BusinessMirror May 15, 2020 by BusinessMirror

Airlines seek additional govt help By Recto L. Mercene

FTER earlier asking the government to provide support by removing airport charges, the Air Carriers Association of the Philippines (ACAP) on Thursday sought more State support, by way of government loans, credit lines and guarantees on debt rather than direct cash subsidies. ACAP includes AirAsia Philippines, Cebu Pacific, Philippine Airlines and their affiliates. The group recently discussed with senators the financial support requirements for the aviation sector, one of the hardest hit by the lockdowns triggered worldwide by the Covid-19 pandemic, to operate

A PHILIPPINE Army soldier helps distribute relief stubs in Barangay Bagumbayan South in Navotas City. Eighteen barangays in the city have been placed under extreme ECQ since May 6. Enforcement of physical distancing rules has proven to be a big challenge in overcrowded cities. NONIE REYES

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sustainably once the community quarantine period is lifted. The pandemic has brought air travel worldwide to a virtual standstill, with many airline fleets grounded and getting no firm indication when travel restrictions will be eased. The International Air Transport Association (IATA) has urged governments to provide airlines with liquidity urgently to help them survive the crisis, warning that many will go under within weeks unless they receive help. The same sentiment was expressed by Foreign Affairs Secretary Teodoro Locsin Jr., who said, “We lose our airlines to bankruptcy and we’re dead.”

ACAP chairman Ricky Isla said, “Airlines are typically one of the first key indicators of a recovery post any downturn in travel or crisis. These are unprecedented and extraordinary times.” He said local tourism and hospitality sectors are in dire need of support, noting that governments around the world are already recognizing the importance of the airline sectors “and providing a much needed lifeline to assist the air travel industry, which in turn provides a welcome boost to stimulate the economy.” ACAP Executive Director and Vice Chairperson Roberto Lim said, “The government is in the position to See “Airlines,” A2

BusinessMirror A broader look at today’s business

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BIR, BOC COLLECTION TARGET CUT TO P2.26T www.businessmirror.com.ph

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ANGONO artists Jericho Feliciano and Jomar Borjal put finishing touches to their still-untitled mural at the Mission Hospital in Pasig City on Thursday. They describe it as a “rainbow after the rain,” their tribute to frontliners in the fight against the pandemic. BERNARD TESTA

By Bernadette D. Nicolas

HE Cabinet-level Development Budget Coordination Committee (DBCC) further slashed the 2020 collection targets of the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) to P1.744 trillion and P520.4 billion, respectively.

The downward revision was done on the back of government’s expectations of an economic contraction by 2 percent to 3.4 percent and lower imports, as well as a drop in tax base. The new combined collection target this year of the BIR and the BOC—the main collection agencies of the government—is now P2.26 trillion, which was interestingly the same amount as the previously revised 2020 collection target of BIR alone approved by DBCC last month. BIR’s collection target for the year is now down by 22.83 percent to P1.744 trillion from the P2.26trillion revised collection goal approved last month. On the other hand, BOC now targets to collect P520.4 billion, or 26.38 percent down from the previous goal approved by DBCC at P706.861 billion.

Finance Undersecretary and Chief Economist Gil Beltran and Budget Assistant Secretary and newly appointed spokesman Rolando Toledo confirmed the downward revisions in collection targets of BIR and BOC. “This is to confirm the revised downward collection targets of BIR—P1.744T and BOC—P520.4B for 2020,” Toledo said in a message to the BusinessMirror. The DBCC is chaired by Budget Secretary Wendel E. Avisado. Beltran said the DBCC, at its special meeting on Tuesday, made the downward revisions on the collection targets of BIR and BOC due to “lower economic growth, lower imports—the tax base will drop.” The DBCC announced on Wednesday it expects the country’s GDP growth this year to contract further by 2 percent to 3.4 percent—in what could be the coun-

PESO EXCHANGE RATES n US 50.2820

TWEAKED FOR COVID IMPACT, CITIRA MAY CLEAR SENATE SOON By Butch Fernandez

MEDICAL technologists from the Philippine Coast Guard prepare to conduct mass swab testing of seafarers and land-based overseas Filipino workers at the Palacio de Maynila on Roxas Boulevard in Manila. ROY DOMINGO

try’s worst growth performance since the economy contracted by 6.9 percent in 1985. In anticipation of the global economy’s “sharp contraction” as a result of the Covid-19 pandemic, the DBCC also adopted the BSP’s recommendation to revise downward the government’s growth assumptions for goods exports and imports to -4 percent and -5.5 percent, respectively. Expected revenue collection for this year has been revised downward to P2.61 trillion or 13.6 percent, spelling a P560.5-billion drop or 17.7 percent, compared with the P3.17-trillion program approved by the DBCC on March 27, 2020. While the DBCC said it expects a lower revenue collection this year

at P2.61 trillion, Beltran explained that the remaining amount will come from other offices and nontax revenues. Customs Assistant Commissioner Vincent Philip Maronilla said in a phone interview with the BusinessMirror that the new collection target approved by DBCC was “within the range” of the estimates submitted by BOC. Moreover, Maronilla also expressed optimism that they would be able to achieve the new target which is almost the same as their 2018 target. However, he stopped short of saying that they would be able to exceed the new collection goal considering the expected impact on trade

HE Senate on Thursday inched closer to passing its version of the Comprehensive Income Tax and Incentives Reform Act (Citira) amid apprehensions Congress may run out of time to wrap up a final reconciled Senate-House version of the Palace-certified bill given the fast approaching congressional recess on June 5. This, as the Economic Affairs Committee chief aired confidence that if Citira—now renamed “CREATE” in the House of Representatives—were tweaked so it boosts businesses rather than taxes them more, lawmakers can beat the deadline in crafting a final version of the bill, the second plank of the Comprehensive Tax Reform Program (CTRP) that the House approved in 2019. It had been pending for months in the Senate, where unresolved arguments over the rationalization of tax incentives were overtaken by the Covid-19 pandemic, which forced both House leaders and economic managers to revise some provisions in response to desperate pleas from businesses gouged by the virusinduced lockdowns for two months. House Ways and Means panel chairman Joey Salceda said earlier this week the tweaks in the House bill will be introduced when congressmen sit down with senators in a bicameral conference, since the House version had already been approved in 2019. Senators, meanwhile, are reportedly in touch with economic managers on Citira as well as a proposed stimulus package to revive the economy and businesses, especially micro, small and medium enterprises (MSMEs). These employ over 90 percent of Continued on A2

See “Collection,” A2

n JAPAN 0.4697 n UK 61.5301 n HK 6.4872 n CHINA 7.0910 n SINGAPORE 35.4248 n AUSTRALIA 32.4419 n EU 54.4152 n SAUDI ARABIA 13.3871

Source: BSP (May 14, 2020)

News BusinessMirror

A2 Friday, May 15, 2020

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₧160-B recovery program uses state banks for MSME funding

By Cai U. Ordinario

HE national government is eyeing to spend about P130 billion to as much as P160 billion to help in the economy’s recovery from the coronavirus 2019 (Covid-19) pandemic.

The amount, which will increase the country’s deficit-to-GDP ratio by 0.67 percent, is under the Bayanihan II program, which is part of the “recovery stage” from June to December. The amount includes P70 billion that will be pumped into stateowned banks and the Philippine Guarantee Corp. that is not yet part of the existing bills filed at the House of Representatives and the Senate. In a Sulong Pilipinas briefing on Thursday, Finance Secretary Carlos G. Dominguez III explained: “The reason we would like to focus on giving the assistance in increasing the capital to these banks is simply because as banks, each peso of capital can actually generate roughly P8.5 of loans.” The amount extended to the LandBank of the Philippines (LBP), the Development Bank of the Philippines (DBP) and PhilGuarantee will help more micro, small and medium enterprises (MSMEs). Dominguez said of the P70 billion, the LBP and DBP will share P50 billion, with LBP getting 70 percent of the amount and PhilGuarantee, the remaining P20 billion. The funds can be used to address both liquidity and insolvency problems. Through the additional capital, LBP and DBP can “buy” a

certain percentage of the loans extended by a rural bank, which, in turn, will allow that bank to have more funds to lend to MSMEs. In terms of addressing insolvency problems, Dominguez said, the economic team is proposing that LBP and DBP be allowed to go into joint-venture agreements and buy “bonds, preferred shares, or common shares in qualified companies that need support” in handling insolvency problems. The joint-venture undertaking, Dominguez said, will also be opened to multilateral development banks (MDBs) such as the World Bank, the Asian Infrastructure and Investment Bank (AIIB) and the Asian Development Bank (ADB). Dominguez added that interested local and foreign private firms may also be part of the jointventure undertaking. “In that way you can multiply the effects, the economic effects of the banks by around 8 times, 8.5 times at least,” Dominguez said. In terms of PhilGuarantee, Dominguez said, the returns may be larger as every peso of capital in the institution can generate P15 or P20 worth of guarantees, or a multiplier effect of 15 to 20 times. Dominguez said PhilGuarantee is vital especially when it comes to extending guarantees to loans

A RESIDENT of Barangay Addition Hills in Mandaluyong City looks out her window as a fireman disinfects the area, which just came out of a weeklong lockdown after being tagged a Covid hot spot because of the high incidence of infections, 59 as of last count. The residents’ plight is exacerbated by the fact that victims of a huge fire that left 2,000 families homeless last November are still housed in tents set up in a covered basketball court. BERNARD TESTA

obtained by nongovernment financial institutions. “So by putting P70 billion into these companies, we will probably be generating at least close to a trillion pesos of economic activity and loans for these two investments,” Dominguez said.

Contact tracers

MEANWHILE, part of Bayanihan II, which was already part of the existing bills filed in Congress, is the hiring of contact tracers. Dominguez said through the funds, the government can hire around 300,000 to as much as 500,000 workers. They will undergo training for one to two days. As contact tracers, Dominguez said, they will be tasked to get information on those people that Co-

vid-19 positive individuals came in contact with in the past two weeks. “We are doing a lot of testing but we are not doing enough contact tracing. Contact tracing means if you find a guy or person who is infected, it is important that you check who has he been in contact with in the last two weeks. And that is a very tedious job and that needs a lot of people,” Dominguez said. Based on documents obtained by the BusinessMirror, the Bayanihan II proposal of the Development Budget Coordination Committee (DBCC) includes spending P30 billion for emergency subsidy for informal sector and public transports. The document stated that the emergency subsidy will benefit 9 million families. Each family will receive P6,000 each.

It also includes P21 billion for wage subsidy or cash for work such as those for contact tracers, and P10 billion for health and testing. Around 2.6 million workers will benefit from the wage subsidy with P8,000 each, while under health and testing, the government intends to procure 3.5 million test kits with each kit costing P3,000. Earlier, the BusinessMirror reported that the government is pushing for a measure that immediately reduces corporate income tax (CIT) from 30 percent to 25 percent, but this would be at the expense of at least P259.4 billion in expected revenue loss until 2022. The repackaged Corporate Income Tax and Incentives Rationalization Act (Citira) will now be called Corporate Recovery and Tax Incentives for Enterprises Act, or CREATE, based on the presentation of Socioeconomic Planning Secretary Karl Kendrick T. Chua to the House of Representatives. In the presentation, obtained by the BusinessMirror, Chua said the proposed CREATE is part of the recovery stage under the Philippine Program for Recovery with Equity (PH-Progreso), or the proposed economic recovery program of the Development Budget Coordination Committee (DBCC). The government plans to implement the recovery stage from June to December 2020. According to Chua, the repackaged tax incentives will include an across-the-board lower tax rate for all firms and enhanced net operating loss carry-over (Nolco). Chua said the CIT rate reduction for all, or the immediate lowering to 25 percent from the current 30 percent, will have a revenue impact of a total of P226.8 billion or P41.96 billion in July 2020 onward, P89.46 billion in 2021 and P95.36 billion in 2022.

BPO industry ‘politicizing’ cause for concern, DFNN says By VG Cabuag

ISTED gambling solutions provider DFNN Inc. on Thursday said it is “seriously concerned” with recent reports politicizing the business-process outsourcing (BPO) industry, and fretted that such may have a long-term and material financial impact on the growth prospects of the Philippine information technology (IT) and BPO industries. “As a publicly listed company, we are therefore making a call to all the Philippine participants in the IT-BPO industries to re-

frain from being involved in any political agenda, and focus on not losing any jobs for Filipinos to other competing countries due to the negative press releases,” the company said in a statement. “In this uncertain time of unprecedented pandemic, the Philippines cannot afford to lose jobs and its legal and mandatory contributions to the government. These industries should instead focus on the strengths, incentives as well as the rule of law of our various business-friendly regulatory bodies that is being offered to international and domestic IT-BPO companies to locate in the Philip-

pines,” it said. DFNN is an information technology solutions provider and systems integrator, enabling its clients in the gambling industry to compete. DFNN also holds licenses for electronic gaming machines, a sports betting exchange, and digit and pari-mutuel games with the Philippine Amusement and Gaming Corp. (Pagcor). The company’s key management, including the founder shareholders, were early stakeholders and participants in helping grow the IT and BPO industries in the Philippines at the early stages

when the international market only considered India as a viable country destination. Both the company chairman Ramon C. Garcia Jr. and COO Ricardo F. Banaag were original members of the Information Technology and Electronic Commerce Council (ITECC) during the administrations of former Presidents Joseph Estrada and Gloria Macapagal Arroyo, which oversaw the implementation of the E-Commerce Law and worked closely with the Department of Trade and Industry to grow the IT and BPO industries of the Philippines.

It said there should never have been a distinction between IT-BPO industries undertaken under different Philippine state regulatory bodies such as the Philippine Economic Zone Authority, the Board of Investments and Pagcor. “All the work, despite the different regulatory bodies, have commonalities defined under IT-BPO industries inclusive of software development, customer support, creation of various financial technology solutions, back-office accounting, and telemarketing/contact centers,” it said.

Tweaked for Covid impact, Citira may clear Senate soon Continued from A1

workers and were hardest hit by the enhanced community quarantines. “The Citira can be passed in the next few days if it is overhauled post-Covid,” asserted Sen. Imee Marcos on Thursday, as economic managers pitched its speedy approval. Finance Secretary Carlos G. Dominguez III had said earlier that before considering a multibillionpeso stimulus package that will drain government coffers at a time it cannot even collect taxes from ailing businesses, Congress should simply approve Citira. To prod it along, Dominguez has since yielded on some key parts of Citira, notably a faster reduction of the corporate income tax rate

from 30 percent to 25 percent just in the first year of implementation. Marcos, who chairs the Senate Economic Affairs committee, told the BusinessMirror that “the Department of Finance has itself accepted this and is set to submit a new version,” referring to DOF’s acknowledgment that Citira’s main goal should not be to impose a tax burden but encourage investors and give business leeway to recover. “With businesses hemorrhaging and families locked down, now is not the time to impose new taxes,” Marcos added in an SMS to this paper. The senator stressed that “as we try to rescue our economy, protect jobs and ensure the health of our citizens, what we need instead by way of tax are deep reductions, deferrals

and more tax exemptions.” Amid fears in some quarters that the government may be overstretched in its response to the pandemic and may end up ratching up more debts, Marcos argued, there is “no choice but to borrow— after all, of what use is our Triple B rating if we do not use it to borrow at almost-zero interest?” Marcos added that “in the midst of the suffering wreaked by Covid, those pronouncements of a forthcoming Fitch A rating and an upper middle-class rating by yearend seem irrelevant and misguided.” Economic managers have recently said, however, that they were prepared to set aside for now the attainment of upper middleincome country (UMIC) status for

the Philippines, as it recovers from Covid-19’s devastation. Latest estimates by the Development Budget Coordination Committee put the expected damage to the economy at P2 trillion or about 9.4 percent of GDP this year, way beyond initial estimates of P1 trillion. The DBCC now expects the economy to contract by 2 percent to 3.4 percent this year. If such happens, it would be the worst GDP growth rate of the country since the 6.9-percent GDP contraction in 1985 based on 2018 prices. Sen. Richard Gordon, for his part, pointed out that Citira “in its current form also proposes the removal of fiscal incentives and is not just a reduction of corporate income taxes.” He thus cautioned economic

managers against “pushing for any tax measure during this Covid-19 pandemic.” In his view, “the provision of immediate financial assistance for the business sector should be made on the condition that they would not be retrenching any of their existing employees.” Like several other senators, Gordon is open to adopting the House version of the Philippine Economic Stimulus Act (PESA) bill crafted by leading economist-lawmakers. He said the stimulus package should “include the provision of financial assistance for MSMEs and exporters, wage subsidies and livelihood assistance for affected workers, and continued provision of cash grants for families still living in areas under the modified enhanced community quarantine.”

Airlines… Continued from A1

bring confidence to banks and businesses to lend support to airlines. We ask the government to intervene now rather than later to jumpstart air travel.” Lim continued: “We support the government in ensuring cash subsidies are allocated to sectors that need it the most. What airlines require are credit guarantees and loans, which will be repaid. Airlines will need time and forbearance to once again generate revenue.” AirAsia reiterated its support for ACAP’s other important proposals pitched to government to boost the airline and travel industry. These include the waiver of airport fees for at least a year without interest or penalties; issuance of travel vouchers in lieu of refunds for canceled flights; and the centralization of government guidelines for the aviation sector that include local governments. For its part, AirAsia has rolled out a number of enhanced safety procedures to ensure the health and well-being of guests and staff amid the pandemic. These include contactless transactions via self check-in kiosks at airports, physical distancing at check-in and boarding queues, mandatory temperature scanning, and mandatory use of face masks. The carrier said personal protective equipment will be provided for ground and cabin crew “and every flight will be equipped with antibacterial sanitizers compliant with the Bureau of Quarantine (BOQ).” All AirAsia aircraft, which are fitted with hospital-standard High Efficiency Particulate Air (HEPA) filters, will also be sent for a thorough disinfection after each flight with the use of disinfectant approved by the BOQ and the Civil Aviation Authority of the Philippines. AirAsia said it complies with advice and regulations from the local government, civil aviation authorities, global and local health agencies, including the World Health Organization. The airline said it supports ACAP as it actively engages government agencies in developing necessary measures to ensure that the health of the public is protected ahead of a safe and smooth resumption of flights by June 1 subject to regulatory approvals.

Collection… Continued from A1

volume of the Covid-19 pandemic. “But if you look at P520 billion, that’s about within the range of our 2018 target. We reached that target in 2018.... If we look at the same conditions as 2018 in terms of volume but of course [the value now in terms of inflation is higher], so if all that plays well, then I think we are confident enough to reach the target,” he said. To recall, Customs exceeded its collection goal of P584.881 billion in 2018, bringing in P585.542 billion in revenues. With the expected drop in revenues and increase in disbursements this year, the DBCC said deficit spending is seen to reach P1.56 trillion or 8.1 percent of GDP, 2.8 percentage points higher than the estimate of 5.3 percent of GDP announced in March. Preliminary data from January 1 to April 17 submitted to the Department of Finance showed that the BIR and the BOC missed their combined target of P1.073 trillion, falling short by 40 percent or P431.45 billion, as government revenues dropped further while the entire Luzon was placed under lockdown to contain the spread of Covid-19. As of April 17, total collection of both BIR and BOC stood at P641.62 billion, plummeting by 26.3 percent or P229.56 billion from P871.19 billion collected in the same period last year.

www.businessmirror.com.ph

The Nation BusinessMirror

Editor: Vittorio V. Vitug • Friday, May 15, 2020 A3

House resolution proposes ‘fast, equitable’ delivery of SAP funds By Jovee Marie N. Dela Cruz

@joveemarie & Joel R. San Juan @jrsanjuan1573

HE House Committee on Social Amelioration has approved a resolution urging the national government to speed up the disbursement of the second tranche of Social Amelioration Program (SAP) by giving the power to barangays to identify the beneficiaries and disburse the allocation. In House Resolution 807, Deputy Majority Leader and Marikina Rep. Bayani Fernando requested to the national government to revisit the implementation of SAP and that the funds for the second tranche of said program be coursed through the barangay. Fernando said the measure proposes a program to give every household in Luzon a uniform amount of P5,000 per family, across the board, regardless if they are rich, middle class or poor. “For a more expeditious and orderly implementation of SAP, it has to be delegated to the DILG [Department of the Interior and Local Government] and coursed through barangays. Why? Because the barangays know their respective constituencies better. Hence, they should be at the forefront of this program,” Fernando said. “The DILG shall make it known that each beneficiary in the list shall receive an amount of P5,000, no more, no less. Having two or more amounts, as before [P5,000 and P8,000], is a good opportunity for unscrupulous and enterprising public officers to give P5,000 and have the receivers sign blank document, which may after be filled up to appear that P8,000 was disbursed,” he added. Fernando said that the barangays will issue a list of beneficiaries in their own respective barangays certified by the Sangguniang Barangay by way of a resolution, which will be posted publicly. Such list will be submitted to the DILG secretary for review who will in turn submit to the Department of Budget and Management (DBM). “The SAP funds will be released directly to the barangays by the DBM. It will be the accountability of the barangay captain and

the barangay treasurer to account for such funds. Barangay captains and treasurers who will commit anomalies in the listing and disbursement of funds will be met with severe penalties,” Fernando added. According to Fernando, the barangay is the only unit in the agencies of government that has its own treasurer authorized to receive and disburse public funds in the smallest or biggest and farthermost barangay in the country thus can effectively distribute the funds as fast and safe. “The barangay captain will issue list of families in their own respective barangays certified by the Sangguniang Barangay by way of a resolution,” he added. “The list of family beneficiaries shall be posted immediately in every street corner in the barangay for information of the beneficiaries and the public. The posted information must contain the names of beneficiaries and their addresses. With these information, the public will know the accuracy and faithfulness of the list as the immediate neighbors are the best to know the legitimate families in their neighborhood and public censure is a sure deterrent to the padding of the lists,” he added. Fernando said the government should increase the penalty into three folds against erring barangay captains and treasurers commit anomaly in the listing and disbursement of funds since in this critical emergency situation.

Village officials charged with graft

THE National Bureau of Investigation (NBI) on Thursday charged three barangay officials in Hagonoy, Bulacan, before the Department of Justice (DOJ) with graft and corruption for alleged anomalies in the distribution of SAP funds. NBI Officer in Charge Eric Distor identified the accused as Barangay Kagawad Danilo Flores, Barangay Executive Assistant Richard Bautista and Barangay Chairman Jason G. Mendoza. Also charged were former Kagawad Levi Cosay and Bautista’s wife, Regine Bautista.

