

combined $10.5 million in prize money.

LPGA Commissioner Mike Whan said he was more interested in being safe than being first to resume.

“As long as we can pull off the schedule now we put in front of us, the season can be really busy,” he said Wednesday. “There’s still over $56 million up for grabs, and we’re going to play for almost $2.7 million every time we tee it up.... Despite an awful lot of cat herding in the last eight weeks, I feel like we’re at a place now where we can still provide opportunity.”

OKYO 2020 Coordination Commission Head John Coates claimed the Olympic and Paralympic Games are not dependent on a vaccine being developed in time to allow the events to take place next year.

The Tokyo 2020 Olympics and Paralympics were postponed last month due to the coronavirus pandemic, but the crisis has continued to raise questions over the prospect of the rescheduled Games also being affected by the crisis.

Japan Medical Association President Yoshitake Yokokura expressed fears this week, suggesting Tokyo 2020 could not be held in 2021 if a vaccine against coronavirus has not been developed.

“My opinion is that it will be hard to host them unless an effective vaccine is developed,” Yokokura said. “The global state of infections at that particular time will be a key issue.

It will be difficult even if the situation in Japan has become better if infections continue to spread abroad.”

Coates claimed the Games are not dependent on the development of a vaccine.

The Australian member of the International Olympic Committee (IOC) said the organization and Tokyo 2020 were being guided by advice from the World Health

Organization (WHO).

“I saw that opinion,” Coates told the Australian Associated Press. “But the advice we’re getting from WHO says we should continue to plan for this date and that is what we’re doing, and that’s not contingent on a vaccine.”

“A vaccine would be nice,” he added. “But we will just continue to be guided, as we must be, by WHO and the Japanese health authorities because in all of this, the health and well-being of the athletes and other participants in the Games is the No. 1 priority.”

The Olympics are now set from July 23 to August 8, with the Paralympics following from August 24 to September 5.

The first-ever postponement of the Olympic and Paralympic Games presented numerous challenges for organizers, with the costs associated with the rescheduling and securing venues among the most pressing issues.

Tokyo 2020 President Yoshirō Mori has admitted the Games would be “scrapped” if they could not be held next year.

IOC member Richard Pound recently said he believed 2021 will be the only chance for Tokyo 2020 to take place. Insidethegames

The mid-July start, however, means there’s nowhere to put tournaments if there’s another delay. The UL International Crown was among five tournaments canceled for the year—the International Crown will stick to its biennial schedule and resume in 2022—but the tour has lost only nine tournaments due to the Covid-19 pandemic.

Any more delays likely would mean a hybrid season that ends in 2021.

In an unusual show of cooperation, Whan said, title sponsors who will not have tournaments this year have offered to boost prize money at tournaments still on the schedule, leading to the increase in prize money.

The LPGA Tour had planned to resume June 19 to 21 with

the Walmart NW Arkansas Championship. That was pushed back to the end of August. The PGA of America announced Wednesday that the KPMG Women’s PGA Championship will move from the last week in June to October 8 to 11 at Aronimink outside Philadelphia.

That means the first major would be August 9 to 12—the same week as the PGA Championship in San Francisco—with the Evian Championship in France, and then the Women’s British Open two weeks later.

The PGA Tour hopes to resume June 11 to 14 at Colonial in Fort Worth, Texas. Whan sees that as an advantage because the LPGA might be able to learn what it takes to get going again. AP

European countries vary in approach to get sports running again

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NGLAND is scrambling to find a solution to the billionpound question: How to restart the Premier League?

However, the competition with the most to lose financially if the season is abandoned is unlikely to see a clear path forward if it looks across to its European counterparts.

So far, European countries have taken very different approaches to getting sports up and running again amid the coronavirus pandemic.

The French and Dutch leagues have been canceled in the last week after orders from the government.

Players in Italy can train again from next month but the government has started to express unease about Serie A resuming.

