BusinessMirror May 24, 2021

AMID SHIPMENT DELAYS, PEZA KEEPS $100-B GOAL

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n Monday, May 24, 2021 Vol. 16 No. 222

P25.00 nationwide | 2 sections 18 pages |

Deficit rise from new Bayanihan ‘affordable’

By Tyrone Jasper C. Piad @Tyronepiad

HE Philippine Economic Zone Authority (Peza) is keen on meeting its target export revenues of $100 billion this year despite the shipment delays posing risks to the supply chain.

With this goal in mind, the regulator of economic zones said it has been addressing its company locators’ worries over the constraints in the delivery of raw materials and other goods, which usually resulted in longer lead times.

Peza Director General Charito B. Plaza, in an interview with the BusinessMirror, said the investment promotion agency has been working with the Bureau of Customs, Philippine Ports Authority and other agencies handling transportation of shipments to

resolve the matter.

“Peza is actively coordinating with them so that they can facilitate the goods of our companies,” she explained.

Industry sources told this newspaper earlier that shipment delays, which started around the last quarter of 2020, could range from two weeks to one month, thereby affecting the production of the manufacturers. A supply chain group warned that the delays in deliveries are expected to last even after Christmas.

SALCEDA: “I think adding .2 percent to the current [projected] deficit is very reasonable. We can afford it because it’s for the people.”

By Jovee Marie N. dela Cruz

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PHL KEEPS SIGHTS SET ON SPAIN AS TOURIST MARKET POST-PANDEMIC

By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

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HE Philippines hopes to maintain Spain as a growth market for tourists once the global travel industry moves back into the new normal, post-pandemic.

In an interview with the BusinessMirror, Gerard O. Panga, tourism attaché of the Department of Tourism (DOT) in London, said the Philippines was the only Southeast Asian

country with a booth at the just-concluded Fitur, the most important travel trade and consumer event in Spain. It is the first international travel trade show the Philippines attended and despite the lean delegation, he said they were able to “network with key Spanish trade counterparts and media supporters, [updating] them on our destinations and travel safety measures relative to the country’s reopening preparations and promotional plans.”

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PESO exchange rates n US 47.9180

Workers do their tasks at the end station of LRT-1 in Baclaran, Parañaque City at the weekend. The government is expanding, after May or once vaccine supply stabilizes, the inoculation priority to the A4 and A5 clusters. These cover essential workers, frontliners in national government offices and uniformed personnel, and the indigent sector. NONIE REYES

@joveemarie

S plen a r y debates on Hou se pa ssage of t he third Covid-19 response package open this week, an economist-lawmaker has argued that the government can afford to ramp up its deficit spending to fund the proposed P405.6-billion Bayanihan 3.

In an interview, House Committee on Ways and Means Chairman Joey Sarte Salceda admitted that the country’s projected deficit will increase more or by .2 percent with the passage of the Bayanihan to Arise as One Act, or Bayanihan 3.

Still, Salceda said Bayanihan 3 is more fiscally responsible than past supplemental funding measures.

“I think adding .2 percent to the current [projected] deficit is very reasonable.

We can afford it because it’s for the people,” Salceda said.

n japan 0.4406 n UK 68.0100 n HK 6.1730 n CHINA 7.4459 n singapore 36.0232 n australia 37.2275 n EU 58.6133 n SAUDI arabia 12.7778

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Source: BSP (May 21, 2021)

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Fishing ban…

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Foreign Affairs Acting Undersecretary for Bilateral Relations and Asean Affairs Elizabeth P. Buensuceso and Chinese Assistant Foreign Minister Wu Jianghao led their respective delegations.

The Philippine delegation included officials from the Bureau of Fisheries and Aquatic Resources (BFAR), Department of Environment and Natural Resources (DENR), National Security Council (NSC), Department of National Defense (DND), Philippine Coast Guard (PCG), Department of Justice (DOJ), and other key agencies.

Buensuceso stressed the importance of other complementary bilateral and multilateral platforms in maintaining regional peace and stability such as the Asean-China Dialogue Relations, the Asean Regional Forum, and the East Asia Summit.

Both sides reiterated the importance of the full and effective implementation of the 2002 Declaration on the Conduct of Parties in the South China Sea (DOC), and their commitment to the early conclusion of an effective and substantive Code of Conduct in the South China Sea (COC).

China and the Association of Southeast Asian Nations have agreed to finish the two-decade old COC in 2020, but the Covid-19 pandemic delayed the process.

The Philippines currently serves as Country Coordinator of the Asean-China dialogue mechanism.

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4 years after siege, Marawi sees slow but sure progress

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By Cai U. Ordinario

@caiordinario

OUR years after a siege that laid waste to a huge part of the progressive Islamic City, Task Force Bangon Marawi (TFBM) said Marawi is on the mend with local government revenues increasing 60 times based on 2020 data.

TFBM Chairman Secretary Eduardo Del Rosario said in a statement on Sunday that the city’s revenue collection increased to P30 million in 2020 from P500,000 prior to the siege.

Del Rosario manifests that economic vibrancy has returned to Marawi City—progress that he said

must be sustained by maintaining peace in the Islamic City.

The over four-month siege was perpetrated by homegrown, but Islamic State-inspired terrorists under the Maute Group.

“More than the facilities and infrastructure, lives and communities are now being rebuilt in a

progressive and peaceful environment. This is the key to achieve genuine development and prosperity,” Del Rosario said.

Del Rosario also called on all Maranaws to protect and cherish the peace they are now enjoying and always do their best in further pushing for the authorities to uphold peace and harmony in their respective communities.

In his fifth visit to Marawi this year, Del Rosario attended a forum with representatives of the Task Force’s implementing agencies to exchange notes on the latest developments regarding their respective projects.

Del Rosario also spearheaded the inaugurations of key facilities in Marawi, including Masjid Disomangcop and the Barangay

Tolali complex.

He also led the groundbreaking ceremonies for the construction of school buildings, a convention center and the Sarimanok Sports Stadium in the Most Affected Area.

Del Rosario also attended the wreath-laying ceremony at the Heroes’ Wall to honor soldiers and civilians who sacrificed their lives in fighting for Marawi ’s freedom from the clutches of terrorism.

Other activities featured in the week-long event were peace forums, provision of livelihood assistance to internally displaced families and carrying out of medical and dental missions carried out by TFBM’s member-agencies and partnerorganizations.

AMID SHIPMENT DELAYS, PEZA KEEPS $100-B GOAL Continued from A1

As a result, the exporters’ revenues are at risk of being slashed —another challenge to be hurdled by the local industry. Some industry groups noted they have also been dealing with lack of factory workers due to lockdown protocols.

The shipment delays, industry leaders noted, have been caused by shortage of freight vessels amid container imbalance and port congestion.

On the part of ecozone locators, Plaza said that shipment delays were

among the reasons behind the halt in operations of 10 percent of the 4,586 Peza-registered companies.

“Their importation or supply of raw materials from other countries [was disrupted] or [lessened],” she said.

Apart from this, Plaza flagged the inability of some employees to report to work because of the lockdown measures, forcing other ecozone firms to stop operations.

The Peza chief said the provision for housing and transportation of the locators’ employees has been burning a big hole in their pockets as well.

Cargo delays, relief

THE cargo delays have been costly to the company locators, Plaza said.

Exporters earlier said the supply chain constraint has ultimately led to substantial surge in freight rates.

With this, Peza decided to provide some relief to aid the financial position of its company locators.

“The port charges during those period of congestion, we allowed it to be deducted from their income tax,” Plaza said.

Other Covid-related expenses such as cost of disinfecting the premises, purchase of personal protective equipment, shuttle service and housing were also deemed as deductible following the approval

Govt…

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In an advisory in its social media pages over the weekend, Watsons said Ivermectin tablets may now be purchased at select stores by Filipinos with a doctor’s prescription.

Ivermectin 12mg and 15mg tablets are each being sold at P24.50 and P26.50, respectively, Watsons said.

The Food and Drug Administration (FDA) previously issued a certificate of product registration to Lloyd Laboratories Inc. for the manufacture

PRC…

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“This issue is currently being investigated and addressed by the COVIDKaya technical team,” the DOH assured the public.

The DOH also recorded 6,756 recoveries and 38 deaths. Of the total number of cases, 4.3 percent (50,635) are active cases, 94.0 percent (1,109,226) have recovered, 1.69 percent (19,951) have died.

In addition, 1,478 cases were

of the Peza board and Bureau of Internal Revenue.

Peza locators are subject to 5-percent income tax on gross income earnings, she noted.

In addressing the increasing freight fees, the Department of Trade and Industry (DTI) submitted earlier this month to the Congress and the Economic Development Cluster the draft bill of the Philippine Shippers’ Act. The proposed measure, which is currently in deliberation, seeks to grant the Maritime Industry Authority power to oversee the freight charges being imposed by the logistics service providers.

Henry Basilio, chairman of the networking committee on transportation and logistics of the Export Development Council, had previously noted that the cargo handling cost has doubled with the cranage fee amounting to P1,587, in addition to the arrastre fee of P1,575.

Cranage fee is the price paid for the use of cranes when loading and unloading ships. Arrastre fee is charged for the handling, receiving and custody of shipments.

In the first quarter, Peza reported that exports from company locators improved by 15.63 percent to $14.93 billion in the first quarter from $12.91 billion year-on-year.

and sale of Ivermectin, thus paving the way for its lawful human consumption.

Ivermectin as a potential lowcost treatment for Covid-19 is being allowed by the FDA if a doctor has prescribed it and the medicine is compounded by a pharmacist as prescribed, or if the hospital dispensing the drug has a compassionate special permit.

Meanwhile, Mercury Drug Corp., in a separate advisory in its social media pages, said Ivermectin as a prescription drug “will soon be available at all stores nationwide.”

Jovee Marie N. Dela Cruz

deactivated after being tagged by their RESUs/CESUs as being duplicates. At least 25 cases previously tagged as recoveries were reclassified as deaths after final validation.

All laboratories were operational on May 21, 2021 while three were not able to submit their data to the CDRS. Based on data in the last 14 days, the 3 non-reporting labs contribute, on average, 4.1 percent of samples tested and 2.6 percent of positive individuals.

Claudeth Mocon-Ciriaco

Deficit rise from new Bayanihan ‘affordable’ Continued from A1

“It is reasonable to fund health, regulatory and fiscal interventions that can help the country’s recovery from the impact of the Covid-19 pandemic,” he added.

The House tax panel chairman, however, emphasized the need to keep an eye on the country’s finances.

“I nonetheless reiterate the need for continued fiscal vigilance as the Philippines is already at the front end of the pack for deficit spending in Southeast Asia. Although we can accommodate some expansion in deficit spending coming from a low pre-pandemic debt stock (with an all-time low of 39.6 percent of GDP in 2019), deficit spending should not be a substitute for full recovery through an effective national vaccination strategy and a safe reopening of the economy,” he added.

The committee report on Bayanihan 3 is expected to be approved Monday (May 24) at the House Committee on Economic Affairs.

It will be immediately endorsed to the plenary for approval.

E a r l ie r, t he D e v e lo p me nt Budget Coordination Committee (DBCC) adjusted upwards its projection for the country’s deficit-to-GDP ratio this year to 9.4 percent from 8.9 percent previously as it now expects disbursements to reach P4.74 trillion, higher than its previous estimate of P4.66 trillion.

T he r ise in d isbursements for this year is mainly due to funding requirements to support Bayanihan II, including the procurement of Cov id-19 vaccines, among others.

Revenue collection for this year is still expected to hit P2.88 trillion.

Deficit concerns

FINANCE Secretary Carlos G. Dominguez III earlier expressed concern on the projected rise in the country’s fiscal deficit.

To fund this supplemental social support, the finance chief said the fund can be sourced from savings in the 2020 national budget and additional dividend remittances from government-owned and -control led cor porations (GOCCs).

Last Friday, Treasury Director Dominick Mariano said the BTr is ready to issue a certification of availability of fund for the Bayanihan 3, but “we can only certify if there’s any excess revenues or if there is corresponding new revenue sources.”

The P405.6-billion Bayanihan 3 is divided into three phases. Phase 1 would amount to P167 billion, Phase 2 with P196 billion and Phase 3 with P42.6 billion.

Bayanihan 3 has a revenue provision in Section 34, which authorizes the Bangko Sentral ng Pilipinas (BSP) to make additional direct provisional advances with or without interest to the national government.

These direct advances would be used to finance expenditures, which are authorized by law, to address the Covid-19 situation in the country.

Section 35 of the bill would also mandate some governmentowned and -controlled corporations (GOCCs) recommended by the Joint Executive-Legislative Bayanihan Council to increase their dividend remittances to help fund appropriations of the proposed measure.

Other sources of revenue include the capital withdrawal from “obese” GOCCs, e-sabong and Philippine Offshore Gaming Operations taxes.

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‘OFWs in provinces may use local Tesda centers’

By Claudeth Mocon-Ciriaco @claudethmc3

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LL outbound Overseas Filipino Workers (OFWs) in the provinces are encouraged to undergo competency evaluation in the nearest assessment center in their area to avoid overcrowding in the National Capital Region (NCR), the Technical Education and Skills Development Authority (Tesda) said last Sunday.

“We are encouraging all our outbound OFWs to take up their competency assessment on Domestic Work NC II at the nearest training institutions in their area.

There are available assessment centers nationwide,” Tesda Secretary Isidro S. Lapeña said. “We assure you that we will accommodate all outbound OFWs who need to be assessed.”

Lapeña said that Tesda technology institutions with accredited assessment centers in Metro Manila are receiving the bulk of applications for Domestic Work assessment compared to those located in the provinces.

Currently, there are 34 Tesda technology institutions nationwide, which offer competency assessment on Domestic Work NC II, of which three are in the NCR. These are: Tesda-Navotas Train-

ing Institute in Navotas; Tesda Women’s Center (TWC); and, Pasay-Makati District Training and Assessment Center (PMDTAC) both in Taguig City. Other regions also offer assessment on Domestic Work NC II. Meanwhile, to avoid the spread of Covid-19, Lapeña is encouraging all outbound OFWs who need assessment to file their application for assessment and certification online through the Tesda mobile app and Tesda web site.

Currently, the Tesda app receives around 50 to 60 applications from Metro Manila and 10-15 applications from Region III and Region 4A. Other regions receive only a few or no applications at all.

Upon visiting the Tesda web site, users will find the “Tesda Abot Lahat ang OFWs” button from there and just click it and send their application, according to Lapeña.

He said that upon clicking the button, OFW applicants will be asked what kind of qualification they need to be assessed for.

“If they are already registered, the Tesda provincial or district office will facilitate and process their application and will inform them of the location and schedule of their assessment,” Lapeña said.

Editor: Vittorio V. Vitug • Monday, May 24, 2021 A3

Arta: PTFC creation supports automation of trade system

By Tyrone Jasper C. Piad @TyronePiad

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HE creation of the Philippine Trade Facilitation Committee (PTFC) is seen to support the goal of automating the trade system and processes, the Anti-Red Tape Authority (Arta) said.

Arta Director General Jeremiah B. Belgica said in a recent statement that Executive Order (EO) 136—which is behind the establishment of said committee—will further enhance the streamlining efforts of the Bureau of Customs (BOC).

The EO, which took effect last week, is in compliance with the provision of the World Trade Organization-Trade Facilitation Agreement (WTO-TFA), which entered into

force in 2017.

The committee will be led by the Department of Finance and the Department of Trade and Industry while the BOC will sit as vice chairman.

The PTFC is tasked with studying, proposing and coordinating the stance of the government relating to the WTO-TFA and other trade facilitation commitments.

It is also the responsibility of the committee to propose trade regulations, measures and practices that can quicken movement, release and clearance of goods.

Belgica said the EO “provides a significant boost to ongoing streamlining and re-engineering programs such as the National Single Window Program and TradeNet, both of which

are designed to facilitate trade by allowing parties involved in trade to lodge information and documents with a single entry point to fulfill all import, export, and transit-related regulatory requirements.”

“This will also align agencies’ modernization projects with the government’s existing efforts, allowing for an improved and automated trade system and processes,” he added.

With this, the Arta chief called on trade regulatory government agencies to onboard the TradeNet platform and streamline their processes.

“The many laws and policies now in place make certain the fact that streamlining and automation is no longer an option but is indeed

compulsory for the whole of government,” he said.

The members of the committee will include the Departments of Agriculture, Foreign Affairs, Environment and Natural Resources, Transportation, National Economic and Development Authority, Tariff Commission, Bangko Sentral ng Pilipinas, DTI-Bureau of International Trade Relations, DTI-Bureau of Import Services, Food and Drug Administration and Philippine Economic Zone Authority.

Initial funding for the PTFC will be sourced from the current appropriations of the memberagencies. In succeeding years, the budget shall be included in the annual outlay of each member.

Bello warns vs fake FB account using his name, DOLE event photo for scam

By Samuel P. Medenilla @sam_medenilla

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HE Department of Labor and Employment (DOLE) warned the public against a fake Facebook account which is illegally soliciting cash using the name of Labor and Employment Secretary Silvestre H. Bello III.

Bello denied any links with the account, which has been asking for cash, supposedly to be used for community pantries he supports and for his senatorial bid.

“It is lamentable that some people would resort to this despicable scheme to besmirch my name for their advantage. And it is doubly

deplorable that they would use falsehood and deception to victimize others in this time of crisis,” Bello said in a statement issued last Sunday.

The bogus account made use of Bello’s picture and as background photo, used the tar paulin of DOLE’s flagship program “Tulong Panghanapbuhay sa Ating Disad-

vantaged/Displaced Workers,” or “Tupad,” during the assistance payout in Tarlac with Governor Susan Yap. The Facebook account currently has 1,211 friends.

Bello has sought the assistance of the National Bureau of Investigation to go after the people behind the fake account.

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Popcom offers tool for vaccine rollout

By Cai U. Ordinario @caiordinario

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HE Commission on Population and Development (Popcom) recommended that its demographic vulnerabilities tool (DVT) be used in the vaccination rollouts in the country to target highly-affected communities.

The DVT contains population information based on the 2020 population estimates released by the Philippine Statistics Authority (PSA). The data contains not only population estimates but also land area and population density.

Based on the latest data, some 1,272 high-population density (HD) barangays nationwide have been severely affected by the pandemic.

These barangays recorded an average of 137 cases over an eight-month period from September 2020 to April 15, 2021.

“The latest iteration of the DVT will be useful for local government

units (LGUs) in determining barangays with high numbers of Covid-19 cases and deaths for their pandemicmitigation programs,” Popcom said in a statement.

The Popcom also recommended the mobilization of composite teams in communities reporting high numbers of Covid-19-related cases and deaths, as well as unimpaired access to hospital care to LD barangays registering mortalities.

For recovery strategies, the Popcom said, vaccinations in the said areas should be prioritized while family planning demand generation activities should also be strengthened there.

The agency will soon distribute the new DVT information to its partner agencies DOH, Department of the Interior and Local Government and the National Economic and Development Authority.

The agencies, including the Popcom, will focus their efforts in regional offices, which in turn, will

disseminate the material to LGUs for use in addressing the Covid-19 situation in their respective areas.

Covid-19 deaths

THE Popcom said the HD barangays had a population ranging from 201 to 999 per hectare—well above the average of 200 persons per hectare.

The DVT data showed that the community with the highest density in the Philippines is Barangay 73 in Caloocan City, with a population of 19,506 inside a hectare.

Based on the DVT data, there were a total of 1,941 deaths in the HD barangays. This meant there were around three casualties per barangay, nearly twice the deaths in less-densely populated barangays.

Popcom said that based on the DVT, some 3,348 Filipinos living in low-population density (LDs) areas and 6,186 of those in mediumpopulation density (MDs) died of Covid-19. This meant that in these areas, around 2 Filipinos perished in

every barangay.