Metro Manila courts may now solemnize civil weddings–SC

HE Supreme Court on Thursday announced that all courts in Metro Manila and other areas under the modified enhanced community quarantine (MECQ) would remain physically closed until May 31. In his Administrative Circular 39-2020, Chief Justice Diosdado Peralta said all official meetings, seminars, trainings and other functions in the judiciary within the MECQ areas are also deferred until after May 31, unless conducted through videoconferencing and except those that may be called or authorized by the Chief Justice or by the Judiciary Task Force on Covid-19. However, civil weddings are now allowed to be solemnized provided that the number of witnesses and guests shall not exceed to five persons. Peralta said the SC would continue to hold special en banc and division sessions

anytime it deem necessary, either in person, or through videoconferencing. SC would extend its decision-writing period until May 31 while all chiefs of offices and services are required to devise and develop their respective work from home (WFH) schemes and operating procedures from May 18 to 29. The chief magistrate said all court personnel should be given certain tasks to effectively and efficiently implement their offices’ mandates during WFH scheme. The High Court would also continue to receive petitions and pleadings electronically. Peralta issued the circular in line with the announcement of Malacañang placing Metro Manila, Laguna and Cebu City under MECQ because they are considered as “high risk” for coronavirus disease 2019 (Covid-19) until the end of the month. Joel R. San Juan

Lawmakers to IATF: Recheck your guidelines on physical distancing

AWMAKERS urged the Inter-Agency Task Force on Emerging Infectious Diseases (IATF) on Wednesday to amend its guidelines on physical distancing to allow private motorists to ferry passengers who are members of their households. Rep. Ronnie Ong of the Ang Probinsyano Party-list appealed to the IATF to review and simplify its guidelines on physical distancing to allow citizens to resume their livelihood. According to Ong, it doesn’t make sense that people who are living, eating and sleeping together in the same house should be apprehended for being in the same vehicle, or for riding together on a motorcycle, for supposed violation of the rules on physical distancing set by the IATF. “People living in the same house don’t obviously observe physical distancing when they are in their own house so it really makes no sense at all that they would be prevented from riding together in a private car, or in a motorcycle,” he said. The lawmaker said that this physical distancing rule inside private vehicles and motorcycles

should only apply to those who are not part of the household, saying this could be easily checked by simple identification and verification. Ong said that if and when most of the country goes from its present state of enhanced community quarantine (ECQ) to general community quarantine (GCQ) where people can already go out and attend to their livelihood, the rule on physical distancing will remain in effect. However, Ong said that law-enforcement authorities should continue to disallow motorcycle riders from taking passengers who are not part of their household,d especially in Metro Manila which remains to be the country’s Covid-19 hot spot. For his part, Marino Rep. Sandro Gonzalez has urged the government to develop a transportation road map under the “new normal.” In House Resolution 841, Gonzalez, vice chairman of the the House Committee on Transportation, said this road map should address the growing concerns on massive job layoffs in the transportation sector due to the ill effects of the pandemic in the country’ economy. Jovee Marie N. Dela Cruz

The NBI said three complaints were f i led aga inst t he acc used c h a rg ing that Flores, along with a certain Michael Perez, demanded a share of P4,000 out of the P6,500 SAP benefits that the complainants received on April 27. The complainants told NBI agents that the accused requested them that P3,500 of the demanded amount will be given to Hagonoy Municipal Mayor Raulito T. Manlapaz Sr. and the P500 will be given

to frontliners of the municipality. “Against their will, complainants gave back to subject Flores the amount of P4,000,” the NBI said. Flores reportedly managed to collect a total of P117,000 and turned them over to Bautista and his wife. The NBI said that as an executive barangay assistant who have earned the chairman’s trust, “Bautista could not have acted on his own without the imprimatur of his boss, in-

cumbent Chairman Mendoza.” The complainants also accused Flores of threatening to blacklist and eventually delist them from all grants to be given by the government in the future if they will give the P4,000 share. The NBI urged the public not to be scared to report local government officials who fail to comply with the Republic Act 11469 Bayanihan to Heal as One Act, especially on the distribution of SAP.

Economy BusinessMirror

A4 Friday, May 15, 2020 • Editor: Vittorio V. Vitug

www.businessmirror.com.ph

IT-BPM hiring grows 6 percent, revenue jumps 7 percent in 2019 By Elijah Felice E. Rosales @alyasjah

NFORMATION-TECHNOLOGY and business-process management (IT-BPM) firms are now employing a total of 1.3 million of the country’s labor force, as its headcount jumped by nearly 6 percent last year on strong hiring in areas outside of Metro Manila. According to the IT and Business Process Association of the Philippines (Ibpap), the number of fulltime workers in the IT-BPM industry rose by some 71,000 last year to now reach 1.3 million. The growth was attributed by the group to existing firms that expanded their operations both in Metro Manila and in the regions as well. At least 51,000 of the new workers hired by the industry are based in the countryside, including Ba-

colod, Cebu, Davao, Iloilo, Laguna and Pampanga, Ibpap reported. Likewise, industry revenue last year grew over 7 percent to $26.3 billion, from $24.5 billion in 2018, bucking challenges brought about by protectionist sentiments abroad and uncertainties in fiscal policy here. With growths recorded in both employment and revenue, Ibpap President Rey E. Untal said the industry’s medium-term goals are well within reach. “ These numbers show that industry growth is closer to the high range of recalibrated figures of Roadmap 2022,” Untal said in a news statement. He added it has also proved how resilient and tenacious the IT-BPM industry is in overcoming the challenges posed by domestic and global disruptions. Aside from protectionist sentiments and fiscal policy un-

certainties, firms last year had to deal with the transition to the new technologies of digitization like artificial intelligence and automation. Untal also disclosed that there is a significant number of new investors that have put up operations in the Philippines, and half of them are global in house centers offering services in health care, finance and accounting, human resources, IT and software and content moderation. On the side of innovation and training, many of IT-BPM firms are now engaged in the delivery of non-voice services after optimizing their digital strategies to keep up with industry changes. Workers, for their part, are being equipped with high-value skills to be able to render complex and varied services for international and local clients. For Untal, the industry’s growth last year only fortified the proposi-

tion that the Philippines is a premier investment destination for IT-BPM operations from around the world. However, the Ibpap chief admitted that the industry is vulnerable to the economic effects of the coronavirus pandemic. As early as now, firms are bracing for the impact of the health crisis on their employment and revenue projections, as well to their work and service models. Deemed a provider of essential services, the IT-BPM industry was allowed by the government to operate under the enhanced community quarantine (ECQ). According to Ibpap, its members’ ability to adopt to the service models most compatible with the ECQ paved the way for 58 percent of employees to work from home and 15 percent to be part of skeletal staff. At the outset of the ECQ, these figures were reportedly just at 40 percent

and 10 percent, respectively. As people are ordered to stay healthy and stay at home, the industry saw an uptick in demand for health care, telecommunications, financial services and e-commerce, while it observed, on the other hand, a decline in transactions related to travel and tourism. Last year the IT-BPM industry reduced its growth forecast by close to $7 billion in revenue and roughly 230,000 workers in employment on uncertainties brought about by policies here and abroad. As such, the industry is now just projected to generate revenue of $32 billion by 2022, nearly 18 percent lower from the original forecast of $38.9 billion. Moreover, it is now just expected to employ some 1.57 million workers by 2022, or more than 13 percent below the previous anticipation of 1.8 million workers.

Balik Probinsya: DA opens agri Senator presses passage of medical scholarship bill investment opportunities and loans for countryside investors By Butch Fernandez @butchfBM

By Jasper Emmanuel Y. Arcalas

@jearcalas

HE Department of Agriculture (DA) on Thursday said it will encourage multinational and private businesses to invest in rural areas to improve the country’s agriculture sector to boost the government’s “Balik Probinsya” program. In a news statement, the DA said the implementation of the “Balik Probinsya, Bagong Pag-asa” (BP2) program will not only decongest urban areas but will also “pave the way to modernizing and industrializing the Philippine countryside.” “As part of the BP2 program, the Duterte administration will encourage multinational companies and investors to put up rural and agribusiness enterprises to attract returnees,” Agriculture Secretary William D. Dar said. Dar added that the DA will “continue to encourage the adoption of quality inputs and innovative technologies to further increase agricultural and fishery production.” These entail the continued promotion of the use of quality seeds and hybrids, and plant nutrients and fertilizers, including the establishment of needed production, postharvest and cold chain facilities, including transport and logistics, according to DA. “Thus, under the ‘whole-of-nation approach,’ the DA will converge with other government agencies to create more livelihood opportunities and employment for both agri-fishery and non-farm sectors, enhance the capacities of farmers’ cooperatives and associations [FCAs], and extend technical, financial and marketing support to ensure the success of the BP2 program,” Dar said. “We want the BP2 program beneficiaries to be productive and selfsustaining. As such, we will help them enlist as members of FCAs, teach them modern and innovative technologies, provide them farm inputs, machinery, and equipment, and give them access to affordable credit,” he added. The DA, through its attached agency the Agricultural Credit and Policy Council (ACPC), has opened a loan facility for B2P program beneficiaries such as micro and small enterprises (MSEs), millennials, and existing agripreneurs. “Individuals can borrow P25,000, zero interest, payable in 10 years, while MSEs can secure loans of up to P10 million, zero interest and payable in five years,” it said. “Further, in identified BP2 program sites the DA will assist in farm consolidation and clustering to create economies of scale, and thus attain desired cost efficiencies in the production of various food and processed products,” it added. As a support to the government’s B2P program, the DA said it has converted its previous National Convergence Initiative for Sustainable Rural Development into the Convergence and Balik Probinsya program.

ITING lessons learned from the raging Covid-19 pandemic, Senate President Pro Tempore Ralph G. Recto prodded Congress Wednesday to front-load passage of the Medical Scholarship Act to boost the ranks of doctors needed to effectively contain a similar contagion in the future. “Coronavirus taught us one lesson: We have to future proof our country. Not only are emerging diseases wreaking havoc, but our greying population requires greater medical care,” Recto said in sponsoring Senate Bill (SB) 1520 for plenary consideration and early approval. In his sponsorship speech, Recto affirmed that SB 1520 will “ensure that there are enough doctors for our people, and that the next time a bat flies from a forest and unleashes a lethal pathogen that will bring civilization to a standstill, we have an army of white coats ready to confront it.” Urging immediate passage of the bill, Recto reminded at the outset that “a medical diploma carries a hefty price tag in this country.” “Tuition is so high, and other fees so prohibitive, that the joke is that medical schools should put a recovery room beside the school cashier. Or deploy crash carts all over the campus during registration time,” he said, adding that “this leads to the parents remaining in financial ICU while their child is in school.” The senator surmised this is probably the reason some parents retain custody of the medical diploma of their child, because “while it is indeed a katunayan ng pagtatapos for the graduate, it is more of a resibo ng gastos for them.” Recto recalled that “a friend once proudly told me, the medical diploma which hangs on his sala wall is worth

as much as the Manansala beside it.” He, ho we ve r, ac k no w le d ge d that medical education goes beyond receiving a parchment, or passing the board. “What follows are years of training and specialization, including long periods of unpaid OJT [on-jobtraining] stints. Medicine is a profession which has more fellowships than the Lord of the Rings.” Recto noted that with such a high investment—financial, intellectual, not to mention the vats of coffee to fight off sleep during marathon duties—the unavoidable natural recourse is how to recoup it, adding that “this leads to the congregation of medical practitioners in urban centers where the patient catchmentsize is bigger.” He acknowledged that pressure for a “personal ROI” (return of investment) also affects graduates of state medical colleges for the simple reason that while tuition is free and the fees might be affordable, such are not the only costs incurred in the long march to medical practice. “The bottom line is that medical education in this country remains largely a privilege only the sons and daughters on the top of the economic pyramid can afford,” Recto said. “It is against this inconvenient truth that this bill comes to light.” In a nutshell, Recto said Senate Bill 1520 allows the “best and the brightest” from the lower social rungs to become doctors, noting that it was “founded on the egalitarian proposition that becoming a physician should be a function of intellect, not tax returns nor postal zip codes.” Recto noted that at present, there are reportedly 130,000 licensed doctors in the country but only about 70,000 of them are in active practice. “This translates into one doctor for every 33,000 Filipinos, a ratio inflated by the concentration of doctors in cities,” he noted. In the rural areas, the

Govt backs CIT rate cut to 25% by July–Chua. . . Besides the immediate reduction of CIT rate, Chua said they are also eyeing to implement an enhanced net operating loss carryover (Nolco) from 3 to 5 years, wherein losses this year can be credited to future tax payment. Moreover, he also said there will be no change in present incentives for the next four to nine years for existing investors. “For existing investors we will not change anything for four to nine years so they can adjust because of Covid-19,” Chua said. As for new investors, Chua said they will “actively seek them out and ask them what they need as incentives to

contribute to job creation in the Philippines,” he said. Dominguez, for his part, added it would be better if the government can go to the leading companies around the world and ask them what they need to come to the Philippines rather than waiting for them to apply, which he said was the problem under the one-sizefits-all approach that partly contributed to the reason behind the country being a “laggard” in attracting investors. But at this point in time, he said the government needs to first identify the companies that they want to attract in the country, like an industry that hires a lot

of people, has a good technology transfer or has a stable market. “As you know, we have had investment incentives laws here for probably 40 years and it seems we are behind other countries like Thailand, like Singapore and maybe even Vietnam in attracting investments so we should ask ourselves, we are the one with the first with investment incentives yet we are the laggards in attracting these investments,” he said. Aside from the problem of a one-size-fits-all approach in giving incentives, Dominguez also said the country was left behind by its neighbors in attracting

continued from a8

investments due to its “not very good” infrastructure, and foreign ownership restrictions. Meanwhile, Chua said they plan a “targeted and timebound tax incentives” for countryside investors to support the Balik Probinsya, Bagong Pag-asa Program. “Finally, we will have to improve the management and governance of tax incentives through the FIRB or the Fiscal Incentives Review Board so when we do grant a tax incentive, the hard-earned taxes that your parents pay, and that you will pay in the future, it will be performance-based, time-bound and transparent,” he said.

doctor-to-the-people ratio is very low, the senator added. “If towns were patients, their medical charts would show the underlying cause: the higher the poverty incidence, the fewer doctors there are,” he said. “Often, the only doctor in this town is deployed by the Doctor to the Barrios program of the Department of Health. At the same time, Recto recalled filing, for several Congresses now, two bills that he said “will provide medical scholarships to the young people who have the head and the heart to serve their countrymen. The first is the One Town, One Doctor bill. This proposed law requires government to choose one medical student scholar per town.” He clarified that an applicant, in order to qualify, must belong to the upper 30 percent of a graduating class of any pre-med course and has been accepted to medical school. “Thus, it is not an unconditional entitlement. The quota is linked to merit. To remain in the program, academic standards have to be met.” Once enacted into law, the medical scholarship will cover tuition, laboratory, miscellaneous fees, and all school fees; textbooks, supplies and equipment; clothing and uniform allowances; traveling, subsistence and living expenses. If no one from a town qualifies for the program, the allotted slot may be assumed by a scholar coming from another town in the same province. “The scholarship is linked to the condition that when the scholar becomes a doctor, he will go back to his town to serve for four years,” Recto said. “In short, this is a galing sa bayan, tungo sa bayan scheme of producing doctors. We pick from among the town’s best and brightest, finance his medical studies, and when he becomes a doctor, he repays it by serving his own people.”

Angat to deliver water to Metro at full blast until May 30 By Jonathan L. Mayuga @jonlmayuga

HE National Water Resources Board (NWRB) has raised the allocation of the Metropolitan Waterworks and Sewerage System (MWSS) from 46 cubic meters per second (CMS) to 48 CMS starting Thursday, May 14, 2020, to boost the raw water supply for Metro Manila residents. The 48 CMS water allocation will stay until May 30, 2020. NWRB Executive Director Sevillo David told the BusinessMirror in an interview that the additional 2 CMS raw water allocation from Angat Dam shall be considered as a special requirement to sustain the steady supply of water in time of Covid-19 pandemic and due to relatively high heat index this month of May, which results in higher water demand of consumers in Metro Manila and adjacent provinces of Bulacan, Rizal and Cavite. “Apparently, because of summer, the demand for water has increased. Upon the appeal of the MWSS, we decided to adjust the water allocation,” David said. The 48 CMS is the full capacity of Angat. The last time the NWRB increased the water allocation for the MWSS was a day before President Duterte placed the entire country under a state of public health emergency and the entire Luzon under enhanced community quarantine last March. David said with the dam operating at its full capacity—until May 30, 2020—the unannounced, or unexpected water service interruption, will be reduced, if not totally avoided. This, however, would only last end of May only. “Because of the intense heat, the demand for water increased so upon coordination with the MWSS to avoid unannounced water interruption, we have decided to increase the allocation. This is especially so because of the need for water to fight the Covid-19 pandemic,” he said. David is confident that the current water level at Angat, which is 187 meters above sea level will suffice to ensure 24/7 water supply for Metro Manila. The normal operating level of Angat, he said, is 180 meters ASL. He is confident that in between today and May 30, local thunderstorms and typhoon-induced rainfall such as Ambo will boost the current volume of water at Angat, and perhaps at Ipo Dam and La Mesa Dam. Nevertheless, NWRB chief reiterates the need for water consumers to continue the practice of responsible use and conservation of water to further secure the water needs in the succeeding months and for the Angat Dam to recover to a more comfortable level by the end of the year.

SMC resumes construction of skyway project but moves back completion date

IVERSIFIED conglomerate San Miguel Corp. (SMC) has pushed back the completion of the Skyway Extension to a yet-tobe-determined date, as construction works were temporarily stopped for two months due to the community quarantine in Metro Manila. Today, Friday, marks the resumption of the construction works for the elevated expressway, as the InterAgency Task Force for the Management of Emerging Infectious Diseases gave the company the green light to continue with the project. “We have been given the go-signal by government to resume work on the Skyway extension, and while we

cannot yet go full blast, we will do whatever we can to deliver this project as close as we can to the original deadline. We have to work smart, be efficient, and most of all, keep the workers safe,” SMC President and Chief Operating Officer Ramon S. Ang said. The project was originally scheduled to be completed in December 2020, but the Covid-19 crisis has forced the company to stop construction for health and safety reasons. Ang assured that safety, sanitation and other health measures are already in place at the construction site, even prior to the resumption of construction. Lorenz S. Marasigan

Editor: Angel R. Calso

The World BusinessMirror

Powell warns of broad Covid-19 danger, bats down negative rates

he US economy faces unprecedented risks from the coronavirus if fiscal and monetary policy-makers don’t rise to the challenge, Federal Reserve Chair Jerome Powell said while pushing back against the notion of deploying negative interest rates. “The recovery may take some time to gather momentum, and the passage of time can turn liquidity problems into solvency problems,” Powell said on Wednesday in remarks to a virtual event hosted by the Peterson Institute for International Economics. “Additional fiscal support could be costly, but worth it if it helps avoid long-term economic damage and leaves us with a stronger recovery.” Powell and his colleagues on the policysetting Federal Open Market Committee have taken dramatic measures to shelter the US economy during the coronavirus pandemic. They have cut their benchmark interest rate to nearly zero, engaged in open-ended bond buying and begun rolling out emergency lending programs as US unemployment has soared to levels not seen since the 1930s Great Depression. Amid such a dark outlook, some investors have bet the Fed might follow other central banks in taking rates into n e g a t i ve te r r i to r y to s p u r s p e n d i n g, nudging futures markets to price in a slight chance it could happen. Powell acknowledged the speculation but said such a move was not being considered, though he stopped short of completely ruling the tool out as an option in the future. “The committee’s view on negative rates really has not changed. This is not something that we’re looking at,” he said. “I know that there are fans of the policy, but for now, it’s not something that we’re considering. We think we have a good toolkit, and that’s the one we’ll be using.” President Donald J. Trump, who has repeatedly called for negative rates and described them as a “gif t,” later told reporters at the White House that while Powell had done a good job in recent months, “I disagree with him on one thing now and that’s negative rates.” Trump until recently had been a fierce critic of the Fed chief, whom he picked for the job, but has been supportive of the central banker’s dramatic actions amid the pandemic. Traders held onto bets that the Federal Reserve will drop rates below zero next year. Implied rates on Fed funds futures contracts show the central bank’s policy benchmark dropping below zero by the second quar ter of 2021, little changed

from before Powell’s comments. “He was asked about negative rates and he categorically rejected them yet again,” Stephen Stanley, chief economist at Amherst Pierpont Securities, wrote in an e-mail to clients following the event. “I don’t think he could have been clearer, but market par ticipants have not been willing to take ‘no’ for an answer yet, so I am not optimistic that the message will be absorbed this time either.” The Fed chair in his speech outlined the worr ying scenario posed by mass bankruptcies and unemployment while asserting that policy-makers may have to do more to prevent these from coming to pass. He said the Fed would publish a survey on Thursday showing almost 40 percent of Americans in households making less than $40,000 a year had lost a job in March. “Long stretches of unemployment can damage or end workers’ careers as their skills lose value and professional networks dry up, and leave families in greater debt,” Powell said. “The loss of thousands of small- and medium-sized businesses across the country would destroy the life’s work and family legacy of many business and community leaders and limit the strength of the recovery when it comes.” Congressional lawmakers and President D o n a l d Tr u m p’s a d m i n i s t r a t i o n h a v e passed almost $3 trillion in economic relief measures, including $454 billion to serve as a backstop for the central bank’s emergency programs. Democrats and Republicans are currently talking about another round of aid, including measures to shore up state and local governments whose tax revenues have been decimated by stay-at-home orders that have shuttered entire sectors of the economy. “While the economic response has been both timely and appropriately large, it may not be the final chapter, given that the path ahead is both highly uncertain and subject to significant downside risks,” Powell said. In an unprecedented step, the Fed this week also began buying exchangetraded funds invested in corporate debt to support liquidity in the market where large companies borrow. Powell added that the central bank would “continue to use our tools to their fullest until the crisis has passed and the economic recovery is well under way,” but cautioned that it could only make loans and not spend money. “When this crisis is behind us, we will put these emergency tools away,” he said. Bloomberg News

Cats with no symptoms spread Covid-19 to other cats in lab test

ats can spread the new coronavirus to other cats without any of them ever having symptoms, a lab experiment suggests. Scientists who led the work, reported on Wednesday, say it shows the need for more research into whether the virus can spread from people to cats to people again. Health exper ts have downplayed that possibility. The American Veterinary Medical Association said in a new statement that just because an animal can be deliberately infected in a lab “does not mean that it will easily be infected with that same virus under natural conditions.” Anyone concerned about that risk should use “common sense hygiene,” said virus expert Peter Halfmann. Don’t kiss your pets and keep surfaces clean to cut the chances of picking up any virus an animal might shed, he said. He and colleagues at the University of Wisconsin School of Veterinary Medicine led the lab experiment and published results on Wednesday in the New England Journal of Medicine. Federal grants paid for the work. Researchers took coronavirus from a human patient and infected three cats with it. Each cat then was housed with another cat that was free of infection. Within five days, coronavirus was found in all three of the newly exposed animals. None of the six cats ever showed any symptoms. “There was no sneezing, no coughing, they never had a high body temperature or lost any weight,” Halfmann said. “If a pet owner looked at them...they wouldn’t

have noticed anything.” Last month, t wo domestic cats in different parts of New York state tested positive for the coronavirus after mild respiratory illnesses. They were thought to have picked it up from people in their homes or neighborhoods. Some tigers and lions at the Bronx Zoo also have tested positive for the virus, as have a small number of other animals around the world. Those cases and the new lab experiment show “there is a public health need to recognize and fur ther investigate the p o te nt i a l c h a i n o f h u m a n - cat - h u m a n transmission,” the authors wrote. Guidelines from the US Centers for Disease Control and Prevention say that based on the limited information available so far, the risk of pets spreading coronavirus to people “is considered to be low.” The veterinar y medicine group says “there is no evidence to suggest that animals, including pets, that may be incidentally infected by humans are playing a role in the spread of Covid-19.” It stressed that person-to-person transmission was driving the global pandemic. However, the group noted that many diseases spread between pets and people, so hygiene is always important: Wash your hands before and after touching pets, and keep your pet and its food and water bowls clean. Halfmann, whose two cats sleep near him, said the worry may be greater for animal shelters, where one infected animal could pass the virus to many others. AP

Friday, May 15, 2020

UN forecasts pandemic to shrink world economy by 3.2% in 2020

NITED NATIONS—The United Nations forecast on Wednesday that the Covid-19 pandemic will shrink the world economy by 3.2 percent this year, the sharpest contraction since the Great Depression in the 1930s. The UN’s mid-year report said the impact of the coronavirus crisis is expected to slash global economic output by nearly $8.5 trillion over the next two years, wiping out nearly all gains of the last four years. In January, before Covid-19 became a pandemic, the UN had forecast a modest acceleration in growth of 2.5 percent in 2020. But UN chief economist Elliott Harris told a news conference launching the report that the global economic outlook “has changed drastically” since then, with the pandemic’s death toll climbing toward 300,000. “With the large-scale restrictions of economic activities and heightened uncertainties, the global economy has come to a virtual standstill in the second quarter of 2020,” he said. “We are now facing the grim reality of a severe recession of a magnitude not seen since the Great Depression.” According to the report, nearly 90 percent of the world economy has been under some form of lockdown, disrupting supply chains, depressing consumer demand and putting millions out of work. The 3.2 percent contraction in the global economy forecast by the United Nations is slightly higher than the 3 percent plunge forecast by the International Monetary Fund in mid-April for 2020. But in a worst-case scenario, the UN said the global economy could shrink by 4.9 percent in 2020 if a second wave of Covid-19 infections flares up and lockdowns continue into the third quarter of the year. The IMF forecast that the global economy will rebound in 2021 with 5.8-percent growth though it said prospects next year are clouded by uncertainty. The UN forecast more modest 3.4-percent economic growth in 2021 in developed economies and more robust growth of 5.3 percent in developing countries. But in the worst-case scenario, it said the global economy could contract by a further 0.5 percent in 2021 if a new wave of infections and lockdowns continues in the third quarter, which ends Sept. 30. The United Nations World Economic Situation and Prospects report also forecast a 15 percent contraction in world trade in 2020 as a result of sharply reduced global demand and disruptions in global supply chains. The UN’s Harris said “early efforts to contain the pandemic fell short of market expectations, causing extreme financial market volatility in developing countries and rippling out to the rest of the world.” “But the pandemic is inflicting damages on the real economy at unprecedented scale and speed,” he said. “As countries put in an allout effort to contain Covid-19, the world is facing the most severe restrictions on movement and goods in recorded history.” The report said the pandemic is “exacerbating poverty and inequality,” with an estimated 34.3 million people likely to fall below the extreme poverty line of $1.90 a day in 2020—56 percent of them in Africa.

