BusinessMirror May 04, 2021 by BusinessMirror

RETURN TO ECQ CUTS PHL MANUFACTURING OUTPUT

n Tuesday, May 4, 2021 Vol. 16 No. 202

P25.00 nationwide | 2 sections 18 pages |

FILIPINO migrant workers line up at the temporary testing center for Covid-19 in Hong Kong on Saturday, May 1, 2021. The government ordered foreign domestic helpers to take Covid-19 tests after two helpers were diagnosed with a more infectious strain of the virus. AP/KIN CHEUNG

By Tyrone Jasper C. Piad @Tyronepiad

HE Philippine manufacturing sector’s output level shrank anew in April amid the resurgence of Covid-19 cases that forced the suspension of factory operations and dampened demand, IHS Markit reported.

The international think tank said on Monday the Philippines’s Purchasing Managers’ Index (PMI) declined to 49.0 in April from 52.2

the previous month, which indicates a “marginal contraction” in the local manufacturing industry’s operating conditions.

ADB: Asia Pacific to remain as world’s engine of growth By Cai U. Ordinario

@caiordinario

HE Asian Development Bank (ADB) believes Asia and the Pacific will remain an engine of growth for the world and will continue to do so under a digital Asian Century. In a curtain raiser event for the 54th Asian Development Bank Board of Governor’s Meeting on Monday, ADB President Masatsugu Asakawa said the pandemic has fast-tracked digitalization in the region. To cope, the region must exert effort to reduce the digital divide by improving connectivity; lowering the cost of Internet services; and

enhancing the use of technology. “I firmly believe that this region of Asia Pacific will continuously be an engine for global growth, economic growth by overcoming many, many challenges we’re now facing,” Asakawa said. “In order to make our recovery and development paths more sustainable and inclusive, we need to reduce the digital divide.” Asakawa said around 50 percent of the global population does not have access to broadband connections. This has to change not only because of the need to recover from the current pandemic but also prepare for future pandemics.

This is the first time the headline index dropped below the 50 neutral level after three consecutive months of growth, IHS Market noted. A country’s PMI determines the health of its manufacturing sector and is calculated as a weighted average of five individual subcomponents. Readings below 50 show deterioration in the industry while readings above the 50 threshold signal growth in the manufacturing sector. “April sur vey data revealed a setback for the Filipino economy, with operating conditions falling back into contraction ter r itor y af ter on ly one f u l l quarter of growth,” IHS Market

Economist Shreeya Patel said. “ Tightening restrictions led to another round of factor y and business closures, with output particularly hard-hit.” The decline in employment figures also continued into the second quarter, she added. The National Capital Region (NCR) and nearby provinces, including Cavite, Laguna, Bulacan and Rizal—or NCR plus—were placed under the most restrictive enhanced community quarantine (ECQ) on March 29 to April 11 amid the recent surge in Covid-19 cases. NCR Plus is put under modified ECQ (MECQ) beginning April 12 until May 14. Continued on A2

PHL BANANAS LOSING OUT IN ASIA TO LAT-AM, ASEAN PRODUCERS By Jasper Emmanuel Y. Arcalas

@jearcalas

HE Phi lippines, the world’s second top exporter of bananas, is losing market share for the prized yellow fruit in key Asian markets to neighboring countries like Vietnam and Cambodia as well as Latin American producers, international trade data showed. Trade map data of multilateral International Trade Centre analyzed by the BusinessMirror showed that the Philippines’s market share for bananas in China, Japan, and South Korea has been shrinking in recent years, as domestic exporters have warned. In China, Philippine banana’s market share (in terms of volume) fell to its lowest since 2001 to 45.52 percent from a peak of 91.52 percent in 2007. This is the first time since 2001 that the Philippines did not capture at least half of China’s banana market. Trade map data showed that the Philippines’s share in the Chinese banana market contracted for the third straight year since 2017, when the country held 70 percent of

the market. Trade map data showed that China’s banana imports from the Philippines last year declined 23 percent to 795,477 metric tons (MT), the lowest in three years. On the other hand, China’s banana imports from Vietnam, Cambodia and Laos grew exponentially in recent years, based on trade map data. Vietnam’s banana exports to China last year grew by 2 percent to a record-high 282,982 MT, raising its market share to 16 percent from 14 percent. China’s banana imports from Cambodia last year ballooned by 1,277 percent to 241,239 MT while total purchases from Laos expanded by 744 percent to 69,867 MT, trade map data showed. With the hike in exports, Cambodia’s share in China’s banana market grew to 13.8 percent from less than 1 percent while Laos’s share grew to 4 percent from a mere 0.42-percent share. China’s total banana imports last year declined 10 percent to 1.747 million MT from 1.93 million MT in 2019, trade map data showed. See “PHL Bananas,” A2

See “ADB,” A2

PESO EXCHANGE RATES n US 48.1560

n JAPAN 0.4407 n UK 66.5468 n HK 6.2001 n CHINA 7.4407 n SINGAPORE 36.2075 n AUSTRALIA 37.1427 n EU 57.9365 n SAUDI ARABIA 12.8409

Source: BSP (May 3, 2021)

News

BusinessMirror

A2 Tuesday, May 4, 2021

NG’s end-March debt hits record high of ₧10.77 trillion T

By Bernadette D. Nicolas

@BNicolasBM

HE national government’s outstanding debt as of end-March this year once again hit a new record high of P10.77 trillion as the decline in state revenues pushed the government to borrow more money to finance its spending requirements, especially during the Covid-19 pandemic. Latest data from the Bureau of the Treasury showed the country’s outstanding debt was up by 3.5 percent from the previous record high of P10.4 trillion as of end-February this year. The Treasury said the monthon-month uptick in the country’s debt stock was due to the net issuance of government securities. Compared to P8.48 trillion a year ago, this was up by 27.1 percent. It also rose by 10 percent from the end-2020 level of P9.795 trillion. Domestic borrowings comprised 72 percent of the total debt stock while the remaining 28 percent came from foreign sources. The national government’s domestic debt as of end-March stood at P7.74 trillion, a 5.2-percent climb from the end-February level P7.36

trillion, primarily due to the net issuance of government securities, including P411.79 billion in Retail Treasury Bonds. Year-on-year, domestic debt as of end-March surged by 33.2 percent from P5.8 trillion a year ago. It was also 15.7 percent more compared to the end-2020 level of P6.69 trillion. On the other hand, external debt as of end-March this year settled at P3.029 trillion, lower by 0.45 percent from P3.04 trillion recorded in the previous month. “For March, lower figures for external debt were due to the favorable net impact of both localand third-currency fluctuations against the dollar amounting to P6.82 billion and P21.88 billion, respectively. These were more than

enough to offset the net availment of foreign loans amounting to P15.15 billion,” the Treasury said. The government’s external debt as of end-March also increased by 13.7 percent from P2.66 trillion a year ago. However, this was down by 2.3 percent from P3.1 trillion by the end of last year. The national government’s total outstanding guaranteed debt as of end-March also shrank by 9.5 percent to P435.81 billion from P481.82 billion a year ago. It was also down by 2.4 percent from P446.72 billion in February this year. “The lower level of guaranteed debt was due to the net redemption of both local and foreign guaranteed obligations amounting to P4.84 billion and P1.69 billion, respectively. Local- and third-currency exchange rate fluctuations further lowered the peso value of external guaranteed debt by P0.45 billion and P3.93 billion, respectively,” it added. Domestic outstanding guaranteed debt for the month amounted to P239.28 billion, lower by 6.1 percent from last year’s P254.83 billion. It also declined by 2 percent from P244.12 billion in February this year. Meanwhile, the government’s

external guaranteed debt also contracted by 13.4 percent year-on-year to P196.53 billion from P227 billion in March 2020. It also slightly went down by 3 percent from P202.6 billion in February this year. UnionBank Chief Economist Ruben Carlo Asuncion told BusinessMirror that the 3.5-percent rise in the outstanding debt was expected as the government continues to reel from the impact of the Covid-19 pandemic. “The domestic sourcing-bias of debt is what government said it was going to continue to do. My sense is that, with the Covid-19 still raging, NG [national government] may continue to borrow, largely domestically, to continue to fund its operations and the fight against the pandemic,” he said. The country aims to borrow a total of P3.03 trillion this year, roughly the same amount it borrowed in 2020. Finance Secretary Carlos G. Dominguez III earlier said they expect the national government’s debt this year to reach 57 percent of GDP. As of end-2020, the country’s debt to GDP ratio surged to 54.5 percent—a 14-year-high—coming from a recordlow 39.6 percent in the previous year.

EMPLOYERS URGED: USE TECH IN VERIFYING COLLEGE DIPLOMAS By Tyrone Jasper C. Piad @Tyronepiad

MPLOYERS are advised to do away with the traditional method of verifying diplomas and other important documents as producing fake college degrees is easier with tecThnology. Edufied CEO and Founder Ryan Soh, in an interview with the BusinessMirror, said around 3,000 fake universities and 300 web sites are churning out fraudulent documents globally. A simple online search will reveal a list of said suppliers of counterfeit diplomas, he added. “The world works according to supply and demand principles. If there are people looking to buy fake documents, there will always be sources of supply to meet these demands,” the official of the Singapore-based education consultancy firm added. The advancements in technology are only making this decades-, if not centuries-old concern more pressing as the documents being produced can look just like the originals, making them even more deceiving, he added.

ADB. . .

Continued from A1

These efforts can be addressed through regional and global cooperation, he added. The ADB president said regional cooperation can diversify regional supply chains and enhance the region’s health security, including conducting vaccination. Asakawa said despite what is happening now, globalization will also help cement the world’s recovery from the Covid-19 pandemic. “I’m quite sure that globalization will come back, and we need to enhance our global cooperation to fight against this Covid-19 which is also of such a global nature. I do believe that enhanced regional cooperation in this region would surely contribute to the rapid and robust

“With high-tech equipment, one can easily replicate the unique watermarks or hologram stickers or special papers and any other sort of identifying mark,”he said. Purchasing fake documents have become rampant, he said, especially because one can obtain a counterfeit college diploma with an accompanying transcript like a “fast-food combo meal.” Soh noted that shipping or delivery of such documents is also done easily. “These documents can be purchased from anywhere worldwide and delivered to your doorstep,” he said. Employers may potentially deal with some repercussions if they wrongfully hired applicants with fake college diplomas, Soh said. He stressed that academic qualifications are usually related to the skills needed for the job. Hiring potential employees, he explained, also considers their ability to add value to the business operations. “Can you imagine if an engineer with fake credentials was hired by the company tasked to approve a building’s structural design?” he said.

recovery of the world economy. And ADB is most happy to support that,” Asakawa said.

Tax cooperation

MEANWHILE, apart from digitalization, Asakawa said countries in the region should also subscribe to domestic resource mobilization and international tax cooperation in order to recover from the pandemic. Currently, Asakawa said, many countries are “under enormous pressure” when it comes to their budgets and mounting public debt. Asakawa said foreign-denominated borrowings, specifically those in US dollars, are a matter of concern for him. He said when the US hikes its interest rates in the “context of monetary policy normalization,” this impacts capital markets globally, including those in developing countries. When this occurs, Asakawa said, this leads to

Legal implications IN addition, the Edufied chief said there can also be legal implications involved. “There will be a few areas of concern. The first will be safety. Besides having the legal liability of having an employee with fake credentials to sign required government documents or design documents, this approval would jeopardize the public’s safety,” he continued. Apart from possible legal liabilities, Soh explained that said incidents, should they happen, will also lead to business losses. Such can then hurt the reputation of the company in the long run, he added. With this, Soh said there is a need to improve ways of verifying said documents. “As long as the current way of verifying these documents is still conducted the old traditional method of calling or emailing, there will always be a gap between issuance and verification,”he said. Soh explained that each record published on the Edufied network has a specific digital signature on the blockchain that cannot be altered. The QR code on each document directs the employer who wants to validate the document to

an increase in interest rates in these countries, creating pressure for capital outflow and depreciating currencies. These could hamper economic growth. This is why he recommends that countries, particularly developing countries, rely more on domestic resources to reduce their dependency on external finance. This means, raising funds through taxation. Asakawa said the tax-to-GDP ratio in the region remains low, indicating that developing member-countries have room to restructure tax policies and enhance tax administration capacity. “I am of the view that this region of AsiaPacific would continuously attract foreign investment in the form of investment by multinationals. That’s fine, they are welcome to come here, but if multinationals are coming here and conduct economic activities and make

RETURN TO ECQ CUTS PHL MANUFACTURING OUTPUT The Department of Trade and Industry estimated that some 1.5 million workers were displaced during the implementation of ECQ this year but around 500,000 workers are expected to have returned when the NCR plus transitioned to MECQ. “Firms scaled back on their hiring efforts during the month with a weak demand environment and voluntary resignations often mentioned as driving the decline in employment,” the think tank noted.

IHS observed that there has been an increase in input prices as well, factoring in material shortages and higher freight charges. The latest uptick in input price inflation is the “strongest” in over 2.5 years, it noted, explaining this also led to firms partially passing on the costs to clients. “Supply-side pressures and rising costs were again evident throughout the latest survey period with material shortages and transportation bottle-

necks widely reported,” Patel said. The lockdown measures amid pandemic have “increased lead times and limited raw material availability.” On the matter concerning high freight costs, the Philippine Competition Commission (PCC) is already investigating if there is a potential pricefixing among industry players in the logistics sector that drove up prices. The high freight charges were observed amid the shortage of container vessels due to imbalance.

the blockchain record to decrypt the information. Edufied is finalizing discussions with the De La Salle University System to use the firm’s services for all its schools and affiliated educational institutions. In the Philippines, Edufied’s technology licensee is FilPass Tamperproof Tech Inc., which is 100-percent locally owned. Soh said that PHINMA Education and AMA Education are the early adopters of the company’s technology, implementing them last year. It also has several local distributors, including VST ECS, Crayon, White Label, Seaversity and CTI. “As the market starts to accept the use case of blockchain in the education industry, confidence from technology partners increases,” he said. The Edufied founder said they are also developing a system for a government agency to issue digital IDs and digital wallets.“This will allow all the stakeholders to securely store their credentials, allowing the agency to monitor and manage the skills gap in the industry and provide relevant investments and training to meet the objectives of the country,” he added.

profit, then they should pay a fair amount of tax,” Asakawa said.

Tax hub

TO this end, Asakawa encouraged countries to participate in the Asia Pacific Tax Hub on domestic resource mobilization (DRM) and international tax cooperation (ITC). The Tax Hub is dedicated to maximizing international and regional resources of knowledge, expertise, and finance on domestic resource mobilization and international tax cooperation. This will be done through close collaboration among finance and tax authorities, as well as the country’s development partners such as the International Monetary Fund (IMF), Organisation for Economic Co-operation and Development (OECD) and the World Bank, and regional tax associations.

Continued from A1

The container shortage, the Philippine Exporters Confederation Inc. told the BusinessMirror earlier, has caused delays of two weeks to one month. “On the brighter side, policy-makers have stressed the importance of the vaccination program in bringing a return to normality and while the initial progression was somewhat slow, the rollout seems to have gathered pace in recent weeks,” Patel concluded.

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END-MAY LIFTING OF MECQ IN NCR IS KEY TO GROWTH–NEDA By Cai U. Ordinario

@caiordinario

TTAINING the 6.5- to 7.5percent target this year would not be possible if Metro Manila and nearby regions remain in Modified Enhanced Community Quarantine (MECQ), according to the National Economic and Development Authority (Neda). In a television interview on Monday, Socioeconomic Planning Secretary Karl Kendrick T. Chua said Metro Manila should move out of MECQ by the end of May in order for the economy to speed up GDP growth this year. “We have to move out of MECQ by the midd le or end of the month; we cannot be in MECQ for the entire year. Last year we were in a combination of GCQ, MECQ and ECQ,” Chua said. “We have to use very wisely these two months that we are in this bubble to enhance our PDITR strategy [prevent, detect, isolate, treat and recover] so that we can open the economy as soon as we can and that is really the focus of the government,” he added. Chua said 95 percent of the effort needed to move out of these quarantine restrictions depend on Filipino’s behavior. Wearing masks and face shields; keeping social distancing; and going out of the home to work or to buy essentials should

be maintained. “All of us will have to cooperate for this to happen. It’s not a magic solution that the government or someone can just deliver,” Chua stressed. Meanwhile, Chua also said the government is learning a lot from its experience with the pandemic last year. He said last year, due to fears of the contagion spreading, the government decided to shut down 75 percent of the economy and kept all Filipinos at home—which led to the economy contracting 9.6 percent last year. Chua noted that this year, the government even decided to allow public transport to continue operating unlike last year. He added that while there was a curfew, all workers were exempted and allowed to continue going to work. He also said restaurants were allowed to open this year, even with the imposition of the Enhanced Community Quarantine (ECQ). He said restaurants were allowed to provide dine-in services through al fresco dining. “In other words, what we are doing now, instead of shutting down the economy, or a big part of it, we are managing the risk. We closed down the sectors or the areas with the highest risk and allowed 98 percent of the people with no Covid symptoms to continue working,” Chua said.

Pump prices rise anew

OCAL pump prices are on the rise this week. Oil firms said Monday they will implement an upward adjustment in gasoline prices by P0.20 per liter, diesel by P0.35 per liter and kerosene by P0.35 per liter. Pilipinas Shell, Caltex, Seaoil and PTT Philippines said they would implement their price hike at 6 a.m. of May 4. Cleanfuel, on the other hand, said the same price increase would

take effect at 4:01 p.m. of Tuesday. Other oil firms have yet to announce their price adjustment as of press time. This is the third consecutive week of oil price increases. Since April 20, gasoline prices went up by P1.25 per liter. Diesel has increased by P1.4 per liter and kerosene by a total of P1.85 per liter. Oil firms adjust their prices weekly to reflect movements in the world oil market. Lenie Lectura

PHL bananas… The Philippines’s share in the Japanese banana market last year declined to 74 percent from 77 percent as purchases by the East Asian country from the Philippines fell 10 percent to 260,795 MT. In South Korea, the Philippines’s banana market share fell to 75 percent from 80 percent. South Korea’s banana imports from the Philippines last year declined by nearly 4 percent to 804,348 MT from 836,950 MT in 2019. Trade map data showed that South Korea’s banana imports from four Latin American producers, namely, Ecuador, Mexico, Guatemala and Costa Rica, expanded last year. South Korea’s banana purchase from Ecuador grew 14.16 percent to 136,190 MT; from Mexico by 46.49 percent to 79,526 MT; from Guatemala by 67.42 percent to 21,094 MT, and from Costa Rica by 69.76 percent to 5,889 MT. Ecuador’s share in South Korea’s banana market grew to 12.74 percent from 11.4 percent followed by Mexico’s (7.44 percent from 5.2 percent), Guatemala (1.97 percent from 1.2 percent) and Costa Rica (0.55 percent from 0.33 percent).

Losing millions of dollars

VALUE wise, the Philippines is losing millions of dollars due to its shrinking market share in its three key Asian markets. In China alone, the Philippines lost $149.253 million last year due to contraction in exports while Cambodia and Vietnam tallied a combined additional export revenue of $144.973 million, trade map data showed. The Philippines lost $31.248 million

Continued from A1

worth of export revenues in South Korea last year while Colombia and Vietnam earned an additional $20.086 million and $702,000 respectively. In Japan, the Philippines lost $14.85 million worth of export revenues last year. Japan imported an additional $11.87 million worth of bananas from Ecuador and $2.438 million bananas from Vietnam last year. The Pilipino Banana Growers and Expor ters Association (PBGEA) have repeatedly stated that the Philippines’s stronghold in South Korea’s banana market is threatened by recent free trade agreements signed by Seoul allowing entry of bananas from countries like Central America at lower tariff rates. Furthermore, PBGEA recently warned that China has started to buy from neighboring countries like Vietnam, Cambodia and Laos, resulting in Filipinos losing export contracts in the East Asian country. The situation abroad worsened internal problems faced by the banana industry, particularly the continuous contraction in domestic output due to diseases such as Fusarium Wilt or Panama disease. For this year, the outlook for the country’s precious yellow fruit export would “not be promising,” as other banana exports have “easily filled in the supply gaps” that the Philippines created in its key markets, PBGEA said. The country’s total banana exports last year declined by 15.61 percent to 3 MMT from 3.555 MMT in 2019, based on Philippine Statistics Authority (PSA) data. PSA data showed export receipt from bananas last year declined 16.2 percent to $1.377 billion from $1.643 billion.

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Editor: Vittorio V. Vitug • Tuesday, May 4, 2021 A3

DOJ chief: OSG probes reported ‘data breach’ By Joel R. San Juan @jrsanjuan1573

HE Department of Justice (DOJ) disclosed on Monday that the Office of the Solicitor General (OSG) is now conducting an investigation into a possible data online breach involving its over 300,000 files and documents. Justice Secretary Menardo Guevarra expressed the justice department’s willingness to assist in the

OSG’s investigation, considering that thousands of its cases are being litigated by the OSG. “I understand that the OSG is now looking into this alleged data breach. The DOJ has not received any such information through official channels but [the department] would be ready to assist the OSG, if necessary,” Guevarra said. While he has yet to hear from the OSG about the matter, Guevarra said he would appreciate it if the OSG

will inform the DOJ of the result of its findings. In a news statement issued on April 30, the London-based cybersecurity firm TurgenSec revealed that it “became aware of a publicly accessible data store which belonged to the Solicitor General of the Philippines.” “This breach was accessed and downloaded by an unknown third party that is not TurgenSec,” the firm disclosed.

It also revealed that “anyone with a browser and Internet connection could access it.” The firm noted that the breach appears to contain “over 300,000 files and documents.” “This breach contained hundreds of thousands of files ranging from documents generated in the day to day running of ‘The Solicitor General of the Philippines,’ to staff training documents, internal passwords and policies,

staffing payment information, information on financial processes, and activities, including audits, and several hundred files titled with presumably sensitive keywords such as ‘Private, Confidential, Witness and Password,’” it noted. TurgenSec also raised concern that the breach and illegal release of the documents would undermine ongoing judicial proceedings involving the OSG.

“The OSG handles thousands of cases in the Court of Appeals and in the Supreme Court in representation of the government in general and of the DOJ in particular,” Guevarra pointed out. “The DOJ therefore has substantial interest in finding out the cause of this alleged data breach and any prejudice to the interest of the government that such breach, if true, may have unduly caused,” he stressed.

Neda chief takes full responsibility for glitch Velasco urges IATF to prioritize on first day of online National ID registration NCR Plus in vaccination drive By Cai U. Ordinario @caiordinario

OCIOECONOMIC Planning Secretary Karl Kendrick T. Chua has assumed full responsibility over the technical glitch that transpired when the National ID registration went online last Friday. The head of the National Economic and Development Authority and chairman of the Philippine Statistics Authority (PSA) Board said the glitch was “inexcusable.” Chua said that the system was

prepared to accommodate as much as 16,000 to 35,000 simultaneous users per minute. But on the actual first minute when the system went live, a total of 46,000 users logged on. “I would like to extend my sincerest apologies to the Filipino people for what happened and there is no excuse for what happened. I take full responsibility,” Chua said. “Our capacity was not enough. Now what we [have to] do right now is to review our system so we can increase the load.” Chua said despite the glitch, a total of 2,000 users were able to success-

fully complete their registration. The system remains open, Chua said, but it cannot handle “tens of thousands” of users at a given time. “It’s like when you open a new theme park or restaurant, although you are ready for the peak during holidays or weekends sometimes on the first day, everyone just wants to participate and we thank them but we are also very sorry for what happened,” Chua said. Prior to the opening of the online registration for Step 1 of the National ID, PSA was already able to register

around 33.3 million Filipinos in the National ID. Step 1 involved the collection of demographic data and setting of the appointment schedule for Step 2. Step 2 involved the provision of biometric information such as fingerprints and iris scans through registration centers. The last step involves the provision of PhilSys Number and printing of cards. The PSA and Bangko Sentral ng Pilipinas are discussing the possibility of printing more than 160,000 cards per day starting this month.

13 DAR-Cebu officials face raps for failure to distribute two sacks of CLOAs to ARBs By Jonathan L. Mayuga @jonlmayuga

HE Department of Agrarian Reform (DAR) is set to file criminal and administrative charges against several DAR-Cebu officials and personnel in connection with the discovery of two sacks of undistributed certificates of land ownership awards (CLOAs). DAR Secretary John R. Castriciones said the concerned officials are liable for failing to distribute a total of 2,007 CLOAs to agrarian reform beneficiaries (ARBs). “Some of the CLOAs date back to 1990s. Some are CLOAs that date back to 1987,” Castriciones revealed. Holding the CLOAs without justifiable reasons, he said, means the officials and personnel involved will be charged with appropriate charges. Initially, 13 officials are facing criminal and administrative charges, but Castriciones has declined to name the officials and personnel involved pending the result of the initial investigation. Failure to distribute the CLOAs constitutes violations of several laws, including the Comprehensive Agrarian Reform Law (CARL) and Republic Act 3019 or the Anti-Graft and Corrupt Practices Act for dereliction of duty. Castriciones has been “hands on” in implementing the CARP and regu-

larly visits far-flung areas to conduct what he describes as “Dar-to-Door” CLOA distribution. The DAR’s renewed vigor and intensified distribution of CLOAs is in response to President Duterte’s marching orders, Castriciones said. According to the DAR chief, the two sacks of CLOAs are neatly stockfiled inside the Land Tenure Services office at the DAR Provincial Building. Immediately after the discovery of the undistributed CLOAs, Castriciones said, he immediately ordered the creation of the Task Force Undistributed Cebu CLOA to conduct a deeper investigation and shed light on the issue of the CLOAs. Immediately after the discovery, Castriciones said he also directed his officials to conduct a ground validation on the landholdings and ARBs to know the real and actual status of the land and the ARBs in Cebu. “We found out that these CLOAs have been in storage for several years, depriving the ARBs of their opportunity to own a piece of land as mandated by the law,” Castriciones said. “The DAR provincial office in Cebu has no right to withhold the distribution of titles the moment that it is released to the DAR by the Registry of Deeds, which means that it is all set and ready for distribution to ARBs anytime,” he said. Castriciones said the CLOAs were

discovered to have been stored inside the office of the Land Transfer and Implementation Division (LTID) in DAR provincial office in Cebu. The stored CLOAs consisted of 387 emancipation patents (EPs) and 1,620 CLOAs totaling 2,007 land titles. All in all, the team had itemized the said EPs/CLOAs ranging from the years 1987 up to the 2020s. In addition to this, there is another batch of 3,391 undistributed land titles, covering an area of 2,526 hectares, which the Land Bank of the Philippines (LandBank) turned over to the DAR. During the inventory, the DAR team also found another 306 collective CLOAs inside four boxes. Some LTID staff claimed that the collective CLOAs are still subject for verification and validation process by from municipal agrarian reform program officers (MARPOs). As this developed, Castriciones ordered the immediate distribution of a total of 422 individual EPs/ CLOAs to 422 ARBs comprising of 315.2704 hectares of land. He said that the 3,391 titles turned over by the LandBank, should also be included in the distribution process. Castriciones also directed all the DAR regional directors to submit an inventory of undistributed EPs/ CLOAs in their respective region for transparency.

During field investigation on April 21 to 23, the Task Force together with officials from the Bureau of Land Tenure and Improvement (BLTI) of the DAR, met in Cebu City and conducted an initial validation to determine the physical and actual authenticity of the titles. The DAR Field Operations Office and the Bureau of Land Tenure Improvement said the CLOAs were found to be “authentic in nature” based on the security features on the titles and the corresponding serial numbers “as reflected in the record book.” “The initial validation also helped in knowing the year of registration and the municipalities from where it was documented and generated,” said Undersecretary Elmer Distor, who chairs the task force. Distor said that out of the 2,007 CLOAS, there are 1,585 titles that are still subject for validation due to reasons like retention cases, double titling, actual occupancy by farmers, overlapping of boundaries, conflict of ownership and other anomalies. The second phase of the validation will include reports and recommendations from DAR municipal agrarian reform officers on the circumstance of the 2,007 stored CLOAs; survey of the landholdings; and strategic plans from the DAR provincial and municipal offices to hasten the process flow obtaining CLOAs.

By Jovee Marie N. Dela Cruz @joveemarie

OUSE Speaker Lord Allan Velasco on Monday urged the Inter-Agency Task Force on Emerging Infectious Diseases (IATF) to prioritize the National Capital Region (NCR) Plus and other urban centers with high concentration of coronavirus cases in the Covid-19 vaccine rollout. Velasco said the government should focus its Covid-19 vaccine rollout in NCR and its nearby provinces, but only after all medical frontliners in the country are fully inoculated against the deadly disease. “As we await large supplies of vaccines to come in, we urge the IATF to prioritize NCR Plus and other urban centers in our vaccine rollout so we can quell the surge in new infections in those areas,” Velasco said. “But first and foremost, let us vaccinate all 1.7 million health-care workers all over the country to make sure they are protected against Covid-19,” he added. A side f rom t he NCR Plus, Velasco said the national government should also give priority vaccine allocation to Mega Cebu, Davao, Cagayan de Oro and other regional centers across the country. NCR Plus is composed of the cities and municipality in Metro Manila, and the provinces of Bulacan, Cavite, Laguna and Rizal, areas that have been experiencing a surge in Covid-19 cases largely attributed to fast-spreading coronavirus variants. Echoing health experts, Velasco said the best defense against t he “superspreader var iants” would be to inundate these areas with vaccines. The Philippines is expected to be supplied with an estimated 10 million doses by June this year, ramping up to 15 million to 20 million doses to be delivered by August, barring any major hitches. The country is currently struggling with measly supplies as developed nations have stockpiled most of the world’s reserve of vaccines

against Covid-19. The Department of Health has tallied over a million verified cases of Covid-19 with a daily average of 8,000 new cases since March. According to Velasco, it would be prudent at this juncture to concentrate inoculation efforts toward areas where the health systems are vulnerable.