“Even LDs have higher-thanexpected death rates not commensurate with the number of cases.

This is because of the lack of access of residents’ to health-care facilities which are mostly located in cities or municipalities,” Undersecretary for Population and Development Juan Antonio Perez III said.

“We can say that the lack of medical workers, as well as geographic limitations, pose impediments to their required level of medical care,” he added.

Metro Manila plus bubble

BASED on the DVT data, the National Capital Region (NCR) had the greatest number of very highdensity barangays (VHDs) at 90 and HDs at 483.

While Cavite has only four VHDs, it has 169 classified as HDs. Laguna has zero and 72, respectively; Bulacan, two and 14; and, Rizal, zero and 18, in that order.

In terms of Covid-19-related deaths, in the bubble, LDs accounted for 53.53 percent, while HDs tallied 25.66 percent. For infections, HDs registered the most at 152,835, while LDs had 94,118.

By density classification, data showed 460 LDs had the greatest number of casualties at 924, while 373 HDs followed with 1,440 deaths.

In Luzon, Region III—excluding Bulacan—has the greatest number of VHDs at 14 and HDs at 84, followed

by Region IV-A which has 1 and 79, in that order.

In the Visayas: Region VII lists VHDs at 6 and HDs at 50, while Region VI has 5 and 89, respectively.

Mindanao has the Bangsamoro Autonomous Region in Muslim Mindanao with the most VHDs at 11 and HDs, 52; Region XI with 2 and 23; while Region IX has 3 and 20, respectively.

For Covid-19-related deaths, in Luzon, LDs accounted for 93.3 percent or 8,680 deaths, while HDs tal-

lied 3 percent or 279 deaths.

For infections, Luzon LDs registered the most at 96,222, while MDs had 9,887. By density classification, 1,111 LDs had the greatest number of casualties at 1,645, while 102 MDs followed with 196.

Still on deaths caused by Covid-19, in Visayas, LDs accounted for 93.71 percent or 4,948 deaths while HDs tallied 2.5 percent or 132 casualties.

For infections, Visayan LDs registered the most at 47,180, while HDs had 11,289. By density classification, 615 LDs had the greatest number of casualties at 958, while 93 MDs followed with 280.

With Covid-19 Mindanaoan deaths, LDs accounted for 93.97 percent or 4,520 casualties, while MDs tallied 3.43 percent or 165 deaths.

For infections, LDs in the islandregion registered the most at 47,148, while MDs had 8,217. By density classification, 663 LDs had the greatest number of casualties at 1,255, while 73 MDs followed with 288.

PNP chief orders cops to help convince public in vaccination

By Rene Acosta @reneacostaBM

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ATIONAL Police chief General Guillermo Lorenzo Eleazar has ordered all chiefs of police to assist the national government in its information dissemination campaign aimed at convincing more Filipinos to be vaccinated against the coronavirus disease 2019 (Covid-19).

The Philippine National Police (PNP) has been implementing an operational plan (“Oplan Bandillo”),

especially at the police station level.

The PNP chief wants to use this as one of the platforms in educating residents in their areas of responsibility (AORs) on the benefits of vaccines and eventually convince them to be vaccinated.

“Oplan Bandillo” is a community awareness and information dissemination program against criminal elements and was eventually used to encourage people to observe the minimum health safety standard protocol since the start of the Covid-19 pandemic.

In implementing the operational plan, local police forces use megaphones and speaker system during their regular beat patrol to communicate with people in the community.

Eleazar issued the order as a recent survey revealed that only 51 percent of Filipinos have expressed confidence on the Covid vaccination program of the government.

“Bilang dating PNP ASCOTF [Administrative Support for Covid-19 Task Force], nakita ko ang kahalagahan ng information dissemination para kumbinsihin ang kapulisan na magpa-bakuna,

[As a former PNP ASCOTF member, I saw the importance of information dissemination to convince the police to get vaccinated],” said Eleazar.

When the PNP ASCOTF conducted its own survey among PNP personnel on who wanted to avail of the Covid-19 vaccine in February this year, only 51 percent of the more than 220,000 personnel responded that they wanted to be inoculated.

But using fact sheets and videos from the Department of Health that were uploaded in an app-based program that is accessible to all PNP per-

sonnel, Eleazar said they monitored positive development every day.

“Every day, we monitored some of our personnel who initially declined being vaccinated changing their mind, and we attribute this to our aggressive information drive,” he said.

Currently, 84 percent of the PNP population now wanted to avail of the Covid-19 vaccine.

“Ito ang gusto nating i-replicate sa ating mga komunidad para mas lalong dumami ang makumbinsi na magpa-bakuna. Importante ito dahil nakasalalay sa bakuna ang pagbabalik natin sa normal

na gaya nang nakita natin sa Israel at sa iba pang bansa, [This is what we want to replicate in our communities so that more people can be convinced to get vaccinated. This is important because our return to normal depends on the vaccine; as we have seen in Israel and other countries,]” Eleazar said.

Aside from “Oplan Bandillo,” that the PNP social media accounts down to the local police stations can be used as a platform for the information campaign aimed at convincing more people to trust the vaccination program.

PHL keeps sights set on Spain as tourist market post-pandemic continued from a1

Prior to the pandemic, the Philippines recorded the largest growth rate in terms of Spanish travel to Southeast Asia, at close to 50,000 arrivals, up 12.7 percent in 2019, and coming in only second to Singapore, as a destination market for Spaniards in the region.

Spaniards were also the top source market for tourists in Siargao, the country’s surfing capital, and the third largest market in El Nido, where many high-end resorts are owned by the Zobel-led Ayala Group.

“The Spanish travelers go mainly for beach holidays, nature trips, cultural immersion, soft adventure, scuba diving as well as health and wellness with Palawan, Siargao, the Cordilleras, Boracay, Cebu, Manila, Bohol, and the Bicol Region among the most sought-after destinations,” said Panga.

No direct flights, an obstacle

DESPITE the historical and cultural ties between both nations, Spain only ranks number 17 among the Philippines’s source markets for tourists. The DOT official explains this is mainly due to the lack of “direct access” via flights between both countries.

“During normal times, we count on Middle East carriers (Emirates, Etihad and Qatar Air) plus Cathay Pacific, Turkish Airlines and Singapore Airlines for Spanish travel to the Philippines. So yes, direct flight access makes a difference. We had that advantage in the UK through PAL (Philippine Airlines), despite a five times to seven times weekly service only,” he explained. UK is the eighthranking market source for tourists, with 209,206 arrivals in 2019, an increase of 4.06 percent.

“But across all these metrics, we have a chance to grow further our Spanish arrivals once the global travel industry normalizes,” Panga underscored.

The Philippines only had a 40-square-meter booth at Fitur from May 19 to 23 this year versus its usual 110 sqm, with only one tour operator in physical attendance, IndoChina Strings. “But we registered in the virtual B2B (business-to-business) meetings of our regular private sector participating companies in the month-long online business platform from May 5 to June 4,” he added.

The private sector participants included Amorita Resort, Annset Holidays Inc., Baron Travel, Blue Horizons, Corporate International Travel, El Nido Resorts, IndoChina Strings, Intas Destination Management, Rajah Tours, Sharp Travel, Travelexperts, Uni Orient, and Travelite Travel.

Trade supporters were Kara Tours (Malaga) and Viatges Traveljess (Barcelona), which mostly sell tickets and air+hotel programs to overseas Filipinos and Fil-Spanish families, as well as Filipinas Unica (Madrid), which organizes all-inclusive tour programs to the mainstream market, plus Fil-Spanish families and corporate accounts.

At its 2020 staging, Fitur attracted 11,040 companies from 165 countries and regions, 150,011 trade visitors and 111,089 visitors from the general public.

CHURCH GOER

People pass by the Manila Cathedral in Intramuros, Manila, on May 23, 2021. With the easing of restrictions, churches in Metro Manila were allowed to have up to 30-percent capacity as health officials report a slide in the number of Covid-19 cases. ROY DOMINGO

Education officials urge using all means to teach

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F it’s still impossible to hold face-to-face classes due to the pandemic, an official of the Department of Education (DepEd) has underscored the need to harness technology as part of education’s new normal.

“We need to master distance learning now, making all the necessary improvements and perfecting our processes for the DepEd Commons, DepEd TV, DepEd Radio, the DepEd Learning Management System, the DepEd Mobile App, and others,” Undersecretary for Administration Alain Del B. Pascua said.

If there are no face-to-face classes, Pascua stressed, “then we have to devise all means to reach out to our learners and to bring basic education to them.”

“We have to educate, by all means, we have to teach by all means, and our learners have to learn by all means,” Pascua added during the first-ever

Asia Pacific Public Sector Digital Summit recently. Pascua was joined

by Alvin Ong, Chief Information Officer of the Nanyang Technological University in Singapore in the panel chaired by Anthony Salcito, Vice President for Worldwide Education of Microsoft Corp.

Pascua also emphasized the importance of the Public Education Network (PEN), which will fasttrack the digital connectivity of all public schools and DepEd offices nationwide.

“With this network, schools will become connectivity hubs for all the households around it so that contents are made available to every learner in the community even without internet bandwidth,” he said. “If this connectivity is reinforced by internet bandwith availability, then it is a big leap forward.”

Pascua also hinted at a future DepEd project, which aims to up-

date and pattern DepEd TV after streaming services to allow learners to study their learning materials at their own pace.

“Those who need more time and repetition can easily review and go back to all the lessons, while those who learn in a faster pace can access new lessons and other lessons outside of their grade levels,” Pascua pointed out.

Meanwhile, in terms of re-imagining education in the new normal, Pascua shared that he advocates for the continuation of online and broadcast learning platforms postpandemic since classroom shortage remains an issue in the country.

“With that kind of interface, our education curriculum can adapt to the needs of the entire nation and even the world. Then, our basic education becomes relevant and liberating for it serves what our nation needs and what our world needs,” Pascua explained. Claudeth Mocon-Ciriaco

Agriculture/Commodities BusinessMirror

www.businessmirror.com.ph

Editor: Jennifer A. Ng • Monday, May 24, 2021 A5

‘Liberal trade policy to make food affordable’

By Jasper Emmanuel Y. Arcalas @jearcalas

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EVEN industry groups, including the American Chamber of Commerce of the Philippines (AmCham), called on the government to implement a “more open” trade policy to ensure the availability of safe and affordable food.

The groups said the country’s agriculture sector should “become more open to foreign trade and investments to help keep food safe and affordable to all Filipinos.”

Implementing such trade policy would “strengthen” the farm sector’s “capability of creating jobs for the rural population,” the groups said in a joint statement.

They said a “more open” agriculture sector would help attain the goal

SHIPPING containers stacked on the Maersk Essex cargo ship at the Port of Los Angeles in Los Angeles, California, United States on March 26. BLOOMBERG NEWS

of a “stronger agriculture growth and food security” since it allows flexibil-

ity to fill the gap in domestic supply when local production falls.

Shipping charter rates up 65% in Q2, food importers hurting

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LOBAL shipping costs continue to rise with charter rates expanding by 65 percent this second quarter, dimming the situation for food importers, such as meat processors.

Royal Cargo Inc. Chief Operating Officer Jet B. Ambalada told the BusinessMirror that charter rates and freight costs continue to rise with no immediate improvements in sight until a full vaccine rollout against Covid-19 is achieved.

Ambalada said charter rates kept rising due to continuous lockdowns imposed by countries that are experiencing surges of Covid-19 cases like Brazil.

For example, charter rates in Asia have risen to $16,500 per 1,100 twenty-foot equivalent unit (TEU) vessel from $10,000 in the first quarter, he said. Charter rates for a 1,100 TEU vessel was only at $6,000 in the third quarter of last year, he added.

“It just keeps on increasing and we are not seeing any improvements any time soon,” Ambalada told the BusinessMirror.

Due to this, freight costs continue to increase as well, going beyond the $5,000 per dry container level, Ambalada said.

Ambalada added that global freight costs, due to lack of shipping

vessels and container imbalances, have become so volatile that freight rates are only good for a week or two.

“The effectivity of freight rates now are just good for about 15 days.

It’s rare that there is a 1-month rate.

The market is too volatile today,” he said.

“Before the pandemic, freight rates change on quarterly basis but now it changes every week up to two weeks. There’s no quarterly rates anymore.”

Ambalada pointed out that delays in shipping have further worsened this year with arrivals of goods from America and Latin America being delayed by as long as two months.

Ambalada, who is also a Philippine Association of Meat Processors Inc. director, noted that the worsening global shipping situation puts a huge pressure on the local meat processing industry, which has been scrambling to find supplies for their raw materials.

“Ships are still lined up at the port of Los Angeles in USA. It’s the same situation in Brazil. So, we’re looking at one to two months of delays from these areas,” he said.

“Delays from Europe are still ranging from two weeks to 1 month. And this won’t improve until Covid-19 vaccines are all out.

The lockdowns are really hurting

the industry.”

Industry sources told the BusinessMirror that some companies, especially big processors, have resorted to chartering one reefer vessel just to get mechanically deboned meat (MDM) of chicken from South America, which is about 20 percent more expensive than commercial shipping.

Ambalada disclosed that the rising freight costs and lack of suppliers have pushed the per kilogram price of chicken MDM from Brazil to $1.70 CIF (cost, insurance, freight), which is 41 percent higher than a kilogram of chicken leg quarter priced at $1.20.

“We cannot do anything about it because they know that we are not allowing Europe to supply us, which is our biggest supplier,” he said.

The BusinessMirror published a series of stories in the previous months about the rising shipping costs and its threat to food security. Earlier this month, the BusinessMirror published its Broader Look piece titled “Global shipment woes: Additional shocks to PHL’s food supply chain.” (Read more here: https://businessmirror.com. ph/2021/05/06/global-shipmentwoes-additional-shocks-to-phlsfood-supply-chain/).

Jasper Emmanuel Y. Arcalas

Bayer opens applications for youth agriculture summit in November

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PPLICATIONS are now open for the 2021 Youth Ag Summit (YAS), a global forum and biennially organized conference where young leaders collaborate to develop sustainable solutions for food security and global agriculture as they work toward becoming global instruments of change.

While this is the 5th biennial Youth Ag Summit, it will be the first virtual YAS event. The UN Sustainable Development Solutions Network (SDSN) and technology company Babele will provide a virtual idea incubator, YAS University.

Delegates will continue to learn entrepreneurship and leadership skills, receive coaching from mentors, and improve their own “Thrive for Change” project concepts in a 10-week period following the November summit.

The summit’s overall theme, “Feeding a Hungry Planet,” is based on the United Nations’ prediction that the planet’s population will reach 9.7 billion people by 2050, which will present food security challenges. The 100 delegates selected to participate

in this year’s YAS will develop to challenges on the UN’s Sustainable Development Goals.

Christine Jodloman, Filipino delegate in the 2019 YAS held in Brazil, shares: “My YAS experience has been amazing and humbling, as I was able to meet, connect, and get inspired by my fellow youth agriculture changemakers around the world.”

Her work is on grassroots agripreneurship for rural farming communities. Delegates from around the world were able to provide suggestions on her projects which she has integrated in her youth and women programs at AGREA Foundation.

Jodloman also helps in the Move Food Initiative as a facilitator to farmer groups, wherein they were able to provide 190,000 kilos of agriculture produce and helped 30,000 farmers in 2020 at the onset of the pandemic.

“Agriculture is not just about growing food, but it also means growing the future,” she said.

“We need a future with a thriving agricultural sector, where people and the planet are prioritized.”

“This is a great opportunity

for the youth to be empowered and take the lead in sustaining Philippine agriculture,” said Iiinas Ivan Lao, Country Commercial Lead of Bayer Crop Science.

Application for the 2021 Youth Ag Summit is open to young people of any background aged 18-25.

Potential delegates will be asked to share their motivation to join the summit, their previous advocacy experience and a 3-minute video pitch explaining their project idea on “how to feed a hungry planet.”

Examples of projects pitched and developed from earlier summits include the opening of Sri Lanka’s Kadamandiya Food Bank and the establishment of a Madagascar health clinic where workers harvest essential grains in fields nearby to supplement their patient’s nutritional needs.

Applicants should be personally, professionally, and academically interested in agriculture, international development, environmental stewardship, food security, biotechnology, and/or farming.

Application closes on June 30.

The Youth Ag Summit will be held on November 16-17.

The groups added that “predictable” imports entice investments in downstream industries especially when local farm inputs are inadequate for the industry’s requirements.

Also, they said competing with imported farm goods will open the opportunity for local producers to introduce innovations in the agriculture sector.

“As we push for a more open agriculture sector, it is important that we double up our efforts in keeping our country safe from possible diseases, pests, and other hazards that imported agricultural products may introduce,” the groups said.

“This cannot be stressed more given the disastrous entry of the

African swine fever into the sector.”

The groups also urged the government to “more closely follow” internationally agreed disciplines in its rules and regulations concerning food imports, particularly in areas of transparency and non-discrimination.

“If the Department of Agriculture has to restrict entry of imports, authorities have to provide stakeholders with the reasons why, with supporting scientific data from their assessments of the risk, and information that the measures taken are the least trade restrictive to effectively address the risk,” they said.

The groups also said foreign investments are necessary to “intensify and diversify agricultural

production.” These investments in agriculture sector, the groups added, would introduce “technologies which would enhance the comparative advantage of the sector’s products.”

“We urge authorities to take an inventory of all laws and regulations which discourage entry of foreign investments in the sector, and take away such unnecessary measures.”

The joint statement was issued by AmCham, Cold Chain Association of the Philippines, Federation of FilipinoChinese Chambers of Commerce and Industry Inc., Fisheries and Aquaculture Board, Foundation for Economic Freedom, Meat Importers and Traders Association and the Philippine Association of Flour Millers Inc.

A6

The World BusinessMirror

Monday, May 24, 2021

Editor: Angel R. Calso

US Covid-19 cases plummet to lowest levels since June

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ew coronavirus cases across the United States have tumbled to rates not seen in more than 11 months, sparking optimism that vaccination campaigns are stemming both severe Covid-19 cases and the spread of the virus.

As cases, hospitalizations and deaths steadily dropped this week, pre-pandemic life in America has largely resumed. Hugs and unmasked crowds returned to the White House, a Mardi Gras-style parade marched through Alabama's port city of Mobile, and even states that have stuck to pandemic-related restrictions readied to drop them. However, health experts also cautioned that not enough Americans have been vaccinated to completely extinguish the virus, leaving the potential for new variants that could extend the pandemic.

As the seven-day average for new cases dropped below 30,000 per day this week, Rochelle Walensky, the director of the Centers for Disease Control and Prevention, pointed out cases have not been this low since June 18, 2020. The average number of deaths over the last seven days also

A person holds a mask while walking outside in Philadelphia on Friday, May 21, 2021.

AP Photo/Matt Rourke

dropped to 552—a rate not seen since July last year. It's a dramatic drop since the pandemic hit a devastating crescendo in January.

"As each week passes and as we continue to see progress, these data give me hope," Walensky said Friday at a news conference.

Health experts credit an efficient rollout of vaccines for the turnaround.

More than 60% of people over 18 have received at least one shot, and almost

half are fully vaccinated, according to the CDC. But demand for vaccines has dropped across much of the country.

President Joe Biden's administration is trying to convince other Americans to sign up for shots, using an upbeat message that vaccines offer a return to normal life.

White House health officials on Friday even waded into offering dating advice. They are teaming up with dating apps to offer a new reason to "swipe right" by featuring vaccination badges on profiles and in-app bonuses for people who have gotten their shots.

Ohio, New York, Oregon and other states are enticing people to get vaccinated through lottery prizes of up to $5 million.

Across the country, venues and events reopened after shuttering for much of the last year.

