BusinessMirror May 18, 2020

Govt to lose ₧667B from CIT rate cut

By Cai U. Ordinario & Bernadette D. Nicolas

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HE government’s losses due to the reduction in corporate income tax (CIT) may reach at least P667 billion between 2020 and 2027, according to the Department of Finance (DOF).

Finance Assistant Secretary Antonio Joselito Lambino II told the BusinessMirror total revenue losses could reach P625 billion between 2021 and 2025, and P42 billion in the second semester of 2020.

The estimate still does not include specific projections for 2026 and 2027, when CIT is expected to further decrease.

“Our estimate is a revenue reduction of close to P42 billion for the second half of 2020, and P625 billion for the succeeding five years. It is the largest stimulus package through corporate tax reform in the country’s history,” Lambino said.

In a recent webinar of the Financial

REPATRIATED overseas Filipino workers (OFWs) get tested for Covid-19 at the Palacio de Maynila, a bayside events venue converted into a “mega swabbing” facility, on Roxas Boulevard in Manila.

The job prospects for OFWs have been dampened by recessions in host countries as a result of the coronavirus pandemic. ROY DOMINGO

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Executives of the Philippines (Finex), Socioeconomic Planning Secretary Karl Kendrick T. Chua said the government is keen on reducing the CIT to around 20 percent by 2027, earlier than the initial estimate of 2029.

This after Chua said in a presentation to the House of Representatives that the CIT will be reduced to 25 percent from the current 30 percent this year. The target of the government is to implement this by July 2020.

This is part of the repackaged Corporate Income Tax and Incentives Rationalization Act (Citira), which will now be called Corporate Recovery and Tax Incentives for Enterprises Act, or CREATE.

Lambino said after the reduction in CIT this year, the tax will be reduced by one percentage point annually between 2023 and 2027.

With this, the CIT will reach 24 percent in 2023 followed by 23 percent in 2024; 22 percent in 2025; 21 percent in 2026; and 20

percent in 2027.

“The reform will put more money in the hands of businesses to support their employees and reinvigorate their operations post ECQ [enhanced community quarantine], Lambino said.

In the presentation earlier 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 onwards, P89.46 billion in 2021 and P95.36 billion in 2022.

Also included in the CREATE, Chua said, is the longer transition period or additional two years for existing firms receiving incentives. This will cost the government P32.65 billion, or P3.78 billion in July 2020 onwards, P12.55 billion in 2021 and P16.32 billion in 2022.

He said the targeted and timebound tax incentives to support Balik Probinsya, Bagong Pag-asa Program are also included.

Under the CREATE proposal, the Fiscal Incentives Review Board (FIRB) is tasked to improve the governance of tax incentives by tailoring programs to the individual companies’ needs, Chua said.

The original Citira tasked the FIRB, which will be institutionalized, to review and approve all projects seeking incentives from the government. Under the proposal, the Finance Secretary chairs FIRB.

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FOOD PRODUCERS FACE NEW PROBLEMS AFTER LOCKDOWNS

By Jasper Emmanuel Y. Arcalas

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LUCKY Chinatown mall in Binondo, Manila, still decked in Year of the Rat décor, greets visitors for the first time in months as the government implements a modified enhanced community quarantine, allowing select businesses to reopen. In the Chinese Zodiac, the Rat is associated with the hour before and after midnight, representing new beginnings. NONIE REYES

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By Tyrone Jasper C. Piad

EMITTANCES from Filipinos abroad are likely to continue declining in the coming months after recently posting an eight-month low.

Latest data from Bangko Sentral ng Pilipinas (BSP) showed that personal remittances dipped by 10.9 percent to $2.62 billion in February from $2.94 billion the previous month. This was the lowest since remittances registered at $2.55 billion in June last year.

Year-on-year, however, figures were up by 2.6 percent from $2.56 billion in 2019.

In the first two months, personal remittances climbed by 5 percent to $5.56 billion from $5.3 billion year-on-year.

While the February figure showed a month-on-month plunge, ING Bank Manila Economist Nicholas T. Mapa told the BusinessMirror that it was not able to capture the full impact of the pandemic on the remittance flows yet. Lockdowns in major economies in Europe and the United States only started in March, he explained.

“Going forward we expect remittances to take a tumble as immense pressure from work stoppages and lockdowns challenge even the most determined of our OFWs [overseas Filipino workers],” he said.

Citing government data, Mapa said over 230,000 OFWs were already affected by the pandemic as they seek cash assistance.

A study by the Ateneo Center for Economic Research and Development (Acerd) and Institute for Migration and Development Issues (Imdi), meanwhile, revealed that around 300,000 to 400,000 OFWs will be laid off or receive pay cuts amid the pandemic.

That the top host countries in terms of remittances flows are facing possible recession or zero growth is dampening job prospects for the OFWs as well, Mapa said, noting that half of them are major oil exporters—and oil prices are markedly low right

PESO EXCHANGE RATES n US 50.3720

now, which makes their path to recovery longer.

The BSP said the US had the highest share to overall remittances, followed by Singapore, Japan, Saudi Arabia, the United Kingdom, the United Arab Emirates, Qatar, Canada, Hong Kong and Korea.

“All in all, we believe OFWs will continue to fight to get home those remittances, but the challenge posed by Covid-19 appears extremely daunting,” Mapa said.

He said remittances will likely contract by 2.5 percent to 6.7 percent this year.

Former Socioeconomic Planning Secretary Ernesto M. Pernia earlier said that remittances would slip by 20 percent to 30 percent due to the pandemic.

RCBC Chief Economist Michael L. Ricafort, for his part, agreed that OFW remittances could slow down beginning March as many host countries experience the economic pressures caused by the pandemic.

He said that remittances could register nearly zero year-on-year growth or even shrink by at least low single-digit levels beginning March given the current situation.

Still, this can be “offset by some OFWs who could still send money to the Philippines by tapping their savings for the meantime to tide them

over during the lockdowns until the restart of the economies in various host countries,” Ricafort told this newspaper.

Sign of recovery

UNIONBANK Chief Economist Ruben Carlo O. Asuncion, in an e-mail to the BusinessMirror, said OFW remittances may rebound after the lockdown is lifted in host countries, especially those where most of the money transfers occur.

While easing the lockdowns can help recovery, Ricafort said that it would only be seen to pace gradually in the latter part of the year as stringent measures are still in place to contain the virus.

“Positive OFW remittances growth could realistically resume in 2021 largely due to lower base/ denominator effects, provided that the deployment of OFWs also picks up again by 2021, especially for many of those OFWs displaced in 2020 to be able to work again overseas by then,” he added.

Globally, the RCBC analyst said the economy is facing a Ushaped recovery and it could take one to two years given that the virus has been contained already.

Personal remittances grew by 3.89 percent to $33.47 billion last year from $32.21 billion in 2018, according to BSP data.

OCAL food producers must brace for a new challenge after lockdowns are lifted in the country: slower and lower food demand, industry players and experts told the BusinessMirror.

Philippine Institute for Development Studies (PIDS) senior research fellow Roehlano M. Briones said even if food remains essential, demand for these products would still take a blow as Filipinos try to survive the impact of Covid-19.

Briones added that Filipinos may opt to repay debts or even borrow more to recoup exhausted savings to survive post-enhanced community quarantine (ECQ).

“It doesn’t mean all savings will shift to food. Remember, incomes have dropped across the board, and even food demand will not grow as fast,” he told the BusinessMirror.

“We should be in survival mode for months with businesses trying to keep afloat while the situation [moves toward a new] normal,” he added.

Briones said consumers, especially those considered poor, may also cut on their consumption of meat products as they continue to tighten their belts due to lost income and savings.

“The poorest of the poor are somehow now in crisis. Food demand, despite being an essential, would not be as strong as before, in the next few months,” he said.

Briones said the implementation of health safety measures like social distancing in the food-service sector, such as restaurants, as part of the “new normal” would result in lower customer capacity, hence, lesser food demand.

Briones pointed out that small- and medium-sized eateries, particularly carinderias, would take the biggest hit post-ECQ as consumers abide by precautionary measures against Covid-19. Consumers would be afraid to eat now in carinderias. Plus, these eateries have lost a lot of working capital due to the ECQ,” he said.

“Sad to say: this is a full-scale slaughter of micro-, small- and medium-sized food restaurants,” he added.

Continued on A2

A STREET vendor selling bottled water is back in business as vehicles begin to fill the once-empty roads with the easing of Covid-19 lockdowns. NONOY LACZA

n JAPAN 0.4698 n UK 61.6251 n HK 6.4981 n CHINA 7.1006 n SINGAPORE 35.3985 n AUSTRALIA 32.5554 n EU 54.4471 n SAUDI ARABIA 13.4129

Source: BSP (May 15, 2020)

News BusinessMirror

A2 Monday, May 18, 2020

Senate sets hearings to study future virus funding

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HE Senate convenes on Monday as a Committee of the Whole to hear updates on the Covid-19 situation in the country and ascertain how else lawmakers can support the Duterte government’s continuing response to the pandemic.

Senators, still relying on a teleconferencing mode as a health precaution against Covid-19 infection, have asked health officials to join the virtual session as resource persons to provide updates on the situation.

The Senate will discuss updates on the Covid-19 situation in the country as it is set to weigh requests from the Executive for a “Bayanihan 2,” or the second phase of the government response to the pandemic, as the first Bayanihan to Heal as One Act was limited to a three-month shelf life. That law gave President Duterte spending authority to cope with Covid-19 by allowing the realignment of an initial P250 billion in the 2020 budget.

Summoned to “appear” at the teleconferenced hearings of the Committee of the Whole are officials of the Department of Health (DOH) and the Inter-Agency Task Force (IATF) on Emerging Infectious Diseases.

As initially scheduled, the Committee of the Whole hearings will run from Monday to Wednesday (May 18 to 20).

For Monday, senators will listen to a general overview of the situation from DOH and other officials.

For Tuesday, they will discuss updates on the Covid-19 situation with regard to the health situation and the economic impact.

For Wednesday, they will discuss the state of the food, energy and education sectors amid the pandemic.

On Friday, the Joint Congressional Energy Commission will convene a teleconferenced organizational meeting to discuss the effects of Covid-19 on the power sector, initiatives of energy agencies to address the effects of the pandemic, the medium- and long-term forecasts of the power sector in light of Covid-19.

Butch Fernandez

COVID-19 DELAYS PHL-CHINA TALKS ON OIL, GAS DEAL

By Lenie Lectura

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NERGY Secretary Alfonso Cusi said the Philippines and China continue to discuss joint exploration for an oil and gas deal but nothing definite has been arranged yet.

“Supposedly, the second meeting para matapos ang framework was last February pero nagka Covid-19 kaya hindi nagkaroon ng meeting with the committee [Supposedly, the second meeting to complete the framework was set last February, but the committee meeting was cancelled by Covid-19]. But we continue to discuss this with China, but only on director level, [there are no] official meetings. [There’s no operational framework [yet],” said Cusi during a virtual press conference.

There was a meeting between the Philippine and Chinese officials in December last year, following the signing of a memorandum of understanding (MOU) between President Duterte and the Chinese president in November 2018.

Cusi said the Philippines has a memorandum of understanding “with China on how to go on a possible joint exploration so that we can exploit and make use of whatever resources [are] available in the area for the use of our the country. We are still working on that, still working on how we can proceed with the joint exploration.”

He added that a more in-depth discussion between the two countries will likely happen soon.

Also, the DOE earlier received bid nominations for oil and gas exploration areas in waters disputed with China.

The nomination of an area for exploration is one of the two ways by which investors can participate in the DOE’s Philippine Conventional Energy Contracting Program (PCEP). The nominated areas are subject for counter challenge by other prospective bidders.

The other option is choosing an area from the 14 Pre-Determined Areas (PDAs) offered by the DOE. “In our PCEP, we have nominated and predetermined areas. We have no problem with the predetermined areas because that’s within the Philippine exclusivity. We will proceed with that,” Cusi said, in a mix of English and Filipino.

He is aware, though, that investors may take a step back in pursuing exploration of oil and gas reserves in the Philippines due to the coronavirus pandemic.

“We are foreseeing that the investments might be held back by the investors because of Covid. They will be rethinking whether it is worthwhile pursuing the project considering the problem in oil supply issue, whether the oil price will be able to recover....

Let’s be realistic, there will be a tightening of credit, there will be a delay.

Some investors are withholding their capital expenditure,” said Cusi.

So far, Cusi said his office has yet to receive feedback from investors who earlier signified to participate in the PCEP.

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‘WTO chief’s exit adds turmoil to US, China tariff race’

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By Elijah Felice Rosales

HE resignation of the World Trade Organization (WTO) chief could either intensify or defuse the trade conflict between the United States and China, and it will now be up to members to plan out the future of the multilateral trading system, according to experts.

WTO Director General Roberto Azevedo AP/MARKUS SCHREIBER

On one hand, the decision of WTO Director General Roberto Azevedo to quit his post could add turmoil to the tariff race between the world’s largest economies. The US and China will likely end up competing in the lobby for his replacement, and this could result in the implementation of policies bordering on protectionism.

In the view of former Tariff Commissioner George N. Manzano, it is but expected for states to resort to protectionism at the height of the coronavirus pandemic.

An estimated 25 million workers are at risk of going jobless due to the economic impact of the health crisis, according to the International Labour Organization.

This effect on unemployment could trigger governments to enforce policies that would protect their own industries but to the detriment of free trade, Manzano told the BusinessMirror.

“His [Azevedo’s] resignation adds turmoil to the trade war between US and China,” Manzano said.

“We are already expecting countries to resort to protectionism to address the jobs impact of the pandemic.

With Azevedo stepping down and with WTO’s relevance in question, it could be worse for the multilateral trading system.”

See “WTO,” A4

Virus, ASF impact on global trade cuts 4-mo meat imports

By Jasper Emmanuel Y. Arcalas

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HE country’s meat imports from January to April fell by 2 percent to 267,916.831 metric tons (MMT) due to disruptions in global trade caused by the Covid-19 pandemic and African Swine Fever (ASF).

Total meat imports during the four-month period declined by nearly 53,000 MT from 273,208.717 MT in the same period last year, Bureau of Animal Industry (BAI) data analyzed by the BusinessMirror showed.

BAI data showed that the 97-percent increase in chicken meat imports was not enough to offset the -46 percent decline in pork imports

during the reference period.

Chicken meat imports, which accounted for 54 percent of total meat imports, rose by 46.5 percent to 144,780.558 MT from 98,827.846 Imports of chicken cuts more than doubled to 18,667.207 MT while imports of chicken leg quarters rose by more than a third to 38,398.612 MT, BAI data showed.

BAI data also showed that imports of mechanically deboned meat (MDM) of chicken expanded by 40.4 percent to 84,852.008 MT as local meat processors sustained operations to ensure supply of processed meat products amid the months-long community quarantine in Luzon.

Pork imports during the four-month period declined by 46 percent to 62,658.99 MT from 116,182.773 MT recorded in the January-to-April period of 2019, BAI data showed.

Industry players have pointed out that pork has become too expensive in the global market as ASF continues to disrupt world meat trade.

BAI data showed that buffalo meat imports declined by 10 percent to 11,792.728 MT, while beef imports rose 6.3 percent to 47,651.198 MT. BAI data also showed that lamb meat imports nearly doubled to 461.058 MT. See “Virus,” A4

Food producers face new problems after lockdowns Continued from A1

For local producers like broiler raisers, the lost of demand, due to the shutdown of restaurants and food-service sector, has been the cause of millions in losses as it resulted in a domestic supply glut.

In fact, United Broiler Raisers Association President Elias Jose Inciong remains wary that food demand would return to normal once ECQs and GCQs are lifted in the country.

They are preparing for a worstcase scenario, wherein local output would not be able to meet any possible increase in demand as broiler raisers have reduced production due to low prevailing farm-gate prices, Inciong added.

He doesn’t see demand being “back pretty soon. Our worst-case scenario, assuming there’s increase in demand, [is that] production would be down relative to demand, but it would only be temporary,” he told the BusinessMirror.

Cold Chain Association of the Philippines President Anthony S. Dizon said food demand post-lockdowns would boil down to “consumer behavior.”

“The question now is, will there be a mad rush in demand?

And how quickly [will] the economy in general be able to rebound?”

Dizon told the BusinessMirror.

“But I would assume that the first thing consumers will do is to recover their savings. They may reduce their food consumption, par-

ticularly dining out,” Dizon added.

Dizon said the lifting of ECQ and GCQs would also put pressure on the cold-chain industry as they have to prepare to cater to all the unloading requirements of their clients.

“Once the food-service sector operations return, then demand for deliveries from cold storage would increase. The question for us is, do we have the capacity to load and cater all deliveries at once?” he asked.

Dizon added, “How many trucks are needed? Can you imagine if McDonald’s, Jollibee, KFC and all restaurants return to normal operations? That is one of our anxieties.”

News BusinessMirror

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Despite potential higher deficit, House to push for P568-B spend

By Jovee Marie N. Dela Cruz @joveemarie

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HE House of Representatives will “strongly push” for the proposed P568-billion Philippine Economic Stimulus Act (Pesa) for 2020, even if it will result to an additional 3-percent deficit, a leader of the House of Representatives said on Sunday.

House Committee on Ways and Means Chairman Joey Sarte Salceda said the proposed bill will be presented to the plenary on May 18 as agreed upon by the leadership of the lower chamber.

Salceda said this package is an employment-protection stimulus for 30 million workers.

This substitute bill on the proposed Pesa, however, is far from the proposed P160-billion recovery program of the government to help the economy after a lockdown against the coronavirus 2019 (Covid-19) pandemic.

With this stimulus proposal of the House, a source from an economic government agency said the country’s budget deficit is seen bloating to 11.1 percent of gross domestic product (GDP) this year, even breaching government’s projection of 8.1 percent deficit to GDP ratio.

The source added it will go “beyond sustainable fiscal space for the moment.”

Mass testing

TO facilitate faster economic recovery and ensure safe working environment, mass testing for Covid-19 shall be done in places and business activities in the country where higher possibility of transmission of Covid-19 may occur or have occurred, the bill proposes.

Under this substitute bill, P10 billion will be allotted for massive testing this year.

The bill also provides P110 billion for payroll expense subsidy, which requires retention for an employee to qualify. This will include selfemployed, free lancers and overseas Filipino workers (OFWs).

The bill said P30 billion will be allotted for the “cash-for-work” program of the Department of Labor and Employment.

The proposed Pesa also expands the existing loan programs for MSMEs of the Small Business Corp.

(SB Corp). For the implementation of the programs, P50 billion will be allotted this year.

The bill also mandates the Land Bank of the Philippines (LBP) and the Development Bank of the Philippines (DBP) to introduce an interest-free loan program. MSMEs and those in the fishery sector are being prioritized for the program.

Loans, assistance

THE measure provides a loan guarantee by Philippine Guarantee Corp., which will receive P40 billion as “special guarantee fund” to MSMEs. The bill said P10 billion will be allocated to the trade and industry department as additional assistance to MSMEs. This move seeks to help 1 million establishments and provides 3.6 million jobs.

The bill also seeks P58 billion for the Department of Tourism.

The measure also provides P44 billion to the Board of Investments (BOI) for grants and technical assistance to business entities engaged in exporting or importing, and those manufacturing new products and services to meet the needs of the domestic market, in order to restore or identify new global market trends to increase competitive advantage.

Also, a total of P75 billion will be allotted to the Department of Transportation (DOTr) as assistance to the transportation industry.

It also provides assistance to the country’s Agri Fishery worth P66 billion.

To minimize permanent damage to the economy and enable faster recovery of certain critically impacted businesses vital to the economy but have been severely and adversely affected by the Covid-19, the bill allocates P25 billion this year to the National Development Co. (NDC).

2021 allocation

THE Pesa also seeks allocation for 2021 to the tune of P10 billion for massive testing next year and of P25 billion as loan assistance for MSMEs under SB Corp.

The bill also seeks and additional P20 billion as loan guarantee of PGC and another P25 billion for NDC next year.

Also, the proposed Pesa seeks P650 billion for three years starting 2021 for and enhanced “Build, Build, Build” (BBB) infrastructure program. Salceda said he expects the enhanced BBB to create 1.5 billion jobs.

For next year, the proposed allocation for BBB is P216.6 billion.

With a report from Bernadette D. Nicolas

Editor: Vittorio V. Vitug • Monday, May 18, 2020 A3

Survey of MSMEs may allow govt to identify who’ll get money first

By Cai U. Ordinario

EXCLUSIVE

HE National Economic and Development Authority (Neda) says the next survey for micro, small, and medium enterprises (MSMEs) that it will conduct will determine which industries will be prioritized for government funding.

Socioeconomic Planning Secretary Karl Kendrick T. Chua told BUSINESSMIRROR that the next survey will be conducted again this month.

In a recent presentation, Chua said the government will be investing P50 billion for the Land Bank of the Philippines (LBP) and Development Bank of the Philippines (DBP) to allow them to help ailing industries. (See: https://BusinessMirror.com.ph/2020/05/15/p160billion-recovery-program-usesstate-banks-for-msme-funding/) “We are doing a survey again in May to get more updated data and we will use all data including GDP [gross domestic product] and LFS [Labor Force Survey] to better target support,” Chua said.

The latest GDP data is for the first quarter, which was released two

weeks ago, while the latest LFS data was collected in January, before the pandemic hit the country.

Philippine Statistics Authority (PSA) Assistant National Statistician Wilma A. Guillen said the latest LFS, which gathered information for April 2020, will be released in June.

Chua said despite this, the Neda can still make accurate estimates of the impact of the crisis on specific industries using the available data.

“We have a phased and adaptive program. So [it’s] never too late to use the latest data,” the country’s chief economist assured this newspaper.

Based on documents earlier obtained by BusinessMirror, in terms of income, the industry that was most affected by the enhanced community quarantine (ECQ) were in the arts, entertainment, and recreation sector, where sales declined by 82.3 percent.

It is estimated that 18,661 firms in the sector were closed when a lockdown was imposed; only 1,874 firms remained open from March 17. It is expected that the firms in this sector that closed will remain closed for the

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remaining nine months of the year.

This was followed by tourism, which saw revenues plunge 81.9 percent with 29,147 firms closed during the ECQ and only 2,686 firms were open during the lockdown. It is also expected that firms in this sector will remain closed for nine months this year.

In terms of job losses in the top 10 hardest hit sectors, the construction and education sectors were the most affected with 689,974 and 130,514 jobs lost, respectively.

This was followed by the repair of motor vehicles and motorcycles (74,758 jobs lost during ECQ), tourism (51,446), and finance and insurance activities (41,027).

Meanwhile, among consumers, the Neda and DOF survey showed 44 percent of respondents said their income was not enough to meet their basic needs.

At least 44 percent of nongovernment worker respondents said they lost their jobs or sources of incomes.

Registration on track

NATIONAL Statistician Claire Dennis S. Mapa told BusinessMirror over the weekend that the government remains on track to registering

Immigration employees test negative for Covid-19

By Joel R. San Juan @jrsanjuan1573

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FFICERS and personnel of the Bureau of Immigration (BI) assigned at the Ninoy Aquino International Airport (Naia) have been tested negative for the coronavirus disease 2019 (Covid-19).

This was announced by BI Commissioner Jaime H. Morente following a test conducted on 125 more immigration personnel at the Naia.

It can be recalled that last April, around 206 immigration officers assigned at Naia and 150 personnel assigned at the BI’s Main Office tested negative for the virus.

Last week, the BI also tested 159

at-risk inmates and personnel of the BI Warden Facility.

The second batch of rapid antibody-based testing was conducted for immigration personnel assigned at Naia on Friday, in an effort to curb the spread of the virus among its ranks.

“We are targeting to roll out mass testing among our frontline officers who are one of the most at risk in contracting this virus, being the first that international travelers encounter during their arrival in the country,” Morente said.

“We are initially implementing this at Naia, as well as our main office. We are planning to conduct testing in our other offices nationwide as well,” he added.

“Thankfully, all tested negative during the rapid testing, but this does not mean that we will lower our guard,” Morente said.

Morente attributed this zero Covid-19 cases of its Naia personnel to strict protocols in the use of PPEs (personal protective equipment) in the conduct of officers’ duties “as well as the implementation of strict social distancing in all our offices.”