It said an additional 130 million people may join the ranks of people living in extreme poverty by 2030, dealing a “huge blow” to global efforts to eradicate extreme

poverty and hunger by the end of the decade. Harris, the UN assistant secretary-general for economic development, said the most pessimistic scenario would have an additional 160 million people living in poverty by 2030. Wit h r ising inequa lit y, he warned, “this will only intensify discontent and instability in many parts of the world.” Harris said governments need to contain the pandemic and minimize its economic impacts. “The balance between saving lives and saving jobs is as difficult

as it is necessary to strike,” he said. Fiscal stimulus has been uneven across the world, and many developing countries have been unable to introduce sufficiently large packages because of sharp declines in foreign exchange flows from export and tourism revenues, remittances and new borrowing, he said. “In any event, unless there are major breakthroughs in vaccine development, economic activities will remain significantly limited, and any fiscal measure will be unlikely to be fully effective in stimulating investment and growth,” Harris said. AP

Friday, May 15, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Coronavirus: Old, sick, and then dying

N April 20 in an editorial titled Lock down all boomers and the sick! we wrote: “As of Friday, April 17, 2020, 84 percent of all deaths in New York state are people 60 years of age and older. That means that less than two in 10 of those hospitalized who die are under 60 years of age.”

Here we are 25 days later and the hard evidence clearly supports the following conclusion. If you are old or sick from a serious health condition, the odds of you contracting the Covid-19 and subsequently dying are much higher than with the general population. If you are over 60 years of age and also suffering from a serious preexisting condition, the probability of you dying is extremely high. The northern German port city of Hamburg currently has recorded 223 fatalities. The head of Hamburg forensic medicine, Professor Klaus Püschel, said this last week: “Nobody has died of Covid-19 in Hamburg without previous illness.” From the Hamburg Morning Post newspaper: “Püschel and his team have already gained initial insights: So far, not a single person with no previous illness has died of the virus in Hamburg. “All of those we have examined so far have had cancer, a chronic lung disease, were heavy smokers or heavily obese, suffered from diabetes or had a cardiovascular disease.” In Cook County where Chicago is located, the Medical Examiner’s office reveals that 92 percent of victims from the virus had preexisting medical conditions. It is a given that viruses negatively affect the immune system. Further, an unhealthy person with a weakened immune system is more likely to fall prey. A virus attacks and often kills the weak. As a general rule, the elderly are less prone to become sick from common strains of viruses. Children seem to have a cold every other week. Older people have been attacked so many times that their bodies have, or can more easily manufacture, the antibodies to kill an existing virus. But this is not so with the “new” Covid-19 strain. The fatality age gap is nearly global. In the United Kingdom, 78 percent of all deaths are over 65 years of age. In Germany, nearly 90 percent of the Covid-19 deaths are those 60 years or older. The same is true for Japan. In the Netherlands, 80 percent of the deaths are people over 70 years old, while in Spain 65 percent of fatalities have occurred in those 80 or older. The same is true in Brazil, with 85 percent of the deaths in the over 60 years of age, and 95 percent in that age group in Italy. We wrote in April that assuming there are 13 million people in Metro Manila, the seriously at-risk group—the “over 60”—is less than 1 million or about 9 percent. Almost a month later the Department Of Health statistics show the same as in the other countries. Out of 772 Covid-19 deaths reported two days ago, 67.6 percent or 523 deaths occurred in the 60 and above age cohort. Must we protect our senior citizens from the pandemic? Absolutely and without question. Is a general and massive lockdown with relatively random testing the best way to do that? Maybe it would have been more efficient to test the seniors and their family members and friends. Then decide who needs to be under lockdown. Since 2005

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Sonny M. Angara

Better Days

he Covid-19 pandemic has shown us that indeed, the online world is a powerful tool. Many have managed to work from home, or in some cases, have found new jobs through the Internet. Conference applications, such as Zoom and WebEx are not only being used for office meetings, but also for informal gatherings. And, of course, online shopping and app-driven delivery services are now becoming part of people’s everyday habits. But the digital world in the Philippines is reaching its limits. As of March 2020, The Speedtest Global Index, which records the broadband speed across the world by country, put the Philippines at 104th in the world, with a download speed of 23.80 Mbps. We rank even lower when it comes to mobile Internet, coming in at 116th place, with 14.24 Mbps. As we begin to rely more on the Internet and things online to ride out the Covid-19 outbreak—and, perhaps, to adapt to the post-Covid culture—we should enhance broadband Internet services across the country. We are already using online services and platforms to buy food, clothes, and other items. We can now go online to pay our bills and access

other financial services. For our students, the pandemic has also opened the door to online education. With all these happening, our country’s online capacity must be improved. However, improving our Internet infrastructure’s load capability is only part of the digital development that our country needs. The draft We Recover As One document that is currently being formulated by the National Economic and Development Authority as head of the IATF-Technical Working Group for Anticipatory and Forward Planning (TWG-AFP) has come up with many points of discussion on exactly how we should move forward with online services. In education, for example, we should promote digital and

alternative learning. This can be done through reduced Internet rates for students and faculty; loans, and subsidies for acquiring laptops, computers and other equipment; and the creation of tutorial platforms. The Department of Education already has the DepEd Commons, an online educational resources platform that students across the country can use to get materials from their teachers. E-commerce will also play a big role in our post-Covid-19 society. Surveys included in the TWG-AFP draft show that almost 80 percent of respondents in the business sector would have zero sales if the ECQ is further extended by another month. This is why the expansion and further development of cashless payment systems and other similar platforms will be a big boost for retail, information technology, and business-process management companies. The TradeNet project is another digital development that also needs to be fast-tracked. An initiative jointly led by the Department of Finance and the Department of Information and Communications Technology, TradeNet will be an online trade facilitation portal that will interconnect up to 75 trade regulatory agencies of government across 18 departments. Fronted by an integrated web site, TradeNet will track real-time information on cargo, supply, production and inventory. It will also assist in interagency

operations during times of crisis. Finally, the fast implementation of the Philippine Identification System (PhilSys) is sought, as mandated by RA 11055, which we cosponsored in the Senate during the last Congress. The idea is that a unified government-issued identification card can be used not only as proof of identity, but also as a way of accessing digital payment systems to allow for the efficient transfer of government assistance in times of crisis, pandemics and disasters. The Covid-19 pandemic has indeed dealt us massive blows. But there are also lessons that we should learn moving forward. As we start easing into the so-called new normal and continue preparing for future crisis events, developing digital services and systems will make our country more resilient and able to function even with large-scale economic disruptions. It is time for our country to have a serious discussion with all digital stakeholders on how to not only expand our broadband Internet capability, but also what we can and should do to take full advantage of such digital infrastructure. Sen. Sonny Angara has been in public service for 15 years—nine years as representative of the Lone District of Aurora, and six as senator. He has authored and sponsored more than 200 laws. He recently won another term in the Senate. E-mail: sensonnyangara@yahoo.com|Facebook, Twitter and Instagram: @sonnyangara.

Lessen the burden being carried by OFWs

Jennifer A. Ng Vittorio V. Vitug

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The new normal is digital

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SERVANT LEADER

rothers and sisters, if not for the response of many in social media, especially our fellow Filipinos working tirelessly in foreign countries or the overseas Filipino workers (OFWs), the Philippine Health Insurance Corp. (PhilHealth) premium they are required to pay would continue to rise. According to the Universal Health Care Law, which Congress had prioritized and signed into law by President Duterte in February 2019, PhilHealth will obligate OFWs earning from P10,000 to P20,000 every month to pay the premium equal to 3 percent of their monthly wages. This means that, if the previous premium they had to pay every year was only around P2,400, this will inflate to around P21,600 every year! What is even worse is that those unable to pay their PhilHealth premium will not be given the Overseas Employment

Contract by the Philippine Overseas Employment Administration, a document they need to go abroad in order to work. Bishop Ruper to Sa ntos of the Diocese of Balanga, who is the vice chairman of the CBCP Episcopal Commission on Migrants and Itinerant People, is one of those concerned with this particular ruling of PhilHealth. According to the Bishop, PhilHealth’s action shows its lack of compassion for the OFWs and will cause undue stress among our fellow Filipinos particularly in this

After the negative reactions received by PhilHealth, President Duterte was forced not to follow the law that he himself signed. He ordered the suspension in the payment of higher premiums for the OFWs. Paying for the premiums would now be voluntary.

time when most of them are under “no work, no pay” condition, including those who may lose their jobs because of the Covid-19 pandemic. The additional dues are a heavy burden for many of our fellowmen who are sacrificing a lot for the welfare of the economy. After the negative reactions received by PhilHealth, President Duterte was forced not to follow the law that he himself signed. He ordered the suspension in the payment of higher premiums for the OFWs. Paying for the premiums would now be voluntary. Regardless, there are no clear guidelines whether or not the 3 percent contributions would stop now with the implementation of the Universal Health Care Law.

It is true that OFWs—hailed as our new heroes—greatly contribute to the country because of the dollars they earn that support the economy. From the Survey on Overseas Filipinos conducted by the Philippine Statistics Authority in 2018, the number of Filipinos working abroad has reached 2.3 million that year. In that same year, almost P236 billion in remittances have been recorded from our OFWs, a large amount to keep our economy afloat. Because of this, many of us can’t stop thinking that with our millions of OFWs whose jobs are being threatened, the government must find ways to help them. In their journey overseas, our OFWs are able to address God’s command. The book of Matthew 28:18-20 says: “All authority in heaven and on earth has been given to me. Therefore go and make disciples of all nations, baptizing them in the name of the Father and of the Son and of the Holy Spirit, and teaching them to obey everything I have commanded you. And surely I am with you always, to the very end of the age.” Our OFWs do See “Pascual,” A7

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Balik Probinsya, Bagong Pag-asa Program promotes inclusive development Manny F. Dooc

TELLTALES

t’s not exactly a new idea but the Duterte administration has given it a fresh look in the light of the current Covid-19 pandemic, which is engendered by severe congestion in Metro Manila. How can the authorities enforce a quarantine in slum areas when there is hardly a room for a family of eight to stay inside a 4-meter by 4-meter abode? How can one practice social distancing when the entire village resides in a vacant lot as big as three basketball courts? The influx of migrants from the provinces to Metro Manila to seek greener pastures has blighted the conditions of our inner cities. Absent any employment and resettlement program, the upsurge in population has created colonies of informal settlers, which has spawned a host of social problems. The NCR confronts perennial issues of joblessness, crimes, health and sanitation, proliferation of drugs and other social menaces that have contributed to the decay of our cities. Unless something drastic is done, this depressing situation is bound to get worse. The initiative undertaken by Sen. Bong Go to introduce the “Balik Probinsya, Bagong Pag-asa Program” (BP2 Program) is a timely intervention to address this issue. Admittedly, previous governments had considered it as part of their social reengineering efforts. For instance, under former President Benigno Aquino III, a similar scheme was launched to support the urban poor and to provide better opportunities for them. The program, however, failed despite its noble objective. By virtue of Executive Order 114, the BP2 Program was institutionalized by President Duterte as a pillar of balanced regional development. The Program has recognized that the National Capital Region accounts for 38 percent of our country’s GDP and its population of roughly 13 million constitute 12.8 percent of our country’s total population based on the 2015 national census. The figures betray imbalanced concentration of people in Metro Manila, unequal distribution of wealth and the lack of opportunities in the countryside. The large population strains the limited resources of the LGUs that host them. The BP2 Program aims to promote inclusive development and equitable distribution of income and wealth around the country. Countryside development will be the focus of our government to decongest the NCR. Reverse migration will be encouraged and the provinces will be empowered to achieve development and prosperity. In signing EO 114, President Duterte stressed the need to “ensure balanced regional development and equitable distribution of wealth, resources and opportunities through policies and programs that boost countrywide development and inclusive growth; provide adequate social services; and promote full employment, industrialization and an improved quality of life in rural areas.” In order to achieve them, the President is given temporary emergency authority to undertake measures as may be reasonable and necessary to implement the program, including reallocating, reprogramming and realigning savings from the budget of the executive depart-

Pascual. . .

continued from A6

this by becoming good and excellent workers despite the sacrifices and loneliness away from their families. This is why PhilHealth’s move to increase their dues is unjust, an action not meant to support workers that have rights and dignity that must be protected, according to Pope Francis in his message for the World Day of Migrants in 2018. Pope Francis

ment. Likewise, it created the “Balik Probinsya, Bagong Pag-asa Council” to be headed by the Executive Secretary as chairman to ensure that full implementation and complete government support is extended to the program. What will stand in the way of effectively implementing the BP2 Program will be the lack of total support and comprehensive efforts to cover all the requirements of the program. Section 4, Par. C of EO 114 identified the four key areas such as social, welfare, health and employment to encourage the voluntary and immediate return of workers and the OFWs who are the target of this program. This means that provisions for housing, education, employment, and health services should be available. Beneficiaries of the program should have access to credit facilities to enable them to start their own small businesses. Security and peace and order in their destination should be assured. Affordable dwellings and well-provided resettlement areas are necessary. There will be a need for more clinics, health centers and schools. Community colleges and vocational and technical schools should be opened. Dispersal of industries and location of eco zones and BPOs should be carried out to provide more employment opportunities. All of this should be supported by more infrastructures, power and water sources and better transportation and communication facilities. The absence or lack of them will be a recipe for failure, which will only make the poor poorer and more demoralized. It will be the equivalent of a domestic Marshall Plan for the disadvantaged urban dwellers who failed to adapt to city life. The program implementors should prove to all cynics that the government can solve the problem of inner cities. The creation of resilient and sustainable communities that will keep its inhabitants to stay is the end goal of the BP2 Program. One does not have to be original to pursue a panacea to our social ills. I salute Sen. Bong Go for taking this worthy initiative to address a lingering problem, which has long bedeviled Metro Manila. With his special closeness to President Duterte and the infinite resources that will be made available to the BP2 Council, I trust that this time his efforts will make a huge difference. If it works, our nation will be forever grateful and indebted to Sen. Bong Go. also said that this protection for migrant workers must come from where they are from. Brothers and sisters, if the government truly gives importance to our “modern day heroes,” it must make ways to ease their burden, not add to the weight they are carrying. Make it a habit to listen to Radio Veritas 846 Ang Radyo ng Simbahan in the AM band, or through live streaming at www.veritas846.ph, and follow its Twitter and Instagram accounts @veritasph, and YouTube at veritas846.ph. For your comments, e-mail veritas846pr@gmail.com.

When all this is over Tito Genova Valiente

annotations

hen all this is over, documents would have recorded the number of deaths caused by the virus, and not the recoveries.

When all this is over, wise men will talk of how an affliction stopped religions: how the fear of death has won over the force of Life. Books will expound on that day when priests and pastors, bishops and those with the appending Cardinal title beside their already glorious title, and the Pope readily agreed that the Mass and other Christian gatherings be turned into a single celebrant, the acolytes socially distanced from each other. When all this is over, the shelves and libraries will have a surfeit of books about the day a dominant, and with that dominance a surplus of arrogance, network was closed. The authors will expound about how the closure brought in a defense of capitalism. They will talk about how the celebrities who used to be timid and sheltered came out raging and wagging their dainty little fingers at a government that had forgotten the significant role the network had played in Philippine history. The readers of the future have to be careful not to focus on a few books because there will be other books taking contrarian views. These books will evaluate our histories and will therefore be burdened by ideologies that are color-coded—“yellow” downgraded to “Dilawan” as if we are referring to mangoes, “red” to mean dangerous and forbidden, as in traffic lights (cf. Claude Levi-Strauss). When all this is over, grandfathers and grandmothers will gather small children to tell them of Coco Martin and Kim Chiu, mythical creatures with stories of their own. These senior citizens will be kinder to the actors, knowing fully well that when these incidents took place, democracy or roughly that form of government, which allowed anyone

and everyone to speak on anything was still in existence. The narratives for Coco Martin and Kim Chiu would be one of the most popular memories of these days. They would recall how even those who despised the act of Coco Martin could not help themselves from being seduced by his charm. The storytellers would tell the listening children that writers who wrote bravely (it was difficult to critique popular actors in this land) against the actor had to write a caveat about them either not being a fan of the actor’s handsome face or, being worshipper of male pulchritude, but retaining the ability to separate their admiration for his celebrity and for his outburst of eloquence. As for the Kim Chiu incident, they will conveniently forget that she released a statement how even she could not understand what she said. What will remain will be the lawyer’s analysis of the classroom metaphors spewed by the actress. Lawyers after all are condemned to analyze anything and everything. When all this is over, academics will organize a monumental conference to talk about the end of education and universities and academic life. The list of topics will outnumber “the stars in Heaven.” A keynote speaker will say those words about stars and heaven and the audience will laugh the laugh of gods. Academics especially when they are shrouded in long scarves are the most confident creature the universe has created. They retain this confidence when people are happy and alive; they

Friday, May 15, 2020 remain confident even people are sad and dying. Of course, they, too, lose this sense of confidence; they are human beings after all. But they have a way of expressing the loss of self-esteem or belief in themselves by quantifying the diminution in terms of the mystical “margin of error” and the more prosaic but still uncommon “degree of confirmation versus degree of confidence.” Still on the academe: when all this is over, universities will find out the term “higher form of learning” follows the image of staircases and not the evolution of wisdom. Paraphrasing Linnaeus, universities will be no higher than the virus and just slightly higher than the garbage collectors.

Still on schools: when all this is over, the presidents and deans will rethink about their pedagogical skills. They will need to look at themselves and check whether they factor in in their assessment of their students the latter’s socioeconomic statuses—that when they proposed online education, to see if they considered whether the student had his own laptop, a room of his own or a house of his own? When all this is over, the world has

to contend with two basic categories: the essential and the nonessential. Government, when they issue rules of engagement, will need to deal with the question of who is essential and who is not in the order of things, which may be a disorder. Food will be basic and essential. Medicine will be important and essential. Art? It will not be essential. Not even if you unite all the singers of the land and ask them to sing and shout for unity. Their plea will only cross the universe. When all this is over, the population will be segmented into frontliners, second-row warriors, last bastion, lost command, and afterthoughts. We know who these frontliners are. They never chose to be at the front. They were there because they were made to be there, and made good what destiny had in store for them. As for critics, we will not be there at all. We will wait for the universe to be in disarray so we could put the thoughts of disorder in order. You see, when all this is over, we will still take stock of things. We will run our tests against human histories to find out signposts that we missed when this pandemic was announcing its arrival. We will commit to memory how we treated ourselves and our surroundings. We will survey photos of the seas, the mountains, and the sky and track from there the traces of the crimes and trespasses committed by humans against humanity. When all this is over, we shall investigate our place in the sun. We should make this examination fast lest we melt in our own hubris. Outside the number of men and women healed and the invention of a vaccine, this country will only have one accomplishment during these dark days. It is the release by the National Historical Commission of the Philippines of the official portrait of Lapu-Lapu, not as a hot warrior but as an old man contemplating whether he was there in the Battle of Mactan, or why this nation would not want to remember him in his youth at all.

E-mail: titovaliente@yahoo.com

Recommendations on health improvements, economic rescue and stimulus program for the rest of 2020 Joseph Anthony Lim

EAGLE WATCH Conclusion

part from prioritized spending on health, the government must also ensure that there is social protection for the vulnerable sectors. The first tranche of the Bayanihan Act has been distributed, but many families are complaining that they did not get any subsidy. The realignment of the budget of the Department of Public Works and Highways and using provincial funds from the Bayanihan Act added another 5 million families. These 5 million families will be given priority in the distribution so that the first tranche of subsidy money will have been distributed to all. For micro, small and medium enterprises (MSME), 115,782 eligible workers (approved by their employers) already received the first tranche of the Small Business Wage Subsidy (SBWS) program. In all, about 3.4 million affected workers nationwide are targeted to receive P5,000 to P8,000 in two tranches. However, the assistance for lowincome families and MSME workers is only for two months. We will have to find more funds for subsidies for the second half of the year. This is because many industries will still be fully or partially closed due to social distancing policies for the rest of the year. Thus, the workers in these industries will either be fully or partially unemployed. Furthermore, a recession is sure to hit the economy this year because of the Covid-19 pandemic, the lockdowns, and full or partial closure of many businesses

and firms. The recession will exert downward pressures on consumption, labor hiring and incomes. Therefore, the government will have to find funding for at least four more months of subsidies to people who would lose their jobs and become unemployed this year, and most likely, next year too. This will act as unemployment insurance since the shutdowns and partial closures of businesses are externally caused by a pandemic, and not the fault of business or labor. The amount for this, however, cannot be determined

now since we have to see how deep the recession is going to be, and project how long it takes until a vaccine or cure will be discovered. The next few months will be crucial in finding these out. The government, however, should be prepared now to add to its ammunition and war chest for more subsidies and protection of the unemployed and vulnerable sectors in the rest of the year, and beyond. Apart from these groups mentioned, support must continue to returning OFWs, public utility drivers, cultural workers and retail workers. The DOLE-AKAP assistance program for returning OFWs consists of a one-time P10,000 or $200 cash assistance from the P1.5-billion emergency aid program for OFWs. DOLE is targeting 150,000 OFWs as beneficiaries, but it has already received 336,809 requests from displaced OFWs. So far 85,849 OFWs were approved by DOLE to receive assistance and 47,239 OFWs had already received the one-time P10,000 subsidy. It is deemed that this assistance is very low. It is recommended that OFWs who cannot find jobs here be treated like the unemployed in the previous paragraph, receiving four months of monthly subsidy for the rest of the year. It is also recommended that the government allot an amount to retool unemployed workers (including unemployed ex-OFWs) for the more viable jobs available for this year and the next two years. There should be a study if social distancing is possible in jeeps/ PUVs and buses used for public transportation in GCQ or future

non-quarantine areas. The drivers will surely lose a big chunk of their previous income given that fewer passengers will be riding the jeeps/PUVs, and buses including taxi/TNVS. Retooling is probably needed for drivers to ensure that social distancing policies are preserved, and for those moving to other economic sectors. Non-showing of cultural, leisure and sports shows, closure of museums and bookstores may last the whole year or beyond due to social distancing problems. Cultural workers and athletes are paid on a per performance, game or completed work basis, so these unemployed cultural workers and athletes will have to be assisted since most of them do not have employers paying them salaries. The government subsidizes online cultural and sports shows such as plays, dances, films, other works of art, and sport shows through the National Commission of Culture and the Arts (NCCA), Film Academy of the Philippines (FAP) and Philippine Sports Commission (PSC). This will also ensure a better and more attractive set of online Filipino cultural and sports shows (instead of recycled low-quality movies, teleseryes and foreign sports shows) to strengthen our national identity in this situation. As recession is sure to set in, the state should consider providing unemployment insurance for displaced workers. This should include funding for retooling and retraining taking into consideration social distancing in the short and medium term.

A8 Friday, May 15, 2020

Typhoon Ambo tests govt ability to protect evacuees from Covid-19

By Samuel P. Medenilla

@sam_medenilla

N what disaster officials concede as a challenging confluence of events, authorities on Thursday braced for balancing the need to move people in danger from Typhoon Ambo, while struggling for ways to keep strict physical distancing in usually cramped evacuation centers.