On Saturday, Karen Stetz readied to welcome what she hoped would be a good crowd to the Grosse Pointe Art Fair on Michigan's Lake St. Clair.

With natural ventilation from the lake and mask and capacity restrictions easing, Stetz was optimistic that artists who make their living traveling a show circuit that ground to a halt last year would begin to bounce back. The

CDC ramps up surveillance on contagious India variant

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ederal Health officials are ramping up their surveillance of the highly transmissible Covid-19 variant first identified in India as experts warn that under-vaccinated areas in the US could become hot spots for the mutation.

While US cases attributed to the B.1.617 variant currently sit below 1%, the growth rate remains unclear due to the small sample size. Meanwhile, one science group said the strain could be as much as 50% more transmissible than B.1.1.7, the variant that emerged from the U.K. That mutation was first seen in the US in late December, and is now dominant nationally.

A just-released U.K. study found the Pfizer Inc.-BioNTech SE vaccine was “highly effective” against a form of the B.1.617 variant two weeks after the second dose, affirming preliminary data from Phase 3 clinical trials. Still, the mutation has arrived in the US at a time when anti-pandemic measures are loosening and around 60% of the population isn’t yet fully vaccinated.

“From everything I can tell the vaccines are highly effective against this variant,” said Samuel Scarpino, a co-founder of Global.health, an organization that tracks Covid cases and variants internationally. “But there are some states in the US with quite low vaccination coverage putting them at risk for potential outbreaks.”

The B.1.617 variant that has devastated India was first detected in the US between late February and late March of this year. On May 4, the US Centers for Disease Control and Prevention designated B.1.617 as a variant of interest. It is now studying whether to escalate its standing to a variant of concern, said Jade Fulce, a CDC spokesperson.

Currently, the CDC has classified eight variants of interest, three of which are forms of the B.1.617 strain, according to the CDC website. The agency says these variants are “predicted to affect” transmission, diagnostics, therapeutics, or immune escape, but still have limited prevalence or expansion in the US or in other countries.

Variants of concern

There are five variants of concern listed by the CDC. This category covers those that show “evidence of impact” on diagnostics, treatments or vaccines along with increased transmissibility and/or disease severity.

Local health agencies are urged to report these cases to the CDC, who will also report them to the World Health Organization. The designation will also spur efforts to control the variant’s spread and, potentially, development of new diagnostics or the modification of vaccines or treatments.

So far, according to the CDC’s Fulce, there is “insufficient data to evaluate with a high degree of confidence

whether these lineages are variants of concern.”

Agency efforts to determine variant classification include reviews of the latest case percentages, as well as laboratory, epidemiological and clinical research data, according to Jasmine Reed, another CDC spokesperson. The CDC also is in touch with global partners, including the WHO, to share data and coordinate genomic surveillance and characterization of variants, Reed said.

UK study

The recently-released UK study by Public Health England found both the Pfizer vaccine, authorized for use in the US on an emergency basis, and the AstraZeneca Plc shot, which isn’t yet available in the US, to be “highly effective” against the B.1.617.2 form of the variant first detected in India.

The study was conducted from April 5 to May 16. Pfizer-BioNTech shot was 88% effective against the B.1.617.2 variant two weeks after the second dose. Two doses of the AstraZeneca vaccine were 60% effective.

“We expect the vaccines to be even more effective at preventing hospitalization and death,” said Mary Ramsay, head of immunization at Public Health England. “So it is vital to get both doses to gain maximum protection against all existing and emerging variants.”

Still, some health experts are questioning if the CDC is doing enough as experts warn that with states opening up, and anti-pandemic measures loosening, under-vaccinated pockets of the US could be at risk of B.1.617 outbreaks.

US vaccine roll-out efforts vary state by state. New Mexico, Maine and New Jersey have administered enough doses to cover more than half of their population. Other regions, however, are lagging. Idaho, Wyoming and Louisiana have administered enough doses for just under 35% of their population, while Mississippi and Alabama have administered enough for only 30%.

“I think the CDC should be doing more in terms of communicating the risks of this variant, and that should translate into states taking precautions more seriously than we’re currently doing,” Global.health’s Scarpino said.

Spike protein

Scientists pay most attention to mutations in the gene that encodes the SARS-CoV-2 spike protein, which plays a key role in viral entry into cells. Targeted by vaccines, this protein influences immunity and vaccine efficacy.

B.1.617 is among several variants that carry multiple mutations affecting the spike protein.

The WHO earlier this month declared B.1.617 a variant of global con-

cern based on early evidence suggesting it is highly contagious and carries at least some propensity to evade antibodies, including bamlanivimab, a monoclonal antibody therapy developed by AbCellera Biologics Inc. and Eli Lilly & Co. The mutation was detected in 44 countries as of mid-May amid a dramatic spike in cases.

It is “highly likely that this variant is more transmissible than B.1.1.7,” the variant first detected in the U.K., and possibly as much as 50% more transmissible, the U.K.’s Scientific Advisory Group for Emergencies said on May 13.

Travel ban

US President Joe Biden has banned most travel from India, though the order doesn’t apply to US citizens or permanent residents. Countries including Singapore, the U.K. and Tanzania have also curbed travel to and from India over B.1.617 fears.

The US has been increasing its surveillance efforts in order to get a better understanding of the Covid variants that exist in the US. They are collaborating with state and local public health laboratories to increase the number of specimens that are sequenced. The CDC has also increased sequencing capacity through contracts with commercial diagnostic laboratories.

Despite these efforts the US still lags behind more than 20 other countries in terms of having a clear idea of how many variant cases there are, according to the latest ranking by GISAID, an international group that promotes the rapid sharing of data from the coronavirus that causes Covid-19.

UK sampling

The UK is sampling around 50% to 60% of all positive Covid-19 samples, said Moritz Kraemer an epidemiologist at the University of Oxford, which provides crucial detail of the distribution of the B.1.617 variant. Rigorous sequencing allowed authorities to identify 2,323 cases of the mutation on Monday.

In Bolton and Blackburn, towns in northwestern England, cases of the India variant doubled in just a week.

Most people with the India variant in areas around Bolton had not been vaccinated.

Almost 40% of Americans have been fully vaccinated, and roughly half of the US population has received at least one shot. But as more people are interacting and socializing there are more possibilities for transmission, Kraemer said during a phone interview.

“For any variant, if there are lots of infectious people coming into the country at a particular locality, if there are a population of people who are unvaccinated it’s fair to say that there’s a high risk that those areas could become hot spots,” he said.

Bloomberg News

event usually draws from 5,000 to 10,000 people.

"I feel like most people are ready to get out," Stetz said by phone shortly before opening the fair. "It seems like people are eager, but it's hard to know still.

I'm sure there's a percentage of people that are going to wait until they're comfortable."

In Mobile, thousands of joyful revelers, many without masks, competed for plastic beads and trinkets tossed from floats Friday night as Alabama's port city threw a Mardi Gras-style parade.

But only about a quarter of the county's population is fully vaccinated. Many went without masks, though health officials had urged personal responsibility.

Alabama's vaccination rate— 34% of people have received at least one dose—is one of the lowest in the country. It's part of a swath of Southern states where vaccine uptake has been slow.

Health experts worry that areas with low vaccination rates could give rise to new virus variants that are more resistant to vaccinations.

"My biggest concern is new strains of the virus and the need to remain vigilant in the months ahead," said Boston College public health expert Dr. Philip J. Landrigan.A medical center in Louisiana reported Friday it has identified the state's first two cases of a Covid-19 variant that has spread widely since being identified in India. The Covid-19 variant has been classified as a "variant of concern" by Britain and the World Health Organization, meaning there is some evidence that it spreads more easily between people, causes more severe disease, or might be less responsive to treatments and vaccines. The variant has also been reported in several other states, including Tennessee, Nebraska and Nevada.

Though Landrigan said the big drop in cases nationwide was "the best news we've had on the pandemic" and showed that vaccines are working, he warned that people should remain vigilant for local flare-ups of new cases.

Many states have largely dropped orders to wear masks and

stay distanced from other people.

Meanwhile, even places such as California—the first state to issue a statewide shutdown as the virus emerged in March 2020— prepared to remove restrictions on social distancing and business capacity next month.

State health director Dr. Mark Ghaly said Friday the decision was based on dramatically lower virus cases and increased vaccinations.

But in Vermont—the state with the highest percentage of people who have received one shot—Gov. Phil Scott has tied the lifting of restrictions to the vaccination rate. He offered to lift all remaining restrictions before a July 4 deadline if 80% of those eligible get vaccinated.

Landrigan figured it will take a nationwide vaccination rate of at least 85% to snuff out the virus. But for now, the steep drop in cases gave him hope that pandemic-level infection rates will soon be a thing of the past.

"It is getting to the point to where by the Fourth of July we might be able to declare this thing over," he said. AP

Singapore closes 2 shopping malls amid surge in infections

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ingapore will close two shopping malls on the western part of the island for two weeks starting Sunday after 10 recent Covid-19 infections were linked to the properties.

“Our epidemiological investigations have found that there is likely ongoing transmission among individuals who visited these malls,” the Health Ministry said in a statement. “To break any potential chain of transmission and enable deep cleaning of the premises, JEM and Westgate shopping malls will be closed to all members of the public.”

The ministry is offering free Covid-19 testing to those who visited the malls from May 10 to May 14. Of the recent cases linked to the malls, four were detected from the testing operations, which are still in progress, according to the statement.

Singapore reported 22 new locally transmitted infections on Saturday, seven of which were untraceable. There were seven imported cases.

Key developments: Pfizer doses for all Australians by end-2021

Austr ali a’s government is promising enough Pfizer Inc. vaccines to have all Australians vaccinated by the end of 2021, the Sun-Herald newspaper reported.

Two million Pfizer doses are expected to be available in Australia each week from the beginning of October, which would mean all who are keen can get their two shots by the end of the year, the paper said, citing the Australian Medical Association.

Health Minister Greg Hunt told the paper that 4.5 million Pfizer doses will arrive by the end of June, and there will be 7 million doses expected in both the third and fourth quarters.

Samsung Biologics, Moderna sign vaccine-making deal: Yonhap

South Korea’s Samsung Biologics signed a deal with Moderna on vaccine production, Yonhap News Agency reported. Under the agreement, Samsung Biologics will provide contract-manufacturing organization services to Moderna for its mRNA vaccine and some of the doses will be produced in South Korea.

Samsung and Moderna will together supply “hundreds of millions” of doses intended for markets across the globe, starting in the third quarter of this year, Second Vice Health Minister Kang

Dotae said in a briefing Sunday.

Malaysia to impose curfew

Malaysia will restrict business operations to 8 a.m until 8 p.m. beginning May 25 to stem a recent surge in Covid-19 cases, according to Defense Minister Ismail Sabri Yaakob. About 80% of government officials and 40% of private sector employees will work from home, with the move affecting 7 million to 8 million workers.

Places deemed high risk will shut immediately and usage of public transportation will be limited to 50% capacity, Ismail said. The nation logged 6,320 new coronavirus cases on Saturday, a fourth straight day that infections have topped 6,000.

Japan sets July 4 target for vaccine delivery: Yomiuri

The Japanese government expects to finish delivering coronav ir us vacc ines for senior citizens to all municipalities by July 4, the Yomiuri newspaper reported.

About 93% out of the nation’s 1,741 municipalities will be able to meet the government’s target to vaccinate people ages 65 and over by the end of July, the Yomiuri said.

Argentina to get 1 million Astra doses

Argentina will receive more than 1 million doses of the AstraZeneca vaccine, which will arrive in the country between Sunday and Monday, according to an emailed statement from President Alberto Fernandez’s press office.

Of the doses, 204,000 are set to arrive Sunday morning via purchases through Covax, while 843,000 will arrive Monday from the US.

CDC probes ‘few’ cases of heart inflammation in youth

The US Centers for Disease Control and Prevention is investigating “relatively few” reports of a heart problem in adolescents and young adults after a Covid-19 vaccination.

A report from a meeting of the agency’s safety group on May 17 said that most discovered cases of myocarditis “appear to be mild” and could be unrelated to vaccinations. Myocarditis is an inflammation of the heart muscle often found after an infection.

The cases were mostly in adolescents and young adults and more often in males than females.

The report added that the cases occurred more often after a sec-

ond dose than the first and were typically found within four days after infection.

Brazil passes 16 million cases

Brazil passed 16 million cases on Saturday, at the end of week in which infections and deaths were rising, according to Health Ministry data.

Cases rose for the fourth consecutive week, adding another 76,490 on Saturday, though the weekly caseload of 460,905 remains about 80,000 below a peak in March.

Weekly deaths increased to 13,495, after falling for five straight weeks from a peak of 21,141. Brazil has a total 448,208 recorded deaths, the most after the US.

Vaccines effective on variant from India

Coronavirus vaccines from Pfizer Inc. and AstraZeneca Plc have been shown to work against a variant first identified in India, according to a study by Public Health England.

Two doses of the Covid-19 vaccines were “highly effective” against the B.1.617.2 strain first detected in India, the agency said in a statement. There was minimal difference with how the inoculations work on a variant detected in Kent, it said.

The results are likely to boost the U.K. government’s plan to end its lockdown on June 21 even as cases of the variant have been rising rapidly.

Alaska dead were not vaccinated

All of the Covid-19 deaths in Alaska over the last few weeks have been people who were not vaccinated, the Anchorage Daily News reported, quoting state health officials. The newspaper cited about “about a dozen Covid-19 deaths” reported in the last three weeks, including a man in his 20s and one over 80.

“Really what you see now in the emergency department and the hospital is people who are not getting vaccinated. Some are getting sick and some unfortunately are dying,” Anne Zink, Alaska’s chief medical officer, was quoted as saying.

Of the more than 123 million people in the US who were fully vaccinated through May 17, 353 died, according to data from the Centers for Disease Control and Prevention. About 38% of all Alaskans are fully vaccinated, even with the US average, according to the Bloomberg Vaccine Tracker.

Bloomberg News

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The World BusinessMirror

Queen Elizabeth II visits navy carrier ahead of deployment

Hamas defiant with military parade, leader’s appearance

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AZA CITY, Gaza Strip—Hundreds of masked Hamas fighters brandishing assault rifles paraded in Gaza City and the group’s top leader made his first public appearance on Saturday, in a defiant show of strength after the militants’ 11-day war with Israel.

Britain’s Queen Elizabeth II visits the HMS Queen Elizabeth at HM Naval Base, ahead of the ship's maiden deployment, in Portsmouth, England on Saturday, May 22, 2021. HMS Queen Elizabeth will be leading a 28-week deployment to the Far East that Prime Minister Boris Johnson has insisted is not confrontational towards China. Steve Parsons/Photo via AP

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ONDON—Queen Elizabeth II made a quick visit Saturday to the Royal Navy's flagship aircraft carrier that bears the name of her eponymous 16thcentury predecessor, ahead of its maiden operational deployment.

The HMS Queen Elizabeth, the latest Royal Navy ship to honor the Tudor-era monarch who vanquished the Spanish Armada in 1588, will be leading a 28-week deployment to Asia that Prime Minister Boris Johnson has insisted is not confrontational toward China.

The 3 billion-pound ($4.2 billion) ship, which has eight RAF F35B stealth fighter jets on board, is scheduled to depart from Portsmouth Naval Base in southern England, accompanied by six Royal Navy ships, a submarine, 14 naval helicopters and a company of Royal Marines.

Arriving by helicopter, the 95-year-old monarch was greeted by the ship's commanding officer, Captain Angus Essenhigh, and Commodore Stephen Moorhouse, commander of the UK Carrier Strike Group.

While aboard, she was given a briefing on the upcoming deployment and had a chance to chat with some of the 1,700 personnel.

The queen wore a scarab brooch that had been a gift from her late husband, Prince Philip, a former high-ranking naval officer who died last month at age 99.

The carrier group will travel through the Mediterranean Sea to the Red Sea, then from the Gulf of Aden to the Arabian Sea and Indian Ocean to the Philippine Sea. It will carry out visits to 40 countries including India, Japan, South Korea and Singapore with more than 70 engagements, including sailing alongside the French carrier Charles De Gaulle in the Mediterranean.

A total of 3,700 sailors, aviators and marines are involved in the deployment which will cover 25,000 nautical miles.

Defense Secretary Ben Wallace has said the deployment "will be flying the flag for Global Britain—projecting our influence, signaling our power, engaging with our friends and reaffirming our commitment to addressing the security challenges of today and tomorrow."

The trip comes after the British government's review of defense and foreign policy recommended that the U.K. "tilt" its focus towards the Indo-Pacific region, in response to China's growing influence on the world stage.

"One of the things we'll be doing clearly is showing to our friends in China that we believe in the international law of the sea and, in a confident but not a confrontational way, we will be vindicating that point," Johnson said while visiting the HMS Queen Elizabeth on Friday. AP

India battles fatal fungal threat as Covid deaths near 300,000

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EW DELHI—Doctors in India are fighting a fatal fungal infection affecting Covid-19 patients or those who have recovered from the disease amid a coronavirus surge that has driven the country's fatalities to nearly 300,000.

The life-threatening condition, known as mucormycosis, is relatively rare but doctors suspect that the sudden increase in the infection could further complicate India's fight against the pandemic.

India has reported more than 26 million confirmed cases of the coronavirus since the pandemic began, with almost half occurring in the past two months. On Sunday, the Health Ministry reported 3,741 new deaths, driving India's confirmed fatalities to 299,266.

It also reported 240,842 new infections, as daily cases remained below 300,000 for a week. The numbers are almost certainly undercounts, with many cases likely being missed due to limited testing.

Experts say new infections in India, which had been rising steeply, may finally be slowing. But there are some early indications that mucormycosis, also known as "black fungus," is fast becoming a cause of worry.

Mucormycosis is caused by exposure to mucor mold, which is commonly found in soil, air and even in the nose and mucus of humans. It spreads through the respiratory tract and erodes facial structures. Sometimes, doctors have to surgically remove the eye to stop the infection from reaching the brain.

On Saturday, federal minister Sadananda Gowda said nearly 9,000 cases had been reported in India so far, leading to a shortage of Amphotericin B, the drug used to treat the condition.

Gowda didn't share the number of fatalities, but local media have said more than 250 have died because of the disease.

Health officials were working to alle-

viate the drug shortage, which comes at a time when the country is already short on supplies of oxygen and other health care needs, Gowda said.

Mucormycosis has a high mortality rate and was already present in India before the pandemic. It is not contagious but its frequency in the last month has left doctors shocked.

"It is a new challenge and things are looking bleak," said Ambrish Mithal, the chairman and head of the endocrinology and diabetes department at Max Healthcare, a chain of private hospitals in India.

Mithal said the fungal infection preys on patients with weakened immune systems and underlying conditions, particularly diabetes, and irrational usage of steroids.

Uncontrolled blood sugar can put immunocompromised people at a higher risk of contracting the disease.

"Earlier I used to come across just a few cases every year but the current infection rate is frightening," said Mithal.

The latest surge of coronavirus infections in rural India has already taken a toll. Now heath experts are worried that over-thecounter medication, including steroids, can increase the prevalence of mucormycosis.

SK Pandey, a medical officer at Ram Manohar Lohia Hospital in Uttar Pradesh state's Lucknow city, said that unqualified doctors were giving steroids to patients in many rural areas without giving a thought whether they require it or not.

"This has led to increase in black fungus cases in smaller cities where the patient has not even been hospitalized," he said.

India's Health Ministry on Thursday asked states to track the spread of the condition and declare it an epidemic, making it mandatory for all medical facilities to report the cases to a federal surveillance network.

Prime Minister Narendra Modi on Friday called the disease a "new challenge." AP

Monday, May 24, 2021 A7

Saturday marked the first full day of a cease-fire, and Egyptian mediators held talks to firm up the truce that ended the fourth Israel-Hamas war in just over a decade.