The BI said officers with direct contact to Covid-19 passengers, senior citizens, pregnant women, and those with underlying medical conditions, officers who processed repatriation flights, as well as primary and secondary inspectors are being prioritized in the conduct of rapid testing.

5 million household heads this year.

Mapa said the PSA will coordinate with the Department of Social Welfare and Development (DSWD) to identify the head of 5 million lowincome households.

He said it is hoped that after these household heads will be given National IDs, they can already open their own bank accounts and receive future government subsidies.

“We are targeting at least 5 million household heads from low-income households as our priority for this year,” Mapa said. “We will be coordinating with the DSWD on this.”

Mapa said the PSA aims to register majority of Filipinos and resident aliens by the end of 2022.

He added that the government has begun the procurement of the “Systems Integrator,” which is the final and critical prerequisite for registration.

The Systems Integrator will ensure that major components of the PhilSys are seamlessly interconnected and fully functional.

These components include the registration kits, automated biometric information system, and card production and data centers.

DFA notes more recoveries among overseas Filipinos

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HE Department of Foreign Affairs (DFA) yesterday said Saturday marks the fourth consecutive day of more recoveries than new confirmed casesandfatalitiesamongFilipinosabroad as reported by our Foreign Service Posts.

The DFA said there were 35 new recoveries and 30 new confirmed cases in the Americas, Asia and the Pacific, and Europe. There were also five new deaths across the Americas, Europe, and Middle East, bringing the total to 274 deaths and 874 recoveries.

Based on the latest figures, the DFA said “[the] Asia and the Pacific [region] still has the most number of recoveries and lowest in mortality.”

Europe and Middle East remain as leaders in terms of total number of confirmed Covid-19 cases among nationals abroad, followed by the Americas.

Recto Mercene

Abu Sayyaf members slain in Sulu firefight–military

Philippine Red Cross set to open Covid-19 testing center in Subic

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I

HREE alleged members of the Abu Sayyaf Group (ASG) were killed on Saturday in anhour long firefight with soldiers in Sulu, the military reported on Sunday.

Five soldiers were also wounded during the morning clash at Barangay Danag in the town of Patikul, according to Major Arvin Encinas, spokesman of the Armed Forces Western Mindanao Command (Westmincom).

Encinas said that elements of the 21st Infantry Battalion engaged around 20 individuals as augmenting troops delivered fire support and blocked the ASG unit’s withdrawal routes.

As a result, an ASG member was killed while an M16 rifle was recovered along with several rifle magazines and personal belongings.

The military assumed the ASG unit they engaged may have incurred more casualties based on the bloodstains found on their position.

According to Lt. General Cirilito E. Sobejana,

Westmincom will “sustain security operations against the terrorists until we win the peace in Sulu and other parts of Western Mindanao Command area of operations.”

Meanwhile, the military also said that it has killed 15 alleged members of the New People’s Army in a series of operations in the boundary of Gingoog City and Agusan del Norte.

The alleged NPA guerillas were killed during the skirmishes from May 10 up to 13, according to military spokesman Brig. Gen. Edgard Arevalo.

According to Arevalo, among those killed were four leaders of the NPA’s Guerilla Front 4A (GF4A).

He identified the four as Ian de la Rama, alias “Gian;” Rio Amor Yuson, alias “Lema,” a finance officer; Paquito Namatidong, alias “Sangka,” a platoon leader leader; and Peter Mansaginda Pinakilid, alias “Aloy,” political officer of GF4A.

Rene Acosta

N a bid to prevent the further spread of the coronavirus disease 2019 (Covid-19) in Zambales and its neighboring provinces, the Philippine Red Cross (PRC) is set to open a bio-molecular laboratory at its logistics and training center located inside the Subic Bay Freeport Zone.

Sen. Richard J. Gordon, PRC chairman and CEO, said the laboratory has already been completed and awaiting the conduct of proficiency testing by the Research Institute for Tropical Medicine for accreditation.

Gordon said the center was built with the support of donors and the Subic Bay Metropolitan Authority (SBMA).

“Our aim is to ensure victory over the virus. We have to unmask the unseen enemy so we could isolate and treat

those who are infected and prevent the further spread of the disease,” he said.

“That’s why we are setting up several laboratories across the country.”

Gordon said that once the facility becomes operation, health workers from the SBMA, headed by lawyer Wilma Amy T. Eisma, will conduct the swabbing and encoding at the SBF’s Main Gate while the actual testing of the specimens will be done in the PRC laboratory.

The PRC, which has the distinction of being the only Red Cross national society with a biomolecular laboratory system, already opened two testing centers that are both equipped with polymerase chain reaction (PCR) machines that can run up to a combined total of 8,000 tests a day. These centers are also equipped with automated RNA-extraction machines.

Last Friday, the Department of Health also accredited PRC’s third testing center in Port Area, Manila. Like the first two, the Manila laboratory is also equipped with four PCR machines that are also capable of processing up to a total of 4,000 tests a day.

Gordon said the soon to be opened facility in Subic is also equipped with an automated RNA-extraction machine and two PCR machines, which can complete up to a total of 2,000 tests combined.

Gordon emphasized the need to conduct testing citing 16 confirmed cases in Zambales, 11 in Olongapo and 110 in Bataan this month.

He said in Tagalog there’s a need to know where the “enemy” is, referring to Covid-19, to arrest the number of infections.

Six local government units approve inclusion in ‘Balik Probinsya’ program

By Manuel T. Cayon @awimailbox Mindanao Bureau Chief

D

AVAO CITY—Six local governments, four of them in Mindanao, have agreed to accept disadvantaged local migrants in big cities back to their localities in the “Balik Probinsiya” (return to the province) program.

The Mindanao Development

Authority (MinDA) identified the localities as Zamboanga del Norte, Kauswagan in Lanao del Norte, Malaybalay in Bukidnon and M’lang in North Cotabato, all in Mindanao. The other two provinces outside Mindanao are Leyte and Camarines Sur. The program has been upgraded to tap the returning families, now residing in cramped residential areas in Metro Manila, Cebu and Davao, to be engaged in a specific economic

activity that has been already identified by these willing LGUs. The industries identified would be supported by any or all of the 22 national government agencies that have been tasked to provide the assistance.

Kauswagan town has identified vegetable farming and organic broiler production as their focused industry for these returning residents. Officials in Malaybalay said they would also tap their returning

residents in vegetable farming and strawberry growing.

The town of M’lang has opted to organize an organic native chicken growing with complete value-chain support network. The entire Zamboanga del Norte province was likely to go into agriculture or fisheries-based industry and hoped that the program could help it get away from the list of poorest provinces in the Philippines.

Each of these willing LGUs was

willing to accommodate as many as 200 families.

Secretary Emmanuel F. Piñol, chief of the MinDA, said on Saturday that the program would like to correct the “wrong” policy in concentrating development in the urban centers while neglecting the needs of the poor in the countryside.

Piñol also rebutted a claim by a former academician that the move was merely a recycled program of

“throwing poor families back to the countryside.”

He said the program was now being supported by 22 departments and agencies and was “not just a reaction to the problems seen in the containment of a pandemic like the Covid-19 [coronavirus disease 2019] in over-populated areas, but an admission by the government of flawed policies in the equitable sharing of government resources.”

Agriculture/Commodities

A4 Monday, May 18, 2020 • Editor: Jennifer A. Ng

BusinessMirror

www.businessmirror.com.ph

Banana output declines to 4-year low in Q1

B

By Jasper Emmanuel Y. Arcalas

@jearcalas

ANANA production in the first quarter fell to its lowest level in four years, as Fusarium wilt affected over 30,000 hectares of banana plantations and reduced output by 2.43 percent year-on-year to 2.063 million metric tons (MMT).

Philippine Statistics Authority (PSA) data obtained by the BusinessMirror showed that banana output from January to March declined by 51,389.60 metric tons (MT), from last year’s 2.114 MMT. Historical PSA data showed that this is the lowest first quarter output for the fruit in four years since the 2.048 MMT recorded in 2016. ”The main reason for the de-

WTO. . .

cline would be Fusarium wilt,” Pilipino Banana Growers and Exporters Association (PBGEA) Executive Director Stephen A. Antig told the BusinessMirror.

Antig estimated that around 20 percent of the country’s area planted with bananas have been damaged

by Panama disease.

As of March, he said, the disease has already affected about 30,000

hectares to 40,000 hectares of banana plantations in Mindanao.

PSA data obtained by BusinessMirror showed that the production of Cavendish banana declined by 3.11 percent to 1.158 MMT, from 1.195 MMT in the same period last year.

Cavendish production accounted for 56 percent of total banana output, PSA data showed.

Antig said the decline in local banana output will continue in the remaining quarters of the year due to the spread of Fusarium wilt and unfavorable weather

continued from a2

He warned that the US will look at the resignation as an opportunity to elect someone it believes will favor its interests.

Last year, the WTO faced arguably one of its toughest financial challenges yet, as Washington—its largest budget contributor at 12 percent—tried to block the tabled $200-million funding for 2020 on frustrations against the Appellate Body.

The Appellate Body, the supreme court of world trade, is operating with just one seating judge of the seven available seats.

The chamber can only hear and resolve trade disputes with a quorum of three judges, and the US has been preventing the nomination of any new member. Under the Trump administration, the US is testing the waters of free trade by raising tariffs on Chinese imports.

“It should also be expected that the US will lobby for the election of a WTO chief who will act on its complaints against China on the subsidy of state-owned enterprises, intellectual property violations, among many others,” Manzano said.

On the other hand, lawyer Anthony A.

Abad of Abad Alcantara and Associates said Azevedo’s resignation could ease tensions between the US and China at the WTO. For him, with the WTO leadership up for grabs, there is the opportunity to appoint a director general that is perceived by the rival superpowers as impartial to both their interests.

“The US feels there is a need to change the leadership; therefore, Azevedo’s resignation might diffuse some of the tension maybe,” Abad told the BusinessMirror.

“Azevedo was not able to manage the USChina situation. The next director general should be able to handle that, and should be acceptable to both US and China,” he added.

Moreover, Abad said the pandemic presents an opportunity for members like the Philippines to show why free trade is relevant, especially in times of crisis like this. “ T he k nee -jerk react ion of loca l gover nments wou ld be to resor t to protect ionism because of t he job losses,” A bad a rg ued. “ T he c ha l lenge now for members who bel ieve in mu lt i l atera l

t rad ing system is to show t hat f ree t rade work s.”

He cited the case of the Philippines, where he said the most pressing problem of communities—pandemic or not—is hunger, and this could be resolved if food supply is interconnected and movement of goods is unhampered.

“Initially, Azevedo’s resignation will throw a big question mark on the WTO and its relevance. In the long term, since he left a vacuum, it opened up the opportunity for change and transition, and for members like the Philippines to plan out the future of the organization,” said Abad, who represented the country in some of its cases in Geneva.

Last week, the WTO chief declared plans to step down on August 31, exactly one year before his second term ends, to allow for the immediate selection of his successor.

During his leadership, Azevedo faced the fallout from the trade conflict between the US and China. The tariff race between the world’s largest economies virtually put to question the relevance of multilateral trading rules in this day and age.

Kids rescue juvenile owl, victim of habitat loss. . .

The endangered scops owl, scientifically known as Otus Megalotis is endemic to the Philippines.

It could have been abandoned by its parents after the destruction of their local habitat, surmised Tamoria.

“The scops owl was found perched at an alatires tree by children playing at the foot of a hill that was once a forested area,” he said. He added that the area was recently developed into a human

settlement area.

“Actually, the owl could have been abandoned. It’s a victim of habitat loss,” he said.

The children tried to set the bird free but it couldn’t fly. A certain Irma Diaz, a parent of one child and a resident of St. Anthony Subdivision, Barangay Tagpos, Binangonan, then took custody of the owl and reported it to the barangay.

Tamoria lauded residents for heeding the call of Environment

Secretary Roy A. Cimatu not to harm wild animals, as more sightings of wild animals were observed in many parts of the country since Covid-19 forced many parts of the country on lockdown.

Cimatu had appealed last week to the public not to harm wild animals if they show up in urban areas amid increasing reports of sightings, particularly in Region 4A or the Calabarzon region.

“With the increased sightings of

conditions. These factors, Antig pointed out, would pull down total banana shipments this year. ”Production will continue to decline, especially with the heat we are experiencing right now. Small and medium growers will be gravely affected by the drought,” he said. ”And even if you have installed irrigation systems, if the drought persists, then water in your impounding system will eventually dry up, which has happened in the past,” he added.

Economist Pablito M. Villegas echoed Antig’s sentiment that the drought would be a huge problem for banana growers as it will result in the lower productivity of trees.

“Expect full-year banana production and exports to decline due to drought and impact of Panama disease,” Villegas told the BusinessMirror. ”Our rainy season is late. It should be raining by now.”

Despite the decline in output, Philippine banana exports in the

Virus. . .

first quarter grew 10.71 percent to 1.18 MMT, from last year’s 1.066 MMT, PSA data obtained and analyzed by the BusinessMirror showed.

PSA data also showed that the value of total exports during the period went up by 1.73 percent to $489.154 million, from $480.805 million recorded a year ago.

PBGEA expects shipments to drop by as much as 40 percent in terms of volume this year due to the spread of Fusarium wilt, climate change, and the aggravating impact of the coronavirus disease 2019 on trade.

The country’s banana shipments in 2019 reached a record-high 4.4 MMT, which was valued at nearly $2 billion, PSA data showed.

Antig said a ”best-case scenario” would be a 20-percent to 23-percent reduction in export volume, which he noted is “not bad,” given the challenges currently confronting the industry.

continued from a2

In an earlier interview, Meat Importers and Traders Association (Mita) President Jesus C. Cham said many industry players are now facing a “cash crunch” after incurring huge losses since the start of the ECQ due to the shutdown of clients and lack of cold-storage space to store their goods.

Mita estimates that importers and traders are incurring losses of about P15.485 million every day as they cannot unload stocks in cold storage due to lack of market worsened by shipments idle on shore.

This is equivalent to cumulative losses of nearly P700 million to P929 million, based on the lockdown duration of 45 to 60 days.

The Cold Chain Association of the Philippines estimates that cold storages are already 95 percent full, with meat products

accounting for bulk of the content.

Local producers like United Broiler Raisers Association (Ubra) have been urging the Department of Agriculture (DA) to suspend the importation of poultry meat and poultry products to ease the local glut and avert the possible collapse of the poultry industry.

In an earlier letter to Agriculture Secretary William D. Dar, Ubra President Elias Jose Inciong said the “oversupply of broilers in the market” has “gravely damaged the poultry industry.”

The glut in local production, caused by a confluence of events such as higher output, closure of markets and high import inventory, has pulled down farm-gate prices below profitable levels for small and medium growers.

continued from a8

wild animals occurring in the Calabarzon region, it is important that we remind the public to leave them alone, unless they are sick, orphaned or injured as we have wildlife experts who can take care of them,” Cimatu said in a statement.

Early this month, two juvenile species of Brahminy kite (Haliastur indus) were spotted and rescued in Barangay Santo Tomas, Mabini, Batangas.

The DENR chief said it appears

that the restrained human activities resulting from the ECQ was helping nature and biodiversity rediscover their natural spaces.

“According to our wildlife experts, animals feel much more comfortable going around because there are fewer people in the streets and public spaces because of the continuing ECQ,” Cimatu pointed out.

Cimatu warned that human interference with wildlife could result in disease or injury, and taking the

animal out of the wild limits its chances of surviving.

Where an animal is in need of help, Cimatu said it requires specialized care to recover and return to the wild, that is why it is important to report cases of sick, injured and orphaned wildlife to the BMB. Possession, transportation and importation of wild animals are regulated under Republic Act 9147 or the Wildlife Conservation and Protection Act of 2001. JonathanL.Mayuga

Firms, returning workers caught in a bind by public transport ban. . .

Survey: Most workers worried

HOWEVER, the government’s apparent failure to plug loopholes in the back-to-work scenario may be behind the results of a survey showing most workers reluctant to go back to their worksites on Monday.

Initial results of a study conducted

by PhilCare, a health-care service provider, showed 60 percent of Filipinos are still not comfortable going to work despite the over two months of community quarantine in many parts of the country.

Secretary Lopez has since then retracted his statement after receiving flak online, mostly from labor groups and workers themselves.

In a Facebook post, Alan A. Tanjusay, spokesman of the Associated Labor Unions-Trade Union Congress of the Philippines, said Lopez appears to be out of touch with what’s actually going on in the ground.

“His ideas are always out of touch, disconnected with reality. It was he who said last time that employees should rent apartments in the NCR to cope with the lockdown,” Tanjusay

wrote, referring to Lopez’s previous statement that workers from the provinces who work in Metro Manila should rent a unit in the nation’s capital to be able to go to work under the lockdown.

Workers argued that they have the right to refuse to work under Section 6 of Republic Act 11058, or the Occupational Standards and Health Act, given that the government has yet to do mass testing to identify Covid-19 carriers.

Under the modified enhanced community quarantine in Metro Manila, work in many sectors was permitted to resume. However, firms are required to provide shuttle service for their workers, as all modes of public transport remain prohibited.

The modified lockdown in Metro Manila, as well as in several areas of the Philippines, will be in effect until May 31.

Labor’s warning

THE government’s “haphazard” implementation of the resumption

of more businesses in Metro Manila and other areas under MECQ on Monday can lead to further Covid-19 infections, labor groups warned on Sunday.

They said the IATF made the decision without ironing out the gaps in its workplace Covid-protocols and allowing public transportation in MECQs. Employees are expected to go to work either through shuttles or other transportation provided by their employers, or through private vehicles, like car, bikes, and motorcycles.

If neither of these option is available, as in the case of those employed by micro, small, and medium enterprises (MSME), they may have to walk to work.

The TUCP, however, said the lack of public transportation as well as the validation of IDs in checkpoints could cause significant traffic in checkpoints, where workers could be exposed to Covid-carriers.

Presidential spokesman Harry Roque said workers of allowed in-

dustries, who will come from general community quarantine (GCQ) going to MECQ or vice versa, could pass through checkpoints easily as long as they carry their work ID and another ID showing where they live.

Voluntary negotiation

SENTRO ng mga Nagkakaisa at Progresibong Manggagawa (Sentro) Secretary-General Joshua Mata said labor unions are trying to address the issue by negotiating with management for transportation during the MECQ. Mata and Tanjusay said their affiliate unions from large companies were able to successfully negotiate for shuttle services. Unfortunately, they noted this is not true for most MSMEs. “Should their employers be unable to provide such, then it should be clear that being late or being absent for lack of transportation should never be taken against them,” Mata said.

Par tido Mang gagawa (PM)

Chairman Renato Magtubo said the issue could have been addressed had the joint guidelines of DOLE and the Department of Trade and Industry (DTI) for workplace prevention of Covid-19 made it mandatory for companies wishing to operate in MECQs to provide transportation or near-site accommodation to their workers.

Areas which remain under MECQ up to the end of the month include the National Capital Region (NCR); municipality of Pateros; as well as the provinces of Bulacan; Nueva Ecija; Pampanga; Zambales and Laguna; and Angeles City.

PhilCare survey

MEANWHILE, the PhilCare survey showed 60 percent of Filipinos worry about going to work because they fear being infected.

It also said 77 percent of the 400 respondents of the telephone survey were not comfortable leaving their homes.

Their most cited reason was the fear of getting infected with Covid-19

continued from a8

as well as the possible second wave of the spread of Covid-19 in the country.

But even if workers in MECQ areas have such concerns, they would likely be forced by their employers to go back to work or face possible sanctions.

The Department of Labor and Employment (DOLE) said the lack of public transportation as well as the ongoing Covid-19 crisis are insufficient grounds for a worker to refuse to go to work, citing the OSH Law. “If employer is observing the minimum health standards, workplace is not in imminent danger, refusal has no basis,” Labor Undersecretary and officer-in-charge Benjo M. Benavidez told BusinessMirror in SMS. Given such a situation, he said absences of a concerned worker will be unpaid. However, he stressed they are unlikely to be immediately retrenched because of the incident.

“Termination, though, is too harsh a penalty for the first offense,” Benavidez said.

The World BusinessMirror

Editor: Angel R. Calso

Vaccine nationalism puts global advocate on Covid-19 front line A

Monday, May 18, 2020

A5

China faces angry world seeking virus answers at WHO meeting

A

s the coronavirus spreads around the world and the death toll tops 300,000, it’s sparking a race for a vaccine that could leave poorer nations behind. Seth Berkley saw it coming.

“The natural instinct of political leaders is to protect their own populations,” said Berkley, chief executive officer of Gavi, the Vaccine Alliance, an international organization that aims to improve access to inoculations against deadly diseases. “Of course that’s what they should do, but they need to understand part of that is making sure the world is protected.”

Covid-19 has sparked an unprecedented research mobilization, with developers globally working on as many as 100 experimental vaccines.

As nations rush to ease lockdowns and restart economies, concerns are growing that some will try to secure early supplies of a vaccine, the strongest bulwark against the spread of disease, for themselves.

AstraZeneca Plc CEO Pascal Soriot said the UK will take priority for the University of Oxford’s fast-moving effort to develop a shot. French drugmaker Sanofi’s vaccine that received funding from the US will likely be used there initially, CEO Paul Hudson said last week.

Sanofi said later that its vaccine would be available to everyone.

Two-tiered world

The prospect of a two-tiered world has sparked outrage. French officials said the idea of the US being first is “unacceptable.” More than 140 world leaders and experts called for a free, swiftly available “people’s vaccine.”

Berkley is at the center of a high-

stakes bid to ensure equitable distribution. The European Commission has raised €7.4 billion ($8 billion) for global vaccine access, and governments and charities have contributed to the Coalition for Epidemic Preparedness Innovations, an Oslobased nonprofit that’s funding a number of Covid-19 projects. But the effort will still require countries and drug companies to put global interests ahead of their own.

Holes in the immunization shield create risks. Despite decades of progress against measles following the introduction of a shot in the 1960s, the World Health Organization flagged a potential resurgence after 800,000 cases last year, largely due to unvaccinated pockets. The coronavirus could do the same.

“If you have perfect control, but the countries around you don’t, the virus will move,” Berkley said in an interview. “We’ve proven that now, time and time again.”

Universalizing immunizations is Gavi’s business. The organization has supported the vaccination of more than 760 million children and accounts for about half of global childhood shots for measles, polio, whooping cough and other illnesses. Berkley is proposing a proven financing measure, called an advance market commitment, designed to push vaccine makers to invest in production capacity, speed up global deployment and

provide shots at affordable prices.

‘Uphill climb’

A decade ago, Gavi entered such an arrangement with Pfizer Inc. and GlaxoSmithKline Plc to provide pneumonia vaccines. A 2016 agreement with Merck & Co. helped create a stockpile of Ebola vaccine later used in the Democratic Republic of Congo.

Gavi and its partners face an “uphill climb” in any negotiations with drug companies over Covid-19 shots, said Kate Elder, a policy adviser at Doctors Without Borders. In markets with only one or two suppliers, prices tend to stay relatively high, she said.

While Elder said she’s “cautiously optimistic” about the campaign to widely distribute potential Covid-19 shots, it’s “very hard to believe that there isn’t going to be some of the usual dynamics at play in terms of the highest bidder getting first access.”

Berkley estimates it will cost about $2 billion to vaccinate his first target—20 million nurses, doctors and other health workers—and create a stockpile for the neediest regions. Immunizing the world could cost tens of billions of dollars, he said.

“One of the challenges is going to be trying to get a universal agreement on this, and that may be tough, but you want as many groups who agree with this as possible,” Berkley said.

The ability to bring government, industry and nonprofit officials together will be crucial when—and if—scientists deliver a vaccine. Government funding efforts and commitments to impartial distribution have encouraged Tore Godal, the founding director of Gavi. But he doesn’t want to repeat the panic of the 2009 H1N1 flu pandemic, when wealthier countries rushed to secure supplies, leaving poorer regions behind.

“Finding mechanisms to prevent

that from happening is very important,” said Godal, who recommended Berkley for Gavi’s top spot nine years ago. “But you also have to be realistic.

Each leader of a country obviously has a responsibility first and foremost to one’s own population.”

Tough odds

Berkley, 63, has faced daunting odds before. After serving in the US Centers for Disease Control and Prevention and later seeing the devastation of AIDS as an epidemiologist in Uganda, he launched an international effort in 1996 to bring an HIV vaccine to the developing world. That goal continues to elude scientists.