Malacañang on Thursday assured the safety of evacuees from Typhoon Ambo against possible infection from the novel coronavirus disease (Covid-19), while the National Police chief told cops on the ground to work closely with disaster management officials in order to ensure the safety of people in villages at risk from floods and landslides. The military, PNP and agencies

whose frontline personnel have been helping with quarantinerelated duties, had been subjecting their employees as well to rapid testing for Covid-19, as they are constantly exposed to the virus. Palace officials said on Friday all precautions are being taken to protect both the frontliners and communities at risk from the storm. In an online press briefing,

Presidential spokesman Harry Roque said the government has included the necessary protocols in its emergency response plan for Typhoon Ambo, Oplan Listo, to ensure evacuation centers will remain Covid-free. “Based from Oplan Listo, we have enough relief goods [for the evacuees]. We are also prepared to enforce social distancing rules on a per-family basis in the evacuation centers,” Roque said. “We are already prepared for such contingencies because of [previous] typhoons,” he added. A template for such distancing may be borrowed from the authorities’ experience in areas living near Taal Volcano, who have been on sustained lockdown twice—since Taal’s January 12 eruption, and on through the Covid-19 pandemic, when they were forced to remain at evacuation centers. Health Undersecretary Maria Rosario S. Vergeire said they are coordinating with the disaster risk reduction teams of local government units (LGU) to keep families in evacuation centers at least 1 meter apart from one another. “We hope we can implement this now. There will also be minimum

health standards to prevent further infection in this kind of facility,” Vergeire said in a separate online briefing. Other minimum health standards which DOH is recommending include basic hygiene like frequent handwashing and wearing of face masks.

Landfall in Samar

AS of 2 p.m. on Thursday, an advisory from the Philippine Atmospheric, Geophysical, and Astronomical Services Administration (Pagasa) said Typhoon Ambo had made landfall in San Policarpo, Eastern Samar. Eastern Samar Governor Ben Evardone was quoted in news reports as saying at least 4,000 people fled their homes and stayed in evacuation centers because of torrential rains and strong winds brought by Ambo. Typhoon Ambo battered parts of Luzon and Visayas as it continues to make its way out of the country. It is expected to leave the Philippine Area of Responsibility by Sunday.

Farms at risk

THE Department of Agriculture (DA) on Thursday said the typhoon may damage over 265,000 hectares

of rice and corn lands in regions along its pathway. In its latest bulletin issued on Thursday, the DA Disaster Risk Reduction and Management Operations Center (DRRM-OpCen) said about 175,954 hectares of rice and 89,303 hectares of corn could be affected by the typhoon. The DA-DRRM OpCen added that most of the rice and corn areas estimated to be damaged are still under reproductive and maturity stages. “Regions along the path of the typhoon, particularly Bicol region and Western Visayas, have activated their respective Operations Centers to monitor the situation and disseminate advisories to municipal and city agriculture offices in their respective regions through social media,” it said. The DA-DRRM OpCen said the department has enough available assistance to farmers who will be affected by the typhoon—including a quick response fund, prepositioned seeds as well as drugs and biologics for livestock and poultry needs. The DA-DRRM OpCen added that the Philippine Crop Insurance Corp. has enough funds to indemnify farmers. With Jasper Emmanuel Y. Arcalas

Govt backs CIT rate cut to 25% by July–Chua By Bernadette D. Nicolas

@BNicolasBM

HE government is now backing the across-the-board immediate reduction of 30 percent corporate income tax (CIT) rate to 25 percent as early as July this year. During the virtual Sulong Pilipinas forum on Thursday, Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua on Tuesday presented the tax incentives under the repackaged Corporate Income Tax and Incentives Rationalization Act (Citira), which they now call the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE). “This is the first time that the Department of Finance, I was told, is proposing to reduce taxes across the board so currently from the 30 percent corporate income tax, we will reduce it immediately to 25 percent,” Chua said. Finance Secretary Carlos G. Dominguez III earlier this week asked President Duterte’s support for the swift passage of the Citira bill or the second package of the Comprehensive Tax Reform Program before June 3 or the last day of session before the sine die adjournment of Congress. Continued on A4

NTC to House: Sorry we failed to notify you of new legal stance By Lorenz S. Marasigan

TYPHOON "AMBO" {VONGFONG} 250 KM EAST OF CATARMAN, NORTHERN SAMAR as of 4:00 am - May 14, 2020

@lorenzmarasigan

HE National Telecommunications Commission (NTC) admitted that it lacked foresight as to the legality of its earlier commitment to lawmakers that it can issue a provisional authority (PA) for ABS-CBN Corp. to continue its operations, lamenting that it regrets its failure to notify Congress of its decision against the broadcasting giant. In a letter dated May 12, NTC officials headed by Commissioner Gamaliel Cordoba apologized to House Speaker Alan Peter Cayetano and House Committee on Legislative Franchises Chairman Franz Alvarez for “failing to notify” them of the decision to issue a cease and desist order (CDO) against ABS-CBN following the expiration of its franchise last May 4. “We are deeply saddened as well for the inconvenience we may have caused Congress. Again, we express our contriteness and sincere apologies for the ensuing confusion this has caused, not the least because we are in the midst of a crisis,” the letter read. To recall, Cordoba in a March 10 hearing gave his assurance to Congress that his group can issue a PA to ABS-CBN that will allow the latter to continue airing its programs even if its congressional franchise has already lapsed and its renewal is pending with lawmakers. “The representation was made

upon the good faith belief that the issuance of the PA by the NTC provided the best possible solution at that time,” the letter read. “NTC could have thus exercised more openness and prudence under the circumstances and, at the very least, alerted Congress of NTC’s inability based on legal grounds to issue the PA as well as its subsequent decision to issue a CDO when the franchise of ABS-CBN expired.” In the letter, the NTC explained that it was legally bound to issue the CDO, given that Congress has the sole authority over the franchise bill. Had it decided to issue the PA to the Lopez-led media giant, the NTC said it would have committed an “encroachment into the exclusive domain of Congress.” Without a congressional franchise, under law, any media entity is barred from going on-air. ABS-CBN went off air on May 5, the same day when the NTC issued the CDO. “We understand that the licensing power of the NTC may only arise from the necessary delegation of power from the Congress through a law,” the letter read. “NTC would thus abide by any law passed by Congress which may extend all telecommunication and broadcasting legislative franchises that expired during the public health emergency, if there be any.” The Department of Justice earlier held that the NTC could issue a PA to ABS-CBN despite the

franchise issue. However, the Office of the Solicitor General countered it, even threatening the regulatory body with graft charges if it pushes through with the issuance of the temporary authority. “The NTC also considered the Comment submitted by the Office of the Solicitor General in a petition pending before the Supreme Court as the ‘statutory counsel’ of the NTC, as well as the letter dated 30 April 2020, that it sent the NTC, both vigorously asserting that the positions taken by the DOJ, the Senate, and the Congress supporting the issuance of a PA were contrary to the Constitution, the law, and jurisprudence which vested upon Congress the sole power to grant or renew a franchise,” the letter read. There is light, however, at the end of the tunnel for ABS-CBN. The House of Representatives on Wednesday passed on second reading the provisional franchise that will extend its operations until only October 2020. “We look forward to participating in the process of our franchise renewal and stand ready to respond to the issues that have been raised against the network, its owners, management and employees,” the company said in a statement Wednesday night. The Lopez-led network has been using other platforms to continue its operations, but is losing P35 million per day while it is off air.

FUEL DISCOUNTS TO FARM GROUPS SOUGHT By Lenie Lectura

@llectura

HE Department of Energy (DOE) will ask oil companies to provide a 30-percent discount in fuel prices to farmers and fisherfolks that are registered with the Department of Agriculture (DA). “What is being explored is fuel discount and subsidies na pwede for DA registered farmers and fishermen. We are going to talk to some oil companies later,” said DOE Undersecretary Felix William Fuentebella. He said P15 trillion worth of petroleum products was purchased by the agriculture sector last year. “We are looking at meaningful partnerships that we can possibly create,” added Fuentebella, who was referring to the oil companies and the agriculture sector.

He added that farmers and fisherfolks could sell their produce at various service stations. “We are also exploring energy for food security. Ang naging issue nila is [Their issue was] how to boost the economy, food security. Petron has offered space where items of farmers and fisherfolks can be brought, since activities in gas stations are now reduced. We will look at areas where the gas stations can host rolling stores,” explained Fuentebella, in a mix of English and Filipino. DOE Director for Energy Resources Development Rino Abad said the proposed fuel discount could be 30 percent.“Thirty percent of the prevailing price is the working number,”he explained.When sought for comment, the Independent Philippine Petroleum Companies Association (Ippca) said the proposal would be discussed given the oil firm’s declining margins brought about by lack of demand.

“The oil industry players have always been very supportive of the government’s effort to help our countrymen. In fact, since the start of the pandemic we have continuously done our share of helping our frontliners and medical professionals and health workers by providing, not only fuel assistance, but also giving PPEs, alcohol and the needed equipment,” Ippca said. The group has at least 16 members, including the country’s leading independent oil players such as Eastern Petroleum Corp., Unioil Petroleum Philippines Inc., Seaoil Philippines, Flying V, City Oil, Pryce Gases, and LPGMA, among others. Despite the fact that the oil industry players —refiners, importers, and retailers—are also suffering tremendous losses during these times, Ippca said “industry players would still need to meet and discuss what we can do or if it is possible to extend such at these time.”

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Friday, May 15, 2020

JG Summit slashes 2020 capex to preserve cash

By VG Cabuag

@villygc

G Summit Holdings Inc., the holding firm of the Gokongwei family, on Thursday said it will cut its capital expenditures (capex) this year by about 30 percent to P58 billion, from the earlier planned P82 billion, as it seeks to preserve cash.

Lance Gokongwei, the company's president and CEO, said the capital spending this year is 20 percent lower than last year and the cuts will

mainly come from the deferment of payments of loans and projects from JG Summit's property arm. However, the expansion of its petrochemical

plant will push through since this remains a priority project of the conglomerate. “Much of the deferment came from Cebu Pacific as we are negotiating payments and delivery schedules related to new aircraft orders and trying to postpone aircraft overhauls,” Gokongwei said during the company's stockholders' meeting done online. Its food unit Universal Robina Corp. (URC) also slashed its capex this year. Irwin Lee, the company’s president and CEO, said the company will cut its capex by about P2.5 billion to P3 billion, from the usual budget of about P8 billion to P10 billion a year. JG Summit’s income for the first quarter fell 59 percent to P3.98 bil-

lion, from last year's P9.72 billion. Revenues were down 10 percent to P67.88 billion, from the previous year's P75.21 billion, as the pandemic affected all of its operations. The conglomerate said its JG Summit Petrochemicals Group recorded lower gross margins from unfavorable market prices, while Cebu Air Inc. posted higher depreciation and maintenance costs. The company also had higher foreign exchange and market valuation losses of P2.1 billion, while it had a P905-million share in Meralco’s impairment loss from its PacificLight Power investment and accretion expense. “Coming from a strong performance in 2019, the unexpected turn

DMCI income declines by 78% in Q1 E ngineering conglomerate DMCI Holdings Inc. on Thursday said its net income fell 78 percent during the first quarter to P616 million, from last year's P2.7 billion, as all of its businesses delivered weak performances. Core net income, which excludes non recurring items, dropped 64 percent to P1 billion, from P2.8 billion last year. Items that were excluded were the loss of P414 million mainly from sales cancellations for a DMCI Homes project in Davao City and a net loss of P91 million representing the company’s share in the accelerated depreciation of Calaca Units 1 and 2 last year. “Our consolidated results were

weighted down by operational headwinds, low market prices and the initial effects of the enhanced community quarantine,” said DMCI Holdings Chairman and President Isidro A. Consunji. “We expect the succeeding quarters to be even more challenging because of the full impact of the coronavirus containment measures,” he added. Core net income contributions from Semirara Mining and Power Corp. declined by half to P623 million, from P1.3 billion last year owing to a 16-percent drop in average coal prices and a 27-percent drop in average electricity prices. DMCI Homes posted a loss of

P197 million, from last year's income of P481 million, following a slowdown in revenue recognition due to timing of collections and lower construction accomplishments as a result of the ECQ, as well as the increase in construction costs related to the dress-up of units completed in prior years. Income of construction firm D.M. Consunji Inc. also fell by half to P170 million, from P359 million last year due to lower margins for a number of projects, higher depreciation and productivity losses due to the ECQ. DMCI Power, the off-grid energy generator, contributed P97 million, a 3-percent slide from P100 million

as there was lower electricity dispatch in favor of hydropower plants in Oriental Mindoro. Earnings contribution from DMCI Mining dropped 75 percent to just P26 million, from P103 million due to the shipment of lower grade nickel which fetched lower prices in the market. Net income contributions from Maynilad Water Services Inc., the West zone concessionaire, fell 13 percent to P379 million, from P436 million last year due to lower consumption among commercial and industrial customers and higher depreciation and amortization due to its capital expenditure program. VG Cabuag

Subic Enerzone SMC unit income falls by 10% in Jan-March solicits bids for power needs By Lenie Lectura @llectura

ubic Enerzone Corp. said in a notice it sent to the Depar tment of Energ y (DOE) that it is soliciting competitive bids for its 10-megawatt (MW) power requirement. Subic Enerzone said it “needs a qualified supplier that can supply 10MW of power to commence on June 26, 2020, which date for the start of supply shall be subject to the approval of the Energy Regulatory Commission [ERC].” A bidder, it said, may submit a minimum bid of 3MW. The Competitive Selection Process (CSP) will be conducted by Subic Enerzone, through its ThirdParty Bids and Awards Committee (TBAC), on June 8. The deadline for the submission of bids is on June 5. “In compliance with Section 7 of the DOE’s Department Circular No. 2018-01-003, we invite you, or an authorized representative of the DOE, to observe the following bidding activities of the CSP for the supply of power to Subic Enerzone,” said TBAC chairman Warell Kern Sario in a letter sent to DOE Undersecretary Felix William Fuentebella. Based on the terms of reference, the power supply deal is good for five years from the commencement of supply but no later than December 25, 2025. Bidders must indicate the annual schedule of outage and forced outage allowance in the submission of their bids. The TBAC has set a yearly maximum outage allowance of 70 hours for scheduled outage and 360 hours for the maximum annual forced outage allowance. Subic Enerzone is responsible for operating the Subic Bay Freeport Zone power distribution system. Lenie Lectura

MC Global Power Holdings Corp., a wholly-owned subsidiary of conglomerate San Miguel Corp., reported P3.22 billion in net income at end-March, down from P3.57 billion posted in the first quarter of last year. The 10-percent drop was due to lower revenues at P28.298 billion, 18-percent lower than the P34.676 billion it reported in the first quarter of 2019. It reported that the decrease was driven by the decline in bilateral offtake volume of South Premiere Power Corp. (SPPC) due to lower Meralco nominations; lower average sales prices under the new Power Supply Agreements (PSA) of SPPC and San Miguel Energy Corporation (SMEC) with Meralco; lower average sales prices of Masinloc Power Partners Co. Ltd. (MPPCL) for its bilateral offtake volume; lower average spot prices for Luzon- based power plants; and increase in spot sales volume of MPPCL and Strategic Power Development Corp. (SPDC). Cost of power sold likewise decreased by 17 percent to P19 billion during the period. “Consequently, the consolidated net income for the first quarter decreased by 10 percent, or P358 mil-

@lorenzmarasigan

mart Communications Inc. is now reaping the benefits of its network investments, with its chief saying that the company saw its top line growing by a fifth during the first three months of the year, as a result of a spike in mobile data usage. Alfredo S. Panlilio, the company’s president, said his group recorded a doubling in its traffic to 636 petabytes in the first quarter, owing to the huge demand for video and social media content and applications.

or use our products and services,” he added. Revenues of food unit were flat at P33.5 billion, as its Philippine market took up the slack in foreign markets. Revenues of Robinsons Bank rose 23 percent to P2.3 billion, on the back of a 14-percent loan growth which was mostly led by the faster expansion of consumer loans. In addition, trading gains increased to P234 million. With these, as well the 136-basis point improvement in net interest margins driven by both the shift towards higher yielding consumer loans and lower deposit costs from favorable monetary policies, the bank's net income rose 722 percent to P350 million, the company said.

Ayala: Public-private partnership key to fighting Covid-19

he partnership between the private sector and the government has been instrumental in addressing the immediate needs of the people, particularly the poor, as the country fights to contain the coronavirus disease 2019 (Covid-19). However, Ayala Corp. Chairman and CEO Jaime Augusto Zobel de Ayala said during a webinar by the United Nations Global Compact Academy that the initiatives of the private sector are "mere short-term solutions." Zobel said the pandemic has exposed the vulnerability of the people and this presents an opportunity to realign business strategies to make entities resilient in the future. “If ever there’s a time to basically reflect on the way we’ve all been doing things and on the kind of world we want to create, it is now,” he said. “In the end, we can emerge as more unified, more resilient.” Ayala Corp. is one of the early responders when the lockdown was implemented in Luzon and key cities of the Philippines, and it has since been working with the government to see what

kind of economic stimulus would be necessary, Zobel said. Aside from the P5.5-billion package that the company unveiled to help their employees and other company stakeholders, such as its mall tenants and the workers that constructs its buildings, the Ayala group said it took the lead in the conversion of the World Trade Center into a 500bed quarantine facility. The facility was turned over to the Armed Forces of the Philippines in less than two weeks since it started the construction. The group also donated all the testing booths for four Mega Swabbing Centers, which aim to swab 55,000 individuals in the Metro Manila. “Not a day goes in the Philippines where the private sector and the public sector are not having dialogues, exchanging notes, and seeing where we can help each other at all different levels,” he said. According to Zobel, the company's own response package enabled its more than 72,000 direct-hire employees as well as 75,000 day laborers in its construction business to have financial security in a time of uncertainty. VG Cabuag

Pilipinas Shell posts ₧5.5B loss

Photo shows a greenfield power plant of SMC Global Power which uses clean combustion technologies.

lion, from P3,579 million in 2019 to P3,221 million in 2020. Unrealized foreign exchange gain declined, from a P308-million gain recognized in 2019 to a P72-million gain in 2020 brought by the depreciation of the Philippine peso against the US dollar,” the company reported. SMC Global Power provides a diversified portfolio utilizing a mix of

coal, natural gas, and hydroelectric power plants. Apart from pursuing coal projects, SMC Global Power is also focused on investing in Battery Energy Storage Systems and renewable energy projects as part of its objective to operate in an environmentally-responsible manner while considering energy security and affordability.

Smart service revenues hit ₧20.2B in Q1 By Lorenz S. Marasigan

of events driven by the evolving global pandemic started to have a material impact to the JG Summit group in the first quarter of 2020. This includes travel restrictions early in the year that affected our airline, Cebu Pacific, and the stricter social distancing measures mid-March has further resulted in the closure of malls and hotels, disruption in URC’s supply chain and delays in our Petrochemical plant expansion,” said Gokongwei. “We are now living in an extraordinary period where lives have been heavily disrupted. The situation has also driven us to review our current business and operating models to adapt to the new normal as we predict shifts in the way consumers buy

This, he said, is supported by a more extensive and robust network. As of end-March, Smart increased the number of 4G base stations to 26,000, up 6 percent from end-2019 and 60 percent more than end-2018. This, he said, drove Smart’s service revenues to P20.2 billion, a 20-percent increase from roughly P16.8 billion the year prior. Data revenues now account for 72 percent of the company’s earnings. “The money and effort we’ve invested in our network have enabled us to provide quality service to our

mobile phone customers even as data usage continued to rise, particularly since people have been forced to stay at home by the pandemic,” he said. The coronavirus disease 2019 pandemic has forced people to be more present online than offline, as community quarantines have been imposed on various provinces and cities. Filipinos have grown more digital, with roughly 64 percent spending more time on social media and about 23 percent spending more time at online marketplaces, according to a study by Hootsuite and We Are Social.

ilipinas Shell Petroleum Corp. posted P5.5 billion in net loss in the January-to-March period, a reversal from the P2.3-billion net income it recorded in the same period a year ago. “The collapse in global oil prices, coupled with the slowdown in economic activity under a governmentimposed quarantine due to the coronavirus disease of 2019 [Covid-19], has resulted in a first quarter loss of P5.5 billion for Pilipinas Shell,” said the oil company. Shell’s poor first quarter performance was brought about by “a number of factors,” including shrinking crude oil prices in the world market, the Taal Volcano eruption and the Covid-19 pandemic. From $67 per barrel during the start of the year, crude oil prices fell to about $26/bbl by end of March, following the breakdown of production cuts discussion between the Organization of the Petroleum Exporting Countries (Opec) and Russia. The Taal Volcano eruption, meanwhile, caused the cancellation of flights, displacement of affected residents and disruption of the movement of goods and services. After which, economic activity was stalled when the enhanced community Quarantine (ECQ). Marketing volumes went down by 34 percent during the second half of March, it said. Total volumes remained flat before the ECQ period. However, during the lockdown, this went down by over 50 percent. “Our first quarter loss is disappointing given our robust overall performance last year and the strong marketing delivery from the start of 2020 up until mid-March. We will overcome this challenge the same way we surmounted the various crises and upheavals during our 106-year legacy in the Philippines. We have taken

prompt action to reinforce the financial strength and resilience of our business, leveraging on the flexibility of our supply chain and prudent balance sheet management over the past years,” said Pilipinas Shell President and CEO Cesar Romero. Recently, the oil firm announced it would temporarily close down its refinery in Batangas starting May 15 because of lack of demand for fuel products and declining refining margins. Pilipinas Shell is implementing cash conservation measures and aggressive working capital management in response to the drastic decline in demand during the pandemic. The planned capital expenditure for the year was reduced by 25 percent which translates to over P1 billion. In line with measures taken by the Shell group, Pilipinas Shell employees will not be receiving discretionary performance- related bonuses for their 2020 performance. Furthermore, Pilipinas Shell decided to once again delay its dividend decision to the next board meeting to give the company sufficient time to assess the implementation of its recovery strategy once the ECQ is lifted. “The industry is in a crisis of uncertainty and multiple variables are at play. While we cannot predict what will happen, we are embracing the current reality and embedding our plans to thrive in this crisis. We have recovery strategies in place across all our businesses. We will continue to make the hard decisions to protect cash flow and liquidity through cash preservation and generation measures and enhance financial resilience by further strengthening our balance sheet. It is our continuing aspiration to become a world-class investment case and we are poised to seize opportunities as the world enters the ‘new normal’,” said Romero. Lenie Lectura

Companies BusinessMirror

Friday, May 15, 2020

PSE STOCK QUOTATIONS

May 14, 2020

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

ASIA UNITED BDO UNIBANK BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK COL FINANCIAL FERRONOUX HLDG FILIPINO FUND IREMIT MANULIFE NTL REINSURANCE PHIL STOCK EXCH SUN LIFE

45.85 96.8 61 19.58 7.39 35.95 20.95 42.65 16.2 91.95 53.6 15.98 2.52 5.23 0.9 600 0.63 168 1590

48 97 61.05 19.62 7.4 36 21 43.45 16.6 92 53.9 16 2.6 7.14 0.94 640 0.7 169.4 1600

48 98.85 60.7 19.7 7.52 36.2 22.4 43.45 16.76 92.9 54 15.42 2.6 6.11 0.94 640 0.63 169.5 1600

48 98.85 61 19.7 7.52 36.25 22.4 43.45 16.76 92.95 54.5 16 2.6 6.11 0.94 640 0.72 169.5 1600

48 96.3 58.55 19.58 7.38 35.85 20.75 42.6 16.2 91 53.5 15.4 2.6 6.11 0.94 630 0.61 169.5 1600

48 96.8 61 19.58 7.4 36 21 43.45 16.2 92 53.6 15.98 2.6 6.11 0.94 630 0.7 169.5 1600

300 2521230 1636200 116500 325600 2583600 472700 1700 27600 1235790 19520 8900 4000 11000 3000 60 1594000 360 5

14400 244530285.5 99418978.5 2285794 2420356 93028675 9953340 73395 448814 113646281 1049098 141676 10400 67210 2820 37900 1078550 61020 8000

-58217162 29838471.5 -1224160 -11896 -26460810 -319550 -227297.9995 -19694504.5 -510225 -10000 -