In the fighting, Israel unleashed hundreds of airstrikes against militant targets in Gaza, while Hamas and other militants fired more than 4,000 rockets toward Israel.

More than 250 people were killed, the vast majority of them Palestinians.

In Gaza City, residents began assessing damage.

One of Gaza City's busiest commercial areas, Omar al-Mukhtar Street, was covered in debris, smashed cars and twisted metal after a 13-floor building in its center was flattened in an Israeli airstrike.

Merchandise was covered in soot and strewn inside smashed stores and on the pavement. Municipal workers swept broken glass and twisted metal from streets and sidewalks.

"We really didn't expect this amount of damage," said Ashour Subeih, who sells baby clothes. "We thought the strike was a bit further from us. But as you can see not an area of the shop is intact." Having been in business for one year, Subeih estimated his losses were double what he has made so far.

Drone video and photos showed some city blocks reduced to rubble, in between homes and businesses left standing.

Both Israel and Hamas have claimed victory.

On Saturday, hundreds of Hamas fighters wearing military camouflage paraded past the mourning tent for Bassem Issa, a senior commander killed in the fighting. The top Hamas leader in Gaza, Yehiyeh Sinwar, paid his respects in his first public appearance since the war began.

Israel bombed the house of Sinwar, along with that of other senior Hamas figures, as part of its attack on what it said was the group's military infrastructure.

Israel's defense minister, Benny Gantz, has said Israel delivered a punishing blow to Hamas, and that top Hamas figures remained targets.

Still, there was a widespread expectation that the cease-fire would stick for now, even if another round of fighting at some point seems inevitable. Underlying issues remain unresolved, including an Israeli-Egyptian border blockade, now in its 14th year, that

is choking Gaza's more than 2 million residents and a refusal by the Islamic militant Hamas to disarm.

The UN Security Council released a statement Saturday, welcoming the ceasefire and stressing "the immediate need for humanitarian assistance to the Palestinian civilian population, particularly in Gaza."

Thousands rallied in the Israeli city of Tel Aviv, calling for coexistence between Jews and Arabs.

The fighting began on May 10, when Hamas militants in Gaza fired long-range rockets toward Jerusalem. The barrage came after days of clashes between Palestinian protesters and Israeli police at the Al-Aqsa Mosque compound. Heavy-handed police tactics at the compound and the threatened eviction of dozens of Palestinian families

by Jewish settlers had inflamed tensions.

The war has further sidelined Hamas' main political rival, the internationally backed Palestinian Authority, which oversees autonomous enclaves in the Israelioccupied West Bank. Hamas' popularity seemed to be growing as it positioned itself as a defender of Palestinian claims to Jerusalem.

On Friday, hours after the cease-fire took effect, thousands of Palestinians in the AlAqsa compound chanted against Palestinian President Mahmoud Abbas and his self-rule government. "Dogs of the Palestinian Authority, out, out," they shouted, and "The people want the president to leave."

It was an unprecedented display of anger against Abbas. The conflict also brought to the surface deep frustration among Palestinians, whether in the occupied West Bank, Gaza or within Israel, over the status quo, with the Israeli-Palestinian peace process all but abandoned for years.

Despite his weakened status, Abbas will be the point of contact for any renewed US diplomacy, since Israel and the West, including the United States, consider Hamas a terrorist organization.

US Secretary of State Antony Blinken is to meet with Abbas and Israeli leaders when he visits in the coming week. Abbas is expected to raise demands that any Gaza reconstruction plans go through the Palestinian Authority to avoid strengthening Hamas.

Abbas met Saturday with Egyptian mediators, discussing the rebuilding of Gaza and

internal Palestinian relations, according to the official Palestinian news agency Wafa.

An Egyptian diplomat said that two teams of mediators were in Israel and the Palestinian territories to continue talks on firming up a cease-fire deal and securing long-term calm.

The diplomat said discussions include implementing agreed-on measures in Gaza and Jerusalem, including ways to prevent practices that led to the latest fighting. He did not elaborate. He was apparently referring to violence at the Al-Aqsa Mosque and the planned eviction of Palestinian families from the Sheikh Jarrah neighborhood in east Jerusalem.

The diplomat spoke on condition of anonymity to discuss behind-the-scenes deliberations.

Separately, a 130-truck convoy with humanitarian aid and medical supplies reached the Gaza border from Egypt on Saturday, according to a senior Egyptian official at the border crossing. He spoke on condition of anonymity because he was not authorized to speak to reporters.

Across Gaza, an assessment of the damage to the territory's already decrepit infrastructure began.

The ministry of public works and housing said that 769 housing and commercial units were rendered uninhabitable, at least 1,042 units in 258 buildings were destroyed and just over 14,500 units suffered minor damage.

The United Nations said about 800,000 people in Gaza do not have regular access to clean piped water, as nearly 50% of the water network was damaged in the fighting.

Israel has said it was targeting Hamas' military infrastructure, including a vast tunnel system running under roads and homes, as well as command centers, rocket launchers and the homes of commanders. The Israeli military has said it was trying to minimize harm to civilians and accused Hamas of using civilians as human shields.

The Gaza Health Ministry says at least 248 Palestinians were killed, including 66 children and 39 women, with 1,910 people wounded. It does not differentiate between fighters and civilians. Twelve people were killed in Israel, all but one of them civilians, including a 5-year-old boy and 16-yearold girl.

Israel has accused Hamas and the smaller militant group of Islamic Jihad of hiding the actual number of fighters killed in the war. Prime Minister Netanyahu said Friday that more than 200 militants were killed, including 25 senior commanders.

Islamic Jihad on Saturday gave a first account of deaths within its ranks, saying that 19 of its commanders and fighters were killed, including the head of the rocket unit in northern Gaza. AP

Volcano erupts near Congolese city of Goma; residents evacuate

G

OM A, Congo— Congo's Mount Nyiragongo erupted for the first time in nearly two decades Saturday, turning the night sky a fiery red and sending lava onto a major highway as panicked residents tried to flee Goma, a city of nearly 2 million.

There was no immediate word on any casualties, but witnesses said that lava already had engulfed one highway that connects Goma with the city of Beni in North Kivu province.

Mount Nyiragongo's last eruption, in 2002, left hundreds dead and coated airport runways in lava. More than 100,000 people were left homeless in the aftermath, adding to the fear in Goma on Saturday night.

"We are already in a total psychosis," resident Zacharie Paluku told The Associated Press. "Everyone is afraid; people are running away. We really don't know what to do."

Congolese President Felix Tshisekedi said he would be returning home on Sunday from Europe earlier than planned in order to help coordinate relief efforts.

The government said an evacuation plan was being activated, but the official announcement came several hours after the sky turned a fiery red, and many already

had fled on foot in hopes of crossing the Rwandan border post just outside town. Car horns honked and motorcycle taxis weaved as people attempted to escape in panic.

Rwandan immigration authorities reported that some 3,000 people already had officially crossed over from Congo to escape the volcano's eruption, according to the national broadcaster.

The UN peacekeeping mission known as MONUSCO tweeted dramatic footage of the city alit, saying it was conducting reconnaissance flights over Goma where it maintains a large base.

"The lava doesn't seem to be headed toward the city of Goma. We remain on alert," it said.

Some sought refuge aboard boats on Lake Kivu, while others fled to Mount Goma, the highest point in the metropolitan area.

Dorcas Mbulayi left her home about an hour after the volcano first showed signs of erupting.

"We were eating when a friend of dad's called him on the phone and told him to go and look outside," said Mbulayi, who was still a child the last time the volcano erupted. "Dad told us that the volcano was erupting and that we were going to go to Mount Goma to escape the lava of the volcano."

She also blamed authorities "for not informing us in time about the possible volcanic eruption."

The lack of immediate announcements from authorities and conflicting accounts circulating on social media only added to the sense of chaos in Goma.

Authorities at the Goma Volcano Observatory initially said it was the nearby Nyamulagira volcano that had erupted. The two volcanos are located about 13 kilometers (8.1 miles) apart.

Volcanologist Charles Balagizi said the observatory's report was based on the direction in which the lava appeared to be flowing, which was toward Rwanda rather than Goma.

Goma sits along the border between Congo and neighboring Rwanda, and is a regional hub for many humanitarian agencies in the region, as well as the U.N. peacekeeping mission known as MONUSCO. The volcano erupting is also close the Virunga National Park, home to some of the last mountain gorillas in the world. While Goma is home to many UN peacekeepers and aid workers, much of the surrounding eastern Congo is also under threat from a myriad of armed groups vying for control of the region's mineral resources. AP

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Monday, May 24, 2021 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Twitter to the rescue

P

rior to the eruption in January 2020, the crater of Taal volcano—Volcano Island—looked like a mysterious jungle scene out of a Jurassic Park movie.

Along the edges of the island, you could see the farmland and signs of human habitation. Farther up the jagged crater, there was lush and deep vegetation where a roaming prehistoric beast might not be unexpected.

Today the island is a beige bleached desert more suitable to a Martian landscape. From a distance, it is as if not a single blade of grass survived. While the ability of nature to survive and thrive is remarkable, it will take years before Taal looks again like it did before the most recent eruption.

The latest major volcanic eruption is occurring in the Democratic Republic of the Congo as the Nyiragongo volcano sent thousands into evacuation from the eastern city of Goma, population 670,000. The volcano is about 20 kilometers north of the city.

Nyiragongo erupted in 2002 with about 250 people dying in the eruption from asphyxiation by carbon dioxide and buildings collapsing due to lava and earthquakes. In a May 10 report, the Goma Volcanology Observatory warned that seismic activity around the volcano had increased.

In the late evening of May 22, even before the official announcement, thousands of people had started filling the streets and carrying what they could as they headed out of the city. Communications Minister Patrick Muyaya tweeted: “The evacuation plan for the city of #Goma has been activated.” Twitter to the rescue.

How often have you heard someone say something like “We were fine before Smartphones and the Internet”? And where do they make that sentiment most heard? Twitter. To talk about “Life before Smartphones” is the same as talking about life before electricity, penicillin, and motorized transportation. This is the reality. Surviving is fine.

Thriving and prospering, however, is better.

It all started in 1996 by an Israeli company named Mirabilis. The name ICQ derives from the English phrase “I Seek You” and was one of the first text-based messengers to reach a wide range of users. ICQ was an advancement of Internet Relay Chat (IRC), which was primarily designed for group discussions not unlike Zoom. Now there is Twitter and WeChat and many other similar services.

The number of mobile connections in the Democratic Republic of the Congo in January 2020 was equivalent to 40 percent of the total population. Only 8.6 percent of the population is hooked to the Internet. Yet Twitter was the fastest way to spread the official word.

Philippine Smartphone penetration in 2021 is 68 percent, with Internet user penetration at 74 percent.

The official twitter account of the Office of Civil Defense is @civildefensePH. The National Disaster Risk Reduction and Management Council Tweets from @NDRRMC_OpCen. Constant updates on weather, earthquakes and volcanic activity are relayed through @dost_pagasa (Philippine Atmospheric, Geophysical and Astronomical Services Administration) and the Philippine Institute of Volcanology and Seismology by following @phivolcs_dost.

Social media can be destructive both to individuals and institutions alike. It violates all of the “The 4-Way Test” of Rotary International: “Is it the truth? Is it fair to all concerned? Will it build goodwill and better friendships? Will it be beneficial to all concerned?”

But never before in human history has there been a way to instantly provide written communication to hundreds of thousands of people.

Life is better with smartphones and the Internet.

Since 2005

BusinessMirror A broader look at today’s business

Flexible learning as the new normal Atty. Jose Ferdinand M. Rojas II

RISING SUN

I

T is not only here in the Philippines where the education system is being drastically and permanently affected by the pandemic.

The recent declaration of CHED Chairman Popoy de Vera that flexible learning will be the new norm in the education sector even beyond the current pandemic brings to mind the related challenges that students, teachers, and parents have been facing since the lockdowns began. On the other hand, it is also true that this crisis may be seen as an opportunity to rethink how our schools should look like to be able to deliver good education to our students, in spite of possible disturbances like the one we are going through now.

Flexible learning refers to the combination of different methods of teaching, including the use of online platforms and digital or printed modules. Under this new system, universities and colleges will be adopting a mix of different learning and teaching methods based on their specific situations.

More prepared universities will move ahead with all the online classes, while others may allow some of their students to come back

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at different times and “do more synchronous versus asynchronous learning.”

The Covid-19 pandemic challenged our ideas about instruction and affected all aspects of education, including funding, the role of technology, attendance, and so on. It highlighted inequalities in income and the physical/mental capacities of our students, as well as presented technical difficulties to both students and educators.

L

ast week, I began discussing about the many challenges that logistics firms in the Philippines continue to face, such as the truck ban, number coding, the various and redundant national and local government permits that need to be secured and the socalled checkpoints, legal or illegal, by the many enforcers on the road.

This week, I will dwell a little more on what logistics companies face at the waterfront, where containers of goods are either picked up or delivered. Together with the discussions we had last week, this all adds up to making the cost of the delivery of goods in the country more expensive—the highest in the Southeast Asian region.

An offshoot of the port congestion problem during the previous administration, the Truck Appointment Booking System is a private initiative by terminal operators to better control the inflow and outflow of trucks in the ports that they are servicing. Though well-meaning and, in fact, working, the TABS comes with a price to the truckers, especially if one needs to move the cargo at peak hours, which is usually the case. These fees are, of course, passed later on to the consumers as part of the cost of doing business. With the new road developments, such as the connector road initiatives of the private sector, such booking system may not be as

heavily necessary like before, and if ever, a reduction of its present costs be implemented. Also, it should also be the proper time for government to consider taking hold of this booking system, given that, after all, the authority to require enrollment in such a system is with government, with enrollment fees of the truckers possibly subsidized or given for free.

Somewhat related to the monitoring objectives of TAB, the Electronic Tracking of Containerized Cargo system of the Bureau of Customs is another additional layer of the process and also of costs that are imposed on the logistics providers. The ETRACC monitors the transship-

There are groups that say remote learning is not for everyone, and that students learn best when instruction is done in person. Remote learning, they say, should only be a supplement, and not a substitute, for in-school instruction. They do have a point, but there are education experts, too, who believe that virtual schools are the only form or structure of formal learning/teaching that has the capability to outlast the pandemic, or future pandemics for that matter.

Parents have been complaining about the lack of individual attention and face-to-face interaction among the students. There are the issues of Zoom fatigue, inefficient Internet connectivity, and mental health problems—it is, indeed, not an exaggeration to say that the current crisis is changing the face of education forever. Our schools will never be the same again—this is the reality we must come to terms with.

There are groups that say remote learning is not for everyone, and that students learn best when in-

From the point of view of logistics providers, much of the costs they bear and the delays they endure — not to mention the many signatures that are needed to bring a cargo out—all add up to higher costs that industries then pass on to the consumers. Costs can be brought down by an honest to goodness streamlining that is long overdue.

Now that we are moving out of the pandemic with so much catching up to do economically, it is imperative for all government entities at the ports to look and act on this without further delay. ment of containerized shipments, including those destined to (import) and coming from (export) the PEZA and the freeport zones. The problem is that such a system is redundant with similar systems already present in the PEZA and Freeport zones.

Another additional expense for logistics companies that operate at the ports is the terminal handling charges that are imposed on both export and import containerized cargoes to recover costs incurred at container terminals. There are contradicting views on this, with the shipping lines insisting on passing the costs of loading and unloading containers to the account of the shipper/consignee. On the other hand, shippers believe that such costs are

struction is done in person. Remote learning, they say, should only be a supplement, and not a substitute, for in-school instruction. They do have a point, but there are education experts, too, who believe that virtual schools are the only form or structure of formal learning/teaching that has the capability to outlast the pandemic, or future pandemics for that matter.

Our local higher education agency operates based on the belief that “there is no going back” to the traditional system. De Vera said that if we go back to full-packed, face-to-face classrooms, we will “run the risk of exposing our educational stakeholders to the same risks if another pandemic comes in.” He also noted that the investments in technology, teacher training, and retrofitting of facilities to adjust to the current situation will all be undermined if the country does not adopt the new norm.

All sectors in education have been adjusting extremely well, giving rise not just to educational innovations but also to creativity, resourcefulness, and diligence. Given all these and our learning experiences this past year, I believe that we will overcome.

already part of loading and unloading costs that must be borne by the carrier, and therefore incorporated in the freight rate. One thing is for sure, costs are again also passed on eventually to the consumers.

Then we have the unavoidable deposit fees that shipping lines impose on shippers on their containers. Though these are fees deposited and therefore, technically, are not considered as an expense, these are rarely returned without deductions. Worse is the fact that deposits are rarely returned on time, taking several months in most cases. This, of course, impacts on the operating expenses of logistics providers, who have no other recourse but to have their end users bear the expense of “cushioning” such costs.

From the point of view of logistics providers, much of the costs they bear and the delays they endure— not to mention the many signatures that are needed to bring a cargo out—all add up to higher costs that industries then pass on to the consumers. Costs can be brought down by an honest to goodness streamlining that is long overdue. Now that we are moving out of the pandemic with so much catching up to do economically, it is imperative for all government entities at the ports to look and act on this without further delay.

The author may be reached via e-mail: thomas_ orbos@sloan.mit.edu

www.businessmirror.com.ph

Opinion

The actual cost of risk

Intentional insomnia

BusinessMirror

By Reynaldo A. de Dios

I

T is not uncommon for corporate finance officers (CFOs) and accountants to treat insurance premium expenditures as the only cost of risk. From the perspective of risk management, there are other factors in determining the actual cost of risk. These include: 1. Administrative overhead; 2. Insurance premiums; 3. Uninsured losses; 4. Loss control costs.

The administrative costs of risk are not easily quantifiable, but they should nevertheless be identified to determine the magnitude and complexity of the work being undertaken.

In the Philippine scenario, a good number of corporations have set up risk management departments to assist top management in monitoring and controlling exposures and premium expenses, especially if their operations are complex, highly exposed and widely spread throughout the country. In such a situation, the one in charge is usually designated as Chief Risk Officer (CRO).

The operating budget of the Risk Management Department plus an appropriate share in the company’s overhead is therefore the first item in the cost of risk concept. Insurance premiums are definitely a cost and can be broken into operating units particularly for property risks, which are easily valued. However, premiums for liability exposures will have to be allocated on a preagreed equitable formula normally based on payroll, volume of sales or other basis.

Uninsured losses and their consequences are often ignored or reluctantly absorbed by the corporation unless these have a significant financial effect. Some major risks may be difficult to insure due to limitations in the insurance and reinsurance markets such as lack of capacity, high level pricing, restrictive conditions of cover.

There are uninsurable risks such as pollution liability, expropriation

The use of computerized system to collate data, causes and extent of losses including indirect losses would be valuable to senior management to determine trends in their operations risk and will also be helpful to the Chief Risk Officer in formulating risk transfer strategies in the insurance market place. of foreign investments and other politically-related incidents. Losses caused by lahar or volcanic mudflows are not being written at all.

Loss control costs include the cost of protective equipment like fire extinguishers, smoke detector devices, sprinkler systems and other loss prevention devices. Even the budget of maintaining a company’s fire brigade and security guards should be covered under this category.

The use of computerized system to collate data, causes and extent of losses including indirect losses would be valuable to senior management to determine trends in their operations risk and will also be helpful to the Chief Risk Officer in formulating risk transfer strategies in the insurance market place.

In conclusion, a comprehensive report on the total annual cost of risk would be most useful to top management and, if the costs were segregated fairly, they would be useful to the operating managers as well.

The author is a risk management consultant and Editor of Insurance Philippines magazine.