The world will need something like a “Marshall Plan” for Covid-19 vaccines to figure out how to introduce doses to the public, and who should get them initially if supplies are limited, said Wayne Koff, CEO of the Human Vaccines Project, who worked with Berkley on the HIV push.

There’s been progress since Bill Gates and Gavi’s CEO warned at a conference five years ago that infectious diseases posed a rising threat to the world. The 2017 establishment of CEPI, the nonprofit working with companies and universities to speed up vaccines, is a prime example, Berkley said.

Even as countries and companies wrestle over their response to the current outbreak, Berkley is looking ahead.

The world should consider an earlywarning system and increase capacity to scale up vaccine production to brace for the next emergency, he said.

“This is not the last time this is going to happen,” he said. “We’ve had a few dress rehearsals. Each time we’ve gotten a bit better, but not as much as we’d like. The critical issue is whether this is going to be the wake-up moment.”

Bloomberg News

Where global money is placing bets as stimulus floods markets

M

ore than $8 trillion has been thrown at the Covid-19 crisis by governments around the globe and hundreds of billions more by central banks from Washington to Wellington. And that means investors are finding a swath of opportunities from investment-grade bonds to emergingmarket equities.

Looking where central banks themselves are buying, even if it’s been well flagged, still has merits, according to portfolio managers at Western Asset Management Co. and JPMorgan Asset Management. Areas of China’s vast bond market, including junk-rated company debt, are yet to benefit and have room to catch up with more highly-rated peers as authorities keep pumping in stimulus, says M&G Investments.

Here’s a look at some key areas and topics for money managers as authorities take more steps to tame the pandemic’s impact.

Credit

JPMorgan Asset Management’s Patrik Schowitz says investment-grade credit is well supported by central banks and offers a good way to add risk assets to portfolios.

“If you think about high-yield, where there’s a lot of pain still to come, or emerging-market

debt where there is still a lot of currency and potential balance of payments problems to come,” those are less appealing areas, Schowitz, global multi-asset strategist at the asset manager, said on Bloomberg TV. “We would stay away from the riskier end, but the safer end of investment-grade credit actually looks like a pretty good trade here.”

Still, some do see opportunities in lower-rated sections of the market. The area requires navigating rising default risks, as borrowers struggle with the worst recession since the Great Depression. But again, it comes down to central bank support, after the Federal Reserve said in April that it would start buying some debt recently downgraded to junk.

That sparked a bonanza of high-yield debt issuance, with more than $37 billion sold in the US junk bond market in April, its busiest month in three years.

The Fed’s corporate buying program is also providing confidence and underlying support for Asian credits in the BBB category, as well as some BBs and so-called fallen angels, said Desmond Soon, head of investment management for Asia ex-Japan at Western Asset Management. “We think that there is value in ‘shadowing’ the Fed,” he said.

China junk bonds

Continued weakness in Chinese growth has renewed a push for more action from Beijing.

For investors, there’s the advantage that, relative to the US, China is much further ahead in reopening its economy. Pierre Chartres, investment director at M&G Investments in Singapore, says the outperformance of high-grade bonds recently means there’s less potential upside. He sees some high-yield debt as more attractive.

“Where we have been adding some exposure is in the high-yield market in China,” he said on Bloomberg TV. “It’s of course a lot more risky, especially some of the real estate developers, but some of those do have access to onshore funding. The data from the virus has been encouraging in China recently.”

Unloved emerging markets

The valuation gap between developing-nation equities and their mature-market peers is at the widest since 2008, showing investor distaste for the asset class. Andrew McCaffery, global chief investment officer at Fidelity International, said he remains cautious on emerging markets across both equity and debt.

“These markets generally have less capacity to embark on stimulus, keep rates low and avoid capital flight,” he said.

Those extreme valuations do offer some appeal, especially in China, where further targeted programs to support demand are forecast along with more reductions in interest rates.

“Policy decisions taken by China have been generally very efficient and they can crucially force a jump-start of the economy, something Western economies cannot,” said Sebastien Galy, senior macro strategist at Nordea Asset Management. “China will very likely lose more manufacturing to Asia and Mexico, but its service sector should continue to develop and it is something the government is quite keen on as it steadily moves up the added value chain.”

Inflation risk

Stimulus from both government and monetary authorities during the crisis has led to less independence at central banks. If that trend runs further, inflation could ramp up, a risk underappreciated in markets, according to Colin Harte, multi-asset portfolio manager at BNP Paribas Asset Management.

If the world goes back to a situation “where money is printed and spent quickly by the government instead of lying dormant on banks’ balance sheet,” he said, “this will raise inflation.”

Bloomberg News

It’s a work-from-home Congress as House approves proxy

W

ASHINGTON—It all started with the grandchildren. As House Majority Leader Steny Hoyer saw it, if he could FaceTime with the grandkids, why not have Congress legislate by video chat and avoid the health risks of convening at the Capitol during the coronavirus pandemic?

And so the silver-haired, 80-year-old congressman from Maryland helped steer the House into one of the more substantial rules changes of its 230-year history.

“This is no revolutionary, radical change,” Hoyer told The Associated Press in an interview.

“This is exactly what the Founders wanted to happen.”

The House approved the new rules on Friday, during what could likely be the chamber’s last fully in-person votes for the foreseeable future.

From now on, lawmakers will be allowed to cast House floor votes by proxy—without being “present” as the Constitution requires. The

next step will allow them to skip the middleman and simply vote remotely once leaders approve the technology.

The shift will dramatically change the look, if not the operation, of the legislative branch— launching a 21st century WFH House, like others, “working from home.”

Debate over the changes has been fierce.

As President Donald Trump encourages Americans back to work, Democrats pushed the changes past the objections of Republicans.

“It’s a very sad day inside this House,{ said Minority Leader Kevin McCarthy of California.

Neither Civil War nor Great Depression or any other national crisis had spurred the House to allow its members to vote from home, a sign of how deeply the virus outbreak act is disrupting the institutional norms of American life.

McCarthy, a top Trump ally, argued during debate, “The founders would be ashamed.”

But like the rest of the country, lawmakers

are weighing risks and responsibilities. Since the virus outbreak shuttered Capitol Hill in March, the 435-member House has largely stayed away while the smaller Senate resumed operations.

Several lawmakers and dozens of staff in the sprawling complex have tested positive as the virus hits close.

Democrats argue the House can rely on technology for remote work as the pandemic drags on. But Republicans objected to what they see as a power grab during the crisis. Rep. Tom Cole of Oklahoma, the top Republican on the rules panel, warned the changes will fundamentally alter the nature of the institution, “and not for the better.”

Under the new rules, House lawmakers will no longer be required to travel to Washington to participate in floor votes. Some will. But others can assign their vote to another lawmaker who will be at the Capitol to cast it for them. A single lawmaker can carry 10 proxy votes to the cham-

ber. Just as important, the House committees— the bread and butter of legislative work—will be able to fully function remotely. Committee hearings are prime-time for lawmakers—the chance to grill officials, spar with colleagues and have much of it captured on C-SPAN. House lawmakers will be able to draft bills, conduct oversight and even issue subpoenas from the comfort of their homes.

With the Capitol physician warning it could be years before Congress resumes full operations, lawmakers are anxious to show constituents they are working—but safely.

“Convening Congress must not turn into a super-spreader event,” said Rep. Jim McGovern, D-Mass., the chairman of the Rules Committee.

The changes are expected to be temporary, only through the remainder of this session of Congress, at the end of the year. Democrats insist the changes should be used only under times of crisis. AP

t the first meeting of the World Health Organization’s governing body since Covid-19 stormed the globe, China is set to be challenged on two of its most sensitive issues: The Communist Party’s initial handling of the virus and the status of Taiwan’s participation.

While the US has launched a daily barrage of attacks on China, including suggesting the virus escaped from a laboratory in the central city of Wuhan, the European Union and Australia are set to play a key role pushing for a probe into the virus’s origin when the World Health Assembly —the WHO’s decision making body—gathers on Monday for an annual meeting in Geneva.

A US-backed bloc is also pushing for Taiwan, whose handling of the virus has been a rare success story, to attend the meeting as an observer. The move—aimed at strengthening Taiwan’s official and unofficial diplomatic relationships—has angered China, which views the island as a province and has long sought to isolate it on the world stage.

The showdown reflects a broader geopolitical struggle pitting the US and its allies against China, whose authoritarian system has come under scrutiny in the wake of a pandemic that has killed about 300,000 people and devastated the global economy. The US has suspended funding for the WHO, claiming it’s biased toward China, and even suggested setting up an alternative body.

Yet for all the noise, most analysts expect China to command support from a large swathe of the nearly 200 countries taking part in the assembly that need good relations with the world’s second-biggest economy to shore up domestic growth. And any effort to replace the WHO is also unlikely to gain traction.

“As much as the WHO has struggled and been the subject of criticism in this crisis, any replacement would look remarkably similar to what we have today,” said Natasha Kassam, a former Australian diplomat in China who is now a research fellow at the Lowy Institute in Sydney.

“It is hard to imagine an effective global health institution that excluded China, and it’s hard to imagine the United States making Taiwan’s participation a red line.”

Boycott threats

Still, the anger in some parts of the world over China’s response to the pandemic is still fresh, and will likely play out this week. Apart from an initial cover up, the world has become increasingly upset with China’s heavy-handed response to any criticism.

Australia in particular has felt the heat from Beijing, which threatened a boycott of its goods and also suspended meat imports from four processing plants for “technical” reasons.

The government in Canberra called the boycott threats “economic coercion” and hasn’t backed down on its calls for a virus probe.

“You can’t let the trail go cold,” Australian Prime Minister Scott Morrison told reporters on May 8. “And I think Australia and the United States and the United Kingdom and countries all around the world would like to know what happened, because we don’t want to see it happen again.” While the EU was still working out the wording of the proposal in the run-up to the assembly, the European Commission has said a draft resolution envisaged calling for “an independent review on lessons learned from the international health response to the coronavirus.”

Australia has said that could happen through the WHO’s Health Emergencies Program, which was set up after the Ebola crisis

in 2014, and the International Health Regulations Review Committee, which assessed the response to the H1N1 pandemic in 2009.

Red line

The building acrimony has also made more countries willing to pressure China on Taiwan, which is a red line for authorities in Beijing.

President Tsai Ing-wen’s government in Taipei has made a vocal pitch to be included in the proceedings this week, saying it needs access to firsthand information about the spread of the disease.

The WHO has said its Ethiopian directorgeneral, Tedros Adhanom Ghebreyesus, has no mandate to offer Taiwan an invitation to the assembly because there is “no clear support” among member-states. Tedros in April had accused Taiwan of being behind a racist campaign against him and Africans in general—a charge that Taipei rejected as “slander.”

A proposal backed by 13 member-states has called for the assembly to make a call on whether Taiwan can attend. China has blocked Taiwan’s participation in the organization since the independence-leaning Tsai was elected in 2016 and refused to accept that both sides belong to “one China.”

The US is “determined” to see Taiwan participate in the meetings as an observer, with a spokesman at the US Mission in Geneva saying that lessons from its successful experience fighting Covid-19 “would be of significant benefit to the rest of the world.”

“The People’s Republic of China would rather that success not be shared, no doubt to avoid uncomfortable comparisons,” the spokesman said.

Blocking Taiwan

For its part, Chinese foreign ministry spokesman Zhao Lijian said it “firmly rejects” countries’ proposal to invite Taiwan to attend the assembly, and has also blasted the call for an independent probe into the virus origin as “political maneuvering.”

“Certain countries insisted on discussing proposals involving Taiwan to politicize a public health issue,” Zhao said on Friday. “This consequence can only severely interfere with the progress of the conference and undermine international cooperation.”

China is confident that the majority of countries won’t allow Taiwan to participate as an observer, and Beijing would “never” allow an independent investigative team inside its borders, said Shi Yinhong, an adviser to China’s cabinet and also a professor of international relations at Renmin University in Beijing. “It’s becoming clear that China’s basic stance is to reject criticism, and focus on the efforts it has made in the global fight,” Shi said. “This is a position that China won’t change, hence posing a sharp opposition to the voices of accusing its cover-up and claiming accountability.”

Legally there’s no provision in the WHO’s constitution, resolutions or rules of procedure that would prevent Tedros from inviting Taiwan to the assembly as an observer, said Julian G. Ku, a distinguished professor of constitutional law at Hofstra University, who studies China’s relationship with international law. Since nobody is asking the WHO to invite Taiwan as a member state or to recognize Taiwan as the representative of China, the body’s citation of a 1971 United Nations decision recognizing Beijing is “irrelevant,” he said.

Still, a majority of assembly members are likely to block Taiwan’s participation, according to Kharis Templeman, an adviser to the Project on Taiwan in the Indo-Pacific at Stanford University’s Hoover Institution. Bloomberg News

Obama tells grads Covid-19 has torn back curtain on government

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arack Obama told this year’s graduates at historically black colleges and universities that the coronavirus pandemic has “torn back the curtain” on the idea that those in charge of the country know what they’re doing.

“A lot of them aren’t even pretending to be in charge,” the former US president said during the first of two virtual commencement speeches for Saturday.

Obama didn’t mention names, but his comments came after his recent blistering attack on President Donald Trump’s handling of the coronavirus pandemic as “an absolute chaotic disaster” during a call with former members of his administration.

The comments to graduates of 74 HBCUs focused on social justice and the importance of activism during the Covid-19 era, and the extent to which the pandemic had fallen disproportionately on the shoulders of minority Americans in cities like New York, Chicago, Detroit and Washington, D.C. “Those that were struggling before— they’re hanging on by a thread,” Obama said.

‘Underlying inequalities’

“Let’s be honest—a disease like this just spotlights the underlying inequalities and extra burdens that black communities have historically had to deal with in this country,” he said.

Obama also appeared to reference the shooting of Ahmaud Arbery in Georgia in February, which recently has resulted in charges against a white father and son: “Just as we see it when a black man goes for a jog, and some folks feel like they can stop and question and shoot him if he doesn’t submit to their questioning.” He also criticized those in power. “And on the big unfinished goals in this country, like economic and environmental justice and health care for everybody, broad majorities agree on the ends,” he said.

“That’s why folks with power will keep trying to divide you over the means. Because that’s how nothing changes. You get a system that looks out for the rich and powerful and nobody else.”

Bloomberg News

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Monday, May 18 , 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Covid-19: No common thread of success

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ere are some facts. The Philippines with a population of approximately 110 million has a per-capita gross domestic product (at purchasing power parity) of $9,000. Currently, the Department of Health reports some 12,000 total confirmed cases of Covid-19, with approximately 9,000 active, (confirmed cases neither died nor recovered) and over 800 deaths.

In the past two months there has been a constant stream of two narratives: “Duterte administration policies are killing people” and “Duterte administration policies are killing the economy.” The people have an absolute right and duty to challenge and criticize the government.

It is interesting though that many people are holding Vietnam up as a model for what the Philippines should have done. Also interesting is that Nguyen Nang Tinh, a 43-year-old music teacher, has had his 11-year prison sentence confirmed by the Vietnam Appeals court for “making and spreading anti-state information and materials” in a one-day trial “for criticizing the government on Facebook.” Facebook’s local servers in Vietnam were then taken offline until the company agreed to censor “anti-state” posts.

No one has discovered if Mr. Nguyen’s crime was disputing the government’s Covid-19 statistics.

Nonetheless, we should probably give every government the benefit of the doubt as to the honesty and accuracy of the Covid-19 numbers. We have no choice because there is no way to independently verify the statistics.

However, it would do well to look at other nations. Chile has a population of 19 million and a GDP per capita of $10,000, nearly the same as the Philippines. That government has reported over 18,000 cases—5,200 reported on Wednesday and Thursday last week. There have been about 450 deaths. With a population much smaller than the Philippines, Chile has a much higher per capita number of cases and deaths.

Mexico’s population is 126 million, but it has a per capita GDP of $20,000.

Yet Mexico has recorded 5,000 deaths with 47,000 confirmed cases. Perhaps at the other end of the spectrum is Bangladesh with 164 million people and a per capita GDP of only $4,370. Yet this nation has 21,000 cases with a little over 300 fatalities. Maybe you are safer from Covid-19 in “poor” Bangladesh than in “rich” Mexico.

Japan’s population is also 126 million and is one of the richest nations on Earth with GDP at $43,000. Its Covid-19 fatalities—even with an elderly population—is 730 with 16,000 cases. Ukraine has a relatively small population of 42 million and a GDP slightly lower than Philippines at $9,300.

But with 18,000 cases, its number of dead is less than 500.

These conclusions can be made. The first is that all these nations have obviously implemented different policies to deal with the Covid-19 pandemic. Wealth and population size are also different. But most strikingly is the fact that it would be impossible to determine the number of cases and deaths by simply looking at the population and wealth numbers. You could plug in health-care facilities and standards, which are critically important. Population density of the urban areas is also a factor. But where is the common thread of success or failure?

Now, with some easing of the lockdown, “government policy” has shifted to “personal policy.” Going out without a face mask, not observing social distancing protocol, and coming home infected with Covid-19 is no longer the “government’s fault.” Personal choices will in large part determine the future of the health and economic well-being of the Philippines. Take responsibility for your life and the life of others.

Since 2005

Some survival action steps Atty. Jose Ferdinand M. Rojas II

RISING SUN

S

ome entrepreneurs that have placed a huge investment on businesses that are taking a hit right now are finding it difficult to cope with the losses and challenges. I read about a young restaurant owner who was already getting depressed because of what he perceived as his personal failure. It would be helpful to understand that many investors and entrepreneurs are going through the same thing at the moment, and to blame oneself for failures and losses now is a big mistake. The global economy has taken a huge hit and consumers are, indeed, spending less either because they don’t have enough cash or they are trying to hold on to what they have.

One lesson that we see here is the wisdom in the act of putting your eggs in different baskets. We also know that savings and multiple investments can cover gaps in income during times like this one. For example, those who make money from online activities may be able to get

A chance for rebirth

BusinessMirror A broader look at today’s business

Thomas M. Orbos

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income from ads, affiliate marketing, subscriptions, sale from digital products like e-books, consultancy or mentoring, payments from socialmedia platforms, and many other little baskets. The key is to diversify.

For many people, it is a lot harder to make money now. It follows then

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had written about this several times since the pandemic started—that despite this tragedy, the situation offers the unique opportunity for rebirth, a new beginning and a second chance to do things right. This can never be more heartfelt than in the area of public transportation and urban planning where our policy-makers are now facing the chance to embark on big undertakings—a legacy that future generations will forever remember and benefit from.

Knowing what is right for the general public was never absent in the intentions of our urban and transport planners. One just needs to skirt through the urban development and transport plans from as far back as 50 years ago to see that the plans for transport modernization and urban renewal were already there. But they never really prospered as planned because of politics, funding, other policy priorities, or due to strong sectoral opposition. The situation has reached a stalemate that changing these plans would do damage to the whole idea. Think of a stab wound where the person might bleed to death if you take out the knife. Hence, it was a daunting task to even begin talking about change.

Now, here we are, in the midst of this Covid-19 crisis. Despite the tragedy that has befallen us, there is

that opportunity to do things right.

And we need to take this rare opportunity. If one reflects on where we are right now, it cannot be denied that we are partly to be blamed for our current situation. The way we lived our lives—centralized economies leading to urban congestion, farm factories, natural resource wastage and “carbon-based resource” dependence provided the perfect storm for a minute virus to halt and threaten global civilization. Could it be that our daily dose of carbon emissions have weakened our lungs to repel a virus that primarily attacks our respiratory system?

Therefore, the need to take advantage of this opportunity to change is not just to bring back the ideal that we could not accomplish before. It is for our survival; for strengthening ourselves to fight a pandemic and

that we must be wise about saving a good part of our income when we do get the money. Some people continue to put a little savings into investments. Whatever you do, remember that during times like these, cash is king. Consumption or spending must be encouraged to keep the economy alive, so we all need to strike a beautiful balance between spending and setting aside some cash for the rainy days that are sure to come. Economic experts have said that our only goal is to survive so that by the time the good times come rolling again, we’d be there and we can thrive. nnn

EverYbody needs a little reminding that as we enter MECQ, we are not yet being allowed to go back to our normal lives, including going out of the house for leisure or unimportant purposes. Please remember that restrictions are being lifted for some businesses to allow the economy to recover a little, so that some of our people can start making some money for survival. Some mobility is being accorded to our citizens to promote health and well-being. These are

Imagine if we have the 60 plus terminals to bring commuters in and out of Metro Manila. And imagine, on the other hand, controlling these on centralized entry points. That benefit alone should give us the impetus to push for their immediate implementation. What about the odd-even or car-less days that was proposed before? This can easily be implemented now. other probably more vicious virusenemies in the future.

And while we are at it, let’s not stop at minor changes in the way we conduct our urban lives. Let us go for the major initiatives that are game changers while we still can. A concrete example is the renewed interest in bicycles and the construction of bike lanes. Yes, indeed. Practical and logical in this new situation we are in. But why stop there. Our transport policy-makers from both the Legislative and Executive branches can now do what is necessary and right. The Edsa bus rationalization program, before unimaginable to take off, is now to be embarked on.

What about the central provincial bus terminals? Now would also be a good time as well to implement them because they are necessary to curb the spread of coronavirus and similar infections. Imagine if we have the 60 plus terminals to bring commuters in and out of Metro Manila. And imagine, on the other hand, con-

important considerations; but the quarantine is still there and the virus is definitely very much around.

I was surprised to see photos of so many people on the streets and in malls on May 16, the first day of the MECQ. Let us all remember that the restrictions stay; we can go out of the house for important reasons like buying food or medicine, going to the hospital, or going to work (if your company is now allowed to operate). Otherwise, we are all being advised to stay home.

If we need to go out during MECQ, we must wear a mask. If possible, we should wear face shields (to protect our eyes) and gloves, too. Let’s try to avoid going near other people and always practice physical distancing. Do not touch your face, wash your hands often, sanitize, take a bath when you get home, and wash your clothes as soon as possible. The rules are the same, the fight is not over yet. Let us all be more careful now because a second wave may be upcoming, considering how people are behaving now that the enhanced community quarantine has been modified.

trolling these on centralized entry points. That benefit alone should give us the impetus to push for their immediate implementation. What about the odd-even or car-less days that was proposed before? This can easily be implemented now as we are all on the “social distancing” and “work from home” modes. The route rationalization—identifying the proper modes of transport to include the tricycles serving specific corridors—we can do it now. The same goes for the modernization program for all public transport vehicles and not just the jeepneys but also the buses, trikes and even trucks. Or, on a bigger scale, the “Balik-Probinsya” program, which is an inclusive program for sustainable urban renewal. All these were unthinkable for us to implement before the pandemic. But now, these dreams are just several steps away to turn into reality.

We’ve all heard in several motivational speeches about “weiji,” the Chinese word for crisis, which has a double-meaning—“problem” and “opportunity.” Notwithstanding its real meaning, “weiji” aptly describes the situation we are in right now. Yes, we are now in a crisis, but we are also given an opportunity—a chance for rebirth and a new beginning.

Thomas Tim Orbos was former DOTr undersecretary for roads and general manager of the MMDA. He is currently undertaking further studies at the McCourt School of Public Policy of Georgetown University. He can be reached via e-mail at thomas_orbos@sloan.mit.edu

Opinion BusinessMirror

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The new normal in taxation Smart mob Siegfred Bueno Mison, Esq.

Joel L. Tan-Torres

THE PATRIOT

DEBIT CREDIT Part Two

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he Bureau of Internal Revenue has to play catch up due to the substantial deficit in tax collections for the first four months of the year. The BIR should be more visible in communicating to the taxpaying public what the new normal for the taxpaying community. Formulating innovative tax administration and enforcement programs and strategies, messaging and retooling of processes and BIR staff should have been pursued, and should be given priority by the BIR. Such programs may be pursued, including advance transfer pricing rulings, tax shelter reporting and disclosure, inter-related companies audit and monitoring of payment of taxes for online digital commerce transactions. These should be directed toward an efficient maximization of the tax collections for the remaining 7.5 months before the end of the taxable year. BIR strategy requires the maximum deployment in the field of all available BIR enforcement and support officers and staff to catch up with the “face time” that is normally required for taxpayer engagements. A great number of BIR staff should be mobilized and become front liners responding to the call of the country by collecting the “life blood” of the nation during these trying times. Per 2018 Annual Report of the BIR, there are about 6,500 BIR enforcement officers out of the 11,385 personnel of the agency. The leadership in the BIR National Office, Regional Offices and Revenue District Offices should step up to lead the collection efforts. The tax collectors and enforcers should be on the ground to ferret out the bigger and biggest “underground economy” tax avoiders and evaders. An issueand risk-based approach should be the norm for focused tax audits of taxpayers that can be completed in a short period of time.