‘Win the battle’

CAVITE Rep. Elpidio Barzaga Jr., chairman of the House committee on natural resources, for his part, strongly urged the DOH and the Department of the Interior and Local Government (DILG) and various groups of medical practitioners to use government television channels and radio stations to step up their information campaign and boost the people’s confidence on the Covid-19 vaccination program. He s a id t he gover n me nt should strengthen the concerted effort to improve people’s vaccine confidence. “On an individual level, this is the only way to attain herd immunity to beat the pandemic and gradually restore to normalcy,” he said. The administration lawmaker, who is the president of the National Unity Party (NUP) in the Lower House, lamented that while many are still hesitant to be vaccinated even if it’s meant to protect an individual from getting Covid-19. “Little do we realize that getting vaccinated protects us and the people around us, particularly people who are at an increased risk for severe illness from Covid-19,” Barzaga stated. “We need to increase vaccine confidence and improve the public’s understanding of how it can help control the spread of Covid-19 in their families and communities.” Barzaga said holding regular webinars to be aired live on government television and radio stations will help address the vaccine confidence gap, especially when it involves a lot of people or organizations “working together in a determined way.”’

Hontiveros lauds DFA’s ‘swift action’ to repatriate trafficked Pinoys in Syria By Butch Fernandez @butchfBM

EN. Risa Hontiveros on Monday said the Department of Foreign Affairs (DFA) should see to it that all trafficked Filipinos, especially minors, are repatriated back to the Philippines as soon as possible. “Alice,” a trafficked Filipina whose situation came to light during a press conference led by Hontiveros last March, has finally arrived in Manila. Marites Pantonal, another trafficked woman who was imprisoned in Syria simply

for asking her employer if she could go back home after her husband died, is also now back in the Philippines. “I laud the DFA, particularly the embassy in Damascus, for its swift action after our hearing. While we are grateful that Alice and Marites are no longer in Syria, the DFA should continuously investigate if there are still trafficked Filipinos in the wartorn country who are not yet in their custody. Our kababayans, who are possibly also facing brutal treatment from their employers, should all be rescued at once,” Hontiveros said.

In her video, “Alice” alleged how her recruiter would pay Bureau of Immigration (BI) officers, who would then assist her and other trafficked women at the airport so they could exit the country without inspection. “Alice” and Marites, who both suffered abuse by their Syrian employers, will attend the Committee on Women’s second hearing on the issue today, Tuesday, May 4. “The hearing tomorrow will reveal more,” Hontiveros said. “We should not stop until the very last trafficked Filipino woman is safe,” she added.

RED CROSS, CONVERGE INTERNET TIE-UP

Converge ICT Solutions Inc. is providing quarantined patients at Kamia Hall, UP Diliman’s dormitory turned isolation facility free fiber-powered Internet in partnership with the Philippine Red Cross (PRC). “We are glad to be part of the Philippine Red Cross’ broader efforts to ease the burden on congested hospitals in the Metro by tapping unused school facilities. With the generosity of educational institutions such as UP Diliman, resourceful initiatives such as this will go a long way in unburdening the hospitals,” said Jesus C. Romero, Converge chief operating officer. “As a provider of fast and reliable fixed broadband connection, we are proud to do our part in providing the digital infrastructure to support PRC’s operations, may they be in registering patients or just for the patients’ use so they feel connected even while they’re physically isolated,” Romero added.

A4 Tuesday, May 4, 2021 • Editor: Vittorio V. Vitug

Economy BusinessMirror

House panel OKs P405.6-B Bayanihan 3 bill By Jovee Marie N. Dela Cruz @joveemarie

O boost the country’s economic recovery, the House Committee on Ways and Means on Monday has approved Bayanihan 3, which now stands at P405.6 billion. Albay Rep. Joey Salceda, chairman of the panel, said the unnumbered substitute bill to Bayanihan 3, or the Bayanihan to Arise As One Act, would contain direct emergency and social amelioration to Filipinos, livelihood interventions, as well as food security and health interventions. Salceda said his committee particularly approved the revenue provisions of the bill. The revenue provision in Section 34 of the Bayanihan 3 substitute bill states that the Bangko Sentral ng Pilipinas (BSP) would be authorized to make additional direct provisional advances with or without interest to the national government. These direct advances would be used to finance expenditures, which are authorized by law, to address and respond to the Covid-19 situation in the country. Citing his own computation, the lawmaker said P294.8 billion would be sourced from provisional advances from the BSP. A lso, he said, another P78 billion will be derived from the increased remittance of governmentowned and -controlled corporation (GOCC) dividends. Section 35 of the bill would mandate some GOCCs recommended by the Joint Executive-Legislative

Bayanihan Council, to increase their dividend remittances to help fund the appropriations of the proposed measure. Salceda said other sources of revenue include the capital withdrawal from “obese” GOCCs, e-sabong and Philippine Offshore Gaming Operation taxes. For his part, House Committee on Economic Affairs Chairman Teodorico Haresco Jr. of Aklan also said that most of the proposed funding sources for Bayanihan 3 would come from existing unutilized appropriations, unreleased balances, as well as from excess revenue collection from tax and non-tax sources. But Finance Assistant Secretary Soledad Emila Cruz told the committee that they are only eyeing P60 billion from the GOCCs. “We considered their cash positions...of what they can provide because last year we’ve already taken out so much,” Cruz said. For his part, Governance Commission for GOCCs Director Johann Barcena said the commission is supporting the passage of Bayanihan 3. “The GCG fully supports the joint effort of the legislative and executive to have a stimulus package to support the economy amid this pandemic without compromising our long-term debt sustainability,” he said. “This will serve to stimulate our economy in the short term, while securing our position for economic growth and stability in the long run. We recognize, in this extraordinary time, the role of GOCCs for the economic development becomes

more paramount,” he said.

Lifeline measures

SPEAKER Lord Allan Velasco is also pushing for the passage of the Bayanihan 3, a proposal seen as a “lifeline” amid the raging pandemic that continues to cripple the economy and hurt the livelihood of millions of Filipinos. Under the substitute bill, P108 billion will be allocated for the implementation of a cash subsidy program of P1,000 for every Filipino, with another P108 billion in standby funds. Also, around P12 billion shall be appropriated for assistance for households in crisis situations under the Assistance to Individuals in Crisis Situation (AICS) program of the Department of Social Welfare and Development (DSWD). Some P12 billion standy fund shall be appropriated for Phase 2 and P6 billion standby fund for Phase 3 of the AICS program. The Small Business Wage Subsidy (SBWS) program shall be continued and expanded with a direct funding of P8 billion, and standby funds worth P8 billion for Phase 2 and P4 billion for Phase 3 to assist micro, small and medium enterprises (MSMEs). To provide temporary employment to displaced workers, around P10 billion shall be appropriated for the implementation of the Tulong Panghanapbuhay sa Ating Displaced/Disadvantaged Workers (TUPAD), Covid-19 Adjustment Measures Program (CAMP), and Abot Kamay ang Pagtulong (AKAP) Program, while P10 billion

shall be appropriated as standby funds for Phase 2 and P5 billion for Phase 3. Assistance to the agri-fishery sector will receive a total of P30 billion worth of standby funds to finance programs and interventions toward food security and farmer income security and welfare. The bill also allocates P3 billion for medical assistance for indigent patients, and standby funds worth P3 billion each for phases 2 and 3. A total of P54.6 billion shall be allocated to the Pension and Gratuity Fund for retired military and the police, while the amount of P5.6 billion shall be appropriated to assist the Department of Education in the implementation of its digital education, information technology, and digital infrastructure and alternative learning modalities as part of pandemic response and transition to a new normal. Standby funds worth P5 billion each shall be allocated for the implementation of the Masustansyang Pagkain para sa Batang Pilipino Act and Kalusugan at Nutrisyon ng Mag-Nanay Act, both of which are aimed at providing national nutrition. Meanwhile, the bill will be forwarded to the Committee on Appropriations for its own deliberations. Appropriations Chairman Rep. Eric Yap said he will set the hearing for the Bayanihan 3 immediately. Earlier, Speaker Velasco said he expects that the Bayanihan 3 will be transmitted to the plenary when session resumes on May 17.

Palace allows Pagcor to issue license to some e-sabong sites

MID the urgent need of the government generate more revenues for the pandemichit economy, Malacañang has ordered the Philippine Amusement and Gaming Corp. (Pagcor) to issue license to operate to some online sabong sites to legalize their operations. According to Atty. Jose Tria Jr., senior vice president of Pagcor’s Offshore and Online Gaming, “bukod kasi sa hinahabol na income para sa pamahalaan, kailangan na hindi

naman naloloko o nadadaya ang mga tumatangkilik ng sabong sa online kaya kailangan talagang bigyan na sila ng license. [Aside from the urgency to play catch up in terms of revenue generation, we also need to ensure that proper measures are place so that games would be legal and above board for all stakeholders, necessitating the issuance of licenses],” he said. “’Pag may license kasi, namomonitor namin ang kanilang operasyon, galaw, at income. [With

Lawmaker files bill to extend validity of Bayanihan 2 anew until end of Dec

SENIOR lawmaker has filed a bill further extending the validity and effectivity of the Bayanihan to Recover as One Act (Bayanihan 2) until end of December this year to enable the government to continue implementing its recovery and stimulus measures to mitigate the impact of Covid-19 on the economy. Camarines Sur Rep. Luis Raymund Villafuerte said he filed House Bill 9196 amid the new surge in the virus caseload that has already reached more than 1 million. The Bayanihan 2, or Republic Act (RA) 11494, which is originally set to lapse on December 19 last year, was first extended through RA 11519 up to June 30, 2021, said Villafuerte, lead proponent in the House of RA 11494 and an author of the law—RA 11519—that first extended Bayanihan 2 before it was to expire when Congress adjourned in December 2020. “With those overwhelming recorded numbers, the continuing community transmission is rampant and the availability of vaccines for herd immunity is still far fetched. Hence, the country coming to an end from this public health crisis, is yet improbable and unforeseeable. There still persists a threat not only to the people’s livelihood but most importantly to every Filipino’s precious life,” he added. Villafuerte said the extension “shall give the government the op-

portunity to continuously implement the recovery and stimulus programs specified in Bayanihan 2, most especially in allocating funds for more essential and relevant expenses necessary to recover from the distressing effects of this global pandemic.” His proposal to extend Bayanihan 2 also cover the powers and authorities that enabled the government to provide emergency assistance to vulnerable groups and individuals, expand medical resources to fight Covid-19, and finance emergency initiatives to keep the economy afloat amid the global shock unleashed by the pandemic. Under HB 9196, the balances of fund transfers between agencies, instrumentalities and governmentowned and -controlled corporations (GOCCs), which, while obligated, remain unused, unutilized, unexpended, and undisbursed as of December 31, 2021, shall revert to the unappropriated surplus of the General Fund. “Agency outsourcing requests or agreements by agencies, instrumentalities and/or government-owned and -controlled corporations with Philippine International Trading Corp. [PITC] shall not be allowed. Any balances of fund transfers in the books of the PITC shall revert to the unappropriated surplus of the General Fund upon effectivity of this Act,” HB 9196 added. Jovee Marie N. Dela Cruz

the license we intend to keep tab on the operation and revenue],” Tria said. It was learned that there were five companies who applied for license to operate online sabong, but only two of them were allowed to start full commercial operations because the rest are yet to pay corresponding fees and taxes. Only the Lucky 8 Star Quest Inc. of Pitmaster Live and Belvedere Corp. have been issued authority to operate sabong online after fully

submitting their paid-up capital and performance bond. “The rest na wala pang license ay huhulihin ng mga otoridad dahil ito ay iligal at minomonitor na ng [those without license would be monitored and apprehended through the help of the] Department of Information and Communications Technology,” Tria added. He also said that the Pagcor has collected P100 million per month from each licensed online sabong company.

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Talent management asked how they would address it.

Retaining employees through career enrichment

By Henry J. Schumacher

ALENT development programs can keep employees operating at the top of their skill set and prepare them to grow with the company. Do you agree? However, there are too many IT jobs and not enough candidates to fill them; and let’s be honest: in the Philippines, the IT jobs are expanding. Talent gaps stif le innovation and lead companies to get creative while sourcing new hires. Going back to the drawing board, technology executives are rethinking traditional values for qualified candidates and considering ways to streamline the hiring process to capture talent. As IT jobs are mostly filled by millennials and centennials, it is also important to not only look at the tech skills but asks about the candidate’s mindset also, and include questions about whether they have an affinity for learning, if they’re curious or to name the special something they’d bring to the role. When hiring for tech roles, companies expects potential employees “not only to understand engineering but to also really intimately understand our business to work in the cross-functional teams,” Mojgan Lefebvre, EVP and chief technology and operations officer at Travelers Insurance, said. Travelers Insurance assigns behavioral interviews to get a feel for the candidate’s mindset. In a behavioral interview, the candidate is given a workplace scenario and

YOU will agree that hunting for talent is one thing; the other important thing is to retain talent. Enriching an employee’s experience at the company—alongside diversity, equity and inclusion initiatives and giving them the right tools to do their jobs effectively—can help retain top tech talent. Talent development programs can keep employees operating at the top of their skill set and prepare them to grow with the company. Setting employees up for success falls on the frontline managers. Managers must learn to understand what the employee is ready for and what they’re looking to get out of the role.

Let’s realize that IT outsourcing is going to surge in 2021

THE Covid-19 pandemic is driving digitaltransformation,whichinturn accelerates technology outsourcing. A survey by the IT and Business Process Association of the Philippines (IBPAP) showed that 87 percent of the IT-BPM firms are expecting to book as much as double-digit growth figures this year while the other 13 percent are anticipating flat growth. The industry group said there were also a “good number” of companies planning to expand their business in the Philippine regions with the next 12 to 18 months. In other words, new people have to be found and existing talent needs to be retained. In addition, IT-BPM firms are focusing on the following priorities this year: optimization of existing operations, digital transformation and upskilling of the labor force. Organizations who lead with the work force and involve their people constructively, and who are continuously experimenting with emerging technologies, are the ones who are the most agile and the ones who are able to proactively anticipate and deal with how technology is going to evolve the work equation. Your feedback is more than welcome; contact me at hjschumacher59@gmail.com

3 modular facilities for Covid patients launched at Batangas Medical Center By Claudeth Mocon-Ciriaco Correspondent

PHOTO shows (from left) Department of Health—Calabarzon Assistant Regional Director Paula Paz M. Sydiongco, Undersecretary Leopoldo J. Vega, Assistant Secretary Maria Francia M. Laxamana and Department of Public Works and Highways Second District of Batangas Engineer Sonia D. Paglicauan during the ribbon-cutting ceremony formally opening the three modular treatment facilities for Covid-19 patients located at the compound of the Batangas Medical Center in Batangas City on April 30, 2021.

HREE modular treatment facilities for the treatment and management of Covid patients at the Batangas Medical Center (BatMC) in Batangas City were opened to cope with the surge of patients and increased need for medical services amid the Covid-19 pandemic. “The Department of Health [DOH] extends its utmost gratitude for the DPWH’s support and assistance in providing facilities to augment our hospital’s need for additional rooms for health-care service for Covid patients for the province of Batangas,” Health Assistant Secretary Maria Francia M. Laxamana said as the officials of the Department of Public Works and Highways (DPWH) and the DOH formally opened the three modular treatment facilities for the treatment and management on April 30. DPWH Batangas Second District Engineer Sonia D. Paglicauan said that the agency is currently expanding the capacity of major hospitals through the construction of modular facilities to provide more rooms for treatment and management of people infected with Covid-19. She added that the off-site modular facilities at the BatMC was made possible through the DPWH Task Force to Facilitate Augmentation of Local/National Health Facilities together with Batangas

Second District Engineering Office. Paglicauan said that the DPWH has already completed various modular hospitals for Covid-19 treatment in various DOH specialty and retained hospitals, including one ICU type with 16-bed capacity at Lung Center of the Philippines; four typical designed and one ICU type modular hospital at Quezon Institute-Philippine Tuberculosis Society Inc (QI-PTSI), Quezon City with a total of 110-bed capacity; one typical designed modular hospital with 22-bed capacity at Dr. Jose N. Rodriguez Memorial Hospital and Sanitarium (DJNRMHS), Caloocan City and one typical designed with 21 beds and a 10 bed capacity one ICU type modular hospital at Batangas Medical Center, Batangas City. As of May 1, the DOH said that for isolation beds 1,964 (60.2 percent) are occupied in Calabarzon, 1,167 (67.5 percent) for ward beds, 248 (72.2 percent) intensive care unit beds, and 327 (41.0) mechanical ventilators. DOH-Calabarzon (Cavite, Laguna, Batangas Rizal Quezon), Assistant Secretary Paula Paz M. Sydiongco, for her part, thanked the DPWH for the completion of the project. “This will greatly benefit the hospital as sit will increase its bed-capacity with an additional 10 rooms for intensive care units and 21 rooms for isolation and monitoring of mild Covid symptoms,” Sydiongco said.

News BusinessMirror

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Govt notes HK’s ‘discriminatory’ policy on OFW Covid inoculation By Samuel P. Medenilla @sam_medenilla

ALACAÑANG and the Depa r t ment of L abor and Employment (DOLE) expressed concern over they described as a “discriminatory” policy by Hong Kong authorities by requiring overseas Filipino workers (OFW) to be vaccinated for the novel coronavirus disease (Covid-19). In an online news briefing on Monday, Presidential spokesman Harry Roque urged Hong Kong authorities not to single out OFWs with its mandatory vaccine policy. He said while the country recognizes the sovereign prerogative of Hong Kong in crafting its domestic policies, he noted that “equal protection” is a “international covenant in civil and political rights.” If Hong Kong would insist on such policy, Roque noted it should be applied not only to OFWs, but also for other nationals as well. Labor Secretary Silvestre H. Bello III also voiced his disappointment on recent pronouncement of Hong Kong, which could affect the thousands of OFWs staying in the former crown colony. Hong Kong is currently one of the top destination for OFWs, especially those who work as household service workers (HSW). DOLE spokesman Rolly Francia said Bello deferred any possible response to the said policy until he gets additional details about it. “We would know as the [vaccination] policy [of Hong Kong] progresses. Maybe by tomorrow we will know if there will be additional instructions [about the policy],” Francia said in a separate online briefing. DOLE, through its attached agency, the Philippine Overseas Employ ment Ad m i n ist rat ion (POEA), had been known to impose deployment restrictions for countries, which have violated the rights OFWs. Last week, Hong Kong officials said they are planning to start the mandatory inoculation of HSWs, who are mostly from the Philippines and Indonesia.

DFA tells China to leave Philippine maritime zones in new note verbale

By Recto Mercene

@rectomercene

HE Philippines has fired-off another diplomatic protest against China, objecting to “the shadowing, blocking, dangerous maneuver, and radio challenges by the Chinese Coast Guard [CCG] against the Philippine Coast Guard [PCG] vessels conducting maritime patrols and training exercises in the vicinity of Bajo de Masinloc on April 24 and 25, 2021.”

The Department of Foreign Affairs (DFA) also protested on Monday “the incessant, illegal, prolonged, and increasing presence of Chinese fishing vessels and maritime militia vessels in Philippine maritime zones.” The “unauthorized and lingering presence” of these vessels is a blatant infringement of Philippine sovereignty, DFA said.

“Philippine maritime law enforcement agencies monitored the continued unauthorized presence and activities of hundreds of Chinese vessels in the West Philippine Sea [WPS], particularly in the areas around the Pag-asa Islands, Zamora Reef, Panata and Kota Islands, Ayungin Shoal, Quirino Atoll, and Bajo de Masinloc, from January 1, to March 18, 2021,” DFA added.

In the wake of the continued presence of Chinese maritime militia vessels in our EEZ, the Philippine Navy and the Bureau of Fisheries and Aquatic Resources also conducted joint patrols of some of the features in the WPS in late April this year. The note verbale said it rejects the statement of the spokesperson of the Chinese Ministry of Foreign Affairs, Wang Wenbin, who said that China enjoys sovereignty over Bajo de Masinloc, or Panatag Shoal, the traditional fishing grounds of Filipino fishermen from Zambales. Earlier maps calls it Scarborough Shoal, while China named it Huangyan Island. “It is without basis in international law, including the 1982 United Nations Convention on the Law of the Sea [Unclos], and is not recognized by the international community,” DFA pointed out. In April this year, the DFA said it would file a diplomatic protest daily until all of the 220 blue-hulled vessels, which were identified as the People’s Armed Forces Maritime Militia (PAFMM) vessels have left

Julian Felipe Reef (Whitsun Reef), which is part of the country’s exclusive economic zone (EEZ). The Chinese Embassy in Manila said their ships were seeking shelter from rough seas in what they call Niu’ Ejiao, a boomerang-shaped atoll, allegedly part of the Nansha Islands. However, after leaving Julian Felipe Reef, some of the Chinese vessels remained scattered in nearby features of the WPS. “The Kalayaan Island Group [KIG] and Bajo de Masinloc are integral parts of the Philippines over which it has sovereignty and jurisdiction. The Philippines’ conduct of maritime patrols and training exercises in these areas is a legitimate and routine act of a sovereign country in its territory and territorial waters and is part of the Philippines’ administrative responsibility,” DFA said. “China has no law enforcement rights in these areas. The presence of Chinese Coast Guard vessels in the Philippines’ territorial waters of Pag-asa Islands and Bajo de Masinloc, and exclusive economic zone, raises serious concern.”

“The Philippines calls on China to withdraw its government vessels around the KIG and Bajo de Masinloc and respect Philippine sovereignty,” DFA added. Foreign Affairs Secretary Teodoro Locsin Jr., tweeted: “China, my friend, how politely can I put it? Let me see… O…GET THE F… OUT. What are you doing to our friendship? You. Not us. We’re trying. You. You’re like an ugly oaf forcing your attentions on a handsome guy who wants to be a friend; not to father a Chinese province …” “What is it so hard to understand about Duterte’s UN declaration that the Arbitral Award made all maritime features Philippines; no one else’s?,” Locsin asked in another tweet. The award handed down by the Permanent Court of Arbitration in The Hague in 2016 invalidates China’s historic and expansive claim to the South China Sea, defined by a 9-dash line covering almost the entirety of the 3.5 million square miles of strategic waters, where an estimated $5 billion worth of trade sails through annually.

Marcos prods Duterte admin Vaccination of tourism to auction meat import permits frontliners under way By Butch Fernandez @butchfBM

OVING to ensure transparent allocation among pork traders when the upward adjustment in the minimum access volume (MAV) has been finally fixed, Sen. Imee Marcos prodded the Duterte administration’s economic managers to “consider auctioning pork imports.” From where she sits as chairman of the Senate Committee on Economic Affairs, Marcos maintains public auction of pork imports will “help dispel suspicion that the impending increase in the MAV would only result in the issuance of import permits to favored meat traders eyeing to take advantage of a supply shortage while African swine fever (ASF) continue to aff lict local hog raisers. The senator affirmed that auc-

tioning pork imports will “add a measure of transparency and accountability” that can discourage rent-seekers, anticipating that the Duterte government would even “derive additional revenue from issuing these import permits.” Moreover, Marcos projects the Philippines can ensure its obligations to the World Trade Organization are met by crafting “very well-delineated auction IRR [implementing rules and regulations], so that the de facto duty does not exceed the bound rate.” She, however, recalled that while both the executive and legislative branches of government decided to strike a compromise on MAV and tariff levels, “both are expected to drive a hard bargain,” after last week’s hearing of the Committee of the Whole. “The truth is we are at an awful impasse,” Marcos admitted, praying that

“may the Holy Spirit descend upon us all and inspire a solution,” even as she acknowledged that “an excessive increase in pork imports would kill the local swine industry before the ASF crisis could be resolved.” This, even as the senator noted a “great disparity” in computations of lawmakers and government agencies, adding she herself was proposing to increase the MAV only in the fourth month after pork tariffs have been lowered to not less than 10 percent and 20 percent for imports inside and outside the MAV. At the same time, Marcos recalled that based on consultations with local hog raisers, the MAV should be increased to only 150,000 metric tons in the fourth to 12th month after the increase in MAV and reduction in tariffs implemented, then reach a maximum of only 204,000 MT a year after.

Cebu Pacific transports more vaccines across the country

HE Philippines’s leading carrier, Cebu Pacific (PSE: CEB) transported another batch of Covid-19 vaccines across the archipelago last week. CEB flew more than 236,000 doses to five cities in the Philippines, specifically to Tuguegarao and Legazpi on April 30, and to Tacloban, Zamboanga, and Cotabato on May 1, 2021. This shipment compr ised of 41,60 0 doses for Tuguearao, 67,200 doses for Legazpi, 73,600 for Tacloban, 25,600 for Zamboanga, and 28,800 for Cotabato. “We are delighted to continue collaborating with our public and private partners for the realization of this national endeavor. We consider it our duty to bring these much-needed vaccines across our wide domestic network, while ensuring they are preserved well and delivered safely while in our care,” said Alex Reyes, president and CEO of Cebgo. Upon receipt of the vaccines at the Cebu Pacific Cargo warehouse in Pasay, these were placed in a reefer container equipped with cooling systems for proper storage before cargo loading. These vaccines were immediately transferred to container vans upon arrival at the destina-

Tuesday, May 4, 2021 A5

tions, ready for local distribution. On April 29, CEB flew half a million vaccine doses from Beijing to

Manila, in coordination with the Department of Health. Since March 2021 up to the present, CEB has

flown more than 500,000 Covid- 19 vaccine doses from Manila to various provinces across the archipelago.

By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

VER 1,500 tourism frontliners have been already been vaccinated under the government’s Covid-19 vaccination program. Tourism Secretary Bernadette Romulo Puyat disclosed that the frontliners who received their first vaccine dose as of April 30, were from Department of Tourismaccredited establishments along with quarantine/isolation facilities licensed by local government units, and nonquarantine DOT-accredited accommodation establishments. “I am pleased to announce that the vaccination of those in the A4 Priority Group, which includes tourism frontline workers, has begun under the Government’s Covid-19 vaccination program. We have also received word that LGUs [local government units] who have already covered the majority of those in the A1 to A3 classification, will also begin vaccinating those in the A4 group,” said the DOT chief in a news statement. Under the A4 priority list are tourism industry workers in airports, airlines, transport companies, and those in hotels and other accommodation establishments. Romulo Puyat had appealed for more tourism workers to be included in the A4 priority list such as tour guides, operators and other accredited workers and service providers. In a related development, some 150 frontline personnel of quarantine hotels were among the hundreds of workers who were vaccinated against Covid-19, in a symbolic vaccination of laborers as part of the government’s commemoration of Labor Day on May 1. Romulo Puyat said the inclusion of tourism frontliners in the A4 priority list augurs well for the tourism industry,

which will be able to speed up its recovery when the economy transitions to the “better normal” after the Covid-19 pandemic. She expressed gratitude to the Inter-Agency Task Force for the Management of Emerging Infectious Diseases and colleagues at the Departments of Labor and Employment, and of Health for accommodating tourism workers in the A4 Priority List. The DOT tapped the Philippine Hotel Owners Association, the Hotel Sales and Marketing Association Inc., and the Hotel and Restaurant Association of the Philippines in identifying the tourism frontliners. Earlier, the Manila City government vaccinated a number of hotel workers from DOTaccredited establishments, possibly the earliest in inoculating tourism frontliners. (See, “DOT urges vaccine czar to include more tourism workers in A4 priority list,” in the BusinessMirror, March 31, 2021.) “Tourism has always played a major part in uplifting the economy, even before the pandemic. It is only by ensuring the good health and safety of our tourism workers through their inoculations we can be assured that they will be ready for the industry’s restart,” said Romulo Puyat. “Resbakunahan sa Araw ng Paggawa,” the symbolic vaccination of some 5,000 laborers, was conducted in three main venues: Palacio De Maynila on Roxas Boulevard in Manila, Lakeshore Hub in Taguig, and the Covered Walk in front of the Quezon City Hall. Other local governments also held their respective vaccination of workers the same day. “The DOT looks forward to the day when each and every worker with a stake in the future of our industry will be inoculated against this virus so we can carry on with renewed hope, and embark on our road to tourism recovery,” Romulo Puyat stated.

BusinessMirror

A6 Tuesday, May 4, 2021

ESTABLISHMENT / ADDRESS NO.