Vaccines start to outstrip demand in EU’s east

By Andra Timu & Irina Vilcu Bloomberg Opinion

S

upplies of Covid-19 vaccines are beginning to outstrip demand in the European Union’s east—a phenomenon that may concern western member states whose citizens are wary of inoculation.

Some parts of the region are hitting a wall at a relatively early stage in their campaigns amid safety fears over AstraZeneca’s shot, longstanding distrust of the authorities, fake news stories, and a lack of education on the benefits of the injection and the dangers of the virus itself.

But with bigger western nations among the EU’s top skeptics, the developments call into question whether vaccination can deliver the herd immunity that the continent wants.

Romania provides a stark example. With just a fifth of its 19 million people having received a shot, waiting lists have disappeared and walk-in services are open to all.

Government ministers will show up at vaccination centers in person on Saturday in a bid to lure the less enthusiastic.

“We’re trying to find the best communication channels to reach citizens,” Deputy Health Minister Andrei Baciu said in an interview.

“We use public figures, politicians and sports icons, but we also use regular people. In the end, they’re the best examples—people trust other people.”

Romania’s not alone in struggling.

Bulgaria, which has given a first dose to just 16 percent of its population, has also resorted to walk-ins. Hungary’s vaccination chief said this week that there now are “a lot more” shots than takers, though its campaign is second only to Malta within the EU. On the EU’s fringe, Serbia—which like Hungary has outperformed by offering Russian and Chinese-made injections—is offering about $30 to people who get an injection.

Hesitancy isn’t limited to the EU:

American states and cities have begun offering incentives including free pizza to people who get their shots, though US inoculation levels are already among the world’s best.

And, for now, there’s no panic in the bloc’s west.

France met a target to vaccinate at least 20 million people—about 30 percent of its population—by midMay and is giving a record number of daily injections. A May 20 poll showed two-thirds of the country wanting to get a shot or already having done so, while negative attitudes toward inoculation plunged.

But Daphne Ahrendt—a senior research manager at Eurofound, which tracks Europe’s vaccine skepticism—says false narratives continue to curb demand across the EU by stoking safety concerns.

“It’s crucial for governments to make accurate information available on all communication channels,” she said by phone. “This isn’t just happening in Eastern Europe, but to a certain degree it’s happening everywhere.”

Conveying the message is proving tough for Romania. The share of the population wanting to get a shot barely budged between October and March, according to Slovakia-based think tank Globsec.

With a goal to vaccinate 5 million people by June set to be missed, the ultimate target of inoculating 60 percent to 70 percent of the country is in jeopardy.

As well as this weekend’s appearances by ministers, the government is sending doctors and nurses doorto-door, particularly in rural areas, to make inoculation more accessible.

There’ll also be vaccination “marathons”—including one at an airport to remind Romanians of the travel benefits of the shot.

Poland, too, fears falling short.

While half of its citizens have had or are registered for a shot, it’s also pulled in celebrities to promote inoculation.

Siegfred Bueno Mison, Esq.

THE PATRIOT

A

S days go by, our political situation seems to go from bad to worse. People are drawn, albeit involuntarily, to a land of the forlorn. Day in and day out, depressing news appear like a mighty hammer pounding the Filipino harder to the ground.

The latest presidential directive anent vaccines is one such mallet that placed yet another yoke on the citizenry. Filipinos will now line up to get inoculated without knowing what vaccine brand they will get.

Those who refuse by reason of preference will have to repeat the process of registration, waiting, and falling in line. As a result, we either get a jab not knowing what it is or run the risk of not being vaccinated at all. Cries of violation of human and constitutional rights echoed across the archipelago. Newspaper columnists and radio commentators argued on the “right to an informed consent.”

Bottom line: the government is practically forcing upon us the vaccines, regardless of the brand. Instead of listening to legitimate concerns, government now gives us a “take it or leave it” policy.

People who prefer the US-brand, for example, refuse to be inoculated with the Chinese brand, owing to its reported low effectiveness. Yet there are also individuals who openly welcome the Chinese vaccines as they consider the Western brand a venom in the long run. Given that the jab’s brand name is not known until one is next to the health worker, the latter’s needle acts like a pendulum about to put the recipient in a trance. This situation has unnecessarily placed

most people in a dilemma, choosing between the devil and the deep blue sea.

Talking about the sea, particularly the West Philippine Sea, the internal squabbles among government officials as well as the citizenry has never been worse. As the ownership or possession of these disputed waters has been tossing and turning from the Philippines to China and viceversa, the bickering over whose fault or negligence caused the loss runs like wildfire. Those who criticize the current administration stand to be scorched. Plainly, the dispute among government officials and critics has gone louder than the row between the two nations over their exclusive economic zones. The current leadership appears to take on a garment of timidity, if not organized chaos! Metaphorically speaking, these burning issues have placed us inside a pressure cooker, testing our relationships. In my case, my classmates in the academy are torn as each render a raucous comment or form an earsplitting speculation about what should have been done in the first place. The statement of retired Supreme Court Justice Carpio triggered the cerebral tendencies of my friends in the military as well as in the legal profession. Carpio said, to which I agree, that we need to look at

Monday, May 24, 2021

the bigger picture and stop debating about who was liable for the loss of the Scarborough Shoal. His narration as to how China seized one Philippine territory after another since the 1970s, laying sovereignty claims over the Spratly Islands, then the Mischief Reef, then the Scarborough Shoal in the West Philippine Sea. This is both revealing and disturbing. Incidentally, most of the information about the West Philippine Sea can be found in Marites Vitug’s book, Rock Solid. It’s one compelling read, short of saying that China may have a blueprint for invasion and destruction!

A bigger picture than what Justice Carpio may be suggesting can entail an overall glimpse of the larger picture of this canvass of chaos. With the global pandemic not pressing the brake pads just yet, at least in our country, the “blind” vaccination policy of government, and the territorial row over the WPS, all seem to point us toward a “darker” future.

My spiritual advisor told me that the “biggest picture” here that we should be cognizant of, is that all these troubles are works of the devil. The “dark side” can take on a wide variety of forms to deceive us—a human being, a nation, an idea, a disease. The objective of evil, disguised as a virus or as a government official, is solely to cause destruction.

If we are not cautious enough, our country and our people can be overwhelmed or annihilated. Instead of grumbling about the vaccination policy or cursing an aggressive foreign power or laughing at a seemingly incongruent leader, it may be best to identify the force behind them. Constant bickering is not the solution to defeat the real enemy, neither is finger-pointing. These are but gasps in the air, whereas a mighty power can truly trounce a deceitful adversary. I managed to get acquainted with this authority, but only after several tu-

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multuous episodes in my life, which I refer to as my dark days.

The coming days will get darker, as the Bible speaks of darkness covering the Earth and thick darkness over the “peoples” (Isaiah 60:2). But all hope is never lost, as the same biblical passage assures us: “but the LORD rises upon you and his glory appears over you.” Thankfully, we have a shield, a rainbow, a weapon, a life-jacket.

And it is the ever reliable promise of protection and favor by our Almighty God. His Word tells us that “Whoever dwells in the shelter of the Most High will rest in the shadow of the Almighty. I will say of the Lord, “He is my refuge and my fortress, my God, in whom I trust.” (Psalm 91:1-2) We can try putting our confidence in all powers of human or worldly sources, yet these offer nothing but a fleeting defense. Failure is a certain consequence, knowing that our enemy is a formidable foe. But if we rest on the promises of God’s Word, we shall be fortified during these dark days. For only a mightier power can defeat a potent foe.

As we inch closer to darker times, our light will shine like beacons of grace because we have a God who is always awake for us. As we battle with the enemy head on, His eyes and hands of protection are upon us. If He is beset at all with a medical condition, it is intentional insomnia. He will never sleep on us. Never.

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.

Musings on the amendments of the accountancy law Joel L. Tan-Torres

DEBIT CREDIT Second part of a series

T

he Professional Regulatory Board of Accountancy (BOA) has started public hearings on a proposed legislative measure for the “Strengthening of the Practice of Accountancy in the Philippines, Amending for the purpose Republic Act 9298.” RA 9298 is the Accountancy Act of 2004 that was promulgated way back more than 17 years ago on May 13, 2004. It is really high time that an update be effected on the law that governs the accountancy profession that has undergone major changes and developments in the past years.

The BOA started its public consultative hearings on March 26, 2021 (https://www.facebook.com/ picpa.nat/videos/445931786688841).

The draft of the proposed amendments can be downloaded from h t t p : // p i c p a . c o m . p h /a t t a c h ment/3222021164349634.pdf. The National Association of CPS in Education followed this up with an online Town Hall meeting of stakeholders on May 18, 2021. Forthcoming on June 1, 2021 is another online public forum organized by the National

Federation of Junior Philippine Institute of Accountants.

There are about 17 proposed revisions of RA 9298. These cover a slew of proposed changes, ranging from the definition of the practice of accountancy, regulatory reform, powers and authority of the BOA, scope of the CPA Licensure examinations, reporting and disclosure of results of the Board examinations, integration of the accountancy profession and the professional organizations, accreditation of the CPAs, continuing

professional development, budgetary support, standards setting bodies, and the qualifications for securing a CPA license with the requirement for “diversified” experience.

Based on the two public consultations I participated in and the numerous postings on the social networks of accountancy stakeholders, a number of comments for improvement of the various proposals have been elicited, including the last one enumerated above on securing the CPA licensure. This is turning out to be the most controversial proposal where a good number have raised their concerns.

Before dwelling on the individual provisions, I submit that the overriding rationale for pursuing amendments is to result in outcomes where the various stakeholders of the profession will be headed towards the requirements of the present and the near future. The key stakeholders include the regulators, headed by the Professional Regulation Commission, BOA and the Commission on Higher Education; the CPAs in the various sectors of public practice, commerce and industry, academe and government; and, the accounting schools and students. The peripheral bodies, such as the bookkeepers and the accounting review

We are the world and Taiwan can help

By Peiyung Hsu

E

very day, the unpredictable Covid-19 continues to make people around the globe realize the real threat of emerging infectious diseases. As of May 21, 2021, the Covid-19 pandemic has already affected 193 countries, resulted in over 164 million confirmed cases, and has killed more than 3.4 million people. A lot of things that were deemed as usual, like social events, gatherings, and even going to the movies, have all become unusual and prohibited as they could become possible sources of infection. It is without doubt that this pandemic

has become one of the most serious crises that the global community, including Taiwan and the Philippines, has encountered in this century.

Since March 17, 2020, the Philippine government has imposed different levels of community quarantine measures to contain the spread of the Covid-19. In view of the rollout of the Covid-19 Vaccine Deployment Program, which began on March 1, 2021, and the continued arrival of more vaccines, I sincerely hope that the Covid-19 situation in the Philippines will soon be mitigated and the economy will steadily recover.

Taiwan has been among a handful of places that have kept the vi-

rus at bay. The recent spike in cases has once again demonstrated that no country is immune to pandemics and that it takes the concerted efforts of all countries to overcome the challenge. No one should be left out in this fight.

In this regards, we urge the World Health Organization (WHO) to set aside political considerations and include Taiwan in its meetings, mechanisms, and activities. We encourage the WHO to listen to the voice of the international community, including US Secretary of State Antony J. Blinken, the World Medical Association, and many parliamentarians from over 100 countries, and to invite Taiwan to

schools, should also be considered in formulating the revisions to the accountancy law.

The amendments should lead to these stakeholders being able to meet the expectations and demands of those who engage with the CPAs and stakeholders of the profession.

These include the government, the employers and business enterprises, and the general public. Since the Filipino CPAs have been engaging with and working for the business communities in various parts of the world, the revised accountancy law that will be passed should ensure that our CPAs will be world class in competence and professional and social capacities.

To be continued.

Joel L. Tan-Torres is the Dean of the University of the Philippines Virata School of Business. Previously, he was the 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 articles for publication from the business and academic community. Articles not exceeding 600 words can be e-mailed to jltantorres@up.edu.ph.

the 74th World Health Assembly to be held from May 24 to June 1, 2021.

Taiwan and the Philippines share common values of freedom, democracy, and the rule of law. Only if we are united and support each other could all people enjoy living and working conditions that are conducive to good health. To keep the Bayanihan spirit alive, we are hopeful that our Filipino friends can voice out their support for Taiwan’s participation in the 74th World Health Assembly.

Taiwan can help and is willing to help. No one should be left behind.

The author is the representative of Taipei Economic and Cultural Office in the Philippines

A10 Monday, May 24, 2021

Amid ‘swarming,’ fishing ban, PHL, China hold bilateral talks

A

By Recto Mercene

@rectomercene

MID Manila’s protests over the “swarming” of Beijing’s militia boats in the West Philippine Sea and the latter’s imposition of a “fishing ban” which Manila has ignored, the two Asian countries held a friendly and candid exchange on the situation and specific issues of concern in the South China Sea, the Department of Foreign Affairs (DFA) reported at the weekend.

At the 6th Bilateral Consultation Mechanism (BCM) virtual meeting recently, the DFA press statement said, “there was mutual recognition of the importance of dialogue in easing tensions and understanding each country’s position and intentions in the area.”

For two months starting in March, the DFA sent scores of notes verbale to the Chinese embassy in Manila, protesting the presence of more than 200 Chinese maritime militia vessels in the contested areas of the West Philippine Sea. However, former Ambassador to Malaysia and Singapore, Alberto Encomienda, raised this question at

the weekend: if this is the 6th meeting of the BCM since 2016, “what have this BCM been discussing in the past?” He noted this is an annual meeting set up as a platform for dialogue on the expanding bilateral relationship between the Philippines and China.

“This is the most important platform and this is the time for the Philippines to present our side,” he said, noting the numerous protests the DFA sent to the Chinese Ambassador to the Philippines, Huang Xilian.

“We sent a note for every incident, so what have we offered to the BCM for purposes of managing

issues and addressing difference, none?” Encomienda asked.

At the same time, Encomienda said the BCM is also the platform where the country can straighten the narrative for managing issues and practical cooperation. “What happened in those two areas?”

Invoking the Permanent Court of Arbitration (PCA) ruling in 2016, the Philippines claims sovereign rights to exploit the resources within the country’s exclusive economic zone (EEZ), which include the various features in the contested waters.

On the other hand, China claims sovereignty over most the South China Sea based on what it calls its historic rights, which was deemed illegal by the Arbitral Ruling.

Both sides acknowledged the importance of addressing differences in an atmosphere of openness and cordiality to pave the way for practical cooperation and initiatives.

According to the DFA, the Philippines reiterated at the recent BCM forum its long-standing call for full respect and adherence to international law, including the 1982 United Nations Convention on the Law of the Sea (Unclos) and its authoritative interpretation and application—the final and

binding 2016 South China Sea Arbitral Award.

The Philippines highlighted the progress made in the settlement of the Gem-Ver allision issue involving a Philippine fishing boat and a Chinese vessel.

It was left to the Department of Justice (DOJ) to seek just compensation for the victims in negotiations slated in June, the DFA said.

Encouraged by the positive momentum in the bilateral relations of the two countries, the three working groups of the BCM (politicalsecurity, fisheries cooperation, and marine environmental protection/ marine scientific research) discussed common issues and possible areas of cooperation.

The BCM is a bilateral forum established by Duterte and Chinese President Xi Jinping during their 2016 meeting. It was envisioned as a platform for dialogue on the expanding bilateral relationship between the Philippines and China.

It has served as a confidencebuilding process for both sides to manage and address differences, to promote practical maritime cooperation and environmental protection, and to enhance mutual trust and confidence.

See “Fishing ban,” A2

SENATE RESOWORKERS VS. CHINA’SHIT WPS ECC TO PAY BY FORAYS ONEFFECTS TRACK, SAYS SOTTO ADVERSE OF JABS

By Samuel P. Medenilla

@sam_medenilla

W

ORKERS who suffer adverse side effects from being inoculated with Covid-19 vaccine may now file claims with the employees’ compensation body.

Disability, serious adverse effects or even death caused by “authorized” Covid-19 vaccine is now compensable, according to Board Resolution No. 21-03-08 of the Employees’ Compensation Commission (ECC).

The compensation may be in the form of loss of income benefits, medical benefits, death and funeral benefits, and rehabilitation services, per the resolution dated March 11, 2021.

The benefit will be released once the Social Security System (SSS) and the Government Service Insurance System (GSIS) determine such adverse effects are related to the Covid-19 jabs use.

ECC’s Executive Director Stella Zipagan-Banawis said they made the decision in consideration of the impact of such side effect on workplace operations.

“Although the vaccination program is outside the regular duties of the employees, the ECC recognizes that it is within

the course of employment as it will bring mutual benefits between employers and employees through the prevention of infection among workers,” Banawis said.

“It will also protect employers against consequences due to down time loss because of absences of infected employees,” she added.

The mass vaccination of economic frontliners is expected to start next month with the arrivals of millions of additional vaccines.

In a related development, Banawis told BusinessMirror in an SMS that the Implementing Rules and Regulation of the one-time P20,000 financial assistance for their pensioners is expected to be out this month, She said the IRR for the public sector is expected to be published this week, while that for the private sector is for next weekend.

“The GSIS is just waiting for the publication. They are ready to process [the one-time cash aid] this week,” Banawis said.

President Duterte earlier signed Administrative Order No. 39 authorizing ECC to extend the cash aid to the said pensioners, who were affected by the pandemic.

can fund PRC hits 3-M mark Govt Ivermectin clinical trials– in Covid-19 tests; Cong. Atienza 3,083 new cases D bring total to 1.18M

T

HE Philippine Red Cross (PRC) on Sunday reported that it has exceeded 3 million swab and saliva RT-PCR tests nationwide.

PRC Chairman and CEO Sen. Richard Gordon said this was achieved only three months after PRC hit the 2-million milestone in February 2021. A total of 3,010,432 tests were done as of 9 a.m. of May 23.

Meanwhile, the Department of Health (DOH) recorded 3,083 additional Covid-19 cases, bringing the total number of infections in the country to 1,179,812.

“We at the Red Cross continue to remain diligent against this invisible enemy, by testing 24 percent of the country’s nationwide output and even accounting for 40 percent of total tests conducted during the recent surge,” Gordon said adding, “If we did not go into testing, 250,000 Covid-19 positive cases would have gone undetected and unknowingly spread the virus.”

PRC constructed its first molecular laboratory for Covid-19 RT-PCR testing in its National Headquarters in just 14 days to support the government’s efforts to stem the advance of the virus.

It was accredited by the Research Institute for Tropical Medicine (RITM) on April 14, 2020, only a month after the World Health Organization (WHO) declared the virus a global pandemic.

This was quickly followed by the establishments of laboratories in the PRC Logistics and Multipurpose Center and the PRC Port Area, the latter being the single biggest molecular laboratory in the country with more than a million tests conducted.

To date, the PRC runs 13 molecular laboratories nationwide, processing one out of four Filipinos tested.

“The country’s battle against Covid-19 is far from over, and the Red Cross will continue to improve and innovate to reinforce our defense against the virus,” Gordon said.

Under his leadership, the PRC introduced the saliva RT-PCR testing in the country in January 2021.

The faster, cheaper, and noninvasive alternative to nose and throat swabbing is also being rolled out to different shopping centers such as SM Supermalls, Robinsons, Araneta City, and Ayala Malls, making the standard of Covid-19 testing more available and accessible.

The humanitarian organization is also mobilizing its 103 chapters nationwide to augment the national government’s Covid-19 vaccination efforts. It is currently seeking accreditation for its Bakuna Centers from the Department of Health, as well as training volunteer doctors, nurses, and staff to administer the vaccines to the general public.

“Our Red Cross staff and volunteers detect the virus, take care of the Covid-19 positive individuals in isolation and the families they would leave behind, and treat those who need immediate care in our field hospitals. Truly, we are tireless humanitarian workers who always look for avenues to help alleviate the suffering of humanity,” Gordon stated.