Part of the new normal for BIRtaxpayer relationship should be interactions being done in a synergistic and professional manner which is a departure from the traditional adversarial approach. The mindset of the BIR should shift more to being an enabler rather than a regulator.

This will require the BIR putting in place simpler procedures, discarding unnecessary documents and requirements, consistent customercentric behavior, using technology to speed up processing and minimize face to face engagements, among

Part of the new normal for BIRtaxpayer relationship should be interactions being done in a synergistic and professional manner which is a departure from the traditional adversarial approach.

The mindset of the BIR should shift more to being an enabler rather than a regulator. others. On the other hand, taxpayers should be more conscious of their civic duty of paying taxes and complying with tax rules. The best lessons learned from this Covid-19 response experience in collaborative government-private sector interactions should be done in the spirit of coopetition. Both parties, i.e., the BIR and taxpayers, should begin “competing” while cooperating to arrive at win-win outcomes.

In RMO 12-2020, the Development Budget Coordination Committee reduced the BIR’s 2020 tax-collection target to P2.26 trillion from P2.576 trillion in consideration of the pandemic’s adverse impact on the economy and tax collections.

The amount of reduction, at P316 billion, represents a 12.2-percent decrease in the 2020 BIR collection goal.

Even with the reduced goal, the BIR still has a long way to go in bringing in the much-needed taxes by the end of the year. This is the big challenge that the BIR should hurdle.

Joel L. Tan-Torres is the Dean of the University of the Philippines Virata School of Business. He was the former Commissioner of the Bureau of Internal Revenue, the chairman of the Professional Regulatory Board of Accountancy and partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of May 1979.

This column accepts contributions from the business community. Articles not exceeding 600 words can be e-mailed to boa.secretariat.@gmail.com

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S a consequence of the lockdown, quite a few people went full blast on social media to be “productive” to some degree. I noticed some people posting challenges to other friends as their way of spreading positivity and good vibes on Facebook. Others have created for themselves amusing dance videos. The more serious ones have become instant legal experts as various issues crop up due to the ongoing pandemic. What I found insightful and unique is the proliferation of smart mobs on Facebook, the preferred social-media channel in the country.

In his book, Leaders Make the Future, Bob Johansen described the leadership skill of smart mob organizing as the “ability to create, engage with, and nurture purposeful or social change networks through the intelligent use of electronic and social media.” In this country, everyone is, or can be, a part of a network, socially, politically, and, in recent years, digitally. Countless social-media groups on Facebook are united by one commonality. For instance, the FB group of “Rody R. Duterte” whose 25,000 members are connected by one charismatic leader; “Pinoy Anti-Corruption Movement Alliance Network” (PACMAN) with 13,000 members are united toward a common cause; “The Long Gray Line,” whose 1,600 members share the same alma mater in the Philippine Military Academy (PMA); and the more recent “We Heal As One” group, whose 21,000 members are bound toward a common aspiration to “inspire Filipinos to come together and contribute in the fight

against Covid-19.” These smart mobs have a strong online identity whose meaningful insights are amplified by media.

A smart mob is usually a large group who yearns for a voice for change by way of its collective intelligence. Johansen calls this group “smart” since it uses media to amplify the intelligence of its members.

Johansen also refers to this group as “mob” because its standard of behavior can often be unpredictable. But the term “smart mob” was coined way back in 2003 and was defined as “the power of the mobile many.” As in any power, it can be used and abused, as in the case of “not-so-smart mobs” that can spread disinformation just as fast as it can spread the truth. In this country, meme warfare or the art of spreading an idea “virally” through a photo or a video, usually with a witty caption, is at its peak whenever polarizing issues are out in the open.

First came the issue of a sitting senator, whose acts supposedly

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or the hotel chef who can’t afford his nine prescriptions, losing a job could be a matter of life and death. Even among the employed, fear of what’s around the corner is almost as paralyzing.

It’s enough to put the minor inconveniences of working from home —the unrealistic homeschooling curricula, the crick in your lower back, the maddeningly slow Wi-fi —into perspective. Just treading water seems like a victory, forget about actually doing your job well.

And if you do catch yourself wondering about the seminar you were supposed to attend, or the promotion you meant to apply for, you may even feel guilty. How can anyone think about job advancement right now? Finding a good time for “that conversation” with your boss has awkward written all over it.

But the coronavirus doesn’t have to be a dead end for your career. If anything, it’s a moment to be nimble and prove your value. That may sound like a tall order right now.

The uncomfortable truth, however, is that skating by won’t provide any sort of job security. This is as urgent for millennials entering their

peak earning years as it is for baby boomers watching their retirement savings circle the drain.

The first order of business is making sure your skills are evolving with the needs of your company. These days, that’s the ability to charm a client over Zoom, or keep projects on schedule as your team straddles time zones with fragmented working hours. If you’re in an industry directly hit by the virus, think about how your experience would be applicable to fields that have solid long-term prospects, like cybersecurity, robotics and artificial intelligence. These sectors aren’t just for coders and engineers; they need accountants, compliance officers, HR managers and communications teams.

With companies in triage mode, it’s up to you—not your boss—to identify what those must-have skills are. Caroline Ceniza-Levine, a Florida-based career coach at SixFigureStart, says the employers she

compromised the safety of health workers in one hospital; then the killing of an ex-Army corporal who violated quarantine restrictions in Quezon City; followed by the foiled arrest of a disrespectful foreign national in a posh subdivision; then the closure of broadcast media giant ABS-CBN amid the pandemic; then, most recently, the mañanita party of my PMA classmate, PNP General Debold Sinas. Both smart mobs and not-so-smart mobs, in relentless fashion, propagated and voiced out their self-propagating ideas of fairness and justice through memes.

Author Tim Stevens said, “don’t confuse fairness with justice. Justice is about doing what is right. Fairness means everyone gets exactly the same thing.” Most would agree that any person who walks in the middle of an argument cannot give a fair verdict because he does not have the full picture. Dr. Jen Pua, a prayer warrior friend, said, “the world’s definition of fairness is based on the sliding scale of society’s values and the changing will of the majority.” Thus, it seems unwise to engage anyone in a debate whether one action or inaction is just and fair. There will be inevitably different arguments when it comes to justice and fairness in the eyes of many. Arguing will not only be endless and futile, but it will also destroy or deteriorate relationships. In the Bible, 1 Timothy 2:23-24 tells us, “Don’t have anything to do with foolish and stupid arguments, because you know they produce quarrels. And the Lord’s servant must not be quarrelsome but must be kind to everyone, able to teach, not resentful.” So, for those on social media, think twice before going into a futile engagement about justice and fairness.

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Arguments will be the fuel that political smart mobs and not-sosmart mobs feed on, for as long as justice and fairness are seen from a human perspective. But believers ought to have a better mindset.

Continuing from Pua’s essay, she said, “Trying to discern whether or not God is fair in any given situation is much like walking into a room halfway through someone else’s argument. For one thing, you are not all-knowing, and your perspective is extremely limited on this side of eternity.” From a smart mob viewpoint, some government actions or inactions may appear just fair, based on their own limited understanding of the circumstances surrounding the issue. So, unless we are all-knowing, let us stay away from a supposedly intelligent discourse coming from not-so-smart mobs, which usually promote information that incites the reader to argue. Unfortunately, these not-so-smart mobs are usually more tech savvy than the smart mobs.

How wonderful the world can be if, during this pandemic, someone can productively come up with a smart mob with no other objective but to propagate inspirational stories, positive vibes and messages, and humorous memes, TikTok dance videos included.

A former infantry and intelligence officer in the Army, Siegfred Mison showcased his servant leadership philosophy in organizations such as the Integrated Bar of the Philippines, Malcolm Law Offices, Infogix Inc., University of the East, Bureau of Immigration, and Philippine Airlines. He is a graduate of West Point in New York, Ateneo Law School, and University of Southern California. A corporate lawyer by profession, he is an inspirational teacher and a Spirit-filled writer with a mission.

For questions and comments, please e-mail me at sbmison@gmail.com.

Nobody’s splurging on a $10,000 watch just yet

By Andrea Felsted Bloomberg Opinion

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ut the revenge shopping on hold.

With Chinese consumers returning to top-end boutiques, it would be tempting to think that the luxury industry will bounce back quickly as coronavirus lockdowns ease. But on Friday, watch and jewelry maker Richemont provided a sobering assessment of the prospects in the pandemic era for the bling behemoths.

Chairman Johann Rupert warned of up to three years of “grave economic consequences,” as the owner of the Cartier brand reported a 22% fall in operating profit in the year to March 31. He described the current crisis not as a pause, but a reset. That assessment is a lot more downbeat than those

provided by the likes of rivals LVMH Moet Hennessy Louis Vuitton SE and Gucci-owner Kering SA. Some of the difference may be because about 70 percent of Richemont’s sales come from watches and jewelry, often among the most expensive items on any luxury wish list. When shopping for revenge with the coronavirus’s economic costs still piling up, a $2,000 handbag may be higher up the list of priorities than a $10,000 watch.

It’s only when true discretionary spending returns that Richemont will benefit from its efforts to clean up its watch business after an excess of Cartier, Panerai and IWC models risked hurting its brand appeal.

The company has a strict rule that it doesn’t supply more watches to boutiques than are being sold. Still, with

The coronavirus isn’t the end of your career

By Rachel Rosenthal | Bloomberg Opinion

Monday, May 18, 2020

works with in travel, financial services and technology can’t see more than 60 days ahead. Traditional on-the-job training was one of the first things to go as the outbreak intensified, according to a recent report by McKinsey & Co. Making an effort to understand your company better is a good place to start. “I know too many senior people who don’t read [their employer’s] annual reports,” said CenizaLevine. You should know what the financial outlook is, which parts of the business are still making money, and whether resources are shifting.

The good news is that “re-skilling” is getting easier. Last month, Coursera Inc. said it will offer unemployed workers free access to 3,800 online courses. E-learning is relevant for people who’ve kept their jobs, too. Herminia Ibarra, a professor at London Business School, teaches a Webinar on career reinvention. She recently asked participants in an online poll to describe their response to the coronavirus: 50 percent of the 2,000 people who wrote in said the outbreak had given them “opportunities to try new things or learn new skills.” In some cases, this new expertise is directly related to working remotely, Ibarra wrote in

Harvard Business Review.

Remember, too, that industries from pharmaceuticals and Big Tech to pizza delivery and drug stores are actually adding headcount. Amazon.com Inc. brought on at least 175,000 people in March and April alone. Other businesses are moving people around internally or start-

exports of Swiss timepieces already feeling the pain, plus the high fixed costs in watchmaking, Richemont’s caution here is justified.

But there seem to be some reasons for optimism too.

Richemont has been building a powerful digital business, positioning it to benefit from a surge in online shopping as consumers shy away from returning to malls and department stores. In 2018, the company paid $3.3 billion to take full control of the high-end luxury platform Yoox Net-a-Porter; purchased the Watchfinder website; and formed a joint venture with Alibaba Group Holding Ltd., the titan of Chinese ecommerce.

Online transactions accounted for about 12 percent of global luxury sales in 2019, according to Bain & Co. estimates. But that could rise to about

30 percent by 2025. It’s true that during the lockdowns Yoox Net-a-Porter, known as YNAP, was hurt by warehouse closures and the division still needs to make a profit. But as competitors seek to prosper in this market, Richemont’s digital proposition could become an interesting acquisition target too.

Meanwhile, Richemont halved its dividend, to 1 Swiss franc. While it had net cash of 2.4 billion euros, it decided to prioritize prudence. However, it is also considering giving shareholders the option to buy shares at a future date, at the price when the dividend was declared. While the company has yet to work out the details, that implies that management believes conditions will eventually get better.

There would be little upside for loyal investors otherwise.

institutional investors. So while he didn’t necessarily worry his offer would evaporate, Than did have to consider how the nature of his job would change. Normally, someone in his role would spend a lot of time at conferences trying to bring in business. How do you build relationships over Zoom?

Every year, a small seaside village is ravaged by storms. Each time this happens, the villagers lay out their valuables on the sand to appease the ocean gods. At night, the tide sweeps all the riches to sea and the gods are satiated. But in reality, by the light of the moon, an old woman is collecting a small city’s worth of treasures.

The moral (beyond how to get away with stealing) is that once you learn how a system works, leverage it. Figure out what your industry needs, show your boss you can deliver, and use that to protect your job or even negotiate the next move.

The more skills you gain, the more choices you have, says DelliSantiMiller.

In the next few weeks and months, it may be tempting to keep your head down, your kids quiet and your wine glass (ahem, coffee cup) full. But if you’re feeling anxious, it may be wise to consider diverting that weekly beverage budget to Coursera instead.

Your boss isn’t your sounding board right now, says Caroline Ceniza-Levine, a career coach. Wait until you’ve done your homework and have a specific question. Managers need to know they have their employees’ support.

The good news is that “re-skilling” is getting easier. Last month, Coursera Inc. said it will offer unemployed workers free access to 3,800 online courses. E-learning is relevant for people who’ve kept their jobs, too.

Herminia Ibarra, a professor at London Business School, teaches a Webinar on career reinvention. She recently asked participants in an online poll to describe their response to the coronavirus: 50 percent of the 2,000 people who wrote in said the outbreak had given them “opportunities to try new things or learn new skills.” ing to prepare for events later in the year. Facebook Inc. said it will hire more than 10,000 people in its product and engineering teams ahead of the US election.

If you do start a new job in this environment, prepare to be flexible.

Last month, Ethan Than joined a biotech startup in San Francisco.

His employer is generating revenue, and recently closed a funding round backed by some top-tier

“I’m naturally a people person,” Than says. “That’s something I’m a little bit more anxious about.”

Than is fortunate to be in a relatively virus-proof industry. For the rest of us, there’s a useful parable that sums up how to think about our jobs at the moment, courtesy of Christina DelliSanti-Miller, a career-transition coach based in New York City. It goes something like this:

A8 Monday, May 18, 2020

KIDS RESCUE JUVENILE OWL, VICTIM OF HABITAT LOSS

Firms, returning workers caught in a bind by public transport ban

E

By Elijah Felice E. Rosales @alyasjah & Samuel P. Medenilla @sam_medenilla

MPLOYERS and workers will have to find a way to make business operations normal again, as the government stood by its decision to prohibit public transport in Metro Manila.

THE rescued juvenile owl.

PHOTO COURTESY OF GAUDENCIO DELA CRUZ/DENR-SCIS

A

JUVENILE Philippine scops owl, rescued by a group of children, was recently turned over by concerned residents to the Department of Environment and Natural Resources (DENR).

The turnover was facilitated by officials of Barangay Tagpos, Binangonan, Rizal, led by Kagawad Donardo Funilas.

The owl was received by DENR officials led by Environmental Protection and Enforcement Task Force chief, Executive Director Nilo Tamoria, Penro-Rizal Technical Assistant Leonardo Punzal and PenroCavite Forester Ma. Angela Tamoria.

Continued on A4

Trade Secretary Ramon M. Lopez said on Saturday the government is leaving it to employers and workers to discuss how employees can be brought to work sites under the modified lockdown in Metro Manila. Most of the work in the nation’s capital is now allowed to resume, but the ban on all modes of public transport stays, leaving firms scrambling for shuttle vans to service their workers.

“Let’s just say the employers [and] employees usually discuss this and find ways,” Lopez told reporters, adding that “it doesn’t reflect well on the companies if

they don’t provide assistance to the employees.”

In an earlier statement, Lopez said workers run the risk of getting fired if they refuse to return to work if their employers cannot provide a shuttle service. Workers should maintain a positive mindset, he said, or else it would reflect negatively on their character.

“If an employee [refuses] to work, it doesn’t reflect well on his character. Should have positive mindset. Otherwise, he also runs the risk of losing his job,” Lopez said.

Continued on A4

FIREMEN put out a blaze that broke out in a slum area at Barangay 130 in Pasay City on Sunday. At least 250 families were left homeless, and four persons were reportedly injured. NONIE REYES

www.businessmirror.com.ph

Companies BusinessMirror

Monday, May 18, 2020

B1

LT Group income in Q1 gets boost from tobacco business

By VG Cabuag

L

@villygc

T Group Inc., the holding firm of most businesses of tycoon Lucio Tan, said its income in the first quarter rose 41 percent to P6.21 billion, from last year's P4.42 billion, mainly due to the strong performance of its tobacco business.

The tobacco business accounted for P4.99 billion, or 80 percent, of the business, followed by Philippine National Bank, which contributed P761 million or 12 percent of attributable income.

Liquor maker Tanduay Distillers Inc. accounted for P199 million, or 3 percent, property developer Eton Properties Philippines Inc. added P168 million, or 3 percent, while Asia Brewery Inc. contributed P74 million or 1 percent. Victorias Milling Co. Inc., where LT Group holds a 30.9-percent stake, contributed 91 million or 1 percent.

Lender PNB’s net income under the pooling method fell 30 percent

to P1.37 billion from the previous year's P1.95 billion. The lower net income was primarily due to the P3.36-billion provisions for credit losses that the bank booked during the quarter, higher than last year's P346 million last year. The bank blamed the coronavirus pandemic, which it said will result in an economic downturn.

Its tobacco business, PMFTC Inc., or the combined company of Philip Morris Philippines and Tan's Fortune Tobacco, grew 76 percent to P5 billion, from P2.85 billion last year.

The higher income is attributed to the higher share of premium Marlboro as well as the price increases

implemented in late August 2019.

Volume declined by 9 percent during the quarter.

Effective January 1, the excise tax of tobacco went up by P10 to P45 per pack under Republic Act 11346 signed by President Duterte in July 2019. It will increase by P5 per pack annually from 2021 to 2023, then increase by 5 percent annually thereafter.

From a low of P2.72 per pack of 20 sticks in 2012 for the lower tier and P12 per pack for the upper tier, the current excise tax of P45 per pack is 3.75 times to 16.5 times higher than the 2012 level.

Tan’s 49.6-percent stake in PMFTC was P5.02 billion, or 86 percent, more than last year's P2.69 billion.

The industry’s volume was estimated at 108.9 billion sticks in 2012 and declined by 35 percent to an estimated 70.5 billion sticks in 2019.

“The industry is estimated to have declined further by 9 percent in the first quarter of 2020, also partly due to the enhanced community quarantine implemented in Luzon starting March 17 and in other select cities thereafter,” it said.

Also, the LT Group said Tanduay's

income for the period fell 15 percent to P199 million, from P234 million last year due to lower margins from higher alcohol costs.

Revenues from liquor were 9 percent higher with the average P160 per case price increase implemented in January, which offset the 4-percent drop in volume.

The company said revenues from bioethanol were 8 percent lower as both volume and selling prices declined.

As of end-March, Tanduay's market share for distilled spirits declined to 27.7 percent compared to last year's 28.1 percent.

In the Visayas and Mindanao regions, where most of its sales are generated, market share was at 67 percent and 75 percent, respectively, from 63.4 percent and 71.6 percent, respectively, last year.

Meanwhile, Asia Brewery's income was down 10 percent during the period due to the increase in equitized loss in a joint venture.

“Revenues were flat as higher revenues from beverages were offset by the drop in sales of packaging materials to third parties as more of the production capacity was earmarked for internal use,” the company said.

Theme parks rack up losses of ₧600M

By Ma. Stella F. Arnaldo Special to the BusinessMirror

O

WNERS of theme parks and amusement centers in the country are hoping that technology and other contactless innovations, will help them recover their customers, when anti-coronavirus disease 2019 (Covid-19) quarantine restrictions are lifted.

In a webinar on “Tourism Enterprises and Theme Parks in the Time of Pandemic” hosted by the Tourism Congress of the Philippines, Mario O. Mamon, founding president of the Philippine Association of Amusement Parks and Attractions (PhilAAPA), said they will try to emulate the practices of Shanghai Disneyland which just reopened on May 11, although on a smaller scale.

“Number one, push-pull attendance is limited with an advance reservation and entry system. Of course, this is Disney, but this can be done also simpler [here]; visitors will only be able to buy admission tickets for selected dates and annual pass holders will still have to make reservations in advance to control guest density, meaning respecting social

distances.”

Engr. Elpidio Paras, president and CEO of Dahilayan Adventure Park in Bukidnon, echoed the same strategy, at the same webinar. “The problem right now is really we have to reduce the face-to-face contact between the guest and employee,” he said, so aside from an online ticketing system, they are considering “an RFID wristband system, where you top-up your wristband.

So within the park, you can use that wristband to purchase anything without taking money out of your pocket.”

Mamon said theme parks and amusement centers all over the country have suffered heavy losses due to the enhanced community quarantine (ECQ) in Luzon and lockdowns in other regions to contain the spread of Covid-19.

“We are not operating right now.

So that means that one of our busiest time of the year, which is summer, is out for this year, and we’re still very cautious about what will happen during the second half of the year,” he said.

PhilAAPA members “have an aggregate annual gross income for

a 12-month period of more or less around P3 billion. So our monthly gross revenue is about P200 million a month for the whole industry. Between March 15 and June 15, we would have lost around P600 million already, which will be very difficult to recover as far as our members are concerned,” he stressed.

PhilAAPA has close to 40 members, with at least 2,000 employees in all, according to Mamon, who is also chairman and president of Enchanted Kingdom Inc. Dahilayan is also a member of PhilAAPA. According to Statista, Filipinos’ expenditures on recreation and cultural activities have been rising steadily over the years. In 2019, Filipinos spent P151.53 billion, up 7 percent from the 2018 figure, and up a staggering 68.4 percent from P89.96 billion in 2010.

Despite limitations on the number of guests for theme park rides, Mamon assured that Enchanted Kingdom would not raise its prices.

“We don’t see a change in what we are charging now, because we really have to strike the balance now between what are the new norms, to

what we were doing before. Before, guests could experience all the rides and attractions in a certain number of hours, but now, that will be reduced. As long as we keep the value for money.”

Enchanted Kingdom can accommodate 12,000 visitors a day, staying at a four-hour average.

In Shanghai Disneyland’s case, government authorities ruled the theme park reduce its visitors to 30 percent of its maximum capacity, or 24,000 visitors a day from 80,000 visitors a day.

As far as encouraging visitors, Mamon said, “Right now, I think number one on their mind is not being able to be infected with the virus. So how do you convince them to go to the park? One answer to this, we’ll be able to to show them how safe it is at the park and what kind of measures that we’re doing.

And then of course, in the long term, we hope that a vaccine is fully developed such that we can really go back to the operational level that we were doing before.”

He said he hopes to reopen Enchanted Kingdom by the fourth quarter of the year.

Subic Freeport transitions to modified ECQ

By Henry Empeño Contributor

S

UBIC BAY FREEPORT—More businesses are expected to resume operations here on Monday, as the Subic Bay Metropolitan Authority (SBMA) on Saturday shifted from enhanced community quarantine (ECQ) to modified ECQ, a status expected to last until the end of this month.

At the same time, SBMA Chairman and Administrator Wilma T. Eisma reminded stakeholders in the Subic Bay Freeport Zone (SBFZ) that the Subic agency will retain border controls and restrictions on nonessential activities in conformance with MECQ guidelines.

“This shift to MECQ will definitely not involve any major relaxation of our existing quarantine rules. We still have to wear mask, do disinfection, practice social distancing and observe curfew hours,” Eisma said in a statement on Saturday.

“The only significant difference is that we’d be allowing more business operations so that the local economy may start its rebound,” she added.

Eisma said the SBMA has started issuing guidelines and protocols to various Freeport stakeholders.

The shift to MECQ followed Resolution No. 37 issued on May 15 by the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF-EID) which placed highrisk areas under MECQ from May 16 to May 31. These included the provinces of Bataan, Zambales, Pampanga, Bulacan, and Nueva Ecija, as well as Angeles City.

Under IATF’s Resolution No. 35, these areas were previously classified as moderate-risk areas and qualified for general community quarantine (GCQ). But Bataan, Zambales and Bulacan had filed for extension of ECQ, while Pampanga, Nueva Ecija and Angeles City filed for MECQ.