INDUSTRIAL AC ENERGY 2.27 2.28 2.25 2.32 2.24 2.28 5354000 12166490 0.94 0.96 0.97 0.97 0.97 0.97 2000 1940 ALSONS CONS 26.4 26.5 26.25 26.5 26.05 26.5 640900 16938840 ABOITIZ POWER 0.161 0.167 0.161 0.168 0.161 0.167 800000 128930 BASIC ENERGY 18.14 18.26 17.78 18.26 17.76 18.26 773000 13998782 FIRST GEN 55.15 55.95 56.3 56.3 55 55.15 8310 459133 FIRST PHIL HLDG 274.6 275 269.8 275 265.2 275 570500 155364260 MERALCO 11.94 11.96 12.4 12.4 11.9 11.96 4461700 53903984 MANILA WATER 3.04 3.05 3.1 3.1 3.02 3.05 2014000 6137900 PETRON 2.35 2.5 2.44 2.62 2.4 2.5 43000 108920 PETROENERGY 11.22 11.5 11.54 11.54 11.22 11.5 82200 945292 PHX PETROLEUM 17.98 18 18.5 18.5 17.78 18 1141500 20574438 PILIPINAS SHELL 8.05 8.15 8.14 8.21 8.05 8.15 243600 1976377 SPC POWER 7.37 7.43 7.6 7.63 7.37 7.43 194400 1462740 AGRINURTURE 2.9 2.91 2.9 2.93 2.84 2.91 819000 2368550 AXELUM 73.35 84.95 73.35 73.35 73.35 73.35 10 733.5 BOGO MEDELLIN CENTURY FOOD 15.28 15.3 15.26 15.42 15.24 15.3 1329500 20355592 DEL MONTE 3.82 3.96 3.97 3.97 3.96 3.96 30000 118820 5.13 5.15 5.1 5.14 5.05 5.13 233800 1185116 DNL INDUS EMPERADOR 7.72 7.73 7.83 7.83 7.69 7.73 1389800 10759029 SMC FOODANDBEV 61.5 61.95 63.5 63.5 61.5 61.5 112830 6985266.5 ALLIANCE SELECT 0.58 0.59 0.55 0.59 0.53 0.59 2087000 1189770 1.35 1.36 1.33 1.35 1.3 1.35 10933000 14606770 FRUITAS HLDG GINEBRA 30 30.3 30.9 30.9 30 30 9700 296535 136.3 136.6 139 139.6 135.9 136.6 599170 81869327 JOLLIBEE MAXS GROUP 6.07 6.1 6.15 6.21 6.07 6.07 296500 1814622 PEPSI COLA 1.9 1.91 1.92 1.92 1.9 1.91 39000 74490 SHAKEYS PIZZA 6.37 6.39 6.59 6.6 6.33 6.37 684000 4375790 ROXAS AND CO 1.55 1.62 1.52 1.6 1.51 1.55 2557000 3962070 1.36 1.47 1.4 1.4 1.36 1.36 10000 13730 ROXAS HLDG 131.1 132 131.9 132 128 132 1096080 144144209 UNIV ROBINA VITARICH 0.8 0.81 0.8 0.82 0.8 0.81 1226000 991970 2.21 2.3 2.3 2.3 2.3 2.3 3000 6900 VICTORIAS 1.17 1.18 1.17 1.19 1.13 1.18 10972000 12732700 CEMEX HLDG 8.14 8.4 8.68 8.68 8.06 8.4 152700 1275555 EAGLE CEMENT 5.09 5.1 5.27 5.27 5.06 5.09 1184200 6045952 EEI CORP 7.67 7.68 7.9 7.9 7.58 7.68 844800 6507984 HOLCIM 5.79 5.8 6 6 5.75 5.8 4889300 28466081 MEGAWIDE 8.25 8.29 8.26 8.29 8.25 8.29 8200 67755 PHINMA 0.75 0.79 0.75 0.79 0.75 0.79 63000 47290 TKC METALS 0.65 0.66 0.64 0.66 0.64 0.66 20000 12900 VULCAN INDL 139.1 141.5 142.3 142.3 140 141.5 1260 177766 CHEMPHIL 1.75 1.76 1.76 1.76 1.76 1.76 1000 1760 CROWN ASIA 2.71 2.72 2.5 2.71 2.5 2.71 3329000 8751910 EUROMED 4.23 4.33 4.23 4.36 4.22 4.22 25000 107000 PRYCE CORP 22.3 24 23 23 23 23 1000 23000 CONCEPCION 1.26 1.27 1.27 1.27 1.23 1.27 532000 665590 GREENERGY INTEGRATED MICR 5.2 5.22 5.26 5.35 5.18 5.29 247300 1291843 1.16 1.18 1.19 1.19 1.18 1.18 4000 4730 IONICS 1.11 1.12 1.17 1.17 1.1 1.11 2663000 2984060 SFA SEMICON CIRTEK HLDG 8.35 8.36 8.1 8.42 7.9 8.36 3038400 24869962

-133130.0001 2202895 -120198 -382476 -15852870 688366 2153490 -36828 -1592350 134901 1306920 -1969276 253088.9997 -8209050 79437 743900 -4327746 -650282 13420 -667516 49081070 -12150 -215910 -286150 154530 13357 -3967619 -43629.9997 -29820 46740 13390 -767202.0001

HOLDING & FRIMS ABACORE CAPITAL 0.52 0.53 0.52 0.52 0.5 0.52 3463000 1781860 8.09 8.18 8.06 8.2 8.06 8.09 57200 463634 ASIABEST GROUP 676.5 690 688 690 670 690 190520 129155525 AYALA CORP 40.5 42 41.35 42 39.4 42 625800 25921325 ABOITIZ EQUITY 6.12 6.14 6.2 6.2 6.09 6.14 1789800 10965121 ALLIANCE GLOBAL 1.74 1.75 1.8 1.8 1.71 1.74 2802000 4897420 AYALA LAND LOG 6 6.21 6.21 6.21 6.21 6.21 100 621 ANSCOR 0.52 0.53 0.52 0.52 0.51 0.52 59000 30160 ANGLO PHIL HLDG 0.52 0.53 0.52 0.53 0.5 0.53 1325000 679070 ATN HLDG A 0.54 0.57 0.56 0.56 0.53 0.56 114000 63420 ATN HLDG B 5.08 5.11 5.13 5.13 5.06 5.11 496500 2530715 COSCO CAPITAL 4.13 4.14 4.25 4.25 4.13 4.13 6714000 28008560 DMCI HLDG 8.22 8.23 8.21 8.3 8.21 8.23 5200 42862 FILINVEST DEV 0.155 0.189 0.18 0.181 0.18 0.18 110000 19810 FORUM PACIFIC 404 406 422.8 422.8 402 404 263470 107055624 GT CAPITAL 3.55 3.67 3.53 3.67 3.5 3.67 16000 56850 HOUSE OF INV JG SUMMIT 47.6 49 48 49.25 47.5 49 1309700 63613120 JOLLIVILLE HLDG 5.29 5.8 5.29 5.8 5.29 5.8 1100 6329 0.53 0.55 0.56 0.56 0.52 0.53 81000 43260 LODESTAR 2.68 2.69 2.75 2.77 2.67 2.69 3877000 10506420 LOPEZ HLDG LT GROUP 7.13 7.18 7.4 7.6 7.11 7.18 2448500 17605714 MABUHAY HLDG 0.455 0.49 0.455 0.455 0.455 0.455 20000 9100 2.75 2.76 2.8 2.8 2.72 2.75 30749000 84496420 METRO PAC INV PACIFICA HLDG 3.05 3.1 3.1 3.1 3.1 3.1 1000 3100 0.8 0.84 0.78 0.8 0.78 0.8 66000 52160 PRIME MEDIA 0.98 1 0.98 0.98 0.98 0.98 24000 23520 SOLID GROUP 160 166 160 166 160 166 70 11260 SYNERGY GRID 805 810 824 824 802 810 238870 193546600 SM INVESTMENTS SAN MIGUEL CORP 95.9 96 97 97 95.5 96 214210 20586627 SOC RESOURCES 0.68 0.7 0.68 0.68 0.68 0.68 19000 12920 130.1 138 135.3 138 130.1 138 4250 576541 TOP FRONTIER WELLEX INDUS 0.177 0.185 0.177 0.177 0.177 0.177 40000 7080 0.142 0.151 0.143 0.151 0.142 0.151 970000 140630 ZEUS HLDG

-223100 -22139.9998 -5318295 -1101190 -5248653 351950 60620 332234 -1694690 -8300 -83045736 -33139660 -400950 2249155 -51452140 -23263065 -946500 -138925 -

PROPERTY ARTHALAND CORP 0.54 0.55 0.55 0.55 0.54 0.55 229000 124120 32 32.5 32 32.5 31.5 32.5 6773800 216283780 AYALA LAND 1.34 1.38 1.38 1.38 1.35 1.35 73000 98810 BELLE CORP 0.54 0.55 0.56 0.56 0.54 0.55 255000 140250 A BROWN 0.74 0.75 0.74 0.74 0.74 0.74 10000 7400 CITYLAND DEVT 5.52 5.7 5.52 5.52 5.52 5.52 700 3864 CEBU HLDG 3.99 4 4.09 4.09 4 4.01 386000 1551990 CEB LANDMASTERS 0.345 0.355 0.35 0.35 0.35 0.35 620000 217000 CENTURY PROP 0.28 0.295 0.29 0.29 0.28 0.28 1090000 309800 CYBER BAY 16 16.06 16.08 16.08 15.96 16.06 110800 1772920 DOUBLEDRAGON 6.63 6.65 6.63 6.7 6.63 6.64 482400 3208097 DM WENCESLAO 0.051 0.073 0.069 0.069 0.051 0.051 1290000 66250 EVER GOTESCO 0.91 0.92 0.92 0.92 0.91 0.91 4902000 4473240 FILINVEST LAND 0.79 0.8 0.8 0.8 0.79 0.79 1051000 830360 GLOBAL ESTATE 10.22 10.28 10.2 10.22 10.2 10.22 8400 85732 8990 HLDG 0.78 0.79 0.79 0.79 0.75 0.79 158000 123410 PHIL INFRADEV MEGAWORLD 2.58 2.63 2.57 2.63 2.54 2.63 5565000 14377640 MRC ALLIED 0.149 0.15 0.152 0.152 0.147 0.149 6220000 923560 0.285 0.315 0.285 0.285 0.285 0.285 10000 2850 PHIL ESTATES 1.45 1.5 1.49 1.49 1.49 1.49 4000 5960 PRIMEX CORP 14.8 14.98 14.48 15.28 14.48 14.98 2778500 41629230 ROBINSONS LAND PHIL REALTY 0.235 0.239 0.23 0.243 0.23 0.243 50000 11630 1.5 1.51 1.5 1.5 1.5 1.5 63000 94500 ROCKWELL 2.69 2.7 2.7 2.7 2.7 2.7 141000 380700 SHANG PROP STA LUCIA LAND 1.81 1.93 1.93 1.93 1.93 1.93 38000 73340 30 30.6 28.55 30.6 28.1 30.6 6949800 204316385 SM PRIME HLDG VISTAMALLS 3.7 3.78 3.7 3.78 3.68 3.7 28000 104460 1.21 1.22 1.21 1.22 1.18 1.21 904000 1085330 SUNTRUST HOME 3.77 3.78 3.81 3.81 3.7 3.77 567000 2133220 VISTA LAND

-17509890 -1350 -793440 -257490 -449101 -2741130 -1022 32390 4518790 17285028 29700 -932520 -898630

SERVICES GMA NETWORK 4.9 4.91 5 5.01 4.85 4.9 1736200 8545060 0.365 0.375 0.375 0.375 0.365 0.365 220000 80550 MANILA BULLETIN 13.6 16.4 16.5 16.5 16.4 16.4 200 3290 MLA BRDCASTING 2170 2174 2130 2182 2112 2170 113215 245088890 GLOBE TELECOM 1201 1205 1185 1215 1172 1201 129055 155241590 PLDT 2.81 2.98 2.81 2.81 2.81 2.81 2000 5620 DFNN INC 2.11 2.12 2.15 2.15 2.09 2.11 9287000 19636710 DITO CME HLDG - 0.08 0.08 0.08 0.077 0.077 670000 51730 ISLAND INFO 1.78 1.79 1.79 1.8 1.74 1.78 540000 954170 NOW CORP 0.181 0.182 0.183 0.183 0.181 0.182 960000 174030 TRANSPACIFIC BR 2.3 2.31 2.35 2.35 2.25 2.3 1589000 3639890 PHILWEB 9.7 9.75 10 10 9.65 9.75 66600 647967 2GO GROUP 16.52 17 17 17 17 17 10000 170000 ASIAN TERMINALS 3.07 3.08 3.18 3.18 3.03 3.07 636000 1960030 CHELSEA 42.8 42.9 43.95 43.95 42.8 42.8 117100 5045120 CEBU AIR 82 82.1 80.05 82 80 82 1345890 109595237 INTL CONTAINER LBC EXPRESS 13 13.94 13.98 13.98 13.98 13.98 200 2796 4 4.01 4.19 4.19 4 4.01 8867000 35,760,840( MACROASIA METROALLIANCE A 2.86 2.87 2.65 2.88 2.55 2.86 10166000 28027680 2.75 2.82 2.74 2.82 2.73 2.75 138000 378640 METROALLIANCE B 6.96 6.98 6.93 7 6.93 6.96 4400 30633 PAL HLDG 0.84 0.85 0.87 0.87 0.83 0.85 175000 147990 HARBOR STAR 1.13 1.16 1.15 1.16 1.15 1.16 10000 11510 ACESITE HOTEL 0.025 0.026 0.026 0.026 0.026 0.026 200000 5200 BOULEVARD HLDG 0.39 0.395 0.395 0.395 0.395 0.395 110000 43450 WATERFRONT 0.32 0.325 0.32 0.33 0.32 0.325 3180000 1024300 STI HLDG BERJAYA 2.05 2.1 2.12 2.18 2.05 2.05 96000 200990 5.34 5.5 5.35 5.5 5.2 5.5 1759800 9442091 BLOOMBERRY PACIFIC ONLINE 1.82 1.95 1.93 1.95 1.87 1.95 50000 95740 1.41 1.48 1.45 1.5 1.4 1.41 279000 400290 LEISURE AND RES 2.1 2.19 2.15 2.15 2.1 2.1 6000 12850 MANILA JOCKEY 2.55 2.65 2.54 2.65 2.54 2.65 2000 5190 PH RESORTS GRP 0.295 0.305 0.305 0.305 0.295 0.295 2530000 758300 PREMIUM LEISURE 5.8 5.85 6.13 6.13 5.8 5.8 3549800 20917703 ALLHOME 1.73 1.74 1.77 1.77 1.71 1.73 2365000 4081690 METRO RETAIL 46.5 46.9 48 48.05 46.2 46.5 3908400 182827855 PUREGOLD 68 68.5 67.7 68.05 67 68 916210 61986906.5 ROBINSONS RTL 125.3 128.4 125.1 125.5 125 125.5 410 51333 PHIL SEVEN CORP 1.19 1.2 1.18 1.21 1.17 1.2 1095000 1300840 SSI GROUP 14.72 14.74 15.1 15.16 14.68 14.72 1548000 22907258 WILCON DEPOT 0.295 0.3 0.295 0.295 0.295 0.295 250000 73750 APC GROUP 7.25 7.49 7.4 7.68 7.2 7.25 77900 568091 EASYCALL 2.12 2.28 2.12 2.12 2.12 2.12 1000 2120 PAXYS 0.213 0.215 0.216 0.218 0.213 0.216 1010000 217590 PRMIERE HORIZON

29580790 150370 -1070470 143180 -1301340 -48877920.5 3,996,470.0001) -296650 316810 -12000 -547712 23940 -35702880 -29529967.5 47580 -457590 -10766590 -

MINING & OIL ATOK 9.8 10.64 10.66 10.66 10.66 10.66 300 3198 0.92 0.93 0.93 0.95 0.93 0.93 1222000 1144930 19740 APEX MINING 0.0009 0.0011 0.0011 0.0011 0.001 0.0011 700000000 700900 -200 ABRA MINING 0.85 0.97 0.7 0.7 0.7 0.7 10000 7000 BENGUET A 0.9 1.09 1.09 1.09 1.09 1.09 8000 8720 1090 BENGUET B 2.69 2.73 2.73 2.73 2.73 2.73 100000 273000 273000 CENTURY PEAK 7.19 7.2 7.28 7.37 7.15 7.2 10200 73878 DIZON MINES 0.76 0.77 0.78 0.78 0.75 0.77 3459000 2643360 231000 FERRONICKEL 0.201 0.203 0.203 0.205 0.201 0.201 130000 26200 GEOGRACE 0.078 0.079 0.076 0.078 0.076 0.078 160000 12350 LEPANTO A 0.074 0.082 0.082 0.082 0.082 0.082 1950000 159900 LEPANTO B 0.55 0.57 0.57 0.57 0.57 0.57 1000 570 MARCVENTURES 0.99 1 1.05 1.05 0.99 0.99 32000 32040 NIHAO 1.57 1.59 1.57 1.6 1.54 1.57 2612000 4095740 -740740 NICKEL ASIA 0.49 0.51 0.51 0.51 0.5 0.5 25000 12530 ORNTL PENINSULA PX MINING 2.24 2.29 2.25 2.29 2.23 2.24 1097000 2453830 -2237240 SEMIRARA MINING 11.8 11.96 11.98 11.98 11.7 11.96 447800 5295216 2175354 UNITED PARAGON 0.004 0.0043 0.0043 0.0043 0.004 0.004 6000000 24700 6.55 6.7 6.56 6.74 6.55 6.74 12300 80684 ACE ENEXOR 0.0081 0.0083 0.0083 0.0083 0.0082 0.0082 39000000 319900 PHILODRILL 4.5 4.51 4.5 4.59 4.42 4.5 581000 2615200 255040 PXP ENERGY PREFFERED ALCO PREF B 100.2 101 101 101 101 101 30 3030 100 106.8 100 100 100 100 10000 1000000 ALCO PREF C 499 501 500 500 500 500 60 30000 AC PREF B2R 99.5 99.6 99.6 99.6 99.6 99.6 80 7968 CPG PREF A 99.25 99.5 99.25 99.25 99.25 99.25 2100 208425 DD PREF 100 100.3 100.3 100.3 100.3 100.3 90 9027 MWIDE PREF 99.7 101 101 101 101 101 1000 101000 PNX PREF 3A 102 106.9 105 105 105 105 50 5250 PNX PREF 3B 996 999 997 997 996 996 1880 1872530 PNX PREF 4 1017 1018 1018 1018 1018 1018 25 25450 PCOR PREF 3A 1.5 1.7 1.2 1.5 1.2 1.5 6000 8700 SFI PREF 77 77.4 77.4 77.4 77.4 77.4 1000 77400 SMC PREF 2C 74.55 75 74.25 75 74.25 75 5740 429945 SMC PREF 2D 75 75.3 75.2 75.2 75.2 75.2 1000 75200 75200 SMC PREF 2E 76 76.5 76 76 75.95 76 4000 303975 SMC PREF 2F SMC PREF 2H 75 75.75 75.3 75.5 75 75 84590 6355067.5 97890 SMC PREF 2I 75 76 76 76 76 76 45360 3447360 PHIL. DEPOSITARY RECEIPTS GMA HLDG PDR 4.8 4.86 4.86 4.86 4.8 4.8 40000 192790 WARRANTS LR WARRANT 0.71 0.75 0.75 0.75 0.75 0.75 21000 15750 SMALL & MEDIUM ENTERPRISES ITALPINAS 1.96 1.97 2.06 2.07 1.94 1.96 2717000 5415010 61800 6.3 6.4 6.78 6.78 6.3 6.3 68700 447124 KEPWEALTH 0.63 0.64 0.64 0.64 0.61 0.63 2412000 1485580 77250 XURPAS EXHANGE TRADE FUNDS FIRST METRO ETF 85.5 85.9 85.95 85.95 85.1 85.5 12190 1040997.5 121977

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Bloomberry Q1 income drops as pandemic hits operations

By VG Cabuag

@villygc

loomberry Resorts Corp., the operator of Solaire Resorts and Casino, said its net income fell 38 percent to P1.4 billion during the first quarter ending March, from last year’s P2.2 billion, as the lockdown that halted its operations resulted in lower revenues. Consolidated net revenue in the first quarter was down 13 percent to P9.4 billion from P10.8 billion in the same period last year. Total gross gaming revenues at

Solaire was down 10 percent for the period to P12.2 billion, from last year’s P13.6 billion. VIP revenues fell 21 percent to P4.7 billion, while mass table gambling and electronic

gaming machines declined by 2 percent to P3.9 billion and P3.6 billion, respectively. “Our first quarter results have been significantly impacted by the Covid-19 [coronavirus disease 2019] pandemic. Global economic activity and tourism have drastically slowed while the Philippine government’s enhanced community quarantine has resulted in the temporary suspension of Solaire’s gaming operations,” said Enrique K. Razon Jr., Bloomberry chairman and CEO. “We look forward to restart the gaming segment soon after the quarantine is lifted. We anticipate a slow recovery as our patrons, customers, and employees adjust to the ‘new normal.’ For now, our team members are undergoing regular testing as part of a comprehensive plan to maintain safe working and recreational envi-

ronments at Solaire,” Razon added. Solaire’s South Korean operation Jeju Sun reported gaming revenue of P93.1 million in the first quarter, 63 percent lower than the P253.6 million recorded in the same quarter last year. In response to the Covid-19 situation in South Korea, Jeju Sun began a phased suspension of operations on March 6, with full suspension achieved by March 21. Consolidated contra revenue accounts in the first quarter fell 7 percent to P3.7 billion. This represents 30 percent of consolidated gross gaming revenue compared to 32 percent in the previous quarter and 29 percent in the same quarter last year. The company’s consolidated nongaming revenue also fell 10 percent to P1.7 billion for the quarter from P1.9 billion last year.

‘Digital homebuying to stay post-Covid-19’

rior to the coronavirus disease 2019 (Covid-19) pandemic, the Aboitiz Group’s real estate arm, Aboitiz Land Inc., had already begun to embrace a digital approach to selling residential properties. AboitizLand said this approach, dubbed “contactless homebuying,” was already a necessity to expand its client reach. This strategy is here to stay, even accelerate post-Covid-19, according to AboitizLand President and Chief Executive Officer Dave Rafael, following a positive response from AboitizLand’s residential clients amid the enhanced community quarantine (ECQ). Despite the challenges and limitations brought about by the current situation, AboitizLand said it was able to retain 50 percent of its preECQ reservation volume. The company attributed this to the “active and continuous innovation” on the new homebuying process, making it safe and convenient for its customers. “This has been our major strategy since 2019. Fortunately, Aboitiz has a dedicated group [on digital transformation] at the parent level that

we were able to tap. Because of our early investments and preparations, we were not caught unprepared,” Rafael said, referring to the limitations brought about by the ECQ. He said the digital transformation is a big journey that takes a considerable amount of time and some getting used to. The lead time enabled the company to train its salesforce, develop their proficiency in the systems and tools that make “user journey” from property search to reservation to purchase a worthwhile experience. As opposed to the traditional way of selling properties which entails face-to-face meetings, site trippings, open houses, and minievents, contactless homebuying leverages on online platforms such as the company website, social media, and e-mail marketing for lead generation. Interested buyers may use AboitizLand’s 360-degree virtual tours on its web site www.aboitizland.com to view amenities, features as well as property locations, or request for an actual video of the unit and book a dedicated property specialist or an agent to assist with all their queries and conduct a comprehensive online

CleanFuel to give fuel for free ride scheme of DOTr until May 31

o maintain its support for the Free Ride Service for Health Workers program of the Department of Transportation (DOTr), CleanFuel has extended its fuel subsidy assistance to bus units participating in the program until May 31, or for the duration of the modified enhanced community quarantine (MECQ) period in Metro Manila. The oil company said it has extended its free fuel assistance to participating bus units following the decision of Malacañang to place Metro Manila and other “high risk” areas under MECQ until May 31. CleanFuel’s oil fuel subsidy assistance was supposed to end today, May 15, when the implementation of ECQ was initially scheduled to be lifted. To help bus companies save on fuel expenses while taking part in efforts to transport frontline health workers to their respective medical communities, CleanFuel will continue to provide 810 liters of fuel daily for 16 bus units. Since the implementation of the oil company’s fuel subsidy program on April 8, CleanFuel has allotted over 50 liters of free fuel per bus unit each day.

