BusinessMirror May 11, 2021 by BusinessMirror

BANK LENDING IN MARCH DIPS EVEN MORE BY 4.5%

n Tuesday, May 11, 2021 Vol. 16 No. 209

P25.00 nationwide | 2 sections 18 pages |

THE LRT Line 1 Cavite extension being constructed in Parañaque, seen here reflected in the river, is now halfway finished. Partial operations are expected by the end of 2021. This 11.7-km extension of the existing LRT Line 1 will run from Baclaran to Niog in Bacoor, Cavite, and is seen to cut travel time from Manila to Cavite from the current 1 hour and 10 minutes to only 25 minutes, as well as accommodate 300,000 to 500,000 passengers daily. NONIE REYES

By Bianca Cuaresma

@BcuaresmaBM

ANK lending in the country is still showing no signs of recovery as of March this year, as the Bangko Sentral ng Pilipinas (BSP) reported that it continued to contract at a larger rate during the month.

BSP data showed that bank lending in March hit a contraction of 4.5 percent, falling faster than the 2.7- percent contraction seen in the previous month. Bank lending first fell under contraction territory in December 2020 by 0.7 percent. March is the fourth consecutive month of bank lending in the contraction territory and the twelfth consecutive month that bank lending has slowed de-

spite BSP’s aggressive efforts to lower interest rates and boost liquidity conditions. In comparison, the Philippines’s bank lending growth rate was at 13.6 percent in March 2020. The BSP said the already weak appetite of banks to lend was further strained by the reimposition of restrictions to curb the rising Covid-19 cases in key areas in the country. “Credit activity remained tepid

Q1 farm output down 3.3% on livestock, poultry woes By Jasper Emmanuel Y. Arcalas

@jearcalas

HE dismal performance of the livestock and poultry subsectors slashed the country’s farm output in the first quarter by 3.3 percent despite an abundant crop harvest, the Philippine Statistics Authority (PSA) said on Monday. The reduction in total output, driven by a 23.2-percent contraction in livestock production, is “ bad news” as the countr y started the celebration of Farmers and Fisherfolk Month on May 10. The Department of Agriculture (DA) noted that the “good perfor-

mance” of the crops and fisheries subsectors was not enough to “pull up” agriculture growth in the first quarter. This is now the second consecutive quarter that agricultural output declined and is the steepest Januar y-to-March per iod decline since the first quarter of 2016, based on historical PSA data. In its quarterly report, the PSA said crops production, which accounts for more than half of total agricultural output, grew by 3.3 percent on the back of an 8.6-percent and 6.5-percent increase in the production of palay and corn, respectively.

on banks’ tighter lending standards as a resurgence in coronavirus cases dampened the domestic economic outlook,” the BSP said. Broken down, outstanding loans to major industries decreased, particularly to wholesale and retail trade and repair of motor vehicles and motorcycles (by 9.7 percent) and manufacturing, by 5.5 percent. Lending to financial and insurance activities also declined by 5.1 percent during the month. The decline could have been larger, the BSP said, if not partially offset by the expansion in loans to some key production sectors such as electricity, gas, steam, and air-conditioning supply which grew by 2.9 percent, real-estate activities which grew by 1.5 percent, and human health and social work activities which grew by 11.6 percent. Consumer loans to residents also dropped by 9.9 percent in March

after an 8.3-percent contraction in February due to the decline in credit card and motor vehicle loans. The decline in bank lending also happened in an environment of expanding domestic liquidity in the country. In a separate report on Monday, the BSP said domestic liquidity— broadly measured as M3—grew by 8.3 percent year-on-year to about P14.2 trillion in March 2021. This was slower than the 9.4-percent expansion in February. The BSP vowed to keep an eye on evolving lending and liquidity conditions to “ensure that the overall stance of monetary policy remains in line with the BSP’s price and financial stability objectives, while providing support to the national government’s efforts to combat the impact of the health crisis on the economy.” The BSP is set to meet for its monetary policy setting this week.

2-MONTH FDI LARGER BY 20.6% DESPITE SLIDE IN FEBRUARY

ONG-TERM investments made by foreign players to the local economy slightly dipped in the second month of the year, the Bangko Sentral ng Pilipinas (BSP) reported on Monday. Foreign Direct Investments (FDI) to the Philippines hit $608 million in February this year, bringing the total 2021 FDI to the country to $1.57 billion. FDI are investments made by foreign players to the Philippines with an eye to longterm return. Since these are in the country for a longer term compared to the short-term foreign portfolio investments ( FPI ), F DI u s u a l ly c re ate jobs for Filipinos and have a mu ltiplier effect on the economy. The February FDI inflow is 2.2 percent lower than the $621-million FDI inflow seen in February 2020. The twomonth cumulative FDI of the country, however, remained in growth territory due to the big FDI numbers in January. In particular, the FDI inflow for January and February of $1.57 billion is still 20.6 percent larger than the $1.3-billion twomonth FDI in 2020. The BSP attributed February FDI’s “slight decline” to the 88.3-percent drop in nonresidents’ net investments in

equity capital to $20 million in February 2021 from $175 million in February 2020. This, as equity capital placements decreased by 62.1 percent to $89 million in February 2021 from $236 million in 2020, and withdrawals rose by 13.6 percent to $69 million from $61 million in February last year. The decline could have been larger, the BSP said, had it not been tempered by the 36.1-percent increase in the foreign investors’ net investments in debt instruments to $515 million in February 2021, from $378 million last year. Reinvestment of earnings also rose by 6.1 percent to $72 million from $68 million in February 2020. For the January-to-February period, the BSP said equity capital placements came from Singapore, Japan, the Netherlands, and the United States. These investments were channeled largely to financial and insurance; manufacturing; and real-estate industries. Earlier this year, the BSP raised its projection for the FDI in the country from $7.5 billion to $7.8 billion by yearend on renewed optimism for the local and global economy after being ravaged by restrictions to curb the pandemic. Bianca Cuaresma

Continued on A4

PESO EXCHANGE RATES n US 47.9000

n JAPAN 0.4410 n UK 67.0792 n HK 6.1679 n CHINA 7.4485 n SINGAPORE 36.1646 n AUSTRALIA 37.5871 n EU 58.2895 n SAUDI ARABIA 12.7733

Source: BSP (May 10, 2021)

News

BusinessMirror

A2 Tuesday, May 11, 2021

COA report: Another casino planned at Nayon Fdn’s site By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

REES or a casino? Several reports from the Commission on Audit from 2014 to July 2020 confirm that a 25-year lease contract had been signed between the Nayong Pilipino Foundation (NPF) and Resorts World Bayshore City Inc. (RWBCI), the integrated casino developer of Megaworld Corp. Forged on August 20, 2014, the contract is for the “[development and operation] of an integrated hotel and casino project at the NPF property at the Manila Bay Reclamation Area in Parañaque City.” COA also noted in its report in July 2020, the NPF received P1 billion in advance lease payments from RWBCI. Moreover, NPF “did not collect the estimated VAT [value-added tax] in the amount of P120 million corresponding to 12 percent of the P1-billion advance rental from [RWBCI], hence, no VAT was remitted to the BIR [Bureau of Internal Revenue]; instead NPF collected VAT from RWBCI monthly, equivalent to the VAT of the monthly lease rental. Likewise, no Official Receipt [OR] was issued for the collection of the P1-billion advance rental, rather the OR is issued monthly to RWBCI, equivalent to the monthly lease rental, despite the actual amount collected is for the VAT only. Such arrangement is contrary to Revenue Memorandum Circular No. 16-2013.” It would be recalled that President Duterte fired the entire board of NPF in August 2018, for entering into a contract with a separate

Hong Kong gaming resort developer, Landing International, that was deemed grossly disadvantageous to the government. (See, “Duterte bans casino at new Nayong Pilipino park in Parañaque,” in the BusinessMirror, October 18, 2019.)

Mega-vaxx site, a vacant lot

THE NPF Board is currently blocking moves to establish a megavaccination facility on the foundation’s property along New Seaside Boulevard in Parañaque City, claiming 500 trees would be felled for the project. The proposed area for the mega-vaxx center is actually a vacant lot, devoid of trees, on the site where the RWBCI’s casino and hotel would rise, according to government and private sector sources. B us i n e s sM i r ror s ou rc e s claimed the board’s reluctance may be tied to the lease contract with Megaworld/RWBCI, whose lease

rentals will develop its planned Sambayanihan project, a forest park and cultural haven for artists. (See, “Megaworld deal raised in Nayon vaxx site row,” in the BusinessMirror, May 10, 2021.) The Sambayanihan project was supposed to have been funded by the Tourism Infrastructure and Enterprise Zone Authority to the tune of P2 billion, but stalled because the latter had to give up its funds for government’s anti-Covid efforts. The lease payments of RWBCI are currently held in trust, according to the COA. These funds cannot be touched until the Department of Justice renders a favorable opinion on the contract between NPF and RWBCI. But sources averred, NPF already used a “portion of the funds” held in trust for its operations. Since 2014, COA had been noting the questionable validity of the contract between NPF and RWBCI. In its report that year, the agency said, “Lease contract entered into by the Foundation was made without public bidding contrary to Section 531, Chapter 2 Volume I of the Government Accounting and Auditing Manual on Revenue Generating Contracts, thus, the validity and propriety of the contract and the reasonableness of the terms of the lease and rental rates could not be ascertained.”

Lease terms

UNDER the lease agreement, “rentals shall be for P102.039 million annually with a two-year grace period, subject to 5 percent escalation every five years beginning on the 7th year. The lessee paid an

advance rental of P1.0 billion for 20 years, which was discounted at 5 percent.” The NPF even then, “did not present comparative figures to show that the rental rates set for the lease contract were reasonable, as required by EO 301 [Decentralizing Actions on Government Negotiated Contracts, Lease Contracts and Records Disposal].” Meanwhile, Presidential spokesman Harry Roque said in his news briefing on Monday that he didn’t know if President Duterte had already accepted the resignation of NPF Executive Director Lucille Karen Malilong-Isberto as trustee. Malilong-Isberto on Monday broke her silence and explained some of the issues raised in connection with the NPF stand on the mega vaxx facility. (See related story on A10, “Ex-Nayon Foundation chief: Mega-vaxx site not part of national plan.”) “I don’t have any news if her [Malilong-Isberto] resignation was accepted. But we are appealing to the Nayong Pilipino Board...that whatever their decisions are, they won’t contradict the important mission of caring for the lives of our fellow Filipinos. The establishment of the mega-vaccination facility at Nayong Pilipino is pursuant to the inherent police powers of our President, that is, to protect everyone’s right to health,” he said in Taglish. [See, “Galvez urges Nayon execs: Let mega-vaxx center proceed,” in the BusinessMirror, May 10, 2021.) He stressed that NPF is a government-owned and -controlled corporation “which is under the supervision of our President.”

AS ‘DOFIL’ HEARINGS END, SENATE PANEL TRACKS OWWA FUNDS By Butch Fernandez

@butchfBM

ENATE probers, citing fresh findings triggering tighter scrutiny of the multibillion-peso Overseas Workers Welfare Administration (OWWA) fund, vowed to help put in place tighter safeguards, amid warnings that the continued depletion of the money for the repatriation and quarantine accommodations of migrant workers might force officials to touch its trust fund. Sen. Joel Villanueva, chairman of the Senate’s Labor Committee inquiry, said on Monday the panel intends to endorse adequate safeguards to protect the workers’ fund. This, as the committee wrapped up public hearings on Monday and Villanueva formed a technical working group to iron out the details of the committee report on the Department of Overseas Filipinos (DOFIL) bill. “By the time the DOFIL will be in full operation, it will be a changed world. We are not designing tomorrow’s agency on the specs and the needs of yesterday,” he said. The DOFIL “can help in the transition, provided it is given the right mandate and orientation,” Villanueva said. “The last thing we need is new bureaucratic accessory. What we should

have is an agency that is a toolkit for the future,” Villanueva said. This is borne out of the fact that “OFWs and the markets they compete in and the host countries they serve” are not immune from the “pandemic’s side effects,” the senator said. Job markets have been drastically changed by the pandemic, he said, noting its impact on shipping. “There is an increase in demand for health services, while travel and tourism have collapsed, which impacts on OFWs in the service sector. The cruise ships are grounded. Thus, in a world changed by the pandemic, what should be the role of DOFIL?” Villanueva said. Villanueva said the creation of DOFIL was endorsed by the Labor Committee. “We know that many people want this to be finished, but you all saw how complicated is the proposed DOFIL. All of the problems pertaining to our migration policy since the 70s are being addressed through the DOFIL,” he added. At the same time, he clarified this “does not mean that the current system or the status quo is not working. Let’s not forget that all our policies in place were crafted amid conflicts, economic downturns and several epidemics in the past like Ebola, SARS and MERS-CoV. As it is, our current system has been tried and tested, and this is why the DFA has said in our previous hearings that the Philippines’s

migration policy is the ‘gold standard.’”

OWWA funds

MEANWHILE,“in light of what has transpired today, we are all the more convinced now that we need to look into the OWWA Funds and to ensure that the government is adequately funded to withstand the massive job losses, displacements and continuing repatriation of Filipinos stranded abroad,” the senator said. At the same time, he commended OWWA chief Hans Cacdac for his agency’s relentless efforts to help OFWs who continue to seek repatriation as the Covid-19 pandemic lashes job markets. In all, at least half a million OFWs have returned since the pandemic began, through the collaboration of the Department of Foreign Affairs, Department of Labor and Employment and OWWA. Villanueva said the Senate Labor panel is also taking the cue from Senate Minority Leader Franklin Drilon, a former Secretary of Labor, to upgrade information dissemination on workers’ benefits from the OWWA funds. “I couldn’t agree more with Senator Drilon that this ‘final issue’ is worth looking into and we thank him for bringing this to the fore,” Villanueva said, after presiding at his committee’s hearing on the proposed Department of Overseas Filipinos. “Our OFWs contribute to the OWWA Fund through their

toil, tears and sweat but they don’t know what their benefits are. So, we must really focus on the need for information dissemination.” At the same time, Villanueva assured that if the proposed DOFIL will pave the way for protecting the OFW’s fund. “We are also delighted with new developments and we trust the words of Cabinet Secretary Karlo Nograles that “there’s already a recommendation to the President for the allocation of P5.2 billion as additional repatriation expense. With this, it is now clear that “the OWWA Trust Fund will no longer be touched,” as the agency continues its tasks in the massive, continuing repatriation. “And we also congratulate OWWA for making a firm stand that its trust fund cannot be used in activities like repatriation,” stressed. Among the most serious objections of DOFIL critics is the issue of undue spending for an additional layer of bureaucracy for a cash-starved government, which Drilon said earlier contradicts the supposed“right-sizing” program of government. For her part, Sen. Nancy Binay had sought a “Gantt Chart” of sorts to illustrate “how to divide the functions of agencies currently handling OFWs and those that will be absorbed by the DOFIL especially as regards to the control of the ATN [Assistance to Nationals] funds,” according to Villanueva.

www.businessmirror.com.ph

D.O.H. APPLIES FOR SINOPHARM EUA; DENIES PLAN TO BUY P1-B REMDESIVIR

HE Department of Health (DOH) on Monday disclosed that it is already applying for the emergency use application (EUA) of China’s Sinopharm Covid-19 vaccine. In applying for the EUA, Health Undersecretary Maria Rosario Vergeire clarified that they are not acting as the “representative” of the manufacturer, and there is nothing anomalous in this setup as this is a “government-to-government” pathway. “Hindi ito ang unang pagkakataon [This is not the first time that we are doing this]. We have done this for the Covax [facility] and [they] donated Sinovac,”Vergeire said. She stressed that the procurement of Sinopharm vaccines would be possible through government-to-government. She added that this is some thing that they are doing “to facilitate the process of receiving vaccines.” The DOH official said that they are currently in the process of getting the documents of Sinopharm so that the application of the EUA will be “completed.”

Remdesivir plan clarified MEANWHILE, after Anakalusugan Partylist Rep. Mike Defensor threatened possible charges if the DOH insists on procuring the anti-viral medication remdesivir for Covid-19 treatment, a DOH official on Monday denied any procurement of the drug, which has no Certificate of Product Registration (CPR) yet. “We do not have any procurement of remdesivir precisely because it has no CPR,” Vergeire said in an online briefing,

noting that the DOH follows “regulatory protocols.” Currently, the use of remdesivir is allowed through a compassionate special permit and the DOH is allocating funds to hospitals to procure drugs that could treat patients with Covid-19. Earlier, the DOH and the Food and Drug Administration categorically denied the “insinuation” that certain department officials stand to “financially benefit” from the use of remdesivir and tocilizumab— another drug being used for treating Covid-19 patients. “The use of remdesivir and tocilizumab are based on World Health Organization Solidarity Trials and are used only for critical and severe Covid-19 cases,” the DOH said. Remdesivir and tocilizumab, the DOH added, are not yet recommended for the use of mild and asymptomatic cases. The WHO has yet to set the appropriate treatment of Covid-19 patients and these are used to help in discovering effective therapeutics for Covid-19. Moreover, the Philippine Society for Microbiology and Infectious Diseases (PSMID) Covid-19 Living Recommendations suggests the use of remdesivir and tocilizumab as a “treatment” for patients with critical and severe Covid-19 cases. It added that the Philippines is importing medicines from India and making them available to lower-income households through village pharmacies through RA 9502 or Cheaper Medicines Act.

Claudeth Mocon-Ciriaco

Pump prices up again

NOTHER oil-price hike will take effect Tuesday morning. Oil firms announced Monday that they will hike gasoline process by P0.75 per liter, diesel by P0.70 per liter and kerosene by P0.70 per liter. The price adjustment will be implemented at 6 a.m. of Tuesday, May 11. This was announced by Seaoil, PetroGazz, Pilipinas Shell, Caltex Philippines, Unioil, PTT

Philippines. Other oil firms are expected to announce their price adjustment soon. Last week, pump prices increased by P0.20 per liter for gasoline. Diesel and kerosene prices also went up by P0.35 per liter, respectively. Oil firms adjust their prices weekly to reflect movements in the world oil market. Lenie Lectura

‘US backing for vaccine IP waiver to sway other majors’ Continued from A10

Earlier, US—along with the EU, Britain and Switzerland, among others—called for maintaining the IP rights for Covid-19 vaccines to encourage pharmaceutical firms to further their research and development.

Supply chain concern

PHAP, for its part, said the Covid-19 vaccine supply chain should be given focus instead to further the access to the doses, noting this is not an IP matter. “We fully commit to the urgent and equitable access to safe and effective vaccines. However, we believe that a patent waiver for Covid-19 vaccines is not the answer to what is a complex problem,” PHAP told the BusinessMirror. The group stressed that an IP waiver will not increase vaccine production and will not solve the bottlenecks in the supply chain. In addition, such a move will not address the scarcity of raw materials and ingredients, it explained. Instead, waiving patent protection for Covid-19 doses may do some harm to the industry, PHAP noted.

“A waiver will undermine our industry’s response to the pandemic, compromise safet y, and disincentivize research and development which allowed us to immediately respond to the health crisis,” the group explained. “The international IP system has given companies confidence to engage in more than 200 technology transfer agreements to expand delivery on Covid-19 vaccines based on unprecedented partnerships between vaccine industrialized and developing country vaccine manufacturers,” the International Federation of Pharmaceutical Manufacturers and Associations, where PHAP is a member, said, as cited by the group.

Dialogue

THE pharmaceutical group is pushing for a dialogue and collaboration to hasten the inoculation of vaccines in the country. It also called for support on the pharmaceutical industry as the sector continues to operate amid the pandemic. This, in addition to ensuring “uninterrupted supply of medicines” for Covid-19 and other diseases. PHAP expressed its suppor t for current government efforts in focusing the rollout to priority groups and initiative to work with vaccine manufacturers in expediting vaccine access and distribution. The group said it “is one with the goal to end the Covid-19 pandemic that has affected many Filipinos, including us in the pharmaceutical sector.”

www.businessmirror.com.ph

Fines vs airlines with ‘ineligible’ passengers eyed By Joel R. San Juan @jrsanjuan1573

HE Bureau of Immigration (BI) on Monday said it is eyeing to impose fines against carriers who may be found boarding inbound passengers covered by existing travel restrictions. In a news statement, Immigration Commissioner Jaime Morente said it is the responsibility of airline companies to fully comply with the guidelines issued by the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) by ensuring that only eligible foreign passengers would be allowed to board flights to the country. “We reiterate that only foreigners with valid and existing visas are allowed to enter the country. The entry of foreign tourists is still temporarily restricted,” Morente said. BI spokesman Dana Krizia Sandoval said the reminder was issued after the agency noticed a handful of airlines that erroneously boarded aliens not eligible for entry at the early start of travel restrictions. Ineligible foreign passengers who will arrive in the country, according to Morente, will be immediately excluded upon arriving at the airport and booked on the first available flight back to their port origin. Airlines likewise face fines and sanctions for allowing improperly documented aliens to board. “Our Port Operations Division immediately circulates to the airlines updates on current travel restrictions. We are thankful that they have been very supportive, and understands that the IATF deems these actions necessary to curb the further spread of Covid-19 and its variants in our country,” Morente said. Port Operations Division Chief Atty. Carlos Capulong stated that the ban on the entry of all travelers from India, Pakistan, Nepal, Bangladesh, and Sri Lanka remains effective until May 14. Capulong also explained that only aliens with valid and existing immigrant, non-immigrant, and special visas issued by the BI and other government agencies are allowed to enter the country. However, those who have a 9 (a) Temporary Visitors’ Visa, as well as those holding Special Resident Retiree’s Visa, regardless of purpose, may only enter upon the presentation of an entry exemption document from the Department of Foreign Affairs. The bureau further reminded that only foreigners qualified for the balikbayan privilege are exempted from securing entry visas. Balikbayans are Filipinos and former Filipinos, as well as their foreign spouse and children who are traveling with them. They may enter and stay in the country for one year visa-free.

The Nation BusinessMirror

Gubat sa Ciudad owners, barangay head likely to face charges, PNP chief assures

By Rene Acosta @reneacostaBM & Jonathan L. Mayuga @jonlmayuga

hilippine National Police (PNP) chief General Guillermo Eleazar on Monday said police would file charges against the owner, and possibly against the chairman of the barangay, where a resort in Caloocan City was found violating Covid-19 health protocols. The resort, Gubat sa Ciudad, operated despite the pandemic, with people seen swarming its swimming pool. “The PNP will really file charges against the owner and also looking at filing a case against the barangay chairman in the area,” Eleazar said. “They have to justify why it happened.” This developed as Secretary Eduardo Año of the Department of the Interior and Local Government (DILG) on Monday directed city and municipal mayors to strictly impose the prohibition or limitation of mass gatherings under the different community quarantine classifications,

or face the consequences. The DILG chief issued the warning as Caloocan City Mayor Oscar Malapitan issued an order immediately shutting down and canceling the permit to operate of a private resort that continue to operate despite existing modified enhanced community quarantine (MECQ) in Metro Manila and nearby provinces. The management of Gubat sa Ciudad is also facing possible criminal charges for violating the MECQ rules and Bayanihan Law II. Videos and photos of over 100 guests of Gubat sa Ciudad on Sun-

day, Mother’s Day, went viral on social media, prompting Malapitan to order an investigation. “Local government units [LGUs] have a critical role in enforcing mass gathering regulations as they are nearer to their constituencies compared to the national government. What LCEs [local chief executives] can do is to adopt and implement guidelines and policies of the Inter-Agency Task Force for the Management of Emerging Infectious Diseases [IATF] as well as enact necessary local policies to support these regulations,” Año said in a news statement issued on Monday. In line with President Duterte’s directive, Año issued DILG Memorandum Circular (MC) 2021-050 reminding mayors that they will be sanctioned if found violating any of the prohibitions contained under the IATF Omnibus Guidelines on the Implementation of Community Quarantine in the Philippines with Amendments as of April 15, 2021. The said guidelines provide for the prohibitions and limitations on public and mass gatherings. The DILG chief said that any violation of the prohibitions in the Omnibus Guidelines shall constitute non-cooperation of the person or entities, which is punishable

under Section 9 paragraph (d) or (e) of Republic Act 11332 and its implementing rules and regulations (IRR). Failure on the part of local officials to enforce IATF resolutions may lead to charges filed against them for dereliction of duty based on Article 208 of the Revised Penal Code. Administrative sanctions may likewise be imposed on them under the Local Government Code. He also reminded all higher local government units to exercise their power of supervision over their component LGUs. The LGU through its Sanggunian, at the instance of a concerned LCE, may hear any complaint for violation, misconduct, and/or dereliction of duty of lower LGU officials and impose sanctions as may be allowed by existing laws against an erring official. Meanwhile, Año also PNP to strictly enforce all applicable guidelines and policies of the IATF, especially on the prohibition on mass gatherings. “The PNP should assist LGUs in the enforcement of all policies, laws both national and local, relative to the curtailment of the spread of Covid-19,” he said. Among the establishments not allowed to operate under the MECQ classification according to the De-

25% of 2-M AstraZeneca vaccine from Covax allotted for NCR plus bubble, DOH exec says By Claudeth Mocon-Ciriaco Correspondent

bout 25 percent of more than 2 million doses of AstraZeneca vaccine received by the Philippines from the Covax Facility on Saturday would be allocated in the National Capital Region (NCR) plus bubble, Health Undersecretary Maria Rosario Vergeire said on Monday. “Most of the allocation will be provided to the NCR plus bubble,” Vergeire said in an online media forum. For NCR alone, a total of 591,600 doses were allocated, Region 3 (261,600 doses), and for Region 4A, 254,400 doses. “So that we can be able to have herd containment here in this epicenter of this disease,” Vergeire stressed. Regions 7 and 11, on the other hand, were provided with 132,000 doses, Region 6 (127,000), Region 1 (86,400), Region 2 (84,000), Region 10 (74,100), Region 8 (67,200), Region 12 (60,000), Region 9 (52,800), Region 5 and Caraga (48,000), Mimaropa (43,000), Cordillera Administrative Region (36,000),

Alvaro launches 4th book: ‘The Roads I Have Taken’ By Ashley Manabat Correspondent

Editor: Vittorio V. Vitug • Tuesday, May 11, 2021 A3

LARK FREEPORT—The fourth book written by Dr. Irineo “Bong” G. Alvaro Jr. was launched at the poolside of the Midori Hotel Clark here over the weekend, teeming with live on sight guests and virtually via Zoom. The Roads I Have Taken, is a 150-page book chronicling the paths the author has traversed in his remarkable life which all began in the bucolic town of Concepcion, Tarlac where he was born. Dr. Dolores T. Quiambao, vice president and dean of the Don Honorio Ventura State University (DHVSU) Graduate School, set the tone for the evening with her insightful introduction of Alvaro. Although not physically present, Quiambao was able to portray the author as a man who succeeded in life despite limitations in his childhood with her virtual presentation via Zoom. Emceed by broadcaster Perry Pangan, the evening progressed as he touched on the life of the author with various anecdotes, foremost among them was“how a frog became a prince.” Alvaro was likened to a frog, or tugak in the vernacular, when he was a boy because, as Quiambao put it,“he was vertically challenged.”

and Bangsamoro Autonomous Region in Muslim Mindanao (10,000). The Department of Health (DOH) said that the latest shipment is in addition to half a million doses delivered in March and is part of the 4.5 million total doses committed to the Philippines from Covax Facility, the international partnership established to ensure equitable distribution of Covid-19 vaccines around the world. “Now that these 2 million vaccine doses have arrived, we urge our kababayans to get their second dose of AstraZeneca vaccines. If you are already in the priority group but have not yet registered with your local government units, please contact your LGU or barangay to get vaccinated,” Health Secretary Francisco T. Duque III said. Vaccination, Duque said, is the people’s additional layer of protection against the severe form of Covid-19 and help decrease hospitalizations. Since the arrival of the first shipment of vaccines from the Covax Facility in March, more than 2 million doses of Covid-19 vaccines have been administered in the Philippines. More than 300,000 Filipinos in prior-

Other speakers of various persuasions in religion, politics and academe took turns in what they say about the book and its author. Among them, Archbishop Emeritus Paciano B. Aniceto, DD, who spoke via Zoom. The prelate described the author as “a restless pilgrim.” He said “Dr.Alvaro is a man of great faith”…and that his “meaningful life will culminate in the final journey of our Passover, the Risen Christ, the way and the truth and the life.” (John 14:6) Sen. Risa Hontiveros also vividly recalled how Alvaro,“once the highest-ranking Filipino civilian employee and a feisty labor leader in Clark Air Base, prophetically declared there is not just life after the bases but a better life that Filipinos could do better if the base lands are transformed into economic zones.” Dr. George V. Samson, president and CEO of the World Medial Relief based in the USA, said of the book: “This astounding book of life will surely change your life.” DHVSU President Dr. Enrique Baking, who also spoke via Zoom, praised Alvaro for writing his life’s journey. Alvaro dedicated The Roads I Have Travelled to his mother “whom I considered as the greatest of all caregivers and to my lowly father who showed me the road beyond an impoverished life.”

ity groups have received two doses and are now fully vaccinated against Covid-19. “Each shipment of vaccines from the Covax Facility brings us one step closer to ensuring the equitable distribution of Covid-19 vaccines around the world and Health for All in the Philippines,” said Dr. Rabindra Abeyasinghe, World Health Organization Representative to the Philippines. However, he stressed, the vaccines do not replace the “important prevention measures we practice now—wearing face masks, avoiding crowded places and settings, frequent hand washing, and remaining physically distant from others.” Nearly 100 percent of the AstraZeneca vaccines delivered last March have been provided to LGUs. As of May 2, 2021, out of the 525,600 doses, 525,337 have been administered to health-care workers, the elderly, and persons with underlying health conditions. The new shipment of vaccines will provide second doses to those who have already been administered the first dose of the AstraZeneca vaccines, as well as other target populations.