Eisma said the SBMA had similarly appealed to the IATF-EID as early as April 28 to extend ECQ status over the Subic Bay Freeport due to the lack of adequate health facilities needed to contain a possible surge in Covid-19 cases in the greater Subic Bay area.

“Despite having a daytime population of around 155,000 people, the SBFZ has only one functioning hospital with only eight ICU beds and 13 hospital rooms,” se said.

She also stressed that while the SBMA has put up community isolation units composed of 32 beds and 45 rooms, these are not yet fully operational. Moreover, only a small portion of the local population has been tested for Covid-19 infection, according to Eisma.

The SBMA chief said that pending a separate quarantine classification by the IATF for the Subic Bay Freeport, the SBMA will adopt the MECQ status granted to Bataan and Zambales, since 65.25 percent of the total land area of the Freeport is in Bataan and 24.48 percent

is in Zambales.

The SBFZ had so far remained free of Covid-19 infection, but the SBMA has prepared care and isolation facilities open to residents of nearby communities in case of a surge in Covid-19 cases.

Eisma has also urged neighboring local government units to join a mass testing program to be implemented jointly by the Philippine Red Cross and the SBMA to detect Covid-19 infections in the locality.

The adjoining provinces of Bataan and Zambales have so far reported a total of 22 and 119 confirmed Covid-19 cases, respectively, while nearby Olongapo City, which has opted to remain under GCQ, has tallied 12 positive cases as of May 15.

Both Zambales and Bataan had earlier opted for an extension of ECQ, citing the continuing local transmission and the possibility of a second wave of Covid-19 infection in their areas.

Senate panel frontloads franchise of ABS-CBN

By Butch Fernandez @butchfBM

T

HE Senate Public Services Committee is “ready” to hold a hearing via teleconferencing Tuesday on the pending franchise renewal of ABS-CBN, even as it awaits transmission of the House bill which will grant the network a five-month provisional franchise.

House Bill (HB) 6732 was passed by the House of Representatives on second reading last week. Under the bill, the franchise shall be in effect until October 31, unless sooner revoked or cancelled.

Sen. Sherwin T. Gatchalian, vice chairman of the panel who was tasked by the committee chief, Sen. Grace Poe, to preside at the hearing, said he was ready to take up the franchise issue as soon as possible.

The committee hearing was set to tackle Senate Bill 981 filed earlier which renews for another 25 years the expiring franchise granted under Republic Act 7966 to ABS-CBN Broadcasting Corp. to construct, install, operate and maintain television and radio broadcasting stations in the Philippines. Also on the table is a separate Senate Bill 1521, granting ABS-CBN a provisional authority to operate while its renewal pends in Congress, which is expected to be included in the agenda of the Public Services Committee on Tuesday.

However, Sen. Francis Pangilinan raised concerns that the speedy approval within one day, on first and second reading, of the House bill for the granting of a five-month provisional franchise to the network, may later face a legal challenge, recalling that “we witnessed [last week] how our co-equal chamber has fast-tracked the approval of the provisional franchise bill of ABS-CBN.”

In a statement, Pangilinan recalled that “in a few hours after its filing, the Committee of the Whole approved House Bill 6732 on first and second reading, and is expected to vote on it on third reading early next week.”

Pangilinan clarified that “while we want ABS-CBN to be back on air as we know its operation is crucial in ensuring the free flow of life-saving information and keeping the jobs of thousands of people... we want our courses of action to be right – from the bill’s landing at the House plenary to its transmittal to the Senate for our own deliberation—so that we will have a provisional franchise that is legally and constitutionally firm and unassailable.”

The opposition Senator invoked Article VI Section 26 (2) of the Constitution which specifically provides: “No bill passed by either House shall become a law unless it has passed three readings on separate days, and printed copies thereof in its final form have been distributed to its Members three days before its passage, except when the President certifies to the necessity of its immediate enactment to meet a public calamity or emergency.”

Pressing his point, Pangilinan asserts, “It is within the power of the House to set this right, and soon," adding that while a bill for a provisional franchise is welcome, he was looking forward for Congress to "tackle in the near future measures granting the network a renewed 25-year franchise to finally resurrect its operations.”

The delayed renewal of its franchise compelled the ABS-CBN management to shut down the network last May 5 upon receiving a cease and desist order from the National Telecommunications Commission invoking “the expiry on May 4 of the network's franchise, and Congress's failure to issue the new one.”

B2

Companies BusinessMirror

Monday, May 18, 2020

PSE STOCK QUOTATIONS

May 15, 2020

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

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

46.05 93 60.85 19.52 7.25 35.5 20.4 42.15 15.9 91.1 53.8 15.6 2.54 0.9 0.295 0.67 168.6 1580 1.02

48 95.05 60.95 19.54 7.3 35.75 20.8 43.4 16.48 92 53.9 15.8 2.59 0.95 0.305 0.72 169 1590 1.05

48 97.1 61 19.6 7.4 36.25 21 42.1 16.2 92.05 54 15.4 2.53 0.94 0.295 0.68 169.5 1620 1.05

48 97.85 61 19.6 7.45 36.25 22.1 42.5 16.46 92.9 54 16 2.53 0.94 0.31 0.72 169.5 1620 1.05

48 93 60.5 19.54 7.3 35.5 20.5 42.1 15.9 91.1 53.6 15.4 2.53 0.94 0.295 0.63 168.5 1590 1.05

48 93 60.85 19.54 7.3 35.5 20.5 42.15 15.9 91.1 53.8 16 2.53 0.94 0.31 0.72 169 1590 1.05

2000 5424980 5874650 83500 395300 2459000 441500 2300 165000 540910 25310 500 8000 11000 230000 2785000 620 60 1000

96000 516026961 357703394.5 1633504 2897813 87764905 9317455 97290 2642118 49729740 1363686 7876 20240 10340 68300 1919680 104870 95700 1050

INDUSTRIAL

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

2.27 0.92 25.65 18.04 55 274.4 11.96 3.02 2.31 11.04 17.72 8.2 13.1 7.4 2.9 15.26 3.84 5.3 7.72 60.5 0.55 1.37 29.6 137.2 6.18 6.04 1.9 6.07 1.6 4.26 129.2 0.81 46.35 1.15 4.03 8.13 5.19 7.6 5.63 8.25 0.77 0.65 1.69 2.61 23.7 1.23 5.22 1.14 4.31 1.13 8.2

2.28 0.97 25.95 18.2 55.15 274.6 11.98 3.03 2.43 11.26 17.98 8.22 15.06 7.43 2.91 15.28 3.96 5.32 7.73 60.95 0.56 1.38 30.45 137.5 6.8 6.08 1.91 6.09 1.62 4.49 130 0.82 57.9 1.17 4.81 8.48 5.2 7.68 5.65 8.3 0.79 0.66 1.75 2.62 24 1.24 5.25 1.17 4.87 1.15 8.21

2.28 0.96 26.5 18.28 55.15 274 12 3.07 2.5 11.5 18.3 8.15 15.04 7.58 2.92 15.3 3.96 5.15 7.73 62.9 0.59 1.38 30.9 139 6.8 6.1 1.9 6.37 1.55 4.49 132 0.8 57.9 1.18 4.01 8.59 5.19 7.79 5.83 8.29 0.75 0.67 1.75 2.72 23.95 1.28 5.29 1.16 4.75 1.11 8.38

2.3 0.96 26.5 18.28 57.7 275.4 12.3 3.08 2.5 11.5 18.3 8.28 15.06 7.69 2.93 15.34 3.96 5.3 7.8 62.9 0.59 1.41 30.9 140 6.8 6.2 1.91 6.45 1.66 4.49 132 0.81 57.9 1.19 4.01 8.59 5.26 7.79 5.85 8.29 0.79 0.67 1.75 2.81 24 1.28 5.38 1.17 4.75 1.19 8.48

2.27 0.96 25.65 18 55 265.4 11.96 3 2.25 11.36 17.72 8.15 15.04 7.35 2.9 15.2 3.96 5.13 7.61 60.05 0.56 1.37 29.6 136.2 6.16 6.04 1.9 6.05 1.54 4.49 129.1 0.8 57.9 1.15 4.01 8.11 5.14 7.56 5.58 8.29 0.75 0.64 1.75 2.6 23.95 1.24 5.2 1.15 4.75 1.1 8.1

2.28 0.96 25.65 18.04 55 274.4 11.98 3.03 2.43 11.36 17.72 8.2 15.06 7.43 2.9 15.28 3.96 5.3 7.73 60.5 0.56 1.37 30.45 137.2 6.7 6.04 1.91 6.07 1.6 4.49 130 0.81 57.9 1.15 4.01 8.48 5.2 7.68 5.65 8.29 0.79 0.66 1.75 2.62 23.95 1.24 5.22 1.17 4.75 1.15 8.21

3615000 27000 1663500 262200 24510 443050 1557900 948000 97000 29200 339000 454900 200 107600 289000 1007400 1000 2999600 1775400 115890 295000 14606000 8100 618100 10800 199900 1025000 1550300 2050000 2000 1890350 736000 70 6050000 1000 28200 383900 355500 3573100 400 11000 358000 5000 3099000 1200 1356000 331500 26000 7000 1443000 1465000

8270980 25920 43118300 4,741,260( 1352575.5 121169958 18814852 2866590 225950 333842 6053782 3727677 3010 813340 839530 15400678 3960 15514904 13720334 7031962 169930 20196290 248190 84786970 71338 1213028 1947510 9554917 3264110 8980 246357556 592230 4053 7064720 4010 236905 1989491 2726841 20199249 3316 8380 230870 8750 8443940 28790 1717190 1734212 30220 33250 1652530 12116400

HOLDING & FRIMS

ABACORE CAPITAL ASIABEST GROUP AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL AYALA LAND LOG ATN HLDG A ATN HLDG B COSCO CAPITAL DMCI HLDG FILINVEST DEV GT CAPITAL HOUSE OF INV JG SUMMIT KEPPEL HLDG A KEPPEL HLDG B LODESTAR LOPEZ HLDG LT GROUP MABUHAY HLDG METRO PAC INV PRIME MEDIA SM INVESTMENTS SAN MIGUEL CORP SOC RESOURCES WELLEX INDUS ZEUS HLDG

0.52 8.01 670 39.7 6.11 1.69 0.52 0.54 5.08 4.13 8.21 400.2 3.62 47 5.16 5.23 0.53 2.63 7.17 0.48 2.75 0.78 801.5 96.35 0.68 0.176 0.141

0.53 8.1 671 40.1 6.19 1.7 0.53 0.56 5.17 4.15 8.22 401 3.7 47.45 5.26 6.24 0.54 2.68 7.19 0.54 2.76 0.79 807 96.4 0.7 0.18 0.15

0.52 8.1 680 42 6.15 1.74 0.52 0.54 5.19 4.15 8.23 404 3.62 49 5.2 5.23 0.53 2.69 7.18 0.48 2.75 0.79 820 96.5 0.68 0.177 0.142

0.53 8.2 687.5 42 6.19 1.78 0.53 0.54 5.19 4.15 8.23 409 3.7 49 5.2 5.23 0.55 2.69 7.4 0.495 2.8 0.79 820 96.5 0.68 0.177 0.15

0.51 8 660 39.6 6.08 1.69 0.52 0.54 4.99 4.01 8.22 400.2 3.62 47 5.2 5.23 0.53 2.61 7.13 0.48 2.66 0.78 800 96.2 0.68 0.177 0.141

0.53 8.08 670 39.7 6.19 1.69 0.53 0.54 5.08 4.15 8.22 400.4 3.7 47 5.2 5.23 0.53 2.63 7.18 0.495 2.75 0.79 801.5 96.35 0.68 0.177 0.15

1574000 31300 285320 1623000 1157200 3176000 798000 500000 1138100 10077000 13700 219260 31000 1740600 50000 100 9000 405000 368500 180000 51351000 126000 246850 41860 3000 160000 60000

96000 -266380769 -47138430.5 -785157.9997 -1590233 -33443140 -114675 -320378 -9830826 -619314 16860 1194949.9997 -10911680 2,139,201.9997) -1262009.5 11589802 -3326374 -118790 1150 -1613386 88905 533590 -963416 11437416 -13337115 287696 156829.9997 3000 -12453367 -328994 -1900000 -2537239 -76368660 35640 -2775830 -64992 -764 -6425180 31540 29210 -50265 -8049.9999 19704

823940 252300 191263950 66200935 7071980 5445120 418230 270000 5769274 41389650 112723 87982838 114280 83556305 260000 523 4800 1072360 2641702 87500 139966390 99380 198242415 4034178.5 2040 28320 8580

-124980 -62481490 -13489380 -790246 -175730 -57240 185760 21657570 -57584 -43523182 -160 -72200000 -60800 107459 -34306380 9186045 -180131.5 -

PROPERTY ARTHALAND CORP 0.54 0.55 0.54 0.54 0.54 0.54 432000 233280 32 32.55 32.7 33.1 32 32 8639300 280582510 AYALA LAND 1.03 1.05 1.05 1.07 1.02 1.05 36000 37950 ARANETA PROP BELLE CORP 1.34 1.35 1.35 1.4 1.35 1.35 93000 126420 A BROWN 0.55 0.56 0.55 0.55 0.54 0.55 662000 357720 0.74 0.75 0.74 0.75 0.74 0.75 3000 2230 CITYLAND DEVT 5.5 5.7 5.52 5.7 5.52 5.7 11900 65706 CEBU HLDG 3.93 3.98 3.99 4.03 3.93 3.98 354000 1409530 CEB LANDMASTERS CENTURY PROP 0.345 0.35 0.35 0.355 0.35 0.35 770000 269550 CYBER BAY 0.28 0.29 0.29 0.29 0.29 0.29 130000 37700 16.06 16.08 16.06 16.08 16 16.06 85100 1366096 DOUBLEDRAGON 6.68 6.7 6.7 6.8 6.7 6.7 445100 2984334 DM WENCESLAO 0.285 0.3 0.3 0.3 0.3 0.3 10000 3000 EMPIRE EAST EVER GOTESCO 0.055 0.07 0.07 0.076 0.052 0.052 1730000 95330 0.91 0.92 0.92 0.92 0.91 0.91 4507000 4104320 FILINVEST LAND GLOBAL ESTATE 0.79 0.8 0.79 0.8 0.79 0.79 920000 728820 10.16 10.2 10.18 10.2 10.14 10.2 27100 275560 8990 HLDG 0.79 0.8 0.76 0.8 0.76 0.79 267000 209820 PHIL INFRADEV MEGAWORLD 2.56 2.58 2.63 2.63 2.56 2.56 4391000 11325590 MRC ALLIED 0.146 0.147 0.15 0.15 0.146 0.147 2320000 340250 14.54 14.6 15.06 15.26 14.54 14.54 2234500 33271788 ROBINSONS LAND 1.49 1.5 1.5 1.53 1.5 1.5 36000 54060 ROCKWELL 2.68 2.7 2.68 2.68 2.68 2.68 100000 268000 SHANG PROP STA LUCIA LAND 1.92 1.93 1.91 1.93 1.91 1.93 100000 192790 29 29.5 30.05 30.15 29 29 8206900 241051440 SM PRIME HLDG VISTAMALLS 3.65 3.7 3.7 3.81 3.6 3.7 125000 465910 1.21 1.23 1.22 1.23 1.2 1.23 300000 360560 SUNTRUST HOME 3.6 3.68 3.8 3.82 3.6 3.6 1774000 6457770 VISTA LAND

51652690 6840 -570 -846960 3550 17687.9997 12720 -1173950 16285.9997 -3788560 2362144 -118916690 -4689530

SERVICES GMA NETWORK 5.03 5.04 4.96 5.09 4.85 5.03 956000 4752050 0.365 0.375 0.365 0.37 0.365 0.365 380000 139300 MANILA BULLETIN 14.7 16.5 16.5 16.5 16.5 16.5 100 1650 MLA BRDCASTING GLOBE TELECOM 2220 2224 2176 2242 2176 2220 72445 161045610 PLDT 1220 1221 1202 1224 1202 1220 121150 147628970 APOLLO GLOBAL 0.039 0.042 0.04 0.042 0.04 0.042 1200000 48400 2.81 3.04 2.8 3.04 2.8 3.04 31000 88000 DFNN INC 2.14 2.15 2.13 2.15 2.1 2.14 9807000 20852560 DITO CME HLDG ISLAND INFO 0.077 0.08 0.08 0.08 0.077 0.077 160000 12380 1.74 1.76 1.76 1.76 1.74 1.74 566000 988270 NOW CORP TRANSPACIFIC BR 0.181 0.186 0.18 0.189 0.18 0.181 940000 170240 2.41 2.44 2.3 2.48 2.27 2.43 2286000 5480090 PHILWEB 9.8 9.99 9.75 10 9.71 9.8 30800 302949 2GO GROUP CHELSEA 3.05 3.06 3.07 3.08 3.03 3.05 129000 393810 CEBU AIR 41.95 42 42.9 43.8 41.9 41.95 121700 5162235 INTL CONTAINER 80.5 81.9 82.15 82.9 80.5 80.5 2585710 211810698.5 12.16 13.8 13.98 13.98 13.8 13.8 200 2778 LBC EXPRESS 3.79 3.8 3.99 3.99 3.68 3.8 12509000 47554320 MACROASIA METROALLIANCE A 2.69 2.7 2.9 2.94 2.63 2.7 9057000 25325390 2.61 2.7 2.57 2.82 2.57 2.7 51000 141210 METROALLIANCE B 6.96 6.98 6.98 7 6.9 6.95 18000 125645 PAL HLDG 0.84 0.85 0.89 0.89 0.84 0.85 133000 113170 HARBOR STAR 0.025 0.026 0.025 0.026 0.025 0.026 16600000 415300 BOULEVARD HLDG DISCOVERY WORLD 1.65 1.77 1.65 1.65 1.65 1.65 2000 3300 0.38 0.385 0.395 0.395 0.385 0.385 360000 139650 WATERFRONT 6.01 6.29 6.3 6.3 6.29 6.29 900 5666 CENTRO ESCOLAR 0.32 0.325 0.325 0.335 0.315 0.325 3660000 1182800 STI HLDG 2.14 2.15 2.05 2.18 2.05 2.15 68000 144970 BERJAYA BLOOMBERRY 5.35 5.36 5.4 5.45 5.3 5.36 2553300 13677289 PACIFIC ONLINE 1.87 1.93 1.88 1.88 1.88 1.88 17000 31960 1.45 1.51 1.41 1.53 1.41 1.51 336000 510850 LEISURE AND RES 2.15 2.19 2.19 2.19 2.19 2.19 3000 6570 MANILA JOCKEY 2.57 2.58 2.56 2.59 2.56 2.58 11000 28360 PH RESORTS GRP PREMIUM LEISURE 0.295 0.3 0.3 0.305 0.295 0.3 5890000 1774500 ALLHOME 5.73 5.78 5.88 5.99 5.72 5.73 2223700 12854374 METRO RETAIL 1.65 1.66 1.77 1.82 1.65 1.66 4775000 8220010 46 46.45 47.35 47.35 46 46 4182800 194285505 PUREGOLD 68.2 68.5 68.5 70.2 66.8 68.5 1514250 103838095 ROBINSONS RTL PHIL SEVEN CORP 129.5 129.8 129 129.9 127 129.5 5200 671949 SSI GROUP 1.18 1.19 1.23 1.23 1.17 1.19 1852000 2193830 WILCON DEPOT 14.66 14.68 14.72 14.74 14.64 14.68 1950400 28613188 0.29 0.3 0.295 0.3 0.295 0.3 170000 50950 APC GROUP 7 7.34 7.26 7.45 6.9 7.34 128900 919028 EASYCALL GOLDEN BRIA 300 302 306 306 300 302 2300 693150 PRMIERE HORIZON 0.211 0.215 0.216 0.216 0.206 0.216 4500000 948000 5.31 5.98 5.98 5.98 5.98 5.98 200 1196 SBS PHIL CORP

22758140 9649845 -104620 185530 -180540 -61000 -3099470 79788621 -8200600 10000 -52300 2705445.9999 450000 1450315 -17400 -19265810 -25158780.5 665551 -422440 10599228 -148020 -

MINING & OIL ATOK 9.7 10.64 10.66 10.66 10.64 10.64 400 4262 0.91 0.92 0.95 0.96 0.92 0.92 1450000 1356380 -19000 APEX MINING ABRA MINING 0.0009 0.001 0.001 0.0011 0.0009 0.001 334000000 335100 2000 ATLAS MINING 1.84 1.91 1.93 1.93 1.93 1.93 1000 1930 1.05 - 0.96 1.05 0.96 1.05 22000 21430 BENGUET A 0.192 0.197 0.197 0.197 0.197 0.197 120000 23640 COAL ASIA HLDG 7.07 7.21 7.2 7.21 7 7.21 15000 105700 DIZON MINES FERRONICKEL 0.77 0.78 0.77 0.77 0.75 0.77 1599000 1209970 0.201 0.202 0.201 0.203 0.2 0.202 300000 60190 GEOGRACE 0.075 0.078 0.079 0.079 0.075 0.075 2300000 173470 LEPANTO A 0.08 0.083 0.08 0.08 0.08 0.08 130000 10400 LEPANTO B 0.0064 0.0065 0.0066 0.0066 0.0065 0.0065 2000000 13100 MANILA MINING A MARCVENTURES 0.54 0.56 0.56 0.56 0.56 0.56 10000 5600 0.97 1 1.03 1.05 0.97 0.99 822000 816970 NIHAO 1.52 1.53 1.57 1.58 1.52 1.52 6178000 9481460 -6058760 NICKEL ASIA 0.49 0.51 0.49 0.52 0.48 0.51 468000 225980 ORNTL PENINSULA 2.25 2.29 2.25 2.29 2.25 2.25 85000 191490 -56440 PX MINING SEMIRARA MINING 11.8 11.82 11.82 11.94 11.8 11.82 493500 5841828 1676554 UNITED PARAGON 0.004 0.0041 0.0043 0.0043 0.0041 0.0041 3000000 12500 6.55 6.66 6.53 6.67 6.53 6.66 41300 271058 666 ACE ENEXOR 0.0084 0.0087 0.0087 0.0087 0.0087 0.0087 1000000 8700 ORNTL PETROL A 0.0085 0.0095 0.0085 0.0095 0.0085 0.0095 6000000 54000 ORNTL PETROL B PHILODRILL 0.0081 0.0083 0.0083 0.0083 0.0083 0.0083 1000000 8300 4.56 4.6 4.59 4.76 4.51 4.6 1050000 4823460 -305910.0001 PXP ENERGY

PREFFERED AC PREF B1 500.5 507 500.5 500.5 500.5 500.5 100 50050 100 101 101 101 101 101 20 2020 ALCO PREF B AC PREF B2R 498 502 499 499 499 499 500 249500 99.5 99.6 99.5 99.5 99.5 99.5 300 29850 CPG PREF A 99.35 99.5 99.5 99.5 99.35 99.5 10570 1050245 DD PREF 104 107.2 104 104 104 104 10000 1040000 FGEN PREF G 501 510 501 501 500.5 501 2100 1052050 GLO PREF P GTCAP PREF B 982.5 996.5 997 997 997 997 300 299100 100 100.5 100.3 100.3 100.3 100.3 101880 10218564 MWIDE PREF 100 101.5 102 102 102 102 20 2040 PNX PREF 3A 102.1 106.6 106.9 106.9 100 100 38370 3858183 PNX PREF 3B 996 999 999 999 999 999 250 249750 PNX PREF 4 PCOR PREF 3A 1018 1019 1018 1018 1018 1018 995 1012910 77 77.45 77 77.45 76.9 77.45 12370 954538.5 SMC PREF 2C 74.7 74.95 75 75 75 75 3000 225000 SMC PREF 2D 76 76.9 76.5 77 76.5 77 17010 1306745 SMC PREF 2F 75.3 75.7 75.6 75.6 75.6 75.6 3000 226800 SMC PREF 2G SMC PREF 2H 75.15 75.75 75.5 75.5 75.15 75.15 15000 1131940

PHIL. DEPOSITARY RECEIPTS GMA HLDG PDR 4.82 4.9 4.75 4.82 4.75 4.82 22000 105630

WARRANTS LR WARRANT 0.73 0.74 0.75 0.75 0.71 0.71 33000 24110

SMALL & MEDIUM ENTERPRISES ITALPINAS 1.92 1.95 1.95 2 1.89 1.95 1664000 3227860 904420 6.3 6.35 6.3 6.57 6.2 6.35 55800 354109 KEPWEALTH XURPAS 0.61 0.62 0.63 0.63 0.61 0.62 348000 216210

EXHANGE TRADE FUNDS

FIRST METRO ETF 83.8 85.2 86 86.5 83.8 83.8 23380 1984881.5 279295.5

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FLI income up 7% in 2019 on higher rental revenues

G

By VG Cabuag

@villygc

otianun-led Filinvest Land Inc. said its profits rose 7 percent last year to P6.28 billion, from the previous year's P5.89 billion, on brisk residential sales and higher rental income from its newly completed office buildings.