This will result in a total of 44,450 liters of donated fuel until May 31. Transportation Assistant Secretary for Road Transport Mark Steven Pastor welcomes CleanFuel’s decision to sustain its support to the DOTr’s Free Ride Service for Health Workers program as the country continues to contain the spread of coronavirus disease 2019 (Covid-19). Participating bus units in the Free Ride Service for Health Workers program can avail of the extended fuel assistance at CleanFuel’s Kamias and Pioneer stations. Aside from CleanFuel, the DOTr has also partnered with Phoenix Petroleum, Petron Corporation, Sea Oil Philippines, and Total Philippines for the provision of fuel subsidies to transport companies participating in the program. Since its launch on March 18, the DOTr’s Free Ride Service for Health Workers program has already reached a total ridership of 750,866 nationwide as of 12 May 2020. Of this number, 153,846 are from the National Capital Region, while 597,020 are from other regions outside of Metro Manila.

presentation. Reservations may be done online and clients may choose from a range of online modes of payment which include bank transfers, mobile banking apps, or through AboitizLand’s own payment portal. Rafael said that even with Covid-19, the number of interested buyers has not waned. “The reason why we’re at 50 percent is because the other 50 percent are traditional

mutual funds

buyers who [still] prefer to see the property first before buying,” he said, adding that the pandemic has, in fact, been a catalyst to contactless homebuying. He said the challenge is to continue training the salesforce on how to adapt and be comfortable with the use of technology. This way, the new scheme can supplement the traditional way of homebuying.

May 14, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 186.08 -28.1% -11.88% -7.91% -26.13% ATRAM Alpha Opportunity Fund, Inc. -a 0.9605 -39.32% -14.51% -8.96% -30.5% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.5017 -37.96% -16.5% -10.78% -31.99% Climbs Share Capital Equity Investment Fund Corp. -a 0.6499 -29.57% n.a. n.a. -27.56% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6746 -21.45% n.a. n.a. -20.57% First Metro Save and Learn Equity Fund,Inc. -a 4.0493 -24.76% -9.01% -7.24% -24% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6272 -27.08% -13.01% n.a. -26.52% MBG Equity Investment Fund, Inc. -a 75.44 -38.39% n.a. n.a. -26.99% PAMI Equity Index Fund, Inc. -a 37.1252 -27.42% -10.56% n.a. -27.6% Philam Strategic Growth Fund, Inc. -a 400.67 -24.94% -9.73% -6.96% -24.8% Philequity Alpha One Fund, Inc. -a,d,5 0.848 n.a. n.a. n.a. -17.68% Philequity Dividend Yield Fund, Inc. -a 0.9556 -26.42% -9.68% -6.32% -25.74% Philequity Fund, Inc. -a 28.0136 -26.53% -9.2% -6.16% -26.08% Philequity MSCI Philippine Index Fund, Inc. -a 0.7361 -27.83% n.a. n.a. -27.7% -6.07% Philequity PSE Index Fund Inc. -a 3.7813 -27.02% -10.07% -27.61% Philippine Stock Index Fund Corp. -a 632.13 -26.91% -10.06% -6.26% -27.51% Soldivo Strategic Growth Fund, Inc. -a 0.5825 -36.31% -13.61% -10% -31.58% Sun Life Prosperity Philippine Equity Fund, Inc. -a 2.9759 -30.25% -10.87% -7.17% -29.3% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.7253 -27.07% -10.21% -6.21% -27.53% United Fund, Inc. -a 2.7184 -25.86% -7.96% -4.98% -25.59% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 84.7568 -26.8% -9.59% -5.45% -27.53% ATRAM AsiaPlus Equity Fund, Inc. -b $0.8945 -8.95% -2.38% -3.47% -13.02% Sun Life Prosperity World Voyager Fund, Inc. -a $1.2686 0.02% 3.65% n.a. -7.99% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.4943 -12% -5.61% -5.07% -4.38% ATRAM Philippine Balanced Fund, Inc. -a 1.963 -14.08% -5.89% -3.68% -10% First Metro Save and Learn Balanced Fund Inc. -a 2.3293 -10.79% -3.39% -4.6% -11.48% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1833 n.a. n.a. n.a. -19.78% NCM Mutual Fund of the Phils., Inc. -a 1.7869 -6.35% -1.96% -1.65% -8.98% PAMI Horizon Fund, Inc. -a 3.3242 -8.9% -3.71% -3.13% -12.27% Philam Fund, Inc. -a 14.8454 -9.9% -3.92% -3.23% -12.47% -2.92% -13.37% Solidaritas Fund, Inc. -a 1.8415 -13.32% -4.9% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.1294 -18.11% -5.93% -4.28% -19.01% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.8978 -9.32% n.a. n.a. -11.61% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.7908 -19.84% n.a. n.a. -20.63% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.7665 -22.1% n.a. n.a. -22.83% Sun Life Prosperity Dynamic Fund, Inc. -a 0.7726 -21.17% -6.97% -5.8% -20.74% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03795 4.52% 2.3% 1.36% -0.73% PAMI Asia Balanced Fund, Inc. -b $0.9304 -3.65% -0.59% -1.76% -10.36% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $3.6372 -0.85% 2.63% 1.92% -7% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.0673 -1.18% 1.12% n.a. -5.45% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 363.05 4.19% 3.02% 2.43% 1.47% ATRAM Corporate Bond Fund, Inc. -a 1.9313 2.33% 1.04% -0.14% 1.54% Cocolife Fixed Income Fund, Inc. -a 3.1736 4.85% 5.17% 5.12% 1.84% Ekklesia Mutual Fund Inc. -a 2.2765 5.11% 2.87% 2.23% 2.31% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4221 6.71% 3.05% 1.83% 2.67% 3.69% Philam Bond Fund, Inc. -a 4.514 11.05% 2.28% 3.23% Philam Managed Income Fund, Inc. -a,6 1.2826 6.85% 3.77% 2.04% 2.06% Philequity Peso Bond Fund, Inc. -a 3.8805 7.33% 3.7% 1.97% 2.44% Soldivo Bond Fund, Inc. -a 1.0205 10.73% 3.39% 1.57% 5.83% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1267 7.86% 4.61% 2.81% 1.65% Sun Life Prosperity GS Fund, Inc. -a 1.7278 7.5% 4.1% 2.35% 1.57% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $468.99 3.07% 2.35% 2.45% 0.16% ALFM Euro Bond Fund, Inc. -a Є214.31 -0.75% 0.55% 0.7% -2.47% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.1964 2.29% 2.28% 2.07% -0.89% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0257 1.58% 1.06% 0.96% -0.39% PAMI Global Bond Fund, Inc -b $1.054 -1.2% -0.4% -0.59% -3.76% Philam Dollar Bond Fund, Inc. -a $2.3977 5.57% 2.87% 2.47% -0.25% Philequity Dollar Income Fund Inc. -a $0.0596172 2.16% 1.49% 1.45% -1.16% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1514 5.29% 2.16% 2% -0.75% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 127.49 3.81% 3.12% 2.35% 1.36% First Metro Save and Learn Money Market Fund, Inc. -a 1.038 2.72% n.a. n.a. 1.14% Sun Life Prosperity Money Market Fund, Inc. -a 1.2789 3.35% 3.01% 2.54% 1.13% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.042 1.67% n.a. n.a. 0.46% Feeder Fund Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.9 n.a. n.a. n.a. -9.09% a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. d - in Net Asset Value per Unit (NAVPU). 1 - Launch date is September 28, 2019. 2 - Launch date is November 15, 2019. 3 - Adjusted due to stock dividend issuance last October 9, 2019. 4 - Renaming was approved by the SEC last October 12, 2018 (formerly, One Wealthy Nation Fund, Inc.). 5 - Launch date is December 09, 2019. 6 - Re-classified into a Bond Fund starting February 21, 2020 (Formerly a Money Market Fund). "While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www. pifa. com.ph to see the latest NAVPS/NAVPU."

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Banking&Finance BusinessMirror

BPI sees deposits, loans growing despite Covid

ank of the Philippine Islands (BPI) is seeing its deposit and loan book increasing this year despite the coronavirus disease 2019 (Covid-19) pandemic weighing on the economy. “Banks exist primarily to take deposits and make loans. The pandemic won’t change that,” BPI President Cezar P. Consing told the BusinessMirror. “We see our deposits continue to increase; and we see our loan book continue to grow.” BPI’s loan portfolio grew by 7.3 percent in the first quarter to P1.45 trillion while total deposits increased 4.3 percent to P1.68 trillion. Consing earlier said BPI’s loan receivables were driven mainly by microfinance and small and medium enterprise, in addition to consumer and corporate segment. Despite the optimism on deposits and loans, the BPI chief admits that industry-wide profits and capital will take a hit as the banking sector increase provisions for nonperforming loans. “But Philippine banks are stronger now, and the Philippine economy is more resilient now, than at any other time in history. So while there will be pain, there is also the ability to recover and heal,” he said, noting that it may take a year or two before banks recover. The Ayala-led bank hiked buffer

for losses to P4.32 billion in the first quarter, more than double compared to P1.80 billion in 2019. This dragged the bank’s net income, which posted 5 percent-decline to P6.39 billion in the first three months. Consing said that the listed bank deferred plans to build more branches for BPI, BPI Family Bank and its microfinance arm BPI BanKo amid the pandemic. “With the lockdown forcing us to keep the majority of our branches closed, it doesn’t make sense to build more branches this year,” he said. The bank instead focused on enhancing and promoting digital platforms, noting that half its customers are now accessing services online. Asked if BPI is eyeing to tap the bond market again, Consing said they “are open to doing another debtraising if conditions allow.” “We’ll see,” he added. In March, BPI raised P33.9 billion—surpassing the initial target size of P5 billion by over sixfold—from bond issuance. Each bond carries interest rate of 4.05 percent per annum and has a tenor of 1.5 years. BPI shares climbed 20 centavos, or 0.33 percent, to finish at P61 each amid the 0.51-percent rise for the benchmark index on Thursday. Tyrone Jasper C. Piad

WFH for associations? The pros and cons

FH or work from home was initially used as an abbreviation in digital communication to notify colleagues that someone will be working from home instead of reporting to a physical place of business. WFH suddenly came into our consciousness due to lockdowns imposed due to the coronavirus disease 2019 (Covid-19) pandemic. WFH is part of the broader concept of telecommuting, also known as teleworking, mobile work, remote work, and flexible workplace. According to Wikipedia, some organizations adopted telecommuting to improve workers’ quality of life, to have a better work and life balance, and for environmental reasons. Sounds good. But why is it that only 10 percent do WFH, according to a Reuters poll? Some answers may be found in Screenshot Monitor.com, where Ross Sudentas wrote a blog titled “Pros and Cons of Working from Home vs. Working from the Office.”

WFH: The pros

1. Time saved equals more “me time.” The biggest advantage of WFH is that you save a lot of time commuting back and forth to work. You can spend extra time with your children or spouse or read instead of sitting in traffic, and start your day calmly instead of being stressed to rush to the office. Finding extra “me time” in the mornings can make you happy and, therefore, a more productive employee. 2. Control of the working environment. You have the ability to create your own working environment. With no cubicle walls defining your space, you have the freedom to choose your home office location. 3. Define your hours. With no time clock, you can start and stop your day as you please. You can get started a little earlier or take a few extra minutes during lunch. As long as you work your required hours and get your job done, there is no harm in shifting your schedule a bit. 4. Business is very casual. Video conferences only show you from the waist up. If the mood

Association World Octavio Peralta felt right, you could wear a suit shirt and shorts or pajama bottoms. When you don’t have to video chat with anyone from your office, working in a tee and sweatpants is possible.

PHL banking sector capital healthy even with recent dip By Tyrone Jasper C. Piad

@Tyronepiad

hile the Philippine banking sector’s capitalization— its protection against financial stress against economic pressures from the coronavirus disease 2019 (Covid-19) pandemic—registered a decline recently, analysts assured there is nothing to worry about—yet. According to latest data from Bangko Sentral ng Pilipinas (BSP), the industry’s total capital accounts declined by P11.2 billion or 0.48 percent to P2.32 trillion in March from a month ago. Nonetheless, RCBC Chief Economist Michael L. Ricafort told the BusinessMirror that this should not be taken as an early sign of weakness for the banking sector’s capital. The recent dip is markedly lower compared to the month-on-month 0.72-percent uptick posted in February, Ricafort said in an email. “As noticed in the breakdown, the decline was mainly driven by increased losses in other comprehensive income,” UnionBank Chief Economist Ruben Carlo O. Asuncion told this newspaper. “This is tied to the market-to-market losses in the FVOCI [fair value through other comprehensive items] securities portfolio, which decreases the total capital accounts.” Other comprehensive losses widened to P27.455 billion in March from P17.16 billion a month ago.

Meanwhile, Ricafort attributed the capital dip in March to higher provisions allocated by banks for potential increase in nonperforming loans (NPLs) as major economic activities were halted to address the spread of Covid-19. “Some banks locally and worldwide have increased provisions for possible credit losses as a matter of prudence, amid economic contractions locally and worldwide largely brought about by lockdowns globally to prevent the Covid-19 from spreading and save millions of lives,” he explained. The BSP recently reported that bad loans could reach P556.6 billion, or 5 percent in NPL ratio, this year amid the pandemic. Around 50 percent to 80 percent or P278.3 billion to P445.28 billion is not expected to be recovered from the NPL projection. Ricafort said it’s too early to tell if the banking industry’s capitalization will continue to decline in the coming months. However, he noted the sector was generating huge trading

Work from the office: The pros

Baguio gets nod for P4.3-B loan for city’s trading center

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

he redevelopment of Baguio City’s major trading hub would now commence as the local government unit secured approval from the Development Bank of the Philippines (DBP) for its P4.3billion loan. In a statement on Thursday, the stateowned bank said that the 15-year term loan was recently given to the local government of Baguio City to enhance its market. “The project is expected to benefit residents of the city’s 20 districts and 129 barangays, and boost tourism in the country’s Summer Capital,” DBP said. Baguio City Mayor Benjamin B. Magalong, DBP Chairman Alberto G. Romulo, City Administrator Engr. Bonifacio I. Dela Peña, DBP Senior Vice President Catherine T. Camarao, and Vice Mayor Atty. Faustino A. Olowan were present during the loan signing ceremony. The DBP also announced it has recently granted a P61-million loan to JMP Farms, which is an agricultural firm in Nueva Ecija, and one of the broiler contract growers of San Miguel Corp. The proceeds of the loan, which carries a 10-year term, are allocated for the construction of three poultry buildings and purchase of poultry equipment. The state-run bank, in April, approved P39.33-billion loans to fund the gaps in infrastructure development, with 332 borrowers availing of the financial support. It also provided over P753-million loans under specialized loan financing program to help transport corporations and cooperatives purchase modern and environment-friendly jeepney units in the same month. Recently, DBP said that beneficiaries of government cash aid should expect delays in processing of the grant due to surge in transaction volume. The bank said that its information technology department is addressing the matter to facilitate the cash pick up transaction. Tyrone Jasper C. Piad

1. Motivation for career growth. When you work in an office environment, while you have supervision and restrictions, you have knowledge and support from your bosses and colleagues. Being in a competitive environment might encourage you to perform better, helping you to excel in your field, and ultimately your place in the organization. 2. Immediate feedback. If you are in an office and you have a question, you can stand up and walk over to someone’s desk and ask. You can personally collaborate with your colleagues on a project. 3. Social network. Having a social life is very important. Having lunch with your colleagues, catching up with one another, going out for happy hours—these are all positive and rewarding activities. Associations are social networks and face-to-face interaction is essential. Because of the Covid19 experience, perhaps a “hybrid” WFH scheme can be developed, with “non-contact” staff (e.g., newsletter writer) doing WFH and “contact” staff (e.g., training officer) working in the office. Other ideas?

Friday, May 15, 2020 B3

gains recently, which Ricafort believes can offset potential decrease. “[The] Decline in capital accounts of the banking sector is not further expected particularly because of reprieve given by the BSP,” Asuncion added. The Monetary Board in April approved the reclassification of debt securities measured at fair value to amortized cost in a bid to lessen market-to-market losses. The International Monetary Fund earlier told the banking sector to remain well-capitalized to endure the market volatility brought by its reaction to the pandemic and the unknowns the virus brings with it. Moody’s Investor Service said that capitalization of the industry will remain stable given that rated local banks have an average common equity tier 1 capital ratio of 13.7 percent as of end-2019.

Increase in deposits, loans

IN March, the sector’s total assets grew by 2.06 percent to P18.53 trillion while liabilities climbed by 2.44 percent to P16.21 trillion from previous month. The growth was driven by higher deposits and loans for the period, according to Ricafort. He further explained that deposits and loans grew despite a lockdown restricting mobility in the last weeks of March. Ricafort sees lower borrowing costs due to sharp cuts in key policy rates propelled the spike in deposits and loans. Apart from this, the RCBC economist said that other regulatory relief measures that boost liquidity and credit, especially for small and medium enterprises, supported the surge in the deposits and loans. The financial sector’s loan port-

folio improved by 2.03 percent to P11.23 trillion in March from previous month’s P10.91 trillion; while deposit liabilities increased 2.51 percent to P13.98 trillion in March from P13.64 trillion a month ago. “The increase in liabilities is majority in deposits, and may signify a loss in other productive use of money,” Asuncion shared.

Profitable sector

Despite the challenges due to the pandemic, in addition to Taal eruption, Ricafort said banks managed to remain profitable in the first quarter. “Banks continued to generate huge trading gains, net interest income, fees, and other income amid easing interest rates, continued growth in deposits, loans, and other major sources of revenues/business,” he said. According to BSP data, the banking system saw its net income rise by 9.29 percent to P59.66 billion in the first three months from P54.59 billion year-on-year as operating profits and net interest earnings posted robust growth. For the period, operating income climbed by 22.54 percent to P225.87 billion while net interest income jumped by 24.40 percent to P175.07 billion. “The first two months of 2020, I think, provided enough buffer to the potential pandemic effects,” Asuncion added. “However, the full impact of this pandemic will be felt in [the] Q2 [second quarter] numbers of the banks.” Moody’s in April revised its outlook for the Philippine banking system from “stable” to “negative” as the pandemic unknowns put its profitability at risk.

In surprise move, China seen draining funds from bank system

hina was seen to drain liquidity from the banking system even as lenders come under pressure to handle higher demand for funds. The People’s Bank of China probably allowed 200 billion yuan ($28 billion) of its oneyear lending facility to mature on Thursday, with no statement on the operation as of 11:38 a.m. local time. Analysts had expected the central bank to roll over at least some of the funds and cut the cost of the loans from the current rate of 2.95 percent. The PBOC typically releases a statement on MLF operations by 9:45 a.m. The central bank also refrained from injecting liquidity with short-term reverse repurchase agreements for a 30th straight day, according to a statement earlier Thursday. The PBOC may conduct an MLF operation on Friday so that the operations would take place on the 15th of each month, said Becky Liu, head of China macro strategy at Standard Chartered Bank Ltd. This would “further cement the role of the MLF rate as China’s future official policy rate” and would improve monetary policy transparency, Liu wrote in a note. China’s 10-year government bond futures extended losses Thursday, dropping 0.42 percent to the lowest since March 19. The yield on sovereign notes of the same tenor climbed 4 basis points to 2.72 percent. With the economy struggling from the impact of the coronavirus outbreak on demand at home and abroad, China’s government

A man on a bicycle passes by the street where the People’s Bank of China is located. China’s monetary authorities’ move to not roll over funds was not expected by investors.

is increasing bond sales to pay for fiscal stimulus. Lenders, who buy most of that debt, may need to find as much as 1.77 trillion yuan this month for the purchases, as well as other needs like adding to their reserves and handling withdrawals when companies pay taxes, according to analyst estimates compiled by Bloomberg. The PBOC, which has reduced multiple policy rates in the past four months, recently vowed to deploy “more powerful” policies, without giving further details on what measures it will use. Key government meetings starting next week may approve even more debt sales, among other stimulus policies. The reserve ratio cut scheduled to take effect May 15 will add just 200 billion yuan in liquidity. Continued weakness in the

economy calls for more stimulus, with early indicators for April showing deepening factory deflation. Top leaders have said China will increase its fiscal deficit as a share of gross domestic product and sell more infrastructure bonds in part of efforts to stabilize the economy. That would make a more accommodative monetary policy necessary to create a favorable environment for the bond issuance. Additional liquidity would also be key to bolstering sentiment in the onshore government bond market, which is bracing for the flood of supply. A sell-off in China’s sovereign notes worsened this week, with the benchmark 10-year yield surging to its highest level since March, amid concerns that banks will switch to local-government bonds for better returns. Bloomberg News

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Friday, May 15, 2020

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Light at the end of a tunnel

Today’s Horoscope By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Alexandra Breckenridge, 38; Jamie-Lynn Sigler, 39; David Krumholtz, 42; Chazz Palminteri, 68. Happy Birthday: Don’t hesitate. Look at your options, and lean toward making a change. Revisit long-term goals, and reconnect with people who may be able to help you make a move. Have an open mind, and you’ll get a clear sense of what’s possible. Let the past go, and embrace the future with optimism and the mindset to give your all. Your lucky numbers are 4, 10, 24, 27, 30, 39, 43.

KIM CHIU

ARIES (March 21-April 19): Don’t be fooled by what others do or say. Question motives, and consider what’s best for you. Discipline will help you achieve the personal, intellectual and physical goals you set. HHH

TAURUS (April 20-May 20): Participate in something that interests you. Make decisions based on facts, not emotions. Moderation, coupled with ingenuity, will solve problems you encounter along the way. HHHH

HE House of Representatives Committee of the Whole just approved a bill that gives ABS-CBN a provisional franchise until October. Filed by House Speaker Alan Peter Cayetano, this allows the House to focus on addressing the Covid-19 crisis while giving them sufficient time to tackle the 25-year franchise application. “Through this measure, we hope to strike a balance between the immediate needs of the people amid this crisis, and the duty of Congress to ensure accountability to our present laws,” reads the bill. Once finalized in the House, the bill will be sent to the Senate. Maraming salamat to the Congress for this small victory. I have worked with ABS-CBN for almost 14 years now. It is a career I love and I have lots of friends who think that my work is glamorous because I get to hobnob with the country’s biggest stars. I won’t lie: yes, it is, judging from the times—only the few and far between—I do get to mingle with them. But most of the time, I and the thousands of employees of the network go about our work just like a normal 9-to-5 job. But the difference from many careers is that in working at ABS-CBN, you get the feeling that you are not only working for yourself. You are working for your family, you are working for an entire nation. Scratch that. You are also working with your family, and you are also working with an entire nation. My mother, who passed away when I was young, was a passionate woman. In her own little way, she fought the oppression of martial law and participated inthe first People Power. This, she said, was her way of giving us hope, by contributing to a strong democracy that is a country with decent institutions, a government for the people, and a society that protects and cherishes freedom. Beliefs that must be carefully guarded by all who call themselves Filipinos. In light of the cease-and-desist order issued by the National Telecommunications Commission (NTC) against ABS-CBN, a lot of personalities have spoken out. Among them are Coco Martin, Judy Ann Santos, Kim Chiu, Cherry Pie Picache, Agot Isidro,

GEMINI (May 21-June 20): Compromise if you want to get things done and avoid senseless arguments. Finding an ingenious way to make ends meet should be your focus. You may not be concerned about long-term security, but working toward stability is encouraged. HH

CANCER (June 21-July 22): Everything is about to change. Put your best foot forward, and you’ll be surprised what you get in return. A challenge will help you show your true potential. A chance to collaborate with creative individuals will change your perspective regarding prospects. HHHH

LEO (July 23-Aug. 22): You may not be able to change the world around you, but you can adapt and make it work for you. Size up your situation, consider your skills and set an example by doing something useful. HHH

Bela Padilla, John Prats, Rowell Santiago, Raymart Santiago, directors Dan Villegas and Antonette Jadaone, Michael de Mesa, Angel Locsin, Angelica Panganiban, Jodi Sta. Maria, Angel Aquino, Shaina Magdayao, Enchong Dee, Boy Abunda, Kim Atienza, Bianca Gonzalez and Jaime Fabregas via a Facebook live event. It is obvious that on the surface, their message was about bringing back ABS-CBN. They all had different ways of conveying their sentiments. Angelica Panganiban in particular was appealing that the real enemy is the coronavirus. Cherry Pie Picache was from the point of view of a mother and John Prats, from a father. Of course, anti-ABS-CBN people had a field day with some of the speakers. They ridiculed Kim Chiu because at one point, she became incoherent. She talked about rules inside a classroom and rambled on. Barely no one understood her, even herself as she posted in her social-media accounts the following day. But she explained it was because she became so

emotional. She even laughed at herself. This made me admire Kim even more. After all, she is only human who can make mistakes. Perhaps Angel Locsin said it best: “We are asking for a fair chance na ’yun naman po ang gusto ng Kongreso, na yun naman po ang gusto ng Senado. Tamang oras para sa tamang paglilitis. Ngayon naman po, kung sakali pong mapatunayan na may pagkakasala ang ABS-CBN, tama po kayo. Ang batas ay batas na dapat pong sundin. Kung meron pong pagkakamali, ayusin. Kung sino man ang nagkasala, parusahan. Pero ayusin po natin ang mali.” Many people are already disheartened with what’s happening in the country in general. Demoralized even because of the nasty effects of the pandemic. And I am one of them. These are turbulent times indeed. But this recent development in Congress has made me optimistic about the future. Hopefully, people would realize this issue isn’t just about the actors, or only the ABS-CBN employees. This is for the entire nation because in the end, we are forever Kapamilyas. n

‘Celebrity Bluff’ returns for more weekend fun THE favorite all-original comedy game show of Filipinos is back. Saturday nights get more exciting as GMA’s award-winning game show Celebrity Bluff returns to bring all-out infotainment to Filipino viewers. Spearheading the fun is multiawarded comedienne and actress Eugene Domingo as host together with wellloved bluffers Jose Manalo, the other half of the hit #JoGe love team; Boobay, parading his colorful and eccentric outfits;

and Brod Pete, spreading laughter with his legendary one-liners. Celebrity Bluff features three pairs of celebrity contestants as they attempt to outsmart one another by answering questions to advance to the jackpot round where the winning team could take home half a million pesos. Under the direction of Rico Gutierrez, Celebrity Bluff airs on GMA prime time after Magpakailanman. More information is available at www.gmanetwork.com.