Passage of mandatory SIM card registration bill pushed By Jovee Marie N. dela Cruz @joveemarie

he House deputy speaker for Trade and Industry has joined the Department of Trade and Industry (DTI) in calling for the mandatory registration of prepaid SIM, or subscriber identity module, cards to stem online scam activities. Deputy Speaker Wes Gatchalian of Valenzuela joined the call in light of the reported growing number of online scams and fraudulent transactions involving food delivery services, among others. “We change SIM cards as fast as we change our soiled shirts. Alarmingly, this seeming boundless stream of supply has become a magnet for nefarious and illegal activities,” Gatchalian said in a news statement. “For example, mobile phone numbers are used to register with food delivery services like GrabFood and Food Panda. And because users can create fake names and hide behind the anonymity that a prepaid mobile number can give, they have become brazen in committing fraudulent

acts,” he added. According to the lawmaker, even telcos themselves, as well delivery riders, are supportive of the push for mandatory SIM card registration. “We want to protect the interest of our hardworking food and package delivery riders who have no choice but absorb the expenses and the penalties incurred when they fall victim to these pranks and scams,” he said. Gatchalian also said that even text scams would virtually be eradicated should the SIM Card Registration Act be enacted into law. “We would easily be able to ascertain the identity of these scammers as everyone purchasing a prepaid SIM card would now be required to provide a valid ID,” he said. Gatchalian is one of the primary authors of the House Bill 5793 or the SIM Card Registration Act. The lower chamber approved the bill in 2018. The bill aims to deter the commission of illegal activities using unregistered mobile SIM cards, and one of the priorities of the Duterte administration.

partment of Trade and Industry are: n Entertainment venues with live performers, cinemas n Recreational venues such as Internet cafes, and arcades n Amusement parks n Outdoor sports courts or venues for contact sports n Indoor sports courts or venues, gyms, spas, swimming pools, etc. n Casinos, horse racing, cockfighting and operation of cockpits, lottery and betting shops, and other gaming establishments except for the draws conducted by the Philippine Charity Sweepstakes Office n Indoor visitor or tourist attractions, libraries, archives, museums, galleries, and cultural shows and exhibits n Outdoor tourist attractions n Venues for meetings, incentives, conferences, and exhibitions Personal care services which include beauty salons, beauty parlors, medical aesthetic clinics, etc. Homes service of these activities are also not allowed.

Indoor dine-in services

Meanwhile, hotels or accommodation establishments with valid accreditation from the Department of Tourism will be allowed to accept limited number of guests.

Draft rules on ‘proper use’ of face mask in public almost done–DOJ

HE Department of Justice (DOJ) has already finalized the draft guidelines for the effective implementation of President Duterte’s order to arrest and detain those who may be caught improperly wearing a face mask. However, Justice Secretary Menardo Guevarra said they would have to sit down with officials of the Department of the Interior and Local Government (DILG) to ensure the smooth enforcement of the guidelines. “The DOJ is ready with its guidelines. We’ll just have to coordinate with the DILG in the next couple of days,” he said. The justice chief is also hoping that the guidelines would be ready for implementation within the week. The guidelines, according to Guevarra, would hopefully ad-

dress other issues arising from the strict implementation of the wearing of face mask policy such as jail congestion and increase in the number of cases for inquest. The guidelines may cover the manner, time and place of booking; detention and investigation to avoid overcrowding; and on dealing with the increase in the number of cases for inquest filed before the offices of city prosecutors. It can be recalled that last May 5, President Duterte ordered the Philippine National Police to apprehend those not properly wearing of face masks to control the surge of Covid-19 infections in the country. He also tasked both the DOJ and the DILG to prepare the guidelines amid continuing complaints of people disregarding Covid-19 health protocols. Joel R. San Juan

Economy BusinessMirror

A4 Tuesday, May 11, 2021

Editor: Vittorio V. Vitug

520,000 tourism workers get cash aid from DOLE By Samuel P. Medenilla

sam_medenilla

ver 520,000 pandemicdisplaced tourism sector workers have finally received their cash aid from the Department of Labor and Employment (DOLE). In an online news briefing on Monday, DOLE spokesman Rolly Francia disclosed the agency had released P2.6 billion worth of the

financial assistance for the beneficiaries of their Covid-19 Adjustment Measures Program (CAMP) for the tourism sector.

Lawmaker sees House OK of RBH 2 by June

he chairman of the House Committee on Constitutional Amendments on Monday said the lower chamber may approve on third and final reading the economic Charter change before its sine die adjournment in June. Ako Bicol Rep. Alfredo Garbin Jr., the panel chairman, said the target date of approval of the Resolution of Both Houses (RBH) 2 is possible as there are only seven remaining interpellators. “We will finish it before the sine die adjournment. Meaning it will be subject to a vote on third reading before our adjourment,” he added. Congress is expected to adjourn sine die on June 5 to July 25. It will resume session on July 26 for the last State of the Nation Address of President Duterte. According to Garbin, the measure seeks to provide Congress the flexibility to enact legislation that will appropriately respond to the needs of current economic and technological conditions. Garbin also noted that the proposed Charter change would only be adopted once the Filipino people vote in favor of it in a plebiscite. House Ways and Means Chairman Rep. Joey Salceda, principal sponsor of the proposed RBH 2, which would amend economic restrictions of the 1987 Constitution, said that the House will commence deliberations on the proposal once session resumes on May 17. Salceda also renewed calls for the Senate to pass its own counterpart measure. Jovee Marie N. Dela Cruz

Only 2 companies allowed to operate online ‘sabong,’ Pagcor chief clarifies

he Philippine Amusement and Gaming Corp.(Pagcor) clarified over the weekend that there are only two companies that are allowed to operate online sabong in the country. The clarification was made by Pagcor Chairman Andrea Domingo in a recent radio interview due to the proliferation of illegal e-sabong in the Internet. According to Domingo, only the Lucky 8 Starquest of Atong Ang and the Belvedere Corp. of businessman Bong Pineda were issued with licenses to operate sabong online after paying the performance bond of P75 million each. “There were actually five companies who applied, but only two—Lucky 8 at Belvedere—that have complied with the payment of a P75-million bond each,” Domingo explained in Filipino. It was learned that the companies, Encuentro, Magnus, and Oriental Capital Venture are not yet allowed to operate online sabong on their web sites because they have yet to pay the corresponding fees and taxes. She also warned that Pagcor “has been coordinating with the Philippine National Police apprehend online sabong sites that are yet to be issued with the corresponding permit. Some of the illegal online sabong web sites are kingsportslive.com and sabonginternational.com. Both web sites are said to be owned by unnamed lawmakers. “E-sabong is now major source of funds with the closure of casinos amid the pandemic,”the Pagcor chief said. She added that the earnings from e-sabong go to the social funds of the President, which are being given by President Duterte to hospitals and as cash aid to marginalized Filipinos. Meanwhile, the Lucky 8 Starquest of Pitmaster live said they have revoked the authorization given to Diversified Financial Network Inc. (DFNN), owned by Raymond Garcia, to collect or receive bets from sabong online. “Lucky 8 Starquest Inc. decided not to pursue the said venture anymore to honor its undertakings with the local government units,” according a statement issued by the company. “And in order to avoid possible conflict of interest, Lucky 8 Starquest Inc., shall continue to fully operate on its own e-sabong online platform pursuant to its license with Pagcor,” the statement added.

Under CAMP tourism, qualified beneficiaries will be given a P5,000 cash aid using the P3.1billion funds allocated for it from the Bayanihan to Recover as One Act (Bayanihan 2). “We still have 215,000 applications [for CAMP tourism] under consideration or for processing to benefit from the remaining P500 million balance [of CAMP tourism],” Francia said. DOLE finally ended on Monday accepting more applicants for the said program after reaching its “maximum” number of beneficiaries. “The department has reached the

target beneficiaries and is currently evaluating and processing payment of the remaining applications,” Labor Secretary Silvestre H. Bello III said in the one-page issuance. CAMP tourism is an offshoot of the CAMP of DOLE, which aims to benefit formal sectors workers, who were displaced during the pandemic. DOLE already completed the implementation of the program using P8.47-billion Bayanihan 2 funding, which benefited 1.76 million workers. Francia said the program may get additional funding under the pending Bayanihan 3 bill in Congress.

House bill exempting IPs from paying birth, marriage certificate fees gets panel approval

he House Committee on Ways and Means on Monday approved a bill providing a free and culture-sensitive civil registration system for Indigenous Peoples (IPs). The panel, chaired by Albay Rep. Joey Salceda approved without amendments Section 6 of the unnumbered substitute bill to House Bills 2812 and 1332, principally authored by Deputy Speaker Rufus Rodriguez and the Makabayan bloc, respectively. Section 6 of the bill states that IPs would be exempted from payment of all fees in the recording of their birth, marriage and death, as well as notarial fees and document stamp tax. As of 2009, Rodriguez said the estimated population of the Philippines is 92,226,600 people. “Various studies place the number of ethnolinguistic groups in the Philippines at over 100, making the country one of the most ethnically diverse in Asia. The 2000 Philippine

Census also estimates 6.3 million Indigenous Peoples belonging to 85 ethnolinguistic groups,” he said. Rodriguez said the National Commission on Indigenous Peoples (NCIP), however, has different data sets based on “unofficial surveys of population by ethnographic region.” Also, he said an International Labor Organization publication, for instance, cites NCIP data estimating the number of IPs at 13.5 million. “This information is also outdated, being based on the 1996 listings of the defunct Offices of the Southern Cultural Communities and Northern Cultural Communities,” he said. “These discrepancies are not only due to classification limitations, or other factors, but also because some indigenous peoples have difficulties in registering marriages, births, or deaths. It therefore becomes apparent that many IPs are not registered. Without a legal birth record, an individual does not of-

ficially exist and therefore lacks legal access to the privileges and protection of a nation,” Rodriguez pointed out. According to the lawmaker, birth registration is not generally known among disadvantaged Filipinos particularly among IPs and underprivileged families with children in need of special protection. “Among these groups, birth registration remains insignificant. Many of them understand the implications of non-registration only when they get to experience problems in transactions requiring proofs of name, age or nationality,” he added. “This lack of birth registration is often caused by the fact that many of these IPs are indigent and lack the necessary finances to be able to register. There is thus a need to encourage these IPs into registering in order for the State to afford them the necessary protection they deserve,” Rodriguez added. Jovee Marie N. Dela Cruz

EX-NAYON FDN CHIEF: MEGA-VAXX SITE NOT PART OF NATL PLAN Continued from a10

‘Under the Local Government Code, the implementation of the vaccination is [the mandate of] LGUs,” she noted. Malilong-Isberto said she is surprised by the DOT’s interest in the establishment of the mega vaccination center when the DOH representatives in previous meetings she attended had nixed the plan. Malilong-Isberto said issues were raised when the NPF came under pressure to sign a MOA that will allow the use of the property as a vaccination facility. They had been seeking details “as to who can use the PEF property and how it can be used,” saying such have legal implications. However, no details were given. A lawyer, Malilong-Isberto said among the issues they raised in earlier meetings with the DOT is the prohibition of use of the NPF property for private purposes; that government funds or property shall be spent or used solely for public purposes, and that disbursements or disposition of government funds or property shall invariably bear the approval of the proper officials. On April 15, 2021, NPF was invited to a

meeting with the proponents of the megavaccination center, Malilong-Isberto said. When the proposal was discussed, the DOH representative to the meeting said it was not in favor of building a vaccination facility that would require cutting many trees. Malilong-Isberto added that even the DPWH representative said it was not in favor of building a new structure to be used only temporarily, as this could only turn into a “white elephant.” It was during the said meeting that Tourism Undersecretary Edwin Enrile stated that the proposed vaccination facility would be run by ICTSI Foundation Inc. On 28 April 2021, NPF was invited to a meeting of the technical working group (TWG) created to draft the guidelines for the use, where a representative of Palafox and Associates, according to the NPF, presented its design for the proposed vaccination center in Nayong Pilipino. Malilong-Isberto said the DOH representatives acknowledged NPF’s concern about governance issues remaining unresolved, as the use of NPF land is governed by law. Further, she said, the DOH and the AFP representative also asked why the vaccination

facility had to be located next to an existing quarantine facility; this was not ideal, they reportedly noted. To date, officials of the NPF said they are no longer being invited to meetings concerning the use of their property by Enrique Razon’s ICTSI Foundation Inc. “Unfortunately, we have no further information on the mega vaccination facility itself. We are no longer being invited to meetings concerning our property in Parañaque,” an official who sought anonymity told the BusinessMirror. Meanwhile, Malilong-Isberto said Razon was barking up the wrong tree when he accused the present NPF board of being the one behind the controversial Landing deal, referring to a NPF 2018 joint venture deal with Macau-based casino company Landing Corp. “The NPF Board he was referring to were all fired by President Duterte in 2018. We are the replacement Board. That’s why we are very cautious in entering into a questionable deal,” she lamented. “If the Board then got fired because of a questionable deal, then the same case could apply to the present Board,” she said.

European authorities scrutinize data flows leaving the EU

By Henry J. Schumacher

llow me to highlight latest movements in Europe regarding cross border data flows and data privacy protection. I am using an update provided by the Wall Street Journal—WSJ PRO—in its CYBERSECURITY Section. Regulators and courts are asking for proof of how companies protect data that leaves the EU, going to the US but also to other parts of the world, including the Asia Pacific Economic Cooperation (Apec) and—with that—the Philippines. More frightening, European privacy regulators and courts are looking into how companies transfer personal information to the US and have ordered suspensions of some data flows. To be more specific: Portugal’s data protection authority last week required the country’s statistical institute to stop sending personal information to the US from Portuguese residents filling out the national census, after determining that there weren’t sufficient privacy safeguards in the institute’s contract with California-based cloud security and infrastructure provider Cloudflare Inc. The decision is the latest move by European officials to clamp down on how companies transfer data from the European Union abroad following a ruling last July from the bloc’s top court. The ruling demanded additional privacy protections if businesses move data outside the 27-country union. Regulators around Europe are looking into similar data-transfer issues, and privacy advocates have filed lawsuits to try to force companies to keep personal data from entering the US. Portugal’s regulator received about a dozen complaints related to how the statistical institute collected personal data for the country’s census and ordered the institute to stop sending data to the US within 12 hours of its decision, said Clara Guerra, a spokeswoman for the authority. “It was an immediate risk for data subjects. We’re talking about the whole population of residents in a country,” she said. Census respondents provided their full name and could opt to answer questions about their health and religion, she said. Those two issues are considered especially sensitive types of data under the EU’s 2018 General Data Protection Regulation, the bloc’ strict privacy law. Ms. Guerra said it didn’t matter if the statistical institute actually transferred data to the US but doing so was possible under its contract with Cloudflare and there weren’t

Q1 farm output down 3.3% on livestock, poultry woes Fisheries production inched up by 0.6 percent from January to March 2021, contributing 13.7 percent to the total agricultural production, PSA added. However, the PSA report showed that livestock output declined by 23.2 percent with hog production—the major contributor for the subsector—contracting by nearly 26 percent. Likewise, poultry output fell by 7.4 percent with chicken production declining by 11.2 percent, PSA added. “With this performance of the Agriculture sector, we will continue to work much harder and further improve our services with countryside heroes—the farmers and the fisherfolks,” Agriculture Secretary William D. Dar told the BusinessMirror. Dar said they expected the “poor performance of the hog industry” since their efforts to control the dreaded african swine fever (ASF) and repopulate ASF-free areas “are yet to bear fruits.” “We will continue to implement our

‘Plant, Plant, Plant program’ that is mainly focused on increasing our basic food commodities like, rice, corn, vegetables, livestock, poultry, and fisheries—comprising more than 70 percent of our agricultural GVA,” he added. The value of agricultural output at current prices in the first quarter rose by 8.2 percent to P484.76 billion on the back of higher farmgate prices across major commodities, PSA data showed. The average farm-gate price of rice in the first quarter rose by 3.8 percent while average quotations for hogs and chickens increased by 51.8 percent and 26.4 percent, respectively.

‘More resilient’

Monetary Board member V. Bruce J. Tolentino said the agriculture sector’s performance in the first quarter is “better than before and more resilient despite the pandemic.” “Rice production is up. Rice consumer prices are lower and more stable. Farm

prices are stable. And farmers are receiving the assistance provided by RCEF [Rice Competitiveness Enhancement Fund], resulting in improved productivity. That’s the better part,” Tolentino told the B usiness M irror. “These improvements have resulted in a more resilient agriculture sector,” he added. However, Tolentino noted that major challenges in the sector remain, “mostly in transforming regulation to productivity support across a range of commodities particularly meats and fish.” Tolentino said the government must accelerate reforming the agriculture sector and should deregulate industries while focusing its resources on productivity programs to improve the sector’s performance. “The reform agenda must be accelerated, focusing on productivity rather than regulation. Government should deregulate and focus its energies and budgets on programs to improve productivity of all commodities,” he said.

‘Prolonged neglect’

protections to safeguard Europeans’ rights. Cloudflare said in a news statement that the institute didn’t transfer any personal data to the US. The institute stopped using the technology company’s services, said Alissa Starzak, Cloudflare’s head of public policy. The Portuguese statistical institute didn’t respond to a request for comment. Ms. Starzak said that after the EU court ruling last July, Cloudflare customers requested safeguards such as guarantees that their data wouldn’t leave the union. The company introduced services shortly after the ruling that made it easier for customers to control where their data is stored. Some opted for safeguards that are stronger than those privacy regulators recommended, such as ensuring data won’t leave a jurisdiction, she said. “Nobody wants to be the entity who is targeted.” In Bavaria, Germany, the privacy authority asked a company what safeguards it used to protect e-mail addresses from individuals who received a newsletter operated by Rocket Science Group LLC’s Mailchimp, a marketing technology company based in Atlanta. The company that used Mailchimp stopped using the newsletter service, a spokeswoman for the authority said. She declined to name the company. Mailchimp declined to comment. The EU court ruling in July prompted companies to assess whether they can continue transferring data to the US, and also led privacy advocates to file lawsuits seeking to stop data from traveling out of the EU. A group of 169 French drivers for Uber Technologies Inc. filed a lawsuit in February in the country’s top court asking for the ride-hailing company to stop sending drivers’ personal information to the US. “This data can be used by any US authority without any control,” Jérôme Giusti, a lawyer representing the drivers, said in an e-mail. An Uber spokesman said, “We do not share our users’ personal data for commercial purposes without an appropriate legal basis, or sufficiently aggregated not allowing identification of our users.” More scrutiny of trans-Atlantic data transfers is likely, Mr. Ustaran said. The privacy regulator in Hamburg, for example, audited companies and government offices asking about safeguards they use to protect any data that might travel to the US, a spokesman said. Some adjusted their data-transfer methods, and the regulator’s office is continuing to send questionnaires to companies about how they protect data leaving the EU, he added. Philippine BPO companies have already done much to protect data flows and to demonstrate compliance to privacy regimes both here and abroad. It would be good if the compliance efforts of these companies can finally be given recognition with an internationally accepted seal such as the Apec Cross-Border Policy Rules or Privacy Recognition for Processors. The message is clear: the National Privacy Commission has to get its act together to demonstrate to the world that cross border data flows from the Philippines to the EU, the US, to Apec countries and many other destinations are protected. I look forward to your responses; email me at hjschumacher59@gmail.com

Continued from a1

Philippine Chamber of Agriculture and Food Inc. President Danilo V. Fausto told the BusinessMirror that the contraction in terms of agricultural production volume is a “symptom of the prolonged neglect” by government in investing in the sector. Fausto added that the disparity in budget allocation among agricultural subsectors contributed to the systemic ills of the sector, especially with the contraction in the livestock and poultry subsector. He pointed out that 40 percent of the total agricultural budget goes to rice, while the livestock and poultry subsectors, which contribute one-third of total agricultural output, do not get substantial funding support from the government. “We expect more contractions in the production of agriculture, especially in the livestock and poultry subsectors because of the wrong policies of the government,” he said. “Overall, the government has no strategic plan or goal for the agriculture sector. There’s

lack of foresight and the government is just being reactive to problems instead of proactive,” he added. Economist Pablito M. Villegas echoed Fausto’s sentiments regarding the disparity in budget allocation, but commended the successful interventions of the DA in improving the crops sector’s productivity. “We commend him on the better performance of the crops sector, particularly rice and corn, which is a major part of the country’s food security,” Villegas told the BusinessMirror. However, he noted that the overall performance of the agriculture sector is “bad news” to farmers and fisherfolks, who are being celebrated annually in the month of May. The DA opened the first day of the 2021 Farmers’ Fisherfolks’ Month on May 10, the same day the PSA released the report on the agriculture sector’s first quarter performance. Villegas urged the DA to “listen to the plight of the hog and poultry sectors” to address their problems and ensure recovery of these industries.

Editor: Vittorio V. Vitug

News

BusinessMirror

Tuesday, May 11, 2021 A5

Easing of curbs in NCR Plus likely next month, Palace says, as health experts endorse diverse options By Samuel P. Medenilla

sam_medenilla

alacañang on Monday bared indications that the government may finally start easing quarantine restrictions in the National Capital Region (NCR) and its surrounding provinces by next month. Medical experts from the OCTA Research Group, however, urged the government to extend the modified enhanced community quarantine (MECQ) classification in the said areas to sustain the declining number of Covid-19 cases nationwide. L a st Mond ay, P resident i a l Spokesman Harry Roque lauded the improvement in the Covid-19 indicators utilized by the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) as determinants to relax community classifications. He noted that the health-care utilization in NCR has improved to 68 percent from over 70 percent in previous weeks. Roque also pointed out the attack rate for Covid-19 cases in the region. “If we were to follow the

formula [used by IATF to determine community classification] there is a possibility,” Roque said when asked if the government could bring back the classification of NCR and its surrounding areas to general community quarantine (GCQ). He said this is necessary to minimize economic disruptions of the quarantine restrictions, which could lead to the closure of establishments and labor displacements.

Reversible trend

But members of OCTA Research Group cautioned the government against any immediate significant easing of the quarantine restrictions in NCR Plus, which includes Metro Manila, Bulacan, Cavite, Laguna, and Rizal, especially with the growing threat of more new infectious

variants outside the country. Instead, it noted such quarantine easing should be done gradually. “Right now, the trends are good but we’re not yet where we’re supposed to be as far as managing the crisis in our region is concerned,” OCTA Research Fellow Ranjit Rye said in an interview with PTV. “We would like to remind everyone that the trend is still reversible “no. It is not definite it [new Covid-19 cases] will be decreasing at any point in time it could still increase again,”he added. Currently, Rye admitted that their members are split on the issue with some supporting the extension of MECQ in NCR Plus by one to two weeks. The other group backs putting NCR Plus under GCQ but with modifications such as strict monitoring and enforcement of minimum public health standards not just in public areas but also in the private sector. Roque said the IATF is expected to submit its recommendation on the new community classification for NCR plus this week to President Duterte, who will decide whether to approve it or not. The new classifications are expected to take effect after May 14, 2021.

₧16.44-billion BDP funds disbursed directly to village chiefs, Esperon says

By Rene Acosta

he money allotted under the Barangay Development Program (BDP) spearheaded by the National Task Force to End Local Communist Armed Conflict (NTF-ElCAC) has already been disbursed to barangay beneficiaries across the country. NTF-ELCAC vice chairman and National Security Adviser Hermogenes Esperon Jr. said at a news briefing on Monday that P16.44 billion BDP funds have been downloaded to 822 barangays around the country directly through barangay chairmen. “We wish to inform the public that as of May 4, 2021, P10.68 billion of the BDP has been released to 712 out of 822 barangay-recipients identified for the program. 110 are in the process of endorsing their projects to the DBM [Department of Budget and Management],” Es-

peron said. The BDP is intended to help barangays which have been cleared of the influence of the Communist Party of the Philippine-New People’s Army to recover through the construction and implementation of barangay-based development projects. Esperon said that from the year 2016 up to 2019, the government has cleared 822 “former rebel communities” by dismantling the rebels’ guerilla fronts that once wield considerable influence over them. “These communities are now in the process of transforming their formerly conflict-vulnerable barangays into areas of peace and empowerment,” he said. In providing the latest development on the disbursement of the BDP money, the NTF-ELCAC vice chairman said they understood the public’s sentiment over the utilization of the funds.

Esperon defended the BDP, saying it was crafted to address the root causes of insurgency such as the lack of education infrastructure, inaccessibility to health services, lack or absence of connectivity and lack of economic opportunities for livelihood. During the news briefing, the national security adviser also announced the formation of additional clusters under the task force into groups headed by officials from various agencies of the government. It also created a media affairs office headed Presidential Communications Operations Office Undersecretary Joel Sy Egco. Esperon also announced the designation of si x additiona l spokesmen “with their respective areas of primary coverage” for the NTF-ELCAC, even as the task force retained both Lt. Gen. Antonio Parlade Jr. and Undersecretary Lorraine Badoy.