Gross revenues rose 16 percent to P25.67 billion, driven by a 25-percent increase in rental revenues to P7.01 billion, and the 18-percent rise in residential revenues to P17.01 billion, it said.

“We are satisfied with our 2019 performance as both our residential sales and recurring income businesses reflected growth,” said FLI President and CEO Josephine Gotianun-Yap. She said the company has allocated capital expenditures (capex)

of about P16 billion this year, of just half of the P32 billion capex budget last year.

FLI also revised its project lineup and moved some of its launches originally scheduled for the second half of 2020 to next year, she said.

“We will, however, go ahead with residential projects in new geographies within the country. We have also allocated a significant amount of this year’s resources for the completion of additional office buildings, the innovation park, as well as the

development of our townships,” said Yap. “All of these signify our confidence that our company and the country will be able to hurdle the challenges ahead of us,” she added.

Last year, FLI’s residential revenue rose due to high sales take-up levels in 2018 as well as the completion of mid-rise and high rise residential buildings in 2019.

This was brought about by strong demand for FLI’s range of residential product offerings under the affordable housing brand to mid-rise buildings Futura to a selection of themed horizontal, mid-rise and accessible high-rise communities.

The company said rental revenue growth came from the completion of two new office buildings that brought FLI’s total to 30 office buildings equivalent to 524,00 square meters of gross leasable area (GLA).

FLI’s target is to reach 2.1 million square meters GLA by 2024 for its recurring income business which include its office, retail, logistics/innovation and dormitel investment properties.

The office buildings are concentrated in its three major Philippine Economic Zone Authority hubs in Filinvest City, Alabang and Mimosa Plus in Clark Special Economic Zone and Cebu.

“The office segment is expected to continue to grow in the medium term driven by demand from traditional offices, BPOs, co-working spaces, and emerging technology and e-commerce companies,” it said.

FLI has also ventured into the logistics space through the launch of the Filinvest Innovation Park at New Clark City in mid-2019. The company is seeing a demand for big land parcels and ready built factories to address the needs of the growing logistics and e-commerce industry.

By the second half of 2020, the park can start receiving locators who may wish to immediately start their building and warehouse construction. Meanwhile, planning and development of phase 2 is programmed to commence by the fourth quarter of 2020.

Udenna unit prepares to reopen food service outlets

A

RE you ready for more burgers and cakes?

With the transition of Luzon and many regions into less restrictive quarantine levels, Eight-8-Ate Holdings Inc. will be reopening more Wendy’s,

Conti’s Bakeshop and Restaurant, and FamilyMart by the week of May 18. Eight8-Ate is a subsidiary of Udenna Corp., owned by Davao businessman Dennis Uy. In a Webinar on Rebooting in the New Normal: Impact, Insights and Innovations

STOCK-MARKET OUTLOOK Last week

Share prices fell last week as investors stayed on the sidelines and many awaited the announcement of the reopening of the economy with the “partial lifting” of the lockdown.

The benchmark Philippine Stock Exchange index (PSEi) fell 79.99 points to close at 5,541.95 points.

The market started the week strong, but was mostly down during the rest of the week, ending with Friday's decline of 2 percent, or 112.75 points.

Listed companies reported an expected slower income for the first quarter of the year, which many expected due to the Taal Volcano eruption at the start of the year and the lockdown that started in the middle of March.

“The hint so far is that bleaker outlook is seen for the second quarter, especially with extensions made on the ECQ [enhanced community quarantine]. We believe these have already been factored into pricing, although sentiment could still gyrate in case Covid-19 [coronavirus disease 2019] data rises during the modified ECQ window,” said broker 2TradeAsia.

Daily average trading for the week fell, reaching only P4.22 billion, as foreign investors dumped local shares all-week long and were net sellers at P3.25 billion.

All other subindices ended in the red with the exception of the Industrial index that gained 179.88 points to close at 7,506.67 points. The broader All Shares index fell 47.19 to 3,356.61, the Financials index was down 18.68 to 1,129.40, the Holding Firms index declined 95.18 to 5,437.09, the Property index plunged 119.32 to 2,815.65, the Services index shed 8.64 to 1,314.04 and the Mining and Oil index was lower 15.37 to 4,505.48.

For the week, losers outnumbered gainers 140 to 62 and 36 shares were unchanged.

Top gainers for the week were Benguet Corp. B shares, National Reinsurance Corp. of the Philippines, Panasonic Manufacturing Philippines Corp., Philippine Business Bank, Metro Alliance Holdings and Equities Corp A and Vivant Corp.

The top losers were Holmium Philippines Inc., Ever-Gotesco Resources and Holdings Inc., Chemical Industries of the Philippines Inc.

This week

Share prices may improve this week as sentiments may turn positive with the reopening of the economy in some parts of the country, even as some areas, including Metro Manila and Laguna are still under modified ECQ until the end of the month.

“So far, the market has already priced-in slower capex [capital expenditures of companies] for 2020, with bulk of budgets earmarked already for next year,” said 2TradeAsia.

It said the market will anticipate the actions of the Bangko Sentral ng Pilipinas which will have its policy meeting this week.

“Any monetary stimulus might be received positively, but this needs to be complemented by other fiscal initiatives,” the broker added.

It advised investors to trade the range, while the immediate support for the main index will be at 5,400 to 5,500 and resistance of between 5,700 and 5,800.

Stock picks

Broker Regina Capital Development Corp. recommended to buy Ayala Land Inc. stock when its price falls, as all its indicators point to a buy sign.

“The stock has been on a gradual downturn after pulling back from a relatively strong resistance at P33.75; but it looks like Ayala Land has finally established a stable support at P31. Since indicators remain on buy signs and momentum is picking up, there is a chance of a minimal upswing. However, the rally will be tempered as it nears its resistance,” the broker said.

It placed a support price on the stock at between P28 and P31 per share and resistance at P33.75.

Ayala Land shares closed Friday at P32 apiece.

Meanwhile, it gave the same recommendation on the stock of mall operator SM Prime Holdings Inc., as its technical indicators show a sudden spike in buying pressure.

“The stock may see some more upward movement before pulling back from its resistance at P31.75,” it said.

SM Prime shares closed last week at P29 apiece. VG Cabuag

in Restaurants hosted by Enderun Colleges, also owned by Udenna, Eight-8-Ate President and CEO Joey Garcia said, “Right now, we’re operating close to about 35 stores, we have 50 plus in total. So that's almost half [of the total]. Next week, we

mutual funds

should be very close to that when malls will reopen. There will be more when provincial stores in Pampanga reopen. And so I’m gonna say that more than about 70 percent of our stores will be open next week.” Ma. Stella F. Arnaldo

May 15, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 186.91 -27.2% -11.76% -7.89% -25.8% ATRAM Alpha Opportunity Fund, Inc. -a 0.9526 -39.17% -14.52% -9.14% -31.07% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.5107 -36.92% -16.38% -10.69% -31.74% Climbs Share Capital Equity Investment Fund Corp. -a 0.6507 -28.92% n.a. n.a.

-27.47% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6697 -21.27% n.a. n.a.

-21.15% First Metro Save and Learn Equity Fund,Inc. -a 4.0678 -23.54% -8.86% -7.17% -23.66% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6304 -25.77% -12.78% n.a.

-26.15% MBG Equity Investment Fund, Inc. -a

75.05 -38.23% n.a. n.a.

-27.37% PAMI Equity Index Fund, Inc. -a 37.3073 -26.15% -10.34% n.a.

-27.25% Philam Strategic Growth Fund, Inc. -a 402.28 -23.78% -9.51% -6.89% -24.49% Philequity Alpha One Fund, Inc. -a,d, 0.849 n.a. n.a. n.a.

-17.58% Philequity Dividend Yield Fund, Inc. -a 0.9592 -25.53% -9.53% -6.31% -25.46% Philequity Fund, Inc. -a 28.1066 -25.54% -9.08% -6.12% -25.83% Philequity MSCI Philippine Index Fund, Inc. -a 0.7422 -26.53% n.a. n.a.

-27.1% Philequity PSE Index Fund Inc. -a 3.8 -25.74% -9.92% -6.02% -27.25% Philippine Stock Index Fund Corp. -a

635.25 -25.63% -9.91% -6.23% -27.16% Soldivo Strategic Growth Fund, Inc. -a 0.5841 -35.58% -13.44% -9.98% -31.4% Sun Life Prosperity Philippine Equity Fund, Inc. -a 2.9873 -29.21% -10.75% -7.14% -29.03% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.729 -25.78% -10.05% -6.16% -27.16% United Fund, Inc. -a 2.7297 -24.99% -7.7% -4.94% -25.28% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 85.2012 -25.5% -9.43% -5.41% -27.15% ATRAM AsiaPlus Equity Fund, Inc. -b

$0.8925 -9.63% -2.54% -3.56% -13.21% Sun Life Prosperity World Voyager Fund, Inc. -a $1.2526 -0.14% 3.25% n.a.

-9.15% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.4966 -11.08% -5.56% -5.02% -4.24% ATRAM Philippine Balanced Fund, Inc. -a 1.9641 -13.31% -5.88% -3.65% -9.95% First Metro Save and Learn Balanced Fund Inc. -a 2.3367 -9.85% -3.31% -4.61% -11.2% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1828 n.a. n.a. n.a.

-20% NCM Mutual Fund of the Phils., Inc. -a 1.7889 -5.8% -1.94% -1.64% -8.87% PAMI Horizon Fund, Inc. -a 3.3302 -8.18% -3.6% -3.1% -12.11% Philam Fund, Inc. -a 14.8869 -9.08% -3.77% -3.19% -12.23% Solidaritas Fund, Inc. -a 1.8456 -12.63% -2.93% -13.18% -4.82% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.1397 -17.27% -5.84% -4.25% -18.74% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9006 -8.28% n.a. n.a.

-11.33% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.7939 -18.68% n.a. n.a. -20.32% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.7698 -20.92% n.a. n.a. -22.49% Sun Life Prosperity Dynamic Fund, Inc. -a 0.7763 -20.28% -6.86% -5.76% -20.36% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03787 4.21% 2.2% 1.32% -0.94% -10.13% PAMI Asia Balanced Fund, Inc. -b $0.9328 -3.8% -0.66% -1.77% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $3.6132 -0.78% 2.44% 1.75% -7.61% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.0659 - 0.89% 1.07% n.a.

-5.57% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 363.12 4.18% 3.03% 2.43% 1.49% ATRAM Corporate Bond Fund, Inc. -a

1.9316 2.02% 1.05% -0.11% 1.56% Cocolife Fixed Income Fund, Inc. -a 3.1739 4.79% 5.17% 5.12% 1.85% Ekklesia Mutual Fund Inc. -a 2.2772 5.1% 2.88% 2.22% 2.35% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4243 6.76% 3.09% 1.86% 2.76% 3.25% Philam Bond Fund, Inc. -a 4.5152 11.05% 3.69% 2.25% Philam Managed Income Fund, Inc. -a,6 1.2823 6.78% 3.76% 2.03% 2.04% Philequity Peso Bond Fund, Inc. -a

3.8858 7.43% 3.74% 1.99% 2.58% Soldivo Bond Fund, Inc. -a 1.0206 10.69% 3.38% 1.57% 5.84% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1308 8% 4.63% 2.8% 1.78% Sun Life Prosperity GS Fund, Inc. -a 1.7287 7.51% 4.09% 2.3% 1.62% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $468.94 3.04% 2.32% 2.46% 0.15% ALFM Euro Bond Fund, Inc. -a Є214.28 -0.76% 0.53% 0.72% -2.48% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.1961 2.26% 2.27% 2.06% -0.92% 1.06% 0.96% -0.39% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0257 1.58% PAMI Global Bond Fund, Inc -b $1.0525 -1.32% -0.46% -0.68% -3.9% Philam Dollar Bond Fund, Inc. -a $2.3942 5.41% 2.79% 2.48% -0.4% Philequity Dollar Income Fund Inc. -a $0.0596341 2.27% 1.49% 1.48% -1.13% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1537 5.36% 2.15% 2.07% -0.68% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 127.52 3.78% 3.12% 2.36% 1.38% First Metro Save and Learn Money Market Fund, Inc. -a 1.0381 2.68% n.a. n.a.

1.15% 1.279 3.32% 3.01% 2.54% 1.14% Sun Life Prosperity Money Market Fund, Inc. -a Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.042 1.64% 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

Perspectives The next wave of regulation

W

hen you examine technology risk, you’re talking about information technology (IT). But when you talk about cyber risk, the ownership and accountability live outside the technology department.

The trend we see in the direction and magnitude of cyber-based regulations is moving toward a more holistic approach, focusing on business priorities and responsibilities, such as customer-oriented business activities like building trust; middleoffice and back-office operational tasks; and Board-driven corporate governance functions. In short, the focus is on management within the first line of defense, as it should be.

The landscape as we see it

IN 2020 and beyond, we expect to continue to see increased regulation on a variety of topics from a variety of regulators. In Asia, specifically, we’ve seen new regulations around cyber security where they’ve actually used the word “cyber.”

Previously, the regulations in that region used the word “technology,” which had an IT connotation.

The increased precision is a welcome development.

With so many countries having issued rules to comply with certain elements of the General Data Protection Regulation (GDPR), or their own privacy laws, we’re seeing—especially with larger multinational companies—the creation of new, proactive data management departments. Essentially, businesses are looking to master data analytics as a discipline and understand not only where the data is located across the organization, but also who owns it, what’s being done with it, and, perhaps most critically, what rights and permissions users have in relation to that data.

Companies are recognizing the need for additional investment, not just in tooling and process development, but in terms of a lack of cyber talent, from cyber governance and risk strategy to configuration and maintenance.

There’s still a large gap in this space, and, unfortunately, many companies hire IT professionals who lack cyber security perspective in relation to the regulatory environment. The result is advice that is often ineffective or wellintentioned but misunderstood or inadequately implemented by management and the board.

What we believe you should do about it

Regarding the three lines of defense model, we suggest embedding the responsibilities of cyber security, as well as the role of the Chief Information Security Officer (Ciso), in the first line—preferably formally—and linking these tasks to annual performance targets.

The Ciso role, at its core, should

reside in the first line to cover security strategy and vision, and he or she should have a clear hierarchical or at least functional alignment with security operations regarding daily monitoring and tool configuration.

The second line (i.e., IT risk) should support design quality and resiliency policies and standards, and report back to management and the board. The third line would review and assess the work of the first two lines. This optimal state seeks to extend the company’s cyber security needs, including regulatory compliance, across the entire organization.

We also believe it’s critical to institute ongoing testing of your regulatory compliance program in terms of design, implementation and effectiveness to identify where improvements are needed. Also, ensure operational cyber resilience is embedded into your overall architecture and processes to solidify security for both IT and OT (Operational Technology).

Appoint an individual who is not strictly an IT person to oversee regulatory compliance. In fact, new CISOs should become more comfortable speaking the language of business in order to ensure his or her messages are understood and executed.

This individual should have a broad mindset regarding the company’s operating model—a Chief Risk Officer, Chief Financial Officer, or Deputy CEO would be ideal because they also have perspective on the company’s overall risk agenda. This individual would be the sponsor or champion for cyber security across the entire organization, working in close partnership with the Chief Operating Officer and Ciso.

Take the time to unify all of your regulatory requirements, from internal controls and policies to the various regional and country specific regulations, into a single Unified Control Framework to help enhance the effectiveness of your internal governance, risk, compliance, and testing efforts. Look for synergies between the controls demanded by privacy, resilience, and security regulations— you may be surprised by what you find.

Companies are encouraged to shift their focus from systems and technology to information.

Pinpoint what it is that makes you competitive in the market. It could be intellectual property, or your supply chain, or your pricing power. Whatever it is, that’s what you need to protect from a cybersecurity perspective.

The excerpt was taken from KPMG article, “All hands on deck: Key cyber security considerations for 2020.” © 2020 R.G. Manabat & Co., a Philippine partnership and a member-firm of the KPMG network of independent member-firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. Printed in the Philippines.

For more information on KPMG in the Philippines, you may visit www.kpmg.com.ph.

Monday, May 18, 2020 B3

EXCLUSIVE

‘Fintech enables quicker, cheaper money transfer’

M

By Tyrone Jasper C. Piad

@Tyronepiad

oney transfer agencies can optimize operations and cost by integrating technology to their services, a California-based online mobile payment solutions firm said.

Frederic Ho, Jumio Corp.’s vice president for Asia Pacific division, told the BusinessMirror that financial technology (fintech) is easing the cost and process of cash remittance for both the firms and customers.

“By integrating technology and moving online, money transfer agencies will be able to reduce their overhead costs, as well as the cost of transferring cash — thus being able to lower fees,” Ho said.

With digital identity verification and certified “liveness” detection, customers are also ensured that money were transferred to the actual receiver, he added.

Ho said that online transactions

reduce the time it takes to remit money as customers do not need to visit physical branches anymore.

“Some of the biggest pain points for users of traditional remittance include high transfer fees, long wait times for transfers to reach their destination, as well as the restriction of only being able to transact at a physical branch,” he said. “This makes money transfers a huge hassle, both for Filipinos working overseas where travelling to a branch is not convenient, as well as for recipients who may be residing in remote places in the Philippines.”

Philippine Payments Management Inc. recently reported that electronic money transfers coursed

through InstaPay in April rose by 32.18 percent to 8.86 million from 6.71 million the previous month amid mobility restriction due to the pandemic. In value, transactions reached P53 billion, averaging at P6,128 per transfer.

Potential growth

IN Southeast Asia, fintech industry has been growing over the past decade and is seen to continue its momentum, Ho said. The sector registered P1.7-billion inflows from 2018 until the first of 2019, which showed a six-fold increase from 2017 figures.

The region has approximately 198 million unbanked adults, he said, noting that this represents a potential market.

According to BSP’s 2017 Financial Inclusion survey, 52.8 million or 77.4 percent of the total population remain unbanked. The Central Bank earlier vowed to double its financial inclusion efforts, eyeing 70 percent of the Filipinos to be banked with formal accounts by 2023.

With this, Ho said that the Philippine can participate in the growth of the fintech sector.

“The large unbanked population,

combined with a high level of digital literacy and mobile adoption creates perfect conditions for Fintech to flourish in the archipelago,” he pointed out.

Apart from start-ups, the Jumio official said that traditional banks can leverage fintech to boost financial inclusion, beef up portfolio and future-proof their business. But Ho stressed that internet accessibility should be widened in the country, including rural areas, to allow many Filipinos accessing fintech services.

Meanwhile, he said that fintech players should be able to have strong security measures to prevent fraud and data privacy attacks. This can help boost customer confidence as well to the fintech platforms and their services, he added.

“Fintech is helping to drive change within the entire banking and finance industry — through the entry of new players in the market, as well as the transformation of traditional incumbent banks,” Ho said. “These changes will eventually lead the whole industry to a ‘new normal’, where financial services can be provided to the vast majority of Filipinos in a seamless and simple way.”

Lawmaker sets sight on NOGOs after arrest of Chinese in Las Piñas

By Jovee Marie N. dela Cruz @joveemarie

& Cai U. Ordinario @caiordinario

T

he chairman of the House Committee on Appropriations on Sunday called for the arrest of all Non-Registered Offshore Gaming Operators (NOGOs) in the country. Anti-Crime and Terrorism Community Involvement and Support (ACT-CIS) Party-list Rep. Eric Go Yap issued a statement after authorities arrested at least 265 Chinese allegedly engaged in illegal online gaming operations in Las Piñas City. Reports quoted the police as saying authorities recovered P6.4 million in cash, 143 pieces of foreign currency bills, laptop and desktop computers, central processing units chips, cellphones and other gadgets. The arrest on Thursday was held only weeks after police raided a POGO in Parañaque City.

Lawyer Jose S. Tria Jr. was quoted in a Philippine Amusement and Gaming Corp. (Pagcor) statement as saying the “strict conditions” they imposed on Philippine Offshore Gaming Operator (POGO)

sites allowed them to catch those who are illegally operating.

“These NOGOs are unaware that POGOs, which will resume operations, will undergo thorough evaluation and inspection from Pagcor,” Tria, the Assistant Vice-President for Offshore Gaming Licensing Department of Pagcor, said.

“So, we know which specific sites will be allowed to resume operations,” he added. “Consequently, NOGOs right now are easily identifiable since not all POGO sites will resume operations.”

Continuously monitoring

Yap said the Lower Chamber, together with the Pagcor, is continuously monitoring these NOGOs and their illegal activities.

Yap, who is also vice-chairman of the House Committee on Games and Amusements, warned the latest raid is one of many.

“Aside from the fact that they are conducting illegal gaming operations, they are also breaching the security and health protocols observed during the community quarantine,” Yap said adding a dig that those behind these illegal activities have the gall to flout

these protocols.

Yap, who earlier urged the government to reconsider the resumption of POGO activities, said the NOGOs are destroying the image of legitimate POGOs. These illegal enterprises also cheat government of tens of billions of pesos in unrealized earnings annually, according to Yap. The lawmaker said there’s no excuse for the activities of NOGOs. “You have no business being in our country, literally and figuratively speaking,” he said.

Task Force

Apart from implementing rules to effectively regulate POGOs in the country, Pagcor said it is part of a task force that handles intelligence gathering on illegal online gambling, centralized information sharing, intelligence operations, surveillance, raids, arrest and prosecution of illegal online gaming activities.

In the discharge of its vital functions in the Task Force, Pagcor said it validates licenses, provides business, tax and other information on record to help arrest and penalize illegal gambling operators in the country.

Earlier, Pagcor saw its net income in the first quarter was slashed nearly by half due to the coronavirus disease 2019 (Covid-19) pandemic.

Pagcor Chairman Andrea D. Domingo told the BusinessMirror that the state firm’s net income as of end-March this year amounted to P777.44 million, which was 49.87-percent lower than the P1.55 billion recorded in the same period in 2019.

Moreover, Pagcor also missed its P18.69-billion target for total income on the first quarter of the year, falling short by 4.20 percent, or P785.18 million.

According to Domingo, Pagcor’s total income for the first three months of the year settled at P17.91 billion, 7.12 percent lower or P1.37 billion than last year’s P19.28 billion.

Sought to clarify the factors behind the decline in the net income of Pagcor in the first quarter even though the Luzon-wide lockdown started in mid-March, Domingo said: “It started slow.”

“If you remember the Covid-19 virus’ existence was formally recognized by China; that is a factor,” she added.

Govt releases ₧16.4B to subsidize small biz

T

he government has released P16.4 billion under Small Business Wage Subsidy (SBWS) program, according to the Department of Finance (DOF).

In a statement, the DOF said the first tranche of the program extended P5,000 to P8,000 each for 2.1 million workers as of May 12.

SBWS subsidies were credited to the beneficiaries’ bank or PayMaya accounts or sent through cash remittance via MLhuillier Financial Services.

According to the DOF, the initiative is one of the intervention programs that the Duterte administration has rolled out in support of low-income families, workers of small businesses and other vulnerable sectors hardest hit by the (coronavirus disease 2019 (Covid-19) pandemic’s economic fallout.

It added these these programs are aligned with the government’s priorities of saving lives and protecting communities amid this global health crisis.

According to Finance Assistant Secretary Antonio Joselito Lambino II, the DOF tapped MLhuillier Financial Services Inc. as the partner-remittance center of the Social Security System in the disbursement of wage subsidies to unbanked beneficiaries.

SSS President and CEO Aurora C. Ignacio reported that almost 160,000 employers submitted applications for the program as the applications ended on May 8, 2020.

“The SSS is currently processing them, but so far, the applications for around 2.94 million employees have been approved according to program criteria,”

Ignacio said. “This represents around 86 percent of the program’s target of 3.4 million small business employees.”