FOREIGN NATIONAL / NATIONALITY

ESTABLISHMENT / ADDRESS POSITION

AICE BRANDS ICE CREAM PHILIPPINES INC. U-204, Armal Bldg. C. Raymundo Avenue Maybunga Pasig City 1.

WU, DI Chinese

SALES AND MARKETING MANAGER

AMUSETECH BUSINESS OUTSOURCING 2/f Rivergreen Residences 2217 Pedro Gil St. 096, Bgy 880 Santa Ana Manila

NO.

FOREIGN NATIONAL / NATIONALITY

ESTABLISHMENT / ADDRESS POSITION

FASTPACE TRACTOR CORPORATION 174 6th Grace Park Bet 11th & 12th Ave. Brgy. 089, Dist. 2 Caloocan City 40.

ZHANG, AICHUN Chinese

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QUALITY CONTROL SUPERVISOR

FIRST GREAT COMPUTER TECHNOLOGIES INC. Lot 5 Sta. Agueda Cor. Queensway Pagcor Drive Sto. Niño Parañaque City

NO.

FOREIGN NATIONAL / NATIONALITY

ESTABLISHMENT / ADDRESS POSITION

GOODYIELDS SERVICES INC. Unit Ug-08 Ug/f Cityland 10 Tower 2 154 H.v. Dela Costa Cor. Valero Sts. Bel-air Makati City 81.

HUANG, JIANBIN Dominican

MANDARIN COORDINATOR

HC CONSUMER FINANCE PHILIPPINES, INC. 15th Floor, Ore Central 9th Ave. Cor 31st. Bonifacio Global City Fort Bonifacio Taguig City

HUNG, YA-CHING Taiwanese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

41.

LIU HAN TU Vietnamese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

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

MYO PAN Myanmari

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

42.

CHEN, LIYAN Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

WIN MYINT Myanmari

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

43.

CHEN, ZHIPING Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

44.

HU, ZHANG Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

INTEGRITY GLOBAL GROUP, INC. 2/f-3/f Ayala Malls Circuit A.p. Reyes Ave. Carmona Makati City

45.

LAN, GUANHUI Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

84.

TAO, SIYIN Chinese

CUSTOMER SERVICE REPRESENTATIVE

CHINESE CUSTOMER SERVICE REPRESENTATIVE

85.

YANG, LONGLONG Chinese

CUSTOMER SERVICE REPRESENTATIVE CUSTOMER SERVICE REPRESENTATIVE

APLUS ACCEL INC. 9/f Burgundy Corporate Tower 252 Sen. Gil Puyat Ave. Pio Del Pilar Makati City 6. 7.

ZHANG, SHENG Chinese

CUSTOMER SERVICE REPRESENTATIVE

47.

86.

48.

ZHANG, HONGMEI Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

87.

ZHANG, QIANG Chinese

CUSTOMER SERVICE REPRESENTATIVE

ZHANG, NAN Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

88.

ZHANG, WENYU Chinese

CUSTOMER SERVICE REPRESENTATIVE

DAO THUY LINH Vietnamese

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

OPERATIONS EXECUTIVE

11.

NAKTHONG, NATJESADA Thai

OPERATIONS EXECUTIVE

12.

NGUYEN THI HAI Vietnamese

PAYMENT SENIOR EXECUTIVE

13.

WANG, CHAO Chinese

PRODUCT MANAGEMENT SENIOR EXECUTIVE

14.

LUONG KHAI KY Vietnamese

RISK AND COMPLIANCE EXECUTIVE

BD MODERN STYLE INTERNATIONAL INC. D-22 Bac Bagong Milenyo F.b Harrison St. Brgy. 076 Pasay City RAYHAN, ASIB Bangladeshi

PURCHASING MANAGER

BIG EMPEROR TECHNOLOGY CORP. Eastfield Center Cbp1, Macapagal Blvd. Brgy. 076 Pasay City 16.

HAN, XU Chinese

MANDARIN CUSTOMER SERVICE

17.

LYU, MENGYUAN Chinese

MANDARIN CUSTOMER SERVICE

18.

WONG, NGA YIU Chinese

MANDARIN CUSTOMER SERVICE

19.

ZHAO, JINGJING Chinese

MANDARIN CUSTOMER SERVICE

20.

CHEN, RUIKANG Chinese

MANDARIN LANGUAGE SPECIALIST

21.

LIANG, LIJUN Chinese

MANDARIN LANGUAGE SPECIALIST

22.

LIU, BEIXIAN Chinese

MANDARIN LANGUAGE SPECIALIST

BIGDOLPHIN SERVICES INC. Ug-8, Ug-9 & Ug-11 Cityland 10 Tower 2 154 H.v. Dela Costa St. Bel-air Makati City WANG, JUNXUAN Chinese

MANDARIN BUSINESS CONSULTANT

CAPSLOCK INC. 7th & 8th Flr. Y Tower Bldg. Coral Way Drive Cor. Macapagal Ave. Brgy. 076 Pasay City 24.

LIU, PENG Chinese

CHINESE IT SUPPORT SPECIALIST

25.

TIAN, FEIFEI Chinese

CHINESE IT SUPPORT SPECIALIST

26.

YANG, HAISHENG Chinese

CHINESE IT SUPPORT SPECIALIST

COGNIZANT TECHNOLOGY SOLUTIONS PHILIPPINES, INC. 5th And 6th Floors, 8/10 Upper Mckinley Building Mckinley Hill Cyberpark Fort Bonifacio Taguig City NGUYEN THI NGHIA Vietnamese

CHEN, BAOSHENG Chinese

CHINESE IT SUPPORT SPECIALIST

DEXIN INTERNATIONAL IMPORT AND EXPORT CORP. 534 Tomas Mapua St. 029 Bgy. 298 Santa Cruz Manila DENG, XILAN Chinese

CHINESE CARGO OFFICE AGENT

DOVER INTERNATIONAL VENTURES, INC. -PHILIPPINE REPRESENTATIVE OFFICE L17 6750 Ayala Ave. Office Tower,ayala Ave. San Lorenzo Makati City JEFFERSON, MICHAEL ARTHUR WILLIAM British

SENIOR TECHNICAL CONSULTANT

CHAN, WING FAI Chinese

MARKETING AND SALES AGENT

LIN, WEI-CHENG Taiwanese

MARKETING AND SALES AGENT

33.

LIN, YU-TUN Taiwanese

MARKETING AND SALES AGENT

34.

LIN, ZHANWEI Chinese

MARKETING AND SALES AGENT

35.

MA, ZIYANG Chinese

MARKETING AND SALES AGENT

36.

WEI, PAN Chinese

MARKETING AND SALES AGENT

32.

37.

XUE, YAQIN Chinese

38. 39.

WU, KE Chinese

GLOBALLGA BUSINESS PROCESS OUTSOURCING 2nd, 3rd & 6th Flr. Ortigas Technopoint 2 Ortigas Home Depot Complex #1 Doña Julia Vargas Ave. Pasig City

MANDARIN FIELD MARKETING OFFICER MANDARIN FIELD MARKETING OFFICER

INVECH TREASURE PROCESSING CORPORATION 2nd, 3rd, 4th, 5th Floor Six West Campus Mckinley West Fort Bonifacio Taguig City

CHEN, SISI Chinese

CHINESE CUSTOMER SERVICE

134.

CHIA CHENG YEE Malaysian

CHINESE CUSTOMER SERVICE

135.

CHOC DAU BICH Vietnamese

CHINESE CUSTOMER SERVICE

136.

LI, LONGHUI Chinese

CHINESE CUSTOMER SERVICE

137.

LI, XIAOLI Chinese

CHINESE CUSTOMER SERVICE

138.

LIU, JINXIA Chinese

CHINESE CUSTOMER SERVICE

INFORMATION SECURITY ANALYST

143.

TANG, LAIJUN Chinese

CHINESE CUSTOMER SERVICE

94.

YE, JIANJIE Chinese

IT TECHNICAL MANDARIN

144.

TANG, WEI Chinese

CHINESE CUSTOMER SERVICE

95.

JIN, YING Chinese

QA (QUALITY ASSURANCE) SPECIALIST

145.

VU VAN ANH Vietnamese

CHINESE CUSTOMER SERVICE

146.

WANG, LI Chinese

CHINESE CUSTOMER SERVICE

147.

WU, PENGCHENG Chinese

CHINESE CUSTOMER SERVICE

148.

HE, LINGHUI Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

149.

JIANG, NAN Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

150.

LI, MENGHUI Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

151.

LUO, SHIQI Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

59.

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

60.

LI, XINGYU Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

61.

LI, JINJIE Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

62.

LIN, WENQUAN Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

LIU, FEI Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

64.

LUO, BING Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

65.

LYU, JIAN Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

PENG, SHAOQING Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

67.

PUTY JESSICA LALLO Indonesian

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

68.

QIAN, YUE Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

69.

QIN, LIHUANG Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

70.

SU, ZHENGTONG Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

71.

TONG, BIN Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

TRAN VAN BACH Vietnamese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

80.

133.

YANG, KAINAN Chinese

KONG, LINGBAO Chinese

ZHANG, GUOJUN Chinese

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

93.

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

MANDARIN TECHNICAL SUPPORT

CHINESE CUSTOMER SERVICE

JIN, CHUNXI Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

TU, BING Chinese

SU HUE HUONG Vietnamese

58.

YUAN, QIBO Chinese

132.

142.

JIANG, QINGMING Chinese

79.

MANDARIN OPERATION SPECIALIST

INFORMATION SECURITY ANALYST

57.

78.

ZHENG, LU Chinese

XU, XIAODONG Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

YAO, CHAO Chinese

131.

92.

96.

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

MANDARIN MARKETING SPECIALIST

CHINESE CUSTOMER SERVICE

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

YIN, RUI Chinese

LIU, WEI Chinese

HUANG, YANPING Chinese

YANG, HONGWEI Chinese

130.

141.

56.

77.

MANDARIN MARKETING SPECIALIST

INFORMATION SECURITY ANALYST

ITECHNO SPECIALIST INC. 9/f 100 West Building Sen. Gil Puyat Ave. Pio Del Pilar Makati City

76.

WU, DONGMEI Chinese

WANG, PENG Chinese

HUANG, JUN Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

129.

91.

55.

WANG, QIANG Chinese

MANDARIN MARKETING SPECIALIST

CHINESE CUSTOMER SERVICE

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

MENG, QIUSHI Chinese

LIU, SONGTAO Chinese

54.

WANG, TONGWEI Chinese

128.

140.

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

75.

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

INFORMATION SECURITY ANALYST

HUANG, DONGLI Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

CHINESE SPEAKING CUSTOMER SERVICE STAFF

HE, JUN Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

WANG, YI Chinese

ZHU, QINGWEI Chinese

90.

HU, FEI Chinese

74.

127.

CHINESE CUSTOMER SERVICE

53.

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

CHINESE SPEAKING CUSTOMER SERVICE STAFF

LIU, LIUMEI Chinese

52.

WANG, ZHE Chinese

ZHOU, BO Chinese

139.

DU, WEIBIN Chinese

73.

126.

COMPUTER TECHNICAL SUPPORT SPECIALIST

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

66.

POSITION

KEVIN Indonesian

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

63.

FOREIGN NATIONAL / NATIONALITY

89.

DING, RUIRUI Chinese

51.

MARKETING AND SALES AGENT

ECHOTECH SERVICES INC. 18/f Philamlife Tower 8767 Paseo De Roxas Bel-air Makati City HSU, TZU-HSIANG Taiwanese

50.

72.

EASTERN GOLD CORPORATION 503 Nueva St Binondo Manila 31.

49.

SENIOR PROCESS EXECUTIVE

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

30.

ASSISTANT CONSULAR FOR SUDANESE AFFAIRS

YU, BINGFENG Chinese

LE LAN PHUONG Vietnamese

29.

83.

NAZAR TAGELSIR MOHAMED DAWELBAIT Sudanese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

10.

28.

HONORARY CONSULATE OF THE REPUBLIC OF SUDAN IN THE PHILIPPINES Unit 401 Jonathan Center 4 Samat St. Corner Kings Road St. Mandaluyong City

SUN, LUOSHI Chinese

MARKETING EXECUTIVE

27.

CHIEF ONLINE OFFICER

46.

TOMY Indonesian

23.

SEIFRT, LADISLAV Czech

CUSTOMER SERVICE REPRESENTATIVE

MARKETING EXECUTIVE

15.

82.

YU, JINYANG Chinese

PHAN SON HUYNH Vietnamese

MANDARIN CUSTOMER SERVICE

LIU, QING Chinese

AVANTICE CORPORATION 19/f Pbcom Tower Ayala Ave. Bel-air Makati City 8.

LI, WEIZHENG Chinese

NO.

WU, MIANXIN Chinese

CHINESE IT SUPPORT SPECIALIST

JPMORGAN CHASE BANK, N.A.- PHILIPPINE GLOBAL SERVICE CENTER 23/f Net Plaza 31st St. E-square Zone Fort Bonifacio Taguig City 97.

HARSHWARDHAN, ANSHUMAN Indian

ASSOCIATE

KONGANBUDDIES MARKETING INC. 48/f Lower Ground Pbcom Tower 6795 Ayala Ave. Cor. V.a. Rufino St. Bel-air Makati City 98.

FANG FANG SURYANI SHU Indonesian

INDONESIAN CUSTOMER SERVICE REPRESENTATIVE

152.

RUAN, MENGHAO Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

99.

SUCIPTO UTAMO Indonesian

INDONESIAN CUSTOMER SERVICE REPRESENTATIVE

153.

WANG, YING Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

100.

YI, LIN Chinese

MANDARIN MARKETING SUPERVISOR

154.

YANG, WEI Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

155.

YUAN, CONG Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

156.

ZENG, SHANSHAN Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

157.

ZHANG, YUN Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

158.

ZHANG, DEJIANG Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

LEONG HUP (PHILIPPINES), INCORPORATED Penthouse 6 Landsdale Tower #86 Mother Ignacia Ave. Paligsahan 4 Quezon City 101.

NG WEI QUAN Malaysian

FINANCE MANAGER

MARKETROLE ASIA PACIFIC SERVICES, INC. 26/f, 27/f, 28/f The Enterprise Center Tower 1 6766 Ayala Ave. Cor. Paseo De Roxas San Lorenzo Makati City 102.

ANDI AGUSTONO Indonesian

CHINESE SPEAKING CUSTOMER SERVICE STAFF

159.

WANG XING HUAN Myanmari

CHINESE CUSTOMER SPECIALIST

103.

BAI, YINGWEI Chinese

CHINESE SPEAKING CUSTOMER SERVICE STAFF

160.

CHI HANH PHI Vietnamese

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

104.

BONG KA FUNG Indonesian

CHINESE SPEAKING CUSTOMER SERVICE STAFF

161.

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

105.

CHEN, ZHENHAO Chinese

CHINESE SPEAKING CUSTOMER SERVICE STAFF

NGUYEN THI THANH HIEN Vietnamese

162.

CHINESE SPEAKING CUSTOMER SERVICE STAFF

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

106.

DENG, LINYAN Chinese

NGUYEN THI TRUNG Vietnamese

163.

CHINESE SPEAKING CUSTOMER SERVICE STAFF

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

107.

GAO, YANYAN Chinese

NGUYEN VAN THANH Vietnamese

108.

JIANG, QIAN Chinese

CHINESE SPEAKING CUSTOMER SERVICE STAFF

109.

JIANG, CHAO Chinese

CHINESE SPEAKING CUSTOMER SERVICE STAFF

110.

LI, WENDING Chinese

CHINESE SPEAKING CUSTOMER SERVICE STAFF

111.

LIANG, BODA Chinese

CHINESE SPEAKING CUSTOMER SERVICE STAFF

112.

LIU, YINGQI Chinese

CHINESE SPEAKING CUSTOMER SERVICE STAFF

113.

LIU, YI Chinese

CHINESE SPEAKING CUSTOMER SERVICE STAFF

114.

LOC HOI PHAM Vietnamese

CHINESE SPEAKING CUSTOMER SERVICE STAFF

115.

LU TRINH HA Vietnamese

CHINESE SPEAKING CUSTOMER SERVICE STAFF

168.

116.

MA, YAN Chinese

CHINESE SPEAKING CUSTOMER SERVICE STAFF

169.

117.

NIU, FANGFANG Chinese

CHINESE SPEAKING CUSTOMER SERVICE STAFF

170.

118.

QIAO, WENJIA Chinese

CHINESE SPEAKING CUSTOMER SERVICE STAFF

171.

119.

SHE, CHONG Chinese

CHINESE SPEAKING CUSTOMER SERVICE STAFF

172.

120.

THUNG YI HUI Malaysian

CHINESE SPEAKING CUSTOMER SERVICE STAFF

173.

121.

TRIEU PHU SENH Vietnamese

CHINESE SPEAKING CUSTOMER SERVICE STAFF

174.

122.

XIANG, JIANG Chinese

CHINESE SPEAKING CUSTOMER SERVICE STAFF

175.

123.

YUAN, YAO Chinese

CHINESE SPEAKING CUSTOMER SERVICE STAFF

176.

124.

ZHANG, YI Chinese

CHINESE SPEAKING CUSTOMER SERVICE STAFF

177.

LI, MINXING Chinese

CHINESE CUSTOMER SERVICE

125.

ZHAO, MINGWEI Chinese

CHINESE SPEAKING CUSTOMER SERVICE STAFF

178.

LI, CANHUA Chinese

CHINESE CUSTOMER SERVICE

NESTLE PHILIPPINES, INC. Rockwell Center 31 Plaza Drive Poblacion Makati City 164.

REQUEJO GAYOSO, EMILIO Swiss

HEAD OF FINANCE AND CONTROL

NEW ORIENTAL CLUB88 CORPORATION Sky Garage Bldg. Aseana Avenue, Entertainment City Tambo Parañaque City 3rd, 5th, 6th, 7th, 8th, 9th & 10th/f Pearl Marina Building Pacific Drive Don Galo Parañaque City 1331 Pearl Plaza Bldg. Quirino Ave. Tambo Parañaque City 165. 166. 167.

BAI, XUESONG Chinese CHEN, YANGPING Chinese CHENG, PENG Chinese DING, WENHAO Chinese DU, MING Chinese GAO, YINA Chinese GONG, SHUAIBIN Chinese HU, XINGMEI Chinese HUANG, WEIXIN Chinese JIANG, DAWEI Chinese JIN, ANRAN Chinese LI, SIYAO Chinese

CHINESE CUSTOMER SERVICE CHINESE CUSTOMER SERVICE CHINESE CUSTOMER SERVICE CHINESE CUSTOMER SERVICE CHINESE CUSTOMER SERVICE CHINESE CUSTOMER SERVICE CHINESE CUSTOMER SERVICE CHINESE CUSTOMER SERVICE CHINESE CUSTOMER SERVICE CHINESE CUSTOMER SERVICE CHINESE CUSTOMER SERVICE CHINESE CUSTOMER SERVICE

Editor: Vittorio V. Vitug

News BusinessMirror

Tuesday, May 4, 2021 A7

Amid pandemic, only 4 regional wage boards have pending pay hike petitions By Samuel P. Medenilla

sam_medenilla

NLY a few labor groups and other concerned parties have filed wage petitions before the regional wage boards as the Covid-19 pandemic continues to disrupt business operations.

In an online news briefing on Monday, the National Wages and Productivity Commission (NWPC) disclosed only four Regional Tripartite Wages and Productivity Boards (RTWPB) currently have pending petitions for a pay hike. NWPC Executive Director Ma. Criselda R. Sy said these are National Capital Region, Cagayan Valley Region, Calabarzon and Davao Region. The wage petition in Region 2, for a P100 emergency relief, was filed by the Manggagawa sa Agrikultura on April 15, 2021. In Davao region, the United Pantaron Banana Workers Union also refiled its previously “unverified” wage petition for P100 pay hike for agriculture and non-agriculture sectors on April 20, 2021. The RTWPB-NCR earlier said it is still deciding on when it will resume processing the wage petition filed by the Unity for Wage

Increase Now (UWIN) in 2019 for a P750 wage hike. In the case of RTWPB-4A, it opted to postpone conducting the hearings on the petition of the Federation of Free Workers (FFW) for a P50.91 to P70.92 pay hike. Sy, however, pointed out the RTWPBs could still opt to start reviewing the existing minimum wage rates in their jurisdiction even without getting any petition from any party. But since the onset of the Covid-related lockdowns on March 2020, no regional wage boards have issued an order to adjust the minimum wage in their respective jurisdictions, as the pandemic led to the closure of thousands of establishments and mass displacement of workers.

Government wage subsidy

Since the onset of the Covid-related lockdowns on March 2020, no regional wage boards have is-

sued an order to adjust the minimum wage in their respective jurisdictions as the pandemic led to the closure of thousands of establishments and mass displacement of workers. This as stakeholders are worried that pay increase could put additional pressure to employers still reeling from the economic effects of the pandemic. The Action Economic Reform (AER), meanwhile, backed the proposal of the Department of Trade and Industry (DTI) to give a P8,000 wage subsidy for certain companies. The DTI, which serves as the chair of the task force for the government National Employment Recovery Strategy (NERS), recommended to give the subsidy to a maximum of three months. “Wage subsidies will provide badly needed relief to 1 million vulnerable households and act as an enabling mechanism for individuals to comply with health protocols and quarantines,” AER said in a news statement. “This is essential in flattening the curve and in defeating Covid-19 in the long run. Furthermore, it will help businesses, especially micro, small, and medium enterprises which have temporarily shuttered, stay afloat amid the lockdown,”it added. The Department of Labor and Employment, which serves as the co-chair of DTI in the NERS taskforce, said the subsidy will cost around P24 billion.

Government allots ₧54.8 million to fund productivity training for MSMEs, workers

he government is aiming to provide productivity training to at least 21,000 micro, small, and medium enterprises (MSMEs) under its National Employment Recovery Strategy (NERS) to help pandemic-stricken employers and workers. In a text message, National Wages and Productivity Commission (NWPC) Deputy Executive Director Jeanette Damo told the BusinessMirror that a P54.8 million was allotted for the program. She said it will be used to train employers on skills, which are relevant amid the novel coronavirus disease (Covid-19) health crisis such as Business Continuity Planning and Management; ensuring work-life

balance among their personnel; using the Internet for their operations; and maximizing social media marketing. NWPC Executive Director Ma. Criselda R. Sy said the measure would allow employers to continue their operations even during the pandemic, when companies become more reliant on online to continue their businesses. She noted they opted to “revise” their productivity training to cater to the needs of companies during the Covid-19 crisis based on the winners of their Productivity Olympics last year. Sy noted they analyzed some MSMEs tend to be more resilient to the effects of the pandemic through good business practices. “Our objective is to recognize

and benchmark MSMEs that have actually demonstrated resilience to reach their targets and at the same time sustain their growth and preserve employment,” Sy said. She said their Regional Tripartite Wages and Productivity Boards (RTWPBs) are currently accepting entries from MSMEs for their next round of Productivity Olympics. The deadline for submission of entries is on June 30, 2021. T he w inners of the contest can get a cash award of P20,000 to P150,000 as well as a trophy and priority endorsement to other training programs and services of the Department of Labor and Employment. Samuel P. Medenilla

Asean+3 finance,central bank chiefs boost safety nets Continued from A10

To strengthen the CMIM, ministers and governors agreed on guidelines to assess eligibility when a member intends to access the IMF de-linked portion of the CMIM Stability Facility (SF-IDLP); an arrangement which helps address actual short-term liquidity difficulties for crisis resolution. Looking ahead, Asean+3 members will continue deliberating on the future direction of the CMIM, including long-term issues and new initiatives dealing with structural vulnerabilities that members will face in the post-pandemic era. The Covid-19 pandemic has highlighted the importance of an emergency financing facility for the Asean+3 region. Members are

now, more than ever, acutely aware of the important role that the CMIM plays in providing regional financial stability. We task the Deputies to expedite the preparation of the OG Operational Guidelines for cases in which a member provides its own local currency, while placing a legal anchor for the use of the third party local currency, within 2021,” the ministers and governors said. “We welcome the successful completion of the 11th Test Run, which contributed to addressing the remaining procedural gaps in actual fund transfer for CMIM liquidity support. Going forward, we are certain that the proposed 12th Test Run will also improve members’ readiness in decision-making for the IMF De-Linked Portion of the CMIM

Precautionary Line with the support of Amro,” they added. With a total size of $240 billion, the CMIM is a multilateral currency swap arrangement among Asean+3 members which aims to address balance of payment and/or shortterm US dollar liquidity difficulties in the region. The CMIM acts as an important actor in the global financial safety net, along with countries’ own reserves, bilateral swap agreements between central banks, other RFAs, and the International Monetary Fund (IMF). The Philippines, through the Bangko Sentral ng Pilipinas (BSP), has a contribution of $9.104 billion to the CMIM. The Philippines may be able to borrow up to 2.5 times its contribution commitment to the CMIM, i.e., $22.76 billion.

Opinion BusinessMirror

A8 Tuesday, May 4, 2021 • Editor: Angel R. Calso

www.businessmirror.com.ph

editorial

Cutting red tape

re we the only ones who find it ironic that the Duterte administration would seek to cut red tape in government by adding another government office that seeks to cut red tape in government?

This seems to be what happened when President Duterte recently signed Executive Order 129, which ordered the creation of the Office of the Presidential Adviser on Streamlining Government Processes (OPASGP). In a nutshell, the OPASGP’s mission is to cut red tape in government, the same mandate as that of the Anti-Red Tape Authority (ARTA), another government agency created by the Duterte administration through Republic Act 11032. Under Executive Order 129, the head of OPASGP (reported to be former Cabinet Secretary Leoncio Evasco Jr.) will have his own, new office in the Cabinet. He will have the rank of a Cabinet secretary. He will have an undersecretary and an assistant secretary. They will all have their own offices with administrative and technical personnel manning these offices. All these, apart from the ARTA. It’s impossible to account at this time how much money would be spent on the OPASGP, whose funding shall be sourced from the budget of the Office of the President. But it does seem to be a waste of taxpayers’ money, because it is merely replicating the job of the ARTA. When ARTA was created by law in 2018, and when it began operating in 2019, it had two mandates: To assist both national government agencies and local government units (LGUs) in streamlining their operations, reengineering their procedures and digitizing their regulatory management systems. And to impose reforms, set deadlines and penalize whole agencies and their officials for non-compliance. Take a look at some of the functions of the OPASGP, according to the President’s EO, including the following: To advise and recommend to the President and the ARTA policies, programs, measures, and strategies that will simplify processes and cut red tape in the government; To undertake, in coordination with the ARTA, the review of existing government systems, mechanisms, and processes, especially the ongoing harmonization of interrelated agency processes in critical sectors. To provide and set up, in coordination with the ARTA, an effective mechanism to act on special, strategic, and immediate concerns or directives of the President requiring immediate action from relevant government departments, agencies, and offices, LGUs, government-owned or -controlled corporations, and government financial institutions. To provide policy guidance on all policy concerns submitted by the ARTA to the President, with respect to the implementation of Presidential directives and initiatives, as well as policies, programs, projects, and activities on the ease of doing business under Republic Act (RA) 9485. To recommend to the ARTA and other appropriate agencies to investigate or pursue appropriate action in case of non-compliance of any government official or employee with RA 9485 as amended and other relevant laws and directives on ease of doing business. There are more functions listed but almost everything has ARTA mentioned along with it. Again, it seems obvious that the OPASGP would merely be overseeing ARTA or duplicating what ARTA should be doing in the first place, making one agency or the other redundant. If the ARTA is doing its job well would there even be a need for an OPASGP? At a time when the pandemic has added a lot of pressure for the government to make the most out of the national budget—to allocate taxpayer’s money to the sectors that need it most, like health and education—the administration should actually be looking to reduce duplication and increase efficiency in the bureaucracy. It’s hard to imagine a private company that is losing billions during this pandemic adding more people and more offices, spending more to deliver basically the same results or perform the same functions. Perhaps it is not out of line for the public sector to be held to the same standard. The government should operate like a well-run company trying to maximize productivity. We know the President cannot do it alone. He needs his Cabinet and his executive staff in Malacañang to help him run the government and to pursue the priorities of his administration. But how many agencies does it really take to solve red tape? And how wise is it to try to streamline government processes by adding another layer to the already bloated bureaucracy? One anti-red tape government agency is enough to deliver significant results, if it truly does the job it was created for by law.

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Online Editor

Ruben M. Cruz Jr.