Lingküd Bayanihan Caravan launched to help ease hunger in NCR amid Covid By Jonathan L. Mayuga

@jonlmayuga

he pr ivate sector h a s stepped in to help fight hunger and povert y in Metro Manila with the launch of a humanitarian food and relief goods distribution campaign dubbed as Lingküd Bayanihan Caravan. Launched starting at the Hospicio de San Jose, a homeless shelter in Quiapo, Manila recently, the initiative was followed by a series of more house-to-house food drives in Manila, Quezon City and other parts of the National Capital Region (NCR) to feed underprivileged residents

of the metropolis, most of whom lost their source of income and livelihood amid stricter community quarantines imposed by the government to control the spread of Covid-19 infections. The participants in the Lingküd Bayanihan Caravan included the Philippine Medical Association (PMA), Clean Air Philippines Movement Inc. (CAPMI), Vegetable Importers Exporters Vendors Association (VIEVA), Confederate Sentinels of God (CSG), Beta Sigma Fraternity Medical Group (BSFMG), and the League of Data-privacy and Cybersecurity Advocates of the Philippines (LeaDCAP). They were joined by the Philippine National

Police, some NCR local government units (LGUs) and even some barangay officials. “Lingkod meaning service and Bayanihan that also means working together, are two traditions deeply embedded in every Filipino blood. Let us awaken these spirits inside all of us now so we can truly help our suffering people as we fight this common enemy called Covid-19,” CAPMI president Atty. Leo O. Olarte, told reporters during an online news briefing during which he also appealed to good-natured Filipinos to continue supporting bayanihan initiatives to help feed those suffering from hunger in Metro Manila.

Tuesday, May 11, 2021 • Editor: Gerard S. Ramos

Art

BusinessMirror

www.businessmirror.com.ph

Today’s Horoscope By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Lana Condor, 24; Holly Valance, 38; Frances Fisher, 69; Eric Burdon, 80. HAPPY BIRTHDAY: Let your intuition lead the way. You cannot stop change, but you can make the most out of whatever comes your way. Become part of the solution, then navigate your way to victory. A philosophical idea, dedication and discipline will help you conquer whatever you choose to pursue. Take physical action, and turn your passion into something tangible. Your numbers are 3, 11, 16, 23, 36, 42, 45.

ARIES (March 21-April 19): Pay closer attention to what’s going on around you. Consider the best way to use your skills. Collaborate with people who share your vision. Make personal improvement and lifestyle changes your priorities. Fitness, nutrition and moderation are favored. HHH

TAURUS (April 20-May 20): A change of plans will turn out to be in your favor. Take the plunge and work with the universe to make your life better. Strategize how to use your skills definitively or improve your qualifications to raise your earning potential. HHH

A SCREENSHOT of the recent panel discussion of Art Fair Philippines 2021, titled “The Artist Journey: A Chat with Three Artists and Their Journey into Making NFTs.” Clockwise: Artist xlvrbk, software entrepreneur and Narra Gallery coowner Gabby Dizon; Tropical Futures Institute director Chris Fussner; Art Fair Philippines cofounder Trickie Lopa; artists squirterer and Shelly Soneja.

Filipino artists share their crypto art journey

NE nearly gave up on an art career before trying his hand at crypto art. Another had to grapple with self-marketing in a space devoid of middlemen. Despite the varying experiences, however, everyone shared the same view that the new space is here to stay. Three early Filipino crypto art adopters shared their experiences in crypto art in a recent online forum as part of the ongoing Art Fair Philippines 2021. Titled “The Artist Journey: A Chat with Three Artists and Their Journey into Making NFTs” under ArtFairPH/Talks, the discussion gathered artists Peter Corazo, known in the field as xlvrbk (@xlvrbk); Vyankka Balasabas, aka squirterer (@hidetheblade); and Shelly Soneja (@shellysoneja). Xlvrbk is an experimental digital artist based in Cebu who explores the edges of digital art from VR to 3D video and sound design. He has been learning about cryptocurrency since 2012, drawn in by the promise of a decentralized blockchain technology creating “a more open space for people to build whatever they want.” “With crypto art,” he said, “I noticed it during last year’s DeFi Summer, when crypto was starting to pick up again. I wanted to see if I could try it out, so I started doing 3D art again after a decade. I minted my works. A couple of weeks later, there were few sales. I saw it as a viable way to basically exchange value for my art.” Mindanao-based artist squirterer has a more traditional art background. She graduated with a Fine Arts degree and has exhibited her oil paintings and video-based works in galleries around the country.

In 2018, she started getting into cryptocurrency and blockchain. She first came across NFTs a year later, but mostly about game collectibles. A friend then introduced her to crypto art and she began minting her own works. Today, she creates pieces that explore human experiences and fantasies through traditional and digital paintings, GIF art, and photography. Meanwhile, Soneja comes from the gaming industry as the art director for mobile and blockchain game studio Altitude Games. “I thought it’s something I really wanted to get involved in,” she said of crypto art and NFTs. “But, at that time, around 2018, 2019, I was just really busy with my day job and other projects. It was not until the lockdown happened that I finally joined.” Soneja was introduced to the crypto art space by the founder and CEO of Altitude Games, Gabby Dizon, who moderated the panel discussion alongside Chris Fussner, director of project space Tropical Futures Institute. Dizon got into crypto in 2017, discovered crypto art in 2019, and dove deep into crypto art collection last year. At one point, he was buying crypto art almost every day from artists in Latin America, the US, and Southeast Asia. “One of the great things about crypto is that its primary use case is an exchange of value for money,” Dizon said. “So when someone pays via Ether, for example, the artist that sold the work gets the money immediately.” Another feature of crypto art that Dizon cited is a built-in royalty structure for trading artworks. “For example, if I buy an artwork and sell it to another collector, then the artist is going to get 10 percent of the royalties. That’s programmatic; it’s enforced by the platform so it’s a great way for the artist to capture the value of their artwork, and I think that’s very revolutionary for artists.” REWARDS DIGITAL art through NFTs has given artists a new opportunity to showcase and profit off their talents. Through the crypto art space, artists sell works directly and more easily. They also reach wider audience bases.

“To be honest, I’ve almost given up on an art career,” xlvrbk said. “I tried to not do art, but I couldn’t. I had to do art. When the crypto art space happened, I realized there was an exchange of value for my work.” It was not just about the money, the artist said. “It’s also fulfilling in terms of validation for your work.” Meanwhile, squirterer used her crytpo art earnings to further her craft by purchasing a highend tablet she had coveted for years. The device has since allowed her to pursue other forms of digital art. For Soneja, who was an active participant in local comic conventions where she would present her artworks, it was being able to realize a dream that before had no signs of materializing. “I would spend on expensive booth costs, market online, and print my merch. Even when I really hustled for it, I wouldn’t even breakeven, so before crypto art I knew this pipe dream of making good money out of my art would not materialize anytime soon,” she said, laughing. “When I got to crypt art, it gave me financial security, especially in times of emergency.” CHALLENGES FUSSNER maintains, however, that crypto art is not all roses. “As a collector, I observe the ecosystem,” he said. “Some come in just for a quick cash grab. There’s a misconception that just because you enter the NFT space, everything’s going to change dramatically. There are still challenges you would experience in the traditional art world—it’s just mapped over more into a digital context.” “There’s a different ecosystem, different collector base, different aesthetic value system,” he added. “With the global hype, it’s a lot tougher. The panel here have been early adopters.” But even they had their own difficulties. For squirterer, it was changing her focus from creating physical artworks to making virtual pieces. It was also about transforming from an artist getting marketed to an artist doing here her own marketing. Meanwhile, Soneja had to deal with the mental

Continued on A7

GEMINI (May 21-June 20): Distance yourself from obsessive or indulgent individuals. Focus on what you want to achieve, and don’t stop until you are happy with the results. Take the initiative to accommodate anyone who can influence the outcome in your favor. Honor promises. HHH

CANCER (June 21-July 22): You’ll receive help if you ask. Share your ideas with someone you feel has something to contribute. An investment or joint venture looks promising as long as you don’t go over budget. HHHH

LEO (July 23-Aug. 22): Emotions will escalate quickly. Avoid making rash decisions without thinking matters through. When upset, take a step back and rethink what’s transpired before you do something you regret. HH

VIRGO (Aug. 23-Sept. 22): You’ll pick up valuable information that will change the way you do things. Let your intuition be your guide when dealing with someone or something that concerns you. Consider the consequences of your actions before you proceed. HHHHH

LIBRA (Sept. 23-Oct. 22): Focus on learning. Use your experience to overcome adversity, and live within your means while working toward stabilizing your personal or professional life. Selfimprovement and diversifying what you have to offer will pay off. Romance is on the rise. HHH

SCORPIO (Oct. 23-Nov. 21): Uncertainty will mess with your mind. View the big picture, and use the experience you have to help you rearrange your current situation. You have more going for you than you realize. Put together a plan, use your charm and make things happen. HHH

SAGITTARIUS (Nov. 22-Dec. 21): Put more time and effort into your relationships, and share your intentions openly and honestly. Confront anyone who is causing confusion or sending mixed messages. It’s best to find out where you stand before you make a move. HHH

CAPRICORN (Dec. 22-Jan. 19): Nothing is out of reach. Channel your energy into making adjustments to the way you live, and you will be happy with the outcome. You can clear up an emotional situation if you address issues head-on. HHHHH

AQUARIUS (Jan. 20-Feb. 18): Don’t make assumptions if you don’t want to be disappointed. A change someone makes will leave you wondering what to do next. Don’t dwell on what you can’t change; focus on personal gain, and make adjustments that will improve your life. HH

PISCES (Feb. 19-March 20): Listen and observe. Concentrate on your responsibilities and maintaining financial and emotional stability. Take better care of your health and well-being. Avoid risky situations and indulgent people. HHHH BIRTHDAY BABY: You are intelligent, dynamic and influential. You are excessive and colorful.

‘measured words’ BY PRASANNA KESHAVA The Universal Crossword/Edited by David Steinberg

ACROSS 1 Des Moines’ home 5 Texting format, briefly 8 Convert into a movie script, say 13 Mall business 14 ___ Lane (Superboy’s mom) 16 Sidestep 17 Insignificant amount (notice letters 5 to 8 in this answer) 20 Scold loudly 21 Where a child may learn canoeing 22 “Alas...” 23 Hasbro game with voice commands 24 Number of capitals Bolivia has 27 Approximately 28 Reporter’s retinue (6 to 9) 30 Positive or negative particles 31 Common Sense author Thomas 32 Develop a plot? 36 Offers bait to 37 Texas’ Battle of the ___ 38 Money plant? 40 Not be yourself (3 to 5) 43 Gala who inspired a surrealist 47 Visualize

48 Home ___ (film about a failed burglary) 49 Exorcist’s target 50 Lambs’ fathers 51 “Very neat!” 52 Colby, for one (8 to 11) 57 Disney’s Little Mermaid 58 Painter Francisco 59 “Yeah, sure!” 60 Drive back 61 Not gross, financially 62 Covers, as a highway DOWN 1 “Because ___!” (parental justification) 2 “Good heavens!” 3 Earthlike planets 4 Moon landing program 5 Narrow cut 6 Day after Sun. 7 Friends and Modern Family 8 Program that finds homes for cats and dogs 9 Medic 10 Suffix with “Gator” 11 Drivers’ grp.?

2 What half the letters of “twenty” spell 1 15 Square, usually, for a crossword grid 18 ___ through the nose 19 Middle Eastern ruler 23 Prohibition 24 “Journey” for your ego 25 Came and ___ 26 Is under obligation 28 Liberal arts college in 1-Across 29 Surveillance device, briefly 30 Boast heard at the roulette table 32 Drains of strength 33 Pointer to an answer 34 Really, really dislike 35 Brooding rock subgenre 36 Mine explosive’s letters 38 Large, imposing house 39 Word before “cream” or “crystal” 41 Comedian King 42 Menu reassurance 43 Good liar’s skill 44 One-celled organism 45 Slacker? 46 Features along a coast 49 Play-___

51 “Go away!” 52 All’s fair in love and this 53 Anger 54 Taste of a beverage 55 Average grade 56 12/31: Abbr.

Solution to Friday’s puzzle:

www.businessmirror.com.ph

Show BusinessMirror

Editor: Gerard S. Ramos

• Tuesday, May 11, 2021

Angelina Jolie lets Taylor Sheridan drag her through hell

By Jake Coyle The Associated Press

EW YORK—Taylor Sheridan, initially brought on to rewrite the mountain thriller Those Who Wish Me Dead, gradually got more invested in the movie. When another filmmaker dropped out, he called the studio with an offer. “I said if I can get Angie to do this with me, I’ll direct it for you,” Sheridan says. “They said, ‘Great. You’ll never get Angie.’” The skepticism on the part of Warner Bros. executives was warranted. Angelina Jolie, whose priorities have centered on filmmaking, international work and family, hasn’t starred in a live-action film in six years. Over the last decade, her only leading performances have been two Maleficent movies and By the Sea, which she directed and starred in alongside then-husband Brad Pitt. But Sheridan’s timing was right. Jolie, going through a painful and protracted divorce, was more interested in a quicker, simpler role on set. And the part of a Montanan smoke jumper haunted by trauma and guilt, was potentially cathartic. “We all have times in our lives where we are broken. And we grieve and we’re not sure we have anything left in us,” Jolie said in an interview by Zoom from Los Angeles. “I identified more with a part of her that didn’t feel she could do a lot, and hadn’t done this in a long time. To be in this situation and have a director that is both sensitive and aware of the human experience, to go there and to feel it, but also to push you to find your strength and move forward—it was really what I needed at that time.” Those Who Wish Me Dead, which will on May 14 open in theaters and on HBO Max, is an anomaly for other reasons, too. It’s a star-led genre film not based on well-known intellectual property made by a major studio. (The film is based on Michael Koryta’s 2014 book.) Like Sheridan’s previous films—To Hell or High Water, Sicario (both of which he wrote) and Wind River (which Sheridan wrote and directed)—it’s a tale of blood and justice across a vast and violent American landscape. “To sound like a millennial, it’s very on-brand for me,” says Sheridan, chuckling. “But what’s unique is we made this at a studio. This is a studio film and they trusted us to go do this. We made it like a 1970s movie.

Filipino artists share their crypto art journey Continued from A6 aspect of crypto art. “Putting yourself out there, sometimes that kind of pressure can get to you if you’re not used to things like that. There’s so much new technology every day, every hour.” Having overcome the challenges, the artists said they relish their place in the new platform. “I like to have a personal connection with the people who buy my art,” xlvrbk said. “I think [crypto art] is even greater than traditional art markets because you have a direct connection right away with the buyers. I talk to them about whatever things we’re interested in; it’s not just about hard-selling my work. Also, when I started, I was pushing my works. Now it’s more about my ideas instead.” From a collector’s perspective, Dizon said he talks frequently with the artists he collects and helps them gain wider attention among other collectors. “It’s really fun just having that direct connection with the artist,” he said. “It’s a symbiotic relationship where you don’t just buy the art, but you’re actually helping each other.” ‘JUST THE BEGINNING’ THE panelists and moderators believe that NFTs and crypto art scene will not go anywhere anytime soon. “When people think about NFTs, they would just think about artworks or games,” Soneja said. “But it also has many applications in the real world, like documentation or medical records. There’s still so much more to do with it.” “I do understand why people think it’s only a fad,” squirterer said. “That’s because people, like the media, is very focused on the sales, or like how much [artworks] got sold. But to me, honestly, I really see it as our future.... Just like Shelly said, there’s a lot of use cases for it, so I really think this is just the beginning.” n

They promoted it like a 1970s movie. The biggest 21st century element is the fact that you’ll be able to stream it or go to the theater.” In Those Who Wish Me Dead, Jolie’s Hannah Faber encounters a 12-year-old boy (Finn Little) in the wilderness who’s fleeing two assassins. It was shot in New Mexico in May and June 2019—a month after

Jolie and Pitt were ruled legally single by a court. (A custody battle over their six children is ongoing.) Snow was still falling in the mountains. Aside from the natural environs, Sheridan erected a faux forest and set it aflame. Jolie, an action star in Mr. & Mrs. Smith, Salt and Lara Croft: Tomb Raider, performed many of her stunts. Sheridan, accustomed to making

films close to the land, had little luxury to offer beyond space heaters in tents and lavish, overbudget craft services. He cheerfully recalls the experience as miserable. “You know, the character sort of drags Angie through emotional hell, and then I drag her through physical hell,” Sheridan says from a remote lakeside quarantine in Ontario. “That’s how we made the movie.” “And I loved every minute of it,” Jolie says, smiling. Jolie will next be seen in Marvel’s Eternals, by Nomadland director Chloé Zhao—another filmmaker drawn to fresh tales on old American frontiers. It’s been an unexpected break from directing for Jolie, who last helmed 2017’s Cambodian genocide drama First They Killed My Father. “I prefer directing but acting gives me more time at home,” says Jolie. “It’s less of a commitment.” Yet, if anything, the chances of such performances are getting slimmer. The pandemic, says the 45-yearold Jolie, has been a time of reevaluation—and movies are a diminishing priority. “I was kind of spending more time at home regardless because of different family reasons. But if I was before spending half my time on my international work, I think I’ll now be spending 80 percent of my time on this other work. I’ll be doing less film work. Not quitting anything but a lot less,” says Jolie. “I’ve been mentally shifting into a different time in my life.” Jolie has been a special envoy to the United Nations High Commissioner for Refugees since 2012. She applauds President Joe Biden’s recent expansion of US refugee admissions but sees a global crisis only worsening, especially as countries struggling from the pandemic pull back on foreign aid. “In the last decade, we saw numbers double. We’re looking at 80 million displaced people. A lot of those people are displaced because of the climate and the way that’s changing, and that’s going to keep changing,” says Jolie. “If we don’t take it seriously, we’re going to see a complete breakdown of some things for so many people. Or this can be the turning point where we all pull together.” In juggling global inequity and personal turmoil, it’s easy to see how the straightforward, physical demands of Those Who Wish Me Dead would appeal to Jolie. “I like characters whose physical journey parallels the emotional journey they’re going through,” says Sheridan. “She was game. It was cold. I’d be like, ‘Get in the river’ and she’d be like, ‘OK, I’m getting in the river.’” n

ANGELINA JOLIE in the thriller Those Who Wish Me Dead.

Dingdong, Marian connect with fans worldwide FANS all over the world came together on April 30 for a rare chance to virtually bond with Dingdong Dantes and Marian Rivera-Dantes during GMA Pinoy TV’s Pinoy Abroad Fun Connect: DongYan #StrongerTogether. No time difference or Internet connectivity issues could come between the fans and their strong support for the GMA power couple. GMA Pinoy TV, which gives the leading Philippine network’s only the best for its subscribers, made the experience truly special through an exclusive video conference which everyone enjoyed from the safety of their homes. The virtual event was hosted by Boobay, who is a friend of Marian’s. The couple candidly answered Boobay’s questions and shared so many stories on how they are doing now and how they keep being #StrongerTogether especially during these Covid times. “Buti na lang may ganito. Miss na miss na naming pumunta sa mga Kapuso natin abroad pero s’yempre hindi pa muna pwede sa ngayon, kaya ganito muna tayo,” said Dingdong as they greeted the fans who joined them via Zoom. When the couple was asked how life has been for their family since the pandemic, Dingdong answered, “Ako, matagal ko naman nang na-discover na talagang siya [Marian] ang gusto kong makasama forever, kahit saang lupalop pa kami. Kahit nasa loob lang kami ng kahon, isang kwarto, isang bahay, basta kasama ko siya, OK ako.” Marian shared, “Ang swerte ko dahil nakapangasawa ako ng very responsible na lalake. Napakahalaga sa akin nu’n.” “Bonus na lang na gwapo siya,” she jokingly added, thrilling fans. There was also a “Bring Me Back” segment where the couple got to revisit their best memories from their previous shows and movies together. In their movie You to Me are Everything, Marian remembered how funny Dingdong was as he was still trying out comedy then. She also recalled her beloved pet piglet named Snowy. On Super Inday and the Golden Bibe, Marian shared how memorable this movie was for her as she personally approached Maricel Soriano, who

GMA power couple Dingdong Dantes and Marian RiveraDantes connect with fans abroad via Zoom.

originally did the role in 1988, to ask for her blessings which she was truly thankful for. Currently, Marian hosts the award-winning drama anthology program Tadhana, which has become a different kind of bonding experience for them as a couple since they shoot the program at home where Dingdong is the director. Marian shared how she fell in love with her husband more as she saw how passionate and dedicated he is as a director—even more stern than the show’s actual director. Marian also took the opportunity to thank the GMA fans for supporting the show. “Salamat sa lahat ng tumatangkilik ng Tadhana. Ito ay kwento ng buhay ng mga Pilipino. Before kasi, ang pino-focus ng Tadhana ay mga Pinoy sa ibang bansa. Pati mismo dito sa atin, kinu-kwento na natin. At ang maganda dyan, syempre hindi mawawala yung pagbibigay natin ng inspirasyon para sa iba dahil sa kwento ng ibang tao.” Meanwhile, Dingdong currently hosts the infotainment program Amazing Earth. Since the show

requires shooting mostly outdoors, he also makes sure that all the safety protocols are followed to ensure his family’s safety. “Very safe naman ’yung mga pinupuntahan namin, iba naman ’yung shooting ng Amazing Earth kumpara sa mga teleseryeng ginagawa kasi kung wala kami sa park, nasa rooftop kami ng GMA tapos konti lang talaga kami. So kami ’yung isa sa mga unang productions sa GMA na unang bumalik sa trabaho pagkatapos ng lockdown last year, kaya very grateful ako hanggang ngayon may pagkakataon pa kami para gawin ang Amazing Earth,” he assured. GMA Pinoy TV subscribers can relive their bonding moments with the couple as the Pinoy Abroad Fun Connect: DongYan #StrongerTogether is set to air soon on GMA Pinoy TV. On May 15, subscribers can catch her romantic comedy My Lady Boss, while the action fantasy comedy Super Inday and the Golden Bibe airs on May 22. More information is available on www.gmapinoytv. com/subscribe.

Opinion BusinessMirror

A8 Tuesday, May 11, 2021 • Editor: Angel R. Calso

www.businessmirror.com.ph

editorial

PHL is not just NCR Plus

aily virus cases in Metro Manila and its surrounding provinces of Bulacan, Cavite, Laguna and Rizal have reportedly been declining after they were placed under enhanced community quarantine from March 29 to April 11, and then under modified ECQ from April 12, which will last until May 14. But the OCTA Research Group identified other areas where cases are spiking, including Cagayan de Oro City, Puerto Princesa, Zamboanga City and Bacolod City. Calamba experienced a 21 percent spike in cases despite Laguna being part of the NCR Plus bubble. OCTA’s data analysis showed that Puerto Princesa had a 78 percent spike in cases. This, even after some of its barangays were put under a localized lockdown. This should be of utmost concern to the national government. If Metro Manila’s hospitals can be overwhelmed by Covid surges, then the poorer healthcare capacities of far-flung provinces make them more vulnerable. OCTA has yet to determine the cause of the spike in these areas, but the problems in our Covid protocols have always been the same, even before the vaccination of our citizens began. First, we still don’t have a single nationwide contact tracing system that could effectively monitor Covid cases. The ability to track and trace new infections has always been critical for mitigating Covid spikes, and it will be critical for any strategy to reopen the country. Second, there have always been problems concerning the accuracy of the government’s Covid testing, in particular, too many false results that led to Covid infections in provinces and municipalities where there used to be none or where Covid cases were minimal. What good are tests if the results are not reliable? Then the government has also been having problems with the proliferation of fake negative Covid test results, which certainly led to more infections. Third, our border controls have always been loosely enforced. Protocols are useless and cannot prevent the transmission of the virus if there are exemptions, if there are certain people who can slip past borders and skip lockdown rules and quarantine restrictions. For instance, government officials and personnel on official business have been allowed by the IATF to travel without undergoing the mandatory testing and quarantine protocols. Why!? A government official on official business is not exempted from Covid infection! The virus knows no ranks and it infects everyone. We have been reporting that many government offices have gone on lockdown because of infections among their employees and officials. Ilocos Sur Gov. Ryan Singson, for instance, blamed a recent gathering held at a government office in Metro Manila for the spike in Covid cases in some Ilocos provinces. He said some employees of the National Tobacco Administration in Candon City attended the NTA’s First Quarter Convocation in the agency’s main office in Quezon City in March. One of the NTA employees who attended the event—which included a half-day celebration of fellowship due to the birthday of Robert Seares, the NTA administrator—later tested positive for Covid. This employee then infected a coworker from Sta. Lucia, Ilocos Sur. In Ilocos Norte, one of three employees of the NTA in Batac City who attended the event also tested positive for Covid. She then infected at least 11 other people in Batac. The governor was wondering how the NTA officials were able to attend the gathering in Metro Manila despite the strict health protocols in place and the “emergency shielding” he had previously imposed, which banned travel to and from NCR Plus. Well, perhaps the IATF exemption for government officials on official business was used—and abused—yet again. We should all be reminded that NCR Plus is not the Philippines. The virus knows no borders. For as long as there is a Covid surge anywhere in the country it magnifies the likelihood of the virus spiraling out of control again. The government’s containment strategy could never be considered effective if there is a surge of infections in any province or city or locality. As the World Health Organization said, the Philippines did not have a second wave of Covid infections, because it did not even stop the first wave, it did not even flatten the curve. Our target as a nation should be zero confirmed cases and no deaths. We need to stop the transmission of Covid-19 in the entire country, to make the Philippines a so-called bubble, in the same manner as Taiwan, for instance. Only then can we ever consider our domestic containment measures successful.

Since 2005

BusinessMirror A broader look at today’s business ✝ Ambassador Antonio L. Cabangon Chua Founder Publisher Editor in Chief Associate Editor News Editor Senior Editors

Online Editor Creative Director Chief Photographer Chairman of the Board Ombudsman President Advertising Sales Manager Group Circulation Manager

T. Anthony C. Cabangon

Manny B. Villar

THE Entrepreneur

E saw a decline in new Covid-19 cases in the last couple of weeks, as the reproduction rate fell below 1.0 again. This is good news for the country and the economy, thanks to the preventive efforts of the government. We need to sustain this gain by strengthening our health-related measures, while safely reopening the economy so that workers can return to their jobs. Balancing health and the economy is not a question of which is more important. Both are essential, and we just need to find a better solution than locking down the economy. My suggestion remains the same. We need to invest more in health care, now. Quarantine restrictions are just a temporary solution that should not be prolonged to the disadvantage of millions of families who depend on daily wages. Some families could survive without going to work for a month, but most Filipinos, especially those without savings, would suffer under the same condition. The government did its best to ease the situation by providing cash aid to more than 20 million families in the NCR Plus. Economic growth in the first quarter will likely remain subdued mainly because of the baseline effect, coming from the pre-pandemic performance in January and February 2020 and prior to the national lockdown that the government began to

Jennifer A. Ng Vittorio V. Vitug Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso

John Mangun

OUTSIDE THE BOX

Ruben M. Cruz Jr. Eduardo A. Davad Nonilon G. Reyes D. Edgard A. Cabangon Judge Pedro T. Santiago (Ret.) Benjamin V. Ramos Aldwin Maralit Tolosa Rolando M. Manangan

enforce in March last year. We will most likely see a positive gross domestic product growth in the second quarter, but this will largely reflect the rebound from the sharp 16.5-percent contraction in the same quarter of 2020. If we could sustain the reopening of the economy throughout this year, the recovery from the 2020 slump would continue in the third and fourth quarters. A return to pre-pandemic level is only possible by 2022, on the assumption that we can prevent another surge in the Covid-19 transmission rate. The spike in April taught us that we should not lower our guard and we should continue to follow health protocols at home, in work places and public areas at all times. We hope that more vaccines will arrive this year, on top of the 4 million doses that our country already received from China, Russia and the World Health Organization. The arrival of Pfizer and Moderna vaccines from the United States will be crucial

Flying pig

Lourdes M. Fernandez

✝

BusinessMirror is published daily by the Philippine Business Daily Mirror Publishing, Inc., with offices on the 3rd floor of Dominga Building III 2113 Chino Roces Avenue corner De La Rosa Street, Makati City, Philippines. Tel. Nos. (Editorial) 817-9467; 813-0725. Fax line: 813-7025. (Advertising Sales) 893-2019; 817-1351, 817-2807. (Circulation) 893-1662; 814-0134 to 36. E-mail: news@businessmirror.com.ph.

www.businessmirror.com.ph

Printed by brown madonna Press, Inc.–Sun Valley Drive KM-15, South Superhighway, Parañaque, Metro Manila MEMBER OF

Health-care investments, decongestion key to recovery

ast month I wrote, “For me though, the most astounding event of the 21st century is happening right now in Egypt. The Ever Given—launched in 2018—is one of the largest container ships ever built carrying some 20,000 Twenty-foot Equivalent Units. It is currently blocking the Suez Canal.”