VIRGO (Aug. 23-Sept. 22): Look at what you can do, not what you cannot. Bring about positive changes that will help you expand your knowledge and skills while exploring new possibilities. Don’t let an emotional incident or someone’s bad behavior consume you. HHH

LIBRA (Sept. 23-Oct. 22): You’ll be on the mark when it comes to communication. Set up online meetings, sign up for a correspondence course or research something you want to pursue, and you will learn something that will help you get ahead. Personal improvements are favored. HHH

SCORPIO (Oct. 23-Nov. 21): Use imagination if you are bored, and you’ll come up with a plan that will help expand your mind and energize your spirit. A creative idea you have will encourage you to be more diverse in using your skills, knowledge and equipment. HHHHH

SAGITTARIUS (Nov. 22-Dec. 21): You may find making a decision challenging. Refuse to let anyone interfere or sway you in a direction that might not be best for you. Work alone if you feel threatened or you think someone is trying to manipulate you. HH

CAPRICORN (Dec. 22-Jan. 19): Make amends. Holding a grudge or living in the past won’t help you get ahead. Learn from your experiences, and embrace what lies ahead. A change will lift your spirits and encourage you to try something new. HHHH

AQUARIUS (Jan. 20-Feb. 18): Make a change at home that will assist you in pursuing something you’ve always wanted to do. The research will help you gain insight into the possibilities of using your skills, coupled with technology, to build a home-based business. HHH

PISCES (Feb. 19-March 20): Don’t let uncertainty get to you. Concentrate on your immediate plans, and work hard until you accomplish what you set out to do. Honesty, reason and practicality will be necessary to avoid making a poor decision. HHH Birthday Baby: You are determined, creative and spontaneous. You are aggressive and curious.

EUGENE DOMINGO, host of GMA’s Celebrity Bluff

‘fling’ by winston emmons The Universal Crossword/Edited by David Steinberg

ACROSS 1 Cotton variety 5 Bad weather 10 Tibetan monk 14 Japanese noodle 15 You might stream one 16 Tennis great Lendl 17 Like dear memories 18 Star representative 19 Lead-in to “Wayne” or “Worth” 20 Dispute about what to plant in the garden? 23 Night class subj. 24 Bud 25 Timex rival 28 Former Chinese chairman 31 Twin of Romulus 35 “I need to think about that...” 36 Gift to a new tenant in England? 39 Foil relative 41 Speak publicly 42 Appease, as an appetite 43 Herbaceous plant, before its seeds are put in a blender? 46 Element in fire extinguishers?

47 Mattress maker 48 A, in German 49 Start 51 O.R. figures 53 Biblical woman with a palindromic name 54 Unexpected arrival of midweek? 62 Snow day ride 63 “I don’t give ___!” 64 Save to watch later 65 Estate beneficiary 66 Someone who’s done for 67 Onion cousin 68 Like the puzzles on many kids’ menus 69 Impertinent 70 To be, to Marie Curie DOWN 1 ___ pastry 2 Object of adoration 3 Pre-stereo 4 Name that anagrams to “rained” 5 Like fine print 6 Forum garment 7 Finished

8 Boxing match site 9 Rendezvoused 10 Inanimate 11 Shakespeare’s river 12 Stein ___ (discount store chain) 13 Colonial insect 21 Dating from 22 Appaloosa’s mother 25 Child and others 26 More than sufficient 27 Lipstick woe 28 Bart’s mom 29 Pong producer 30 Choose to participate 32 Turkey and ham 33 Disentangle 34 Surgical tube 37 British water closet 38 Stimpy’s partner 40 Like some champagne 44 Makes leather 45 Ivory rival 50 Crunch maker 52 Catches, as fly balls 53 Journal unit

54 Dog bane 55 Island garlands 56 “Hold on there!” 57 Ages and ages 58 Forest females 59 What you eat 60 Declare 61 Farm team connector 62 “___ Will” (2011 Lil Wayne hit) Solution to yesterday’s puzzle:

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Friday, May 15, 2020

GLOBE PARTNERS WITH D.O.S.T. TO IMPROVE COVID-19 REPORTING AND TRACING VIA ‘TANOD COVID’

Of debuts and goodbyes M

Y grand niece B. turned 18 on March 18. She was supposed to have a midsized celebration with her friends in some restaurant, and just like any teenager on the brink of adulthood, she was looking forward to the good times to be had. In the Philippines, a female child turning 18 is a big deal. Wealthier families even have large affairs in hotels, as a way of formally introducing her to society. There is even a formal dance, called Dance of the 18 Roses, where the debutante waltzes with 18 teenage men who each give her a rose, with the last rose coming from her special someone or beloved suitor. But as rumors flew before B’s special day that there would be a total lockdown within Metro Manila to halt the spread of Covid-19, she decided to postpone her party. Just like that. No one told her to do it. She just acted responsibly and went ahead, made the call to the venue (and to her friends and classmates) to inform them of the development. In our family Viber chat group, as we discussed the lockdown and her impending birthday, we were just surprised to find out that B. had already taken care of things. We then promised her a special dinner as soon as the lockdown was lifted, and life returned to “normal.” (People had yet to coin “the new normal” in conversations then.) When her birthday came, we greeted B. and she was cheery enough to make kwento what they ordered at home for her birthday dinner—what else but

spaghetti and fried chicken. She didn’t seem at all to be bothered by the postponement of her party. (We all live in separate homes—in Quezon City, Alabang, the United Arab Emirates, and in Manila, where B. resides with her paternal grandmother and her dad’s sister—so we normally keep in touch via social media or messaging apps.) Since the lockdown, I’ve seen posts on Facebook by many friends, celebrating their birthdays under simple, ordinary conditions, with home-cooked meals or an order of pancit or spaghetti via delivery service. I rarely even saw birthday cakes on their dining tables, unless some sibling or parent made it. We make do with what we can, and obey the rules on physical distancing by just having the family we live with around for the austere celebration. Yet here comes the chief of a major police unit celebrating with abundant food and liquor, with about 50 of his men around. He even blew the candles of his birthday cake, held out by a masked staff. Awww...how sweet naman. But wait, this was not a birthday party ha. This is what’s called a “mañanita.” Even a cabinet secretary insisted so. Cops and the military have a different lexicon, apparently. Yet what it all boils down to, a manañita is essentially a surprise birthday party, given by staff in the early hours of the morning or during a break in the day. The element of surprise is not present in a regular birthday party. At this point, please allow me to facepalm. There came an unapologetic apology from the police chief. Some officials higher than him called for an investigation. We all know what comes after that. A whitewash and a pronouncement that since the guy was sorry, he wouldn’t be charged with misconduct. All I know is, if B. had gone ahead with her debut, she and her friends would have been arrested. Dura lex, sed lex my ass. ■■■ IT seems like every few weeks or so, there’s an obituary to be written, or an eulogy said for those who have passed, especially in these Covid-19 times. Didn’t know I would have to write one for a

hotel. But Covid-19 did in Marco Polo Davao. As you have already probably read, it closes its doors in June, although its owners say it is temporary. In the hotel business, however, once closed, it’s pretty difficult to reopen again. The news has already sent shockwaves through the entire tourism industry. (See “Marco Polo Davao closure spooks tourism industry” in BUSINESSMIRROR, May 11, 2020.) As far back as I can remember, except for that one time I lived in the house of my boss’s brother while making a work-stop in Davao, Marco Polo has always been my home in that city. In its earlier days, I marveled at how it was the only hotel I ever stayed in which provided a water dipper for washing one’s privates. This was long before bidet sprays were the norm for hotel bathrooms. (A few years later, it was explained to me that this was because they catered to Muslims, as well.) Its sizable pool, which was rarely full the times that I went there, was always a favorite place to lounge about, and when we had a few hours to spare, the ladies and I would make a quick getaway to the Lazuli Spa for much-needed facial cleansing and massages. I always felt like Brunei royalty— ahem—with all that pampering from the spa’s expert therapists. The buffet in Café Marco, the hotel’s coffee shop, was always superb. I’ve always had excellent meals there, as they served Asian and continental dishes with the freshest of ingredients. The last time I was there, I remember enjoying Durian sweet treats, even if I was no fan of the fruit. The pastry chefs were able to downplay the durian’s usually overpowering muskiness enough to let the actual fruit’s taste shine through in their clever pastries. Being the tallest building in Davao, the 22-yearold Marco Polo has always stood out from the rest, distinguishing itself as the place to be and be seen. The staff’s consistent attention to the needs of guests will always be an unforgettable part of any tourist or business traveler’s stay. It’s sad to see it go, but as they say, all good things must come to an end. ■

AS the country battles the Covid-19 pandemic, Globe continues to do its part in keeping families connected during these challenging times, while assisting organizations and government agencies in flattening the curve. Through its innovative developer group Globe Labs, the telco giant is once again taking new steps by partnering with the Department of Science and Technology (DOST)-Philippine Council for Health Research and Development (PCHRD) for the implementation of a new online platform called Tanod Covid. An SMS-based self-reporting platform, Tanod Covid aims to improve the country’s capacity to trace suspected Covid-19 cases. A program funded by DOST-PCHRD, Tanod Covid was developed by Ateneo Center for Computing Competency and Research of the Ateneo de Manila University, in collaboration with the University of the Philippines Manila-National Telehealth Center and the DOH-Epidemiology Bureau. It is linked to the Feasibility Analysis of Syndromic Surveillance using Spatiotemporal Epidemiological Modeler—a Webbased disease modeling and surveillance platform for Covid19, which aims to gather and present data on the country’s battle against Covid-19. Local residents experiencing symptoms such as cough, fever, breathing difficulties, and/or diarrhea, are encouraged to inform health officials of their condition by texting their local government unit’s (LGUs) verified number. Reports sent through the platform are handled immediately with locals receiving calls from health officials to verify the report, request for additional information, and provide guidelines on the next steps to receive treatment. Verified reports from Tanod Covid may be used to detect clustering of suspected cases that can be indicative of possible outbreak in an area. Globe will be providing LGU partners and their constituents access and use of Tanod Covid free of any mobile charges to enable them to maximize the use of the platform, and assure the effective and real-time reporting across participating communities. The service is currently available in select areas such as Malabon City and Mandaluyong City in Luzon, the municipality of Maigo in Lanao del Norte, municipalities of Puerto Galera and Bongabong in Oriental Mindoro, municipality of San Jose in Romblon, municipality of Jabonga in Agusan del Norte, and Valencia City in Bukidnon. “Through Tanod Covid, we aim to add more value to our services by enabling our customers and their communities to safeguard their health and safety especially during these present circumstances, where access to immediate testing and health care prove to be more difficult,” said Albert de Larrazabal, chief commercial officer at Globe. Apart from enabling locals to report cases, Tanod Covid also provides LGUs access to data on reported symptoms to better serve their communities—as well as to isolate cases and prevent further spread. To stay updated on the latest Covid-19 developments, Globe mobile and broadband customers are also given free access to the official web sites of the Department of Health and National Disaster Risk Reduction and Management Council. Learn more how you can join the fight via against Covid-19 via www.globe.com.ph/stay-safe-at-home.html.

Searching for sanity in tiny moments of joy BY MA�THA I�VINE The Associated Press

IN this April 27, 2020, photo, a lone tulip stands in a garden in Oak Park, Ill. The arrival of spring in the northern hemisphere has helped lift the spirits of those able to get outside. AP

CHICAGO—We meet for a memorial service by video conference because that’s how it must be done these days. It feels strange, but there also is comfort as I scan the faces of the many colleagues who’ve come to celebrate the life of an editor and friend who succumbed to the coronavirus. Among other things, his brother tells us about a magazine Nick created when they were kids. He called it “Ha Ha.” I imagine Nick’s wry smile. Sometimes, amid unspeakable sorrow, there are slivers of joy. I have clung to those moments, however fleeting, as this pandemic continues to test us. A friend, a former war correspondent who’s seen more horror than I could imagine, tells me that’s how it should be in times of crisis. Don’t focus only on the losses, she advises, or you’ll go crazy. Obsessing about the story is a hazard of our trade. Even though I’ve tried to stop reading news a few hours before bedtime, I’m often not sleeping well. I worry about the families of the sick and dead, about those who’ve lost jobs—

about the world into which one member of my own extended family recently arrived, with another soon expected. As a parent, I yank myself from that rabbit hole often. I look for respite in the connection and community we’re managing to create—at home and often from a distance—and even when the technology that makes some of it possible is wonky or draining. I listen to my spouse, a teacher, taking Chicago school students on a virtual field trip to a national park in Alaska. “Wow, look at that!” “What’s down there?” I stop what I’m doing and absorb this little victory. These middle-schoolers, not always an easy crowd, are genuinely giddy to be doing this, some of them on Chromebooks provided by their school so everyone can attend. Not long after, we get the news that Illinois schools will not have in-person classes for the rest of this school year. Our own eighth-grader tears up and retreats to her room. When she and her sister abruptly left school several weeks ago, she didn’t realize

it would be her last day in the classroom with many of the kids she’s known since preschool. Somehow, there will be an eighth-grade graduation or a party. Or something. “But it won’t be the same,” she laments. It’s hard to argue with that. An hour later, she is in the kitchen making crepes. Since she was tiny, she has soothed herself by cooking, as many of us are doing now. We awaken to spring snow—something that I, a northern Michigan girl, enjoy more than most. But even I take more pleasure in the sunny day that follows. As my family posse bikes together, I think about those who live in each home we pass. White ribbons are tied around a row of maple, linden and ash trees as a show of support for frontline medical workers. Who else has no choice but to work outside the home? Who is sick? Who’s running out of money? Who’s fallen into the darkness, and who has stayed there? It’s difficult not to feel guilty about being, at least so far, among the lucky. But I know Nick would tell me to count my blessings and keep moving.

B6 Friday, May 15, 2020

Sweet relief from Goldilocks and SM Foundation comforts military frontliners What can we expect come the new normal?

HILE we anticipate the lifting of the Enhanced Community Quarantine in the coming days, let’s prepare ourselves for the new practice, we need to strictly adopt once we head out of our homes. Practice Personal Care and Hygiene. Prevention is key to keeping our bodies free from the virus. Wearing a mask is a must now whenever we need to go out, whether to work or on some errand run for essentials such as food, medicine, personal care, or household maintenance. Cashless transactions are highly encouraged. In addition, it is best to have a small bottle of alcohol with you along with your valuables and identification cards in your bag. Upon your return at home, do not forget to wash your hands, or better yet, take a bath and throw your outside clothes in the washer immediately. If you drive a car, make it a habit

to disinfect your vehicle as well. Observe physical distancing. From walking in the streets, lining up to get a ride, or even when driving to work, always observe and follow the guidelines in physical distancing. This is the time when we need to take care of our own safety and of others who were brave enough to come out of their homes to fulfill their roles in society. Be kind enough to respect one’s space before you. In turn, remind others to respect your space in a kind and respectful manner. Being on the side of caution, defer meet ups, or any social gathering. While we cherish connecting with our friends and colleagues, it is best to postpone social engagements, and minimize any physical contact for now. Discover new ways to connect through phone calls, and social media accounts.

Even at work, following the instructions of the Safety Officer, physical distancing should be maintained in the offices and establishments. Keep your working space clean and disinfected, and with enough in between distance from your office mate’s. You are also expected to wear your mask inside the office and disinfect your desk, phone and computer devices. Keep meetings and conferences to a minimum as well as avoid sharing meals with officemates. Whenever possible, encourage a work at home set up and keep a skeletal force for operations. Keep your immunity up. Whether you are staying at home or not, always maintain your body’s health and boost your immune system as our first line of defense. Choose a balanced meal, keep a daily exercise routine, and ensure to get enough sleep. Yes, we are facing challenging times, but you can always choose to be grateful and positive. Whenever you’re feeling overwhelmed, always seek the support and audience from your family and close friends. Learn to manage your expectations and quickly adapt to the changes brought by the “new normal” as part of our daily lives. Sandari Batulao is a real estate development that promotes one’s physical health and mental wellness as well. Located in Nasugbu (15 minutes from Tagaytay), Batangas, Sandari Batulao’s scenic mountainous view and lush greenery are most favorable to some activities related to self-care. For inquiries, please email us at inquiries@cpmc.ph For more information on Sandari Batulao, please check www. sandaribatulao.com, Sandari Batulao (Official) on Facebook, and Instagram.

Members of the Philippies Air Force General Hospital receive baked treats from SM Foundation and Goldilocks

S dining options have become limited during the Extended Community Quarantine (ECQ), Goldilocks Bakeshop and SM Foundation have found a way to bring a tasty and healthy break to military healthcare workers in their fight against the COVID-19 pandemic. Beyond being on high alert and facing the risk of exposure to COVID-19 patients, military front liners are also challenged by limited access to food sources. Capt. Sherwin Sarmiento, Chief at the Public Information Office and Consultant at the Department of Internal Medicine of the Armed Forces of the Philippines Health Service Command, explained that he, along with the medical staff of Victoriano Luna Medical Center (VLMC), have “experienced a hard time procuring” food. “The hospital provides meals but we are put on Red Alert so we can’t go home and we can’t leave military camps," Sarmiento shared in an online interview. To cap a busy day after seeing patients at the

Emergency Room and manning the infectious wards, , Sarmiento said they appreciated the generosity when the food packs arrived. "We made sure that everyone receive it because those gestures matter a lot when you are tired, challenged and sleepless," he said. "When you face something that you are not used to, actions like that are a big pat on our shoulders to keep moving forward and do our best to help. That definitely left our medical staff in high morale," he added. Among military and police front liners, Goldilocks and SM Foundation have provided meals and baked treats to the Air Force General Hospital, Manila Naval Hospital, Army General Hospital, Camp Aguinaldo Hospital, Camp Crame Hospital, Police Community Action Group and the Philippine Coastguard Medical Service. Since the Luzon-wide ECQ started, Goldilocks and SM Foundation reached out to more than 100 hospitals and medical facilities as well as over 170 government and private institutions around the country.

PLDT home wifi prepaid double data offers extended until May 31

GBP REMITS ENERGY FUND TO ILOILO. One with Iloilo City in its battle against COVID-19 pandemic, Global Business Power Corporation (GBP) facilitated the immediate remittance of P15.32 million to the city government through Mayor Jerry Trenas, in order to further boost and support its response during this state of public health emergency. The amount represents Energy Regulations 1-94 (ER 1-94) Program funds, or the share of Iloilo City from the electricity sales of GBP subsidiaries, Panay Energy Development Corporation and Panay Power Corporation. The Department of Energy had issued Department Circular No. 2020-04-00080 allowing utilization of ER1-94 funds for COVID-19 response to help local government units in their fight against the pandemic, in accordance with the Bayanihan to Heal as One Act. Projects include access to protective personal equipment (PPEs) for frontliners, essentials and mass testing. In photo are (from left) GBP community relations associate Raulyn Armada, external affairs officer Myra Riza Montelijao, and community relations officer Michael Guanco, Iloilo City mayor Jerry P. Treñas and executive assistant for power Mr. Randy Pastolero.

Hospitality and travel stakeholders take on domestic travel sentiment survey

ITH many parts of the country still under community quarantine restrictions, PLDT Home has extended its double data promo for all of its prepaid Home WiFi customers until May 31, 2020 in order to provide Filipino families access to affordable home broadband solutions. This means that PLDT Home Wifi Prepaid customers will continue to get data packages of up to 200GB that they can use to access all sites and apps that they need to work, study, and be entertained at home. “At PLDT Home, we understand that the enhanced community quarantine has financially affected many families. With PLDT Home Wifi Prepaid, families can enjoy access to an affordable highspeed connectivity so that they can continue to work and study at home,” says Al Panlilio, Chief Revenue Officer of PLDT. Since the implementation of community quarantine in many parts

of the country, PLDT Home continues to address the growing demand for an affordable home broadband through its Home Wifi Prepaid, a wireless internet service priced at Php 995. For the first quarter of 2020, PLDT Home posted a total of over 94,000 prepaid activations and Php 241 Million top-ups of its users. PLDT Home recorded the highest activations and top-ups in March with over 40,000 activated prepaid units and a 40% increase of daily top-ups. A plug and play device, PLDT Home Wifi Prepaid can simultaneously connect up to five wifi-ready devices such as smartphones, tablets, or laptops to high-speed internet. The PLDT Home Wifi Prepaid is powered by Smart LTE network, the Philippines’ fastest mobile data network with the widest coverage in the country. Each PLDT Home Wifi Prepaid unit comes with a FREE 10GB of data valid up to seven (7) days. Families also get to enjoy affordable Famload packages

through the double data promo – FamLoad 199 increased data to 24GB instead of 12GB, FamLoad 599 has 80GB instead of 40GB with, FamLoad 999 has 130GB instead of 65GB, and FamLoad 1499 comes with 200GB instead of 100GB. PLDT Home Wifi Prepaid customers can also continue to enjoy FREE access to verified government and news websites such as the Department of Health (DOH), National Disaster and Risk Reduction Management Council (NDRRMC), Philippine Information Agency (PIA), News 5, Philippine Star Global, Business World, CNN Philippines, ABS-CBN News, and GMA News Online. To conveniently track their usage and manage their account, PLDT Home Wifi Prepaid users can use their MyPLDT-Smart App and top-up using their PayMaya app. Know more about PLDT Home Wifi Prepaid and PLDT Home’s COVID-19 response through www.pldthome.com.