Spanish authorities, too, are wary about players gathering on pitches too soon.

Of the major European men’s leagues, only Germany is accelerating a plan to get the Bundesliga back under way— potentially inside two weeks. Switzerland’s government said Wednesday that teams will be allowed to start training again on May 11, with the hope of games starting up in June in empty stadiums.

Even then, medical experts are warning that playing games without fans does not eliminate the risk of Covid-19 being spread by the hundreds of people still required inside stadiums.

“There are real worries about infection risks,” Jonas BaerHoffman, general secretary of global players’ union FIFPro, said Wednesday. “There are worries about what that means for their families and friends that they engage with. They are worried very much that they represent something in society that might give a bad influence.”

Leagues have until May 25 to tell UEFA how they plan to complete or curtail the 2019-20 season.

Ultimately, any decision depends on the status of the national lockdowns, which halted leagues across Europe in March as governments tried to contain the pandemic.

“We are planning on trying to squeeze in the rest of the season,” Lars-Christer Olsson, president of the European Leagues body, said Wednesday. “We have problems with this

big uncertainty...and when it comes to decisions made in the different countries, by the different authorities.”

“Project Restart” is the Premier League plan being worked through with the government ahead of a conference call with clubs on Friday. The league has already warned politicians that the competition is facing losses of more than a billion pounds ($1.3 billion) if the season cannot be completed—mainly due to the need to fulfill the most lucrative television contracts in world football.

The Premier League has an optimistic aspiration to resume the season on June 8, with leader Liverpool 25 points clear with nine games remaining.

Arsenal and Tottenham are among the clubs starting to reopen their training facilities this week for individual work on pitches as players try to get back into shape.

“There are big prizes up for grabs and huge economic loss that’s going to be incurred,” said former Manchester United defender Gary Neville, who is now co-owner of fourth-tier professional club Salford City and a Sky Sports broadcaster. “It

does cloud minds, in terms of the level of risk people are willing to place on lives in order for the return of football.”

Some clubs wanted the season to be declared null and void but the Premier League and three lower leagues are determined to finish the season.

The Premier League has an optimistic aspiration to resume the season on June 8, with leader Liverpool 25 points clear with nine games remaining.

A variety of plans for the league restarting have been swirling around—from squads and coaching staff isolating together to only a small number of stadiums being used.

The police see the benefits of games being at a neutral venue to minimize disruption to emergency services.

“Playing all those fixtures [in the original stadiums] would present challenges—that’s an awful lot of people moving around the country,” said Mark Roberts, who heads football policing in England. “The police, the ambulance service and all those other functions that are going to be stretched.”

One of the key challenges across Europe is securing and

funding enough Covid-19 tests to test thousands of people a week around training and matches to protect players and support staff.

The Spanish league wants daily testing of squads and coaches, a plan that the players’ association has objected to as long as tests are scarce among the general public. The government is allowing players to resume training next week, although the sports minister has cautioned games might not be allowed before the summer French plans to restart Ligue 1 ended when the prime minister on Tuesday announced a ban on all major sporting events until September—a decision that startled the Spanish league.

“I do not understand why there would more danger in playing football behind closed doors, with all precautionary measures, than working on an assembly line,” La Liga President Javier Tebas said. “If important economic sectors cannot restart, in a safe and controlled manner, they could end up disappearing.

That could happen to professional football.”

But Italian Sports Minister Vincenzo Spadafora said the French cancellation of the season “could push Italy and other European countries to follow that line.” AP

THE supporters entrance “Nordkurve” at the Veltins Arena of Bundesliga club Schalke 04 looks dark in Gelsenkirchen, Germany. AP

Motoring BusinessMirror

B8 Friday, May 1, 2020

Henry Ford Awards Best Motoring Section 2007, 2008, 2009, 2010 2011 Hall of Fame

Editor: Tet Andolong

Govt needed to release

economy from lockdown

have no control over.