Chairman of the Board Ombudsman President Advertising Sales Manager Group Circulation Manager

pril is the cruelest month, to borrow the words of poet T.S. Eliot. It is, indeed, the cruelest month for the nation’s struggling workers this year. Hundreds of thousands easily lost their jobs as a result of the harsh rules of the modified enhanced community quarantine (MECQ) in the capital region and the nearby provinces of Bulacan, Cavite, Rizal and Laguna. But grumbling about the pandemic will not in any way get us through this malaise. We should always look on the bright side of the problem. The virus infection rate has flattened and is actually dropping from the high levels in the early part of April. The Inter-Agency Task Force for the Management of Emerging Infectious Diseases and Metro Manila mayors have agreed to ease some of the MECQ rules, starting with the shortening of the curfew hours from 8 p.m. to 4 a.m. to 10 p.m. to 4 a.m. The government is also allowing the resumption of dine-in operations of restaurants at 10 percent capacity and the reopening of beauty salons, nail spas and barbershops at 30 percent. The partial reopening of the economy and laxer rules through the flexible MECQ, or MECQ flex, mean a lot to our small workers, who have lost their jobs under the MECQ. Creating

D. Edgard A. Cabangon Judge Pedro T. Santiago (Ret.) Benjamin V. Ramos Aldwin Maralit Tolosa Rolando M. Manangan

jobs through economic reopening will restore the confidence of these workers and ease the social tension within the family. Jobs will boost the spirit of workers and for some who are in danger of being forced to develop a mendicancy mentality, employment is their savior. It is heartening to learn that the government is trying its best to repair the damage of the MECQ to the economy. The government is now trying to restore hundreds of thousands of jobs lost in April by allowing partial dine-in operations in the national capital region and the so-called NCR Plus provinces. The IATF, if I may, should increase the capacity of both the dine-in restaurants and personal care industry to 50 percent in order to employ more of our workers. The dining, fast-food or restaurant sector is one the most labor-

John Mangun

OUTSIDE THE BOX

Eduardo A. Davad Nonilon G. Reyes

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We must restore the lost jobs quickly

T has been a great 15 months if you are rich or want to be. News item: “A record 493 new faces joined Forbes’ World’s Billionaires list this year—roughly one new billionaire every 17 hours between March 2020 and March 2021—including 98 newcomers from the US.”

Elon Musk saw his net worth go up by $144 billion. Jeff Bezos added $86 billion. Page and Brin at Google are a combined $83 billion ahead of 2019. It is, of course, all because of the stock market and the Federal Reserve keeping interest rates at a 5,000-year low. Other newly minted billionaires include Kim Kardashian West, moviemaker Tyler Perry and Apple CEO Tim Cook. There are also those “front-liners” fighting the Covid pandemic. August Troendle, whose Medpace helps pharmaceuti-

cal companies run clinical trials for Covid-19 drugs, and three American shareholders of Covid vaccine developer Moderna: Timothy Springer, Noubar Afeyan and Robert Langer are all now billionaires. But it is not just the super-duper rich that are in the stock market. Stockholdings among US households increased to 41 percent of total financial assets in April, the highest level on record. That is according to JPMorgan Chase & Co. and Federal Reserve data going back to 1952 that

Again, as I’ve been saying to my readers, the economic reopening comes with responsibility. This is not the time to lower one’s guard. Our past experience tells us that Covid-19 will not disappear just because the infection rate is slowing down. Every worker who has regained his or her job should not be complacent. They must still observe the basic health protocols to protect themselves and members of their family. intensive segments of the economy. The industry roughly employs around 2 million Filipinos, based on the estimate of the Department of Trade and Industry. The personal care industry comprising of salons and barbershops, on the other hand, employs about 400,000. The figure excludes those working on spas and other wellness establishments. I agree with what Trade Secretary Ramon Lopez said last week. If we open up further the restaurant and the personal care industries, the nation will be partly addressing hunger and poverty that have worsened since the onset of Covid-19. Some 1.5 million employees in the NCR plus region were displaced during the ECQ, per DTI figures, while about 500,000 of the number returned to their jobs under the MECQ. Quarantine restrictions and reduced consumption, according to

There is a direct correlation between stock market billionaires and zero interest rates. And also, with the government providing 34 percent of a family’s income. The government can borrow money for free on a loan it will never pay back. Party like it’s New Year’s Eve 1929. includes 401(k) retirement accounts. While Joe Biden is not too happy and said, “Twenty million Americans lost their job in the pandemic,” he also went on to say “no one should have to choose between a job and a paycheck or taking care of themselves and their loved ones, or parent or spouse or child.” Absolutely. In modern society, no person should have to make that choice. However, the US Federal Government has been helping to this extent. A record 34 percent of all household income in the US now comes from the government. “Personal Current Transfer” payments are essentially government-

the National Economic and Development Authority, have translated into a total household income loss of around P1.04 trillion in 2020, or an average of P2.8 billion a day. The tourism sector, meanwhile, is another area that the IATF should look into to revitalize the economy. Staycations are still not allowed under MECQ rules, but I believe partially reopening hotels under strict health protocols will create more jobs. The department of Tourism can draft the rules for a safer stay in hotel establishments, especially for families whose children have been prevented from leaving their residences during the entire pandemic time. Hotels are relatively easier to control as long as strict health protocols and contact tracing are enforced. Again, as I’ve been saying to my readers, the economic reopening comes with responsibility. This is not the time to lower one’s guard. Our past experience tells us that Covid-19 will not disappear just because the infection rate is slowing down. Every worker who has regained his or her job should not be complacent. They must still observe the basic health protocols to protect themselves and members of their family. The return to MECQ is a painful reminder of lost jobs and livelihoods. Every Filipino should remain vigilant against Covid-19. We are not yet over the hump. For comments, e-mail mbv.secretariat@gmail. com or visit www.mannyvillar.com.ph.

sourced income such as unemployment benefits, welfare checks, and so on. In March, this number exploded to $8.1 trillion annualized, which was not only double the $4.1 trillion from February, but was also $5 trillion above the pre-Covid trend where transfer receipts were approximately $3.2 trillion. Personal income excluding government handouts would be virtually unchanged from a year ago in March 2020 at $16 trillion. In a real sense, Americans got a “pay increase” as measured by household income from last year. We know that government cash payments to people do not affect their desire to work an actual job. Except, a March survey of members by the National Federation of Independent Business found that 42 percent had job openings they could not fill. That is the highest since the survey started in 1972. A study released last month by the National Bureau of Economic Research found that a 10 percent increase in unemployment benefits during the See “Mangun,” A9

Opinion BusinessMirror

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Module 1: The digital divide

Angela Merkel: Ein GroBer Fuhrer

After congratulating her successor as the head of CDU and bidding goodbye to her party mates and supporters, the entire population went out to the balconies of their houses and clapped spontaneously. It was a standing ovation nationwide. No doubt her people loved her so much they elected her for 4 terms. And she did not fail them.

Merkel was born in Hamburg, West Germany on July 17, 1954 but her family relocated to East Germany a few weeks after her birth. She grew up in East Germany where she received her entire education. She earned her bachelor’s degree in Physics at the Karl Marx University (later renamed University of Leipzig) where she met a fellow physics student, Ulrich Merkel, who became her first husband in 1977. They divorced in 1982 but she kept her last name Merkel. She eventually married her long-time companion and fellow chemistry professor, Joachim Sauer in 1998. Despite her strong academic performance and active involvement in state youth organizations, which the state encouraged, Merkel did not join the socialist party and even declined an invitation by the state security (STASI) to be its informant. She became a faculty member at the Academy of Sciences in East Berlin. She took up Quantum Chemistry which was the subject of her doctoral dissertation in 1986. After the fall of the Berlin Wall in 1989, she joined a pro-democracy group, the Democratic Awakening, and became its spokesperson. Her party

illegal campaign contribution scandal. She led the call for Kohl’s removal as the head of CDU and she became popular with the masses. In the general election held in September 2005, Merkel defeated the SPD and replaced Schroeder as the Chancellor—the first woman, the first East German, and the youngest person to hold the office at the age of 51. Merkel has achieved remarkable successes in office. During the height of the European debt crisis, she led the EU in undertaking austerity measures to pave the way for its economic recovery. Together with PM Nicolas Sarkozy of France, she was able to wrangle an economic compact that held signatory governments to operate within defined balanced budgets under pain of sanctions. During the refugee crisis in Europe, she kept Germany’s borders open to address the humanitarian pandemic. Germany allowed over a million refugees to enter the country to the disdain of many of her supporters. This was a very controversial decision, which opened the floodgates wide to asylum seekers from Syria, Afghanistan Iraq and several others to escape from wars, violence and hunger. Many Christian Democrats defected to the political opposition to express their dismay over Merkel’s policy. This resulted in poor showing of the CDU in recent elections in Germany. Last year, Merkel announced that

Manny F. Dooc

Lyca Balita

Onwards

TELLTALES

occasionally help out my friend’s grade 3 cousin, Tere, with her modules. Tere studies in a public school, and for the entire school year she hasn’t had any synchronous classes because of the pandemic— she just had to submit her finished modules, and that was mostly it. Time will tell which is more effective between modules or synchronous online classes, but one thing is certain: much of the effectiveness of purely modular learning depends on the guidance received by the student.

ngela Merkel has served Germany as its Chancellor for the past 16 years and will relinquish her office in September 2021. She will not be seeking a fifth term and has already handed down the leadership of the ruling Christian Democratic Union (CDU) to her successor. A new Chancellor will be elected in the forthcoming general election in September 2021. Merkel is the longest serving incumbent head of state in the European Union. She had led her country though critical times, including wars, climate change, terror attacks and this pandemic.

The module method is strange. Sometimes, Tere would have printed versions of her modules, and this was when her teachers had the budget to print them for her benefit. The problem: sometimes, the activities asked about colors, but the printed modules were in black and white. How was she to answer those activities? Another problem: is it sustainable to have teachers print the modules for their students? Other times, Tere had to open the modules through her borrowed phone, and answer on borrowed pad paper. For some reason, her teachers couldn’t print the modules for her class that week. One problem: sometimes, the instructions weren’t fill-in-the-blanks or identificationbased, so was she supposed to copy the whole question on her pad paper, or just skip those questions? More practically, how are other students supposed to answer all the modules if they didn’t have their own gadgets? Either way, tutoring made me realize the gaps brought by the digital divide. How are Tere and similarlysituated students supposed to learn completely new concepts on their own? Some students are lucky to have patient, knowledgeable, and available adults to guide them through their modules, but how about those students whose parents have to work the whole day, or never reached the grade level of their child, or those students with no adults to guide them at all? Academic “intelligence” ends up depending on financial privilege and adult guidance. Privilege has always played a big part in this imbalance even pre-pandemic, but this pandemic seems to have made the gap wider. Some students then become left out and labeled less academically intelligent, when really, the playing field was never fair. I spoke with two other students who currently study in public schools. One told me that sometimes, her synchronous classes were held through messenger chat, specifically through audio recordings, and not video calls because not everyone could afford mobile data. The other told me that at the start of the quarter, he was given the choice between modular and synchronous classes, and he chose the latter so he could learn better because from his experience, he struggled with learning through modules alone. Somehow, to his disappointment, he ended up with a mix of modular and synchronous. He feels frustrated that he couldn’t take all his classes synchronously since he admitted that he couldn’t learn properly from mere modules. Here’s how it works in some schools: teachers travel to the school because there are teaching studios set up for them, so they do not need

Mangun. . .

Continued from A8

pandemic led to a 3.6 percent drop in job applications. OK, I am not completely buying that as being a correlation and not just coincidental. But the point is, for all the pandemic pain, there is a lot of money rolling around. Here is another news item. “While 4-week T-Bill rates dipped negative on occasion, last time the 4-Week Bill priced at a 0.000 percent interest rate was during post-Covid crash scramble in March 2020. Moments

to worry about equipment and backgrounds and connectivity. Their students have access to their own laptops and phones and relatively better Internet connection. Students do not need to rely on the patience and knowledge of the adults in their homes because their own teachers can synchronously facilitate classes and teach them. The teachers are potentially more hands-on because of the synchronization of classes, as compared to pure modular students who have to do most of the learning themselves. Of course, students in schools like this have their own digital divide as well— those with more expensive gadgets and faster Internet can work faster than those who rely on borrowed tablets and mobile data. But the gap between these students and pure modular students remains wider. Of course, there are students who learn effectively from modules alone, sometimes because they have no other choice. But this still means that there are students who struggle with learning from the modular method. This isn’t their teachers’ fault—the existing system and the pandemic brought this about, and our teachers are doing all they can to make learning work despite the difficult circumstances. But this just illustrates the significant effect of financial privilege on education: it always tilts in favor of the wealthy. Either mode has its own struggles, and synchronous doesn’t always mean that learning is easier. Similarly situated students have different experiences, so some may find it easier than the others. But privilege certainly plays a big factor in creating environments that can potentially make it easier for a student to learn. Contrast a student with a six-figure personal computer and unlimited fiber Internet studying synchronous classes, with a student who borrows her occupied mother’s phone to access her multiple modules due in a week. Who has a more conducive environment for learning? There is much room for improvement when it comes to online classes, for the synchronous and the modular, to make them more effective and empathetic to students and teachers. Privileged students (myself included) ought to acknowledge our privilege and do more to improve the systems in place: we cannot just show off our achievements, dismiss systemic flaws, and attribute our successes to pure hard work, when in reality the playing field was never equal from the beginning. For feedback, send an e-mail to lyca.balita@ gmail.com

ago [last week], US Treasury sold $40 billion in 4-week bills at a price of 100.000 percent representing a [interest] rate of 0.00 percent.” There is a direct correlation between stock market billionaires and zero interest rates. And also, with the government providing 34 percent of a family’s income. The government can borrow money for free on a loan it will never pay back. Party like it’s New Year’s Eve 1929. E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.

Tuesday, May 4, 2021 A9

formed an alliance with the German Social Union and the CDU. It became the vehicle for her taking an active part in the CDU, which she formally joined in August 1990. The CDU party in East Germany merged with its western counterpart and became a powerful party after it coalesced with several pro-democratic forces in the reunified Germany. Merkel was elected in the Bundestag, the lower house of parliament, where she was appointed Minister for Women and Youth by Chancellor Helmut Kohl in January 1991. That year, Lothar Maiziere, Kohl’s deputy chairman, resigned due to accusations that he previously worked with the STASI. Merkel succeeded him and was appointed the Minister of Environment, Conservation and Reactor Safety, a role cut out for her as a former scientist. She presided over the first UN Climate Conference in Berlin in 1995 where she won accolades. In 1998, the Social Democratic Party (SPD) ousted the CDU from power and Gerhard Schroder took the helm of government. Merkel was elected Secretary General of CDU and was later on elected as its top leader when Kohl was implicated in the alleged

Fiscally transparent entities Fulvio D. Dawilan

Tax Law for Business

n my previous article in this column, I discussed the modified guidelines, procedures and other significant changes in the application and processing for the availment of tax treaty benefits as mandated by Revenue Memorandum Order 14-2021. That article was dedicated to a review as to whether there should even be a need for confirmation or application for TTRA in the first place.

Perhaps, one thing that is worth mentioning is the reference to “fiscally transparent entity.” The new guidelines note that the recipients of income payments made to a foreign fiscally transparent entity are the owners or beneficiaries thereof. The provision of the tax treaty is applicable only to the portion that is treated as income of members who are residents of the other contracting state where the fiscally transparent entity is a resident. A member who is a resident of a third state may be given treaty benefits pursuant to the treaty between the Philippines and that third state. Apparently, the Philippines is adopting the “fiscally transparent approach” in the determination of the entitlement to tax treaty benefits. And for that, additional information and documents are required. Ordinarily, the required information is limited to those of the recipient of the income—the seller, shareholder, creditor or licensor. And one wonders why in the case of a “fiscally transparent entity,” additional information is required that goes beyond that of the entity-recipient of the income. And while it appears that this is the very first time that this phrase is mentioned in our local tax rules and literature, there was no definition or further description made in the memorandum order. So what is this so-called “fiscally transparent entity”?

In most tax treaties, to qualify for the benefits, one must be a person and a resident in one of the parties/ states concluding the treaty. This is true in the case of most of the tax treaties concluded by the Philippines with other countries. As so provided in these treaties, the same shall apply to persons who are residents of one or both of the contracting states. The term resident of a contracting state means any person who, under the law of that state, is liable to taxation therein by reason of his domicile, residence, place of management or any criterion of similar nature. An entity may therefore be considered a resident of a state for purposes of the application of the tax treaties only if it’s liable to taxation in that state. This is notwithstanding that it is already considered resident in that state for other legal purposes, such as by reason of establishment or registration. For further guidance, we refer to the Commentaries on the Articles of the Model Tax Convention. There are aggrupation of persons or entities and even legally established entities which, under the laws prevailing in the place of their establishments, are legally allowed to transact business with outside parties, yet are not considered taxable persons in their place of establishment. An example is a partnership which, based on the local laws of some jurisdictions, are not treated as a taxable person.

Simply put, when an entity is treated as fiscally transparent in its state of establishment, it is not liable to tax in that state. Not being a resident of that state for tax purposes, the treaty between the state of source of the income and the state of establishment cannot be invoked. However, the member/partner/shareholder may invoke the treaty between his state of residence and the state of source of the income. The entity is deemed to be a “flowthrough.”

Groups, associations or entities of this nature are ignored for tax purposes. Consequently, these entities are not treated as residents in their place of establishment based on the definition in the treaty. Instead, the beneficiaries, owners, members, partners, trustors or shareholders are taxed at their levels on their respective share in the income. No benefits will be available under the tax treaty between the state where the entity is established and the source of the income. Simply put, when an entity is treated as fiscally transparent in its state of establishment, it is not liable to tax in that state. Not being a resident of that state for tax purposes, the treaty between the state of source of the income and the state of establishment cannot be invoked. However, the member/ partner/shareholder may invoke the treaty between his state of residence and the state of source of the income. The entity is deemed to be a “flowthrough.” And the income is deemed to have been earned directly by the members of the “fiscally transparent entity” from the state of source. This is what is referred to as the “fiscally transparent approach” in invoking tax treaty benefits. Following the fiscally transparent approach now included in our rules, if a Philippine customer, investee, debtor or licensee is dealing with a

she would not seek a fifth term. Early this year, she stood down as leader of her party to give way to her successor. “Now is the time to open a new chapter and bring in new leadership. At this moment, I feel an overwhelming sense of gratitude. It was a great pleasure for me, it was an honor for me.” She will be missed not only by her political allies but also by her adversaries. After congratulating her successor as the head of CDU and bidding goodbye to her party mates and supporters, the entire population went out to the balconies of their houses and clapped spontaneously. It was a standing ovation nationwide. No doubt her people loved her so much they elected her for 4 terms. And she did not fail them. “She did not utter nonsense. She did not appear in the alleys of Berlin to be photographed. She did not assign any of her relatives to a government post. She did not claim that she is the maker of glories.” For 18 year, she did not change her wardrobe. When asked by a female journalist why she has been wearing the same suit, Merkel replied: “I am a government employee and not a model.” She was also asked: “Do you have housemaids who clean your house, prepare your meals and so on? Her answer was: “No, I do not have servants and I do not need them. My husband and I do this work at home every day.” Merkel and her husband have continued to occupy the place without owning a more luxurious place with the amenities of modern living like a swimming pool, a sprawling garden, recreation room and servants to attend to their needs. She lived and grew up in East Germany and she has virtually kept her simple and frugal life despite becoming the leader of one of the wealthiest countries in the entire world. Don’t you wish we could say the same thing to our leaders in government? We can dream, can’t we?

fiscally transparent entity in a foreign country, neither of the parties may invoke the tax benefits available under the tax treaty between the Philippines and the state of that entity. However, the same treaty may still be invoked for the tax treaty benefits by the members, partners or shareholders of that foreign entity who are considered residents for tax purposes of that same state. If they are residents of a third state, the benefits under the treaty between the Philippines and the third state may be availed. Note, however, of the principle of non-allocation of partnership income. No benefit will be available under the treaty between the state of residence of the partner and the state of source if the income of the partnership is not allocated to the partner under the taxation law of the state of residence. In this case, if the partnership is regarded as transparent for tax purposes by the state in which it is established and the income of the partnership is not allocated to the partner under the taxation law of the state of residence of the partner, the state of source may tax the partnership income allocable to the partner without the benefit of the treaty. Lastly, note that the application of the “fiscally transparent approach” is different from the application of the “beneficial ownership” concept. In a “fiscally transparent entity,” treaty benefits may still be invoked at the level of the owners/members/ partners. This is not the case when the beneficial ownership rule is applicable. The author is the Managing Partner of DuBaladad and Associates Law Offices (BDB Law), a member-firm of WTS Global. The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at fulvio.dawilan@ bdblaw.com.ph or call 8403-2001 loc 310.

A10 Tuesday, May 4, 2021

Customs collection up 11.5% to ₧200.5B in January-April

By Bernadette D. Nicolas

@BNicolasBM

HE Bureau of Customs (BOC) collected P200.46 billion from January to April this year, an 11.5-percent hike compared to the same period a year ago.

The bureau said their collection during the period was P20.72 billion higher than its revenue take of P179.739 billion in the first four months of 2020, according to its preliminary collection report. It also surpassed its 183.174-billion target for the same period by 9.4

percent. The January to April collection of the bureau this year already included additional revenues from the Tax Expenditure Fund (TEF) collection of P219.34 million and P300.59 million collection by the Post Clearance Au-

dit Group (PCAG). For April alone, BOC said it collected P51.277 billion, exceeding its P49.2-billion target by 4.2 percent. Of the total revenue take for April, additional revenues from the Tax Expenditure Fund comprised P121 million while the collection from the Post Clearance Audit Group amounted to P13.65 million. In the same report, BOC said 11 out of 17 collection districts surpassed its April collection targets this year, namely, Port of San Fernando, Port of Manila, Manila International Container Port, Port of Iloilo, Port of Tacloban, Port of Surigao, Port of Zamboanga, Port of Davao, Port of Subic, Port of Aparri, and Port of Limay.

The bureau has consistently exceeded its monthly revenue collection target since January of this year. “Indeed, the bureau continues to improve its efficient collection performance through the improvement in volume of importation while maintaining border security and enhanced trade facilitation,” it said. For this year, the BOC targets to collect a total of P616.7 billion, significantly higher by 21.84 percent than the downgraded 2020 target set for BOC at P506.15 billion. Last year, the bureau’s total revenue collection reached P537.7 billion, above its revised revenue collection target by 6.2 percent.

ASEAN+3 FINANCE, CENTRAL BANK CHIEFS BOOST SAFETY NETS By Cai U. Ordinario

@caiordinario

INANCE Ministers and Central Bank governors of Asean+3 members resolved to strengthen their safety nets to help members recover from the pandemic. In a joint statement, Finance Ministers and Central Bank Governors stressed the importance of the $240-billion Chiang Mai Initiative Multilateralism (CMIM) facility which can serve as a financial safety net for countries in the short- and medium-term. Efforts to strengthen the CMIM have been the focus of the meeting of ministers and

governors on Monday. The discussions included the adoption of a new reference rate for CMIM to replace US dollar LIBOR rates as well as local currency contributions for the facility. “The Covid-19 pandemic and its economic aftermath highlighted the importance of the CMIM as an essential regional financial safety net,” the Ministers and Governors stated. In a blog, the Asean+3 Macroeconomic Research Office (AMRO) said Asean+3 member discussions on the future direction of the CMIM have been ongoing since November 2020, including talks on short-term issues. Continued on A7

HMOs’ net income grows nearly 6-fold to ₧7.12B in ’20–IC By Bernadette D. Nicolas

@BNicolasBM

HE health maintenance organizations’ (HMOs) total net income in 2020 grew nearly six-fold to P7.12 billion compared to the previous year on the back of a decline in expenses and rise in revenues during the Covid-19 pandemic. Based on the audited interim financial statements submitted by 25 out of 29 HMOs to the Insurance Commission, the sector’s total net income rose by a staggering 463.75 percent from only P1.26 billion in 2019. “This may be explained by the 10-percent decrease in the industry’s total expenses against its increasing revenues,” Insurance Commissioner Dennis Funa said in a statement on Monday. Moreover, Funa pointed out that HMOs have shouldered a “significant amount” of Covid-19 private medical expenses. “The figures we are seeing now reflects the temporary changes in the behavior of the general public. It appears that people are deferring or postponing, if they can, medical procedures. But definitely this is just temporary. When the opportunity affords it, people will have their medical check-ups and procedures,” Funa said. Despite the overall growth in total net income of the HMO industry, Funa said seven companies reported a decrease in their net income ranging from 23 percent to 729.22 percent. Nonetheless, the IC said they observed upward trends in the HMO industry’s total revenues, equity, assets and liabilities. Total revenues earned by the industry reached P52.29 billion last year, inching up by 1.41 percent from P51.56 billion in 2019. “The trends that we have seen from the unaudited reports submitted by the HMOs reveal that Filipinos are increasingly recognizing the value of availing HMO products as part of health protection,” Funa said. “Perhaps now during this Covid-19 pandemic situation, more than ever, the importance of HMO products has been highlighted, especially that the increase in the HMO industry’s total revenues is mainly driven by its continuously growing total membership, or enrollees’ fees, which comprise 97.12

percent of the industry’s total revenues.” The industry’s total equity also jumped by 82.74 percent to P13.72 billion in 2020 from P7.51 billion in 2019. “The positive change in the industry’s equity may be attributed to the 59.47-percent increase in retained earnings, which comprises 77.05 percent of the total equity. However, it should also be noted that the HMO industry’s capital stock decreased by 2.85 percent year-on-year, from P2.86 billion as of 4Q 2019 to P2.78 billion as of 4Q 2020,” Funa said. Total assets of the HMO industry also hit P59.25 billion last year, a 37.53-percent rise from P43.08 billion in 2019. On the other hand, industry’s total liabilities climbed by 27.98 percent to P45.53 billion from P35.57 billion in 2019. “It will be noted that 33.13 percent of the total liabilities were under unearned membership fees, which refer to fees paid in advance to the HMO industry for services not yet provided,” he said. However, Funa said the HMO industry performance report for the quarter may still change after the inclusion of the data yet to be submitted by four remaining companies.

Preneed industry

MEANWHILE, the IC also reported that the preneed industry’s total net income in 2020 surged by 294.58 percent to P1.4 billion, reversing its P718.6-million net loss in 2019. However, the preneed industry’s total premium income fell by 15.26 percent last year to P18.64 billion from P22 billion in the previous year, based on the industry performance report uploaded in the IC’s website. The number of plans sold last year by the industry plunged by 58.6 percent to 383,082 compared to 925,370 in 2019. Of the plans sold last year, 379,198 were life plans, 3,617 were pension plans and 267 were education plans. Total assets of the preneed industry also grew by 3.14 percent to P135.5 billion from P131.39 billion in 2019. The industry’s total net worth in 2020 also reached P21.08 billion, a 13.26-percent jump from previous year’s P18.61 billion.

MAYOR Francis Zamora and Atty. Bel Zamora, San Juan City Congressional District Head, witness the blessing of the new 52room, 2-storey, container van quarantine facility. The quarantine facility will provide free food and P3,000 in cash assistance to the occupants. The new quarantine facility was constructed by the DPWH under the IATF’s We Heal As One budget. Each room has its own bed, aircon and toilet. NONOY LACZA

ADB: Investing in people, planet key to ‘great reset’

NVESTING in people and the planet will bring about the “great reset” which the region needs to recover from the pandemic, according to the Asian Development Bank (ADB). A DB President Masatsug u Asakawa said investing in people, including women who have adversely been affected by the pandemic; investing in safety nets; and efforts related to climate change are needed if the region is to recover from the recession. Asakawa said this also means investing in health through universal health coverage (UHC) and vaccine production in the region. He said this will not only boost recovery efforts but prepare for future health shocks. “We need to work more closely together to overcome this crisis and ensure a resilient, inclusive and green recovery as everybody mentioned,” Asakawa said. In the CNBC Debate on Monday, Asakawa highlighted the need to look at the plight of women in the region. Not only were their livelihoods affected; also domestic violence also worsened because of the prolonged lockdown. Many of the women, because of the lockdowns, were forced to stay

home with their abusers. Asakawa called this lamentable, adding that ADB’s developing member countries must discuss ways to address gender-based violence in the region. Investing in people, he said, is also important especially when it comes to health. Asakawa, in the Governor’s Seminar on Cooperation for a Resilient Future, agreed with Japan Governor and Deputy Prime Minister Taro Aso that UHC is necessary for the recovery. Asakawa said these efforts could go with investing in regional vaccine manufacturers, especially in light of the current situation: very high demand for vaccines versus small supply. “In order to mitigate this huge demand and supply gap, I have now a strong feeling that we need to start to invest more and more in the vaccine manufacture companies in our region right like the ones in India in order to enhance, expand the vaccine production capacity; that’s another thing we should seriously consider,” Asakawa said. Apart from investing in people, Asakawa thinks climate change must be addressed given that greenhouse gases (GHGs) have again started rising.

The ADB President said the Asia-Pacific region accounts for almost 50 percent of carbon dioxide gas emissions. While there was a decrease in GHGs because of the lockdown last year, especially in the first three quarters of 2020, CO2 emissions have increased by the fourth quarter. Asakawa said efforts must be exerted to prevent these levels from rising further, not only to protect the environment but also meet the targets set in the Paris Agreement. ADB, he said, will do its part through its Strategy 2030 where it introduced two concrete numerical targets—it aims to devote 75 percent of its total operation in number to adaptation and mitigation efforts. Another target is that between 2019 and 2030, the ADB will provide $80 billion in climate financing. This will lead to an annual allocation of $6.7 billion for climate adaptation and mitigation projects. In the CNBC debate, Standard Chartered PLC Group Chair José Viñals said Covid-19 was a great unifier but also a great divider because of uneven recovery and access to medical equipment and vaccines.