N the wake of the corona virus pandemic, the travel industry has come to a halt. Many countries are on lockdown, airlines have suspended flights and services, and most hotel properties have sadly but responsibly taken the decision to close temporarily. It would be an understatement to say that the service-hospitality industry is facing unprecedented times. Travel patterns and trends will definitely not be the same as it used to be. Hotels and Resorts forecast a major decline in business, especially from the International Travelers. Once the ECQ is lifted, most establishments are looking into the local domestic market as its first segment to tap. Hence, we will continue to promote tourism and our hotels for when Filipinos are able to travel again. As part of our road to recovery, big players in the Travel and Hospitality Industry composed of the Philippine Hotel Owners Association Inc (PHOAI), Hotel Sales and Marketing Association (HSMA), Hotel and Restaurant Association of the Philippines ( HRAP), Tourism Congress of the Philippines (TCP), Philippine Tour Operators Association (PHILTOA), Philippine Travel Agency

Association(PTAA), Pacific Asia Travel Association (PATA), Tajara Hospitality and with the support of the Department of Tourism (DOT) and the Tourism Promotions Board (TPB), released the DOMESTIC SENTIMENT TRAVEL SURVEY The above organizations thru their members, clients, colleagues and friends will circulate the survey thru their social media channels and thru direct emails starting May 8, 2020 until May 22, 2020. DRIVENHOSPITALITY 8th Floor, Vector Two Building, Northgate Cyberzone, Filinvest Corporate City, Alabang, Muntinlupa, Philippines T 02 846 0278 F 02 659 2655 www. chromahospitality.com The survey will help the stakeholders understand better the real sentiment of the local market in terms of their travel plans and trends once the ECQ is lifted and moving forward. “The results will give us a better gauge on how to move forward and adjust to the dynamics of this market with the new norms and guidelines in place” said James Montenegro of Chroma Hospitality The survey is initiated by Filinvest Hospitality Group thru Chroma, its management company.

mirror_sports@yahoo.com.ph / Editor: Jun Lomibao

THLETES eager to train outdoors may have to wait awhile as the Philippine Sports Commission (PSC) collaborates with the Department of Health (DOH) on the crafting of guidelines that do not only cover elite sports but also on all outdoor physical activities that would be implemented once the modified enhanced community quarantine (MECQ) is implemented. The PSC-DOH joint committee on Thursday forwarded its recommendation to the InterAgency Task Force (IATF) on Emerging Infectious Diseases, which is expected to decide on

Sports BusinessMirror

Friday, May 15, 2020

OUTDOOR TRAINING PROTOCOL SOUGHT the guidelines soon. The IATF said on Wednesday that it would relax restrictions on outdoor sports under the MECQ, saying walking, jogging, running and cycling would already be allowed although individuals should still wear face masks and observe physical distancing of at least 2 meters. PSC Chief of Staff Marc Velasco, also the Administrator of the PhilSports; Dr. Randolph Molo, head of the PSC Sports Medicine Department; and Dr. Beverly Ho of the DOH make up the joint committee. Members of the national cycling and triathlon teams

expressed enthusiasm in going back outdoors to train, but were restrained in the absence of the PSC-DOH guidelines. PhilCycling Secretary-General Atty. Billy Sumagui said the federation would seek the PSC’s guidance in allowing the national cyclists to start hitting the road. “We need to get the PSC to concur so as not to risk the health and safety of the athletes, this despite the MECQ,” Sumagui said. “In the absence of a vaccine, we all have to still take all necessary precautions.” Tom Carrasco, president of the Triathlon Association of the Philippines, will meet with his association’s working group on

Friday to determine their policies on opening the gates for outdoor training. “These includes athletes, coaches, organizers and officials,” Carrasco said. The IATF said noncontact sports are on the priority list for a relaxed restriction. The list includes tennis, table tennis, golf, badminton and bowling. Contact sports should remain restricted, according to the IATF, thus basketball, volleyball, boxing, taekwondo and other martial arts remain canned for the rest of the quarantine period.

GOLD FOR JOCEL Jocel Ninobla bags

the female under-30 gold medal of the firstever Online Daedo Open European Poomsae Championships on Sunday. Ninobla, owner of an individual gold and team silver medal from the 30th Southeast Asian Games, books a total average score of 7.565 to beat Spain’s Raquel Sanchez and Iran’s Mahsa Sadeghi, who notch identical 7.515 scores with the Spaniard claiming silver after the tiebreak. A total of 111 jins competed in the division. The online championships is an experimental event organized by the European Taekwondo Union.

UP-CHK: P.E. ESSENTIAL IN SCHOOL CURRICULUM

THE University of the Philippines-Diliman College of Human Kinetics, headed by Dean Francis Diaz, emphasizes on the importance of Physical Education.

Teixeira triumph caps UFC’s second Jacksonville show

ACKSONVILLE, Florida—Glover Teixeira dominated Anthony Smith and finally stopped him with punches early in the fifth round Wednesday night, earning an upset victory to cap the UFC’s second show since returning to action amid the coronavirus pandemic. Heavyweight veteran Ben Rothwell grabbed an entertaining split-decision victory over Ovince Saint Preux, and Drew Dober stopped fellow lightweight contender Alexander Hernandez with a second-round barrage of punches during the second of three UFC cards over eight days at a fan-free VyStar Veterans Memorial Arena. The promotion returned to action last Saturday with UFC 249 after an eight-week hiatus. The UFC established extensive protocols for health and safety in its return, and veteran fighter Jacare Souza was pulled off last weekend’s show after he tested positive for Covid-19 along with two cornermen. The second show went off without a positive Covid-19 test, and more masks were visible on UFC personnel inside and outside the cage Wednesday. Middleweight Karl Roberson’s bout with Marvin Vettori was scrapped when Roberson was hospitalized overnight after he fell ill, but the illness was related to his weight cut and not coronavirus, according to the UFC. The UFC’s third show in Jacksonville is Saturday night on ESPN Plus, headlined by veteran heavyweights Alistair Overeem and Walt Harris. The UFC hopes to begin holding fight cards back home in Las Vegas later this month, but is waiting for clearance from the Nevada Athletic Commission. The 40-year-old Teixeira (31-7) was shockingly dominant in his fourth consecutive victory. He took control with strikes in the second round, and almost finished Smith several times while dominating the ensuing two rounds. AP

By Ramon Rafael Bonilla

HE University of the Philippines-Diliman College of Human Kinetics (UP-CHK) stressed on Thursday the multifaceted educational value of Physical Education (PE), adding the subject should not be deleted from the school curriculum. “PE possesses the innate capability to teach movement skills that go beyond their utilitarian value in sports and recreation, toward ideal health and functional independence of the individual,” the UP-CHK said in a statement. Through PE, the benefits of ample physical activity and life skills may be gained and established making up for the absence of any formal instructions on gaining enough physical

activity for health and the boosting of the immune system,” the statement added. The UP-CHK, headed by Dean Francis Diaz, expressed strong opposition to Sen. Win Gatchalian’s proposition to temporarily remove PE and Home Economics, and prioritize basic subjects like Math and English once school classes resume in August. “Bawasan muna natin ang subjects na ituturo, for example, tanggalin na muna natin ang PE o Home Economics. Ituro natin ang pinakamahalaga, Math, Science, English at Reading,” Gatchalian told an interview over Dobol B sa News TV on Saturday. “We consider Senator Gatchalian’s statement as a blatant disregard of the importance of Physical Education as a possible conduit of learnings in physical activities that can possibly provide the impetus for increasing physical activity,” the statement furthered. The Inter-Agency Task Force on Emerging Infectious Diseases announced that classes

would open in August as the government tries to further stop the pandemic. The UP-CHK statement added: “PE also develops life skills toward self-management and optimal social functioning, self-empowering the individual. Even without mentioning the legal basis for the inclusion of PE as a course in all levels of education, nor the United Nations Educational, Scientific and Cultural Organization’s description of sport and physical education as a fundamental right for all, we assert that PE must always be included in the critical number of courses to be offered in education, with or without ECQ [enhanced community quarantine], MECQ [Modified ECQ] or GCQ [general community quartantine]. “Given this reality, we, UP-CHK, implore our esteemed lawmakers and other government officials to examine the multitude of benefits and take cognizance why PE should always be part of our education at all levels,” the statement concluded.

UAAP stars up front in Liga

BS-CBN Sports continues to deliver fresh content to its viewers with its sports and lifestyle show Upfront offering new episodes featuring some of the biggest sports stars starting on Sunday. Now airing on cable sports channel Liga, Upfront debuts its fun online at home edition with a feature on the University of the Philippines Fighting Maroon Ricci Rivero, who will answer fan questions in #UpfrontAsk. Also joining the show are other University Athletic Association of the Philippines stars and animal lovers Kiefer and Dani Ravena, Kim Fajardo and Mel Gohing. On May 24, Ateneo Lady Eagle Kat Tolentino

NBA taps Wilson as official ball

Chinese Super League kicks off in late June

EIJING—The Chinese Super League is reportedly set to kick off in the last week of June, two weeks after lower-tier leagues are scheduled to begin in the wake of the coronavirus pandemic that has shut down sports globally. Chinese state media report the top-flight season could begin June 24 if case numbers continue to subside, while the People’s Daily newspaper reported the proposed starting date as June 27 in a Twitter post on Thursday. The 16-team league is likely to play a compressed, conference-style competition to make up for the time lost while China was locked down after being the epicenter of the virus outbreak.

The number of new cases of Covid-19 in China has been on the decline and domestic travel restrictions are being gradually eased. But the borders remain closed to noncitizens, meaning some of the high-profile foreign players and coaches could be absent when the league gets under way. There has been speculation that fans will be allowed into stadiums from when the league commences, unlike other parts of the world where play in some sports has resumed or is set to begin in empty venues. The head of the Chinese football association last week said clubs should implement temporary player pay cuts of 30 percent to 50

percent to help teams manage losses from the coronavirus outbreak, suggesting sensible negotiations over the contracts. China’s national squad began a training camp earlier this week in Shanghai, complete with three foreign-born players who have been naturalized to qualify for international competition. China’s head Coach Li Tie told national news agency, Xinhua, that he hoped to “leverage this period of time to make our players restore their state on the pitch.” Li said games against club teams Shanghai Shenhua and Shanghai SIPG was part of the preseason training plan. AP

Golf, tennis clubs reopen as restrictions loosen in England L

A GOLFER putts on a green after Sunningdale Golf Club reopened as part of the British government relaxing the coronavirus lockdown measures in Sunningdale, England, on Wednesday. AP

IAM HARRISON missed golf so much that he left his house at 4 a.m. Wednesday to be the first to tee off at his club in Manchester. The 42-year-old Harrison even believes he was the first golfer to play anywhere in England following the loosening of the coronavirus lockdown restrictions on golf courses and tennis courts. Harrison helped put cups into three greens on Tuesday as part of his YouTube series on groundskeepers at Chorlton-cum-Hardy Golf Club, where he is a member. “That got me permission to tee off any time I want,” he said. “This morning I thought I’ll tee off at 5 a.m. and be the first person in the UK to play golf after the lockdown.” British Prime Minister Boris Johnson on Sunday outlined a “road map” for easing the restrictions while maintaining forms of social distancing. “It’s quite safe really,” Harrison said before teeing

joins the cook-off challenge with Upfront host Turs Daza. She will also share how she is keeping busy now that she is back home in Canada during the Covid-19 lockdown. Fans could also expect never-before-seen episodes of “Upfront: What’s In My Bag?” featuring Premier Volleyball League MVP Jema Galanza and Ateneo setter Deanna Wong. Upfront, which received the Anak TV Seal award in 2018, is hosted by Martin Javier, Angelique Manto, Janeena Chan and Turs Daza. The new episodes air at 8 a.m. with replays at 1 p.m. and 6 p.m. on Liga channel 86 and LIGA HD channel 183 on SkyCable and Destiny.

HE National Basketball Association (NBA) and Wilson Sporting Goods Co. announced a multiyear global partnership on Thursday that will make Wilson the official game ball of the NBA, Women’s National Basketball Association (WNBA), NBA G League, NBA 2K League and Basketball Africa League (BAL). The partnership will tip off at different times with the NBA Wilson game ball being used for the first time during the league’s 75th anniversary season in 2021-2022. The other debuts will be during the 2022 WNBA season, 2021-2022 NBA G League season, 2021 NBA 2K League season and the inaugural BAL season. “This partnership with Wilson returns us to our roots as we plan for the future,” Salvatore LaRocca, NBA president for Global Partnerships, said. “We were partners for 37 seasons dating back to when Wilson manufactured the first official NBA basketballs in 1946, and we look

forward to growing the game of basketball together.” “Our commitment to growing the game of basketball on the global stage is at the heart of Wilson and our new partnership with the NBA,” Kevin Murphy, general manager of Wilson Basketball, said. “Our passion for this game and the league runs incredibly deep, as does our history with it. And as we start this new chapter in the game, our focus and energy will be on supporting the league and the players, coaches and fans with the most advanced, highperformance game basketballs possible.” Wilson will manufacture the leagues’ game balls using the same materials, eight-panel configuration and performance specifications as current game balls and will also source the same leather currently used in the NBA. The NBA and its players will work jointly with Wilson to develop and approve the new game ball. AP

off on the 13th hole in his second round Wednesday. “We’re not daft. Just go about the rules.” Sports venues were ordered to be closed in March when Britain imposed a lockdown. Scotland, Wales and Northern Ireland can set their own stance on tennis courts and golf courses. Wales is expected to open golf courses on May 18. The coronavirus has claimed more than 32,000 lives across Britain in a death toll behind only the United States. Golf and tennis clubs were inundated with calls and e-mails from members and the public after Johnson’s announcement to begin reopening. At Kington Golf Club in Herefordshire, officials had hand sanitizers at the 1st and 18th holes, prohibited touching of flags, and set up one-way routes on and off the course. Wendy Douglas, who oversees women’s

tournaments at the club located on the border with Wales, said at least half of their estimated 375 members are retired. “If we follow the guidelines, we should be absolutely fine,” she said. The club is 1,280 feet above sea level, Douglas said, which makes for beautiful views, especially from the 8th tee. “You can see all over Wales and back into England,” she said. “It’s about the highest spot on the course.” About 75 percent of members renewed their subscriptions in April, which is lower than previous years but still “quite good” all things considered, Douglas said. England Golf, the governing body of amateur golf in England, said it’s unclear if pro shops and driving ranges can reopen under the new guidelines. AP

Motoring BusinessMirror

B8 Friday, May 15, 2020

Henry Ford Awards Best Motoring Section 2007, 2008, 2009, 2010 2011 Hall of Fame

Editor: Tet Andolong

SMC, AFP & TMP chip in their usual heart of gold

receive numerous stories day in and day out. Two items caught my eye this week. One came from Jon Hernandez of San Miguel Corp. (SMC) and the other from Nadinne Capistrano of Toyota Motor Philippines (TMP). They dealt on heroic efforts to combat Covid-19—naturally. First, from SMC’s Jon:

“SAN Miguel Corp. completed construction of 10 emergency quarantine facilities for Covid-19 patients, with help from the Armed Forces of the Philippines [AFP]. “The buildings have 15 beds each

for a total of 150 beds. “We thank the AFP for allowing us to build these facilities beside their military hospitals,” said SMC President and COO Ramon S. Ang. “This collaboration will help the government save

more lives, including our military personnel working as front liners during this pandemic. “The facilities were constructed in Westmincom Hospital in Zamboanga [April 22], NOLCOM Hospital in Tarlac [April 23], Eastmincom Hospital in Davao City [April 23], SOLCOM Hospital in Lucena City [April 24], Philf leet in Cavite City [April 28], Veterans Memorial Medical Center in Quezon City [April 29], Centcom Hospital in Cebu City [May 1], Joint Task ForceNCR in Camp Aguinaldo [May 1], CJVAB Hospital in Pasay City [May 6], and WESCOM Hospital in Palawan (May 6). “Mister Ang said it is important to have these facilities ready should the need to isolate more Persons Under Investigation [PUI] arise. He also said SMC is looking to build more such facilities in more areas. “Earlier, SMC turned over five sets of testing machines and test kits to the Department of Health [DOH]. These RT-PCR machines allow for an additional 11,000 tests a day. “ The company also donated additional 20,000 testing tests to the Research Institute for Tropical Medicine [RITM], San

Lazaro Hospital, Vicente Sotto Medical Center in Cebu, and Southern Philippines Medical Center in Davao. The company also donated over 54,000 sets of personal protective equipment (PPEs) to over 100 hospitals nationwide and the Office of Civil Defense. “SMC also donated an additional 10,000 locally sourced and produced PPEs from local garment manufacturers to the Philippine General Hospital.” Thank you to Mr. Ang for his usual philanthropic ways.

From Toyota’s Nadinne:

“BEING the perennial good corporate citizen, Toyota Motor Philippines\energetically chaired by Alfred V. Ty has thrown its support behind Department of Transportation’s (DOTr) ‘Free Ride for Health Workers Program.” “In collaboration with the Toyota Mobility Foundation (TMF), an independent not-for-profit organization aimed at enabling mobility for all, TMP has provided sanitized, ‘Just-In-Time’ transportation services to our frontliners at Philippine General Hospital. “Under this free-of-charge mobility support, up to 10 connected and sanitized shuttles are provided

Ford Philippines Opens

around the clock to cater to the different shifts of the workers to ease their burden. Equipped with a JustIn-Time booking app, this service allows greater certainty in the pickup time at locations close to home for workers for enhanced security. “To reduce the risk of infection, these shuttles are equipped with air purifiers and disposable seat covers replaced periodically, in addition to being frequently cleansed. Drivers and cleaning crew will don personal protective equipment as well. “Said Atsuhiro Okamoto, president of TMP: ‘To express our appreciation to the frontliners for their courage and sacrifice, Toyota partners with the Department of Transportation to support our modernday heroes. We will continue with our commitment to improve the quality of life of Filipinos, especially in these trying times.’ “Pras Ganesh, program director for Asia Region of TMF, added: ‘Using our expertise in mobility solutions, TMF aims to support the Philippines’s health-care workers in their daily commute, by providing a solution that offers peace of mind to maintain their well-being with this sanitized, Just-In-Time free shuttle service.’” “The shuttle service will start from mid-May and operate for a

period of three months, with the potential to be extended based on necessity. “Separately, TMP has also allocated 49 vehicles to various government hospitals, local government units, and other volunteer groups to transport frontliners and other health workers. “Other efforts to help the community include Toyota Motor Philippines Foundation’s [TMPF] donation of PPEs and distribution of rice and grocery packages to families. TMP employees also pooled personal resources voluntarily to provide more PPEs, basic food supply to the less privileged, and monetary support to nonregular employees. “In addition to this, Metrobank Card Corp. is giving Petron fuel rebates to frontliners who are Toyota Mastercard holders.” Do I see Tini Arevalo, the TMP vice president, giving Nadinne a pat on the back for another job well done? PEE STOP I can see that we’re making progress in our determined bid to lick this scourge seemingly in grim grip of the world by the throat. United, we will win. In full faith, God will give us back the life we used to know—and love.

Dealerships in Select AreaS F ord Philippines has opened a number of its Ford dealerships in areas and locations already on general community quarantine (GCQ) starting May 1, 2020, with an absolute priority to ensure a safe and sanitary environment for all Ford customers and dealership employees. Ford Tacloban opened its dealership facility in April 15, 2020 while observing strict safety standards to protect its employees and customers. Meanwhile, all Ford dealerships that opened from May 1 to 4, 2020, including Ford Tacloban, are operating on normal business hours. New and enhanced tools, processes, and policies have been implemented across the Ford dealer network designed to mitigate potential risks and provide peace of mind to anyone visiting a Ford dealership. “We’re keen to have things start returning to the ‘new normal’ across our dealer network, while continuing to keep the health and safety of our Ford customers and entire dealership team as our highest priority,” said PK Umashankar, managing director, Ford Philippines. “Customers visiting any Ford dealership will see very clearly the safeguards that are in place—with all customers required to comply with these protocols—while having all sales and service personnel and functions available to serve them,” added Umashankar. Ford dealers are progressively rolling out within the next few days the following measures to safeguard customers and employees alike: n Anyone entering a Ford dealership, including all dealer employees, contractors, and customers, will have their temperature checked with no-touch infrared thermometers. The dealership layout/floor plan, including customer waiting areas, will be reorganized to ensure appropriate social distancing. All Ford dealer personnel are required to wear face masks and gloves at all times; with a hazardous waste container onsite for disposal of all masks, gloves and other potentially contaminated item. Social distancing rules will be enforced

Vehicle sanitation

All vehicles will be meticulously sanitized after any service visit. Dealers will use recommended cleaning products and procedures to ensure that vehicles are clean and safe when returned to customers.

Remote sales support

Remote sales support with a Ford sales professional will give customers a firsthand shopping experience without them having to leave home.

Finance

Ford dealers will continue working with finance lenders to extend credit terms and defer some monthly payments. Approvals of extensions or deferral support will be at the finance partner’s discretion.

Warranties

Dealer Location

Opening Date – Sales

Opening Date – Service

Ormoc

May 1

April 13

Negros

May 1

May 4

Butuan

May 1

May 4

Dumaguete

May 1

May 4

Roxas

May 1

May 4

Surigao

May 1

May 4

Naga

May 1*

May 4

Isabela

May 2

Bohol

May 4

General Santos

May 4

Palawan

May 4

Dipolog

May 4

Ilocos Norte

TBD

May 5

Cagayan de Oro

May 5

*Operating on limited capacity in all customer interactions, and shaking hands will not be allowed. All Ford dealerships will be thoroughly disinfected three (3) times each day. Hand sanitizer dispensers will be available across the dealerships, particularly in high visibility and high traffic areas

n If an employee is experiencing any flu-like symptoms, he or she will be asked to promptly seek medical advice and return only when/if free of symptoms Ford dealerships will also be implementing the following sales and service initiatives:

All Ford customers whose warranty coverage have expired during the quarantine period are advised to visit their respective Ford dealers to resolve their concerns related to expired warranties. “While opening our Ford dealerships to provide in-person service is a welcome move forward, our aim is to work very closely with each of our dealers to ensure we are providing the most safe and sanitary environment possible,” shared Umashankar. Customers who want to inquire about and purchase a Ford vehicle can also access the various online platforms (official web site and Facebook page) and available hotline numbers of Ford dealerships nationwide. The details can be accessed on Ford Philippines’s Facebook page. The opening of the majority of Ford dealerships located in Luzon (including Metro Manila), as well as some dealerships in Visayas and Mindanao will be scheduled in time for the lifting of the enhanced community quarantine. The remaining dealerships in Visayas and Mindanao in areas on general community quarantine will open upon clearance from their respective local government units. Updates will be posted on Ford Philippines’ social media accounts accordingly.

Places to explore in the Metro with the Kia Picanto

ANY people would travel far and wide just to learn about history, enrich their cultural side, get close to nature, or even explore culinary delights. Yet, did you know that Metro Manila has a wealth of these attractions for those who are willing to explore and discover? One does not have to go out of the city in order to learn about our nation’s colorful past. One does not need to venture too far as well to immerse in our country’s rich cultural heritage. Despite being an urban jungle, there are pockets of land that bring you close to nature along with some very interesting places to satisfy those taste buds. Where can these be found? Traveling back in time: Intramuros, the Walled City, along with Fort Santiago are two of the most visited places when one wants to learn about Filipino history. There is also the famed San Agustin Church run by the Augustinian friars. Museum tours: You don’t need to go to New York’s Metropolitan Museum to get your fill of culture and the arts. Simply visit the likes of the National Museum or Art In Island. Those that want to enrich their knowledge of science might want to check out the Mind Museum in Bonifacio Global City in Taguig. There is also the Dessert Museum—a unique peek into anything that satisfies one’s sweet tooth. Get close to nature: You don’t need to drive too far to commune with nature. Simply head over to the La Mesa Eco Park and take in the fresh air amid a tree-lined backdrop. Tickle your palette: While there are a slew of eateries and restaurants all over the Metro serving a global mix of international cuisine, Binondo Food Crawl and Poblacion in Makati by night are two of the most interesting to date. The former, as the name suggests, can be found in Chinatown and offers some of the best Chinese

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dishes out there. The latter, on the other hand, caters to millennials and treats them to dishes that one would not normally find in at the neighborhood mall. Just like these places, the Kia Picanto also holds a few surprises. For one, its compact dimensions make it the ideal vehicle to explore these cultural, historical, and nature-rich places located in various parts of Metro Manila. This little runabout is powered by either a 1.0-liter, 67ps at 5,500rpm and 95N-m at 3,750rpm motor or a more potent 1.2-liter, 84hp at 6,000rpm and 122N-m at 4,000rpm mill. Both Kappa engines with Dual CVVT technology can be had in either five-speed manual or four-speed automatic transmission. While it may be a small hatchback, the Kia Picanto does not scrimp on features. It’s got a 7-inch Touchscreen infotainment system with Bluetooth, as well as Apple CarPlay and Android Auto connectivity that lets one stay in touch as one goes about touring the Metro. Steering wheel-mounted multifunction controls allow full power without taking one’s hands off the wheel. Plus, there is the added security of a Rearview Camera and Antilock Braking system. It is likewise backed by Kia’s Promise to Care with a five-year/160,000km warranty and 24/7 Roadside Assistance for total peace of mind. And of course, you’ve got the backing of a multi-awarded car brand that is now handled by AC Motors, the Ayala-owned motoring arm. The Kia Picanto is available in four variants with prices as follows: 1.0 LX MT: P590,000 1.0 LX AT: P635,000 1.2 EX MT: P700,000 1.2 EX AT: P745,000 For more information on the Kia Picanto, check out Kia Philippines’s web site by logging on to www.kia.com/ph.