Low case numbers

The DOH said the relatively low number of new cases recorded on Sunday was due to the simultaneous updates being made in the COVIDKaya.

Some case data from the Covid-19 Document Repository System (CDRS) were not included in the COVIDKaya and were not included in this case bulletin.

See “PRC,” A2

EPUTY Speaker Lito Atienza on Sunday defended the government’s decision to sponsor the clinical trials on antiparasitic drug Ivermectin as treatment for Covid-19.

Atienza, in a statement, scolded a former health secretary for quest ion i ng t he gover n ment ’s readiness to fund a clinical trial on Ivermectin.

“Government itself is sponsoring the clinical trial on Ivermectin because we are in the middle of a oncein-a-century pandemic. Filipinos are desperate for affordable prevention and treatment, and yet nobody else wants to fund a study,” Atienza said.

“To put it bluntly, nobody in the private sector wants to fund any research on Ivermectin because it is an inexpensive and low-margin generic drug,” Atienza said.

Atienza was responding to Dr. Esperanza Cabral, who earlier challenged the government’s decision to earmark P22 million for the Ivermectin trial.

“It is not the government that should be spending P22 million in order to prove [or disprove] that this particular substance [Ivermectin] works,” Cabral, a former health secretary, said in a TV interview.

Cabral said those who wish to promote and market a drug should be ones to fund the research.

On President Duterte’s orders, the Department of Science and Technology (DOST) is set to conduct a clinical trial to ascertain the effectiveness of Ivermectin against Covid-19.

The DOST’s Philippine Council for Health Research and Development is recruiting Covid-19 patients in Metro Manila to participate in the trial that is expected to begin in the first week of June and last for eight months.

Already available

Meanwhile, Rep. Michael Defensor (Anakalusugan) on Sunday welcomed the availability of Ivermectin tablets in retail outlets of Watsons Personal Care Stores (Philippines) Inc. “We applaud Watsons for improving public access to Ivermectin, which has a fervent following not only in the Philippines but also across the globe,” Defensor said.

See “Govt,” A2

www.businessmirror.com.ph

Companies BusinessMirror

Monday, May 24, 2021

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DOE to scrutinize Udenna’s capacity to run Malampaya

By Lenie Lectura

E

@llectura

nergy Secretary Alfonso G. Cusi said his office will thoroughly review the capabilities of Udenna Corp. (UC) to take over the Malampaya gas-to-power project in northwest Palawan.

“On the financial, technical and legal review by the DOE [Department of Energy], we want to make sure that gas supply and energy security will not be compromised,” said Cusi in a text message over the weekend when asked for his comment.

Dennis Uy-led UC now controls 90 percent of the gas project after it announced last week that its unit, Malampaya Energy XP Pte. Ltd., signed a deal with Shell Petroleum N.V. to sell its 100-percent shareholding in Shell Philippines Exploration B.V. (SPEX).

Spex holds a 45-percent operating interest in Service Contract 38, which includes the Malampaya gas field.

Aside from SPEX, the other partners in SC38 are UC38 LLC, a subsidiary of Udenna (45 percent)

and state-owned PNOC Exploration Corp. (10 percent).

The sale, which is still subject to regulatory approvals, is worth $380 million, with additional payments of up to $80 million between 2022 and 2024, depending on asset performance and commodity prices. The transaction is targeted to be completed by the end of 2021.

Cusi said the review will be conducted internally. “The DOE will do it,” he replied when asked if the agency will tap third-party consultants to conduct the review.

Energy Assistant Secretary Leonido Pulido III said in a text message last week the deal between Malampaya Energy and Shell Petroleum N.V is purely a private business transaction and that the DOE has no part in this agreement nor the selection process.

He said, however, that the parties need to formally inform the DOE and submit the necessary documents.

“This sales agreement will still need the approval of the SC 38 Consortium Members prior to submission to the DOE for the processing of approval of transfer of participating interest and operatorship,” he said.

The DOE’s only task, he said, is to evaluate and determine the legal and financial capability of Malampaya Energy with the acquisition of 45 percent from SPEX and technical capability to be the operator for SC 38.

“The DOE can only deny the transfer if it concludes that Malampaya Energy has no sufficient financial capability to fund the work commitments of SC 38 with respect to the 45 percent [from SPEX] and/or deny the transfer of operatorship if Malampaya Energy has no technical capability,” said Pullido.

Shell made an assurance that the SPEX staff would continue their employment under the new ownership, providing continuity and contributing to ongoing operational reliability and safety. Malampaya and its staff made significant contributions to the Philippines and to the local community over the past two decades and are expected to continue playing an

important role in providing energy for the Philippines.

Belinda Racela, a top executive of Malampaya Energy, said the ongoing safety and reliability of Malampaya is the group’s top priority and would be delivered by the same experienced team of upstream professionals from SPEX working with consistent practices.

“They will be strongly supported by our newly established Upstream Decision Review Board of industry leaders and the ex-Chevron and exShell upstream specialists in our Malampaya Energy business, who are already actively involved in managing the Malampaya consortium,” Racela said.

“We are excited about the future growth opportunities at Malampaya.

Our teams are accelerating exploration and production plans to extend the life of the Malampaya field and expand supplies of affordable, safe, low-carbon and indigenous energy for the nation.”

Malampaya delivers a fifth of the Philippines’s growing electricity requirements through the supply of natural gas to five power plants in Luzon. The asset has been operating safely and reliably since 2002 and has contributed over $10 billion in revenues to the Philippine government to date.

LBC Q1 income declines by 21%

By VG Cabuag @villygc

C

ourier LBC Express Holdings Inc. said its income in the first quarter fell 21 percent to P141.87 million from last year’s P187.71 million.

The company said its income would have been much lower if not for the effect of the Corporate Recovery and Tax Incentives for Enterprises Act. The company said it recorded a 15-percent growth in revenues to P4.36 billion from P3.8 billion last

TRB hails Calax toll collection system

T

he Toll Regulatory Board (TRB) said the toll collection system of the Cavite-Laguna Expressway (Calax) may become a “model” for toll collection systems in the Philippines.

Alvin A. Carullo, the executive director of the toll regulator, said upon inspection, the agency found that Calax’s toll collection system is “one of the most advanced yet” in the country.

“We saw the toll collection system of the Calax as one of the most advanced toll collection systems we have ever inspected. This may become a model for toll collection systems in the Philippines,” he said.

The TRB’s recently-appointed executive director recently conducted an inspection of the Calax’s operational segment, which spans from Mamplasan, Biñan to Santa Rosa-Tagaytay Road. Carullo also inspected the safety and security features in place, such as the newly installed emergency call boxes, that motorists can use to immediately call for roadside assistance. Lorenz S. Marasigan

year. The increase mainly came from its logistics business, it said.

“LBC is on track toward recovery from the previous year, and poised to continue its expansion, with facilities under construction and additional branches in the pipeline for the year,” it said.

The company is betting on the logistics sector to help drive the economy and assist in the nationwide effort to recuperate from 2020, it said.

“LBC continues its enhancement of services, and its efforts to maintain superior customer satisfaction, while still always prioritizing the

health and safety of all its employees, stakeholders and customers.”

Domestic revenues increased 13 percent, with 75 new branches operational since the first quarter of 2020. Overseas revenues increased 27 percent, mainly due to higher volume across all countries.

Operating expenses were lower by 8 percent to P680.32 million from last year’s P739.05 million due to the decrease in television, radio and digital advertisements and travel expenses for the period.

This led to a 55-percent increase in operating income to P477.87 million

from P308.3 million last year, the company said. “All our employees and customers were reassured that the group was exercising all efforts to ensure public health and safety, and the group continues to be united with the nation during these trying times,” the company said.

“As the group has embarked on a recovery plan, its main objectives are to rebalance and reposition its services toward new consumer needs and behaviors, and rapidly innovate its services and capabilities to leverage on the accelerated shift of consumers to e-commerce.”

Globe eLibrary added to DepEd Commons features

I

n a move to further bridge literacy gaps, the Department of Education (DepEd) welcomed the addition of Globe eLibrary in the DepEd Commons to expand its readily-available English subject materials.

With this development, DepEd and Globe aim to improve English reading and comprehension skills of Filipino learners and enrich their distance learning experience.

“DepEd Commons will consistently cater to the evolving and fast-changing needs of Filipino learners to meet whatever situation arises. We welcome this added feature as we aim to continuously develop our platform to better serve our learners and teachers,” Undersecretary for Administration Alain Del Pascua said.

Globe e-Library’s materials (https://globeelibrary. ph/) will be available on the DepEd Commons (commons.deped.gov.ph), the Department’s open educational resources platform to support the distance learning implementation.

The said e-Library provides a repository of English classic titles, age-appropriate storybooks, eLearning videos, and other resource materials that can be viewed online or downloaded for later use since students do not have access to traditional libraries at the moment.

“We want to promote the love of reading among the youth so they may achieve their full potential. Reading helps strengthen the brain and build vocabulary, and provides the needed mental exercise for a better understanding of the written word, especially a widely-used foreign language like English,” Globe Chief Sustainability Officer and SVP for Corporate Communications Yoly Crisanto said.

DepEd Commons currently serves more than 10.5 million unique users nationwide with 4,762 uploaded learning resources.

Pascua urged learners, parents, and teachers to continuously utilize DepEd Commons as complementary

Jollibee opens West End store

Contributed Photo

F

ast-food giant Jollibee Foods Corp. said it opened its flagship store in West End in the United Kingdom which sold more than 4,000 pieces of fried chicken on the first day alone.

The company said some of the customers lined up for seven hours before its doors opened and that its opening day sales exceeded the firstday sales of its Leeds, Leicester City, and Liverpool branches.

Ambassador of the Philippines to the UK Antonio M. Lagdameo attended the opening, cutting the ribbon alongside business head of Jollibee Europe Adam Parkinson.

“It is heartwarming to see the long lines of customers at Jollibee’s London West End opening,” Ernesto Tanmantiong, CEO of Jollibee Group said.

“We are excited to welcome our British customers along with our Filipino guests to our latest restaurant, where they can enjoy our unique and popular food offerings. We also look forward to continuously expanding our brand footprint in the UK’s 1.2 billion-pound fried chicken market as we open more stores in the country and the rest of Europe.”

Jollibee’s launch queues are notorious around the world as its lines

consisting mostly of customers from the Filipino community would start early, even days before and through extreme weather.

The company said it would open 6 more Jollibee fast-food stores in the UK before the end of year.

“Opening in London’s West End, right at the heart of London, is a very proud moment for Jollibee in the UK. Leicester Square in London’s West End is the perfect location to cater to friends and family shopping, going to the cinema or theater, and on nights out in Soho and Covent Garden. We look forward to serving our bestselling Chickenjoy and other Jollibee favorites to more Londoners in the West End,” Dennis Flores, president of Jollibee Europe, Middle East, Asia and Australia, said.

On top of its bestseller products, Jollibee also debuted its brandnew Spicy Chicken Burger to all its branches across the UK and Europe.

Exclusive to the UK, Jollibee’s West End menu will also include a Tropical Chicken Burger.

The Jollibee West End opening is part of the brand’s push to open 50 stores in 5 years in Europe, and in line with its vision to become among the top 5 restaurant companies in the world. VG Cabuag

Gotianun Jr., credited with expanding Filinvest property giant, dies

T Contributed Photo

in distance learning. In partnership with telecommunication companies and in cooperation with the Department of Information and Communications Technology and the National Telecommunications Commission, the access to the platform is free of data charge, even if users have no load.

DepEd Commons is spearheaded by the Information and Communications Technology Service headed by Director Abram Y.C. Abanil, under the Administration Strand led by Pascua and Assistant Secretary Salvador Malana III. It is part of the Public Schools of the Future Framework of the Administration Strand under the leadership of Secretary Leonor Magtolis Briones.

HE vice-chairman of Filinvest Land, Inc., Andrew “Bibot” Gotianun Jr., died on Friday at age 69, his family said in a statement to media.

Gotianun Jr., also a director of Filinvest Development Corporation, had been credited with helping grow the real property giant into a “multifaceted” empire.

The brief statement by the family, who requested privacy at this time, said: “It is with deep sadness that we announce the passing of Andrew “Bibot” Gotianun Jr. earlier today, surrounded by his loved ones, after a short bout with a nonCovid malignant illness. He was 69 years old.”

The family added: “He was in-

Andrew “Bibot” Gotianun Jr.

strumental in growing the Filinvest group into the multi-faceted corporation it is today and was a leader in the real estate field.”

The family “will appreciate privacy at this time,” they added.

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PSE STOCK QUOTATIONS

May 21, 2021

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

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

43.2 102 80.1 24.15 9.3 44.9 21.1 55.5 17.52 118.5 74.85 1.22 3.91 2.85 0.38 0.71 156.3

44.7 102.5 80.3 24.3 9.31 45 21.3 56.95 17.98 118.6 75 1.3 4.04 3.05 0.4 0.72 160.7

43.2 102.6 80.6 24.3 9.38 45 21.1 57.4 17.5 118 75.15 1.22 4.15 3.05 0.405 0.72 161.6

43.2 103 80.75 24.35 9.38 45.15 21.75 57.4 17.9 119.7 75.15 1.22 4.15 3.05 0.405 0.72 164.9

43.2 101.8 80.1 24 9.31 44.2 21 56.95 17.5 117.8 74.85 1.21 3.91 3.05 0.38 0.72 161.4

43.2 102 80.1 24.15 9.31 44.9 21.1 56.95 17.52 118.6 74.85 1.22 3.91 3.05 0.38 0.72 161.4

100 2,435,130 1,196,780 60,100 296,800 2,694,400 1,024,000 420 11,300 481,770 1,840 205,000 282,000 4,000 1,250,000 8,000 770

4,320 248,888,364 96,057,338.50 1,451,170 2,766,783 120,603,070 21,786,405 23,971.50 200,464 57,279,317 137,947.50 248,640 1,125,180 12,200 476,200 5,760 125,085

-101,906,511 -38,063,671.50 510,705 -757,434 -19,949,260 -358,605 89,500 -5,685,968 26,257 70,570 26,600 -

INDUSTRIAL AC ENERGY 7.01 7.02 7.05 7.14 6.96 7.02 11,757,800 82,815,844 1.35 1.36 1.34 1.37 1.33 1.36 783,000 1,055,690 ALSONS CONS ABOITIZ POWER 22 22.05 22 22.2 21.95 22.05 2,632,300 58,138,725 BASIC ENERGY 0.8 0.81 0.8 0.85 0.8 0.8 55,904,000 45,756,350 FIRST GEN 29.8 29.9 30.3 30.55 29.15 29.9 2,450,300 73,327,450 FIRST PHIL HLDG 70 70.05 70 70.05 70 70.05 231,610 16,216,100.50 MERALCO 272 272.8 274 275 272 272 142,920 38,932,300 MANILA WATER 14.34 14.38 14.5 14.52 14.3 14.38 1,095,200 15,783,902 PETRON 3.1 3.11 3.11 3.14 3.1 3.1 1,215,000 3,785,680 PETROENERGY 3.9 4.05 3.84 4.05 3.84 4.05 70,000 278,940 PHX PETROLEUM 13.08 13.42 13.48 13.48 13.04 13.42 126,400 1,693,966 PILIPINAS SHELL 20.65 20.75 20.7 20.75 20.6 20.7 687,700 14,200,995 SPC POWER 10.44 10.46 10.48 10.48 10.42 10.46 31,600 330,030 AGRINURTURE 6.16 6.24 6.43 6.45 6.16 6.16 3,051,900 19,336,593 AXELUM 2.99 3.01 3 3.02 2.99 2.99 167,000 500,910 12.94 13.04 13.02 13.02 13.02 13.02 800 10,416 CNTRL AZUCARERA CENTURY FOOD 23.95 24 23.5 24 23.05 23.95 10,004,500 237,533,365 DEL MONTE 12.6 12.7 12.14 12.78 12.14 12.7 204,700 2,570,656 DNL INDUS 7.39 7.44 7.43 7.48 7.37 7.44 509,100 3,768,950 EMPERADOR 9.25 9.28 9.45 9.45 9.26 9.28 4,442,400 41,226,729 SMC FOODANDBEV 69.75 70 68.5 70 68.5 70 267,040 18,650,014 0.61 0.63 0.63 0.63 0.61 0.63 87,000 53,110 ALLIANCE SELECT FRUITAS HLDG 1.34 1.35 1.35 1.35 1.33 1.34 839,000 1,125,010 GINEBRA 70.95 71 68 71 68 71 271,370 18,940,539.50 JOLLIBEE 177.6 177.8 177.9 178.1 177 177.6 562,790 100,024,001 LIBERTY FLOUR 28.2 29.2 28.05 29.2 27.5 29.2 1,900 53,060 MACAY HLDG 7.21 7.65 7.21 7.65 7.21 7.65 3,600 26,000 5.9 5.92 5.81 5.93 5.81 5.85 115,800 683,925 MAXS GROUP MG HLDG 0.26 0.265 0.255 0.265 0.25 0.265 4,950,000 1,295,550 SHAKEYS PIZZA 7.95 7.98 7.92 7.98 7.92 7.98 144,800 1,148,243 ROXAS AND CO 1.02 1.05 1.05 1.05 1.02 1.05 71,000 73,580 RFM CORP 4.54 4.75 4.54 4.54 4.54 4.54 2,000 9,080 ROXAS HLDG 1.45 1.55 1.43 1.43 1.43 1.43 2,000 2,860 0.128 0.13 0.128 0.13 0.126 0.13 4,770,000 605,610 SWIFT FOODS UNIV ROBINA 129.9 130 130 130.8 129 130 633,510 82,284,122 0.83 0.84 0.84 0.84 0.82 0.83 1,136,000 934,020 VITARICH CONCRETE A 52.65 54 52.4 52.4 52.4 52.4 90 4,716 60.15 63.6 60.15 60.2 60.15 60.15 1,250 75,197.50 CONCRETE B CEMEX HLDG 1.17 1.18 1.18 1.18 1.17 1.17 412,000 484,710 DAVINCI CAPITAL 2.68 2.69 2.65 2.71 2.58 2.68 867,000 2,291,720 EAGLE CEMENT 12.3 12.36 12.3 12.3 12.26 12.3 177,800 2,186,764 EEI CORP 6.9 6.95 6.97 6.97 6.88 6.9 35,600 246,180 HOLCIM 5.41 5.45 5.4 5.49 5.34 5.41 28,000 150,956 6.04 6.05 6.09 6.2 5.9 6.05 2,178,600 13,111,718 MEGAWIDE PHINMA 12.12 12.32 12.3 12.32 12.28 12.32 304,200 3,741,356 1.03 1.05 1.01 1.05 1.01 1.05 163,000 168,740 TKC METALS VULCAN INDL 2.29 2.3 2.23 2.33 2.19 2.3 5,338,000 12,112,670 CROWN ASIA 1.8 1.82 1.8 1.82 1.78 1.78 163,000 293,450 EUROMED 1.85 1.92 1.85 1.9 1.83 1.9 57,000 105,500 4.56 4.6 4.56 4.56 4.56 4.56 1,000 4,560 LMG CORP MABUHAY VINYL 4.68 5.49 4.76 5.5 4.76 5.49 5,000 25,750 5.5 5.55 5.5 5.55 5.5 5.55 35,700 196,540 PRYCE CORP CONCEPCION 19.6 20 20.5 20.5 20 20 25,300 507,400 4.07 4.09 4.09 4.15 4.01 4.09 13,989,000 56,998,560 GREENERGY INTEGRATED MICR 8.8 8.87 9.2 9.29 8.7 8.87 538,500 4,800,356 1.05 1.08 1.08 1.08 1.08 1.08 5,000 5,400 IONICS PANASONIC 6.43 6.64 6.65 6.96 6.4 6.64 183,400 1,209,628 1.26 1.29 1.26 1.31 1.26 1.26 168,000 212,840 SFA SEMICON CIRTEK HLDG 5.6 5.62 5.59 5.65 5.46 5.6 1,168,600 6,494,303