The canal was unblocked and everything is back to normal. But the “astounding events” are not yet over—“astounding” to distinguish from “unpredictable.” A Black Swan is an event that is beyond what is normally expected and has potentially severe consequences: Nassim Nicholas Taleb, 2007. The event is a surprise to the observer. The event has a major effect.

An astounding event or “Flying Pig” is different. Everyone knows that pigs cannot fly and that event could never happen. But the idea has been talked about for a long time. In 1988, the US city of Cincinnati—nicknamed “Porkopolis” due to being the pork processing capital of the US in the 1800s—celebrated its Bicentennial founding. The entrance gateway to its Bicentennial

We should also continue massive testing and contact tracing. Along with vaccination, these efforts will allow the Filipino workers to safely return to their jobs without putting the health of their families at risk.

to save lives and prevent the spread of coronavirus in our country. If there is anything that we learned from the pandemic, it is the need to become prepared for any contingency. It highlighted the importance of expanding our health-care facilities to serve our growing population, improving our infrastructure to keep the flow of goods moving despite disruptions and making our communities and homes safer. It also means we need to rethink urban development. Metro Manila is so crowded that a community transmission can quickly become an outbreak and overwhelm existing medical facilities. We need to build communities with wider spaces, better ventilation and cleaner air outside the National Capital Region. This is why it is important that transport infrastructures such as toll roads and railways are developed to connect these communities to places of work in the cities. We have to consider that the Philippine population now exceeds 110 million, making it one of the most populous countries in the world. Many of our workers, entrepreneurs and students congregate in urban areas like Metro Manila, resulting in high population density that is not sustainable in the long term.

Considering that in 2019, there were over 2 billion computers in the world, a ransomware attack is a Flying Pig. We all know about ransomware but 99.9 percent of us have never seen one. Commons Park features four flying pigs “reflecting the spirits of the pigs who gave their lives so the city could grow.” If the citizens of Cincinnati were to look skyward and see actual flying pigs, they would be at least prepared, shocked but prepared. They might already expect that flying pigs would cause a pig-pollution problem as pigs average about 4.5 kilos of manure a day. Humans create 120 grams of solid waste a day. The Ever Given is 400 meters long; the Suez Canal is 210 meters wide. The Egyptian government required, as usual, two Egyptian maritime pilots on board at the time of the accident. These pilots take command

Upgrading our health-care facilities and infrastructure projects will be important in our economic rebound. The National Economic and Development Authority itself said that such recovery would entail the effective management of Covid-19 risks to empower individuals and companies to thrive in the new normal. The agency unveiled a threepronged strategy to accelerate job creation. It includes safely reopening the economy while strictly adhering to public health protocols, implementing the recovery package and ensuring the timely implementation of the vaccine program to cover the entire adult population. We should also continue massive testing and contact tracing. Along with vaccination, these efforts will allow the Filipino workers to safely return to their jobs without putting the health of their families at risk. At the same time, we recognize the efforts of medical doctors and research groups such as OCTA for providing helpful reminders and accurate analysis of the situation. We have to watch these important numbers—the reproduction rate and active Covid-19 cases—to ensure they remain manageable. The OCTA Research Group, in fact, predicts that daily cases in Metro Manila will likely drop below 3,000 this week if the reproduction number stabilizes from 0.8 to 0.9. The lower figure would mean less overwhelmed hospitals. I also believe the private sector should explore the opportunities in the health sector. We need more local investments in the production of See “Villar,” A9

over from the captain. Not a Black Swan event. The first known malware extortion attack (Ransomware), the “AIDS Trojan” was written by Joseph Popp in 1989. The user was asked to pay $189 to “PC Cyborg Corporation.” Examples of ransomware became prominent in 2005. In May 2017, the WannaCry ransomware attack infected more than 230,000 computers in over 150 countries. Such schemes caused losses of $1.5 billion in 2016, according to market researcher Cybersecurity Ventures. Considering that in 2019 there were over 2 billion computers in the world, a ransomware attack is a Flying Pig. We all know about ransomware but 99.9 percent of us have never seen one. Astounding Flying Pig Number Two for 2021. Wall Street Journal: “The largest gasoline pipeline on the East See “Mangun,” A9

Opinion BusinessMirror

www.businessmirror.com.ph

Hospital bills and pandemics

JBC’s nominees to the Supreme Court Manny F. Dooc

TELLTALES

Lyca Balita

Onwards

Y friend’s grandfather recently had a stroke. His family spent several hours in an ambulance searching for a hospital that had space to admit him. After hours, they found one, but it didn’t have the needed medical equipment. Only one expensive hospital had the necessary equipment and available space, which happened to be a private room. After a week, he recovered enough to be discharged. Here’s the problem: the hospital’s policies apparently dictated that the patient could not be released unless there was full payment of the bill. The bill cost over P300,000. No promissory notes and no installment payment allowed.

The family asked what would happen if they couldn’t pay the entire bill yet, and they were informed that the grandfather wouldn’t be released. He would be allowed to stay in his room, where he wouldn’t be regularly checked anymore except in cases of emergency, but they had to pay the P3,000-plus bill per day of stay. All this, despite the pandemic, which has affected not only health but also finances. Stories like this give rise to the question on whether policies like that should even be allowed. Of course, we have Republic Act 9439, which essentially makes it unlawful for any hospital to detain recovered patients for reasons of nonpayment of hospital bills. However, this law does not cover patients who stayed in private rooms. Perhaps the legislators assumed that those in private rooms are financially capable of paying sixfigures for a few days stay so they were exempted from the coverage of the law, but what was not foreseen was the possibility that there will be emergencies where only private rooms are available, and the choice of a private room was not voluntary. To the financially privileged, it’s easy to say that people can figure out how to pay bills that big anyway. Kung gusto may paraan. But this is all easier to say in theory. I shared the story to our house helper, and his response was he’d rather die than let his family deal with bills that big. Other responses were more optimistic, saying there are many kind people and government agencies that can donate. But in the case of my friend’s family, they had to borrow money to pay off most of the bill, since the hospital didn’t accept DSWD assistance. Plus, in a pandemic, donating five or six-figures in cash isn’t so easy. It’s really a take it or leave it situation. It’s so capitalist and so heartless. It may be argued that hospitals have to do this to keep running, and the interests of the patients should be balanced with the financial interests of the hospital. But should monetary interest and a life be balanced in the first place? Isn’t one clearly more important than the other? Anyone with empathy would agree that health care shouldn’t be a privilege anyway. Especially in a pandemic. These stories give rise to related questions. How much should healthcare professionals, who risk their lives daily, be paid, considering that one patient’s hospital bills for one

Mangun. . .

Continued from A8

Coast, and the US in general, was shut down on Friday after its operator struggled to contain a cyberattack.” The 5,500-mile Colonial Pipeline halted transit as the company was forced to take “certain systems offline to contain the threat, which has temporarily halted all pipeline operations.” The Washington Post reported that ransomware was used in the attack. The pipeline that runs from Texas to New York carries 45 percent of the east coast’s fuel supplies and travels through 14 southern and eastern US states. Gasoline futures increased more

Tuesday, May 11, 2021 A9

The “full payment” model guaranteed payment for the hospitals, and high prices were fit for the intended market that could handle full payment immediately. It was more of a fully consensual transaction where patients could choose hospitals based on financial capabilities. But today, the model is outdated. week can reach over P300,000? Are the current rates proportional? We can’t place absolutely all the blame on hospitals. Some of them do try to help those in need, pay their professionals well, and are more lenient with company policies to accommodate patients. Maybe hospitals in the Philippines didn’t create this for-profit health-care system and there are bigger factors that resulted to this. Still, whatever the cause, this is how it is right now. Maybe the “full payment” business model worked in the past, when hospitals had more available spaces and the economy wasn’t down. Before the pandemic, expensive private rooms not covered by the anti-hospital detention law were mostly for those who voluntarily chose those private rooms. The “full payment” model guaranteed payment for the hospitals, and high prices were fit for the intended market that could handle full payment immediately. It was more of a fully consensual transaction where patients could choose hospitals based on financial capabilities. But today, the model is outdated. With the virus, struggling economy, and packed hospitals, people don’t really have a choice when it comes to which hospital and which room to avail. It’s no longer a purely voluntary transaction: patients are at the mercy of whichever hospital has the space and necessary equipment. There are really only two choices: bear the huge medical bills, or completely forego medical treatment at the risk of losing a life. The factors that were considered in making the business model are no longer present. If anything, the model that used to be relatively appropriate is now arguably exploitative, even if unintended. Special thanks to my siblings for this piece. For feedback, send an e-mail to lyca.balita@ gmail.com

than 4 percent after Colonial Pipeline announced its mainlines remain offline. Colonial Pipeline Co.: “Operations team is developing a system restart plan. Over the past 48 hours, Colonial Pipeline personnel have taken additional precautionary measures to help further monitor and protect the safety and security of its pipeline. We will bring our full system back online only when we believe it is safe to do so.” The next “Year of The Pig” is 2031. But that timetable may not include the Flying Pig. 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.

he appointment of the members of the Supreme Court is one of the most important and sensitive functions of the President. No body of men, though unelected by the people, wields greater power and influence than the 15-man tribunal on the life, property and liberty of an individual in our society. The SC is the highest court of the land and is regarded as the “court of last resort.” In the exercise of judicial power, its decision is final and unappealable. Section 7 of the Constitution prescribes the qualifications of a member of the SC. “No person shall be appointed Member of the Supreme Court or any lower collegiate court unless he is a natural-born citizen of the Philippines. A Member of the Supreme Court must be at least 40 years of age, and must have been for 15 years or more a judge of a lower court or engaged in the practice of law in the Philippines.” A Judicial and Bar Council is created under the Constitution under the supervision of the SC to recommend to the President appointees to the Judiciary. The JBC interviews and screens the candidate for appointment to the SC. This is one of the judicial reforms introduced under the new Constitution to insulate the judiciary from political pressure. The President shall then appoint the members of the SC from a list of at least three nominees prepared by the JBC for every vacancy. No confirmation from the Commission on Appointment is required for such an appointment although the appointment to the JBC itself by the President requires the consent of the Commission on Appointment. The Judiciary holds “neither

purse nor sword” but no one can deny that democracy endures and people’s rights and liberties persist because of the vigor and vigilance of the courts. Without an independent judiciary, a spineless member of the Supreme Court toadies up to political power and subservience becomes his refuge. Needless to mention, a vibrant and free society needs an assertive and activist Court that decides justiciable cases brought before it without fear or favor. On the other hand, a timid judiciary will refrain from engaging into the realm of political issues that may bring it into conflict with the executive or legislative department. Thus, its judicial power, including the sacrosanct power of judicial review, is compromised to the great prejudice of society. There is no greater disservice to the people than this. As prescribed under Sec. 6, para. 3 of the Constitution, “(A) member of the Judiciary must be a person of competence, integrity, probity and independence.” Tough requirements which when strictly observed and implemented, as they should be, would be equivalent to finding the proverbial needle in the haystack. But that’s why the framers of the Constitution have seen it prudent to create the Judicial

Section 7 of the Constitution prescribes the qualifications of a member of the SC. “No person shall be appointed Member of the Supreme Court or any lower collegiate court unless he is a natural-born citizen of the Philippines. A Member of the Supreme Court must be at least 40 years of age, and must have been for 15 years or more a judge of a lower court or engaged in the practice of law in the Philippines.”

and Bar Council, a concoction of the 1973 Constitution. After my retirement, I have made it a point to watch or listen to the proceedings of the JBC as they interview the nominees to the SC. Not only because I personally know some of the JBC members and have followed their professional careers both in the bar and the bench. When I’m impressed by a nominee, both in the depth and quality of his/her answers, as well as his/her demeanor, I text the aspirant and express to him/her my support and my wish that he/she gets appointed by the President. Sometimes, I even text the JBC members to provide them my feedback since some of them circulate a message requesting for the public’s reaction. To be fair, based on my observation, the conduct of the interview by the JBC is balanced and objective. I wish, however, that the field of aspirants is wider and has more depth. I want to see more nominees who possess academic excellence and erudition, equipped with judicial temperament and philosophy, gifted with a moral fiber and independence to discharge his/her task competently and fearlessly. Candidates who will perform their job with a great sense of responsibility and accountability

Transfer pricing audit looms Atty. Irwin C. Nidea Jr.

Tax law for business

ransfer pricing audit is inevitable. Tax authorities now have the preliminary information that they need to choose what companies to audit. BIR Form 1709, which has been submitted together with the annual income tax return, is a powerful tool for the BIR to determine what are suspicious related to party transactions. The question now is, how will the BIR perform the audit, and what should a taxpayer expect?

Before the release of revenue regulations and circulars in 2020 and 2021 requiring the submission of transfer pricing documentation and BIR Form 1709, the BIR first issued guidelines in conducting a transfer pricing audit in 2019 (RAMO 1-2019). But some requirements in the said RAMO may have been amended by recent issuances. According to RR 34-2020, it will all begin when a company receives a letter of authority for the audit of all internal revenue taxes. No special LOA will be released just for transfer pricing audit. So, when a taxpayer receives an LOA for the audit of all internal revenue taxes, it must submit a transfer pricing documentation, when required. But a company is not mandated to submit a transfer pricing documentation if it does not reach the relevant thresholds as required under RR 34-2020—annual gross sales/revenue for the taxable period exceeding P150 million and the total amount of related party transactions with foreign and domestic related parties exceeding P90 million; if the transactions involve the sale

Villar. . .

Continued from A8

vaccines, medicines, oxygen tanks, personal protective equipment, face

Does the BIR have basis in doing a transfer pricing audit for 2019 and prior years? Unfortunately, yes. Section 50 of the 1997 Tax Code and Revenue Regulations 2-2013 prescribe that related party transactions must always be at arm’s length. It has always been the rule. But it has never been enforced.

of tangible goods in the aggregate amount exceeding P60 million or if the transactions involve a service transaction, payment of interest, utilization of intangible goods or other related party transaction in the amount exceeding P15 million. Will the company still be required to justify its transfer pricing policy? Unfortunately, yes. The most recent transfer pricing issuance, i.e., RMC 54-2021, states under Q and A No. 23 that the BIR will conduct an initial transfer pricing risk assessment, identify high-risk taxpayers, and make an informed decision whether or not to conduct a transfer pricing audit of a particular entity or transaction. This notwithstanding, the BIR still retains the right to conduct transfer pricing audit against taxpayers with related party transactions irrespective of whether or not they are required to file BIR Form 1709 or prepare a Transfer Pricing Documentation. So, even if a company is not required to file BIR Form 1709 or prepare a transfer pricing documentation, the BIR still has the right to perform a transfer pricing audit.

If the LOA that a company receives specifies the submission of the documents required under RAMO 1-2019, then it will be caught flat footed for it may have no transfer pricing policy or documentation to submit. This is the reality for some companies that received LOAs for taxable year 2019 and prior years. Even though thresholds on who are required to submit transfer pricing documentation and file BIR Form 1709 have only been issued in 2020 and 2021, some companies that received LOA for 2019 and prior years, are being required to submit the contents of a transfer pricing documentation as enumerated under RAMO 1-2019. The following information are required by the BIR to be submitted within five days from notice: information about the related party transactions; segmented financial statements, functions, assets and risks (FAR) analysis, characteristics of a business, comparability analysis, transfer pricing method used, comparables used, determination of the fair prices/profits in the related party transactions. This means that the BIR has already started transfer pricing audit. But many taxpayers have only begun preparing their transfer pricing documentation in 2020 because it is only at this time that

masks and other medical paraphernalia. A shortage of these essential items is the last thing we need. By enabling our health-care sector to better respond to the health crisis, we can avoid shackling the

economy that further alienates the poor. I agree with Neda Secretary Karl Chua when he said “we can’t be in MECQ for the entire year.” What we need is to reinforce our health-related efforts led by vaccina-

to the people, and not to their political patron. Recently, and to my surprise, I got a text from a leading member of the JBC, who said: “Good day your honors. The quality of applicants, shortlisted nominees, and presidential appointees to the SC lately has so much to be desired in terms of specialized qualitative work outputs, analytical inputs in court deliberation and specialized expertise in Public Law, International Law, and other special laws. There is now need to diversify membership in the SC. May I respectfully suggest that the likes of SOJ Guevarra, COA Chair Aguinaldo, and other legal scholars from the government or private sector be endorsed/ recommended to apply. Deadline of application/recommendation is May 10, 2021 to fill up the vacancy of Associate Justice Gesmundo. Thank you.” Many court observers share this view from a member of the JBC. I hope that his call will be heeded by deserving members of the bar and the bench who want to serve our highest tribunal. We direly need people of their caliber and credentials to reinvigorate our SC. These are perilous times and our people need the assurance that we shall have an SC that will safeguard their lives and liberties. Any appointment to the SC has a huge consequence to all of us. I do not want to believe that only a nominee who shall embrace a proadministration line shall get a slot in the SC. The SC is replete with narratives where a seemingly partisan appointee of the President has broken ranks and pursued a judicial philosophy that is anathema to the appointing power. Justices Teehankee, Muñoz-Palma and Abad Santos are good examples of this species. There will be others who will be undaunted and be equal to this great task. Let’s hope that they will take up the challenge.

the BIR has categorically required the submission of transfer pricing documentation. Does the BIR have basis in doing a transfer pricing audit for 2019 and prior years? Unfortunately, yes. Section 50 of the 1997 Tax Code and Revenue Regulations 2-2013 prescribe that related party transactions must always be at arm’s length. It has always been the rule. But it has never been enforced. What is the consequence if a company is not able to submit the documents required under RAMO 1-2019? Aside from imposing penalties, the BIR can impute the transfer price that it finds reasonable, and it is now up to the taxpayer to contest the same. For taxable year 2020 onwards, a taxpayer has 30 days (extendible for another 30 days on meritorious grounds), to submit a complete transfer pricing documentation once it receives an LOA requiring the submission of the same. Taxpayers that has prepared transfer pricing documentation will not be on the defensive. The burden is with the BIR to prove that the company’s related party transactions are not within arm’s length. Transfer pricing will be a staple revenue source of the BIR in the years to come. If you want your company to be part of that revenue source, do not prepare for the inevitable. The author is a senior partner of Du-Baladad and Associates Law Offices, 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 irwin.c.nideajr@ bdblaw.com.ph or call 8403-2001 local 330.

tion program to protect our people and enable them to do their job of supporting the economy. For comments, e-mail mbv.secretariat@gmail. com or visit www.mannyvillar.com.ph.

A10 Tuesday, May 11, 2021

‘US backing for vaccine IP waiver to sway other majors’

By Tyrone Jasper C. Piad @Tyronepiad

ITH the US supporting the waiver of Covid-19 vaccine patents, the Department of Trade and Industry (DTI) and the Intellectual Property Office of the Philippines (IPOPHL) believe other big economies will follow suit to boost the supply of doses. The Pharmaceutical and Healthcare Association of the Philippines (PHAP), however, said that scrapping IP rights for Covid-19 vaccine will not resolve the production concerns. “US has set a good example and it can influence others as well, in the spirit of saving humanity from the tragedy of this pandemic,” Trade Secretary Ramon Lopez told the BusinessMirror. “This is one way to address the global shortage of vaccines.” The DTI chief wishes other big economies would adopt the patent waiver as well, even on a temporary basis. This way, he explained, patent owners can revive their ownership after the “emergency situation.” “Better if not temporary. But

that depends again on the patent owners,” he added. Previously, however, Lopez told this newspaper that pharmaceutical firms should opt to secure voluntary licensing to produce Covid-19 doses instead despite the call of over 100 nations to remove IP protection for the vaccine. In securing a voluntary license, the patent holder is authorizing a generic company to produce patented articles, such as the Covid-19 doses. His stance was in consideration of the locally implemented IP laws, free-trade deals with other countries and the Philippines’s commitment to the World Trade Organization (WTO). The WTO’s Trade-Related As-

pects of Intellectual Property Rights (TRIPS) agreement is a multilateral accord on IP covering copyright and related rights, trademarks, geographical indications, industrial designs and patents, among others. The TRIPS agreement, which took effect on January 1, 1995, sets the minimum standards of IP protection, enumerates enforcement procedures and covers dispute settlement. IPOPHL Director General Rowel S. Barba, in an interview with the BusinessMirror, agreed the “economic superpower” US can influence other countries in waiving the Covid-19 vaccine patent protection. “We see a few pronouncements of support or consideration for the waiver hours after the Biden administration threw its support,” he said.

On innovation

BUT Barba argued that other economies, like Germany, will flag the potential damage of doing so to the health innovation and point out that supply chain should be the concern instead. Germany recently nixed Wash-

ington’s move to support the Covid-19 vaccine patent waiver as this is seen to affect production. The European Union (EU) member country noted that IP protection encourages innovation. “New supporters even acknowledged that the waiver will not be a ticket that guarantees supplies to developing countries and that setting patent-waiving measures in place and seeing results would take time that might not be with the times of the Covid-19 pandemic,” Barba added. In a recent statement, US Trade Representative Katherine Tai said they will take part in negotiations to waive the Covid-19 vaccine patent at the WTO. “This is a global health crisis, and the extraordinary circumstances of the Covid-19 pandemic call for extraordinary measures,” Tai explained. “The Administration believes strongly in [IP] protections, but in service of ending this pandemic, supports the waiver of those protections for Covid-19 vaccines.” Continued on A2

EX-NAYON FDN CHIEF: MEGA-VAXX SITE NOT PART OF NATL PLAN By Jonathan L. Mayuga

@jonlmayuga

HE proposed establishment of a mega-vaccination center being pursued by the Department of Tourism (DOT) and Interagency Task Force Nayong Pilipino Foundation in Parañaque is not part of the Philippine National Deployment and Vaccination Plan for Covid-19 Vaccines. It is also highly questionable as the property will be used for free by a private foundation, according to the resigned executive director of the NPF. About 2 hectares of the 9.5-hectare property of the Nayong Pilipino is already being used as a quarantine facility by the Armed Forces of the Philippines (AFP). The rest of the property is now being requested for the mega-vaccination center sometime in March. According to DOT, the proposed facility, which will offer drive-through and walk-in services, is designed to inoculate

at least 12,0 0 0 ind iv idu a ls a day. In a statement, the DOT also said such capacity “will be beneficial in the efficient administration of vaccines once more supplies arrive.” Lucille Karen Malilong-Isberto who resigned as Executive Director of Nayong Pilipino on May 9, hinted feeling the pressure put up by the proponents of the mega-vaccination center. “This is no longer about just the environment. But the use of a public property for free by a private foundation,” she said. “The DOT and ICTSI [International Container Terminal Services Inc.] want to use the land for free. We asked the DOH if that’s part of the plan, we were told: No…,” she said. The DOH, she said, appears to be in the dark as to the plan because upon inquir y, the DOH said it’s not part of the national deployment and vaccination plan. Continued on A4

Economic managers, House to meet over Bayanihan 3 issues By Jovee Marie N. dela Cruz

@joveemarie

HE leadership of the House of Representatives and the President’s economic team will meet anew on Wednesday to iron out the differences in the proposed Bayanihan to Arise As One Act or the Bayanihan 3. House Committee on Ways and Means Chairman Joey Sarte Salceda on Monday said they will tackle both the spending side and the revenue side of the proposal. “We will have to meet at some figure, but the responsibility of Congress is to present the needs of the people first, and then adjust our response based on the availability of new or existing funding,” Salceda said. “My advice to both my colleagues in the House and my counterparts in the economic team is that, while we must guard our deficit levels, we should not fixate on existing fiscal limitations. How we pay for Bayanihan 3 can be annuitized to some number of years, through gaming taxes on POGOs and e-sabong, for example,” he added. Bayanihan 3, which now stands at P405.6 billion, is pending before the House Committee on Appropriations. “Congress proposes to finance the package using new revenue streams. We did take into account that whatever existing sources there are must have already been used for the regular budget. In fact, this is the premise of the proposed revenue sources in the package,” he said. “We can get future revenue flows whose present value equivalent meets the need for Bayanihan 3. This is the strategy of the USD 2.2 trillion infrastructure plan of the Biden administration. They plan to pay for it with new revenues and closing tax loopholes, over time. We can certainly learn from that approach,” he added. Last week, Salceda’s committee approved the revenue provision in Section 34 of the Bayanihan 3 substitute bill which 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, Salce-

da said P294.8 billion will be sourced from provisional advances from the BSP. Also, he said another P78 billion will be derived from the increased remittance of GOCC dividends. Section 35 of the bill would mandate some government-owned and -controlled corporations (GOCCs) recommended by the Joint ExecutiveLegislative 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 POGO taxes. Under the substitute Bayanihan bill, P216 billion will be allocated for the implementation of a cash subsidy program of P1,000 for every Filipino in two tranches. 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). A P12-billion standby fund shall be appropriated for phase 2 and P6 billion standby fund for phase 3 of the AICS program. It seeks to provide P5,000 to P10,000 per Covid pandemic affected household. 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 MEMORIAL wall where people can write the names of people who died due to the coronavirus pandemic has been set up outside Quiapo Church in Manila. Catholic Church leaders offered masses at the weekend for all the Covid dead, and urged the faithful to keep praying for them. NONIE REYES

‘Eleazar’s no-jail order for mask violators makes sense’

NY rush to arrest mandatory mask violators without setting up the “holding and booking” infrastructure would worsen jail congestion, clog court dockets and worse, expose to real Covid-19 risks those sought to be protected by the strict health protocols, Senate President Pro Tempore Ralph Recto said on Monday. Recto said violators will be first brought to holding cells in police precincts, “but then these are already full.” Violators remanded to Bureau of Jail Management and Penology (BJMP) facilities will also find “standing room only” conditions awaiting them, he pointed out. And with many prosecution offices and courts conducting some of their work online, the procedure violators will undergo will face delays, Recto warned. The senator pointed to the irony:

if the arrest is made to protect the health of the community and the individual, “then the purpose is defeated if violators are thrown into a jail where physical distancing is impossible.” “Where’s the logic in catching someone for improperly wearing a mask when he would later catch the virus from his mask-less cellmates?” Recto said. Recto also cited the cost to the Treasury of arresting, holding, booking, charging and detaining “someone who may have placed his mask on his chin.” “We may find ourselves in a situation where we will be spending thousands of pesos for a person who has forgotten to put on a 10-peso mask,” he said. He said existing rules on mask wearing should be the subject of a massive information and education campaign.

“And among the priority audience should be the policemen and those tasked to implement the rule, like barangay tanods. With clear rules, not only confusion is avoided but abuse as well,” he said. “The guidance set by General Eleazar is correct: There will be no maltreatment, no abuse. The directive to not jail offenders when they can be fined based on local ordinance is also fine,” Recto said, partly in Filipino. “Perhaps if some people inadvertently lowered their masks a bit, their attention can be called. For the hard-headed, a fine or community service will do,” he said. “Just issue a ticket, then let the offender go with the warning that the fine must be settled soon. And don’t impose such a hefty fine. A high fine is a form of abuse,” Recto said. He suggested that the PNP also

consider, as “a good PR move,” giving “patrolling officers masks for distribution.” With 182,556 inmates, BJMP has a congestion rate of 434 percent, one of the world’s highest. This partly accounts for the considerable numbers of inmates and jail employees who got infected with Covid-19 the past year. The state cost of just feeding one BJMP inmate is P25,550 a year. On top of this is a medicine allotment of P5,475 per inmate a year. Prosecutors and public defenders who handle cases of inmates are facing case overload too, Recto said. “One state prosecutor handles about 403 criminal cases,” he said. A Public Attorney Office (PAO) lawyer, on the other hand, attends to 5,237 clients a year, and, at any given time, has 504 cases in court. Butch Fernandez

www.businessmirror.com.ph

Companies BusinessMirror

Tuesday, May 11, 2021

Bloomberry books ₧780.8-M loss in Q1

By VG Cabuag

@villygc

loomberry Resorts Corp., the operator of Solaire Resort and Casino, reported losses of P780.8 million in the first quarter, a reversal of last year’s income of P1.4 billion, as its facilities operated at a minimum capacity. “Despite the challenges, the Company generated solid results in the first three months of 2021 with gaming revenues, EBITDA [earnings before interest, taxes,

depreciation and amortization] and the bottom line improving from the previous quarter,” Enrique K. Razon Jr., the company’s chairman and CEO, said.