Viñals said recovery from the recession in a sustainable manner means addressing inequalities through the effective cooperation of private and public institutions. He said the public sector can craft policy directions that will enable the private sector to cooperate with government. He said one such cooperation it had with the governments of Indonesia, Thailand, and the Philippines was the issuance of pandemic bonds. This has boosted the revenues of governments to combat Covid-19 as well as boost their social protection to help those whose livelihoods were severely affected by the lockdowns. “I expect this to continue being necessary in the future because of the challenges providing vaccination the control of out breaks in the virus and things like that so I think that this is something which will remain very important,” Viñals said. “I think it’s also very critical that the private sector in the financial sector in particular play a role also in providing finance to enhance some of the sustainable development goals which are critical to bring us for more inclusive society,” he added. Cai U. Ordinario

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Companies BusinessMirror

Tuesday, May 4, 2021

Restrictions slash SM Prime income by 22% in Jan-March

By VG Cabuag

@villygc

M Prime Holdings Inc. on Monday said its income in the first quarter fell 22 percent to P6.5 billion, from the previous year’s P8.39 billion, as many of its businesses grappled with the economic impact of quarantine restrictions. Revenues for the January-toMarch period fell 20 percent to P20.8 billion from the previous year’s P26.19 billion. “We welcomed 2021 with high hopes as most areas in the Philippines, including Metro Manila, were placed under GCQ [general community quarantine] in the first quarter of 2021. Along with the sustained growth of our residential business, our mall affiliates together with many of our SME-partners were able to reopen their shops, allowing our mall business segment to perform bet-

ter,” SM Prime President Jeffrey C. Lim said. SM Prime’s residential business SM Development Cor p. (SMDC) reported a 5-percent revenue growth to P11.9 billion for the period from P11.4 billion last year. This accounts for 57 percent of the company’s consolidated revenues. SMDC’s operating income rose 9 percent to P5.1 billion from the previous P4.6 billion. Reservation sales rose 31 percent in the first quarter to P32.4 billion from P24.8 billion last

year with the newly launched residential projects in Metro Manila, such as Gold Residences in Parañaque, South 2 Residences in Las Piñas, Mint Residences in Makati, Sands Residences in Manila and Sail Residences in Pasay, which accounted for almost 70 percent of the reported reservation sales. The company aims to launch 15,000 to 20,000 residential units in 2021, it said. SM Prime’s local mall business accounted for 28 percent of the consolidated revenues from almost half last year. Mall revenues fell 47 percent to P5.9 billion in the first three months of the year from the previous year’s P11.3 billion. The first quarter of last year’s figures were already lower compared with 2019 as its malls were affected by the initial blow of the lockdown measures and the Taal Volcano eruption in January 2020. SM Prime’s China malls registered a 53-percent growth in revenues to RMB199 million (about P1.47 billion) in the first quarter from RMB130 million (P965 million) last year. The positive

growth of the company’s international malls signals a return to normal operations after the government-imposed lockdown last January 2020. The company intends to launch three new malls this year in Daet in Camarines Norte, Roxas in Capiz and in Grand Central, Monumento in Caloocan City. These new malls, plus the expansion of the company’s existing malls, will add almost 270,000 square meters of gross floor area of retail space. SM Prime’s other business segments, which include offices and hotels and convention centers, contributed P1.6 billion to the company’s consolidated revenues, down 27 percent from last year’s P2.2 billion. These segments accounted for 7 percent of the company’s consolidated revenues. The commercial properties group, which manages the company’s office business, continues to operate at an optimal level, while its hotels and convention centers’ operations follow guidelines set by the Covid-19 Inter-Agency Task Force, the company said.

FDC to pursue M&A deals this year G

otianun-led Filinvest Development Corp. (FDC) said it is keen on pursuing merger and acquisition (M&A) deals this year as the company has enough money to spend on its units. “We are in pursuit of like-minded partnerships that will bolster our financial muscle, deepen our management bench, and widen our technological expertise,” FDC president and CEO L. Josephine Gotianun-Yap said. In September last year, the company raised some $200 million from fixed-rate 5-year bonds, which Yap said provided the company with enough war chest “to pursue these exciting opportunities.” “We have already built an arsenal of investments across our businesses to give us solid footing for future growth. We want to leverage on our strong founda-

tion, our organization, and franchise, building scale to provide more employment through our ecosystem in key industries that are crucial to economic growth.” Yap said the company is spending some P21.2 billion in capital expenditures this year. About a quarter of its investments will be for new ventures, including the eco-sustainable space, while the balance is for the real estate business. “It is worth noting that times of crisis are also times of opportunity for strong, forward-thinking companies. We know fully well that the path to recovery will be challenging and volatile, but we are also convinced that we have the right elements in place to come out stronger as we move forward in anticipation of the future,” Yap said. For this year, the company said its investments

CLI secures ₧3-B facility from BPI

ebu Landmasters Inc. (CLI), a property developer in the Visayas and Mindanao, on Monday said it entered into a P3-billion notes facility agreement with BPI Investment Management Inc. The company said proceeds of the fundraising will beef up its capital expenditures pegged at P12 billion this year, which includes its expansion into the dormitel business in Cebu City and other strategic acquisitions in the Visayas and Mindanao. The said notes facility will be earmarked primarily for the construction of its projects including the 300-room mixeduse dormitel in Cebu City and for acquiring properties in several strategic Visayas and Mindanao locations. A portion of the proceeds will also be used to begin groundwork on the 100-hectare reclamation project for its techno business hub in Cebu, the company said. The deal was arranged by BPI Capital Corp. “We fully intend to live up to our obligations and ensure mutual value and success for our investors. We look forward to a long and fruitful partnership that will bring shared value to all parties,” said CLI Chief Finance Officer Grant Cheng. This is CLI’s second partnership with BPI Investment, following its deal in October 2019, in which the company entered into a P2-billion facility. CLI said its income for 2020 fell 8 percent to P1.84 billion from the previous year’s P2.01 billion as the lockdowns affected its operations. The company said its revenues fell 2 percent to P8.29 billion from P8.49 billion in the previous year, mainly as a result of the slowdown in construction activities due to a series of lockdowns. Most of its revenues came from real estate sale which fell 3 percent to P8.14 billion from the previous year’s P8.39 billion, while its rental revenues declined 13 percent to P55.2 million from the previous year’s P63.2 million. VG Cabuag

and growth strategies will be aligned with the UN Sustainable Development Goals. “First is to build scale and leverage on our strong foundation. Second is to build an eco-sustainable platform. Third is to forge partnerships with shared vision and values. And last is to embrace digital transformation and prepare for digital disruption,” Yap said. “As we bring FDC to new heights with these strategies, we recognize our ability to do well in business while doing good for society. Our strategies are made more meaningful as we help achieve certain sustainable development goals—gender equality, decent work and economic growth, sustainable cities and communities, clean water and sanitation, industry, innovation and infrastructure, and partnerships for the goals,” FDC Chairman Jonathan T. Gotianun said. VG Cabuag

‘Nlex fast-tracking big infra projects’ By Lorenz S. Marasigan @lorenzmarasigan

lex Corp. said on Monday the construction of major infrastructure projects are “in full blast despite the community quarantine restrictions,” with its chief saying that the company and its contractors are compliant with the safety guidelines set by the government. Luigi L. Bautista, the company’s president, said the projects include the 8-kilometer Nlex Connector, the upgrade of the 5-kilometer Candaba Viaduct, and other safety repairs and bridge rehabilitation. “We are following our timelines and have contingencies in place to be able to accomplish our projects amid the community quarantine,” he said. “By accelerating these projects, we are doing our part to help keep the economy going.” Bautista reported that the company’s construction progress for the first 5 kilometers of the Nlex Connector is now at 32 percent. It is being built over the existing right of way of the Philippine National Railways (PNR) between the Caloocan Interchange along C3 Road/5th Ave. and España Blvd. in Sampaloc, Manila. This section should be completed within 2021. The next 3-kilometer section

between España Blvd. and the vicinity of the Polytechnic University of the Philippines in Sta. Mesa, Manila is expected to begin construction within the second quarter of the year. Meanwhile, he said the company has completed 92 percent of the upgrade works for the Candaba Viaduct. The upgrade, which is expected to be completed within the month, will ensure long-term serviceability and provide greater safety and comfort for motorists using the road. Bautista noted that the group has also started the rehabilitation of the Meycauayan and Bigaa bridges in Bulacan to strengthen their structures. Both were built in the 1960s and even though the company ensures the required periodic maintenance is undertaken, it is high time for the much-needed major repairs, he said. T he re h abi l it at ion of t he 45-meter Meycauayan bridge is targeted for completion by September, while the the rehabilitation of the 64-meter Bigaa bridge in Balagtas area is expected to be finished by August. “With all these ongoing projects, we believe that we are helping our countr y bounce back quickly from the global health crisis. We are not just building roads, but we are also helping build a more resilient economy,” Bautista said.

Companies BusinessMirror

Tuesday, May 4, 2021

Covid-19 uncertainty will dent profits this year–Semirara

By Lenie Lectura

@llectura

onsunji-led Semirara Mining and Power Corp. (SMPC) is expecting its coal business to improve this year but it would still not be enough to push its income to prepandemic levels. SMPC Chairman Isidro A. Consunji also said the end of the pandemic remains unclear at this point as Covid-19 is hitting the country harder because of the new variants. “For 2021, we expect some improvements on our bottom line as the coal and electricity markets recover from last year’s historic lows. However, given our operational headwinds and until our country reaches herd immunity, it is unlikely that we will return to our pre-pandemic profit level this year,” he said during the company’s annual stockholders’ meeting. SMPC’s consolidated net income after tax in 2020 plunged by 66 percent to P3.29 billion due to lower revenues, which fell 36.2 percent to P23.2 billion. Both the coal and power businesses of SMPC reeled from low demand and weak prices.

This year, its coal business is expected to perform better on the back of recovering consumption and prices, said SMPC President Maria Cristina C. Gotianun. “The remedial measures we have been implementing since December have also allowed us to steadily normalize production. Now that the water seepage at NB7 (Molave North Block 7) has gone down to manageable levels, we expect annual production to hit 13 million metric tons [MMT],” said Gotianun. SMPC deferred mining activities in NB7 last year because of excessive water seepages. Coal sales last year dropped by 16 percent to 13.1 MMT, as demand from China declined because of quarantine restrictions and tighter import quotas. For its power generation businesses, SMPC expects uneven results

Rockwell to start developing Angeles project

opez-led Rockwell Land Inc. on Monday said it struck a deal with Juan D. Nepomuceno Realty Group to start the construction of an upscale mixed-use property in Angeles City in Pampanga, which would be the listed company’s first in Central Luzon. Rockwell Center in Nepo, Angeles is set to launch by the second half of the year with its first residential building being targeted for turnover by the fourth quarter of 2025, and the succeeding buildings to be launched in the years to come, the company said. The 3.6-hectare property will be located at the heart of Nepo Center in Angeles. It will be a mixed-use development, with 4 mid-rise residential buildings and retail areas. “This joint venture between Rockwell Land and Juan D. Nepomuceno Realty Group will cater to Pampanga’s well-heeled market and elevate lifestyle experiences in the region,” the company said. This is the first Rockwell Center outside of Makati. It will also have its own Power Plant Mall,

an upscale retail and food and beverage brands. The company said its Pampanga mall will “offer a similar taste of its flagship establishment”. Future residents will also enjoy amenities, such as swimming pools, a function room, fitness gym and a multi-purpose court, as well as ample room for fresh air with a lawn and pocket gardens, dedicating 70 percent of the property to open spaces, the company said. The Philippine Competition Commission in October has approved the deal between the two groups. In the proposal, Rockwell and the Nepomuceno’s TGN Realty Corp., will infuse the capital for the undertaking. TGN and siblings Hilda Aurora N. Valdes, Patrick Adrian N. Valdes and Theresa Gracia N. Valdes will contribute the land for the project. Rockwell, TGN Realty and the Valdes siblings shall invest in the project through the purchase and subscription of shares in the joint venture company that will be called Nepwell Property Management Inc. VG Cabuag

from Sem-Calaca Power Corp. (SCPC) and Southwest Luzon Power Generation Corp. (SLGPC). Gotianun said this year’s goal is to secure bilateral contracts for around 70 percent of total capacity by 2022. “SLPGC is set to stage a strong profit recovery because of higher plant availability and better spot market prices,” said Gotianun. SLGPC owns 300MW coal plant in Calaca, Batangas. “SCPC, meanwhile, is likely to deliver disappointing results because of the forced outage of its Unit 2 beginning December 3 last year,” added Gotianun. SCPC owns the 600MW coal-fired power plant in Calaca, Batangas which the Consunji Group acquired from the government in July 2009. The outage was caused by the breakdown of its 7-month-old generator. The company wants its supplier, GE, to shoulder all the cost to be incurred in the repair. “Negotiations with GE—our generator supplier—are ongoing. While they have agreed to cover majority of the costs related to fixing the equipment, we are intent on making them shoulder all the necessary expenses. We expect to complete our negotiations within the year,” she said, adding that Unit 2 is likely to resume operation in third quarter. Meanwhile, SMPC plans to vac-

mutual funds

cinate over 5,000 of its employees and indirect workers in its mine site, power plant complex and corporate office by the second semester. SMPC owns the country’s biggest coal mining operations in Antique. The bulk of the vaccines will go to its mining workforce as Semirara Island residents have limited access to timely and quality healthcare. To enhance the island’s Covid-19 containment measures, the company also repurposed its sports facilities into a 217-bed quarantine facility for employees and residents. Gotianun added that SMPC will provide free jabs to Semirara Island residents who want to be inoculated. The company will also assist its host local government units in transporting, storing and administering the vaccines. Last April 30, SMPC donated 3,000 rapid antigen kits to the Antique provincial government to help identify Covid-19 positive cases. To aid in decongesting the quarantine facilities in the Province of Batangas, SMPC repurposed a building inside its power complex in Calaca to serve as its employee quarantine facility. The building can accommodate nearly 60 employees. Its power subsidiaries also remitted over P225 million to its Batangas host communities to aid the LGUs in managing the effects of Covid-19.

May 3, 2021

www.businessmirror.com.ph

PSE STOCK QUOTATIONS

May 3, 2021

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

ASIA UNITED BDO UNIBANK BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PBCOM PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FIRST ABACUS FERRONOUX HLDG MANULIFE NTL REINSURANCE PHIL STOCK EXCH VANTAGE

43.5 103.7 82 25.1 9.82 44.95 9.54 22.1 30 56.1 18.12 114.7 73 1.48 3.9 0.59 3.15 950 0.7 156.8 0.97

43.6 103.9 82.75 25.2 9.83 45 10.44 22.95 30.1 56.25 18.28 114.9 73.3 1.51 3.95 0.64 3.21 995 0.72 157 1.07

43.5 103.4 82.8 25.2 9.86 44.95 10.3 23 31.25 56.5 18.28 115.4 72 1.48 3.9 0.59 3.17 950 0.73 160 0.98

43.6 104.1 83.4 25.35 9.88 45.2 10.3 23.4 31.8 56.5 18.28 115.9 73.3 1.48 3.95 0.59 3.21 950 0.73 160 0.98

43.5 103.4 82 25.05 9.8 44.55 9.5 23 29.85 55.95 18.28 114.6 72 1.48 3.89 0.59 3.15 950 0.7 157 0.98

43.5 103.7 82 25.2 9.83 45 9.53 23.4 30 56.25 18.28 114.9 73.3 1.48 3.95 0.59 3.21 950 0.7 157 0.98

8,000 866,330 611,090 148,400 119,500 2,448,400 24,800 1,100 1,735,500 8,480 1,600 203,330 2,900 42,000 115,000 15,000 66,000 10 46,000 3,400 413,000

348,030 89,877,668 50,401,756 3,750,050 1,177,929 110,183,965 243,147 25,340 52,763,195 475,605.50 29,248 23,363,521 212,258 62,160 451,540 8,850 208,530 9,500 32,620 541,691 404,740

INDUSTRIAL

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

6.99 1.37 23.05 0.86 31.05 67.2 272.4 14.96 3.4 4.06 12.02 21.55 10.38 6.73 3.17 13.06 20 13.3 7.35 9.84 66.5 0.61 1.42 57.2 178.4 30.05 7.24 5.96 0.3 7.31 1.01 4.58 1.45 0.136 132 0.82 2.4 54.75 60.5 1.17 2.81 11.72 7.36 5.45 6.75 12.1 1.14 2.77 1.84 1.95 5.31 22.3 3.76 10 1.08 5.61 1.3 6.13

7 1.38 23.1 0.87 31.1 67.5 272.8 14.98 3.41 4.18 12.24 21.6 10.4 6.81 3.2 13.08 20.15 13.32 7.36 9.85 66.65 0.64 1.44 57.9 178.5 31.45 7.6 5.98 0.305 7.39 1.02 4.73 1.49 0.139 134 0.83 2.46 56.9 62.95 1.19 2.84 11.8 7.4 5.55 6.79 12.38 1.16 2.78 1.86 1.99 5.33 22.4 3.77 10.08 1.1 5.8 1.34 6.16

6.8 1.4 23 0.9 31.1 67.1 273 14.76 3.41 4.01 12.32 21.6 10.4 6.68 3.27 13.08 20 13.5 7.3 9.9 66.65 0.64 1.43 58.3 176 30.6 7.25 5.95 0.31 7.39 1.01 4.63 1.45 0.137 136.9 0.86 2.45 55 60 1.16 2.8 12.16 7.44 5.46 6.61 12.2 1.17 2.81 1.84 1.96 5.38 22.45 3.7 10.06 1.12 5.61 1.3 6.16

7.01 1.4 23.35 0.92 31.3 68 275 14.96 3.44 4.25 12.36 21.7 10.44 6.85 3.27 13.08 20 14.92 7.43 9.95 67 0.64 1.44 58.3 180 30.6 7.76 6 0.315 7.5 1.02 4.63 1.45 0.14 137 0.87 2.45 55 62.95 1.21 2.87 12.16 7.44 5.55 6.84 12.38 1.17 2.9 1.84 2.03 5.4 22.5 3.8 10.2 1.12 5.61 1.36 6.25

6.73 1.35 23 0.86 31.05 67.1 272.4 14.76 3.39 4.01 12 21.35 10.38 6.6 3.16 13.08 19.7 13.2 7.26 9.85 66.5 0.61 1.4 57 175.9 30 7.24 5.9 0.305 7.39 1 4.58 1.45 0.135 130.4 0.81 2.44 55 60 1.16 2.8 11.7 7.38 5.43 6.61 12.2 1.14 2.74 1.84 1.91 5.3 22.3 3.69 9.92 1.1 5.6 1.29 6.13

6.99 1.37 23.1 0.87 31.05 67.2 272.4 14.96 3.4 4.06 12.24 21.6 10.4 6.81 3.2 13.08 20 13.3 7.36 9.85 66.65 0.61 1.44 57.2 178.5 30 7.76 5.96 0.305 7.39 1.02 4.58 1.45 0.139 132 0.83 2.45 55 62.95 1.17 2.81 11.7 7.4 5.55 6.75 12.38 1.16 2.78 1.84 1.95 5.3 22.3 3.77 10 1.1 5.61 1.34 6.13

43,011,200 1,181,000 774,000 30,572,000 94,600 4,950 94,390 694,900 1,364,000 179,000 263,500 195,100 152,100 2,367,600 757,000 3,400 917,300 1,410,200 319,900 527,200 4,410 63,000 8,688,000 213,830 1,496,620 17,000 1,600 128,500 8,930,000 18,400 372,000 5,000 1,000 5,560,000 280,960 3,557,000 27,000 20 410 1,176,000 735,000 75,700 30,700 932,500 440,500 36,800 451,000 10,535,000 367,000 135,000 19,500 17,100 17,650,000 4,075,300 31,000 6,000 415,000 1,155,500

296,126,521 1,614,720 17,915,370 26,992,700 2,945,090 332,690.50 25,763,892 10,360,646 4,641,410 743,350 3,230,168 4,213,040 1,581,830 16,004,897 2,415,720 44,472 18,288,724 19,373,260 2,356,235 5,202,663 293,605.50 38,520 12,353,400 12,360,367 264,650,965 510,195 11,641 766,841 2,761,200 136,802 375,910 23,050 1,450 762,650 37,430,915 2,961,380 66,130 1,100 25,219.50 1,394,610 2,082,420 903,604 227,162 5,127,657 2,969,696 450,830 520,970 29,820,530 675,280 263,810 104,402 381,915 66,460,100 40,805,385 34,120 33,650 540,260 7,149,155

97,516,152 -7,028,110 61,260 441,810 -19,504.50 -15,757,774 1,023,798 143,810 -1,059,376 3,318,560 171,700 10,160 3,118,794 -852,962 456,948 -2,123,678 -4,658.50 14,020 5,191,366.50 -4,665,767 -187,263 78,150 -46,500 -43,430 -19,628,583 -3,440 -38,660 28,000 -291,650 -119,483 -123,600 -455,530 -351,440 -34,254,646.00 16,820 -109,638

HOLDING & FRIMS ABACORE CAPITAL 1.09 1.1 1.11 1.13 1.08 1.09 16,551,000 18,314,360 ASIABEST GROUP 7.3 7.47 7.48 7.48 7.22 7.47 300 2,217 AYALA CORP 749.5 754 745 757 745 749.5 121,800 91,574,530 35.7 35.75 36.45 36.45 35.75 35.75 676,800 24,288,895 ABOITIZ EQUITY 10.46 10.5 10.48 10.58 10.4 10.5 910,400 9,522,676 ALLIANCE GLOBAL AYALA LAND LOG 3.13 3.15 3.04 3.17 3.04 3.15 2,333,000 7,302,480 ANSCOR 6.61 6.87 6.9 6.9 6.85 6.85 8,300 57,210 0.84 0.85 0.88 0.89 0.84 0.85 5,603,000 4,781,680 ANGLO PHIL HLDG 0.7 0.71 0.71 0.73 0.7 0.71 1,451,000 1,038,110 ATN HLDG A ATN HLDG B 0.7 0.74 0.72 0.74 0.7 0.74 429,000 304,650 COSCO CAPITAL 5 5.01 5.06 5.1 5 5.01 2,652,200 13,279,539 DMCI HLDG 5.34 5.35 5.33 5.35 5.32 5.35 1,347,800 7,193,882 8.03 8.19 8.02 8.2 8.02 8.03 11,700 94,142 FILINVEST DEV 0.3 0.32 0.31 0.32 0.29 0.315 2,490,000 756,900 FORUM PACIFIC GT CAPITAL 533 535 525.5 536 525.5 535 80,140 42,706,470 JG SUMMIT 52.7 52.9 52.85 54.7 52.7 52.7 910,730 48,384,780 0.96 0.97 0.98 0.99 0.96 0.97 1,644,000 1,587,700 LODESTAR LOPEZ HLDG 3.35 3.45 3.33 3.46 3.33 3.46 40,000 135,650 LT GROUP 13.36 13.4 13.42 13.42 13.34 13.4 591,600 7,930,558 MABUHAY HLDG 0.475 0.485 0.485 0.485 0.475 0.475 110,000 52,450 METRO PAC INV 4.06 4.07 4.05 4.1 4.04 4.07 6,075,000 24,730,120 3.6 3.69 3.54 3.69 3.53 3.69 26,000 92,990 PACIFICA HLDG PRIME MEDIA 2.76 2.77 2.87 2.87 2.75 2.76 712,000 1,973,960 SOLID GROUP 1.22 1.24 1.23 1.24 1.22 1.22 217,000 266,620 SM INVESTMENTS 960 965 962 967 960 960 171,720 165,237,420 115.5 115.6 115 115.9 115 115.6 43,760 5,048,846 SAN MIGUEL CORP 130.2 134.5 134.5 134.5 130.1 134.5 14,760 1,966,585 TOP FRONTIER WELLEX INDUS 0.26 0.265 0.255 0.265 0.255 0.26 670,000 176,650 ZEUS HLDG 0.26 0.27 0.265 0.28 0.25 0.26 20,560,000 5,480,900

-119,390 -15,325,975 -9,751,185 -6,045,922 1,518,720 77,500 -3,261,771 56,404 -13,940 2,194,585 -9,765,635.50 -6,773,640 -16,035,070 272,240 49,200 -22,125,800 118,468 -691,300 1,050

PROPERTY ARTHALAND CORP 0.63 0.65 0.63 0.65 0.63 0.65 498,000 314,040 ANCHOR LAND 7.59 7.99 8 8 8 8 800 6,400 AYALA LAND 32.3 32.5 32.35 32.8 32.3 32.3 11,714,000 379,394,955 1.21 1.26 1.26 1.26 1.26 1.26 1,000 1,260 ARANETA PROP AREIT RT 34.2 34.5 34.2 34.5 34.1 34.5 1,773,300 60,705,775 BELLE CORP 1.39 1.4 1.43 1.44 1.39 1.4 1,389,000 1,952,390 A BROWN 0.93 0.94 0.95 0.97 0.91 0.94 1,721,000 1,591,070 0.91 0.93 0.9 0.93 0.88 0.91 523,000 476,380 CITYLAND DEVT CROWN EQUITIES 0.129 0.131 0.132 0.132 0.129 0.129 154,210,000 19,895,220 CEBU HLDG 6.46 6.63 6.64 6.64 6.46 6.46 19,200 124,122 CEB LANDMASTERS 5.77 5.9 5.9 5.9 5.67 5.9 679,800 3,953,074 CENTURY PROP 0.405 0.41 0.405 0.41 0.4 0.41 6,030,000 2,456,500 0.325 0.335 0.335 0.335 0.33 0.33 30,000 9,950 CYBER BAY DOUBLEDRAGON 12.56 12.74 12.8 12.9 12.54 12.74 735,900 9,316,620 DDMP RT 1.99 2 2.07 2.08 1.98 1.99 76,735,000 153,955,110 DM WENCESLAO 6.85 6.88 6.9 6.9 6.8 6.88 57,700 397,298 0.28 0.285 0.28 0.285 0.28 0.285 260,000 73,500 EMPIRE EAST EVER GOTESCO 0.212 0.213 0.19 0.217 0.19 0.212 101,260,000 21,041,270 FILINVEST LAND 1.1 1.11 1.09 1.11 1.09 1.11 2,486,000 2,733,270 GLOBAL ESTATE 0.83 0.85 0.81 0.85 0.81 0.85 237,000 200,360 8990 HLDG 7.14 7.2 7.3 7.3 7.13 7.14 13,800 100,155 1.31 1.32 1.32 1.35 1.3 1.32 664,000 875,520 PHIL INFRADEV 1.81 1.82 1.78 1.86 1.71 1.81 4,364,000 7,845,370 CITY AND LAND MEGAWORLD 3.13 3.14 3.16 3.18 3.14 3.14 39,301,000 123,776,050 MRC ALLIED 0.44 0.445 0.44 0.45 0.435 0.445 16,110,000 7,121,900 0.58 0.59 0.6 0.62 0.58 0.59 15,296,000 9,038,840 PHIL ESTATES 3.47 3.48 3.49 3.52 3.27 3.48 6,465,000 22,169,580 PRIMEX CORP ROBINSONS LAND 16.28 16.3 16.4 16.5 16.28 16.3 1,162,600 19,044,864 PHIL REALTY 0.25 0.26 0.26 0.26 0.249 0.26 1,380,000 347,200 1.55 1.56 1.51 1.55 1.5 1.55 128,000 195,710 ROCKWELL SHANG PROP 2.68 2.7 2.7 2.7 2.68 2.68 42,000 112,760 STA LUCIA LAND 2.26 2.35 2.34 2.35 2.3 2.35 73,000 170,150 SM PRIME HLDG 34.3 34.6 34.5 34.95 34.3 34.3 2,905,400 100,034,935 SUNTRUST HOME 1.48 1.49 1.48 1.49 1.48 1.48 110,000 163,070 3.55 3.56 3.53 3.6 3.53 3.56 515,000 1,840,750 VISTA LAND SERVICES ABS CBN 11.02 11.18 11 11.18 11 11.02 23,300 259,308 GMA NETWORK 7.81 7.84 7.8 7.85 7.76 7.81 922,500 7,210,560 MANILA BULLETIN 0.46 0.47 0.47 0.47 0.46 0.47 150,000 69,500 10.38 10.98 10.96 10.96 10.96 10.96 300 3,288 MLA BRDCASTING GLOBE TELECOM 1,829 1,830 1,839 1,850 1,830 1,830 33,175 61,030,750 PLDT 1,265 1,269 1,289 1,289 1,265 1,265 36,970 46,971,715 APOLLO GLOBAL 0.198 0.199 0.203 0.204 0.198 0.199 300,850,000 60,087,640 19.1 19.12 18.66 19.18 18.66 19.1 7,900,700 150,331,296 CONVERGE 4.04 4.07 4 4.1 3.93 4.07 79,000 316,330 DFNN INC DITO CME HLDG 9.95 9.97 10.1 10.1 9.93 9.97 6,597,900 65,963,253 IMPERIAL 1.71 1.83 1.71 1.82 1.71 1.82 10,000 17,650 JACKSTONES 2.34 2.39 2.38 2.42 2.34 2.34 98,000 232,720 2.67 2.68 2.75 2.77 2.64 2.68 3,113,000 8,381,860 NOW CORP 0.41 0.415 0.415 0.415 0.41 0.41 5,360,000 2,211,650 TRANSPACIFIC BR PHILWEB 2.6 2.66 2.62 2.66 2.56 2.66 572,000 1,478,940 2GO GROUP 8.37 8.38 8.4 8.4 8.25 8.37 7,300 60,834 15.62 15.8 15.7 15.8 15.7 15.7 21,000 330,850 ASIAN TERMINALS CHELSEA 2.99 3.01 2.98 3.02 2.97 2.99 596,000 1,783,930 CEBU AIR 48.3 48.35 48.5 48.55 47.5 48.3 68,900 3,315,400 INTL CONTAINER 129.3 129.9 129.9 130.4 129.3 129.3 1,323,490 171,817,211 16 16.98 16.02 16.02 15.98 16 18,100 289,632 LBC EXPRESS LORENZO SHIPPNG 1 1.04 0.99 1.04 0.99 1.04 48,000 47,690 MACROASIA 4.91 4.92 4.91 4.99 4.9 4.92 1,007,000 4,965,250 METROALLIANCE A 2.25 2.28 2.26 2.29 2.25 2.28 44,000 99,610 PAL HLDG 6.11 6.14 6.14 6.15 6.1 6.11 31,900 195,964 1.33 1.34 1.37 1.37 1.32 1.34 756,000 1,012,980 HARBOR STAR 1.68 1.8 1.74 1.83 1.68 1.8 136,000 230,480 ACESITE HOTEL BOULEVARD HLDG 0.096 0.097 0.095 0.098 0.092 0.096 250,260,000 23,705,330 DISCOVERY WORLD 3.16 3.22 3.22 3.22 3.16 3.22 455,000 1,443,500 0.58 0.59 0.61 0.61 0.59 0.59 2,552,000 1,515,830 WATERFRONT IPEOPLE 6.89 7.39 7.4 7.4 7.39 7.39 200 1,479 STI HLDG 0.37 0.375 0.37 0.375 0.365 0.37 1,290,000 475,400 BERJAYA 4.51 4.78 4.79 4.79 4.55 4.78 39,000 177,920 BLOOMBERRY 6.5 6.51 6.68 6.68 6.51 6.51 1,540,200 10,104,016 2.05 2.1 2.05 2.05 2.05 2.05 40,000 82,000 PACIFIC ONLINE LEISURE AND RES 1.58 1.59 1.6 1.7 1.58 1.58 755,000 1,206,770 PH RESORTS GRP 2 2.01 2.03 2.05 2 2 3,225,000 6,482,890 PREMIUM LEISURE 0.4 0.405 0.405 0.41 0.4 0.4 2,790,000 1,120,250 5.55 6 6 6 6 6 1,800 10,800 PHIL RACING ALLHOME 7.85 7.94 7.94 7.95 7.75 7.94 359,700 2,834,675 METRO RETAIL 1.29 1.3 1.28 1.33 1.28 1.29 740,000 951,570 PUREGOLD 37.5 37.7 37.3 37.9 37.3 37.5 760,500 28,608,080 ROBINSONS RTL 52.5 52.6 52.55 53 52.4 52.6 664,970 35,024,718.50 107.1 109 107 108 107 108 16,690 1,787,974 PHIL SEVEN CORP 1.2 1.21 1.19 1.21 1.19 1.2 553,000 662,830 SSI GROUP WILCON DEPOT 18 18.04 17.7 18 17.6 18 2,551,400 45,691,804 APC GROUP 0.39 0.4 0.39 0.395 0.39 0.395 150,000 58,650 6.21 6.6 6.3 6.68 6.2 6.21 57,300 366,664 EASYCALL 5 5.1 5.1 5.1 5.1 5.1 300 1,530 IPM HLDG PRMIERE HORIZON 2.18 2.19 2.16 2.25 2.13 2.18 19,841,000 43,537,290