“Let us stay at home and stay healthy. Let us support our frontliners and thank them for their heroism. Let us learn new skills through the power of online classes.

“Let us work with colleagues to care for our customers as best we can through sustained and reassuring communications.

“Let us plan for welcoming our customers ‘home” when we reopen our doors for business.”

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HE new normal will soon be firmly embedded in the nation’s consciousness. Its essence is basically role reversal.

We don’t go to the neighborhood market anymore as it’s the market itself that comes to us, using the village basketball court where vegetables, meats, fruits, etc., are up for sale.

We don’t have car launches, momentarily, as new models will now come to us through social media.

We go online, either for a test drive request or an outright sale to be sealed.

And, yes, the once swanky showroom must now come to us online, thanks to physical distancing.

It’s an adjustment thing obviously but then, as the saying goes, necessity is the mother of invention.

We invent to adapt to the times.

Indeed, the Covid-19 pandemic comes at a price.

Towards this end, Vince Socco’s profound punching pounces the mind anew. Enjoy his Einstein brain once again as Socco, Toyota’s eternal pillar of strength, churns out gems as natural as breathing.

Behavioral change

“MOBILIT Y usua l ly connotes going distances. Now, though, distancing seems to be defining a new way of life—going

distances without moving. Behav iora l c ha nge w i l l emerge brought about by the scars of this pandemic. People will be more wary of crowding, congestion and gatherings. This will be that much more apparent until such time as a vaccine is found and brought to market. In fact, a recent paper published by the Economist contends that a ‘low touch economy is here to stay.”

“Accordingly, the auto industry will need to embrace these changes in consumer behavior.

Customers will likely be more open and inclined to shop online than in-store. They will seek ways to minimize real-world face time.

Perhaps, the use of virtual platforms like Zoom, Teams, Hangouts, Messenger, etc, will become more lasting now that people have been exposed to its ease of use, convenience and effectiveness.

“Product launches and press conferences may have found a new home in online streaming and social media. Test drives and deliveries may increasingly be requested from home than at showrooms. Digital competencies will be among the primar y criteria for hiring people. Work

Toyota is one with the country in helping communities conquer COVID-19

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S the country undergoes enhanced community quarantine to “flatten the curve” in order to manage the Covid-19 pandemic, Toyota Motor Philippines Corp. (TMPC) continues to contribute to help communities move forward through mobility support and special assistance to its customers.

Keeping the customers’ safety and convenience in mind, Toyota Financial Services Philippines extended the payment terms for their customers.

Likewise, expiring insurance policies under Toyota Insure and warranty coverages for Toyota vehicles have been extended.

Toyota vehicles scheduled for Periodic Maintenance Services are also given a 30day grace period.

With all kinds of public transportation suspended, it has become a challenge for most frontliners, especially healthcare workers to report for duty in their respective hospitals. TMPC has coordinated with various local government units and hospitals to lend out its company vehicles to doctors and nurses serving in different health-care institutions.

To date, 47 Toyota vehicles have been allocated to help bring urgent care to patients. Other units were also lent to volunteer groups who are distributing personal protective equipment to healthcare workers in various hospitals.

Toyota Motor Philippines Foundation (TMPF) meanwhile has handed out donations for health-care workers and families who need support. Some PPEs, such as isolation gowns, surgical gowns, and surgical gloves were donated to Santa Rosa Community Hospital, while sacks of rice and grocery packages were distributed to hard to reach areas and certain communities including the Toyota Santa Rosa Gawad Kalinga Village which is home to more than 150 families.

As Metrobank Card Corp.’s way of expressing gratitude to our frontliners’ passion, commitment, and bravery, all frontliners who are Toyota Mastercard creditcard holders will be given Petron fuel rebates from April 15 to 30,2020. Through this, we hope mobility is made lighter and more convenient for our frontliners.