The national government is providing the wage subsidy to affected employees of small businesses to help mitigate the impact of the quarantine measures imposed by the national government and local government units to prevent the spread of Covid-19.

This wage subsidy shall be given for up to two months so that affected small businesses are able to retain their employees during the quarantine period, the DOF said.

Payouts for the first tranche of the subsidies began on April 30, one day ahead of the announced May 1 to 15 schedule of release. Payouts for the second tranche are scheduled for May 16 to 31, according to the DOF. Cai U. Ordinario

Sports BusinessMirror

B4 Monday, May 18, 2020

KAI SOTTO at a young age, is aware of his responsibility and duty to flag and country.

G

ENEVA—The head of the World Health Organization (WHO) said Saturday it will not be easy to make next year’s Tokyo Olympics a safe global gathering after the pandemic.

Speaking at a joint news conference with the International Olympic Committee (IOC), the WHO’s Director General Tedros Adhanom Ghebreyesus called for “national unity and global solidarity” to fight the coronavirus outbreak ahead of the Olympics. The Games, postponed this year, should bring athletes from more than 200 countries to Japan.

The Summer Games opening ceremony is now due on July 23, 2021, after the IOC and organizers in Japan used WHO advice in March before agreeing a one-year delay.

“We hope Tokyo will be a place where humanity will gather with triumph against Covid,”

SBP hails Sotto’s decision to play in NBA G-League

By Ramon Rafael Bonilla

T

HE Samahang Basketbol ng Pilipinas (SBP) lauded Kai Sotto’s decision to jump to the National Basketball Association (NBA) G-League and so did the youngster’s fans and supporters who see the teen

Tolentino thanks IATF for allowing use of bicycles

S

EN. Francis Tolentino expressed full support for the use of bicycle as a mode of transportation with public utility vehicles still banned in various parts of the country under the modified enhanced community quarantine (MECQ).

Tolentino reiterated his earlier proposal to use bicycles during the MECQ in a hearing of the Senate Committee on Public Services, The IATF in a resolution on Friday, said the Senate allowed the use of bicycles and other non-motorized mode of transportation because it complies with physical distancing requirements as a onepassenger vehicle.

Tolentino called on the Department of Transportation (DOTr) to strongly push the use of one-passenger vehicles like bicycles. He urged the DOTr to allow bicycles to traverse bigger roads and not just secondary roads.

“I am a strong advocate of biking as a form of transportation, not just for exercise,” said Tolentino, who established bicycle lanes along Edsa during his term as chairman of the Metropolitan Manila Development Authority (MMDA).

Currently, the cities of Cebu and Mandaue are under ECQ while Metro Manila, Laguna, Bataan, Bulacan, Nueva Ecija, Zambales, Pampanga and Angeles City are under MECQ. The rest of the country will remain under general community quarantine.

“Under the new normal, public transport will operate at half its capacity so we need other modes of transportation, like bicycles,” Tolentino said.

Tolentino said progressive metropolitan areas in various parts of the world have bicycle lanes to lower their carbon footprint, reduce pollution and promote healthy lifestyle.

DOTr supported Tolentino’s proposal and said that talks with authorities is under way “We are in talks with the MMDA and the Department of the Interior and Local Government for the passageways of our bicycles,” DOTr Undersecretary said.

phenom as the country’s next big sports star.

SBP President Al Panlilio said Sotto could bring the national basketball team to new heights.

“Kai will be a huge part of the future of Philippine basketball so his success will be the entire country’s too,” Panlilio said.

“We had a front-row seat in seeing Kai grow through our Gilas Pilipinas Youth program, and we’re hopeful that his development will continue further in the G-League,” added Panlilio, the Meralco Bolts governor in the Philippine Basketball Association.

The son of former PBA player Ervin Sotto was the University Athletic Association of the

Philippines Season 81 Juniors Most Valuable Player and is no stranger to the big stage having represented the country in the Fiba Under-17 and U19 World Championships.

Ateneo Coach Sandy Arespacochaga, who mentored Sotto in the U19 championships in Greece last year, believes the young player has the skill set to prosper in the US. “Kai is skillful,” Arespacochaga said.

“I think he can get stronger and bigger in the G-League. He could possibly dominate, maybe not. But what is important is his improvement.”

Reports from the US say that Sotto could earn at least $200,000 (P10 million)

for his G-League stint. He will team up with projected NBA No.1 rookie draft and Filipino American Jalen Green.

“Filipinos are dreaming of playing in the NBA,” said Chooks-to-Go President Ronald Mascariñas, who likens the 7-foot-2 stalwart as the “Yao Ming of the Philippines.”

“At such a young age, Kai already knows that he has a responsibility to his family and his country. It’s his determination to carry the nation’s dream of producing an NBA player that make us decide to support him,” added Mascariñas, who helped bankroll Sotto’s training, including his monthly allowances, since 2017.

Ghebreyesus and Bach signed a renewed working agreement between the two organizations, which aims to help promote sport to governments as part of an active and healthy lifestyle.

“The Olympics or athletics or football is not just for the athletes only,” Ghebreyesus said. “It has to be a culture for everybody and it has to be everybody’s responsibility.”

“This new memorandum of understanding enables us to work together across five key areas,” he said.

“These are the advocacy for physical activity, preventing

noncommunicable disease and promoting healthier lifestyles, strengthening the health legacy of major sport events such as the Olympic and Paralympic Games, promoting grassroots and community sport programs to reach and encourage participation of more girls, older people, and people living with disability, and strengthening the collaboration between Ministries of Sport and Health,” Ghebreyesus added.

During the signing ceremony, which took place in Geneva under social distancing guidelines, Bach thanked the WHO for its “most valuable advice” regarding the postponement of Tokyo 2020. AP

W.H.O., I.O.C. UNITE FOR SAFE OLYMPICS

Ghebreyesus said at WHO headquarters.

“It is in our hands, but it is not easy. If we do our best, especially with national unity and global solidarity, I think it’s possible,” he said.

Around 11,000 athletes from more than 200 teams are due to compete at the Tokyo Olympics.

Most would be joined by team officials staying in an athletes village complex of 5,600 apartments at Tokyo Bay. Health experts, including in Japan, have questioned how the 33-sport Olympics can be run before an effective global vaccine program is in place.

“Nobody can at this moment in time really give you a reliable answer on how the world will look like in July 2021,” IOC President Thomas Bach acknowledged.

“It is too early to start speculation on different scenarios and what it may need at the time to guarantee this safe environment for all participants.”

N

SEN. FRANCIS TOLENTINO: I am a strong advocate of biking as a form of transportation, not just for exercise.

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

EW YORK—Major League Baseball (MLB) will look somewhat like high-school ball this year under protocols to deal with the new coronavirus, with showers at ballparks discouraged and players possibly arriving in uniform, like they did when they were teenagers.

Team personnel will be banned from eating at restaurants on road trips.

Even the Phillie Phantic and Mr. Met will be missing, banned from the field along with all other team mascots.

The traditional exchange of lineup cards would be eliminated, along with high-fives, fist bumps, and bat boys and girls, according to a 67-page draft of Major League Baseball’s proposed 2020 Operations Manual. A copy was sent to teams Friday and obtained by The Associated Press. The guidelines, first reported by The Athletic, are subject to negotiation with the players’ association.

Teams will be allowed to have 50 players each under the plan, with the number active for each game still be negotiated.

Spitting is prohibited along with water jugs and the use of saunas, steam rooms, pools and cryotherapy chambers. Hitting in indoor cages is discouraged, batting gloves encouraged.

Batting practice pitchers are to wear masks, dugout telephones disinfected after each use.

Players may not touch their face to give signs, and they’re not allowed to lick their fingers. Teams are encouraged to hold meetings outdoors, players spread apart.

Teams were asked to respond with their suggested input by May 22. The protocols were written by MLB Senior Vice Presidents Patrick Houlihan, Bryan Seeley and Chris Young, and Vice President Jon Coyles. Young is a former pitcher who retired after the 2017 season.

Protocols include details on testing for team staff, who are divided into three tiers. All others may not enter clubhouses, dugouts and the field.

Seats in the empty stands near the dugout should be used to maintain distance, according to diagrams in the manual, and the next day’s starting pitcher can’t sit in the dugout. Everyone must keep their distance during “The Star-Spangled Banner” and “God Bless America,” Fielders are “encouraged to retreat several steps away from the baserunner” between pitches. First and third base coaches are not to approach baserunners or umpires, and players should not socialize with opponents.

Managers and coaches must wear masks while in the dugouts. The entire traveling party—including players—must wear personal protective equipment while on buses and flights.

Restaurants are off limits on the road, including the ones in hotels, as are hotel fitness centers.

“We emphasize that this is a first draft, and will undergo several rounds of changes as we collect comments and suggestions from the clubs, the players’ association, players, and government officials,” Deputy Commissioner Dan Halem wrote in an e-mail to owners, team

WORLD Health Organization Director General Tedros Adhanom Ghebreyesus hopes the Tokyo Olympics will be a place where humanity will gather with triumph against Covid-19. AP

NEW MLB RULES: SHOWER AT HOME, DON’T SPIT, ETC. MAJOR League Baseball gets deeply meticulous in its new set of rules to avoid the spread of Covid-19.

presidents and CEOs, and general managers that accompanied the protocols.

“The document is designed to set minimum standards and identify best practices, but we have attempted to provide clubs with enough flexibility to achieve the desired health and safety objectives in a manner that is tailored to their particular circumstances, including ballpark configuration, location, and the nature of any local governmental regulations or restrictions,” Halem wrote.

Scoreboard video is prohibited but music allowed. While there won’t be fans, at least not at the start, it will provide a familiar background audio for the telecasts critical to MLB’s bottom line.

A ball will be thrown away after it is touched by multiple players, and throwing the ball around the infield will be discouraged. Personnel who rub baseballs with mud for the umpires must use gloves.

“Individuals must avoid any physical interactions [such as high-fives, fist bumps, or hugs] while at club facilities,” the manual says.

Tier 1 people in the plan include players, managers and coaches plus two each from among physicians, athletics trainers and bullpen catchers plus one strength and conditioning coach.

Tier 2 includes clubhouse staff, additional coaches, medical and training staff, traveling staff, owners, front office, translators, communications staff, video personnel, the head groundskeeper and security plus players’ union and MLB staff along with contractors.

Tier 3 covers broadcast personnel and other event services.

Players must wear masks while in restricted areas “except while on the field or engaging in other strenuous activities” and lockers must have at least 6 feet between them. If needed, temporary clubhouse space will be added, preferably outdoors or areas with better ventilation.

“Showering in club facilities should be

discouraged,” the plan says. “To the extent showering occurs, clubs should explore modifications to facilities to allow for physical distancing and hygiene” such as installing partitions and limiting the number of players using the showers at the same time.

Teams “should consider requiring [on-field staff] to arrive at club facilities dressed for the day’s activities in order to limit time spent in the clubhouse or locker room.”

Only medical personnel allowed near injured players.

There will be staggered reporting dates for the resumption of spring training. When pitchers and catchers arrive, only five players may work out at a time. Then come full team workouts, with small groups encouraged but not required, followed by exhibition games. There will be intake screening upon arrival followed a self-quarantine for 24-48 hours until results are available. Players not assigned to big league team when the season starts will remain at spring training or another separate facility.

All games at spring training facilities in Florida and Arizona, whether exhibition or regular season, must be scheduled for 7 to 9 p.m. local time unless MLB gives specific consent.

A fifth umpire would be allowed when the temperature reaches a certain level, allowing for rotation, including sharing of plate umpire duties, Teams should take batting practice on back fields.

Among the road trip changes: n Use of Uber, subways and public buses is banned. n Private airports encouraged and if not available, teams are to use private aviation facilities to board and exit. n Transportation Security Administration screen should take place at ballparks if it can be arranged. n In-flight catering is limited. n Lower floors are to be used if possible at hotels, so stairs can be used instead of elevators,

and private areas arranged for entrances, exits and check-in. n Six staggered bus trips will be scheduled to and from the ballpark.

Team staff, including players, will be given thermometers for self-screening and are to take two tests in quick succession each morning.

At the ballpark, people will be given temperature checks twice a day and multiple fluid swabs each week. Comprehensive Drug Testing will collect samples and Sports Medicine Research and Testing Laboratory in Salt Lake City is to provide results within 24 hours.

Family members of players, umpires and the households of anyone covered under the plan will be offered access to testing and PPE. The individuals are encouraged to avoid crowd when away from ballpark.

Anyone with a temperature of 100 or higher or who exhibits Covid-19 symptoms or has come in contact with someone confirmed to be infected will be subject to rapid testing at a nearby site. A person cannot rejoin the team until testing negative twice in tests taken at least 24 hours apart. The person also must not exhibit symptoms or Covid-19, and the team physician and MLB medical staff must determine the person not at risk.

If an individual is exposed to a person with an infection, that person must show no signs of disease, be tested daily for at least seven consecutive days and undergo more frequent temperature checks. The person also must wear a mask at all times except while on the field.

Each spring training and regular season ballpark must have dedicated testing and isolation areas. MLB also will offer testing of people who live in same household as covered individuals and to health care workers/first responders in big league cities.

Most tests will take saliva but there may be oral or nasal swabs. Blood samples will be collected less frequently for serology testing used to detect antibodies. AP

Rick Olivares bleachersbrew@gmail.com

Bleachers’ Brew

Usapang Toyota AS a kid in the 1970s (I was in high school and college for the 1980s), the Philippine Basketball Association (PBA) was the only game in town.

There were far fewer choices if not distractions back then. But make no mistake, I loved watching the PBA games then.

In my immediate family, every one rooted for Crispa. My parents did as were my uncles and aunts.

Me, I rooted for Toyota. Being the kid, I bore the brunt of jokes or teasing when my team lost. When they won, I was huffing and puffing my chest.

Why did I root for these Super Corollas/ Tamaraws? I cannot clearly remember. But I did know that Francis Arnaiz, the one-time Ateneo Blue Eagles, was on the squad. Of course, there was the larger than life Sonny Jaworksi, the multitalented Ramon Fernandez, the man with a thousand moves Danny Florencio, the bull-strong Abe King, and others.

Last Friday, May 15, 2020, I hosted the Filoil Sports/BlackWater Elite In the Spotlight webinar called, Usapang Toyota Super Corollas that guested Toyota stalwarts Ompong Segura, Gil Cortez, Emer Legaspi, Ed Cordero and Ricky Relosa. Fernandez, Tim Coloso, Ulysses Rodriguez were unable to make it.

We—including other hosts Coach Ariel Vanguardia and Filoil’s Joey Guillermo—had a blast listening to the Toyota stalwarts reminisce.

Emer Legaspi told one of the most hilarious stories. How his contract was expiring and he had not seen much playing time under Head Coach Ed Ocampo. His wife, Editha, went all the way to Ocampo’s home in Alabang to ask why. As Emer recalled it, it was the coach’s wife who attended to them (but they knew coach was home). The following game, Emer got some playing time and his contract was renewed.

Laughed the loquacious Ed Cordero who remains very much a part of today’s basketball scene. “Si Coach Ed hindi takot kay Shin Dong Pa [the Philippines’s Korean hotshot nemesis] pero kay Mrs. Legaspi takot.”

That bowled everyone over in laughter.

Segura and Cortez recounted how a rumble with archrivals Crispa led all players being picked up at either the Toyota dorm or their respective homes then brought first to Camp Crame and then Fort Bonifacio where they spent the night. Even while in jail, the players of Crispa and Toyota were taunting one another. If not verbally, then by showing off with food.

The Crispa players were brought food—the usual Filipino favorites. Not wanting to be upstaged, the family of then Head Coach Dante Silverio had steak from the top Prince Albert restaurant brought to their players. “Hanggang sa selda, pasikatan,” observed Cortez.

Segura said that even as both squads squared off for the first-ever PBA championship in 1975, the rivalry wasn’t as intense. “It took several conferences kasi lagi kami magkalaban,” recalled Segura.

“Dante,” added Segura, “was groovy.”

Shared Legaspi, some players were very physical, but not everyone. Emer had Tito Varela as a teammate over at the University of the East. So when the two were matched up, there was no physical stuff. For others, there was. Even Ed Cordero shared a similar story because he was with Crispa’s amateur squad where he was a teammate of Joy Carpio’s. They do were nice to one another but not so much with others.

Cortez, who played for Toyota for two seasons before moving, told of how he was injured during a game but had to be fielded back when there were only four players left after everyone else had fouled out. Cortez on a gimpy leg, moved to the center slot, and just waited to rebound the ball. And yet, Toyota won the game.

All the players also spoke glowingly about their fabled imports. Byron “Snake” Jones and Andy Fields.

Donnie Ray Koonce, Kevin Porter and Carlos Terry were mentioned. Jones who I remember well was one to flick the ball off the backboard with a pektus that would see the ball land in the hoops. Said Segura, “laro na nga nilalaro pa.” Jones were very good and effective as well. Jones however would jump ship to rivals U-Tex and Crispa where he was a part of a champion team or two.

Fields who had multiple stints with the team was so reliable. He would rebound the ball and ignite Toyota’s fastbreak game.

Cordero and Relosa were young players towards the end of Toyota’s PBA stint (the franchise went under during the economic crisis of 1983) didn’t play too much but both shared that they learned a lot from Fernandez.

It was a thrill hearing from these legends. Even the other players were hearing some stories or points of view for the first time. Truly, everyone had a great time.

The cool thing is...there is a Part 2 with those who didn’t make the first webinar joining. For a longtime fan like me, this is really cool. And we will be working on a coffee table book! That’s the other bit of good news here.

Style&Show BusinessMirror

www.businessmirror.com.ph

Today’s Horoscope

By Eugenia Last

z

Monday, May 18, 2020

CELEBRITIES BORN ON THIS DAY: Tina Fey, 50; George Strait, 68; Reggie Jackson, 74; Robert Morse, 89.

Happy Birthday: Showing uncertainty and questioning what’s next will encourage you to make adjustments that will lead to better opportunities.

Picking up the tools and the information you require to use your skills to fit the changing economy and lifestyle will make you a leader in your community. Don’t fear change; embrace it. Make it work to your advantage.

Your lucky numbers are 3, 12, 21, 29, 34, 37, 43.

a

ARIES (March 21-April 19): Take a leap of faith, make adjustments on the fly, pitch what you want to do and be explicit in the way you see things unfolding. Don’t hold back when you have so much to gain if you are outspoken. HHH

b

TAURUS (April 20-May 20): Networking on social media will result in a long-term connection. How you present what you have to offer will be taken seriously. It will be considered by someone who can provide advice, as well as give you the push you need to excel. HHH

c

GEMINI (May 21-June 20): Procrastinating will not help you get ahead. Let experience be your teacher and charm be your means of getting your way. Assess your lifestyle, and consider making your health, fitness and friendships priorities. Discipline will be required to reach your goal. HHHH

JILSON TIU, Life Cycle

DOOKIE DUCAY, Perspective

The ‘Shelter Fund’ for photographers

d

CANCER (June 21-July 22): Handle sensitive issues quickly and efficiently. Don’t let uncertainty lead to more significant problems.

Take a closer look at a unique way to use your skills to get ahead. A more aggressive approach to helping others is encouraged. HH

e

LEO (July 23-Aug. 22): Communication can clear up matters of concern. Pick up the phone or set up a conference call to voice your opinion. The longer you let someone have the spotlight, the harder it will be to convince others to see things your way. HHHHH

f

VIRGO (Aug. 23-Sept. 22): Consider the possibilities and how best to use your time and energy to reach your goal. Refuse to let someone interfere in your business. A lack of trust is apparent. Don’t share information with anyone you think might have ulterior motives. HHH

g

LIBRA (Sept. 23-Oct. 22): Listen and learn.

Dig deep, do your research and pursue a goal that will encourage growth, knowledge and a more efficient way of doing things. Let someone know how much you care. Romance is on the rise. HHH

h

SCORPIO (Oct. 23-Nov. 21): Don’t trust an unfamiliar situation or individual. Judge others by their actions and your response by the level of anxiety you feel. Follow your instincts, and pace your progress to fit your schedule. Home improvements are favored. HHH

i

SAGITTARIUS (Nov. 22-Dec. 21): Stick to what and who you know best. Refuse to let an outsider disrupt your life. A positive change at home will bring you closer to someone you love. Share your feelings and intentions, and adjust. HHHHH

j

CAPRICORN (Dec. 22-Jan. 19): An emotional situation can demobilize your plans. Do your best to see all sides of an issue and to make the necessary modifications to ensure that everyone is happy. Creative accounting will help to protect your assets and secure your financial position. HH

k

AQUARIUS (Jan. 20-Feb. 18): Do your own thing. Don’t worry about what others do; as long as you reach your goal, you’ve done your part. Someone will take advantage of you if you are too accommodating. An adjustment at home will improve your living space. HHHH

l

PISCES (Feb. 19-March 20): Consider what you like or want to do, and update your resume or pick up skills that will allow you to head in a direction more suitable. Job and financial security are within reach. Don’t be afraid to take a chance. HHH Birthday Baby: You are ambitious, outgoing and helpful.

You are persuasive and unpredictable.

EDDIE BOY ESCUDERO, Quarantine 5

T

HE lockdown has also hit our freelance professional photographers the hardest.

There are no weddings, no fashion shows, no editorial shoots, no portrait sittings, no commercial layouts. Perhaps the only ones busy at the moment are the photojournalists, and we know how perilous their job is during this pandemic.

But creative people are restless, and they can’t just sit idly by. Thus, a group of close to a hundred of the most talented photographers banded together to somewhat mitigate their loss of income due to the Covid-19 crisis.

“We needed a name that would describe the ideals of the initiative: to provide, to unite, to protect.

Photographer/dog-lover/friend Nana Buxani suggested ‘Shelter in Place Fund for Photographers.’ I shortened it to ‘Shelter Fund,’” Jason Quibilan, one of the photographers and the managing partner for Shutterspace Studios and Silver, its printing arm, said over e-mail.

THE PROJECT THE Shelter Fund was launched on Facebook (www. facebook.com/shelterfundph) and Instagram (www.

instagram.com/shelterfund) on May 1. It gave the freelance photographers a venue to exhibit and sell their artworks. The sale will run until May 31. A coffee-table book, I think, would be a good follow-up.

Each especially selected print is an original signed artwork by the photographer. Each one is finely crafted on archival, heavyweight paper in A2, A3, A4 and A5 sizes printed through Shutterspace Studios, with prices ranging from P1,500 to P16,500.

As far as the number of prints go, more than 300 have been sold so far. To purchase, a buyer must send a direct message on Facebook and Instagram for orders and inquiries. Payments can be made through BPI, BDO, PayMaya, PayPal and GCash. The printing and signing of the prints will commence after the enhanced community quarantine is lifted, with delivery two weeks after. “The fund came about as a response to the need of photographers to continue making a living during the lockdown. With most of the shoots and assignments canceled, there was really not much in the way of opportunities for photographers to earn. At the same time, Silver, the printing arm of Shutterspace Studios, realized that it was in a unique position to do something productive and beneficial for the community,” Quibilan says.

“By initiating a program that would allow photographers to offer their works up for sale to the public, and by managing the entire production and distribution process, Silver managed to create a viable and alternative income stream for photographers that was not there before.”

THE PARTICIPANTS THE brightest names in photography and visual arts who are participating include BJ Pascual, Dix Perez, Dookie Ducay, Eddie Boy Escudero, Jake Verzosa,

Jilson Tiu, Kiri Dalena, Lope Navo, Marc Nicdao, MJ Suayan, Neil Oshima, Paelo Pedrajas, Rxandy Capinpin, Toto Labrador and Xander Angeles.

“Shelter Fund is based on goodwill and trust. We wanted to help, so we made sure what we offered photographers is truly something they would benefit from. We explained the process, how each sale would directly benefit the seller and, indirectly, the others who were part of the initiative. That they didn’t need to invest on anything, and that we’d take care of everything. We made sure their work was handled with care and respect,” Quibilan assures.

“We made a real effort to promote and exhibit their work in a professional manner. As for the actual prints, we spared no expense. The prints are archival and made with museum-grade materials and processes. We made sure to explain the entire process carefully and clearly. The whole thing is based on trust, so we made sure we were transparent, and we made sure we kept our word.

“We tried to be as inclusive as possible with Shelter Fund. It’s not an exhibit or show. So, yes, almost all genres of photography got some representation. We have wedding photographers, food photographers, art photographers, fashion, product/still life, photojournalists, portraitists, landscape photographers.”