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 204.87 10.15% -8.16% -3.75% -9.84% ATRAM Alpha Opportunity Fund, Inc. -a 1.2604 31.14% -7.24% 1.44% -4.01% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.8101 12.31% -12.69% -6% -10.31% Climbs Share Capital Equity Investment Fund Corp. -a 0.7219 12.01% -7.87% n.a. -10.2% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6786 2.62% -7.15% n.a. -8.5% First Metro Save and Learn Equity Fund,Inc. -a 4.5123 11.31% -5.88% -2.81% -8.68% -9.82% -7.62% -14.87% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6468 2.68% MBG Equity Investment Fund, Inc. -a 96.34 29.42% -5.75% n.a. -5.49% PAMI Equity Index Fund, Inc. -a 41.9782 12.67% -6.29% -2.44% -10.39% Philam Strategic Growth Fund, Inc. -a 440.6 10.17% -6.3% -2.95% -9.89% Philequity Alpha One Fund, Inc. -a,d,5 1.0161 20.42% n.a. n.a. -7.4% Philequity Dividend Yield Fund, Inc. -a 1.083 13.4% -5.46% -1.72% -7.29% Philequity Fund, Inc. -a 31.581 12.96% -5.75% -1.45% -9.17% Philequity MSCI Philippine Index Fund, Inc. -a 0.8158 10.36% n.a. n.a. -10.65% Philequity PSE Index Fund Inc. -a 4.3006 13.36% -5.78% -1.69% -10.24% Philippine Stock Index Fund Corp. -a 719.28 13.42% -5.68% -1.84% -10.27% Soldivo Strategic Growth Fund, Inc. -a 0.6508 12.63% -10.08% -5.29% -9.47% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.2632 9.8% -7.9% -3.22% -9.95% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8215 12.84% -6.04% -1.97% -10.48% United Fund, Inc. -a 3.0364 12.5% -5.37% -0.62% -8.51% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 96.5067 13.49% -5.49% -1.16% -10.27% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $1.2825 43.84% 5.32% 8.84% 6.62% Sun Life Prosperity World Voyager Fund, Inc. -a $1.7867 44.98% 11.99% n.a. 6.81% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.623 8.66% -1.99% -1.17% -2.73% ATRAM Philippine Balanced Fund, Inc. -a 2.1323 8.84% -2.9% -0.65% -6.7% First Metro Save and Learn Balanced Fund Inc. -a 2.478 6.49% -1.61% -1.34% -5.67% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1855 0.54% n.a. n.a. -6.6% NCM Mutual Fund of the Phils., Inc. -a 1.8813 6.58% 0.21% 0.7% -4.21% PAMI Horizon Fund, Inc. -a 3.5091 6.14% -1.46% -0.59% -7.37% Philam Fund, Inc. -a 15.7378 6.55% -1.3% -0.59% -7.08% -0.5% Solidaritas Fund, Inc. -a 1.967 7.25% -2.27% -6.07% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.3356 6.78% -3.68% -1.73% -6.65% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9518 6.26% n.a. n.a. -6.92% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8543 7.91% n.a. n.a. -10% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.8369 8.96% n.a. n.a. -10.31% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8216 6.62% -4.79% -2.41% -7.45% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03797 0.16% 2.74% 1.3% -2.94% PAMI Asia Balanced Fund, Inc. -b $1.1498 24.88% 2.86% 5.24% -0.03% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.7299 32.41% 9.06% 8.85% 4.81% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.2127 16.91% 4.76% n.a. 0.88% Bond Funds Primarily invested in Peso securities MINING & OIL ALFM Peso Bond Fund, Inc. -a 370.75 2.31% 3.12% 2.56% -0.09% ATOK 8.8 8.87 8.95 9.05 8.8 8.87 403,800 3,606,284 APEX MINING 1.66 1.67 1.72 1.72 1.64 1.67 5,412,000 9,063,530 ATRAM Corporate Bond Fund, Inc. -a 1.9109 -0.92% 0.8% 0.18% 0.56% 8.04 8.08 8.68 8.68 8.02 8.04 7,273,700 59,902,188 ATLAS MINING Cocolife Fixed Income Fund, Inc. -a 3.2222 1.73% 3.94% 4.44% 0.23% 3.08 3.2 3.24 3.3 3.08 3.2 102,000 316,200 BENGUET A BENGUET B 3.02 3.14 3 3.17 3 3.14 171,000 526,000 Ekklesia Mutual Fund Inc. -a 2.2562 -0.67% 2.25% 1.59% -1.73% COAL ASIA HLDG 0.33 0.34 0.32 0.34 0.32 0.34 2,560,000 845,850 2.87 2.89 2.88 2.9 2.88 2.9 57,000 164,700 PEAK CENTURY First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4307 0.56% 3.13% 1.74% -0.92% 7.48 7.59 7.6 7.6 7.59 7.59 2,400 18,217 DIZON MINES 1.85% Philam Bond Fund, Inc. -a 4.4675 -0.35% 3.9% -3.61% FERRONICKEL 2.65 2.67 2.74 2.8 2.64 2.65 7,496,000 20,499,500 GEOGRACE 0.42 0.425 0.39 0.43 0.39 0.42 21,130,000 8,714,950 Philam Managed Income Fund, Inc. -a,6 1.3198 3.34% 4.25% 2.72% -0.11% LEPANTO A 0.191 0.192 0.192 0.201 0.191 0.192 223,490,000 43,871,430 0.197 0.198 0.198 0.205 0.198 0.198 8,790,000 1,764,120 LEPANTO B Philequity Peso Bond Fund, Inc. -a 3.9625 2.59% 4.39% 2.53% -0.96% MANILA MINING A 0.014 0.015 0.015 0.016 0.014 0.015 621,300,000 9,312,300 MANILA MINING B 0.015 0.016 0.016 0.017 0.015 0.016 91,900,000 1,467,100 Soldivo Bond Fund, Inc. -a 1.0255 0.62% 4% 1.91% -1.58% MARCVENTURES 1.35 1.38 1.43 1.46 1.35 1.35 2,543,000 3,551,190 Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1825 2.21% 4.95% 2.79% -0.73% 1.58 1.6 1.69 1.7 1.58 1.6 33,313,000 53,309,340 NIHAO NICKEL 5.65 5.66 5.69 5.78 5.57 5.66 8,830,700 50,134,824 ASIA Sun Life Prosperity GS Fund, Inc. -a 1.7358 0.78% 4.23% 2.11% -1.09% OMICO CORP 0.4 0.425 0.4 0.4 0.4 0.4 40,000 16,000 ORNTL PENINSULA 1 1.02 1.05 1.05 0.99 1.01 1,238,000 1,249,990 Primarily invested in foreign currency securities PX MINING 6.69 6.7 6.8 6.86 6.6 6.69 3,600,400 24,135,179 ALFM Dollar Bond Fund, Inc. -a $483.43 3.37% 3.04% 2.34% -0.09% 12.48 12.52 12.4 12.58 12.38 12.48 840,500 10,514,222 SEMIRARA MINING 0.011 0.012 0.012 0.013 0.011 0.012 502,800,000 5,967,900 UNITED PARAGON ALFM Euro Bond Fund, Inc. -a Є219.69 2.81% 1.03% 1.21% 0.23% ACE ENEXOR 17.92 18 18.5 18.96 17.9 18 604,100 10,974,774 ORNTL PETROL A 0.012 0.013 0.012 0.012 0.012 0.012 127,400,000 1,528,800 ATRAM Total Return Dollar Bond Fund, Inc. -b $1.1736 -0.39% 1.7% 1.09% -8.34% 0.012 0.013 0.013 0.013 0.012 0.012 7,500,000 96,200 ORNTL PETROL B PHILODRILL 0.012 0.013 0.012 0.013 0.012 0.013 33,900,000 406,900 First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0259 1.17% 1.46% 0.95% -2.63% PXP ENERGY 7.57 7.58 7.8 7.8 7.51 7.57 420,900 3,184,766 PAMI Global Bond Fund, Inc -b $1.0489 0.37% 0.43% -0.65% -4.01% PREFFERED Philam Dollar Bond Fund, Inc. -a $2.4789 4.11% 4.68% 2.13% -2.24% HOUSE PREF A 100.6 101.5 101.5 101.5 101.5 101.5 10 1,015 ALCO PREF B 100.6 102.7 100.5 100.5 100.5 100.5 110 11,055 Philequity Dollar Income Fund Inc. -a $0.0626677 5.25% 3.46% 2.19% 0.56% AC PREF B2R 512 530 512 512 511 511 1,110 567,410 Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1324 -0.57% 2.51% 0.97% -2.83% 44.3 44.95 44.15 44.5 43.65 44.3 46,700 2,062,090 CEB PREF 100.4 100.9 101.6 101.6 100 100.9 35,020 3,517,601 DD PREF Money Market Funds FPH PREF C 500 520 520 520 520 520 10 5,200 PREF B GTCAP 1,035 1,046 1,035 1,035 1,035 1,035 50 51,750 Primarily invested in Peso securities 101 102.1 101.9 102 101 102 17,000 1,731,660 MWIDE PREF ALFM Money Market Fund, Inc. -a 129.97 2.08% 3.14% 2.52% 0.12% MWIDE PREF 2A 99.5 100 100 100 100 100 5,860 586,000 MWIDE PREF 2B 101.3 101.8 100 101.3 100 101.3 12,740 1,290,349 First Metro Save and Learn Money Market Fund, Inc. -a 1.0507 1.33% n.a. n.a. 0.25% PNX PREF 3B 103.7 104 103.9 104 103.7 103.7 590 61,318 PNX PREF 4 1,000 1,002 1,000 1,002 1,000 1,002 905 905,220 Sun Life Prosperity Money Market Fund, Inc. -a 1.3025 1.96% 2.88% 2.57% 0.46% 1,100 1,117 1,100 1,100 1,100 1,100 300 330,000 PCOR PREF 3A PCOR PREF 3B 1,129 1,155 1,155 1,155 1,155 1,155 60 69,300 Primarily invested in foreign currency securities SMC PREF 2C 79 79.9 78.9 79.9 78.9 79.9 740 58,626 Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0565 1.46% 1.73% n.a. 0.39% SMC PREF 2E 76.4 77 76.95 77 76.95 77 7,800 600,235 77.1 78 77.1 77.1 77.1 77.1 26,740 2,061,654 PREF 2H SMC Feeder Funds SMC PREF 2I 78 78.95 78 78 78 78 980 76,440 SMC PREF 2J 77 77.25 76.9 77 76.9 77 9,430 725,860 Primarily invested in Peso securities SMC PREF 2K 77 77.15 76 77 76 77 33,940 2,611,930 Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.2348 n.a. n.a. n.a. 9.31% PHIL. DEPOSITARY RECEIPTS Primarily invested in foreign currency securities ABS HLDG PDR 10.52 10.7 10.52 10.7 10.52 10.7 342,200 3,603,544 7.39 7.44 7.38 7.4 7.35 7.39 483,000 3,568,263 ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.99 10% n.a. n.a. 1.02% GMA HLDG PDR a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. d - in Net Asset Value per Unit (NAVPU). 1 - Launch date is September 28, 2019. 2 - Launch date is November 15, 2019. 3 - Adjusted due to stock dividend issuance last October 9, 2019. 4 - Renaming was approved by the SEC last October 12, 2018 (formerly, One Wealthy Nation Fund, Inc.). 5 - Launch date is December 09, 2019. 6 - Re-classified into a Bond Fund starting February 21, 2020 (Formerly a Money Market Fund). 7 - Launch date is July 6, 2020. "While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www. pifa.com.ph to see the latest NAVPS/NAVPU."

-30,606,234 -26,803,103 -1,981,175 -39,371 -8,140,730 -20,013,560 -425,320.50 5,749,649 -98,750 9,500 15,700 -

-145,719,330 -11,579,460 -1,310,290 9,500 -246,015 -40,550 -42,346 9,198,220 -181,632 -74,150 63,650 1,460 -13,200 259,970 -5,939,360 239,550 -6,200 5,109,410 -9,007,272.00 -39,615,865 -671,680 -37,789,030 -8,286,350 -8,915,090 -30,203,020 148,580 -417,862 -2,130,870 62,250 7,680 68,760 1,865,975 -244,676 -2,421,360 1,830 -32,170 -926,160 -1,073,288 -722,480 -94,810.00 -383,400 -142,566 -45,500 -6,995,555.00 -993,100.50 1,702,374 -7,340 15,106,500 621 -2,306,740 -144,956 -20,390 2,142,906 100,900 638,500 -10,500 -1,600 26,100 17,321,276 3,016,666 2,318,824 -36,000 -164,350 14,400 -12,430 983,240 -15,585 -770,000 -

-214,000 -3,276,119 WARRANTS LR WARRANT 1.86 1.88 1.92 1.93 1.85 1.88 382,000 715,900 - SMALL & MEDIUM ENTERPRISES ALTUS PROP 18.06 18.08 18.02 18.24 18 18.06 143,800 2,598,514 -431,038 ITALPINAS 2.4 2.44 2.49 2.49 2.4 2.4 463,000 1,123,190 -21,860 KEPWEALTH 5.24 5.47 5.5 5.5 5.24 5.24 11,700 61,559 4.94 4.95 5.02 5.02 4.95 4.95 5,721,300 28,521,228 -1,216,644 MERRYMART EXHANGE TRADE FUNDS FIRST METRO ETF 96.5 98.4 99 99 96.5 96.5 48,370 4,705,183 -114,157

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April inflation outlook lures investors to T-bills By Bernadette D. Nicolas @BNicolasBM

ETTING that April inflation figures would swing higher, investors swamped to Monday’s auction of Treasury bills (Tbills) by the Bureau of the Treasury (BTr), evidenced by total bids for the P25 billion on offer to hit P94 billion. The demand prompted the BTr to upsize the volume of T-bills it awarded to P28.2 billion from the initial offering as rates across all tenors dropped. Investors on Monday trooped to the auction that witnessed total bids four times oversubscribed. The auction saw average rates drop to levels lower than the previous auction and at secondary market trading. National Treasurer Rosalia V. De Leon expressed satisfaction over the primary auction results, adding that they even opened the tap facility auction for an additional P7 billion offering for 364-day T-bills. De Leon explained that the auction committee decided to double the accepted non-competitive bids for the 182-day T-bills. “[I] welcome strong participation in today’s auction with rates declining across tenors in spite of projected elevated inflation last month,” she said. Sought why investors shunned expectations of higher April inflation and bid huge, De Leon said it “seems the market is expecting a policy rate cut.” She may be referring to the view of Central Bank Governor Benjamin E. Diokno who said last Friday that the country’s inflation rate in April is still likely above the government’s annual target range of 2 percent to

4 percent for the year. Diokno said the country’s inflation likely settled between 4.2 percent and 5 percent in April this year based on monetary authorities’ forecasting models. Monetary authorities are scheduled to hold its next policy meeting on May 13; its third for the year. Monday’s auction saw the average rate of 91-day T-bills fall to 1.306 percent, lower by 6.3 basis points from 1.369 percent in the previous auction. The security attracted total bids amounting to P18.1 billion, more than thrice the P5-billion offering. The 182-day T-bills settled at an average rate of 1.629 percent, sliding by 8.5 basis points from the prior auction’s 1.714 percent. Tenders for the tenor hit P38.08 billion, nearly five times the initial P8 billion offering. For the 364-day T-bills, its average rate slipped to 1.863 percent, slightly lower by 1.7 basis point from 1.88 percent previously. Total bids for the tenor amounted to P37.865 billion, more than triple the P12billion offering. The national government’s outstanding debt has reached a new record-high of P10.77 trillion as of end-March this year, up by 27.1 percent from P8.48 trillion a year ago, according to the latest data released by the BTr last May 3. The country aims to borrow a total of P3.03 trillion this year, roughly the same amount it borrowed in 2020. Finance officials expect the national government’s debt this year to reach 57 percent of GDP. As of end-2020, the country’s debt to GDP ratio surged to 54.5 percent—a 14-year-high—coming from a record-low 39.6 percent in the previous year.

When financial crisis strikes

HE most common concern of every people today is the pandemic crisis. Why do we need to experience financial crisis? It’s been a year since the pandemic changed your lifestyle. It limits your capability to go out and to go where you want to go. However, do you see the brighter side of this? Do you remember the time you wished for a vacation break from work and to spend time with your family? Sometimes we need to be careful what we ask for. The financial crisis has taught you how financially well you are for the unexpected events. It enlightened you about the importance of savings and having an emergency fund. It gives a lesson to you why you need insurances and health card because most concerns today are about health. Remember my first article about understanding your personal finance. It is very important to build your foundation on a rock, not on sand. When you build your foundation on sand, whatever force of nature may come such as storm, rain and wind come it will fall down. Once you build your foundation on a rock, it will stand any storm, rain and wind that may come its way. Yet, do not worry as long as you live; it’s never too late to start. Remember, how you started your career was not easy: but it had a good start. Most entrepreneurs say if there is a crisis, view it as an opportunity. Crisis tests your foundation if your foundation is strongly rooted enough. Crisis show us that everything here on earth is temporary. There is no stable job, business and/or economy. We only have a stable God who never fails loving you even at your worst. The character of Job in the Bible was righteous and godly, “blameless and upright,” a man who feared God and shunned evil” (Job 1:2). These first two verses show that Job was a humble man. He is a rare person whose heart is fixed on God and also has everything this life has to offer. Job was a very rich and great man by the world’s standards, yet the storms came in Job’s lives. All his children died, he became sick and even he lost his wealth. The only thing he had was God. He remained humble and not complaining about his situation. Job mourns (“tore his robe and shaved his head”) and then worships (Job 1:20-21) uttering the words of

Rodora Mendoza

personal finance this famous passage of Scripture: “Naked I came from my mother’s womb, and naked I will depart. The Lord gave and the Lord has taken away; may the name of the Lord be praised.” Even his wife and friends goaded Job to “curse God.” But he remained faithful. Because of this, “the LORD restored his fortunes and gave him twice as much as he had before.” Crisis results to suffering. Suffering is a way for God to display His Power and Glory. God was not Job’s enemy as he may have wondered. God had a purpose and a plan; Job simply didn’t know it yet. Your character is being tested. Everything you have right now is not yours and He has power to take all those things. God wants you to see that everything here on earth is God’s ownership (Psalm 24:1). You are just His steward and you must know how to handle everything that He owns. Since God is the rightful owner of everything we have, this means the money we earn actually belongs to God. Practically speaking, God calls us to manage the money we accumulate on his behalf and not to love money. This is the essence of biblical stewardship. Money is a tool God uses to help us live and love like Jesus. Regardless of how much—or how little—money you have, God is at work in your life through your circumstances. He is leading you to deeply trust Him. When financial crisis strike, look at this as the opportunity for you to grow your skill and learn to how to positively. Maybe you are in a crisis right now and though this is a challenging moment, just hold on to what you believe. Be wise enough in every decision you make. Consult experts if necessary. A financial crisis is just a season; a season that will pass away. Do not give up. Every challenge that you face, there is greater abundance that awaits.

Rodora Mendoza is a registered financial planner of RFP Philippines. To learn more about personal-financial planning, attend the 89th RFP program this May 2021. To inquire, e-mail info@rfp.ph or text at 0917-6248110.

Tuesday, May 4, 2021 B3

MB allows govt to borrow more from foreign lenders

By Cai U. Ordinario

@caiordinario

HE Monetary Board (MB) approved a 19.36-percent increase in public sector foreign borrowings for the first quarter of this year, according to the Bangko Sentral ng Pilipinas (BSP).

In a statement, the BSP said the MB approved public sector foreign borrowings to reach $2.84 billion in the January to March period this year, higher than the $2.38 billion last year. These consist of six project loans amounting to $1.44 billion; one program loan amounting to $600 million; and, two bond issuances amounting to $798 million. BSP said the bulk of the foreign borrowings will finance the national government’s Covid-19 pandemic

response programs. Some $900 million will mainly be used for vaccine procurement and distribution. The foreign borrowings will also refinance existing obligations and general financing requirements worth $798 million; disaster resilience, $600 million; social protection, $300 million; public transport improvement, $138 million; and, maritime safety, $105 million. Under Section 20, Article VII of the 1987 Constitution of the Republic of the Philippines, prior ap-

Fintech firm secures e-wallet service license By Tyrone Jasper C. Piad

@Tyronepiad

AYMENT collection business CIS Bayad Center Inc. recently acquired its license to operate as an electronic money issuer (EMI) from the Bangko Sentral ng Pilipinas (BSP). The financial technology (fintech) player that operates the “Bayad” app said the EMI license permits the company to provide e-wallet services. It allows the company to convert a consumer’s cash into electronic money, which can be used to pay bills, remit money, purchase mobile load and settle transactions with partner merchant stores online. The firm said customers can withdraw and add money to their e-wallets via online bank transfers and over-the-counter transactions in Bayad Centers. The fintech firm said its customers will be able to pay more than a thousand types of bills soon. These would include payment for utilities, insurance, government contributions and services, among others. The same service has been offered by the company through its more than 45,000 physical touch-points in the country. Apart from this, Bayad said that it will enable QR (quick response) payments, rewards, insurance, savings accounts, personal loans and credit scoring. “The ‘Bayad’ app and ‘Bayad Online,’ provide a seamless and convenient way of paying and managing funds,” CIS Bayad Center President and CEO Lawrence Y. Ferrer said. “Customers will have peace of mind our products are built with reliable security features that will protect customer data and transactions, consistent with our brand’s commitment.” Bayad Online is a web-based one-stop shop for all essential bill payments, serving as an extension of the Bayad Centers. The fintech firm said that digitalization of payments is a “strategic route” to attracting more customers, sharing BSP’s sentiments that online payment options allow financial inclusion and economic growth. “The Covid-19 pandemic became the unexpected catalyst that catapulted digital financial services to new heights as Filipinos look for convenient, safe, and efficient means to receive and transfer funds, pay bills, and shop for necessities,” BSP Director of Technology Risk and Innovation Supervision Department Melchor T. Pabasan said. “In response to this need, the BSP continues to provide an enabling environment that encourages financial innovation while safeguarding the integrity and stability of the financial system,” Pabasan added.

BSP eases rules for financial biz T

HE Monetary Board (MB) has approved enhancements to the Bangko Sentral ng Pilipinas (BSP) operational relief measures to better respond to the economic and health crises. In a statement, the BSP said the MB enhanced the operational relief measures to give BSP-Supervised Financial Institutions (BSFIs) for faster delivery of financial services. The enhancements to the operational relief measures extended the expiry period for certain measures put in place last year. These include the relaxation in the notification requirements for changes in banking days and hours, as well as temporary closure of BSFI head office, branches, branch-lite-units (BLUs), offices and service units. The MB also relaxed the customer identification requirements and waived BSP fees related to the grant of license or authority to provide Types A and B Advanced Electronic Payments and Financial Services. It also extended the submission deadline of the 2020 Audited Financial Statements to June 30, 2021, or 60 calendar days from the original deadline prescribed under existing regulations. Cai Ordinario

The logo of the Bangko Sentral ng Pilipinas is seen at the Central Bank’s main building in Manila. The BSP said in a statement isued last Monday that monetary authorities approved public sector foreign borrowings to reach $2.84 billion in the January to March period this year.

proval of the BSP, through the MB, is required for all foreign loans to be contracted or guaranteed by the Republic of the Philippines. Further, Letter of Instruction 158 dated January 21, 1974, also requires all foreign borrowing proposals by the NG, government agencies and government financial institutions to

be submitted for approval-in-principle by the MB before commencement of actual negotiations. The BSP promotes the judicious use of the resources and ensures that external debt requirements are at manageable levels, to support external debt sustainability, the statement from the Central Bank said.

Tuesday, May 4, 2021 • Editor: Gerard S. Ramos

Art

BusinessMirror

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Today’s Horoscope By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Shameik Moore, 26; Erin Andrews, 43; Will Arnett, 51; Randy Travis, 62. Happy Birthday: Use your charm, maintain a steady pace and refuse to let what others do confuse you. You have to look out for your interests instead of worrying about what others think or do. Put your energy where it counts; it will bring you comfort and joy. Personal improvement will boost your confidence and encourage better overall results this year. Your numbers are 9, 14, 20, 26, 32, 38, 47.