-16,353,807 -400 -8,945,145 425,650 -37,740,210 -7,647,600.50 -19,271,732.00 -12,805,870 -479,310 -38,400 -24,546 -3,344,800 35,496 1,268 93,452,445 126,200 -1,209,410 -1,264,655.00 1,860,425 40,250 2,691,209 32,806,976 -16,452 -26,500 -394,699 -28,720 19,050 -24,155,282 -87,130 103,400 2,179,404 -38,739 -8,093,994 -3,321,000 49,100 -3,640 -507,400 -832,760.00 -2,128,341.00 185,493.00

HOLDING & FRIMS ABACORE CAPITAL 1.02 1.03 1.05 1.05 1.01 1.02 6,268,000 6,426,400 ASIABEST GROUP 6.9 7.35 7.35 7.35 7.35 7.35 3,100 22,785 700 702 710 710.5 696.5 700 413,140 289,702,490 AYALA CORP ABOITIZ EQUITY 34.55 34.75 34.85 35 34.5 34.75 396,700 13,756,045 ALLIANCE GLOBAL 10.12 10.18 10.3 10.34 10.12 10.12 2,399,300 24,441,976 AYALA LAND LOG 2.99 3 3.07 3.07 2.98 2.99 1,178,000 3,576,250 ANSCOR 6.7 6.8 6.79 6.8 6.79 6.8 3,000 20,391 ANGLO PHIL HLDG 0.72 0.73 0.71 0.74 0.68 0.73 1,976,000 1,392,520 ATN HLDG A 0.66 0.68 0.68 0.68 0.66 0.68 141,000 94,830 COSCO CAPITAL 4.95 5.05 5.09 5.1 4.91 4.95 1,284,700 6,376,700 DMCI HLDG 5.42 5.43 5.4 5.45 5.38 5.43 3,348,900 18,194,855 FILINVEST DEV 8 8.1 8.2 8.2 8.1 8.1 7,100 57,520 537 539 535 539.5 529.5 539 75,500 40,617,990 GT CAPITAL HOUSE OF INV 3.36 3.4 3.4 3.4 3.4 3.4 126,000 428,400 JG SUMMIT 49.4 49.85 49.6 50.15 49.4 49.4 1,533,400 76,174,315 KEPPEL HLDG A 4.97 5.23 4.96 4.96 4.96 4.96 3,000 14,880 LODESTAR 0.85 0.86 0.82 0.86 0.81 0.85 1,926,000 1,615,340 LT GROUP 13.06 13.16 13.12 13.2 13.06 13.06 1,679,100 22,060,998 MABUHAY HLDG 0.45 0.485 0.45 0.485 0.445 0.485 180,000 82,400 1.41 1.7 1.6 1.7 1.6 1.6 33,000 54,100 MJC INVESTMENTS METRO PAC INV 3.72 3.74 3.72 3.74 3.68 3.74 7,239,000 26,949,370 PACIFICA HLDG 3.55 3.6 3.61 3.61 3.61 3.61 3,000 10,830 PRIME MEDIA 2.92 2.93 2.97 3.05 2.89 2.93 1,592,000 4,725,860 SYNERGY GRID 395 396 394.8 395 390 395 170 66,644 SM INVESTMENTS 910 914 903 922 901 910 237,690 216,303,345 SAN MIGUEL CORP 113.7 114 114.8 114.8 112.9 114 278,800 31,674,560 SOC RESOURCES 0.64 0.67 0.63 0.63 0.63 0.63 127,000 80,010 TOP FRONTIER 129.3 132.4 129.2 132.4 129.2 132.4 1,070 141,444 WELLEX INDUS 0.244 0.249 0.243 0.244 0.243 0.244 390,000 95,150 0.206 0.218 0.203 0.22 0.203 0.219 770,000 168,030 ZEUS HLDG

306,600 -156,531,125 -7,475,225 -14,173,610 -708,700 -36,920 -2,387,528 -6,207,432 -8,547,785 -231,200 -51,208,665 9,600 -11,307,962 -16,362,060 -115,100 35,039,790 9,621,197 -9,044 -

PROPERTY

ARTHALAND CORP 0.61 0.62 0.61 0.62 0.61 0.62 249,000 153,240 ANCHOR LAND 7.48 7.74 7.75 7.75 7.75 7.75 500 3,875 AYALA LAND 32.1 32.15 32 32.2 31.5 32.15 6,208,500 197,890,875 1.15 1.18 1.27 1.27 1.15 1.15 242,000 281,140 ARANETA PROP AREIT RT 35.6 35.75 35.5 36 35.5 35.6 630,500 22,423,390 BELLE CORP 1.38 1.39 1.41 1.41 1.38 1.38 57,000 79,520 A BROWN 0.92 0.93 0.92 0.93 0.92 0.93 163,000 150,580 CITYLAND DEVT 0.85 0.87 0.86 0.87 0.85 0.85 212,000 181,930 CROWN EQUITIES 0.122 0.127 0.128 0.128 0.122 0.127 660,000 80,760 CEB LANDMASTERS 6.03 6.04 6.05 6.06 5.98 6.03 782,400 4,720,850 CENTURY PROP 0.4 0.405 0.385 0.405 0.385 0.405 10,820,000 4,328,750 CYBER BAY 0.315 0.32 0.325 0.325 0.315 0.32 320,000 102,550 DOUBLEDRAGON 11.9 12 12.04 12.04 11.84 12 322,000 3,857,528 1.97 1.98 1.98 1.98 1.97 1.97 4,248,000 8,393,790 DDMP RT DM WENCESLAO 6.94 6.95 6.97 6.97 6.85 6.95 54,400 377,492 EMPIRE EAST 0.265 0.27 0.275 0.275 0.275 0.275 10,000 2,750 EVER GOTESCO 0.166 0.167 0.152 0.17 0.152 0.167 26,650,000 4,377,840 FILINVEST LAND 1.08 1.09 1.1 1.1 1.08 1.09 4,494,000 4,927,070 GLOBAL ESTATE 0.84 0.85 0.84 0.84 0.84 0.84 41,000 34,440 8990 HLDG 7.16 7.55 7.15 7.57 7.11 7.55 155,600 1,137,141 1.31 1.34 1.32 1.35 1.3 1.31 1,278,000 1,674,340 PHIL INFRADEV CITY AND LAND 1.57 1.58 1.59 1.63 1.53 1.55 1,318,000 2,080,400 MEGAWORLD 2.86 2.88 2.91 2.95 2.86 2.86 40,171,000 115,891,080 0.375 0.38 0.365 0.38 0.36 0.38 9,720,000 3,611,350 MRC ALLIED PHIL ESTATES 0.52 0.53 0.485 0.54 0.485 0.53 6,680,000 3,484,550 PRIMEX CORP 3.23 3.24 3.17 3.24 3.14 3.24 1,328,000 4,248,450 ROBINSONS LAND 15.76 15.9 15.98 15.98 15.7 15.76 3,614,600 57,397,134 PHIL REALTY 0.241 0.249 0.237 0.249 0.237 0.249 20,000 4,860 1.5 1.52 1.49 1.5 1.49 1.5 14,000 20,950 ROCKWELL STA LUCIA LAND 2.4 2.49 2.49 2.5 2.37 2.49 201,000 499,660 33.1 33.2 32.85 33.2 32.25 33.2 6,238,300 204,955,065 SM PRIME HLDG VISTAMALLS 3.63 3.7 3.62 3.75 3.62 3.75 10,000 36,380 1.44 1.5 1.42 1.51 1.42 1.5 298,000 446,110 SUNTRUST HOME VISTA LAND 3.51 3.56 3.57 3.57 3.43 3.56 42,881,000 151,408,370

SERVICES ABS CBN 11.1 11.2 10.9 11.2 10.86 11.1 66,100 729,802 GMA NETWORK 9.17 9.18 9.16 9.3 9.13 9.18 1,563,700 14,400,882 GLOBE TELECOM 1,820 1,840 1,850 1,852 1,820 1,820 50,715 92,997,375 PLDT 1,277 1,282 1,270 1,288 1,270 1,282 71,100 90,990,120 APOLLO GLOBAL 0.182 0.183 0.187 0.188 0.18 0.182 97,310,000 17,784,040 CONVERGE 20.35 20.4 19.96 20.45 19.82 20.4 11,137,900 224,464,050 DFNN INC 3.92 3.96 4 4.07 3.9 3.96 1,074,000 4,215,430 DITO CME HLDG 9.21 9.22 9.47 9.6 9.04 9.22 20,353,900 186,754,878 IMPERIAL 1.5 1.55 1.49 1.52 1.44 1.5 86,000 125,780 JACKSTONES 2.01 2.14 2.05 2.14 2.05 2.14 5,000 10,340 2.31 2.32 2.28 2.34 2.26 2.31 1,113,000 2,556,940 NOW CORP TRANSPACIFIC BR 0.375 0.38 0.375 0.38 0.365 0.38 2,340,000 873,650 PHILWEB 2.48 2.49 2.5 2.5 2.47 2.49 80,000 199,020 2GO GROUP 8.1 8.17 8.2 8.2 8 8.18 58,100 465,465 ASIAN TERMINALS 14.56 15 15 15 15 15 4,700 70,500 CHELSEA 3.01 3.02 3 3.13 3 3.02 4,489,000 13,762,360 45 45.35 44.95 45.45 44.6 45.35 308,400 13,971,275 CEBU AIR INTL CONTAINER 138.6 139 140 140 137.2 138.6 916,040 127,450,514 LBC EXPRESS 15.84 16.98 15.84 15.84 15.84 15.84 700 11,088 LORENZO SHIPPNG 0.96 1 1 1 1 1 10,000 10,000 MACROASIA 4.38 4.4 4.35 4.4 4.3 4.4 787,000 3,415,710 METROALLIANCE A 2.02 2.09 2.12 2.12 2 2.09 107,000 217,890 PAL HLDG 5.5 5.55 5.54 5.55 5.5 5.52 35,800 197,397 HARBOR STAR 1.16 1.18 1.16 1.2 1.16 1.18 340,000 400,850 ACESITE HOTEL 1.53 1.69 1.6 1.7 1.6 1.7 7,000 11,450 BOULEVARD HLDG 0.091 0.092 0.09 0.1 0.087 0.092 564,590,000 53,696,060 DISCOVERY WORLD 2.7 2.71 2.55 2.8 2.55 2.71 247,000 674,140 WATERFRONT 0.53 0.54 0.54 0.54 0.53 0.54 1,084,000 579,690 STI HLDG 0.34 0.345 0.345 0.345 0.34 0.34 1,170,000 401,150 BLOOMBERRY 6.11 6.12 6.28 6.28 6.12 6.12 17,776,000 109,401,677 PACIFIC ONLINE 2.08 2.15 2.06 2.15 2.04 2.15 62,000 128,900 LEISURE AND RES 1.47 1.5 1.54 1.54 1.47 1.5 30,000 44,990 PH RESORTS GRP 1.86 1.87 1.79 1.89 1.77 1.87 2,016,000 3,733,960 PREMIUM LEISURE 0.395 0.4 0.4 0.4 0.395 0.395 1,330,000 526,500 PHIL RACING 5.8 5.95 5.8 5.8 5.8 5.8 10,000 58,000 ALLHOME 7.22 7.3 7.36 7.59 7.21 7.3 465,300 3,392,448 METRO RETAIL 1.23 1.24 1.24 1.25 1.22 1.24 301,000 369,290 PUREGOLD 35.2 35.3 35.35 35.45 34.9 35.3 3,918,500 138,278,475 ROBINSONS RTL 49.2 49.4 48.65 49.6 48.65 49.2 1,441,300 70,866,215 PHIL SEVEN CORP 107.5 107.8 107.4 107.5 107.4 107.5 13,710 1,472,858 SSI GROUP 1.15 1.17 1.14 1.17 1.14 1.15 241,000 278,390 WILCON DEPOT 17.54 18 17.88 18 17.54 18 335,300 5,980,348 APC GROUP 0.355 0.36 0.355 0.36 0.355 0.36 80,000 28,650 EASYCALL 5.8 6.28 6.28 6.28 6.28 6.28 100 628 GOLDEN MV 380.2 412.8 380.2 412.8 380.2 412.8 1,680 689,758 IPM HLDG 4.01 5.1 5.09 5.09 5.09 5.09 1,000 5,090 PAXYS 2.26 2.48 2.33 2.33 2.33 2.33 10,000 23,300 PRMIERE HORIZON 1.69 1.7 1.71 1.76 1.66 1.69 16,080,000 27,458,640

18,600 -45,499,465 1,497,690.00 -2,760 46,500 8,700 38,783 -20,636 -388,890 -8,328 -1,712,060 -77,300 -1,320 -32,340 17,549,740 25,900 65,650 1,426,680 -22,477,930 -11,384,510 70,696,830 -64,371,300 10,146,250 224,310 85,674,973 -663,840 1,584,835 -41,840 -15,200 34,490 -1,406,665 27,743,894 10,000 -336,060 12,694 -7,010 -603,390.00 54,800 -60,167,180 4,410 140,890 8,000 269,887 11,150 23,191,460 5,341,675 -1,078 -85,150 2,292,288 1,164,130

MINING & OIL ATOK 9.28 9.3 8.88 10 8.88 9.3 2,085,600 19,997,998 -91,350.00 APEX MINING 1.73 1.74 1.7 1.76 1.69 1.74 8,034,000 13,933,740 32,910 ABRA MINING - - - - - - - - ATLAS MINING 7.47 7.48 7.66 7.66 7.38 7.47 2,646,200 19,867,656 -396,148 BENGUET A 2.95 3 3.05 3.05 2.95 3 149,000 446,100 BENGUET B 2.8 2.94 2.8 2.95 2.76 2.94 135,000 383,300 COAL ASIA HLDG 0.295 0.31 0.305 0.31 0.295 0.305 410,000 123,500 CENTURY PEAK 2.8 2.85 2.85 2.85 2.85 2.85 20,000 57,000 57,000 DIZON MINES 6.84 6.99 7 7 6.9 6.99 7,000 48,499 FERRONICKEL 2.5 2.51 2.52 2.52 2.47 2.5 1,274,000 3,180,970 90,100 GEOGRACE 0.32 0.33 0.32 0.33 0.32 0.32 840,000 275,500 165,000 LEPANTO A 0.16 0.161 0.165 0.168 0.16 0.161 39,230,000 6,431,990 LEPANTO B 0.165 0.168 0.164 0.174 0.164 0.168 2,930,000 497,670 108,560.00 MANILA MINING A 0.014 0.015 0.015 0.015 0.014 0.015 209,900,000 3,114,100 MANILA MINING B 0.015 0.016 0.016 0.016 0.015 0.016 61,300,000 972,900 -34,600 MARCVENTURES 1.25 1.27 1.25 1.28 1.23 1.27 602,000 754,440 -401,500 NIHAO 1.42 1.46 1.41 1.49 1.41 1.46 65,000 95,360 NICKEL ASIA 5.24 5.28 5.34 5.34 5.22 5.28 1,243,700 6,529,411 -2,504,562 OMICO CORP 0.365 0.39 0.37 0.37 0.37 0.37 250,000 92,500 ORNTL PENINSULA 0.97 0.99 0.97 1.02 0.97 0.97 4,244,000 4,203,270 PX MINING 7.04 7.05 7 7.3 6.93 7.04 12,312,800 87,919,730 99,264 SEMIRARA MINING 12.62 12.66 12.68 12.68 12.5 12.62 794,900 10,023,968 -5,668,064 UNITED PARAGON 0.0096 0.0099 0.0099 0.0099 0.0099 0.0099 17,000,000 168,300 ACE ENEXOR 17.2 17.4 17 17.48 17 17.4 142,100 2,462,202 303,274 ORNTL PETROL A 0.011 0.012 0.012 0.012 0.011 0.012 47,500,000 561,900 ORNTL PETROL B 0.012 0.013 0.012 0.012 0.012 0.012 24,600,000 295,200 PHILODRILL 0.011 0.012 0.012 0.012 0.011 0.011 53,300,000 633,800 PXP ENERGY 7.7 7.74 6.81 8.49 6.81 7.7 16,453,600 127,836,840 6,217,778

PREFFERED HOUSE PREF B 99.6 101.1 101.2 101.2 101 101 4,300 434,960 HOUSE PREF A 99.6 101.5 99.5 101.5 99.5 101.5 5,080 510,340 AC PREF B1 521.5 534 520.5 521.5 520.5 521.5 20,010 10,435,205 5,205 ALCO PREF B 101 102.4 101 101 101 101 90 9,090 CEB PREF 42.75 43.2 42.8 43 42.6 42.75 20,100 860,450 -136,860 DD PREF 101 101.5 101.4 101.4 101 101 10,200 1,030,280 GLO PREF P 505 507 505 505 505 505 700 353,500 GTCAP PREF A 988 1,019 1,019 1,019 987 987 110 108,890 GTCAP PREF B 1,019 1,045 1,030 1,045 1,018 1,018 2,200 2,277,220 100.4 101 101 101 100.3 100.9 1,420 142,878 2,018 MWIDE PREF MWIDE PREF 2B 100.1 101.5 100.1 101.5 100.1 101.5 2,740 276,925 199,470 PNX PREF 4 1,000 1,007 1,007 1,007 1,000 1,007 595 596,605 PCOR PREF 2B 1,020 1,037 1,020 1,037 1,020 1,037 10 10,285 PCOR PREF 3A 1,090 1,095 1,095 1,095 1,095 1,095 2,180 2,387,100 PCOR PREF 3B 1,129 1,156 1,150 1,150 1,129 1,129 895 1,010,620 SFI PREF 1.66 1.85 1.66 1.66 1.65 1.65 50,000 82,900 SMC PREF 2C 79.2 79.9 79 79.2 79 79.2 2,010 159,190 SMC PREF 2H 78 78.45 78 78 78 78 4,100 319,800 SMC PREF 2I 78 78.9 78.2 78.2 78.2 78.2 50 3,910 3,128 SMC PREF 2J 77 78 77 77 77 77 2,600 200,200 -38,500 SMC PREF 2K 75.9 75.95 75.9 75.95 75.9 75.95 1,340 101,708 -

PHIL. DEPOSITARY RECEIPTS GMA HLDG PDR 8.66 8.73 8.74 8.74 8.65 8.73 126,700 1,104,294 -20,0488

WARRANTS LR WARRANT 1.52 1.56 1.62 1.62 1.5 1.56 310,000 475,810 -

SMALL & MEDIUM ENTERPRISES ALTUS PROP 16.62 16.78 16.6 16.88 16.38 16.62 147,900 2,447,940 2.28 2.37 2.27 2.39 2.24 2.37 315,000 739,450 ITALPINAS KEPWEALTH 5.05 5.34 5.05 5.05 5.05 5.05 17,300 87,365 MERRYMART 4.16 4.17 4.14 4.18 4.03 4.16 4,832,000 19,938,690 568,890

EXHANGE TRADE FUNDS

FIRST METRO ETF 94.8 95.25 95 95 94.8 94.8 25,050 2,377,081 -18,955

www.businessmirror.com.ph

Court finds BW broker guilty of stock price manipulation

T

By VG Cabuag

@villygc

he president of a brokerage firm involved in the illegal trade transactions of then listed gaming firm Best World (BW) Resources Corp. has been found guilty of violating the Securities Regulation Code (SRC) by a Pasig court.