In these challenging times, TMPC is one with our nation’s leaders, healthcare workers, frontliners and volunteer groups in fighting this pandemic. We continue to empower people through mobility and advocating for safety.

Toyota is here for you. Together, we look forward to better days ahead.

For more Toyota updates, visit www.toyota.com.ph or check out Toyota’s official social-media pages at ToyotaMotorPhilippines (Facebook and Instagram), and @ToyotaMotorPH (Twitter).

Business impact

processes and dealer facility layouts will need to be restudied to make distancing an organic part of design. Adding adequate sanitation features w i l l a lso rise in significance. A ll these actions will focus on giving customers—and employees—peace of mind.”

Man’s basic need

“AUTOMOBILES are essential for enabling man’s basic need for mobility. When this crisis passes, we will all need to get to work again, make our appointments, meet people, go places, see family... and just have fun with friends and loved ones. If anything, the

quarantine period has painfully reminded us of how precious our mobility is and how much being part of a community means to us.

“While we wait for the vaccine, we have to accept the new normal and prepare for it when this is all over. Let us focus on what we can do today than on things that we

“THE business impact of the Covid-19 pandemic on the automotive industry will certainly be significant. There is no painless or risk-free scenario coming out of this crisis. Due to the economic multiplier effect of the sector, we need to work with government to find the way forward in releasing the economy from lockdown.

“In China, stimulus for auto purchases are already being put into place due to its primacy as an engine of economic activity. However, our auto industry recognizes that it will need to take a bigger role in restarting its business because the Philippine government has—rightfully—consumed a huge part of its resources towards providing for its people during the crisis.

“It’s true, we gave up our mobility and social life. We went against our basic nature as human beings, for a while. We needed to. When we finally get over this crisis, however, we will rest easy in the many new ways that we can continue to roam and to mingle. Tomorrow will be a better day. It will be fun to drive, again!”

PEE STOP

Happy birthday to Alfonso “Mayo” R. Mendoza III on May 2. Proud father Dayong, undaunted by the vicious virus, is treating his Altodriving son to a sumptuous dinner—at the cozy confines of his home. Cheers!

Honda lends out cars to medical frontliners

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onda Cars Philippines Inc. (HCPI), Honda’s automobile business unit in the Philippines, has lent out 15 cars to medical frontliners who are battling the Covid-19 pandemic in the country.

HCPI provided various models of the cars comprising of the City, Brio, Jazz, Mobilio, BR-V, HR-V, and CR-V models, to doctors and nurses of various hospitals including: the New Sinai MDI Hospital in Tagapo, Santa Rosa, Laguna; The Medical City South Luzon in Santa Rosa, Laguna; UnihealthSouthwoods Hospital and Medical Center in Biñan, Laguna; Westlake Medical Center in San Pedro, Laguna; and, the Carmona Hospital and Medical Center in Carmona, Cavite. Honda will be providing each car with free gasoline good for one month.

For more information on Honda’s car lending initiative, visit the Honda Cars Philippines Inc. official web site at www.hondaphil.com .

Honda Cars Philippines Inc. (HCPI) is one with the country in its fight against Covid-19. It has lent 15 cars, including free fuel for a month, to various hospitals in Cavite and Laguna. Above photo is taken at the Carmona Hospital and Medical Center in Carmona, Cavite.

Looking for things to do at home? Porsche 4Kids entertains, educates the little ones

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ITH schools and day-care centers closed, parents working from home have to find ways to keep their children busy. Porsche is pitching in these efforts—like through Porsche 4Kids, which offers children stuck at home a welcome distraction by way of various activities that both entertain and educate.

Av a i l a b l e t o c h i l d r e n o n www.porsche4kids.com are color ing pages, craft ideas w ith instr uctions, “Find the word ” and memor y games, puzzles, search-and-find pictures and mu c h more. W h i l e p l ay i n g , ex per iencing and d iscovering, children are suppor ted by Tom Targa and Tina Turbo— Porsche’s lovable mascots.