ARIES (March 21-April 19): Take advantage of any opportunity to talk to someone who is doing something you want to pursue. The information you receive will be valuable and put you in touch with someone who can help you get ahead. Discipline will pay off. HHHH

TAURUS (April 20-May 20): Do and spend only what’s necessary. Live within your means, and promise what is feasible. Put your energy where it counts, and be innovative when handling administrative or work-related matters. Physical activity will ease stress, and romance is favored. HH

❶ ❶ Martina,

Marlon Hacla, creation date: March 28, 2021, portrait generated using a GAN trained on Fernando Amorsolo’s paintings, PNG image, 4,096 x 3,264 pixels

❷

Mono8 explores #CleanNFT in pioneering Art Fair prelude show

❷ Mr Robot x

The Scream, Mac Andre Arboleda

ono8 Gallery dives into the world of crypto art with its new, groundbreaking exhibition ahead of Art Fair Philippines 2021, which in itself will focus on NFTs, or non-fungible token. The Manila-based art space unveiled last week OBJKTion! Alternative #CleanNFT Exploration. Curated by Gwen Bautista, the show serves as the first-ever exhibition of new media works as NFTs on the Tezos

blockchain in the Philippines. “OBJKTion! Alternative #CleanNFT Exploration looks into the multifaceted nature of what it means to be in the ‘alternative sphere’ of contemporary art, where artistic production is usually defined by the fabrication and creation of actual tangible objects. Thus, asking what does the future hold for artistic practices that reside in the virtual realm?” the exhibition note reads. While NFTs have taken the art world by storm, the processes involving these digital collectibles are raising environmental concerns. Generating and selling NFTs, for instance, require massive amounts of computing power, which, of course, produces enormous quantities of greenhouse gases. In a story by Quartz, titled “The carbon footprint of creating and selling an NFT artwork,” it is said that a physical artwork, or print, “would have to be bought and sold at least 91 times to be as carbon-emitting as one average sale of an NFT.” The article added that “driving a car 100 miles releases just 20 percent of the

emissions of the average NFT sale.” This is why Mono8’s new show is subtitled Alternative #CleanNFT Exploration. The exhibition explores NFTs on the environment-friendly Tezos blockchain, an open-source network that uses a “Proof of Stake” mechanism in transactions and smart contracts. As opposed to the “Proof of Work” system that most of the popular NFT-minting web sites run, the “Proof of Stake” system is touted by proponents as being “99-percent more energy efficient.” The method randomly awards users the ability to add new blocks based on how much cryptocurrency they own, not on how much computational work they can do. The tweak brings down the carbon footprint of the average NFT “to around 2.11 kg CO2, or about the same as mailing a physical piece of art cross-country,” as stated in the Quartz story. Featured in Mono8’s OBJKTion! Alternative #CleanNFT

Continued on B5

Germany to return Benin Bronzes looted during colonial era By Frank Jordans The Associated Press BERLIN—Germany is returning hundreds of artifacts known as the Benin Bronzes that were mostly looted from West Africa by a British colonial expedition and subsequently sold to collections around the world, including German museums, authorities said on Friday. Foreign Minister Heiko Maas welcomed a deal reached with museums and authorities in Nigeria to work on a restitution plan for a substantial number of artifacts, calling it a “turning point in dealing with our colonial history.” Germany’s minister for culture, Monika Gruetters, said the Benin Bronzes were a key test for the way the country deals with its colonial past. “We are confronting our historic and moral responsibility,” she said. Gruetters said the goal is to contribute to

“understanding and reconciliation” with the descendants of those whose cultural treasures were stolen in colonial times. The first returns are planned for next year, she said. A historian welcomed the plans, but said they don’t go far enough. “Sadly, there is neither a precise time plan nor an unconditional commitment to restitute all looted artifacts,” said Juergen Zimmerer, professor of global history at the University of Hamburg. He also noted it’s not yet clear how many objects will be returned, or whether there will be any recognition of the efforts by civil society groups that had called for the restitution. A British colonial expedition looted vast numbers of treasures from the royal palace of the Kingdom of Benin in 1897, including numerous bas-reliefs and sculptures. While hundreds of artifacts ended up in the British Museum, hundreds were also sold to other collections such as the Ethnological Museum in

Berlin, which has one of the world’s largest collection of historical objects from the Kingdom of Benin, estimated to include about 530 items, including 440 bronzes. The British Museum doesn’t currently have plans to return parts of its collection. “The devastation and plunder wreaked upon Benin City during the British military expedition in 1897 is fully acknowledged,” the British Museum said in a statement, adding that the circumstances around the acquisition of Benin objects is explained in gallery panels and on its website. But Zimmerer, who has done extensive historical research on the Benin Bronzes, said the decision by Germany would likely affect the wider debate about how institutions in former colonial countries should handle such artifacts. “The pressure will grow, because the British position of simply not addressing the issue of restitution is no longer sustainable,” he said.

GEMINI (May 21-June 20): Take care of your responsibilities to avoid backlash. A steady pace forward will override anyone’s attempt to make you look bad. Keep everything in perspective; if you exaggerate, someone will question your validity. Don’t take an unnecessary health risk. HHHHH

CANCER (June 21-July 22): Show everyone how original you are by presenting your ideas with pizzazz. A little extra oomph will set you apart from any competition you encounter. You can make a difference if you are steadfast, wise and take the initiative. HHH

LEO (July 23-Aug. 22): Too much of anything will lead to a loss. Get your priorities straight, and don’t feel the need to buy love, friendship or support. Trust in your ability to get things done and forge ahead. HHH

VIRGO (Aug. 23-Sept. 22): Take a proactive approach to get things done. Talk is cheap if you don’t follow through. Be direct, make your move and reach your target with the least amount of dialogue. HHH

LIBRA (Sept. 23-Oct. 22): Do something you enjoy, but don’t be excessive. It’s essential to keep the peace and live up to your promises. Discipline and hard work will bring you the highest returns. Learn from the experience you have gained over the years. HHHHH

SCORPIO (Oct. 23-Nov. 21): Extravagance will lead to stress, overreaction and problems with people affected by the decisions you make. Put your energy into clearing up unfinished financial, emotional or health issues, and it will eliminate stress and the difficulties you face. HHH

SAGITTARIUS (Nov. 22-Dec. 21): You’ll get a glimpse of the big picture if you take a step back, reorganize and adjust your plans accordingly. Trust in yourself, not someone trying to manipulate you. Formulate your strategies, then put them into action. HHHH

CAPRICORN (Dec. 22-Jan. 19): Push for what you want and believe in, and you will transform the way you live and the direction you take. It’s time to eliminate what no longer works for you and move into the sunlight, where positive change can occur. HH

AQUARIUS (Jan. 20-Feb. 18): You’ll get ahead if you think matters through and use your discipline and innovative ideas to reach your goal. Refuse to let what others do interfere with your plans. Don’t take risks with your health. HHH

PISCES (Feb. 19-March 20): Your charm will be hard to resist, but if you try to take advantage of someone, you will eventually pay the price. Do what’s best and fair for everyone involved in your plans. Equality will be necessary if you want to get your way. HHH Birthday Baby: You are flexible, imaginative and persistent. You are curious and tireless.

‘mixed grains’ by enrique henestroza anguianoa The Universal Crossword/Edited by David Steinberg

ACROSS 1 Wintertime wrap 6 Lose, as fur 10 Heed 14 Brief appearance in a film 15 Home of Machu Picchu 16 Plant, or a garden pest 17 System overseer, for short 18 Dog food brand 19 Prepare to publish 20 Concern for an advertising team (see letters 3 to 6 in this answer) 23 Raphael Warnock is one for Ga. 24 Country with the world’s largest mall: Abbr. 25 Functional 28 Part of a relay race 29 “My bad!” 31 Was in charge 32 Not yet scheduled, briefly 34 Forwards, as a message (...3 to 6) 37 Spot to look down from 39 Gift upon arriving in Hawaii 40 “Ouch!” 41 Took time for self-care, perhaps (...6 to 9)

4 Info on a 1040 form 4 45 ___ Lanka 46 Christmas carol 47 Portable bed 49 Hindu doctrine 51 Negroni ingredient 52 Tree substance 55 Unpredictable nature, and a theme hint 59 Religious ceremony 61 Del Rey who sang “Young and Beautiful” 62 Italian fashion house 63 Imitates 64 Flower that’s often purple 65 White wading bird 66 Need for a newborn 67 Way to go? 68 Common bugs DOWN 1 Signs of healing 2 Training group 3 Jordan’s capital 4 Word that bookends “restrain” 5 Dish served with special forks 6 Vindictiveness

7 Give an audience to 8 Longtime columnist Bombeck 9 Rough encounters 10 Alpha : first :: ___ : last 11 Big punches 12 Giants legend Manning 13 “Are we there ___?” 21 Droops 22 It can set a college application apart 26 Russian Revolution figure 27 Sharp quality 28 Like a doily 29 Lakers legend Shaquille 30 Norse god with two ravens 32 Colorful aquarium fish 33 Natural sleep aid? 35 Otherwise 36 Needing a map 37 (Hey you!) 38 Cartier-Bresson or Rousseau 42 Add acrobatics to your dance routine, say 43 Vaping device, for short 48 How freelance work is often done 50 “___ things happen” 51 Grind, as teeth

2 Warning from a dog 5 53 Found the sum of 54 Some HS exams 56 Skating champion Lipinski 57 Not out of the game 58 Jason’s ship 59 Vied for a seat 60 Hoppy brew, in brief Solution to Friday’s puzzle:

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CINEMALAYA SAILS TO NEW DIRECTION, CREATES FILM LAB THE winds of change have caught the sails of the Cinemalaya’s balanghai and take the film festival into a new direction. Amid the social realities brought by the global health situation where existing protocols make it impossible for the 2020 and 2021 batch to complete their films on time, Cinemalaya rethinks its direction and strategy to remain significant while continuing to fulfill its mission of discovering, encouraging, supporting, training and recognizing gifted Filipino independent filmmakers. While Cinemalaya advocates artistic freedom and creative expression, it pushes filmmakers to break the mold, upskill their filmmaking processes and techniques, and experiment with new ways of storytelling. For its 2023 edition, Cinemalaya introduces a new direction and further expands its cinematic boundaries through the Cinemalaya Film Lab, a three-month film-laboratory mentorship program happening from September to November, conducted entirely online. The film lab adheres to the education values of the Cinemalaya Institute, bringing together resource persons from different aspects of filmmaking—from scriptwriting, directing, cinematography, performance, editing, production design, sound, music, production management to promotion strategies. By doing this, Cinemalaya hopes to expand the Main Competition to include feature-length documentaries while encouraging filmmakers to focus on subject matters that capture the heart of the Filipinos. Cinemalaya likewise encourages submissions that combine different genres (“multigenres”) and even “multimedia” (live action with animation or purely animation). At the same time, it intends to prioritize film concepts that are workable or manageable to produce. The deadline for submission is at 6 pm on June 11. More information can be found at www. culturalcenter.gov.ph or www.cinemalaya.org.

Mono8 explores #CleanNFT in pioneering Art Fair prelude show Continued from B4 Exploration are 10 artists working in digital formats. One of the participating artists is Patrick Jamora, a graphic designer and photographer who creates NFTs by merging his work and typography with repurposed images from public domain historical archives. Jamora presents three sets of works for the show that breathes digital modernity into the vintage. Another artist featured in the show is Marlon Hacla. The programmer/author explores artificial intelligence as a tool for understanding artistic subjectivity and creative human agency. Hacla presents four artworks for the show that are created using generative adversarial network, or GAN. The technology is an algorithmic architecture that generates new, synthetic instances of data that can pass for real data—from images to videos and even voice. For the Mono8 show, Hacla presents Amorsolo Dream No. 1 and Martina, which are generated using a GAN trained on Fernando Amorsolo’s paintings. Hacla also presents a piece using a GAN trained on children’s book illustrations and another trained on vintage maps. The other participating artists for OBJKTion! are Adi Dela Zufall, Apol Sta. Maria, Bjorn Calleja, Geremy Samala, Jon Deniega, Mac Andre Arboleda, Manuel Arabit, and Mirjam Dalire. Aside from the featured artworks, the online exhibition (www. mono8gallery.com/objktion) also presents a “Learning Resources” page with tutorial videos, articles, and podcasts related to NFTs and Tezos. Mono8 Gallery will also be presenting four shows in Art Fair Philippines 2021. There will be two solos of emerging female artists, Celine Lee and Victoria. In Artificial, Lee will showcase textile works produced from generating cracks on a virtual mesh using 3D software. Meanwhile, Victoria’s The Beginning After the End will offer visually stimulating images created from experimenting with spontaneity and chance. Also lined up for Mono8’s Art Fair slate is a group show, titled All to the Present. There will also be an exhibition of video works of new media artists from the Asia-Pacific region. Titled Point of Selection, the showcase will be curated by Japanese-American artist Kelli Maeshiro. To be showcased as well is a hulking 16-foot painting by Clarence Chun. Art Fair Philippines 2021 will run from May 6 to 15 at www.artfairphilippines.com. Access to the fair is free of charge. n

Editor: Gerard S. Ramos

• Tuesday, May 4, 2021

British star vows to change for better but denies misconduct LONDON—British actor-director Noel Clarke said on Friday he would be seeking professional help to “change for the better,” after 20 women accused him of sexual harassment, intimidation and bullying. Clarke, who starred in Doctor Who and created the film trilogy Kidulthood, Adulthood and Brotherhood, said he “vehemently” denied any sexual misconduct or criminal wrongdoing. Recent reports, however, have made it clear to me that some of my actions have affected people in ways I did not intend or realize,” he said in a statement. “To those individuals, I am deeply sorry. I will be seeking professional help to educate myself and change for the better.” Clarke, 45, issued the statement a day after The Guardian newspaper said it had spoken to 20

women who accused him of misconduct including sexual harassment, unwanted touching, sexually inappropriate behavior on set and bullying. The newspaper named several of the women. After the allegations were published, Britain’s motion picture academy suspended Clarke’s membership and his award for outstanding British contribution to cinema, given to him earlier this month, “immediately and until further notice.” Broadcaster Sky said it was halting work with Clarke, and television channel ITV pulled the final episode of the crime series Viewpoint, which stars Clarke and was due for broadcast on Friday. The broadcaster said it had “a zero tolerance policy to bullying, harassment and victimization.” AP

BRITISH actordirector Noel Clarke

Amanda Seyfried lends grounding presence to campy thriller By Jocelyn Noveck | The Associated Press

ollywood thrillers in which sophisticated, attractive city folk move to creaky old country homes and experience scary things are a dime a dozen. Less common is when those Hollywood thrillers are based on the theology of 18th-century Swedish mystic Emanuel Swedenborg. But here we are—a Swedenborgian thriller—and thus it’s not a bad idea to read up a bit on the man, by which we mean to Google him, before diving into Things Heard & Seen, a well-cast and often entertaining but campy and sometimes obvious thriller starring Amanda Seyfried and James Norton. It is now streaming on Netflix. What you’ll learn is that Swedenborg believed (among other things) that death was just a continuation of life—and that people lived on, in the spiritual world, past the expiration of their physical body. For the film’s purposes, we’ll boil it down for you: Ghosts! In fact the film, based on the novel All Things Cease to Appear by Elizabeth Brundage, begins with a Swedenborg quote: “Things that are in heaven are more real than things that are in the world.” So even if you’ve skipped your theology homework (tsk tsk), this should alert you to a spectral influence in the story— maybe even a seance or two. We begin in the winter of 1980, when a perturbedlooking George Claire (Norton) drives up a snowy road to his isolated home. Immediately, it’s obvious something terrible has happened. Flashback to the spring before, in a Manhattan apartment. George and wife Catherine (Seyfried) are celebrating the fourth birthday of their daughter, Franny. George—handsome and chiseled, with the kind of tousled hair that looks breezy but you know he works on it—has an announcement to make: Not only has he completed his PhD in art history, but he’s found a teaching job upstate. “Oh, at Bard?” asks a (snobby) friend. No, he replies, at a a place called Saginaw. Nobody is impressed, but Catherine, despite having no desire to leave her coveted job as an art restorer, feels the need to support her husband. For one thing, she tells a friend, they need the money—his wealthy parents have finally cut him off. The friend warns Catherine she’s giving up a lot to go live in a place filled with “rich horsey weekenders and fulltime rednecks.” But move they do, to beautiful Hudson Valley (writer-directors Shari Springer Berman and Robert Pulcini draw out both the charm and the isolation of

AMANDA SEYFRIED stars in the paranormal thriller Things Heard & Seen, now streaming on Netflix.

the place) and their chosen town, which is ominously called...Chosen. (Certain things are unabashedly telegraphed in this film. Then again, sometimes they’re red herrings. Maybe? Why is Catherine bulimic, for example?) The house George has found, on an old dairy farm, is huge and creaky and needs work, but Catherine launches into the job. Soon, however, it becomes clear the family is not entirely alone. As happens in haunted house movies, there are strange noises and strange voices and dodgy electricity. There are also historical hints sprinkled through the home, suggesting past trauma. Catherine is much more attuned to these than George, who’s spending most of his time trying to curry favor with colleagues in his art history department, including the chairman, Floyd DeBeers, who has a fascination not only with Swedenborg but his influence on prominent landscape painter George Inness (DeBeers is played by a deliciously august F. Murray Abraham.) Catherine also develops an affection for two

brothers, Eddy and Cole, who live next door and offer to do odd jobs. As we suspect early on, there’s more to these brothers and their connection to the home than meets the eye. What’s most interesting, though, is not all the sometimes ridiculous plot twists and hints of dark motives and impending doom. It’s the relationship between Catherine and George, who may not know each other as well as they thought. Well...they definitely don’t. Seyfried in particular is a grounding presence and a wonderfully empathetic performer. As for Norton, he does a nice job keeping us wondering (for a bit) whether he’s simply a good-looking social striver with designs on more than his talent deserves, or something worse. Also, this British heartthrob nails the American academic vibe. It all comes hurtling toward a strenuous conclusion, and you can bet those aforementioned ghosts get their moment, too. But that’s not necessarily a bad thing. If you want to know why, you may want to ask Emanuel Swedenborg. n

GMA, iQiyi International enter into multi-year deal Philippine media giant GMA Network sealed a multi-year partnership with one of the leading global entertainment streaming services—iQiyi International—making the network’s dramas the first Filipino content to be available on the said OTT platform. Subscribers of iQiyi in the Philippines can now watch the latest episodes of some of the newest GMA dramas within 24 hours from TV airing on the iQiyi app or iQ.com. The first titles to be made available include First Yaya as well as upcoming shows Legal Wives, Nagbabagang Luha, and Love You Stranger. The multi-year partnership, which covers nearly a thousand episodes, bolsters iQiyi International’s wide array of Asian content, and at the same time allows GMA programs to be accessible to millions of users of the platform. “We are honored and grateful for iQiyi’s trust in partnering with GMA as the network’s programs jump-start the exciting lineup of Filipino content for this platform. As we continue to adapt to the shifting interests of our viewers and their viewing habits, we relentlessly produce world-class entertainment programs that can be consumed in various platforms and iQiyi International’s massive user base will likewise complement our digital efforts,” said GMA Network chairman and CEO Felipe L. Gozon. GMA President and COO Gilberto R. Duavit Jr. also underscored how apt this deal is for both companies. “Our joining forces with one of the world’s largest streaming platforms is a very fitting team-up. We believe that combining both GMA and iQiyi’s strengths creates a formidable

FROM left: GMA Network’s Reena Garingan and Roxanne Barcelona, and iQiyi International’s Sherwin dela Cruz.

partnership. Congratulations to all!” “iQiyi is committed to bringing the best in local dramas to our local viewers across the Philippines for them to watch anytime, anywhere. iQiyi and GMA have been in discussion to join forces for the benefit of our viewers for a while, and we could not be more thrilled to finally embark on this exciting journey together. We are excited that this year alone, 12 new titles with over 1,000 catch-up episodes will be available on iQiyi. As the home of beloved Asian entertainment, iQiyi International will continue to strengthen our content offerings for our local viewership, building on our current Korean, Chinese and anime content. This is a big milestone for us, and the first of several we have for the year,” said iQiyi Philippines country manager Sherwin dela Cruz.

For only P99 per month, subscribers can enjoy premium content and catch up on their favorite GMA shows anytime and anywhere via iQ.com or the iQiyi International app. Viewers should watch out for more upcoming GMA dramas that are soon to be available on the iQiyi app and iQ.com within 24 hours from TV airing. Legal Wives is a breakthrough cultural drama series starring Dennis Trillo, together with Alice Dixson, Andrea Torres, and Bianca Umali. The TV adaptation of the 1988 award-winning film Nagbabagang Luha is bannered by Glaiza de Castro and Rayver Cruz, introducing Claire Castro with Mike Tan. Finally, the much-awaited onscreen tandem of real-life couple Gabbi Garcia and Khalil Ramos is all set in the romance-mystery mini-series Love You Stranger.

B6 Tuesday, May 4, 2021

PhilHealth expedites reimbursements, provides health care facilities with funds BPI, PDRF begin construction of disaster, pandemic facility in Ibaan, Batangas City

HE Bank of the Philippine Islands (BPI), together with its social development arm BPI Foundation, and the Philippine Disaster Resilience Foundation (PDRF), has kicked off the construction of the BPI Bayanihan Center, a two-storey 506-square meter multi-purpose facility in Brgy. Malainin, Ibaan, Batangas City for people burdened by disasters and pandemics. The project’s funding, amounting

to P12.77 million, came from the collaborative efforts of BPI employees, clients, and the BPI Foundation through the Bank’s fundraising initiative called #TaaLove: Sa Puso Magmumula ang Kanilang Pagbangon. Initially, the facility was intended to serve as a safe haven for those severely affected by the Taal Volcano eruption in 2020, and to prepare for future disasters, but the design has since been modified so that it can function as an

alternative health care facility as well. The facility will be built to withstand hazards in the locality and accommodate approximately 300 people. When it is not being utilized for disasters or health care, the BPI Bayanihan Center will also be open for use to all citizens of Batangas for their community programs and activities. To know more about BPI Foundation and its initiatives, visit http://www. bpifoundation.org.

#ThirstForGold: Summit Philippines calls for support of the Philippine athletes in the 2021 Tokyo Olympics

N celebration of #FilipinoPride, Summit Natural Drinking Water joins all Filipinos as they rally their support to Filipina Weight Lifter Hidilyn Diaz and Filipino Pole Vaulter Ernest John “EJ” Obiena as they make their preparations for the 2021 Tokyo Olympics. Throughout the years, Summit Natural Drinking Water has been consistent in supporting our Philippine Athletes as well as the entire Filipino community in terms of redefining their limits and making breakthroughs that puts the Filipino’s renowned global legacy in continuity. Contributing to the training and hydration of our athletes, Summit Natural Drinking Water makes it a commitment to encourage people to reach the summit of their dreams as they turn them into reality.

EJ Obiena

ERNEST John “EJ” Obiena is a pole vaulter and the first Filipino that has received a scholarship from the International Athletic Association Federation. He currently holds the Philippine National Record in Pole Vaulting with a record of 5.55 meters at the 78th Singapore Open Championship in 2016. A record-breaking pole-vaulter, Obiena won a gold medal after he broke the Asian Athletics Championship record with 5.71 meters last 2019.

A Continuous Commitment

AS a show of support to Hidilyn, EJ, and other Filipino athletes, Summit

Inter-Agency Task Force (IATF) Resolution No. 111 dated April 22,2021 and IATF Resolution No.113-A dated April 29, 2021, PhilHealth is expanding the DCPM to high and critical areas that include the Cordillera Administrative Region (CAR) provinces of Abra and Ifugao and Region II cities of Santiago and Quirino. Eligible HCFs must submit a properly accomplished undertaking duly signed by their respective owner or medical director subject to the concurrence of PhilHealth. “The DPCM is now on-going, and our Regional Offices are awaiting the facilities’ filing of their Letter of Understanding,” said Gierran. “Kapag na-submit ninyo iyong Letter of Understanding na pirmado ng may-ari ng ospital, medical director, o sinomang authorized representative ng ospital, meron tayong automatic credit na dapat bayaran ng PhilHealth sa ospital.” Upon receipt of payment, the HCFs shall issue an electronic copy of the official receipt (OR) to the concerned PhilHealth office within five days and the original OR must be submitted within 15 days. PhilHealth shall withhold all succeeding payments to HCFs should they fail to submit the OR. As of April 29, 2021, PhilHealth has disbursed payments to 114 HCFs under the DCPM amounting to P5.14 billion. PhilHealth continues to provide ways to be responsive to the health needs of its stakeholders.

A strong start in 2021: Metrobank Q1 profits up by 27.1%

ETROPOLITAN Bank & Trust Company’s (Metrobank) net income leaped 27.1% YoY to P7.8 billion in the first quarter of 2021. The robust net income growth was due to stable asset quality, strong non-interest income performance, and marginal rise in operating expenses. “Our strategy and prudent approach last year paved the way for a strong start in 2021,” said Metrobank President Fabian S. Dee. “Our capital position is double the regulatory minimum, with capital adequacy ratio (CAR) of 19.9% and Common Equity Tier 1 (CET1) of 19.0%. Our reserves also cover 166% of our non-performing loans (NPL). This ensures that Metrobank will sustain its business resilience, and we remain confident that the Bank is ready to take on opportunities as the economy recovers. We are in a strong position to withstand a resurgence in asset quality risks and we remain vigilant even as we all continue to battle the pandemic.” Mr. Dee added. Non-interest income surged by 28% YoY to P7.9 billion. Fee-based revenue is stable at P3.3 billion despite business activities still being slower than pre-pandemic levels. Trust

fee income grew at a robust 20%, in line with the 30% growth in assets under management. To top it off, trading and FX gains doubled to P2.9 billion as the Treasury group realized gains prior to the reversal of yields. Clients continue to place their trust in the Bank as current account and savings account (CASA) deposits grew by 16% to P1.3 trillion. This enabled the Bank to reduce high-cost time deposits, which partly mitigated the drop in asset yields arising from the rate cuts in the past year. With the pandemic still on-going, loan demand remained slow, and naturally, net interest income trended lower. The Bank’s balance sheet has remained very liquid and ready to support clients when business volumes start improving. NPL ratio stayed at 2.4% from end-2020. Restructured loans comprised 0.4% of total loans. The Bank set aside provisions of P2.5 billion in the first quarter, which is 50% lower YoY. NPL cover improved to 166% from 163% in December 2020. Operating expenses were stable, inching up by just 1.4% to P14.7 billion from sustained efforts to enhance productivity and operational efficiency. Cost-to-income ratio was recorded at 54.6%. Metrobank is the country’s second largest bank with consolidated assets of P2.4 trillion and equity of P306.6 billion.

DSWD forges agreement with 38 LGUs for Yakap Bayan Program implementation

Hidilyn Diaz

DIAZ is a Filipina weightlifter and Air Woman. Being the first Filipino woman to win an Olympic Medal, she made her mark on the world earning global reputation as she bagged the Silver Medal in the Women’s 53-kilogram Weight Division in the 2016 Summer Olympics. Her contributions finally ended the Philippines’ 20-year Olympic Medal drought. Along with that, she also brought home various Olympic Medals from different competitions and categories from all around the world.

ECOGNIZING the crucial role of the hospitals in providing unimpeded delivery of health care services to those who need it, the Philippine Health Insurance Corporation (PhilHealth) recently announced the implementation of the Debit-Credit Payment Method (DCPM) to fast-track payments to its partner-hospitals. Under the DCPM, PhilHealth shall facilitate the settlement of accounts by paying 60% of the total amount of applicable HCF receivables minus withholding tax of 2%, while the remaining 40% (minus 2% withholding tax) of the total amount of good claims shall be paid following compliance to existing claims processing requirements and procedures, and full reconciliation of the 60% initially paid to the HCF. Atty. Dante A. Gierran, PhilHealth President and CEO, said that, “The idea behind this [DCPM] is to immediately pay 60% of the total P7.01 billion of hospital claims in the National Capital Region (NCR) Plus area.” Reimbursements through the DCPM only apply to inprocess claims filed from March 8, 2020 to April 7, 2021. However, claims that were returned to hospitals, denied, and under further investigation shall not be paid under the DCPM. Likewise, claims approved for payment by April 7, 2021 were excluded from the payment. The accelerated payment method shall afford hospitals sufficient cash flow to continue providing the sick with quality health care during the pandemic. In view of this, hospital funds are augmented to enable them to increase their capacity in managing more COVID patients. All PhilHealth-accredited hospitals in the NCR Plus bubble (NCR, Bulacan, Cavite, Laguna, and Rizal) including Pampanga and Batangas treating COVID-19 patients may avail of this payment method. In compliance to the

Natural Drinking Water gives back to our Fillipino athletes by releasing commemorative Summit Sports Label Bottles (available in the market by May) wherein every Summit Natural Drinking Water bottle purchased contributes to the training and hydration of our Nation’s athletes. “On behalf of the Philippine Olympic Committee, I would like to extend our heartfelt gratitude to Summit for your generous support to our National Athletes. Your unwavering commitment to support our sports heroes inspires us to work harder to raise and create programs to produce more world class Filipino athletes. We are confident that with the overwhelming support of Summit, we can further strengthen the Olympic movement in the country,” says Ms. Karen T. Caballero, Deputy Secretary General for NSA affairs, Government and Athletes Affairs from the Philippine Olympic Committee. “We take pride in knowing that despite the obvious challenges and hardships today, the sheer Filipino spirit is proven to be more than capable of breaking through these barriers and emerging from them stronger than

they were before. Diaz and Obiena are a testament to this, and it is with this sentiment that we take great honor in being a part of our athletes’ pursuit to greatness,” says Asia Brewery Inc. Marketing Manager Jill Villanueva. In relation to this, Villanueva also looks forward and expresses that Summit Natural Drinking Water has a lot of exciting plans in store for the rest of the year. Summit Natural Drinking Water, in partnership with the Philippine Olympic Committee, celebrates its decade-long commitment to supporting Philippine athletes as they move forward and pursue even greater heights. In line with this, Summit held a virtual press conference on April 30 featuring Hidilyn Diaz’s and EJ Obiena’s preparations and expectations for the 2021 Tokyo Olympics. Follow Summit Natural Drinking Water’s Official Facebook page and Instagram for more updates: Facebook: https://www.facebook. com/SummitNaturalDrinkingWater Instagram: https://www.instagram. com/summitwaterph/

N line with the common goal of assisting Recovering Persons who Used Drugs (RPWUDS) towards reintegration to their families and communities, the Department of Social Welfare and Development (DSWD) signed a Memorandum of Agreement with 38 local government units (LGUs) for the institutionalization of the Yakap Bayan Program (YBP) implementation in their respective localities. The YBP is a holistic intervention to assist RPWUDs in their recovery journey from surrendering to aftercare, and social reintegration to their families and communities. It entails the provision of aftercare services, such as relapse prevention sessions, counselling sessions, health and fitness therapy, spiritual interventions, and skills training, among others, to improve the well-being and social functioning of RPWUDs. With the forging of the agreement, the DSWD commits to provide the LGUs with technical assistance and resource augmentation in order to assist them in instituting the YBP to address the needs of the RPWUDs in their localities. Part of the technical assistance is the conduct of orientation, consultation, and various trainings for the YBP program implementers. The DSWD will also help the LGUs in the provision of appropriate interventions and programs for the RPWUDs as needed, like skills training and livelihood opportunities under the Sustainable Livelihood Program. Under the agreement, the LGUs shall

enact local resolutions in support of the YBP implementation and its sustainability, and allocating funds for the program institutionalization. The funds will support services such as counseling sessions, health and fitness therapy, spiritual interventions, skills training, and capacity-building to ensure successful reintegration of the RPUWDs in their families and communities. The LGUs shall also establish and strengthen their local Anti-Drug Abuse Council (ADAC) to lead in the overall implementation of the program with a multidisciplinary team and a dedicated social worker who will serve as case manager. Through the institutionalization of the program in each LGU, the RPWUDs in their locality will have the opportunity to better themselves and become productive members of their community, and even become local leaders. The 38 LGUs are in Regions I to VI, IX, XI, XII, CAR, and Caraga. With more LGUs recognizing the need for the YBP, the DSWD hopes that more RPWUDS will be transformed from former drug users to productive members of their families. In implementing the YBP, our nation will be a step closer towards freeing the community from the clutches of illegal drugs.