Razon noted that the company’s performance during the period highlighted the management team’s commitment to return to profitability as well as the dedication of its team members to create “unparalleled entertainment experiences” for its returning guests. “Unfortunately, Solaire’s momentum, which was fueled by improving domestic patron confidence, has been cut short as it is faced with another closure for the duration of the MECQ [modified enhanced community quarantine]. As expected, the road to recovery is not easy.” “In t he meantime, Bloomberry will carry on with further strengthening services and health security protocols at Solaire in an-

Vista Land readies offshore bond sale V

ista Land and Lifescapes Inc. on Monday said it will tap the offshore market as it re-opens its existing $200-million, 7.5-percent notes due 2027, which will come from the company’s drawdown of its medium-term notes program. The property development arm of the Villar Group has mandated DBS Bank Ltd. and HSBC as joint global coordinators, joint lead managers and joint bookrunners, and Credit Suisse as joint lead manager and joint bookrunner, to arrange a series of fixed income investor calls, the company said. The notes will be issued by its unit VLL International Inc. “Proceeds from any notes issued may be used to refinance existing indebtedness, purchase, develop, construct or improve assets, property or equipment, and for general corporate purposes,” the company said in its disclosure. Vista Land said its income in the first quarter fell 14 percent to P2.1 billion from last year’s P2.43 billion, mainly due to higher interest expense. “Coming from 2020, our preliminary first quarter headline numbers this year are quite encouraging. The company will continue with its digital innovations to efficiently and to safely serve its clients and customers,” Manuel Paolo A. Villar, the company’s president and CEO said. He said the company expects to report total revenues of approximately P8.7 billion for the period, or about 12 percent fall from last year’s P9.9 billion, with real estate revenues at approximately P6.3 billion representing a decrease of approximately 13 percent year-on-year, and leasing income estimated at P2 billion representing a decrease of approximately 9 percent last year.

The company said its reservation sales continued to rise in the first quarter, registering approximately P16.1 billion, or an estimated 4-percent increase from last year and an estimated 14-percent increase since the fourth quarter of 2020. “We continue to navigate through these still challenging times brought about by the pandemic but with a more optimistic outlook this year especially as the vaccination rollout ramps up. In addition, indicators such as overseas Filipinos’ [OF] demand remains to be resilient with an upward trend as the host countries of our OFs are on their way to achieving herd immunity,” said Vista Land Chairman Manuel B. Villar Jr. “The projected growth of overseas Filipino remittances this year also bodes well for the Company since approximately 55 percent to 60 percent of our sales are overseas Filipino sales.” The company said it will maintain its stance on minimal land acquisition thereby maximizing its existing land bank and will be conservative in terms of its leasing space expansion program. However, the company has the capacity to fast-track construction and to launch projects when opportunities present themselves. Vista Land said it will continue to be proactive in its liability management policy. It is also looking at doing a real estate investment trust for its office space as a start. In terms of addressing the pandemic, the company together with the rest of the Villar Group is set to vaccinate its workforce across the Philippines. It has recently rolled out VHealthy, the group-wide vaccination initiative for its employees. The Group has ordered vaccines from Moderna and Oxford-AstraZeneca for its existing workforce. VG Cabuag

CEB net loss widens to ₧7.3B

ebu Air Inc., the operator of Cebu Pacific (CEB), significantly widened its net loss in the first quarter due to the adverse effects of the Covid-19 pandemic. Based on a disclosure to the stock exchange, Cebu Air posted a net loss of P7.3 billion in the first three months of the year, 516.9 percent higher than the P1.18-billion net loss sustained the year prior. Its revenues dropped by 83 percent to P2.71 billion from P15.91 billion, as it had to cancel most of its flights due to commercial travel restrictions, while operating expenses stood at P9.49 billion, which is 42.8-percent lower than the P16.61 billion the year prior. “The overall decline in revenues was brought about by the impact of the Covid-19 outbreak which started with cancellation of flights to China, Hong Kong, Macau and South Korea in varying periods in early 2020 due to the imposition of travel restrictions,” the disclosure read. Passenger revenues nosedived by 92.2 percent to P887.447 million from P11.39 billion, as passenger volume for the quarter dropped to 500,000 from 4.4 million. Cebu Pacific had to cut the number of its flights by 75.8 percent and reduce its fares by 37.5 percent. Its ancillary revenues also declined by 85.7

percent to P501.72 million from P3.51 billion due to the drop in passenger volume and flight activity. Cargo revenues, meanwhile, rose by 30.3 percent to P1.32 billion from P1.01 billion as it offered more chartered cargo services in the first quarter. Cebu Pacific officials have said that the group is optimistic in its recovery, implementing several capital-raising measures to “provide the company with a longer liquidity runway to help it withstand the effects of the pandemic.” It recently received a $250-million investment in the form of convertible bonds from IFC, the IFC Emerging Asia Fund, a private equity fund managed by the IFC Asset Management Company, and Indigo Partners, a private equity firm focused on worldwide investments in air transportation. “We view Indigo, IFC, and IFC Emerging Asia Fund not only as capital providers but also longterm partners in driving improvements in the business, as well as accelerating our sustainability agenda,” said Lance Gokongwei, President and Chief Executive of CEB. “This will further strengthen CEB as we recover, so we may continue fulfilling our commitment to improve the lives of people in the communities we serve for a long time to come.” Lorenz S. Marasigan

ticipation of restarting operations as soon as allowed by the relevant authorities.” Gross gaming revenues fell 43 percent to P6.88 billion from the previous year’s P12.21 billion. Volume of its VIP tables fell 59 percent to P45.52 billion from last year’s P150.82 billion, slots volume declined much less at 32 percent to P40.98 billion from last year’s P54.01 billion, while mass gaming tables was down 36 percent

to P7.12 billion from the previous P9.7 billion. For 88 days in the first quarter, Solaire’s casino was operating at a capacity consistent with a limited dry run as allowed by regulator, Philippine Amusement and Gaming Corp. Such dry run operations, which involve only long-stay and select invited guests, enable the industry to fine-tune its services in accordance with new normal protocols.

Solaire has been closed to the public since March 29 after Metro Manila and nearby provinces reverted to enhanced community quarantine on March 29, and transitioned to MECQ on April 12. The non-gaming businesses operated at limited capacity throughout the quarter. The hotel, food and beverage and retail segments have not been accepting guests since March 29. Its consolidated non-gaming revenue reached P872.9 million for the quarter, representing a decline of 49 percent from the P1.7 billion generated in the same quarter last year. Consolidated non-gaming revenue was higher by 15 percent compared to the fourth quarter of 2020.

Companies BusinessMirror

Tuesday, May 11, 2021

AGI income plunges by 62% as tough curbs affect units

By VG Cabuag

@villygc

lliance Global Group Inc. (AGI), the holding firm of businessman Andrew Tan, on Monday said its income last year plunged 62 percent to P10.3 billion from the previous P27.1 billion, as restrictions affected most of its businesses. Revenues fell 28 percent to P129 billion from the previous year’s P180 billion. “This pandemic really taught us so many lessons as a Group and we see this as a perfect opportunity to strengthen our resolve to have a more diversified portfolio that could provide a balanced stream of earnings in a post-pandemic scenario,” Kevin Andrew L. Tan, the company’s CEO, said. During the strict lockdown

last year, Emperador Inc. performed well thanks to its global liquor operations, particularly for its brandy and whisky products in Europe, Asia, North America, Latin America and Africa. Overseas sales overtook the low domestic sales due to the liquor bans imposed during the quarantine. Liquor sales of Emperador grew 42 percent during the fourth quarter compared to the previous quarter, the company said.

AGI also fully accelerated its digitalization strategy with investments in Agile Digital Ventures, a wholly-owned subsidiary of Megaworld Corp. Its companies also focused on digital innovations and developed various platforms for their various operations, such as iFAE for its residential customers, e-concierge for its hotels, McDelivery PH App for McDonalds, Boozy. ph for liquor delivery, RWM mobile App for Resorts World Manila and Pick.A.Roo as an all-in-one delivery App, mainly to support the retail partners. As a result, sales of McDonald’s Philippines jumped 36 percent in the fourth quarter compared with the previous quarter; while gaming revenues of Resorts World Manila also grew 33 percent and real estate sales of Megaworld was up 22 percent in the last quarter. “Innovation, especially on digital technology, will remain to be at the core of our various companies’ business operations. We will continue to

use technology to give our Group an added advantage as we embrace the New Reality,” Tan said. Travellers International Hotel Group Inc., which handles the hotel and gambling assets, managed to post earnings before interest, taxes, depreciation and amortization of P425 million even with the limited operations of Resorts World Manila during most part of the year due to the community restrictions. Net gaming revenues in 2020 stood at P9.4 billion, while non-gaming revenues amounted to P2.8 billion. Also during the year, Travellers upgraded its Garden Wing casino, to complement its Grand Wing casino, giving RWM the much-needed capacity under the New Normal. Golden Arches Development Corp., the owner of the McDonald’s brand in the country, in which Tan owns 49 percent but still is operated by the Yang family, registered sales of P19.8 billion in 2020. The company closed the year with 655 McDonald’s stores.

Araneta Group taps renewable energy from First Gen

opez-led clean energy provider First Gen Corp. has been tapped by the Araneta Group for the supply of renewable energy to the historic and pioneering shopping center Ali Mall in Quezon City. The group’s property arm, Araneta City Inc. (ACI), signed an agreement with First Gen’s sub-

sidiary Bacman Geothermal Inc. (BGI) to supply Ali Mall with 2.1 megawatts (MW) of power. BGI, a licensed retail electricity supplier, will source electricity for Ali Mall from the 132-MW Pantabangan-Masiway hydroelectric power plant in Nueva Ecija. First Gen Hydro Power Corp., another subsidiary of First Gen, owns and operates

the hydro plant. “We at First Gen are happy that the Araneta Group has accepted our offer to be a partner in the task—even if daunting—of reducing the buildup of more heat-trapping carbon dioxide in the atmosphere,” said First Gen Vice President for Marketing Carlo Vega. “We commend the Araneta Group at the same

time for their support in adopting renewable energy. Small gestures like this, if taken together, will make a big difference in the fight against global warming and climate change. It reinforces our commitment to expand the development and use of clean and renewable energy for our power plants.” Lenie Lectura

mutual funds

May 10, 2021 NAV

One Year Three Year Five Year

per share

Return*

Y-T-D Return

Stock Funds ALFM Growth Fund, Inc. -a

201.94

8.13%

-7.96%

-3.94%

ATRAM Alpha Opportunity Fund, Inc. -a

1.2623

31.6%

-6.42%

1.47%

-3.86%

10.07%

-12.33%

-6.12%

-11.39%

Climbs Share Capital Equity Investment Fund Corp. -a 0.7137 10.16%

-7.92% n.a.

-11.22%

First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.673

2.31%

-7.12% n.a.

-9.25%

First Metro Save and Learn Equity Fund,Inc. -a

9.69%

-5.85%

-3.05%

-9.75%

First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6352

0.75%

-9.79%

-7.96%

MBG Equity Investment Fund, Inc. -a

-6.2% n.a.

-7.19%

ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.7761

4.4594

-11.13%

94.61

25.01%

PAMI Equity Index Fund, Inc. -a

41.2325

10.54%

-6.22%

-2.67%

-11.99%

Philam Strategic Growth Fund, Inc. -a

434.33

8.07%

-6.21%

-3.13%

-11.18%

Philequity Alpha One Fund, Inc. -a,d,5

1.0069

17.53% n.a. n.a.

-8.24%

Philequity Dividend Yield Fund, Inc. -a

1.0719

11.67%

-5.22%

-1.85%

-8.24%

Philequity Fund, Inc. -a

31.1562

10.84%

-5.52%

-1.6%

-10.39%

8.33% n.a. n.a.

-11.95%

Philequity MSCI Philippine Index Fund, Inc. -a

0.8039

Philequity PSE Index Fund Inc. -a

4.226

11.24%

-5.64%

-1.89%

-11.8%

Philippine Stock Index Fund Corp. -a

706.6

11.27%

-5.56%

-2.05%

-11.86%

Soldivo Strategic Growth Fund, Inc. -a

0.6451

9.8%

-9.64%

-5.34%

-10.27%

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.223

7.6%

-7.65%

-3.32%

-11.06%

Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8069 10.69%

-5.93%

-2.18%

-12.07%

United Fund, Inc. -a

-5.41%

-0.73%

-9.72%

-5.38%

-1.36%

2.9964

9.57%

-16.4%

Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c

94.8

11.3%

-11.86%

Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b

$1.2611

43.62%

4.96%

8.88%

4.84%

Sun Life Prosperity World Voyager Fund, Inc. -a $1.7376

40.06%

10.64%

11.79%

3.87%

Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a

1.6128

8.1%

-1.68%

-1.26%

-3.34%

ATRAM Philippine Balanced Fund, Inc. -a

2.1148

7.72%

-2.7%

-0.78%

-7.46%

First Metro Save and Learn Balanced Fund Inc. -a 2.4615

5.38%

-1.73%

-1.51%

-6.3%

First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1843

0.11% n.a. n.a.

NCM Mutual Fund of the Phils., Inc. -a

0.27%

0.57%

-4.95% -8.12%

1.8667

4.43%

PAMI Horizon Fund, Inc. -a

3.4804

4.58%

-1.3%

-0.73%

Philam Fund, Inc. -a

15.6074

4.98%

-1.17%

-0.71%

-7.85%

Solidaritas Fund, Inc. -a

1.9503

6.03%

-2.15%

-0.63%

-6.87%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.3107 5.52%

-3.41%

-1.79%

-7.35%

Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9451

4.95% n.a. n.a.

-7.58%

Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8428

6.11% n.a. n.a.

-11.21%

Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.8244

7.06% n.a. n.a.

-11.65%

Sun Life Prosperity Dynamic Fund, Inc. -a

4.13%

0.8112

-4.66%

-2.61%

-8.62%

Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a

$0.03805

0.26%

3.06%

1.33%

-2.74%

PAMI Asia Balanced Fund, Inc. -b

$1.1406

23.75%

2.82%

5.38%

-0.83%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.6366 29.54%

8.27%

8.57%

2.74%

Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.2021 15.82%

4.59%

4.76%

Bond Funds

-7.2%

www.businessmirror.com.ph

PSE STOCK QUOTATIONS

May 10, 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 FERRONOUX HLDG IREMIT MANULIFE NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE

43.65 104.9 82.75 25.05 9.5 44 9.55 21.8 28.4 57.7 17.64 114.9 74.9 1.49 3.89 3.02 1.42 958 0.7 155.2 2,450 0.92

43.8 105.5 82.9 25.15 9.52 44.1 9.6 22 28.65 59.15 18 115 74.95 1.5 3.91 3.15 1.5 994 0.72 159.1 2,498 1

43.5 104 82 25.05 9.56 43.75 9.6 22 28.7 60.1 18 115.5 74.75 1.42 3.93 3.02 1.42 958 0.72 157 2,496 0.98

43.8 105.5 82.9 25.2 9.56 45 9.6 22 29.2 66 18 116.4 74.95 1.49 3.93 3.02 1.42 994.5 0.72 159.2 2,498 0.98

43.5 103.6 82 25 9.48 43.75 9.6 22 28.35 56.7 17.7 113.1 74.2 1.4 3.9 3.02 1.42 958 0.7 155.3 2,496 0.95

43.65 105.5 82.9 25.2 9.5 44 9.6 22 28.4 59.15 17.7 115 74.95 1.49 3.91 3.02 1.42 994 0.7 159.2 2,498 0.95

1,700 1,403,160 512,660 93,300 121,600 2,887,100 16,200 4,300 1,212,400 28,140 17,200 305,940 29,400 142,000 133,000 2,000 8,000 130 286,000 4,050 15 180,000

74,375 147,216,021 42,352,864.50 2,337,760 1,156,884 127,747,755 155,520 94,600 34,577,770 1,643,733.50 308,820 35,199,685 2,201,481.50 203,220 519,700 6,040 11,360 126,705 200,620 634,230 37,460 172,150

-4,365 -672,188 14,838,604 -644,169 -11,345,330 -5,486,690 -230 -20,767,915 -6,368 -

INDUSTRIAL AC ENERGY 7.18 7.19 6.99 7.18 6.98 7.18 26,634,900 188,252,987 ALSONS CONS 1.34 1.35 1.31 1.34 1.3 1.34 252,000 334,800 ABOITIZ POWER 23.25 23.35 23.35 23.5 23.25 23.35 1,473,000 34,444,530 BASIC ENERGY 0.81 0.82 0.78 0.84 0.77 0.82 27,835,000 22,731,150 FIRST GEN 31.3 31.35 31.6 31.6 31.05 31.3 343,700 10,741,575 FIRST PHIL HLDG 67.55 67.7 67.6 67.7 67.5 67.55 11,390 770,204 272.2 273.8 273.6 274.2 272 272.2 77,810 21,223,252 MERALCO 14.88 14.94 14.8 14.94 14.78 14.94 652,500 9,692,674 MANILA WATER 3.4 3.43 3.39 3.45 3.33 3.43 859,000 2,902,670 PETRON 4 4.07 4 4 4 4 49,000 196,000 PETROENERGY PHX PETROLEUM 13.1 13.2 12.8 13.2 12.8 13.2 567,100 7,383,598 21.75 21.95 21.9 22.3 21.6 21.8 616,700 13,512,210 PILIPINAS SHELL SPC POWER 10.4 10.42 10.36 10.42 10.36 10.4 49,700 515,868 VIVANT 14.2 14.5 14.5 14.5 14.5 14.5 600 8,700 AGRINURTURE 6.5 6.55 6.47 6.6 6.47 6.55 1,159,300 7,537,370 AXELUM 2.96 2.98 2.95 2.99 2.95 2.96 254,000 755,290 BOGO MEDELLIN 57.05 79.9 77 79.9 77 79.9 1,000 78,819.50 12.88 13.38 12.88 12.88 12.88 12.88 300 3,864 CNTRL AZUCARERA CENTURY FOOD 21.8 21.85 21 21.9 20.6 21.85 1,351,700 29,057,825 13.68 13.7 13.5 13.96 13.5 13.7 330,200 4,495,538 DEL MONTE 7.74 7.75 7.55 7.86 7.5 7.75 7,194,800 55,540,794 DNL INDUS 9.49 9.5 9.5 9.74 9.47 9.5 4,320,400 41,044,888 EMPERADOR 69.3 69.5 67.65 69.6 67.65 69.3 286,000 19,689,275 SMC FOODANDBEV ALLIANCE SELECT 0.62 0.63 0.62 0.63 0.62 0.63 3,000 1,870 FRUITAS HLDG 1.43 1.45 1.43 1.45 1.41 1.45 6,401,000 9,183,900 GINEBRA 63 63.4 62.5 63.5 62 63 141,170 8,895,860.50 JOLLIBEE 175.1 175.2 175.7 175.8 175.1 175.1 253,600 44,443,267 LIBERTY FLOUR 28.15 28.5 28.5 28.5 28.45 28.5 3,100 88,320 7.22 7.73 7.21 7.73 7.21 7.73 9,500 68,547 MACAY HLDG MAXS GROUP 5.87 5.97 5.83 5.97 5.81 5.87 60,800 356,875 0.29 0.295 0.295 0.295 0.29 0.29 1,870,000 546,650 MG HLDG 7.45 7.49 7.4 7.5 7.3 7.49 607,200 4,544,121 SHAKEYS PIZZA 1.02 1.03 1.03 1.03 1.01 1.03 334,000 341,710 ROXAS AND CO 4.68 4.7 4.68 4.68 4.68 4.68 4,000 18,720 RFM CORP ROXAS HLDG 1.46 1.53 1.53 1.53 1.53 1.53 1,000 1,530 SWIFT FOODS 0.133 0.134 0.134 0.136 0.133 0.133 4,030,000 539,880 UNIV ROBINA 132 132.8 132.4 132.8 130.8 132.8 310,410 40,994,509 VITARICH 0.79 0.8 0.8 0.81 0.79 0.8 924,000 739,690 VICTORIAS 2.62 2.65 2.7 2.95 2.65 2.65 545,000 1,492,790 1.19 1.2 1.21 1.22 1.17 1.19 1,140,000 1,356,490 CEMEX HLDG DAVINCI CAPITAL 2.7 2.72 2.7 2.8 2.69 2.72 609,000 1,667,160 11.6 11.98 11.8 12 11.8 11.98 40,300 482,856 EAGLE CEMENT EEI CORP 7.09 7.28 7.09 7.29 7.09 7.29 3,600 25,544 HOLCIM 5.5 5.53 5.5 5.54 5.44 5.5 109,100 599,791 6.62 6.65 6.85 6.85 6.62 6.62 131,900 876,053 MEGAWIDE PHINMA 12.3 12.32 12.3 12.3 12.3 12.3 20,400 250,920 TKC METALS 1.07 1.13 1.15 1.15 1.06 1.15 734,000 799,240 VULCAN INDL 2.2 2.23 2.23 2.27 2.17 2.2 4,830,000 10,654,930 CROWN ASIA 1.84 1.87 1.81 1.88 1.79 1.87 1,933,000 3,515,440 EUROMED 1.93 1.97 1.93 1.97 1.93 1.97 6,000 11,620 LMG CORP 4.6 4.82 4.6 4.6 4.6 4.6 150,000 690,000 4.54 4.69 4.54 4.54 4.54 4.54 5,000 22,700 MABUHAY VINYL PRYCE CORP 5.45 5.5 5.5 5.5 5.5 5.5 2,400 13,200 CONCEPCION 22.5 22.95 22.95 22.95 22 22 1,600 35,325 4.09 4.1 3.97 4.1 3.95 4.1 31,798,000 127,532,900 GREENERGY 9.52 9.53 9.55 9.55 9.46 9.53 290,700 2,761,195 INTEGRATED MICR IONICS 1.06 1.08 1.08 1.08 1.06 1.08 56,000 60,190 SFA SEMICON 1.29 1.33 1.29 1.34 1.27 1.33 204,000 263,550 CIRTEK HLDG 5.77 5.78 5.8 5.8 5.74 5.77 637,600 3,678,016

35,681,706 7,860 -7,365,250 -429,230 -8,303,005 -32,420 -13,028,258 -1,296,076 -797,370 -462,000 575,140 160,960 4,186,145 -395,072 -16,853,860 -166,189 -248,722.50 -7,250 5,161,785 -14,201,685 84,530 8,850 -2,379,073 -36,700 -4,680 -5,557,913 80,800 -320,000 -45,609 -83,055 181,500 152,900 -5,610 22,095 2,295,770.00 -805,216 32,300 12,900 63,250

HOLDING & FRIMS

ABACORE CAPITAL ASIABEST GROUP AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL AYALA LAND LOG ANSCOR ANGLO PHIL HLDG ATN HLDG A COSCO CAPITAL DMCI HLDG FILINVEST DEV FORUM PACIFIC GT CAPITAL HOUSE OF INV JG SUMMIT JOLLIVILLE HLDG KEPPEL HLDG A LODESTAR LOPEZ HLDG LT GROUP MJC INVESTMENTS METRO PAC INV PACIFICA HLDG PRIME MEDIA SOLID GROUP SYNERGY GRID SM INVESTMENTS SAN MIGUEL CORP SOC RESOURCES SEAFRONT RES TOP FRONTIER WELLEX INDUS ZEUS HLDG

1.1 7.25 732.5 34.85 10.36 3.02 6.66 0.8 0.7 5.06 5.4 8.01 0.29 512 3.37 51 4.52 5 0.92 3.29 12.84 1.74 3.92 3.54 2.62 1.22 370 937 117.4 0.67 2.06 131.4 0.245 0.235

1.11 7.4 733 34.9 10.38 3.05 6.84 0.81 0.71 5.09 5.41 8.69 0.3 528 3.49 51.2 5.49 5.07 0.95 3.33 12.9 1.78 3.93 3.66 2.63 1.25 389.4 939 117.5 0.68 2.35 131.6 0.249 0.244

1.13 7.35 725 35 10.36 2.97 6.85 0.83 0.71 5.05 5.35 8.1 0.3 510 3.36 51.6 5.49 4.3 0.91 3.32 12.72 1.75 3.99 3.65 2.62 1.25 365 921 117.8 0.67 2.18 131.6 0.25 0.245

1.15 7.4 737.5 35.25 10.52 3.06 6.85 0.83 0.71 5.15 5.43 8.2 0.305 528 3.57 51.9 5.49 5 0.96 3.32 12.98 1.75 3.99 3.66 2.64 1.25 370 939 117.8 0.68 2.18 131.6 0.25 0.249

1.09 7.25 725 34.85 10.36 2.95 6.62 0.8 0.69 5 5.35 7.95 0.29 509 3.36 51 5.49 4.25 0.91 3.29 12.72 1.75 3.93 3.65 2.58 1.25 365 920 117 0.66 2.05 131.5 0.241 0.232

1.1 7.25 733 34.9 10.38 3.02 6.62 0.8 0.7 5.06 5.4 8.01 0.305 528 3.57 51 5.49 5 0.93 3.29 12.9 1.75 3.93 3.66 2.63 1.25 370 939 117.5 0.68 2.05 131.5 0.245 0.245

12,369,000 31,500 87,820 669,800 3,685,100 1,632,000 2,900 2,441,000 979,000 726,700 4,269,200 39,100 860,000 38,180 8,000 1,250,550 1,000 13,900 2,923,000 69,000 505,500 1,000 11,817,000 5,000 508,000 5,000 170 236,940 165,080 122,000 39,000 4,710 4,570,000 13,520,000

13,774,720 228,414 64,387,565 23,415,625 38,346,914 4,952,390 19,842 1,976,200 679,340 3,673,238 23,060,594 313,136 253,300 19,754,785 28,070 64,124,163 5,490 64,835 2,737,480 227,930 6,475,694 1,750 46,759,790 18,280 1,331,340 6,250 62,400 220,438,550 19,404,631 81,720 82,380 619,685 1,134,380 3,191,200