POST-ECQ PROSPECTS “Honestly, I don’t know. I don’t think anyone knows. A lot of things have to change for people to feel safe enough to continue working,” Quibilan bares. “But we want to still be productive and able to contribute to society. We’re all willing to make the sacrifices necessary to end this pandemic and start rebuilding.” n

GMA upholds vow of ‘Serbisyong Totoo’ through news, entertainment programs IN the face of a pandemic, GMA touts its continuing commitment to “Serbisyong Totoo” by delivering much-needed news and information while inspiring Filipinos through quality programs.

With the bigger responsibility entrusted to it, GMA News has answered the call of duty for millions of Filipinos who need to stay home due to the enhanced community quarantine. GMA’s news teams continue to brave the risks in the field to be able to bring to the public the much-needed news and information during this crisis.

The network’s flagship news program 24 Oras, which is being simulcast on both GMA and GMA News TV, emerged as the mostwatched program nationwide reaching more Filipinos with a people rating of 23.6 percent or 11.4 million viewers.

This is based on Nielsen’s Nationwide Urban Television Audience Measurement data from May 6 to 12 (based on overnight ratings). 24 Oras is currently anchored

by Jessica Soho, Vicky Morales and Atom Araullo.

The award-winning magazine

show Kapuso Mo, Jessica Soho (KMJS) similarly posted high numbers with a people rating of 21.5 percent or 10.4 million viewers nationwide.

GMA currently broadcasts a special programming lineup which includes replays and reruns of its entertainment and select public affairs shows.

Every Sunday night, KMJS continues to air fresh episodes while 24 Oras, 24 Oras Weekend and Unang Hirit broadcast live.

Airing live as well is Wowowin with each episode being shot in host Willie Revillame’s

own makeshift studio.

At the same time, keeping viewers entertained while staying safe at home are reruns of well-loved drama programs, including Ika-6 Na Utos, Onanay, Encantadia, Kambal Karibal, Meant to Be and My Husband’s Lover.

Through the consistent ratings performance of these programs, GMA was also able to capture more than half of the TV audience. The network got an average of 54.5-percent total day people audience share or 4.8 million viewers.

‘uh-oh’ by steve mossberg The Universal Crossword/Edited by David Steinberg

ACROSS 1 Texter’s “Holy cow!”

4 Apple with the highest production in the United States 8 Aladdin villain 13 French perfume maker 15 Assert 16 Necessitating a torch, perhaps 17 Rae of “Little” 18 Liveliness 19 Look too long 20 Mollusk whose shell is wide open, figuratively?

23 Sometimes-secret skill 24 “Totes hilarious!”

25 Gobble up 28 Definitely feeling a workout?

32 Lois Lane portrayer Hatcher 33 Brownish purple 34 Good or bad feelings 38 Unreturnable serve 40 Suppressed 41 Memorable times 42 Frozen base of a breakfast bowl

4 Stick up with a Nerf gun?

4 51 None in particular 52 Tankard filler 53 Intense loathing 55 Job for a novice safecracker?

59 Plant in a patch 61 Mineral softer than gypsum 62 “Peanuts” girl 63 Language in Tehran 64 Six-sided state 65 Sugar ___ peas 66 Interjected 67 Child’s ride at a fair 68 Lao-___ DOWN 1 Sharon Olds or John Keats 2 Unfortunate event 3 Break away from the band 4 Relative of “post” and “journal” 5 Fervent 6 Car-collecting comedian 7 Diamond sock pattern 8 In a fair way 9 Kitty feed?

0 What bell-bottoms do 1 11 Broadcast 12 GPS suggestion 14 NASCAR competitions 21 Forms a cable stitch, say 22 Fa follower 26 With the bow, in music 27 Typical college freshman 29 Nest egg letters 30 Anglican leader 31 Pedicure spot 34 Wang known for wedding dresses 35 Mineral in some supplements 36 Critter fed mouth-to-mouth 37 “C’___ la vie!”

39 Green prefix 40 Sagittarius and Scorpio 43 Lawlessness 45 Half-giant in “Harry Potter” books 46 Horror director Roth 47 Ascended 48 Papers left behind?

49 Dollar total 50 Desert plants with swordlike leaves

4 Video date option 5 56 Make simpler 57 Group whose alphabet ends with “Zulu” 58 Flair 59 Ceramist’s deg., maybe 60 What was cool in the 1980s?

Solution to Friday’s puzzle:

B5

B6 Monday, May 18, 2020

Orange and PLDT group sign partnership to improve global voice services TMP, Toyota Mobility Foundation launch sanitized, just-in-time shuttle transportation

T

J

UST like countries all over the world, the Philippines is grappling with various unprecedented challenges brought upon by COVID-19. Efforts from central and local Governments, private sectors, and individuals are necessary to combat this crisis. As the rest of the population stay home to do their part, there are still groups of people who need to commute to work to perform essential services for the country. Some of them in the frontline of COVID-19 battles are our healthcare professionals and support workers, who tirelessly put their lives at risk on a daily basis.

Toyota Motor Philippines (TMP) salutes and gives its utmost respect to these frontliners providing such essential services. Being a good corporate citizen, the company would like to do its part to support the Department of Transportation’s ‘Free Ride for Health Workers Program’. The company recently announced its collaboration with the Toyota Mobility Foundation (TMF), an independent not-for-profit organization aimed at enabling mobility for all, to provide sanitized, just-in-time transportation services for the health care frontliners in Philippine General Hospital.

Under this free-of-charge mobility support, up to 10 connected and sanitized shuttles are provided around the clock to cater to the different shifts of the workers to ease their burden. Equipped with a ‘Just-in-Time’ booking app, this service allows greater certainty in the pick-up time and at locations close to home for workers for enhanced security.

To reduce the risk of infection, these shuttles are installed with air purifiers and disposable seat covers being replaced periodically, in addition to being frequently cleansed. Drivers and cleaning crew don personal protective equipment as well.

In keeping with guidelines for social distancing, passenger seating capacity is also observed accordingly.

Atsuhiro Okamoto, President of TMP, commented, “To express our appreciation to the frontliners for their courage and sacrifice, Toyota partners with the Department of Transportation to support our modern day heroes. As a good corporate citizen of the Philippines, 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’ 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 started in mid-May and is expected to 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, healthcare workers, and other essential workers. Other efforts to help the community include Toyota Motor Philippines Foundation’s (TMPF) donation of PPEs to a local hospital and distribution of rice and grocery packages to families in certain communities. TMP employees also pooled personal resources voluntarily to provide more PPEs to healthcare workers, basic food supply to the less privileged, and monetary support to non-regular employees. In addition to this, Metrobank Card Corporation is giving Petron fuel rebates to frontliners who are Toyota Mastercard holders.

Chroma Hospitality unveils “Culture of Clean” health protocol

C

HROMA Hospitality Inc., the management firm of Crimson Hotels and Resorts and Quest Hotels and Resorts, recently unveiled Culture of Clean, an intensified cleaning guideline to ensure guest safety amidst the Covid-19 pandemic.

“As we gear up our hotels and prepare for the new era of travel during this pandemic, we have created intensified guidelines for sanitation and cleanliness to make our guests feel secure when staying in any Crimson or Quest hotel,” says Chroma country manager James Montenegro.

He noted that the health protocol was created to elevate the customer’s expectations and address the worries for frequent travelers. Guests can expect a seamless and safe welcome starting from the airport pick-up and during the stay with enhanced safety standards.

During check-in, an express service will offer a convenient and more efficient process, with minimal gueststaff interaction and less congestion at the lobby. With the enhanced focus on sanitation, all front office counters in all hotels are sanitized regularly.

Guest rooms will be disinfected and will remain empty for 24 hours after thorough disinfection before accepting another guest.

Electrostatic sprays will be used around the hotels to sanitize rooms and public areas and aside, and a UV bulb will be installed in the room lamp while cleaning as an added sanitization measure.

Guests can also choose from housekeeping options of full service

HE Orange wholesale arm, International Carriers, has signed a partnership deal with PLDT, the Philippines’ largest telecommunications and digital services company, for international voice aggregation services to deliver better quality of service to millions of customers globally. As the preferred aggregator for voice traffic, Orange will handle all global inbound traffic terminating on the PLDT and Smart network.

Orange’s experience and expertise will be available to PLDT for the management of its global partner porfolio. The partnership agreement also includes support from Orange’s global sales team in the joint implementation of various voice traffic management solutions. Additionally, in a move to increase voice traffic and security, Orange will guarantee the value of PLDT voice traffic with its industry-leading antifraud voice solutions.

“We are excited to partner with a global expert who understands what we do and helps us do it better. This partnership with Orange is part of a broader PLDT Group

program to improve customer experiences in and outside of the Philippines.

Ultimately, our goal is to consistently deliver the best call experience for overseas Filipinos and all our customers worldwide,” said Katrina Luna-Abelarde, FVP and Head of PLDT-Smart International and Carrier Business Group, and President of PLDT Global Corporation.

Emmanuel Rochas, Chief Executive Officer of International Carriers at Orange, affirmed, “Orange is proud that PLDT has selected Orange to provide support and protect market value for the future and we are delighted to enter into this partnership.

I look forward to working alongside PLDT to embrace the market evolution and I am confident that this partnership will develop to our mutual benefit.”

Orange has a global business services presence and is a mobile network operator in 26 countries. It is an established leader in the provision of worldwide roaming services to operators with proven, trusted ability to manage complex wholesale projects in the fields of roaming, voice and data services.

CCP online shows to watch this May

M

ISS going to the Cultural Center of the Philippines and watch its world-class shows? The CCP Online premieres archival recordings and shows in HD that celebrate Filipino artistry and talents.

On May 19, CCP puts the spotlight on the Visayan culture and traditions in “Perlas ng Silangan” (Pearl of the Orient Sun). Made possible through its Cultural Exchange Department, the collaborative dance drama featuring four leading regional performing groups, namely the Sinukwan Kapampangan Performing Arts of Angeles City, Pampanga; Maskara Theater Ensemble of the University of St. La Salle Bacolod City; the Philippine Baranggay Folk Dance Troupe Rondalla from NCR; and the Integrated Performing Arts Guild (IPAG) of MSU-IIT Iligan City. The show was presented on October 10 at the CCP Tanghalang Aurelio Tolentino.

Ballet Philippines' Romeo and Juliet takes audiences on an emotional rollercoaster on May 21. With music by Sergei Prokofiev and choreography by National Artist for Dance Alice Reyes, the Shakespeare’s classic romance tale of star-crossed lovers offer audiences a captivating feast for the senses.

It’s a sarsuwela night on May 23 with Tanghalang Pilipino's Walang Sugat. Written by Severino Reyes who is regarded as the father of the Tagalog sarsuwela, it follows the story of Tenyong who outwits the people trying to separate him from his love interest Julia.

The literary masterpiece speaks against imperialism,

revealing scenes that depicted the cruelty of the Spanish friars and how patriotic Filipinos died in their hands.

Fashion and ballet come together on May 26 with the Michael Cinco x Ballet Philippines Autumn-Fall 2020.

Produced to celebrate the golden anniversary of BP, the one-night gala features Swan Lake-inspired dance choreography by Alden Lugnasin and the couture fashion collection by designer Michael Cinco.

Agnes Locsin's neo-ethnic masterpiece, Ballet Philippines' Encantada, premieres on the virtual stage on May 28. Presented as the opening salvo for BP’s 42nd dance season, it centers around the sovereign spirit of the mountain. The show featured guest artist Georgette Sanchez and BP principal dancer Candice Adea as the Encantada, Jean Marc Cordero as Estranjero and Katherine Trofeo and Carissa Adea as the Babaylan.

The hit superhero musical, Zsazsa Zaturnnah Ze Muzikal, saves the day on May 30. Based on graphic novel of the same title by Carlo Vergara and performed

by Tanghalang Pilipino actors, it follows the adventure of a gay beauty salon owner who transforms into a voluptuous superhero who saves her town from marauding zombies, power-tripping fashion forward aliens and a giant dancing frog.

Catch these shows at CCP YouTube channels. Watch as much as you can for free. The shows are live for a week.

Subscribe to our YouTube channel at bit.ly/CCPOnlineYT! #CCPOnline #50CCP

Will our ‘New Normal’ be a better normal?

where the room will be fully made up or partial service where only the bathroom will be cleaned.

Added amenities are sanitary kits which include a hand sanitizer, disinfecting wipes, and a QR code for Covid prevention guidelines.

For the dining outlets, strict physical distancing will be observed and tables will be reduced to ensure low density with a maximum of four persons for evey 10 sq. m. Buffet set up will be restricted by discontinuing selfservice for the safety of guest and hotel associates.

“We assure our guests that the hotels are ready with its new Culture of Clean,

our strict sanitation protocols are set to welcome everyone into a safe and sanitized hotel as soon as we are all allowed to travel again,” Montenegro concludes.

Chroma Hospitality is a forwardthinking and innovative company owned by Filinvest Hospitality Corp. and manages Crimson Hotel Filinvest City, Crimson Resort and Spa Mactan, Quest Hotel and Conference Center in Cebu City, Quest Hotel Tagaytay, and Crimson Resort and Spa Boracay.

For more information, log on to crimsonhotel.com or questhotelsandresorts.com, and its social media channels (Chroma Hospitality on Facebook and Instagram).

C

ITIZENS Urgent Response to End Covid-19 (CURE Covid) is inviting interested individuals to it’s regular online media briefing on May 15, 2-3:30pm via Zoom.

Aptly titled, Will our ‘New Normal’ be a better normal?, the online media briefing shall tackle on key considerations for life after the lockdown.

Registrarion in advance is needed for this meeting. Visit https:// u s 0 2 we b. z o om . u s / m e e t i n g / re g i s te r / tZwufuCuqjkuHdFwH8Mw10G8KnYTkw JQcD04 After registering, you will receive a confirmation email containing information about joining the meeting.

Topics and panelists include the following: Covid-19 and the Urgency of Policy Reforms will be discussed by Prof. Joseph Lim, Department of Economics, Ateneo de Manila Univeristy.

Food Delf-sufficiency as the New Normal will be presented by Rosario Guzman, Head Researcher, IBON Foundation While Atty. Terry Ridon, former chairperson, Presidential Commission on the Urban Poor, will talk about The Need for Continuous Social Protection and Amelioration.

CURE Covid is a network of organizations and individuals involved in responding to the health and socio-economic needs of Filipinos affected by Covid-19.

Marketing BusinessMirror

www.businessmirror.com.ph

Monday, May 18, 2020 B7

Coronavirus updates: How PR leaders can manage their WFH teams I

By Millie F. Dizon

Vadym Pastukh | Dreamstime.com

PR Matters

N last week’s column, we wrote about how working from home (WFH) has transformed from a trend into a necessity. We also gave some tips on how we can do this efficiently, keep our spirits high, and as the song goes, make lemonades out of lemons.

Covid-19 has certainly changed the way we work and the boundaries of our offices has since expanded. And this includes not only staff members, but thousands of team leaders and managers who suddenly find themselves managing a completely remote team.

This, says Jason Aten, “can be especially scary, especially if it’s the first time you’ve ever had to do so and didn’t have time to prepare for it.” Many of us can relate to this, as things happened so quickly and we didn’t have time to organize.

In an article in Inc.com Aten shares with us “7 Tips for Successfully Managing Remote Teams,” that will help us and our team be productive regardless of where they work.

1Have a daily check-in.

This not only sets a system and helps organize the team to get used to a routine. The purpose, Aten says is simple—“set the agenda and provide the feedback and resources your team members need.”

He also suggests that this be done daily and adds that “the good news is that services like Zoom or Google’s Team Hangouts make this relatively easy.” And of course, we can establish viber or FB messenger groups for this purpose.

2Communicate a lot.

It probably goes without saying that you should be in regular communication with your team.

This will not only make them more efficient, but will boost their spirits during this very challenging time.

Aten observes that “one of the hardest things about working from home, especially if you’re used to an office environment, is the sense of loneliness and isolation that can set in. That’s especially true considering that many people are practicing social distancing.”

3Take advantage of technology.

It is said that technology is neutral and the current situation shows us its good side. After all, “as a manager, your job is to keep the team connected. Communication tools are a simple way to keep everyone engaged.

Apart from e-mail, text messages, viber, and FB messenger, Aten suggests tools like Slack or Microsoft Teams, collaboration

n Brand & Business: Robinsons Malls Announces Reopening on May 16 as Government Gives Green Light, Group Takes Strict Safety Measures to Prepare

MANILA, PHILIPPINES—Amid this pandemic, people can’t help but fear about their safety while outside their homes. Robinsons Malls announced it will be tripling its efforts in safeguarding the health and welfare of its customers and employees.

As more provinces and cities ease into general community quarantine (GCQ) from the much stricter enhanced community quarantine (ECQ), the national government gives the green light for the regulated operation of some major retailers.

On May 16, the Gokongwei-led mall operator will reopen its doors to continuously serve the needs of the public while following the protocols of the Inter-Agency Task Force (IATF) for the Management of Emerging Infectious Diseases and ensuring the safety of its customers, employees, and tenant partners.

Despite Covid-19’s massive impact

on businesses, customer safety remains the company’s top priority, said Robinsons Malls Senior Vice President & General Manager Arlene Magtibay.

“We want to make sure that anyone visiting and working in our malls would feel safe and well taken care of,” she said.

A handful of adjustments—both major and minor—are inevitable as the public slowly adapts to the new normal. According to Magtibay, the company has been preparing for these changes, believing that “anything is achievable with patience and cooperation.”

Magtibay also said Robinsons Malls would like to “somehow ease people’s worries about the public health situation by applying a holistic approach in combating the spread of the virus within its malls.”

360-degree measures

On top of the “no face mask, no entry” policy and required temperature screening at mall entrances, the number of customers allowed inside stores, restrooms and elevators will be limited to regulate foot traffic.

Magtibay said roving mall security guards will be present within the mall premises to perpetually implement social distancing. Signages, posters, and foot markers are also set up in key areas to remind customers of proper queuing and safe spacing.

and communication tools that he notes, “are even available for free right now.”

4Manage expectations.

As the team leader, “help your team figure out what they should do, and create realistic expectations for their work.” And Aten reminds us that “managing expectations applies to you as a manager as well.”

With that, “set yourself and your team up for success by clearly stating both the tasks and the reasons behind them, and help your team understand the reasons behind them, and help your team understand exactly how you will measure success.”

That means “defining the scope, deadlines, and deliverables for each task or project your team is working on. Otherwise, don’t be surprised if a few weeks from now, you find yourself wondering what everyone was doing.”

5Focus on outcomes, not activity.

This is a throwback to being as they say, results-oriented. This means, during this time, not being obsessed with the process, but with the product. After all, we are dealing with literally remote possibilities and limitations.

“As much as we want you to maximize your mall visits, we are pausing our free Wi-Fi connections and limiting air-conditioning following IATF’s directives,” she added.

Mall-goers are also required to follow the 3-step gap rule when using escalators and stand on marked areas when riding elevators.

Escalator handrail sterilizers, elevator diffusers, antiseptic bottles and dispensers, and entrance foot baths are installed to disinfect hands, footwear, and high-contact areas inside the shopping centers. “A Sanitation Team has been created to ensure every nook and cranny is sanitized,” the SVP said, noting that disinfection will be done every hour.

Services to your doorstep

With their customers’ health and ultimate convenience in mind, Robinsons Malls collaborated with delivery service platforms such as MyKuya and Mober, along with other delivery aggregators to guarantee consumers a seamless virtual shopping experience while consumers are staying safe in their homes.

“We understand that not everyone is comfortable with leaving the sanctuary of their homes even with the transitioning to GCQ or modified ECQ. Our delivery service platforms are readily available to them,” Magtibay said.

Robinsons Malls is aiming to go

For example, “it’s not possible to manage every aspect of the work done by a remote team’s work, but especially when your team is distributed across different locations.”

Aten’s advice: “instead of focusing on activity or hours work, focus on the outcomes and measure your team accordingly.”

6Resource your team.

For Aten, it is essential to make sure your team has the technology it needs to get the work done.

“If you suddenly have a team of remote workers, that means that there is a good chance they need tools like laptops, software, mobile devices, or even a high-speed Internet connection,” he says.

While he acknowledges that “it’s not reasonable to assume that everyone has all those things,” he feels that it’s the manager’s responsibility to make sure they all do. But of course, this may not always be possible considering that our country’s situation is different from that of the US—tech-wise.

However, this gives us a chance in being creative in how our team can use the tech they have at home to achieve their goals.

7Be flexible.

In the current environment, where there is a lot going on for our

above and beyond to provide its customers with as many shopping options as possible, bringing the mall to their homes and seeking connections to ease their worries. Shop with Robinsons virtually or visit their malls as they reopen their doors on May 16.

n New Business: Sid Lee Paris and Swiss Luxury Watchmaker Longines Begin Worldwide Collaboration

PARIS, FRANCE—Following a competition late last year, Swatch Group’s Swiss luxury watchmaker Longines has entrusted its creativity to longtime creative agency Sid Lee Paris.

Sid Lee Paris will be accompanying the long-time luxury brand with the launch of its watches and eyewear products in Asia, Europe, and North America), with 360-degree campaigns.

The collaboration with Longines began earlier this year, and the first campaigns will be launched this summer in Europe.

Sid Lee is a leading creative agency with 600 professionals working globally out of offices in Montreal, Toronto, New York, Paris, and LA. Sid Lee is also at the origin of C2 Montreal, one of the largest innovation events in the world, and is part of kyu, a new collective of creative companies established by Hakuhodo DY

staff, we have to “reconsider what productivity really means. Punching a clock for eight hours is out. Regular work hours are also probably out for many people.”

Instead, “trust your team and give them the freedom and flexibility to get the work done on the schedule that helps them be the most productive. That’s good for your team in the long run, anyway.”

Being flexible also means adapting your approach to your company’s guidelines as well as directives from the government.

That’s a lot, and all these will certainly hone your management skills.

PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premier association for senior professionals around the world. Millie Dizon, the Senior Vice President for Marketing and Communications of SM, is the former local chair.

We are devoting a special column each month to answer the reader’s questions about public relations. Please send your comments and questions to askipraphil@ gmail.com.

Holdings, the second-largest agency network in Asia.

Longines has been based in Saint-Imier in Switzerland since 1832. Known for the elegance of its timepieces, Longines is a member of the Swatch Group Ltd, the World’s leading manufacturer of horological products.

n Brand & Business: Mastercard Named Global Brand of the Year at the NYF Advertising Awards 2020

NEW YORK, USA—New York Festivals (NYF) Advertising Awards announced its special Industry Awards recipients for 2020.

Every year, NYF recognizes companies that push creative boundaries within the industry with special industry awards. This accolade is bestowed to those deserving companies whose multi-awarded, cuttingedge campaigns challenged the norm with ideas that inspired brand affinity, transformed opinions, and engaged consumers.

NYF Industry Awards are determined by the number of high-scoring entries achieving trophies in the New York Festivals Advertising Awards competition based on votes cast by New York Festivals Executive Jury, Film Craft Executive Jury, Financial Executive Jury, and the Grand Jury panels.

Mastercard was given the 2020

Global Brand of the Year Award for its commitment to creativity and innovation. Mastercard global campaigns earned 6 Gold Towers, 6 Silver Towers, 14 Bronze and 117 Finalist Certificate Awards.

“I’m extremely honored and humbled to receive the recognition of Brand of the Year for the work we’ve put our hearts into. I feel incredibly proud of my amazing team and our agency partners for their enthusiasm and hard work,” said Mastercard Chief Marketing and Communications Officer Raja Rajamannar.

McCann Worldgroup was honored with the 2020 Global Network of the Year Award; this prestigious award is presented to the agency network that earns the most awards and produces the highest caliber of top-scoring creative work within the competition.

The network earned in total 10 Gold Towers, 15 Silver, 31 Bronze, and 117 Finalist Certificate Awards.

“Through all of this, the chance to recognize the accomplishments of so many hard-working brand partners, production companies, and McCann Worldgroup employees couldn’t be passed up. These are special people, doing special things. All of them,” said Rob Reilly, global creative chairman of the McCann Worldgroup.

“When you have a client like Mastercard it’s a privilege and it’s Priceless.” said, Harris Diamond, CEO of the McCann Worldgroup.

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