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

TheWorld

Britain rushes to increase aid to India’s health-care system

ONDON—Britain rushed to increase aid for India’s teetering health-care system on Sunday, promising more ventilators and expert advice as doctors grapple with a surge in coronavirus infections that is killing thousands of people a day. The UK government said it will send an additional 1,000 ventilators to India. In addition, England’s National Health Service, which has battled one of the worst Covid-19 outbreaks in Europe, is creating an advisory group to share its expertise with Indian authorities. Prime Minister Boris Johnson plans a video meeting with his Indian counterpart, Narendra Modi, on Tuesday to discuss further cooperation between the two countries, the UK government said in a statement. India recorded 392,488 new infections, down from a high of more than 400,000 in the previous 24 hours. It also reported 3,689 deaths, raising overall virus fatalities to 215,542. Experts believe both figures are undercounts. T he new round of government aid comes in addition to the 200 ventilators, 495 oxygen concentrators and three oxygen

generation units the UK said it was sending to India last week. Private fundraising efforts are also taking place throughout Britain, where 1.4 million people have Indian roots. “The terrible images we have seen in India in recent weeks are all the more powerful because of the close and enduring connection between the people of the UK and India,’’ Johnson said. “I am deeply moved by the surge of support the British people have provided to the people of India and am pleased the UK government has been able to play our part in providing life-saving assistance.” At the UK’s largest Hindu temple, volunteers are trying to raise 500,000 pounds ($690,000) by racking up 7,600 kilometers (4,722 mi les) on stationar y bikes— roughly the distance from London to Delhi—in 48 hours. The British Asian Trust, a charity founded by Prince Charles, raised 1.5 million pounds to buy oxygen concentrators, which extract oxygen from the air. Sikh group Khalsa Aid raised money to buy 200 boxes of oxygen concentrators that Virgin Atlantic flew to Delhi free of charge on Saturday. AP

BusinessMirror

Tuesday, May 4, 2021

Deadly virus surge spreads impact into India’s politics

EW DELHI—India recorded 368,147 new coronavirus cases on Monday, including 3,417 deaths, as a catastrophic surge ripples through the country.

The latest numbers came after leaders of 13 opposition parties penned a letter to urge the government to launch a free vaccination drive as well as ensure uninterrupted f low of oxygen to all hospitals. Several hospital authorities over the weekend sought court intervention over oxygen supplies in New Delhi, where a lockdown has been extended by a week to contain the wave of infections. “Water has gone above the head. Enough is enough,” said New Delhi High Court, adding it would start punishing government officials if supplies of oxygen allocated to hospitals were not delivered. Prime Minister Narendra Modi’s government has been severely criticized over the handling of the surge, which has pushed

India’s already fragile and underfunded health system to the brink. Massive election rallies organized by the Bharatiya Janata Party and other parties as well as a giant Hindu festival on the banks of the Ganges may have exacerbated the spread, experts said, adding that new variants could also be increasing cases. Modi’s party on Sunday suffered a resounding election defeat in a key state, West Bengal, failing to dislodge its firebrand chief minister, Mamata Banerjee. The BJP retained power in northeastern Assam state but lost in two southern states. While the four states were already stiff election challenges for the BJP apart from the pandemic, analysts say the results weaken Modi’s position as surging infections cripple the already fragile

A counting agent stands in protective suit during the counting of votes of Assam state assembly election in Gauhati, India on May 2. With Indian hospitals struggling to secure a steady supply of oxygen, and more Covid-19 patients dying amid the shortages, a court in New Delhi said it would start punishing government officials for failing to deliver the life-saving items. AP/Anupam Nath

health system. India has confirmed 19.9 million cases of infection since the start of the pandemic, behind only the US, which counts more than 32.4 million. More than 218,000 people in India have died from Covid-19, according to the health ministry. Both figures are thought to be vast undercounts. India opened its vaccination

campaign to people ages 18-44 on Saturday, a mammoth task being undermined by limited supplies. India is the world’s biggest producer of vaccines, but even the ongoing effort to inoculate people above 45 is stuttering. Since January, 10 percent of Indians have received one dose, but only around 1.5 percent have received both required doses. AP

Australia reviewing China’s Port of Darwin ownership

In this December 16, file photo, New Zealand’s Prime Minister Jacinda Ardern speaks during an interview in her office at the parliament in Wellington, New Zealand. Ardern took a tougher stance on China’s human rights record on Monday, May 3, 2021, by saying it was getting harder to reconcile differences as China’s role in the world grows. AP/Sam James

New Zealand’s prime minister takes tougher stance on China

ELLINGTON, New Zealand—New Zea land Prime Minister Jacinda Ardern took a tougher stance on China’s human rights record Monday by saying it was getting harder to reconcile differences as China’s role in the world grows. While Ardern’s language remained moderate when compared with that of many other leaders, it still marked a significant shift for a country that relies on China as its largest trading partner. Ardern in past speeches has often avoided direct criticism of China. New Zealand has been trying to strike the right tone on China in recent weeks after finding itself on the defensive with its Five Eyes security allies by resisting speaking out in unison with them against China on certain human rights issues. New Zealand Foreign Minister Nanaia Mahuta caused a diplomatic stir last month when she discussed her reluctance to expand the role of the Five Eyes to include joint positions on human rights. The alliance among New Zealand, the US, the UK, Australia and Canada has its origins in World War II cooperation. In her speech to the China Business Summit in Auckland on Monday, Ardern said New Zealand has raised “grave” concerns with China on human rights issues, including the situation of Uyghurs in the Xinjiang region and people who live in Hong Kong. “And it will not have escaped the attention of anyone here that as China’s role in the world grows and changes, the differences between

our systems—and the interests and values that shape those systems—are becoming harder to reconcile,” Ardern told the audience. Stephen Noakes, the director of the China Studies Centre at the University of Auckland, said he wouldn’t have expected to hear such language from New Zealand even a couple of years ago. He said some of it sounded like a wink to the Five Eyes to let them know that although New Zealand might have economic dependencies on China, it wasn’t being soft. Noa kes s a id t h at bec au se China’s relationships with both Australia and Canada have deteriorated so rapidly in the last few years, it has made New Zealand’s rosier relationship stick out like a sore thumb. Still, Noakes said, he didn’t expect the change in New Zealand’s rhetoric to have any negative impact on its trade with China. And he said New Zealand’s relatively moderate stance could make it a useful go-between in the future between China and other Five Eyes members. New Zealand has stopped short of calling the Uyghur abuses genocide, language that the US and some other countries have used. New Zealand’s cultural and economic ties to China are particularly strong among the Five Eyes allies. New Zealand was the first developed nation to sign a free trade deal with China in 2008, leading to a boom in exports of New Zealand milk powder and other products. China now buys twice as much from New Zealand as New Zealand’s next biggest market, Australia. AP

ustr alia is reviewing whether to force a Chinese company to sell a lease to a strategically important port used by US Marines, a move that could further stoke tensions with Beijing. The National Security Committee of Prime Minister Scott Morrison’s Cabinet has asked the Defense Department to advise on the ownership, Defense Minister Peter Dutton said in an interview with the Sydney Morning Herald published late Sunday. Asked whether the government was mulling over forced divestment, he said officials would consider the national interests. The move is likely to further hurt ties between Australia and its largest trading partner, which have nosedived since the call by Morrison’s government a year ago for Beijing to allow independent investigators into Wuhan to probe the origins of the coronavirus. Since then, China has implemented a range of trade actions against

Australian goods, including coal, wine and barley. The Northern Territory government’s deal in 2015 to sell a 99year lease to the Port of Darwin to Chinese firm Landbridge Group for A$506 million ($391 million) has been criticized by security experts. It came four years after then President Barack Obama secured a deal to base about 2,500 Marines in Darwin, which is on the doorstep of the Indo-Pacific. In December 2015, Australia’s Defense Department dismissed concerns that the sale could undermine national security after the US queried the deal. ThenDefense Secretary Dennis Richardson said worries the People’s Liberation Army could secure access to port facilities were “alarmist nonsense,” adding there was no chance of China spying on US-Australian communications because naval vessels go silent in any commercial port. Earlier that year, Obama had

raised the issue with then-Australian Prime Minister Malcolm Turnbull at a regional forum. “Australia may be thinking its stocks with China are so low at the moment that it may as well do this now,” said John Blaxland, a former intelligence officer who’s now a professor in international security at the Australian National University. “While the efficacy of this course of action is unclear, it is possible intelligence officials have briefed the government that risks from China’s ownership now merit a reversal of the sale.” China slammed Australia’s decision last month to use new laws to cancel Belt-and-Road agreements with the Victorian state government. There has been increasing speculation Morrison may use the laws, passed in December, to scrap long-term leases held by Chinese companies at the ports in Darwin and Newcastle. “In relation to the Port of Darwin, if there is any advice that I

receive from the Department of Defense or intelligence agencies that suggest there are national security risks there, then you would expect the government to take action on that,” Morrison said in a radio interview Friday. Australia’s move comes as the leader of close ally New Zealand said her country’s differences with China are becoming more difficult to reconcile. “As China’s role in the world grows and changes, the differences between our systems—and the interests and values that shape those systems—are becoming harder to reconcile,” New Zealand Prime Minister Jacinda Ardern said on Monday. Her statement came after her government, in a bid not to antagonize its largest trading partner, chose to avoid co-signing statements from the Five Eyes intelligence-sharing alliance criticizing Chinese human-rights violations. Bloomberg News

Russia, facing lags, turns to China to manufacture Sputnik vaccine

AIPEI, Taiwan—Russia is turning to multiple Chinese firms to manufacture the Sputnik V coronavirus vaccine in an effort to speed up production as demand soars for its shot. Russia has announced three deals totaling 260 million doses with Chinese vaccine companies in recent weeks. It’s a decision that could mean quicker access to a shot for countries in Latin America, the Middle East, and Africa that have ordered Russia’s vaccine, as the US and the European Union focus mainly on domestic vaccination needs. Earlier criticism about Russia’s vaccine have been largely quieted by data published in the British medical journal The Lancet that said large-scale testing showed it to be safe, with an efficacy rate of 91 percent. Yet, experts have questioned whether Russia can fulfill its pledge to countries across the world. While pledging hundreds of millions of doses, it has only delivered a fraction. Kremlin spokesman Dmitry Peskov has said demand for Sputnik V significantly exceeds Russia’s domestic production capacity. To boost production, the Russian Direct Investment Fund, which bankrolled Sputnik V, has signed agreements with multiple drug makers in other countries, such as India, South Korea, Brazil, Serbia, Turkey, Italy and others. There are few indications,

however, that manufacturers abroad, except for those in Belarus and Kazakhstan, have made any large amounts of the vaccine so far. Airfinity, a London-based science analytics company, estimates Russia agreed to supply some 630 million doses of Sputnik V to over 100 countries, with only 11.5 million doses exported so far. RDIF declined to disclose how many doses are going to other countries. Through April 27, less than 27 million two-dose sets of Sputnik V have been reportedly produced in Russia. The Russian Direct Investment Fund, which has been in charge of international cooperation for Sputnik V, said in April it would produce 100 million doses in collaboration with Hualan Biological Bacterin Inc., in addition to an earlier deal announced in March for 60 million doses with Shenzhen Yuanxin Gene tech Co. The two deals are in addition to a deal announced last November with Tibet Rhodiola Pharmaceutical Holding Co, which had paid $9 million to manufacture and sell the Sputnik V vaccine in China. RDIF said in April the terms of the deal were for 100 million doses with a subsidiary company belonging to Tibet Rhodiola. Russia is “very ambitious and unlikely to meet their full targets,” said Rasmus Bech Hansen, founder

and CEO of Airfinity. Working with China to produce Sputnik V could be a win-win situation for both Russia and China, he added. In recent years, Chinese vaccine companies have turned from largely making products for use domestically to supplying the global market, with individual firms gaining WHO preapproval for specific vaccines — seen as a seal of quality. With the pandemic, Chinese vaccine companies have exported hundreds of millions of doses abroad. Chinese vaccine makers have been quick to expand capacity and say they can meet China’s domestic need by the end of the year. “This is an acknowledgment of the Chinese vaccine manufacturers who can produce at volume,” said Helen Chen, head of pharmaceuticals LEK Consulting, strategy consultancy firm in Shanghai, in an e-mail. However, none of the three Chinese companies have yet to start manufacturing Sputnik V. Tibet Rhodiola started constructing a factory in Shanghai at the end of last year and expects production to start in September, the company said at an annual meeting for investors last month. Tibet Rhodiola’s chairman Chen Dalin also said that after the successful technology transfer, they will start with an order of 80 million doses to sell back to Russia. An employee at

the company declined to transfer a phone call request to the company’s media department for comment. The timeline for the newest deals are also unclear. Hualan Bio was among the 10 largest vaccines manufacturers in China in 2019. Phone calls to Hualan Bio went unanswered. A spokeswoman for Shenzhen Yuanxing declined to say when the company will start production but said their order would not be for sale within China. RDIF had said the production will start this month. In spite of the delays, Russia’s vaccine diplomacy has made gains. From the outset, Russia, the first country to approve a coronavirus vaccine, aimed to distribute it globally. Within weeks of giving Sputnik V regulatory approval, RDIF started actively marketing it abroad, announcing multiple deals to supply the shot to other countries. It is so far winning the “public relations” battle, analysts said in a new report examining Russia and China’s vaccine diplomacy from the Economist Intelligence Unit. “Russia has been able to build stronger diplomatic ties and in areas where it hasn’t been able to,” before, said Imogen Page-Jarrett, an analyst at EIU. “They have this window of opportunity while the US, EU and India are focusing on domestic and the rest of the world is crying out for a vaccine supply.” AP

Sports BusinessMirror

| Tuesday, May 4, 2021 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

TSUKII IN TOP FORM FOR TOKYO QUALIFIER

By Josef Ramos

UNNA TSUKII has been pacing herself excellently—winning a second gold medal this time in Portugal in a five-week span— for the Tokyo Olympics karate qualifier which Paris is hosting from June 11 to 13. No less than Karate Pilipinas President Richard Lim believes Tsukii could conquer Paris and proceed to Tokyo were karate is making its Olympic debut. “I can see her winning in Paris,” Lim said in an online chat with BusinessMirror from the national team training camp in Istanbul on Monday night. “Her confidence is her biggest edge to reach the Olympics. She has total control of her game—confident and relaxed.” Tsukii beat Kazakhstan’s Moldir Zhangbyrbay, 2-0, in the female -50 kg kumite final at the First Karate Premier League in Lisbon, her second gold medal after the mint she bagged at the International Golden Belt tournament in Cacak, Serbia, last March 27 To qualify for Tokyo, Tsukii must either emerge as the No. 1 ranked karateka in Asia in her weight class or finish in the top three in the Paris qualifier—she is zeroing in on both, whichever comes first. The 29-year-old Filipino-Japanese who was born in Pasay City, is currently No. 3 in Asia with 3742.50 points. Iran’s Sara Bahmanyar (5677.50) and China’s Ranran Li of China (4950) are 1-2 in the continent. “Look at my first gold medal on the world caliber stage,” Tsukii posted by on her Facebook account. “I would like to thank everyone who has supported me to this point. This medal is for you.” Tsukii beat Colombia’s Daniela Gallego (10-2) in the first round, Iran’s Sara Bahmanyar (2-1) in the second round and drew with Radwa

Sayed of Egypt (1-1) but tallied more flags (3-2) to reach the semifinals where she eliminated two-time world champion Alexandra Rechhhia (2-0) of France. Tsukii, who is trained by her dad Shihan Shin, is expected to proceed to Istanbul to join her teammates preparing for the Paris qualifier.

TOKYO OLYMPICS NEED 500 NURSES T OKYO— Some nurses in Japan are incensed at a request from Tokyo Olympic organizers to have 500 of them dispatched to help out with the games. They say they’re already near the breaking point dealing with the

JUNNA TSUKII is pacing her preparations pretty well.

Mandaue vs Lapu-Lapu Visayas leg semifinals on

CS Computer Specialist-Mandaue City and ARQ Builders Lapu-Lapu City clash in the semifinals of the Chooks-to-Go Pilipinas VisMin Super Cup on Tuesday at the Alcantara Civic Center in Cebu. Tipoff is 6 p.m. with Mandaue City needing to win once to book its ticket in the best-of-three Visayas Leg Finals opposite undefeated MJAS Zenith Talisay City. With their squad finally complete with the return of ace point guard Jerick Cañada from a hamstring injury, Lapu-Lapu City has other plans as it tries to force a rubber match for the Finals slot on Wednesday. Lapu-Lapu City assistant coach Jerry Abuyabor said his coaching staff, led by Head Coach Francis Auquico, just wanted the players to focus on the thing at hand. He emphasized that the Heroes need to do well on their transition and defensive rotations. “We just want our players to play their best game possible,” said Abuyabor, whose wards

trounced Dumaguete, 92-76, on Sunday to advance to the semifinals. “We want to focus on things we can control because we’re facing a Mandaue City team that is good in transition and ball movement.” It will be a tall task for Lapu-Lapu City considering that Mandaue City has the numbers so far in the competition. Mandaue City won both of their encounters—77-66 on April 20 and 75-66 on April 26. Mandaue City head coach Mike Reyes is not taking any chances though, especially against a squad filled with seasoned veterans Reed Juntilla, Jojo Tangkay and Ferdinand Lusdoc. “We’ll have the same strategy as our second round game. We have to limit Tangkay, Lusdoc and Reed,” Reyes said. “We’ll make a few adjustments on defense and offense but mostly, just mental preparation.” The Visayas leg Finals starts Thursday if Mandaue City wins, or Friday if Lapu-Lapu City forces a knockout game.

coronavirus pandemic. Olympic officials have said they will need 10,000 medical workers to staff the games, and the request for more nurses comes amid a new spike in the virus with Tokyo and Osaka under a state of emergency. “Beyond feeling anger, I was stunned at the insensitivity,” Mikito Ikeda, a nurse in Nagoya in central Japan, told the Associated Press. “It shows how human life is being taken lightly.” The appeal for more nurses is typical of the impromptu changes coming almost daily as organizers and the International Olympic Committee (IOC) try to pull off the games in the midst of a pandemic. The Olympics are set to open in just under three months, entailing the entry into Japan—where international borders have been virtually sealed for a year—of 15,000 Olympic and Paralympic athletes and thousands of other officials, judges, sponsors, media and broadcasters. In a statement from the Japan Federation of Medical Workers’ Unions, secretary general Susumu Morita said the focus should be on the pandemic, not the Olympics. “We must definitely stop the proposal to send as Olympic volunteers those nurses, tasked with protecting the fight against the serious coronavirus pandemic,” Morita said. “I am extremely infuriated by the insistence of pursuing the Olympics despite the risk to patients’ and nurses’ health and lives.” A protest message saying that nurses were opposed to holding the Olympics went viral on Japanese Twitter recently, being retweeted hundreds of thousands of times. Even before the pandemic, Japanese nurses were overworked and poorly paid compared with their counterparts in the United States or Britain. Nursing is not only physically taxing but also emotionally draining,

said Ikeda, who has been a nurse for 10 years. He said many nurses worry about getting infected themselves, with vaccination rates in Japan reported at only 1 to 2 percent. “It’s hard for any hospital to go without even one nurse, and they want 500,” Ikeda said. “Why do they think that’s even possible?” Deaths attributed to Covid-19 in Japan have just passed 10,000. The British Medical Journal last month said that Japan should “reconsider” holding the Olympics, arguing that “international mass gathering events...are still neither safe nor secure.” Haruo Ozaki, chairman of the Tokyo Medical Association, has said it will be “extremely difficult” to hold the Olympics because of the new variants that are spreading. He also explained that Japan’s medical community has been stretched while treating coronavirus patients and also doing the vaccine rollout. “We have heard enough of the spiritual argument about wanting the games,” he said. “It is extremely difficult to hold the games without increasing infections, both within and outside Japan.” AP

WINNING ACCORDING TO THOMAS

Geraint Thomas rebounds from his finish-line crash Saturday to win the six-day Tour de Romandie with a fast time-trial on Sunday in Fribourg, Switzerland. The 2018 Tour de France winner places third in the 16.2-kilometer time trial to overhaul Michael Woods, who took the yellow jersey Saturday only because Thomas fell in their sprint finish for victory in a chilly, rain-swept mountain stage. Thomas finishes 28 seconds clear in the overall standings from his Ineos Grenadiers teammate Richie Porte and 38 seconds over third-place Fausto Masnada. AP

Carrasco featured in summit

HILIPPINE Olympic Committee (POC) Technical Commission Chairman Tom Carrasco will be resource speaker in the 12th session of the National Sports Summit 2021 on Wednesday. Carrasco—the president of the Triathlon Association of the Philippines, Southeast Asian Triathlon and a board member of the Asian Triathlon Association—will delve on the topic “Main Support System of a Filipino Elite Athlete.” Carrasco, a POC official since 2001, will discuss the organization’s role in supporting elite national athletes as they work hand in hand with

the Philippine Sports Commission. “Tom [Carrasco] is one of the fittest to converse on the topic being with the POC for a long time now,” PSC Chairman William Ramirez said. “This is also a chance for our participants to understand the dynamics behind an elite athlete.” Under Carrasco’s watch, the Philippines had lorded it over triathlon in the Southeast Asian Games. Carrasco also served as executive director of the Philippines SEA Games Organizing Committee in 2019.

Trey Lance VINCENT JUICO @VJuico, Instagram vpjp_j, vince.juico@gmail.com

SPORTS WITHOUT BORDERS IF you’re a San Francisco 49ers die-hard fan like me, you’ve got to be ecstatic with the third pick in the recent National Football League (NFL) Draft—Trey Lance. Lance, according to a news website, “Played college football at North Dakota State, where he won the Walter Payton Award and Jerry Rice Award as a redshirt freshman in 2019. He holds the NCAA record for most passes thrown in a season without an interception, doing so with 312 in 2019. Although he only played one game in the 2020 season due to the Covid-19 pandemic, Lance was selected third overall by the 49ers in the 2021 NFL Draft, who traded up to select him.” Lance is 6-foot-4, 220 lbs and he can run. According to a Yahoo sports article, Lance’s psychological tests are “Off the charts.” “Kyle Shanahan and John Lynch selected the North Dakota State quarterback at No. 3 because they have a lot to love about Lance, specifically his intelligence. Lance was viewed by many as one of the smartest QBs in the draft, and that was a big factor for the 49ers.

NFL analyst Adam Schefter says, “New SF QB Trey Lance’s psychological tests for the 49ers were “off the charts,” per a source. The 49ers considered him the smartest quarterback in this draft class.” A lot is going for this kid besides his high football IQ and that throughout his college career, he’s only thrown one interception. “One factor working in Lance’s favor is that the offense at North Dakota State is viewed as a pro-style offense, something that could help Lance with his transition to the NFL. “The Niners offense is the famed west coast offense that’s won Super Bowls for former Niners quarterbacks Joe Montana, Steve Young and current starting quarterback Jimmy Garoppolo.” NFL.com quoting former 49ers running back Frank Gore says, “You don’t give up all that for a pocket passer. You don’t give up all that and still need to call a perfect play for a guy. This guy can make plays even when the call ain’t perfect. He has a chance to be special in that offense.” According to Colin Cowherd of the “The Herd” podcast, “I think he’s special,” while discussing the quarterback-heavy draft. “By the

JORGE EDSON SOUZA DE BRITO brings his volleyball smarts to Philippine soil.

FIVB appoints Brazilian coach for national women’s team

HE International Volleyball Federation (FIVB) has granted the Philippine National Volleyball Federation’s (PNVF) request for a Brazilian coach for the national women’s team, appointing former Olympic gold medalist Jorge Edson Souza de Brito to the post. “We are thankful for the FIVB’s quick response to our request and we are more thankful that the federation picked an excellent man for the job,” PNVF President Ramon “Tats” Suzara said. “With coach Jorge’s vast experience as a coach and player, we are very sure that we will get the technology transfer we have aspired for.” Souza de Brito was a member of the Brazilian team that won the gold medal in the Barcelona 1992 Olympics and later coached the Brazilian women’s team to the gold medal in the Beijing 2008 Olympics. The 54-year-old Souza de Brito has vast experience as a coach for several top clubs in the Brazilian league from 2002 onwards and won titles and clinching podium finishes in Turkey and Japan. His résumé states that he “specializes on teamwork and challenges, planning technical and tactics practices and draws strategies based results and analysis by the DataVolley program and personal sense.” Souza de Brito will work handin-hand with national women’s team Coach Odjie Mamon for one year upon his arrival in June or July with the FIVB subsidizing his one-year salary worth 36,000 swiss francs (roughly P1.9 million), according to Suzara. Suzara said Souza de Brito’s hiring falls under the FIVB’s coaching support for technical and tactical development of national teams project agreement. “The FIVB will be paying for coach Jorge’s salaray but the PNVF will be responsible for his accommodation, food and local transport,” Suzara said. Suzara sealed the FIVB assistance in a recent virtual meeting with FIVB General Manager Fabio Azevedo, Head of Technical and Development Department Steve Tutton, Director for Asia and Oceania Luis Alexandre Pontes Rodrigues and Sports Development Department Hitesh Malhotra. PNVF board member Ricky Palou joined Suzara in the meeting. Suzara said the PNVF applied for the FIVB’s development project platform to strengthen the women’s team that hasn’t won a Southeast Asian Games medal since 2005. Kenya, Argentina and Turkey also applied for the program. “I would like to emphasize that we are very serious on improving our women’s national team,” Suzara said. “At the moment, he [Souza de Brito] will focus on the women’s team only, and let’s see if we can expand later to the youth squad.” The development came just days after the PNVF successfully conducted a three-day bubble tryout for the national teams for volleyball and beach volleyball. way, I’m not going to lie, he was at my house 24 hours ago. Very humble, very gracious, he’s got all the right things in life that he cares about.” The NFL do background checks on potential picks before they are drafted. They interview family, relatives, former coaches, trainers and teammates. Teams do a holistic evaluation on players before they make a decision. Cowherd continues, “I know Trey, I like him, I think he’s a really good kid. This is 6-foot-4, 220 [pounds], big arm, can run. NFL teams these days are looking for quarterbacks who not only stay in the pocket but can slice through defenses like a running back— but run like a gazelle like a wide receiver. In an interview on SI.com, Lance says, “Honestly, whatever situation I’m put in, I’m going to be as prepared as possible to be ready to go whenever the coaches see fit. But I’m just looking for an opportunity anywhere. I don’t pick where I go. I’ll be super grateful to go anywhere. “Whatever organization I go to, I’m going to be as ready as I possibly can day one. I’m a competitor first and foremost. So I’m going to compete for that spot regardless of where I’m at or what the situation is. “It’s huge. You see Lamar Jackson, and not only Lamar Jackson, but countless quarterbacks around the league that can move. That’s one of my strengths for sure. So I’m anxious to show what I’ve got and what I can do.” Lance’s last answer was about quarterbacks being a dual threat, can throw and can move. Like I said earlier, more and more teams are putting a premium on quarterbacks who can throw and run.