PROPERTY ARTHALAND CORP 0.63 0.64 0.63 0.64 0.63 0.64 158,000 99,910 ANCHOR LAND 7.59 7.89 7.61 8 7.61 8 9,100 69,290 AYALA LAND 32.2 32.25 32.25 32.4 32 32.2 19,485,800 628,100,125 ARANETA PROP 1.27 1.31 1.27 1.27 1.27 1.27 1,000 1,270 AREIT RT 33.5 33.9 32.8 33.6 32.8 33.5 652,900 21,809,635 BELLE CORP 1.36 1.38 1.41 1.41 1.36 1.38 909,000 1,261,970 0.94 0.96 0.96 0.96 0.95 0.96 1,399,000 1,336,370 A BROWN CITYLAND DEVT 0.91 0.92 0.92 0.93 0.9 0.91 398,000 361,320 0.127 0.128 0.127 0.135 0.126 0.128 156,100,000 19,703,510 CROWN EQUITIES CEBU HLDG 5.98 6.5 6.55 6.55 6.55 6.55 100 655 5.76 5.77 5.75 5.78 5.7 5.76 191,800 1,099,398 CEB LANDMASTERS 0.395 0.405 0.405 0.41 0.395 0.4 8,950,000 3,625,850 CENTURY PROP CYBER BAY 0.32 0.33 0.32 0.32 0.32 0.32 1,010,000 323,200 DOUBLEDRAGON 12.5 12.62 12.72 12.72 12.46 12.62 647,200 8,153,620 DDMP RT 1.95 1.96 1.94 1.97 1.93 1.95 8,584,000 16,755,000 DM WENCESLAO 6.76 6.77 6.72 6.77 6.72 6.77 49,700 336,421 EMPIRE EAST 0.275 0.28 0.285 0.285 0.275 0.275 440,000 121,300 0.166 0.17 0.185 0.185 0.164 0.169 46,450,000 7,986,960 EVER GOTESCO 1.1 1.11 1.1 1.11 1.09 1.11 5,043,000 5,555,510 FILINVEST LAND 0.83 0.85 0.85 0.85 0.85 0.85 188,000 159,800 GLOBAL ESTATE 8990 HLDG 7.14 7.45 7.08 7.49 7.08 7.45 45,800 340,814 PHIL INFRADEV 1.32 1.33 1.31 1.33 1.3 1.32 152,000 200,010 1.8 1.81 1.79 1.8 1.75 1.8 1,004,000 1,790,100 CITY AND LAND MEGAWORLD 3.04 3.05 3.02 3.11 3.02 3.05 20,327,000 62,253,980 MRC ALLIED 0.41 0.415 0.405 0.42 0.405 0.41 13,160,000 5,408,600 PHIL ESTATES 0.53 0.54 0.54 0.56 0.53 0.54 7,475,000 4,056,480 PRIMEX CORP 3.48 3.49 3.46 3.49 3.39 3.49 2,535,000 8,787,800 ROBINSONS LAND 17.22 17.28 16.6 17.4 16.6 17.28 3,035,500 52,188,942 0.249 0.26 0.25 0.25 0.25 0.25 10,000 2,500 PHIL REALTY ROCKWELL 1.5 1.52 1.51 1.52 1.5 1.52 89,000 134,030 2.61 2.65 2.65 2.65 2.62 2.62 41,000 107,600 SHANG PROP STA LUCIA LAND 2.3 2.4 2.39 2.4 2.39 2.4 35,000 83,820 SM PRIME HLDG 33.7 33.95 33.95 34.35 33.7 33.7 2,721,100 92,302,875 3.71 3.87 3.72 3.87 3.71 3.87 8,000 30,010 VISTAMALLS SUNTRUST HOME 1.41 1.46 1.44 1.44 1.41 1.41 381,000 538,920 VISTA LAND 3.56 3.58 3.47 3.6 3.47 3.56 6,638,000 23,459,850 SERVICES ABS CBN 11 11.02 11 11.14 10.92 11 65,500 721,196 GMA NETWORK 8.35 8.37 8.55 8.57 8.21 8.35 1,787,200 14,904,592 GLOBE TELECOM 1,857 1,859 1,835 1,868 1,835 1,859 32,220 59,808,655 PLDT 1,235 1,248 1,269 1,269 1,235 1,235 136,050 170,267,925 APOLLO GLOBAL 0.193 0.194 0.199 0.206 0.192 0.193 423,440,000 84,304,140 CONVERGE 18.82 18.88 19 19.4 18.8 18.82 5,933,300 112,554,802 4.89 4.9 4.75 5.05 4.7 4.89 5,208,000 25,317,210 DFNN INC 9.65 9.66 9.8 9.85 9.65 9.66 5,076,800 49,408,268 DITO CME HLDG 1.64 1.79 1.6 1.6 1.6 1.6 5,000 8,000 IMPERIAL JACKSTONES 2.2 2.28 2.28 2.28 2.2 2.28 45,000 99,430 NOW CORP 2.57 2.58 2.56 2.63 2.55 2.57 640,000 1,650,680 0.39 0.395 0.385 0.415 0.38 0.39 11,050,000 4,421,350 TRANSPACIFIC BR PHILWEB 2.56 2.6 2.63 2.63 2.55 2.56 87,000 224,030 2GO GROUP 8.25 8.47 8.23 8.48 8.23 8.25 32,500 272,031 ASIAN TERMINALS 15.66 15.76 15.62 15.62 15.62 15.62 1,020,300 15,937,086 CHELSEA 2.92 2.98 2.92 3 2.9 2.92 454,000 1,340,140 CEBU AIR 48.8 49 48.25 49.25 48.25 48.8 201,700 9,843,120 141.2 141.5 135.6 142 135.6 141.2 3,251,280 456,363,368 INTL CONTAINER 4.61 4.62 4.59 4.65 4.59 4.62 1,427,000 6,570,960 MACROASIA 2.12 2.18 2.1 2.19 2.1 2.18 73,000 157,340 METROALLIANCE A METROALLIANCE B 2.11 2.59 2.11 2.11 2.11 2.11 2,000 4,220 PAL HLDG 5.85 5.88 5.85 5.86 5.8 5.85 53,000 309,779 1.31 1.33 1.31 1.35 1.28 1.33 382,000 502,240 HARBOR STAR ACESITE HOTEL 1.52 1.58 1.52 1.58 1.52 1.58 32,000 49,240 BOULEVARD HLDG 0.086 0.087 0.09 0.09 0.086 0.087 126,540,000 11,046,630 DISCOVERY WORLD 2.81 2.89 2.81 2.98 2.8 2.89 177,000 508,460 WATERFRONT 0.55 0.56 0.56 0.57 0.55 0.55 784,000 439,370 CENTRO ESCOLAR 6.65 7.3 7.3 7.3 7.3 7.3 1,200 8,760 585.5 590 590 590 590 590 10 5,900 FAR EASTERN U IPEOPLE 6.56 7.87 7.36 7.92 7.36 7.9 5,300 41,328 STI HLDG 0.35 0.355 0.37 0.37 0.35 0.355 4,340,000 1,545,800 4.79 4.88 4.5 4.8 4.5 4.8 5,000 23,350 BERJAYA BLOOMBERRY 6.2 6.24 6.27 6.28 6.2 6.2 1,853,200 11,543,291 2.09 2.1 2.23 2.23 2.1 2.1 177,000 377,570 PACIFIC ONLINE LEISURE AND RES 1.53 1.58 1.59 1.59 1.5 1.59 150,000 233,410 MANILA JOCKEY 2.06 2.13 2.15 2.16 2.14 2.14 26,000 55,790 PH RESORTS GRP 1.95 1.97 1.96 1.99 1.91 1.97 3,063,000 5,968,700 PREMIUM LEISURE 0.4 0.405 0.4 0.405 0.395 0.4 640,000 255,350 PHIL RACING 5.95 6.2 5.95 5.96 5.95 5.96 700 4,169 7.4 7.5 7.69 7.69 7.15 7.5 385,800 2,872,039 ALLHOME 1.27 1.28 1.27 1.3 1.27 1.27 343,000 436,960 METRO RETAIL 33.85 33.9 34.2 34.85 33.5 33.9 2,673,300 90,847,945 PUREGOLD 51.35 51.5 52.3 52.3 51.05 51.5 610,400 31,467,110.50 ROBINSONS RTL 107.5 111 109 111 108 111 5,660 621,661 PHIL SEVEN CORP 1.16 1.17 1.18 1.19 1.16 1.17 695,000 815,330 SSI GROUP WILCON DEPOT 18.1 18.4 18.42 18.48 18.02 18.4 1,674,000 30,854,036 APC GROUP 0.38 0.385 0.385 0.385 0.38 0.38 70,000 26,750 EASYCALL 6.23 6.62 6.22 6.64 6.22 6.64 2,500 15,602 PRMIERE HORIZON 2 2.02 2 2.05 1.98 2 6,882,000 13,868,540 SBS PHIL CORP 4.15 4.17 4.17 4.17 4.17 4.17 1,000 4,170 MINING & OIL

Primarily invested in Peso securities

-814,600 -740 -36,827,900 -11,380,270 -26,538,434 -3,020 40,500 -1,666,723 -318,566 -13,582 -2,295,845 -45,626,742.50 -158,390 -2,598,494 -14,603,830 20,840 -101,807,225 -3,689,126 4,200 9,450 -40,516,160 -2,377,100 -377,840 9,000 655 -94,487 -16,400 -4,539,498 796,940 -264,707.00 -352,150 -438,210 -19,620 99,630 12,966,050 -2,700 4,579,580 15,150,986 -77,020 -29,019,250.00 154,690 16,736,420 -28,119,500 -101,800,705 2,589,230 8,030,796 22,590 4,913,568 -124,820 -312,600 -9,317 -74,400 282,710 93,949,302 -2,495,720.00 5,800 -23,520 -775,310 35,000 147,599 -19,800 -1,286,053 -11,430 5,604,375 -2,852,397.50 149,571 43,730 -13,592,742 4,361 338,740 -

ATOK 8.7 8.71 8.82 8.9 8.67 8.71 101,900 893,614 -110,221 APEX MINING 1.72 1.73 1.69 1.74 1.69 1.72 5,012,000 8,570,100 180,500 ATLAS MINING 8.5 8.53 8.35 8.62 8.35 8.5 1,522,800 12,975,157 623,907.00 BENGUET A 3.01 3.1 3.14 3.14 3.01 3.1 95,000 292,440 COAL ASIA HLDG 0.325 0.335 0.33 0.34 0.325 0.335 540,000 180,050 Cocolife Fixed Income Fund, Inc. -a 3.2234 1.64% 3.91% 4.44% 0.27% 2.85 2.89 2.9 2.9 2.89 2.89 36,000 104,060 86,700 CENTURY PEAK 6.99 7 7.17 7.17 7 7 16,300 114,627 DIZON MINES Ekklesia Mutual Fund Inc. -a 2.258 -0.82% 2.25% 1.62% -1.66% FERRONICKEL 2.57 2.58 2.53 2.6 2.53 2.58 1,259,000 3,243,650 338,800 0.35 0.36 0.37 0.37 0.35 0.35 1,540,000 541,700 350,000 GEOGRACE First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4319 0.33% 3.15% 1.77% -0.87% 0.189 0.19 0.191 0.191 0.186 0.189 48,320,000 9,102,530 LEPANTO A Philam Bond Fund, Inc. -a 4.4744 -0.79% 4% 1.88% -3.46% LEPANTO B 0.189 0.197 0.197 0.197 0.197 0.197 50,000 9,850 MANILA MINING A 0.016 0.017 0.016 0.017 0.016 0.016 496,800,000 7,952,300 Philam Managed Income Fund, Inc. -a, 6 1.322 3.15% 4.29% 2.76% 0.06% MANILA MINING B 0.017 0.018 0.018 0.018 0.017 0.018 68,700,000 1,200,700 MARCVENTURES 1.35 1.39 1.36 1.41 1.33 1.39 335,000 459,090 -5,470 Philequity Peso Bond Fund, Inc. -a 3.9611 2.12% 4.36% 2.51% -1% NIHAO 1.56 1.6 1.67 1.67 1.55 1.6 278,000 438,660 NICKEL ASIA 5.69 5.7 5.59 5.73 5.57 5.7 10,036,000 57,113,444 6,192,992 Soldivo Bond Fund, Inc. -a 1.0275 0.71% 4.09% 1.89% -1.39% 0.395 0.415 0.4 0.4 0.4 0.4 20,000 8,000 OMICO CORP Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1881 2.13% 5.15% 2.86% -0.56% ORNTL PENINSULA 0.94 0.95 0.97 0.98 0.93 0.95 569,000 540,680 PX MINING 7.05 7.06 6.97 7.08 6.94 7.05 4,168,000 29,370,080 949,452 Sun Life Prosperity GS Fund, Inc. -a 1.7396 0.7% 4.42% 2.21% -0.88% 12.96 12.98 12.62 13.12 12.62 12.98 3,361,900 43,590,640 -1,125,818 SEMIRARA MINING 0.01 0.011 0.011 0.012 0.011 0.011 43,600,000 482,600 -16,500 UNITED PARAGON Primarily invested in foreign currency securities 17.2 17.3 17 17.3 16.94 17.2 117,300 2,010,970 73,040 ACE ENEXOR ORNTL PETROL A 0.011 0.012 0.012 0.012 0.012 0.012 145,200,000 1,742,400 ALFM Dollar Bond Fund, Inc. -a $484.07 3.38% 3.14% 2.37% 0.04% ORNTL PETROL B 0.013 0.014 0.013 0.014 0.013 0.013 53,500,000 697,800 510,900 ALFM Euro Bond Fund, Inc. -a Є219.8 2.72% 1.1% 1.2% 0.28% PHILODRILL 0.012 0.013 0.012 0.012 0.011 0.012 26,400,000 315,400 -6,000 PXP ENERGY 7.15 7.29 7.15 7.33 7.1 7.15 1,466,600 10,470,801 295,993 ATRAM Total Return Dollar Bond Fund, Inc. -b $1.1757 -1.78% 1.85% 1.1% -8.18% PREFFERED First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0259 0.78% 1.59% 0.95% -2.63% HOUSE PREF B 100 101 100.7 100.7 100.7 100.7 20,000 2,014,000 PAMI Global Bond Fund, Inc -b $1.0532 -0.07% 0.67% -0.59% -3.61% AC PREF B1 515 531.5 532 532 531.5 531.5 710 377,420 ALCO PREF B 102.5 102.7 102.7 102.7 102.5 102.5 1,010 103,527 Philam Dollar Bond Fund, Inc. -a $2.4872 3.75% 5.16% 2.22% -1.91% CEB PREF 44.45 45 44.15 45.5 44.1 44.4 353,200 15,688,925 -5,279,845 DD PREF 100.5 101 100.5 100.5 100.5 100.5 40,910 4,111,455 Philequity Dollar Income Fund Inc. -a $0.0627352 5.27% 3.53% 2.22% 0.67% FGEN PREF G 107 109.6 109.5 109.5 109.5 109.5 610 66,795 502 508 508 508 507 507 10,000 5,070,020 GLO PREF P Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1469 0.17% 2.91% 1.07% -2.38% GTCAP PREF A 995 1,020 1,005 1,020 1,005 1,020 160 162,150 Money Market Funds GTCAP PREF B 1,035 1,045 1,045 1,045 1,045 1,045 250 261,250 MWIDE PREF 101.5 102 102.1 102.1 101.5 101.5 17,200 1,745,876 Primarily invested in Peso securities MWIDE PREF 2A 100 101 100 100 100 100 28,000 2,800,000 MWIDE PREF 2B 100.5 101 100.5 100.5 100.5 100.5 500 50,250 ALFM Money Market Fund, Inc. -a 130.02 2.03% 3.11% 2.52% 0.16% PNX PREF 3B 103.5 104 104 104 104 104 1,040 108,160 PCOR PREF 3A 1,115 1,119 1,118 1,118 1,118 1,118 10 11,180 First Metro Save and Learn Money Market Fund, Inc. -a 1.051 1.29% n.a. n.a. 0.28% PCOR PREF 3B 1,141 1,155 1,155 1,155 1,141 1,155 555 634,025 Sun Life Prosperity Money Market Fund, Inc. -a 1.3029 2.88% 2.57% 0.49% 1.92% SFI PREF 1.66 1.8 1.66 1.66 1.66 1.66 20,000 33,200 PREF 2C SMC 79.5 79.8 79.6 79.9 79.6 79.9 110 8,783 Primarily invested in foreign currency securities 76.35 77 76.9 76.95 76.5 76.95 65,680 5,035,554.50 SMC PREF 2E SMC PREF 2F 78.7 78.95 78.7 78.95 78.7 78.95 13,440 1,057,753 Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0566 1.43% 1.72% n.a. 0.4% SMC PREF 2H 77.15 77.4 77.15 77.15 77.15 77.15 26,340 2,032,131 Feeder Funds SMC PREF 2J 77 77.5 77 77 77 77 22,150 1,705,550 SMC PREF 2K 76 76.5 75.75 75.75 75.7 75.7 4,000 302,850 - Primarily invested in Peso securities PHIL. DEPOSITARY RECEIPTS Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.2233 n.a. n.a. n.a. 8.29% GMA HLDG PDR 8.05 8.1 8.05 8.1 8.05 8.05 59,200 476,800 40,250 Primarily invested in foreign currency securities WARRANTS ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $1 11.11% n.a. n.a. 2.04% LR WARRANT 1.7 1.72 1.69 1.78 1.68 1.72 580,000 995,270 - SMALL & MEDIUM ENTERPRISES 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). ALTUS PROP 17.88 17.96 17.8 18 17.6 17.96 8,400 149,424 -25,132 ITALPINAS 2.34 2.35 2.32 2.38 2.32 2.35 208,000 491,120 -16,530 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. KEPWEALTH 5.25 5.3 5.25 5.25 5.25 5.25 18,600 97,650 96,600 4 - Renaming was approved by the SEC last October 12, 2018 (formerly, One Wealthy Nation Fund, Inc.). 5 - Launch date is December 09, 2019. MAKATI FINANCE 2.53 2.67 2.53 2.53 2.53 2.53 1,000 2,530 MERRYMART 4.79 4.8 4.75 4.85 4.75 4.8 3,803,000 18,305,440 -976,790 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 EXHANGE TRADE FUNDS FIRST METRO ETF 95.7 96.75 96 96.75 95.5 95.7 17,540 1,690,861 150,690 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."

ALFM Peso Bond Fund, Inc. -a

370.97

2.26%

3.13%

2.54%

-0.03%

ATRAM Corporate Bond Fund, Inc. -a

1.9123

-0.96%

0.93%

0.2%

0.63%

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

The World BusinessMirror

India adds 366,000 infections as total fatalities hit 246,000

ndia added 366,161 more cases on Monday, lower than the 400,000odd numbers it reported Sunday. Numbers on Monday typically tend to be lower than usual because of a dip in testing across the country during the weekend. The data tends to rebound starting Wednesday. India also reported 3,754 deaths Monday, taking the total death toll in the country to 246,116. More than two thirds of states are shut if assessed by their contribution to national output, analysts at Jefferies calculated last week. Tamil Nadu, which houses foreign manufacturers including BMW and Dell, will also close from Monday, while Delhi extended its lockdown for another week. The restrictions had been set to end Monday after being extended several times already. India is testing and vaccinating its citizens at a lower rate compared with recent months. Cases have risen 3.6 times in the last one month and deaths 6.3 times, while testing has increased only 1.5 times and daily vaccine doses fallen 38 percent, Bhramar Mukherjee, a professor at the School of Public Health at the University of Michigan, wrote on Twitter. Key developments:

Thailand death toll tops 400

Deaths in Thailand from Covid-19 surpassed 400 on Monday. A 25-week pregnant Thai woman became the first person in the country to be diagnosed with the Indian variant of the virus. The nation’s Covid-19 panel will hold a meeting to discuss measures to tackle the Indian variant, according to Apisamai Srirangsan, a Covid-19 center spokesman. There were 1,630 new infections and 22 deaths, which took the total infections and fatalities to 85,005 and 421, respectively. More than half of the total infections and deaths are from a new outbreak that began in April.

BioNTech to build vaccine facility in Singapore The German vaccine developer selected the city-state as its Southeast Asia headquarters and first AsiaPacific hub. BioNTech’s manufacturing site will support global supply of mRNA-based vaccines, the company said in a statement. The plan is a boon for Singapore’s long-term strategy to build out next-generation sectors of its economy, including biopharmaceuticals.

Dubai business activity improves

Business activity in Dubai rose to the highest level since late 2019 after a rebound in tourism and a fast distribution of coronavirus vaccines. The private sector, excluding oil, grew for a fifth-straight month in April, according to IHS Markit. Its Purchasing Managers’ Index for the Middle East’s main business hub rose to 53.5 from 51 in March, staying above the 50-mark that separates growth from contraction and signaling significant economic expansion.

BioNTech’s China venture

Shanghai Fosun said on Sunday it will set up a 50:50 joint venture with BioNTech to produce mRNA Covid-19 vaccine in China. Both companies have committed up to $100 million investment through cash, production facilities and technologies. Fosun will set up a production facility capable of making 1 billion doses of the vaccine, according to the company’s filing to the Shanghai Stock Exchange. The Shanghai-based drug company struck a deal in March 2020

Street parties celebrate end of Spain’s state of emergency

ARCELONA, Spain—Impromptu street celebrations erupted across Spain as the clock struck midnight on Saturday, when a six-month-long national state of emergency to contain the spread of coronavirus ended and many nighttime curfews were lifted. In Madrid, police had to usher revelers out of the central Puerta del Sol square, where the scenes of unmasked dancing and group singing mimicked pre-pandemic nightlife. Teenagers and young adults also poured into central squares and beaches of Barcelona to mark the relaxation of restrictions. “Freedom!” said Juan Cadavid, who was reconnecting with friends. “(It’s) a bit scary, you know, because of Covid, but I want to feel like this around a lot of people.” The 25-year-old Barcelona resident was also rejoicing at the prospect of going back to work at a Michelin-star restaurant that has been closed for the past seven months due to pandemic-related restrictions. Local restaurants will be able to serve dinner again beginning Sunday and can stay open until 11 p.m. But a limit of four people per table remains and indoor dining is limited to 30 percent of capacity. Police in Madrid said that local law enforcement officers intervened in more than 450 incidents in which restrictions were being flaunted, prompting the Spanish capital’s mayor to call the scenes depicted by videos of street parties on social media “deplorable.”

“Freedom doesn’t involve holding booze parties in the street because street drinking is not allowed in the city of Madrid,” Mayor José Luis Martínez-Almeida said Sunday, appealing for citizens to behave responsibly. “Each one of us needs to understand that we live in a society,” he continued, adding that the end of curfews “doesn’t mean that the pandemic has ended.” With the end of the state of emergency, bans on traveling across Spain’s regions have also been lifted and many curbs on social gatherings were relaxed. Only four of the country’s 19 regions and autonomous cities are keeping curfews in place. In spite of criticism from some regional chiefs and opposition figures, Spain’s center-left ruling coalition refused to extend the state of emergency, which provided a legal umbrella to enact sweeping anti-Covid-19 measures restricting fundamental freedoms. Prime Minister Pedro Sánchez has said existing regulations should be enough to respond to outbreaks at the regional level as the rollout of vaccines is speeding up. S p a i n’s n u m b e r o f n e w c o r o n a v i r u s infections in the past 14 days fell Friday to 198 new cases per 100,000 residents, although the central Madrid and the northern Basque regions have more than twice that rate. Hospital occupation levels remain high, however, with more than 1 in 5 intensive-care beds in the country treating Covid-19 patients. AP

to license and develop the Covid shot in the Greater China region that includes Hong Kong, Macau and Taiwan, while Pfizer Inc. later agreed to co-develop and commercialize it in the rest of the world. The vaccine is now being reviewed by Chinese drug regulator. Fosun Pharmaceutical shares rose as much as 23 percent in Hong Kong.

Virus causing spread of fungal infection

Coronavirus is causing the spread of a deadly fungal infection called mucormycosis across the western state of Maharashtra, the Times of India reported. Hospitals in Mumbai, which are treating dozens of such patients, are facing a shortage of anti-fungal medicines. The infection can also lead to blindness. The fungal infection usually sets in two to three weeks after treatment for Covid and was mostly found in patients who already suffer from diabetes and then got affected by Covid-19.

Bolsonaro leads Mother’s Day parade maskless

A maskless President Jair Bolsonaro led a Mother’s Day motorcycle parade on Sunday as Brazil added almost 39,000 Covid-19 cases. Deaths increased by 1,024 to 422,340 in the latest daily count, according to Health Ministry data. The ministry will begin distributing 1.12 million doses of the Pfizer/BioNTech vaccine Monday. The latest batch brings Brazil ’s distribution to about 75.4 million doses and more than 46.8 million shots administered.

England set to allow indoor mixing Prime Minister Boris Johnson confirmed that the next stage of lockdown easing in England will go ahead on May 17 as planned, as the Covid-19 infection rate reaches its lowest level since September. People will be allowed to stay overnight with friends or relations, and indoor hospitality will be reopened. The government said last week limited international travel will also resume then.

US hospitalizations reach seven-month low

The share of US hospital beds

occupied by Cov id-19 patients fell to 5.37 percent, the lowest since Oct. 5, according to the US Department of Health & Human Ser vices. Michigan had the biggest percentage of beds occupied by Covid patients at 13.3 percent followed by Maryland at 10.8 percent, according to the latest HHS data, which reflect the situation on Thursday. Florida had 3,504 hospitalized Covid patients, the most of any state, followed by Texas with 3,080.

Iran sets vaccination goal

President Hassan Rouhani said some 13 million people in Iran, about 15 percent of the population, will be vaccinated against the coronavirus by July 22, as the country tries to combat the Middle East’s worst outbreak. Rouhani said he expects all people in high-risk groups to receive at least their first dose by that date, the state-run Islamic Republic News Agency reported, adding that two domestically developed shots will be ready for mass use by June.

Third of UK adults dully vaccinated

More than a third of the United Kingdom’s adult population is now fully vaccinated against Covid-19, and two-thirds of adults have received a first shot. The UK has now administered more than 53 million doses of coronavirus vaccines. The success of the vaccine rollout, coupled with strict lockdown measures that are now being eased, has led to a plunge in new cases and deaths. Health authorities on Sunday reported just two daily deaths from the virus in all of the UK.

Fauci says US deaths undercounted

There’s “no doubt” the US has undercounted its number of deaths from Covid-19, which now stand at over 581,000, President Joe Biden’s top medical adviser said. But Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, said on NBC’s “Meet the Press” that a University of Washington analysis published May 6 that the true toll is probably over 900,000 is “a bit more than I would have thought.” Bloomberg News

Tuesday, May 11, 2021

Singapore goes on defensive as virus success status at risk

ingapore, the Asian city-state that has been among the world’s best at containing the Covid-19 pandemic, is back on the defensive, reimposing local restrictions and tightening its borders amid a pop in cases. With infections in the community sometimes reaching double digits among a population of 5.7 million, the government last week started limiting social gatherings, curbed entry for most foreign workers and ordered mass testing across industries and areas where new cases have arisen. The setback risks slowing Singapore’s economic recovery and complicates plans to host high-profile global gatherings, including the Davos-based Word Economic Forum in August and the Shangri-La Dialogue next month, which it had hoped would showcase its control of the virus. It also has stalled a rally in the one of Asia’s best-performing stock markets, with Singapore’s benchmark index slipping 1 percent so far this month. “Growth may stall with the latest curbs, just as the recovery was starting to take shape,” said Chua Hak Bin, senior economist at Maybank Kim Eng Research Pte. in Singapore. “Singapore may face a double-dip recession if the government is forced to reintroduce circuit-breaker measures in a worst-case scenario where the mutant virus outbreak worsens.” Rising cases in Singapore—which topped Bloomberg’s most recent Covid resilience ranking— also reflect the growing challenges for developing countries in Asia as the pandemic rages. The Philippines and Thailand in Southeast Asia, as well as nations bordering India such as Bhutan and Nepal, have seen significant surges in infections in recent weeks. The threat had been easing for Singapore until new clusters started to emerge a few weeks ago, including cases with the highly contagious Covid-19 variant first detected in India. Three weeks’ worth of tighter social-distancing measures kicked in Saturday, with officials saying they’re necessary to prevent a harsher lockdown similar to one last year. Singapore will reduce approvals for most foreign workers in coming weeks, and is delaying the arrival of many workers who already had received approval to enter. “We will immediately strengthen our defense against the more infectious mutant variants,” Transport Minister Ong Ye Kung, who’s slated to become health minister later this month, said in a Facebook post Sunday, laying out new restrictions and tests for high-risk workers at the airport and seaports. “We need to protect our frontliners in order to protect the rest of Singapore.”

Economic risks

Singapore’s economy started the year on stronger footing, growing 0.2 percent year-on-year in

the first quarter as manufacturing expanded, while contractions in construction and services moderated. The Monetary Authority of Singapore said late last month it sees the economy likely rebounding at a faster pace this year than the government’s 4 percent-6 percent projection. “Prolonged Covid-19 control measures present downside risks to our positive views on the financial, healthcare and land transport sectors,” RHB Bank Bhd analyst Shekhar Jaiswal wrote in a note Monday. “The current tighter control measures are negative for retail REITs with exposure to downtown malls.” The new restrictions raise the level of uncertainty for companies employing foreigners in Singapore, though they aren’t yet likely to have a long-term impact. Member companies in the local British Chamber of Commerce “understand the need for measures to be continually reviewed for the safety of all residents and the economy,” said David Kelly, the chamber’s executive director. “In our latest membership survey completed just a few weeks ago, 94 percent of respondents reaffirmed their confidence in Singapore as a long-term business hub.” A rise in unlinked cases also could jeopardize Singapore’s travel bubble with Hong Kong, currently scheduled to begin May 26. According to the terms of the agreement, the air-travel corridor will be closed for two weeks if the seven-day moving average of daily unlinked local cases is more than five in either city.

New cases

An additional 10 Covid-19 cases were reported by the country’s health ministry late Sunday, including several not linked to any previous cases. Four individuals were connected to an earlier cluster at Changi Airport and three to a cluster at Tan Tock Seng Hospital. The number of unlinked virus cases in the local community has risen to 13 in the past week, from 10 the week before, the government said Sunday. Singapore will expand virus testing to about 9,000 workers at two of the airport’s terminals and the connected Jewel shopping mall. Close to 4,000 port workers will undergo testing after four people at the city-state’s seaport facilities were found to have Covid-19 over the past 10 days. The Maritime and Port Authority said Sunday that 2,750 people so far have tested negative. The mass testing strategy will include about 2,200 students, staff and visitors at Victoria Junior College after a student registered positive for the virus in recent days, the Ministry of Education said Saturday. More than 100 people who are close contacts of the infected student will be quarantined as well.

Bloomberg News

The W

Business

Tuesday, May 11, 2021 • www.businessmirror.com.ph

Amazon blocked 10 billion phony listings in counterfeit crackdown

EW YORK—Amazon, which has been under pressure from shoppers, brands and lawmakers to crack down on counterfeits on its site, said Monday that it blocked more than 10 billion suspected phony listings last year before any of their offerings could be sold.

The numbers were released i n A m a zon’s f i rst re por t on its anti-counterfeiting efforts since it announced new tools and technologies in 2019. The number of blocked phony listings last year was up about 67 percent from the year before. The Seattle-based e-commerce behemoth said the number of counterfeiters attempting to sell on the site rose as scammers tried to take advantage of shoppers who

were buying more online during the pandemic. Amazon has been wrestling with counterfeits for years. But since 2019, it has warned investors in government filings that the sale of phony goods poses a risk to the company and its image. Brands may not want to sell their items on the site if they know there are fake versions being offered. And knock-offs could cause shoppers to lose their trust in Amazon.

Counterfeiters try to get their products on Amazon through its third-party marketplace, where sellers can list their items directly on the site. The company destroyed 2 million counterfeit products sent to its warehouses last year before they could be sold. And it said fewer than 0.01 percent of all items bought on the site received counterfeit complaints from shoppers. Amazon said it can stop counterfeiters before they can sell anything thanks to machinelearning technology, which automatica l ly scans listings to remove suspected counterfeits. The company also gives brands a way to remove fake items from the site themselves, rather than reporting them to Amazon and waiting for it to do something. The company’s efforts come as lawmakers are looking at ways to reduce counterfeits online. Two senators, Bill Cassidy of Louisiana and Dick Durbin of Illinois, both Democrats, re-introduced a bill this year known as the INFORM

Consumers Act. It would require third-party sellers to be verified and to disclose their name and address to shoppers. The bill was introduced last year, but wasn’t voted on. Amazon and smaller online stores, such as eBay and Etsy, oppose the bill for reasons including concerns it could discourage people from starting a small business and selling online. But groups that represent big-box physical retailers, such as Home Depot and Lowe’s, support it because they say it levels the playing field, since physical retailers already make sure their shelves are free of fakes. Amazon said it spent more than $700 million last year on its anticounterfeiting efforts and has 10,000 people working on it. The company has also been filing joint lawsuits with brands, including one earlier this year with Salvatore Ferragamo against counterfeiters who were selling knock-offs of the high-end brand’s belts on the site. AP

US pipeline cyberattack linked to criminal gang

EW YORK—The cyberextortion attempt that has forced the shutdown of a vital US pipeline was carried out by a criminal gang known as DarkSide that cultivates a Robin Hood image of stealing from corporations and giving a cut to charity, two people close to the investigation said Sunday. The shutdow n, meanwhile, stretched into its third day, with the Biden administration loosening regulations for the transport of petroleum products on highways as part of an “all-hands-on-deck” effort to avoid disruptions in the fuel supply. Ex perts said that gasoline prices are unlikely to be affected if the pipeline is back to normal in the next few days but that the incident—the worst cyberattack to date on critical US infrastructure—should serve as a wake-up call to companies about the vulnerabilities they face. The pipeline, operated by Georgia-based Colonial Pipeline, carries gasoline and other fuel from Texas to the Northeast. It delivers roughly 45 percent of fuel consumed on the East Coast, according to the company. It was hit by what Colonial called a ransomware attack, in which hackers typically lock up computer systems by encrypting data, paralyzing networks, and then demand a large ransom to unscramble it. On Sunday, Colonial Pipeline said it was actively in the process of restoring some of its IT systems. It says it remains in contact with law enforcement and other federal agencies, including the Department of Energy, which is leading the federal government response. The company has not said what was demanded or who made the demand. However, two people close to the investigation, speaking on condition of anonymity, identified the culprit as DarkSide. It is among ransomware gangs that have “professionalized” a criminal industry that has cost Western nations tens of billions of dollars in losses in the past three years.

DarkSide claims that it does not attack hospitals and nursing homes, educational or government targets and that it donates a portion of its take to charity. It has been active since August and, typical of the most potent ransomware gangs, is known to avoid targeting organizations in former Soviet bloc nations. Colonial did not say whether it has paid or was negotiating a ransom, and DarkSide neither announced the attack on its dark web site nor responded to an Associated Press reporter’s queries. The lack of acknowledgment usually indicates a victim is either negotiating or has paid. On Sunday, Colonial Pipeline said it is developing a “system restart” plan. It said its main pipeline remains offline but some smaller lines are now operational. “We are in the process of restoring service to other laterals and will bring our full system back online only when we believe it is safe to do so, and in full compliance with the approval of all federal regulations,” the company said in a statement. Commerce Secretary Gina Raimondo said Sunday that ransomware attacks are “what businesses now have to worry about,” and that she will work “very vigorously” with the Department of Homeland Security to address the problem, calling it a top priority for the administration. “Unfortunately, these sorts of attacks are becoming more frequent,” she said on CBS’ “Face the Nation.” “We have to work in partnership with business to secure networks to defend ourselves against these attacks.” She said President Joe Biden was briefed on the attack. “It’s an all-hands-on-deck effort right now,” Raimondo said. “And we are working closely with the company, state and local officials to make sure that they get back up to normal operations as quickly as possible and there aren’t disruptions in supply.” T he Department of Transp or t at ion i s s ue d a re g ion a l emergency declaration Sunday,

relaxing hours-of-service regulations for drivers carrying gasoline, diesel, jet fuel and other refined petroleum products in 17 states and the District of Columbia. It lets them work extra or more f lexible hours to make up for any fuel shortage related to the pipeline outage. One of the people close to the Colonial investigation said that the attackers also stole data from the company, presumably for extortion purposes. Sometimes stolen data is more valuable to ransomware criminals than the leverage they gain by crippling a network, because some victims are loath to see sensitive information of theirs dumped online. Security experts said the attack should be a warning for operators of critical infrastructure—including electrical and water utilities and energ y and t r a n s p or t at ion compa n ies — that not investing in updating their security puts them at risk of catastrophe. Ed Amoroso, CEO of TAG Cyber, said Colonial was lucky its attacker was at least ostensibly motivated only by profit, not geopolitics. State-backed hackers bent on more serious destruction use the same intrusion methods as ransomware gangs. “For companies vulnerable to ransomware, it’s a bad sign because they are probably more vulnerable to more serious attacks,” he said. Russian cyberwarriors, for example, crippled the electrical grid in Ukraine during the winters of 2015 and 2016. Cyberextortion attempts in the US have become a death-bya-thousand-cuts phenomenon in the past year, with attacks forcing delays in cancer treatment at hospitals, interrupting schooling and paralyzing police and city governments. Tulsa, Oklahoma, this week became the 32nd state or local government in the US to come under ransomware attack, said Brett Callow, a threat analyst with the cybersecurity firm Emsisoft. Average ransoms paid in the US jumped nearly threefold to more

than $310,000 last year. The average downtime for victims of ransomware attacks is 21 days, according to the firm Coveware, which helps victims respond. David Kennedy, founder and senior principal security consultant at TrustedSec, said that once a ransomware attack is discovered, companies have little recourse but to completely rebuild their infrastructure, or pay the ransom. “Ransomware is absolutely out of control and one of the biggest threats we face as a nation,” Kennedy said. “The problem we face is most companies are grossly under prepa red to face t hese threats.” Colonial transports gasoline, diesel, jet fuel and home heating oil from refineries on the Gulf Coast through pipelines running from Texas to New Jersey. Its pipeline system spans more than 5,500 miles (8,850 kilometers), transporting more than 100 million gallons (380 million liters) a day. Debnil Chowdhury at the research firm IHSMarkit said that if the outage stretches to one to three weeks, gas prices could begin to rise. “I wouldn’t be surprised, if this ends up being an outage of that magnitude, if we see 15- to 20cent rise in gas prices over next week or two,” he said. The Justice Department has a new task force dedicated to countering ransomware attacks. While the US has not suffered any serious cyberattacks on its critical infrastructure, officials say Russian hackers in particular are known to have infiltrated some crucial sectors, positioning themselves to do damage if armed conflict were to break out. While there is no evidence the Kremlin benefits financially from ransomware, US officials believe President Vladimir Putin savors the mayhem it wreaks in adversaries’ economies. Iranian hackers have also been aggressive in trying to gain access to utilities, factories and oil and gas facilities. In one case in 2013, they broke into the control system of a US dam. AP

World

sMirror

Tuesday, May 11, 2021

Man kills 6, then self, at Colorado birthday party shooting–Police

OLORADO SPRINGS, Colorado—A gunman opened fire at a birthday party in Colorado, slaying six adults before killing himself Sunday, police said. The shooting happened just after midnight in a mobile home park on the east side of Colorado Springs, police said. Officers arrived at a trailer to find six dead adults and a man with serious injuries who died later at a hospital, the Colorado Springs Gazette reported. The suspected shooter was the boyfriend of a female victim at the party attended by friends, family and children. He walked inside and opened fire before shooting himself, police said. The birthday party was for one of the people killed, police said. Neighbor Yenifer Reyes told The Denver Post she woke to the sound of many gunshots. “I thought it was a thunderstorm,” Reyes said. “Then I started hearing sirens.” Police brought children out of the trailer and put them into at least one patrol car, she said, adding that the children were “crying hysterically.” Authorities say the children, who weren’t hurt in the attack,

have been placed with relatives. Police on Sunday hadn’t released the identities of the shooter or victims. Authorities say a motive wasn’t immediately known. “My heart breaks for the families who have lost someone they love and for the children who have lost their parents,” Colorado Springs Police Chief Vince Niski said in a statement. It was Colorado’s worst mass shooting since a gunman killed 10 people at a Boulder supermarket March 22. “The tragic shooting in Colorado Springs is devastating,” Gov. Jared Polis said Sunday, “especially as many of us are spending the day celebrating the women in our lives who have made us the people we are today.” Colorado Springs, population 465,000, is Colorado’s secondbiggest city after Denver. In 2015, a man shot three people to death at random before dying in a shootout with police in Colorado Springs on Halloween. Less than a month later, a man killed three people, including a police officer, and injured eight others in a shooting at a Planned Parenthood clinic in the city. AP

80 Palestinians hospitalized in Jerusalem clashes–medics J

ERUSALEM—Israeli police clashed with Palestinian protesters at a flashpoint Jerusalem holy site on Monday, the latest in a series of confrontations that is pushing the contested city to the brink of eruption. Palestinian medics said at least 180 Palestinians were hurt in the violence at the Al-Aqsa Mosque compound, including 80 who were hospitalized. Amateur video footage posted on social media showed police firing tear gas and stun grenades, some of them landing inside the Al-Aqsa Mosque, Islam’s third holiest site. Police said protesters hurled stones at officers and onto an adjoining roadway near the Western Wall, where thousands of Israeli Jews had gathered to pray. In a statement, police alleged extremists were behind the violence and said it would “not allow extremists to harm the safety and security of the public.” The latest clashes in the sacred compound came after days of mounting tensions between Palestinians and Israeli authorities in the Old City of Jerusalem, the emotional ground zero of the conflict. Hundreds of Palestinians and about two-dozen police officers have been hurt over the past few days. The Palestinian Red Crescent said at least 80 people injured in the skirmishes at the Al-Aqsa Mosque compound required hospitalization. One was in serious condition. Amateur video footage posted on social media showed police stun grenades and tear gas inside the mosque during skirmishes between officers and Palestinian protesters. On Monday morning, officers fired tear gas and stun grenades and protesters hurled stones and other objects at police. Police said protesters threw stones from the mosque compound onto an adjoining roadway near the Western Wall, where thousands of Israeli Jews had gathered to pray. Palestinians said police fired stun grenades into the compound. The site, known to Jews as the Temple Mount and to Muslims as the Noble Sanctuary, is considered the holiest site in Judaism and the third holiest in Islam. The compound is the epicenter of the conflict and has been the trigger for rounds

of Israel-Palestinian violence in the past. Earlier, police barred Jews from visiting the Al-Aqsa compound on Monday, which Israelis mark as Jerusalem Day with a flagwaving parade through the Old City and its Muslim Quarter to the Western Wall, the holiest site where Jews can pray. The marchers celebrate Israel’s capture of east Jerusalem in the 1967 Mideast war. Israel captured east Jerusalem, along with the West Bank and Gaza Strip, in the 1967 war. It later annexed east Jerusalem, home to the city’s most sensitive holy sites, and considers the entire city its capital. The Palestinians seek all three areas for a future state, with east Jerusalem as their capital. The police decision to ban Jewish visitors temporarily from the holy site came hours before the start of the Jerusalem Day march, which is widely perceived by Palestinians as a provocative display of Jewish hegemony over the contested city. Police have allowed the parade to take place despite growing concerns that it could further inflame the tension. This year the march coincides with the Muslim holy month of Ramadan, a time of heightened religious sensitivities, and follows weeks of clashes between Israeli police and Palestinians in Jerusalem. Violence has occurred almost nightly throughout Ramadan, beginning when Israel blocked off a popular spot where Muslims traditionally gather each night at the end of their daylong fast. Israel later removed the restrictions, but clashes quickly resumed amid tensions over the eviction plan in Sheikh Jarrah, an Arab neighborhood where settlers have waged a lengthy legal battle to take over properties. Israel’s Supreme Court postponed a key ruling Monday that could have led to the evictions of dozens of Palestinians from their homes, citing the “circumstances.”

The Israeli crackdown and planned evictions have drawn harsh condemnations from Israel’s Arab allies and expressions of concern from the US, European Union and United Nations. The UN Security Council scheduled closed consultations Monday on the soaring tensions in Jerusalem. Diplomats said the meeting was requested by Tunisia, the Arab representative on the council. Late Sunday, the US National Security Adviser Jake Sullivan spoke to his Israeli counterpart, Meir Ben-Shabbat, and urged calm. A White House statement said that Sullivan called on Israel to “pursue appropriate measures to ensure calm” and expressed the US’s “serious concerns” about the ongoing violence and planned evictions. T he te n s ion s i n Je r u s a le m h ave threatened to reverberate throughout the region. Palestinian militants in the Gaza Strip have fired several barrages of rockets into Israel, and protesters allied with the ruling Hamas militant group have launched dozens of incendiary balloons into Israel, setting off fires across the southern part of the country. “The occupier plays with fire, and tampering with Jerusalem is very dangerous,” Saleh Arouri, a top Hamas official, told the militant group’s Al-Aqsa TV station. In response, COGAT, the Israeli defense ministry organ responsible for crossings with the Gaza Strip, announced Monday that it was closing the Erez crossing to all but humanitarian and exceptional cases until further notice. “This measure follows the decision to close the fishing zone yesterday, and following rocket fire and the continued launching of incendiary balloons from the Gaza Strip toward the State of Israel, which constitute a violation of the Israeli sovereignty,” COGAT said in a statement. AP

B6 Tuesday, May 11, 2021

May 2021 is Voter Registration Month

PLDT and Smart reap multiple wins in 2021 Asia Pacific Stevie Awards

HE Philippines’ largest and fully integrated telco PLDT and its mobile unit Smart recently won four major awards, including Gold at the 2021 Asia-Pacific Stevie Awards. Garnering the Gold Stevie for Innovation in Public Relations Videos is Connected by Hope: PLDT and Smart's thematic AVP. When COVID-19 spread, reunions, vacations, and all forms of get-togethers that made Filipinos feel connected with each other virtually disappeared. Such isolation threatened to rip the very fabric of Pinoy society as it trapped people— rich and poor—in the confines of their own homes. PLDT and Smart realized that it has a responsibility to keep hope alive, and the 60-second video showed how the group's world-class connectivity solutions kept Filipinos #ConnectedByHope. Silver Stevie Winner for Most Valuable Corporate Response is #StayHome, #StaySmart omnibus PLDT and Smart COVID-19 response. The omnibus program covered group-wide

efforts to keep customers, partners, and frontliners safe and connected amid the global pandemic, through a futureproofed network infrastructure, an array of relevant services, communication-asaid initiatives, and more. One of the two Bronze Winners is the #NoLearnerLeftBehind: PLDT and Smart Group-wide education initiatives, under the category for Innovation in Community Relations and Public Service Communications. Among the 17 United Nations Sustainable Development Goals, PLDT and Smart deem SDG #4: Quality Education as a foundation in improving people’s lives and obtaining sustainable development. The group’s tech-based education programs include: Gabay Guro, an advocacy program for teachers; PLDT Infoteach, digital literacy training programs for students and teachers; CyberSmart, Cyber Security Beyond Digital trainings for students and teachers; the Central Visayan Institute Foundation-Dynamic

Learning Program (CVIF-DLP), a Smart-backed disaster resilient education strategy; LearnSmart eStorytelling Sessions, aimed to “bring the magic of stories to thousands of homes” at the onset of heavy lockdowns due to the COVID-19 pandemic; School-in-aBag, a portable digital classroom designed to support distance learning even in remote areas without electricity and internet connectivity; and Smart Wireless Engineering Education Program (SWEEP) which empowers colleges and universities to produce industry-ready engineering and IT graduates through extensive trainings by employees under PLDT and Smart’s Technology Group. Bronze Winner for Innovation in Events is IMPACT: Philippine Digital Convention 2020, a thought leadership gathering of C-level executives, business owners, and key decision makers from companies of all sizes to discuss the latest and emerging technologies. On its sixth year, the convention carried the theme “IMPACT” which is particularly relevant during this time as it presented innovative technological solutions to address the challenges enterprises face today in the New Future of Work. “Grateful for these citations from Asia-Pacific Stevie Awards,” said Smart Communications President and CEO and PLDT Chief Revenue Officer Alfredo S. Panlilio. “These campaigns are part of the broad program of PLDT and Smart that intends to create lasting value in the lives of our customers and the communities where we operate, through programs and campaigns that are relevant, timely, and customer-focused,” Panlilio added.

Adulting in a Pandemic 101: Learning to differentiate needs from wants and making big-ticket decisions

HE global pandemic has caught everyone off-guard. While health and safety remains top priority, staying afloat may be the biggest challenge of millennials and Gen Zs young lives thus far. With many getting pay cuts or losing jobs, learning to manage personal finances as soon as possible is a large part of adulthood. Here are a few things young adults should ponder on and start doing even while in quarantine:

Learn Budgeting

NOW is a good time to start a budget. Apply the 50-30-20 rule. Allocate 50% of income towards basic necessities, 30% for leisure and 20% towards financial goals. Take note of billing due dates and pay on time. Use an Excel spreadsheet, an app or even a pen and paper to keep track of expenses. Look for ways to reduce monthly expenses. Whether that’s subscribing to only one streaming service, downgrading mobile postpaid plan or switching to prepaid or unplugging devices when not in use, the savings from these can go a long way towards improving one’s overall personal financial health. Financing options such as Toyota Financial Services’ Balloon Payment Plus makes car ownership easier with lower down payment and monthly terms, already inclusive of periodic maintenance services. Such packages make spending lighter on the monthly budget, with guaranteed great resale value options by the end of the term.

Spend Wisely

THE pandemic has made everyone’s future a little uncertain so it’s best to be cautious with spending. Distinguish between wants and needs. When grocery shopping, assess the household’s current supplies and buy only enough for the whole family. Have a shopping list and stick to it as well. Take advantage of cashbacks and rewards program. Plenty of companies nowadays offer incentives for every purchase or for paying bills on time. For big purchases, always go for value for money and explore available instalment plans to make payments lighter on the pocket. One is sure to get their money’s worth with Toyota Vios not only for being a quality and durable car, but also for its

OTE Pilipinas teams up with COMELEC to mobilize Filipinos to register and vote in the 2022 National and Local Elections. With the goal of getting 7M new registered voters, and staying true to the campaign’s objective of leveraging on technology in providing people accessible, simplified, and unbiased information, and data on voter registration; the Voter Registration Month launch started on May 9, with an event featuring interviews with COMELEC representatives, corporate partners, the academe, and community representatives. Want to make change and be part of the Vote Pilipinas team? Sign up to volunteer

at bit.ly/VotePilipinasVolunteer2021. For partnerships, email us at partnerships@votepilipinas.com. Vote Pilipinas is a non-profit, nonpartisan online and offline information campaign aimed at mobilizing Filipinos to register to vote for the upcoming national and local 2022 elections. We believe that every Filipino should be afforded the right to suffrage. You have a right to register, to access understandable information about their candidates, and most especially, You have the right to vote. 2022 is happening. 2022 is near. Visit our website at www.votepilipinas. com! Together, let us VOTE for Pilipinas!

Local tech leader MDI enters multi-billion peso deal with Advantage Partners, paves the way for global expansion

HE country’s leading IT systems integrator, Micro-D International Inc. (MDI), together with its fullyowned subsidiary Novare Technologies, recently sealed a multi-billion peso investment deal with Japanese private equity (PE) firm Advantage Partners (AP), as MDI reinforces its renewed commitment to further develop the country's digitalization efforts and make it globally competitive and recognized. Tech pioneer and digital maven Myla Villanueva, founder of MDI and Novare Technologies, said MDI’s partnership with the PE firm will facilitate the company’s goal to achieve its full potential as a trusted digital transformation partner for market leaders, both here and in the region. “It has always been my goal to make MDI the Philippines’ national champion in technology. The partnership simply came at the most perfect time, when digital transformation became even more of an imperative for corporations to serve the evolving needs of their customers,” said Villanueva. Leading global independent investment bank, Evercore and premier international law firm, Milbank advised MDI in the deal. For his part, Emmett Thomas, AP’s head of Asia, said the firm is excited to work and further build the capacity of the local leader

in IT services. “The transaction represents the first investment in the Philippines by AP Funds, and Advantage Partners is thrilled at the opportunity to help MDI fulfill its digital transformation mission in the Philippines and the rest of Asia,” said Thomas. Founded in 1992, Advantage Partners, LLP is a leading Private Equity investment firm in Japan, having invested in 43 companies across a range of industries. Operating globally, AP offers portfolio and investment management, financial planning, investment advisory, and consulting services. Their main limited partners include Marubeni Corporation and Mitsui & Co. “As we enter into this milestone partnership, we are confident that this will pave the way for more expansion opportunities for MDI and introduce more innovations and digital solutions that would help the country prepare for the next future, towards a more digitized world,” Villanueva added. Founded in 1988, MDI Novare is a leader in the local IT market. It caters to blue chip companies in the Philippines, helping its clients drive digital transformation through application development, infrastructure, data analytics, and IT security. It also has industry expertise in telecommunications, financial services, public industries, and domestic conglomerates

Fiesta de Mayo for Mom at Eastwood Richmonde Hotel

added value benefits such as free periodic maintenance service (PMS), extended warranty, or free car insurance. With Toyota’s myriad of available financing solutions from low downpayment schemes to discounts, owning the Vios is made as affordable as possible.

Start or Keep Investing

WITH retirement decades away, not only is there more time to learn and recover from possible losses, investing can also help one achieve financial freedom earlier. With work from home and less socializing still the norm, another investment worth considering is learning. Take up a new language. Read more books. Enroll in an online certification course. Investing in education is a great way to help increase one’s personal development and professional value. Some big ticket items are also worth investing on during this period. With persisting limited transportations due to quarantine restrictions, having a car can provide more flexible mobility when traveling to work, the grocery store or running errands since there’s no need to queue in line, waiting for a ride. More importantly, Gen Zs and millennials can reduce their exposure to the virus by driving their own car. Experts advise to be at least 6 feet away from people but with public transportation, this may be more challenging to follow. An excellent investment for first-time car owners looking for a safe and reliable mode of transportation,

the Toyota Vios delivers performance that levels up the lifestyle. Recently named as the Most Reliable Car Brand for 2020[i], Toyota offers more than what meets the eye. With an array of variants to choose from, the Toyota Vios is easy to maintain, has a spacious interior, and boasts an impressive engine performance that provides a driving experience that can withstand the knocks of daily errands. Depending on one’s goals, one can avail of the XE variant for that everyday practical car or grab the recently launched Toyota Vios GR-S that comes with a track-ready aesthetic – both in its interior and exterior. And if along the line one is considering to upgrade, a Toyota vehicle has an impressive resale value – truly a bang for one’s buck. The Toyota Vios is proudly assembled by Filipino automotive makers in the Philippines. By choosing the Toyota Vios, one not only enjoy the perks of having a dependable car, but also help support the livelihood of fellow Filipinos working in the local automotive industry. With enough patience and determination, one will get the hang of adulting with money and build a better, more secure future. To know more about the Toyota Vios, please visit Toyota Motors Philippines’ website at https://toyota. com.ph/vios or explore the Toyota Virtual Showroom. To get real-time updates follow them on Facebook and Instagram.

ASTWOOD Richmonde Hotel is dedicating this festive month of May to all mothers with its Fil-Mex-inspired takeaway fare featuring empanadas with unique flavors, and distinctive noodle dishes. Perfect for snacks and as part of your lunch or dinner meal, Eastwood Café+Bar’s Meat Empanadas are anything but ordinary. Packed in boxes of 6 pieces, these fried flaky turnovers come in four variants: Pork Humba (PhP 475), Pork Sisig (PhP 515), Chicken Inasal (PhP 545), and Callos (PhP 475). Since it’s not a party without a platter of pancit, Executive Chef Vic Barangan whipped up four delectable Celebration Noodles in honor of mom. There’s Pancit Alibawang (PhP 725) which is rice noodles in garlic squid ink sauce and topped with sliced vegetables, squid, and shrimp paste; Hot Ribs Pancit (PhP 865) made of soy noodles with braised Angus beef belly; Pancit con Lechon (PhP 885) consisting of stir-fried noodles with silky egg sauce and topped with spring vegetables and fried pork belly; and Mee Goreng (PhP 845), a popular Indonesian dish of soy chili noodles with chicken and herbs. Each order of Celebration Noodles is good for 4 to 5 persons. To commemorate mom’s special day, order the Mother’s Day Bundle which comes with your choice of Celebration Noodles and Meat Empanadas, plus a 6” moist Richmonde Chocolate Cake for only PhP 1,650 nett. This set may be shared by 4 to 5 persons and includes a token for mom from Emperador Distillers. Add other items from Eastwood

MEAT Empanadas come in sets of 6, with prices starting at PhP 475 per box. Café+Bar’s takeaway menu and if your purchase reaches PhP 2,500, you get a PhP 200 discount voucher that is valid for your next takeaway order. Call in your order in advance and if you are one of the first ten customers to have the Mother’s Day Bundle picked-up or delivered on May 9, you get assorted do-it-yourself balloons for free! Mom’s Fiesta de Mayo offerings are available from May 7 to 31, 2021 for curbside pickup and delivery within Metro Manila from 8am to 6pm. Delivery charges apply but deliveries within Eastwood City are free. For inquiries and orders, call +632 8570 7777 or +63 917 821 0333 (mobile & Viber). One day lead time is required. Eastwood Richmonde Hotel is located at 17 Orchard Road, Eastwood City, Bagymbayan, Quezon City and is a member of the Megaworld Hotels group. For more hotel information, log on to www. eastwoodrichmondehotel.com.ph and follow Facebook.com/EastwoodRichmondeHotel and Instagram.com/Richmonde_ERH.

www.businessmirror.com.ph

Banking&Finance BusinessMirror

Overwhelming demand marks auction of T-bills By Bernadette D. Nicolas @BNicolasBM

HE Bureau of the Treasury (BTr) on Monday upsized the volume of Treasury Bills (T-bills) it awarded to P30.2 billion on strong investor appetite for government securities days before monetary authorities’ policy meeting. The primary auction was met with overwhelming demand as total tenders reached P97.2 billion, almost quadruple the P25-billion initial offering. After seeing robust demand, the auction committee decided to double the accepted non-competitive bids for the 91-day T-bills and the 182day T-bills. The Treasury awarded P7 billion in 91-day T-bills, P11.2 billion in 182-day T-bills and P12 billion in 364-day T-bills. Rates across all tenors also declined compared to previous auctions as well as to the secondary market. National Treasurer Rosalia V. De Leon said they also opened the tap facility for an additional P7 billion in offering for the 364-day T-bills after seeing strong market presence in the auction. De Leon said “markets see the BSP [Bangko Sentral ng Pilipinas] providing continued anchor for economic rebound,” especially if the central monetary authority will keep rates steady in its next policy meeting on May 13. The BTr will explore ways to further tap the local market to take ad-

vantage of the low rates as well as in line with its strategy to continue positioning debt portfolio bias towards local currency, she added. The 91-day T-bills fetched an average rate of 1.278 percent, lower by 2.8 basis points from previous auction’s 1.306 percent. Tenders for the security amounted to P23.17 billion, more than four times the initial P5billion offer. Meanwhile, the 182-day T-bills capped at an average rate of 1.549 percent, dropping by 8 basis points from 1.629 percent previously. The tenor attracted total bids of P31.43 billion, nearly four times the initial P8-billion offer. The 364-day T-bills settled at an average rate of 1.829 percent, falling by 3.4 basis points from 1.863 percent in the previous auction. Total bids for the security hit P42.64 billion, more than thrice the P12billion offer. 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. The country aims to borrow a total of P3.03 trillion this year, roughly the same amount it borrowed in 2020. The national government’s debt this year is expected to reach 57 percent of gross domestic product (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.

BOC-Port of Subic seizes fake cigarettes from China

HE Bureau of Customs (BOC)Port of Subic seized an estimated P38.1-million worth of misdeclared and fake cigarettes. The shipment, which came from China, was declared as assorted textile. Authorities, however, discovered the shipment actually contained several boxes of cigarettes with the “Fortune” brand and “Mighty” brand along with some brand new clothes. Prior to the filing of goods declaration, the port already issued a pre-lodgment control order against the shipment as Customs already suspected the shipment to contain counterfeit goods. Customs then issued a warrant of seizure and detention for violation of National Tobacco Administration (NTA) Memorandum Circular 03, series of 2004 and NTA Board resolution 079-2005. The Customs also cited Section 155 of Republic Act (RA) 8293 (Intellectual Property Code of the Philippines), in relation

to Section 1113 (f) of RA 10863 (Customs Modernization and Tariff Act or CMTA). The BoC quoted Port of Subic District Collector Maritess T. Martin as saying the seizure was “the result of the Port’s relentless efforts to secure the national borders against illicit trade and other customs fraud.” “To date, the said shipment has already been forfeited in favor of the government and will now be subjected to disposal,” a statement issued by the BoC said. In 2020, Customs seized P10.629billion worth of smuggled goods, with cigarettes accounting for more than half of its total haul. In terms of the estimated value of smuggled goods that the BOC seized from January to December last year, cigarettes comprised 54 percent or P5.77 billion, followed by illegal drugs (P1.855 billion) and counterfeit goods (P1.056 billion). Bernadette D. Nicolas

Inflation debate hits emerging markets

NVESTORS are about to get a snapshot of potential price pressures building across the developing world—the fallout of the unprecedented stimulus that’s been unleashed to revive the global economy. Heavyweights including Brazil, China and India will report inflation data this week against a backdrop of quickening growth that’s being fueled by months of easy money and fiscal largess. Citigroup Inc.’s inflation-surprise index for emerging markets spiked last month to the highest since 2008, a sign investors may be underestimating the scale of the resurgence. Long the scourge of debt holders and a threat to currency stability, accelerating inflation has already spurred policy makers in Brazil and Russia to raise borrowing costs. The Czech central bank last week signaled it may follow suit in mid-year, while Turkey’s monetary authority has pledged to keep interest rates elevated until there is a significant slowdown in price gains. “Inflation has reared its head as a

key market narrative once again,” said Emily Weis, a Boston-based macro strategist at State Street Global Markets. “This is partly driven by concerns around extreme monetary accommodation, fiscal largess and their combined impact on the green shoots of recovery.” The prospect of tighter monetary conditions in emerging markets hasn’t changed the calculus for many investors, with behemoths including Pacific Investment Management Co. and BlackRock Inc. focusing on growth instead. Developing-nation inflation remains near a record low, with the economic rebound making assets look “increasingly interesting,” according to Dan Ivascyn, Pimco’s group chief investment officer in Newport Beach, California. Yet there’s a growing sense that the forces behind the recovery will eventually feed through to higher prices if left unchecked. One harbinger may be the rally in commodities, with a key index of raw materials jumping to a five-year high. Bloomberg News

Tuesday, May 11, 2021 B7

Tax profitable firms to help MSMEs–ADB economist

By Cai U. Ordinario

@caiordinario

HE national government could consider imposing a special tax on firms that did well during the crisis to help those who suffered during the lockdowns, according to an economist from the Asian Development Bank (ADB).

In an Asian Development Bank Institute (ADBI) Blog, ADB Economic Research and Regional Cooperation Department Senior Economist Shigehiro Shinozaki said the proceeds from such a tax could be used to help micro-scale, small-scale and medium-scale enterprises (MSMEs) who suffered because of the mobility restrictions. Shinozaki said this would be a better alternative to providing subsidies that would eat into government coffers. “Instead of subsidies, having more public–private sector coordination and a market-based approach would be worthy of consideration for business support programs,” Shinozaki said. “For example, the government could consider a business restructuring fund sourced by a special tax imposed on firms or groups that benefited from the lockdown and use it to rescue contracting firms that were hurt badly by the lockdown,” he added. Shinozaki said efforts to assist MSMEs should include allowing digital transactions. These should

eventually replace physical and personal contact. This is crucial, the ADB economist said, because digital transformation is needed to survive the potential third and fourth waves of the pandemic. Shinozaki also said the lockdowns highlighted the deterioration of banks’ balance sheets. However, he said this should not be addressed by injecting capital in banks. Instead, the government should encourage banks to strengthen self-funding efforts by issuing asset-backed securities based on MSME loan assets, Shinozaki said. According to the ADB economist the increased uncertainty of containing Covid-19 requires the further elaboration of a phased approach. “Given the different abilities of MSMEs for coping with the pandemic and quarantine measures, the government should pay more attention to implementing policy measures that are differentiated by firm size, type, location and sector and devising an optimal approach that neither impedes national revenues nor increases the budgetary

burden post-Covid-19,” he explained. Based on an ADBI Working Paper authored by Shinozaki and ADB statistician Lakshman N. Rao, firms affected by the lockdown could be divided into two groups. The first group consisted of firms negatively affected by the lockdowns, which included manufacturing, transportation and storage, construction, accommodation and food services (including tourism), education and human health and social works. The lockdown limited the operations of these firms forcing them to implement wage cuts to survive the pandemic. Others were faced with a lack of working capital after the lockdown was imposed. The second group included businesses engaged in power and energy, information and communications technology (ICT), and real estate services. These firms benefited from shelter in place and/or work from home arrangements, which generated new demand for electricity and gas, Internet connections and real estate services. “MSMEs operating in the power and energy sector were less likely to have no sales or revenue and also less likely to impose wage cuts. The stable demand for household energy use supported them,” Shinozaki explained. “ICT-based MSMEs had relatively sufficient working capital during the first month of the lockdown, while MSMEs in the real estate sector largely benefited from the stay-at-home orders under the lockdown as their revenues were somewhat ensured,” he added. The study also found that MSMEs in Metro Manila or the National

Capital Region (NCR) were more likely to have no sales than those in the provinces. However, MSMEs with declining revenue were more evident outside the NCR and provincial MSMEs were more likely to cut employees than those in Metro Manila. Shinozaki also stated that based on the data, trends in MSMEs’ wage payments and financial conditions also differed by region. Lockdown measures immediately affected firms that have been operating for five years or less leading to zero sales and closures. However, MSMEs operating for over 31 years maintained their operations but saw revenue losses. Startups faced the lack of funds needed to survive the pandemic. The data also showed women-led MSMEs in the Philippines faced more serious impacts from the lockdown in terms of sales and revenue than those led by men. Shinozaki said women-led firms experienced greater difficulty in raising sufficient working capital through formal financial services. He added this was partly because of the lack of women owning immovable assets such as land and buildings as loan collateral. Shinozaki said “internationalized MSMEs” were able to survive the first month after the lockdown compared to domestic firms. These firms involved in global value chains had sufficient cash and savings to maintain operations. They also had better access to bank credit and funding support from their business partners. Their international nature helped them survive during the initial stage of the pandemic.

WorldRemit, BDO add USD-remittance service By Bianca Cuaresma @BcuaresmaBM

OLLAR remittances can now be received directly via a local dollar account or via dollar cash pick-up in a bank branch after BDO Unibank Inc. expanded its partnership with international money transfer firm WorldRemit Ltd. The local bank announced last Monday it expanded the partnership with the London, United Kingdom-based firm to provide more channels of receiving US dollar payouts in the country.

The expanded partnership, in particular, allows recipients of money transfers in the Philippines to receive payments straight to their US dollar account with BDO or for US dollar cash pick-up at BDO Unibank branches. They can also receive the payout via the “BDO Remit” counters inside the SM shopping malls and Villarica pawnshops. The extended partnership will also enable customers to make transfers to any Philippine-peso Unibank account or receive the transfer in cash at any BDO branch,

BDO Remit counters inside The SM Store, SM Business Services branches, Villarica and RD Pawnshops in the Philippines. “Customers can now send money in real-time or for cash payout through our branches. This will also make it easy for our customers with US dollar accounts to top-up their savings,” BDO Unibank Senior Vice President Genie T. Gloria was quoted in a statement as saying. BDO has been in partnership with WorldRemit since 2014. “We’re delighted to broaden our partnership with such a reputable

Why do people get scammed?

ET’S get to the point: people desire to be rich and gain money as soon as possible. Shortcuts, get rich real-quick scheme, double or triple your money, risk free, guaranteed returns... Sounds familiar? What’s next? Shame. Regrets. Depression. Death? Remember, there is hope and you don’t have to take away your life and embrace your foolishness. It happened because you allowed it. The only difference is how you get back on your feet and face your shame. Just like sin, the devil calls us by our sin but God calls us by our name. Friend, may this enlighten you because we’re not condemning you if you are scammed. Weeks ago, someone shared his story of attempting to end his life because the retirement fund of his parents was taken away–scammed online. Another lost her savings only to be fooled or scammed by a close friend to invest in an unfamiliar method of trading. My friends and I spread financial literacy as open as we can. Our inbox is open 24/7 and I salute OFWs and online friends asking me privately if the financial instrument or offers they receive are scam or not–good job! I’m sure you’ve heard the saying: “If it’s too good to be true, then it probably is.”

Jan Erich V. Calderon

personal finance The pandemic season took away linear income to most households. No more travels and non-essential spending. Filipinos suddenly became “kuripot” because the uncertainty of the pandemic scares them. The popular options to earn are trading in the PSE, FOREX and Cryptos. These three are commonly used by scammers online and offline. The problem is, not everyone is willing to learn online. The majority wants to earn but are too proud to discover even the basics. There are some who are willing to figure out things first and learn online trading before investing their hardearned funds. It’s difficult to be overwhelmed by too much information especially now that articles and tutorials are everywhere. I got message in my inbox: “What are your insights about this?” “Is this [a] scam? Can you help me check their offer?” “Is this safe? Can I invest my savings here?”

I highly appreciate that motion for two reasons: first, they ask and that’s a sign of humility; second, they value wisdom for their safety instead of risking something important due to innocence or maybe ignorance. Scams end relationships. Sooner or later, you will hate the person who recruited you to invest your hard-earned money. Please don’t hate them but instead communicate openly on how you can retrieve your funds if you have the chance. Another problem we are all aware is that people decide to stay underground, privately in group chats, hidden or under the radar and invest in secret. Their reason? They can surprise their friends in the end and brag about how they earned money quickly. They do it in secret because if they fail, they will not be ashamed. Nothing to lose right? If you see people invest or trade in Crypto, FOREX or PSE or in any other financial instruments then let them be. Your job is not to chase them. Your job is to understand and connect to your financial goal. Invest only if you are ready with a plan, proper mindset and right purpose. My personal and practical tips: 1. Ask. Message your friends and post it in your timeline if you don’t know. You

brand and payout network as BDO to offer a comprehensive payout service. Ensuring our customers are able to transfer money to family and friends back home conveniently, safely and as quickly as possible is why we exist. We’re confident that making it possible to send money to US dollar bank accounts in the Philippines and BDO Remit cash pick-up locations will give our customers more flexibility and options to receive support from their loved ones abroad,” WorldRemit Philippines Country Director Earl Melivo said.

don’t have to be the first one in the line if a Crypto is up online. Check your queue if it’s a line for slaughter or line for profit. 2. Read. It’s easy to search and read articles about new stuff online. Google and wait for news. When there’s smoke there’s fire. 3. Observe. Watch your friend’s words, gestures and lifestyle then consider those signs when you decide to invest. Not all offer and selling are bad. Look for your friends’ intention intently. Bonus: Discern. Your inner self will be uncomfortable if something is wrong or will go wrong. Sometimes people say: trust your gut. If you are a victim of a scam and you can’t recover your funds then consider it as expensive tuition fee. There is grace in losing. There is no shame in accepting your fault. Don’t blame yourself or any other person. If you did not learn your lesson from that losing experience then be ready to pay another tuition or learning fee. Knowledge is free and wisdom is expensive.

Jan Erich V. Calderon is a Graduate Member of Registered Financial Planner Philippines (RFP). To learn more about personal-financial planning, attend the 90th RFP program this June 2021. To inquire, e-mail info@rfp.ph or text at 0917-6248110.

Sports BusinessMirror

| Tuesday, May 11, 2021 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

NIEVAREZ QUALIFIES FOR TOKYO OLYMPICS C

RIS NIEVAREZ earned a berth to the Tokyo Olympics—the eighth Filipino so far to do so—thanks to the World Rowing Federation (FISA) qualification system. Nievarez could only finish ninth in the men’s singles sculls semifinals at the recent World Rowing Asia and Oceania Olympic and Paralympic Qualification Regatta at the Sea Forest Waterway in Tokyo Bay last Friday. Nievarez and the rest of the fivemember rowing team have gone home on Saturday night and are quarantined at a Pasay City hotel only for him to learn on Monday morning the great news. “I just can’t believe it,” Nievarez said. “I thought I was done.” Head coach Edgardo Maerina on Sunday said it will take some two to three weeks for FISA to announce the qualifiers. It didn’t take that long. The FISA rules that a national Olympic committee (NOC) in the continental regattas could qualify only one athlete in each of the sport’s four events in

Tsukii aims high in Paris qualifiers

ILIPINO-JAPANESE Junna Tsukii is locked in on the Olympic Karate qualification tournament, hoping to join the eight other qualifiers so far in the Tokyo Olympics. Tsukii, as well as her national teammates, have two chances of advancing to the Olympics—the first is to make the podium in Paris or to emerge Asia’s No. 1 after the same Paris qualifiers that are set from June 11 to 13. “It’s not impossible for me to go to the Olympics or win a gold medal,” Tsukii, 29, told BusinessMirror. “I’m not afraid of anything. I will fight without giving up until the end for the Philippines.” Tsukii, who won the 50-kg gold medal at the Premier League in Lisbon eight days ago, is currently ranked No. 3 in Asia with 3742 points behind Iran’s Sara Bahmanyar (5677.50) and China Ranran Li (4950). She is currently holding a training camp in Serbia but will fly to Istanbul soon to join the other Filipino hopefuls Jamie Lim (women’s 68 kgs), Joanne Orbon (61 kgs), Ivan Agustin (-75 kgs), Sharief Afif (+75 kgs), Jason Macaalay (-67 kgs) and Alwyn Batican (-67 kgs). “I will join the team before the Paris tournament, but Turkey has a higher risk of infection than Serbia, so I will have to stay a little more here [Serbia],” she said. She thanked the Serbian community for providing her intense and competitive training at the height of the pandemic. “The training camp in Serbia has strong players coming from all over the world. I’m learning a lot by portsing with different types of players,” she said. “If I stayed in Japan, I’ll be training only with Japanese.” Josef Ramos

By Josef Ramos

Tokyo—men and women single and double sculls. Five NOCs opted to put their qualified rowers in the double sculls, a decision that greatly favored the 21-year-old Nievarez, who found himself snaring the fourth of five qualifying slot for Asia in his event. Japan’s Ryuta Arakawa, Iran’s Bahman Nasiri and Kazakhstan’s Vladislav Yakolev wound up 1-2-3 on the list of continental qualifiers, with Iraq’s Mohammed Al-Khafaji salvaging the last slot. “This is a historic day for Philippine rowing,” Philippine Rowing Association President Patrick “Pato” Gregorio said. “After 21 long years, we again have a rower in the Olympics.” Maerina owns the distinction as the first Filipino Olympic rower in Seoul 1988, and it took three Olympic cycles for another Filipino, Benjamin Tolentino, to compete in Sydney 2000. “The last 12 months, even at the peak of the Covid-19 pandemic, PRA did its homework,” Gregorio said said. “We went through the arduous process of getting an ISO 9001 certification for the quality management process—the first for any national sports association in the country.” Gregorio thanked the Philippine Sports Commission (PSC), Philippine Olympic Committee (POC), Smart and Maynilad for supporting the rowers.

“Congratulations and good work. We’re proud that we have an Olympic rower for the third time— an inspiration, too, for our athletes and youth,” POC President Rep. Abraham Tolentino said. “I know that Cris and the entire rowing team worked hard for this, it is well-deserved,” PSC Chairman William Ramirez said. “The PSC will keep supporting Cris—in my book, he is already a champion.” Nievarez committed to not becoming a mere Olympian, but vowed to target a podium finish. “I want more, not only as a qualifier, but to win a medal, not just a medal but the gold,” he said. “There’s nothing to lose if I dream high.” Nievarez is currently a Grade 12 student at the Commonwealth High School in Quezon City. He hails from Atimonan, Quezon, and is the youngest son of his mom, Sheryl. His elder brother Angelito is a fisherman and his sister Mary Rose is a housewife. He won one of rowing’s two gold medals in the 2019 Southeast Asian Games. Boxers Eumir Felix Marcial, Carlo Paalam, Irish Magno and Nesthy Petecio, gymnast Carlos Yulo, pole vaulter EJ Obiena and weightlifter Hidilyn Diaz have earlier qualified for the July 23 to August 8 Tokyo Games.

Belgian sprints to 1st ever stage victory in Giro d’Italia

OVARA, Italy—Belgian Tim Merlier won a bunch sprint at the end of the second stage of the Giro d’Italia on Sunday to claim his first ever Grand Tour stage victory, while Filippo Ganna retained the leader’s pink jersey. Merlier, who rides for Alpecin-Fenix, launched his sprint with 200 meters remaining of the mainly flat 179-kilometer route from Stupinigi to Novara and managed to edge out the Italian duo of Giacomo Nizzolo and Elia Viviani. The 28-year-old Merlier lifted his hands above his head in the shape of a “W” at the finish in tribute to Wouter Weylandt, on the 10th anniversary of the day the Belgian cyclist died while racing at the Giro in 2011. “I paid tribute to Wouter Weylandt on the line. I CRIS NIEVAREZ is the eighth Filipino so far to punch a ticket to the Olympics.

JUNNA TSUKII is locked in on Tokyo.

knew him from the Schelde peloton,” Merlier said. “I knew he was a good sprinter. I was in a training camp in the Ardennes 10 years ago at the time, it was a very emotional day. “Today’s sprint was very hectic...I’ve done nice sprints before but this one is my best victory so far.” Ganna, who won the opening stage time trial, managed to slightly extend his lead in the overall standings after earning a three-second time bonus in the intermediate sprint. The Ineos Grenadiers rider is 13 seconds ahead of Italian compatriot Edoardo Affini and 16 seconds ahead of Tobias Foss of Norway. AP

Agra talks in sports summit

AWYER Alberto Agra will talk on sports legislation in the Philippines in the National Sports Summit 2021’s 13th session on Wednesday. Agra is the president of the Pilipinas Obstacle Sports Federation (POSF) and chairman of the Philippine Reclamation Authority Governing Board. Agra, who also heads the Obstacle Sports Federation Asia Pacific, will put law and sports into focus in the fourth edition of the nationwide online sports fora. “The sphere of sports legislation in our country is a much-needed area of discussion and sports educators, athletes, coaches, and local government units should take an active role on,”

Philippine Sports Commission Chairman William Ramirez said. “We are beyond privileged to have the POSF leader and PRA chair of the governing board himself to guide us through,” Ramirez added. Agra is also a deputy chef de mission to the Hanoi 31st Southeast Asian Games. The National Sports Summit 2021 featured local and international sports figures, including United States Sports Academy President Dr. TJ Rosandich, International Basketball Federation Medical Commission member Dr. Raul Canlas, swimming icon and Philippine Olympians Association head Akiko Thomson-Guevara and 2000 Sydney Paralympics medalist Adeline Dumapong- Ancheta among others.

Full-packed PSA Forum

T will be a loaded online Philippine Sportswriters Association (PSA) Forum on Tuesday as matters on rowing, boxing and the coming new season of the Maharlika Pilipinas Basketball League (MPBL) will be discussed. MPBL Commissioner Kenneth Duremdes will talk about preparations being done by the league on its forthcoming season tentatively set

to fire off on June 12, while Philippine Rowing Association President Patrick Gregorio will be with Cris Nievarez, the latest Filipino to clinch a berth in the Tokyo Olympics. Capping off a busy session presented by San Miguel Corp., Milo, Amelie Hotel Manila, Braska Restaurant, and the Philippine Amusement and Gaming Corp. is the Association of Boxing Alliances

Shanden Vergara VINCENT JUICO @VJuico, Instagram vpjp_j, vince.juico@gmail.com

SPORTS WITHOUT BORDERS IF you look up the word resilient in the dictionary, the photo of Shanden Vergara should be right beside it. The young man has worked his tail off to get to where he is, from San Carlos all the way to Harrogate, Tennessee, where the Rail Splitters of Lincoln Memorial University (LMU) ply their trade. According to Football for Humanity Founder Chris Thomas, Shanden is “doing some damage” over at LMU by scoring goals as a midfielder. The University Athletic Association of the Philippines (UAAP) Season 81 Rookie of the Year was initially recruited by Snow College in Utah after a year with the De La Salle University (DLSU) Green Booters. LMU came calling after learning of Vergara’s exploits on the pitch as a striker for Snow. Shanden overcame homesickness in his first few months by hanging out with a couple of Japanese classmates who do not speak English—but they were able to communicate better, thanks to Google translator. At LMU, the non-hierarchical culture welcomed him to the team. There were no impressions of freshmen, sophomores, juniors and seniors, just teammates who like playing together, hanging out and chilling. According to Vergara, more than half of the team is made up of foreign student athletes, an indication of American schools, colleges and

universities looking for talent beyond its borders. Shanden may have provided a long-term opportunity for LMU soccer to recruit more Filipinos as the school has made repeated inquiries with Shanden as to the whereabouts of other Filipino players like him. Has the Philippines become the new hotspot for soccer talent for the LMU soccer program, we’ll see moving forward. Shanden suffered an initial setback when most of his subjects at DLSU were not credited which meant he had to work doubly hard in the classroom. To keep his scholarship, Shanden needs to maintain a GPA. Being a student athlete has many challenges which requires good time management and so far, Shanden has been able to hold his own. Shanden said on the program that, if called upon to play for the country in the spring, he will make himself available. But if the call comes in fall, he may not be able to play due to the hectic schedule of both home-and-away games and the demands of academics. Recently, the young midfielder suffered an injury which would take six to eight weeks to heal. He will use the downtime to focus on his studies and see the game from a different perspective, giving him an opportunity to learn from a coaching standpoint.

TIM MERLIER sprints to win the second stage on Sunday. AP

in the Philippines (ABAP) led by Secretary-General Ed Picson, who will discuss the national team’s campaign in the ASBC Asian Men’s and Women’s Boxing Championships in Dubai. Powered by Smart and Upstream Media as official webcast partner, the weekly forum is livestreamed via the PSA Facebook page and also shared by Radyo Pilipinas 2 Facebook page. Once he recovers though, there’s rehab and therapy and getting his legs under him once again along with his wind and fitness plus reestablishing his rhythm on the pitch. A blog by Football for Humanity (FFH) founder Chris Thomas said Shanden is a product of the FFH program. “Approaching his senior high school year, DLSU Coach Hans Smit spotted Shanden as he was playing against the Green Archers, and immediately recruited the senior for De La Salle Zobel. Shanden stood out as a fast-paced attacking midfielder. In this last season, Shanden gained much attention due to his technique, game intelligence and strong playing style, helping to bring DLSU to the finals, beating defending champion University of the Philippines. For the coming fall semester 2019 in the United States, Shanden will be flying to Snow College, Utah, after being scouted by Sports Recruiting USA (SRUSA), a US college soccer recruiting consultancy that has been placing student-athletes in colleges and universities across America since 2010. SRUSA’s founder, Chris Cousins, said that Shanden was selected “because of not only his obvious fantastic football abilities but because of his desire to succeed.” Shanden became one of only 50 recruits from all over the world, a testament to the international standard of his skills. Cousins said:” I’m a firm believer, nothing magical happens in your comfort zone, so stepping out, opening new doors, will only bring new things and opportunities in life.” We fervently hope that Shanden reaches the upper echelons of football, the young man works extremely hard on his craft and we pray that he serves as a trailblazer and a catalyst for the globalization of young Filipino football players.