In a decision dated May 7, the Pasig City Regional Trial Court Branch 67 found Johnny S. Yap of Solar Securities Inc. guilty of violating several provisions of the SRC. The case of BW Resources was one of the factors that led to the ouster of former President Joseph E. Estrada, who was removed from office via a popular revolt. The issue also rocked the entire Philippine Stock Exchange.

The court sentenced Yap to be imprisoned for 14 years and to pay a fine of P1 million. It also ordered the issuance of a warrant of arrest against Yap. The SEC filed a criminal complaint against Yap, who was then

the president, sales manager and director of Solar, after the broker was found to have committed wash sale transactions composed of 142 buy and sell orders for stocks of BW in June and October 1999.

Wash sales are transactions in which the buyer and seller of the stock share a beneficial owner, a transaction not allowed even before reforms were instituted at the PSE. A beneficial owner is any person who, directly or indirectly, has or shares voting power, which includes the power to vote.

In August 2000, the SEC formed a special operations group to investigate the matter and found that Solar’s transactions were wash sales not only

STOCK-MARKET OUTLOOK Last week

Share prices fell last week, with the main index returning to the 6,100-point level, as investors waited for significant catalysts.

The benchmark Philippine Stock Exchange index (PSEi) fell 70.11 points to close at 6,199.25 points.

“This past trading week, it had three positive sessions on the back of late-day buying, two of which were in the final minutes. This has trimmed the market’s losses for the week.

Also, the market managed to keep its position above the 6,100 support level,” Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said “Trading also remained lethargic implying that many are staying on the sidelines. Investors are still looking for a catalyst that can induce market participation.”

Average daily for the week was valued at P5.06 billion, as foreign trades, which now accounted for an average of 43 percent of all trades, were net sellers to P2.6 billion. All other subindices were ended in the green.

The broader All Shares index was down 8.25 points to 3,842.73 points, the Financials index fell 26.83 to 1,372.47, the Industrial index rose 19.41 to 8,578.12, the Holding Firms index plunged 200.33 to 6,144.54, the Property index climbed 52.52 to 3,000.93, the Services index was up 19.22 to 1,453.69 and the Mining and Oil index surged 240.21 to 9,311.23.

For the week, gainers slightly edged losers 118 to 111 and 22 shares were unchanged.

Top gainers for the week were Mabuhay Holdings Corp., Panasonic Manufacturing Philippines Corp., Ginebra San Miguel Inc., Mabuhay Vinyl Corp., Boulevard Holdings Inc. and PXP Energy Corp.

Top losers were Metro Alliance Holdings and Equities Corp. B shares, Bright Kindle Resources and Investments Inc., Coal Asia Holdings Inc., Jolliville Holdings Corp., MJC Investments Corp. and Medco Holdings Inc.

This week

Share prices may continue its downward trend this week as investors may remain on the sidelines, with the exception of some sporadic buying due to bargain hunting.

“Investors are still expected to look for tailwinds. If there will be none, worries over the local economy are seen to dominate sentiment which in turn may lead to a further decline in the local bourse. The market could move higher if there will be hints of further easing of restrictions in the NCR Plus after May 31,” Tantiangco said.

“A further decline in the daily Covid-19 case counts of the country may also help spur positive sentiment. Meanwhile, an increase in the daily new cases, and/or a detection of more coronavirus cases with the variant from India may worsen the pessimism in the market.”

Meanwhile, broker 2TradeAsia said the recent MSCI rebalancing, which saw mainly deletions of Philippine firms, signaled that confidence of foreign funds in the country’s local equities may likely remain impassive.

This means that the market may rely mostly on the local market to prop up sentiment.

The P56-billion initial public offering of Monde Nissin Corp. may also cause cash holders to withhold their deployment until its listing on June 1.

“Listings of this size tend to funnel interest away from nearest peers, in this case consumer staples, so it may be prudent to brace for thinned participation especially for names such as URC [Universal Robina Corp.] and FB [San Miguel Food and Beverage Inc.],” the broker said. Crucial support for the main index is seen at 6,000 points and resistance at 6,300 to 6,400 points.

Stock picks

Broker Regina Capital Development Corp. advised to take profits on the stock of Puregold Price Club Inc. (PGOLD), the grocery chain operator, as its technical readings show market indecisiveness on the stock.

“Judging the charts, a pullback in price is likely to take place as indicators are unanimously bearish towards PGOLD. Hence, it would be wise for investors with attractive positions to take in their profits before the strength of bearishness gets rekindled again.

Support to watch out is at P33.82, while resistance to keep a close eye on is at P35.45.”

Puregold shares closed Friday at P35.30 apiece.

Meanwhile, the broker advised to trade the range on the stock of Ayala Corp. which was one of the targets of profit-takers during the session last week.

“The stock saw its price slip by 1.11 percent or 8 points to close at P711.00. Momentum indicators continue to speak with modest bearishness.”

It placed a support price for the stock at P700 to P689.40 and resistance between P719.50 and P735.

Ayala shares closed last week at P700 apiece. VG Cabuag

because the brokerage was both the buyer and the seller in all the 71 buy order and 71 sell order transactions, but also because the offers and bids were made at very close intervals.

The court ruled that Yap, as Solar’s compliance officer, had the duty to ensure that the company was compliant with the regulations and legal requirements for its trading transactions. Yap was deemed to have directly or indirectly executed transactions, also admitting that he himself executed some of the transactions.

The court concluded that the transactions involved no change in the beneficial ownership.

Evidence showed that Solar Securities paid itself at the price it offered to sell the BW shares. If Solar and Yap were selling shares for clients different from the bidding or buying clients, the court noted that no allegation or evidence was ever presented to show the circumstance.

“In fact, no commission was paid and/or earned in all these transactions, which totally negates any appearance that Solar was transacting for its clients,” the court said.

The court also ruled that the transactions were entered into for the purpose of creating a false or mis-

leading appearance of active trading or misleading appearance with respect to the market of such security.

BW shares were trading for 80 centavos each at the start of 1999. Shares in the company steadily increased in that year and by October, BW shares had reached a price of P12.50 each, the same time when Solar executed its wash sale transactions.

This despite the fact that BW posted losses of P10.84 million in 1999 and had no corporate fundamentals. “[N]o other conclusion may be reached but that these series of trade transactions were executed with the intention of creating a false or misleading appearance of active trading or misleading appearance with respect to the market of BW shares,” the court said.

“Indubitably, the subject transactions were knowingly executed by Solar with no other purpose but to manipulate the market.”

The case marks the fifth conviction under the SRC since its enactment in 2000. Previous convictions mostly involved fraudulent investment scams, including a 2015 decision against Rosario and Saturnino Baladjay, who were ordered to a total of 455 years in prison and made to pay a total of P8 million to complainants.

mutual funds

May 21, 2021

NAV

One Year Three Year Five Year

per share

Return*

Y-T-D Return

Stock Funds ALFM Growth Fund, Inc. -a

200.58

8.76%

-8.6%

-4.93%

ATRAM Alpha Opportunity Fund, Inc. -a

1.2496

33.98%

-6.22%

0.18%

-4.83%

10.63%

-13.03%

-7.38%

-12.39%

Climbs Share Capital Equity Investment Fund Corp. -a 0.7105 10.95%

-8.18% n.a.

-11.62%

First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6802 2.55%

-7.28% n.a.

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

-6.36%

-3.66%

-10.17%

1.19%

ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.7448

4.4386

10.05%

First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6295

-11.72%

-8.28%

-10.52%

-8.61%

93.7

25.33%

-6.44% n.a.

-8.08%

PAMI Equity Index Fund, Inc. -a

40.8841

11.04%

-6.87%

-3.94%

-12.73%

Philam Strategic Growth Fund, Inc. -a

431.45

8.74%

-6.71%

-4.27%

-11.77%

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

0.9963

18.49% n.a. n.a.

Philequity Dividend Yield Fund, Inc. -a

1.0679

12.71%

-5.64%

-2.92%

Philequity Fund, Inc. -a

30.9224

11.36%

-6.06%

-2.76%

-11.07%

9.1% n.a. n.a.

-12.72%

MBG Equity Investment Fund, Inc. -a

Philequity MSCI Philippine Index Fund, Inc. -a

0.7969

-9.2% -8.59%

Philequity PSE Index Fund Inc. -a

4.1916

11.75%

-6.36%

-3.16%

-12.51%

Philippine Stock Index Fund Corp. -a

700.78

11.76%

-6.3%

-3.3%

-12.58%

Soldivo Strategic Growth Fund, Inc. -a

0.6383

10.36%

-10.16%

-6.51%

-11.21%

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.2043

8.63%

-8.26%

-4.54%

-11.58%

Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.7999 11.19%

-6.67%

-3.47%

-12.84%

United Fund, Inc. -a

-6.07%

-1.95%

-10.54%

-6.13%

-2.68%

2.9692

10.23%

-17.15%

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

94.0128

11.79%

-12.59%

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

$1.2386

37.44%

4.17%

8.94%

2.97%

Sun Life Prosperity World Voyager Fund, Inc. -a $1.7033

32.84%

9.53%

11.36%

1.82%

-3.97%

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

1.6024

6.73%

-2.19%

-2.03%

ATRAM Philippine Balanced Fund, Inc. -a

2.1078

7.86%

-2.98%

-1.5%

-7.77%

First Metro Save and Learn Balanced Fund Inc. -a 2.4561

5.6%

-2.01%

-1.72%

-6.51%

First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.184 NCM Mutual Fund of the Phils., Inc. -a

1.8598

1.43% n.a. n.a.

4.38%

-0.09%

-0.12%

-5.31%

PAMI Horizon Fund, Inc. -a

3.4691

5.01%

-1.46%

-1.44%

-8.42%

Philam Fund, Inc. -a

15.5601

5.22%

-1.33%

-1.46%

-8.13%

Solidaritas Fund, Inc. -a

1.9438

5.92%

-2.53%

-1.25%

-7.18%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.2998 5.72%

-3.81%

-2.48%

-7.65%

Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9414

5.25% n.a. n.a.

-7.94%

Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8364

6.74% n.a. n.a.

-11.88%

Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.8169

7.52% n.a. n.a.

-12.45%

Sun Life Prosperity Dynamic Fund, Inc. -a

5.55%

0.8108

-5.03%

-3.13%

-7.35%

-8.66%

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

$0.03792

-0.32%

3%

1.23%

-3.07%

PAMI Asia Balanced Fund, Inc. -b

$1.1263

19.36%

2.41%

5.3%

-2.08%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.5572 24.49%

7.45%

8.19%

0.98%

Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.1902 13.15%

4.26%

4.56%

-0.99%

Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a

371.31

2.2%

3.15%

2.48%

0.06%

ATRAM Corporate Bond Fund, Inc. -a

1.9155

-0.89%

0.97%

0.17%

0.8%

Cocolife Fixed Income Fund, Inc. -a

3.2245

1.55%

3.91%

4.4%

0.3%

Ekklesia Mutual Fund Inc. -a

2.2576

-0.76%

2.24%

1.49%

-1.67% -0.76%

First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4345 0.42%

3.2%

1.76%

Philam Bond Fund, Inc. -a

4.477

-0.91%

4.38%

1.62%

-3.4%

Philam Managed Income Fund, Inc. -a,6

1.3232

3.31%

4.31%

2.77%

0.15%

Philequity Peso Bond Fund, Inc. -a

3.9761

2.27%

4.44%

2.53%

-0.62%

Soldivo Bond Fund, Inc. -a

1.0266

0.51%

4.35%

1.7%

-1.48%

Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1969

2.01%

5.28%

2.83%

-0.28%

0.8%

4.59%

2.15%

-0.67%

Sun Life Prosperity GS Fund, Inc. -a

1.7433

Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a

$483.95

2.95%

3.13%

2.33%

ALFM Euro Bond Fund, Inc. -a

Є219.5

2.46%

1.07%

1.2%

0.15%

$1.1747

-2.51%

1.87%

1.07%

-8.26%

ATRAM Total Return Dollar Bond Fund, Inc. -b

First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0259 PAMI Global Bond Fund, Inc -b

$1.0482

0.02%

0%

1.59%

0.95%

-2.63%

-0.8%

0.69%

-0.66%

-4.07% -2.15%

Philam Dollar Bond Fund, Inc. -a

$2.4812

3%

5.23%

2.16%

Philequity Dollar Income Fund Inc. -a

$0.0627686

4.85%

3.52%

2.21%

0.72%

-1.03%

2.86%

0.95%

-2.87%

2.53%

0.22%

Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.131

Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a

130.1

1.94%

3.1%

First Metro Save and Learn Money Market Fund, Inc. -a 1.0515 1.24% n.a. n.a.

0.32%

Sun Life Prosperity Money Market Fund, Inc. -a 1.3036

0.54%

1.88%

2.89%

2.57%

Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0569

1.4%

1.71% n.a.

0.43%

Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.2074 n.a. n.a. n.a.

6.89%

Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.99

8.79% n.a. n.a.

1.02%

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

1 - Launch date is September 28, 2019. 2 - Launch date is November 15, 2019. 3 - Adjusted due to stock dividend issuance last October 9, 2019.

4 - Renaming was approved by the SEC last October 12, 2018 (formerly, One Wealthy Nation Fund, Inc.). 5 - Launch date is December 09, 2019.

6 - Re-classified into a Bond Fund starting February 21, 2020 (Formerly a Money Market Fund).

7 - Launch date is July 6, 2020.

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

www.businessmirror.com.ph

Banking&Finance

PHL, NZ explore deal to improve BOC, SSS

By Cai U. Ordinario

@caiordinario

T

HE Philippine and New Zealand governments are now in talks for a possible bilateral cooperation to improve Bureau of Customs (BOC) and the Social Security System (SSS), according to the Department of Finance (DOF).

In a statement, the DOF said the New Zealand government may be involved in the ongoing BOC modernization project as a consultant and advisor.

Kell was quoted by the DOF as saying that New Zealand can also provide training and the services of its experts to assist the BOC in capacity building and modernizing its trade facilitation and border protection functions.

“New Zealand is also finalizing the financing component of a project with the SSS to redesign the processing of social security pensions and other benefits, which aims to improve the approval system and procedures for SSS members applying for these claims,” the DOF statement said.

Kell was quoted as saying that the New Zealand government is also involved in establishing the Development Academy of the Philippines (DAP) competency framework. The project is being implemented with technical assistance from Auckland.

He was said to have also informed the DOF of the progress

made in the discussions for a project that will continue New Zealand’s support to Mindanao’s agriculture sector and agribusiness enterprises.

Kell also said he looks forward to working closely with the Philippines as New Zealand hosts this year the Asia-Pacific Economic Cooperation meetings, which are expected to focus on discussions on how to overcome the global economic impact of the lingering Covid-19 pandemic.

In partnership with the United Nations International Organization for Migration (IOM), the New Zealand government has extended about P64.25 million in assistance to support the Philippine government’s response against Covid-19, particularly in providing assistance to vulnerable communities in Mindanao.

New Zealand and the IOM have also donated 35 cold storage units necessary for the efficient delivery and distribution of Covid-19 vaccines in the Bangsamoro Autonomous Region in Muslim Mindanao.

Through the United Nations’s Food and Agriculture Organization (FAO), the New Zealand government has likewise continued to assist Mindanao’s agriculture sector with a $2.69 million project to support agriculture-based livelihoods and agribusiness enterprises in Maguindanao and North Cotabato.

Perspectives The extended enterprise–securing the future

T

HE need to secure new and increasingly complex supplier ecosystems in the digital age is rapidly rising up the agenda of CEOs around the globe. Since the beginning of the global pandemic, supply chain risk has risen to become one of the top four growth risks facing today’s organizations, as noted in the “KPMG 2021 CEO Outlook Pulse Survey.”

Make no mistake—traditional approaches to third party assurance are no longer fit for purpose in today’s new reality. While third party risk management, monitoring and innovation will not be new to your organization; a sharp focus on emerging threats amid accelerating digital transformation, cloud adoption, softwaredefined infrastructure and new models of working has become critical.

The pandemic has brought into stark relief the need for complex digitally enabled ecosystems that will reliably and securely meet ever-evolving customer and business demands. Our thinking must evolve to match today’s incredibly fast-paced, connected and rapidly changing world.

Organizations once concerned with merely managing third parties are now working in a vast new risk-charged world—managing fourth, fifth and even sixth parties. These parties include a mix of cloud and IT providers, partners and affiliates that define today’s modern extended enterprise.

The new reality pushes the boundaries and pace of digital transformation. Unlocking new ways to enhance supply chain capabilities and security in the digital era will likely spell the

difference between success and failure.

Closing the door to open innovation threats

UNDERSTANDING and effectively managing the third-party ecosystems supporting today’s businesses has become more challenging than ever amid the rapid proliferation of new, digitally enabled, open innovation models.

KPMG professionals are seeing back doors being written into critical commercial and open-source software that, once embedded, unlock dangerous opportunities for bad actors to deploy malware into otherwise secure infrastructures. Those back doors can lie dormant, appearing benign, until activated by an attacker. Polymorphic malware that changes its identity features to evade detection, typically introduced by a subverted security or management tool, can quickly undermine even the most hardened security environment.

To compound that challenge, gaining clear visibility into today’s increasingly broad and complex supply chains via legacy third party risk management is becoming extremely difficult.

The excerpt was taken from KPMG International ISG Audit Quality Leader-Financial Services Andrea Schriber’s blog post entitled “Climate risk is financial risk – For banks it’s a board-level issue.” © 2021 R.G. Manabat & Co., a Philippine partnership and a member-firm of the KPMG global organization of independent member-firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

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

BusinessMirror

Monday, May 24, 2021

B3

LandBank loans hit ₧20.07B; MSMEs compose borrowers

S

By Bianca Cuaresma

@BcuaresmaBM

TATE-owned Landbank of the Philippines reported loans extended to micro, small and medium enterprises (MSMEs) has hit P20 billion, a year after offering credit to affected small businesses.

LandBank said it has approved loans amounting to P20.07 billion as of end-April this year to borrowers adversely affected by government measures to contain Covid-19. The borrowers are composed mostly of MSMEs and co-operatives.

The bank offered these loans under its “Interim Rehabilitation

Support to Cushion Unfavorably affected Enterprises by Covid-19” lending program, the initiative created in April last year to provide credit and loan restructuring assistance to businesses under more flexible terms and conditions.

As such, Landbank announced that it has doubled the program

fund of the lending program to P20 billion from P10 billion to accommodate the increasing number of loan applications.

Broken down, the credit program has reached a total of 434 borrowers comprising 292 MSMEs, 81 cooperatives, 56 large corporations and five microfinance institutions (MFIs).

Of the total P20.07 billion approved loans, P18.21 billion has already been released. Under the lending program, the LandBank said MSMEs, cooperatives, MFIs and large companies may borrow up to 85 percent of their emergency or permanent working capital requirement.

Terms are set at an affordable interest rate of 5 percent per annum for three years, subject to annual repricing thereafter, and payable up to 10 years with a maximum of two years grace period on the principal repayment.

LandBank said existing clients may also avail of loan restructuring under the Program via additional loan and extended repayment period to rehabilitate and restore their operational cash flow.

The program will be available until end-December 2022.

In 2020, a study from the Asian Development Bank (ADB) showed that MSMEs in the Philippines received the least volume of bank loans compared to their counterparts in peer nations before the pandemic.

The study titled “Asia Small And Medium Sized Enterprise Monitor 2020” reported that Philippine banks only lent $11.6 billion to MSMEs in 2019. This is the smallest MSME bank loan total in 2019 among the Association of SouthEast Asian Nations-5. The Asean-5 comprises Indonesia, Thailand, Malaysia, Philippines and Singapore.

AUB expands alliance for e-payment service

P

UBLICLY-listed Asia United Bank (AUB) announced last Wednesday of expanding its partnership with Asian financial firms to cater to overseas contactless payments by customers and merchants.

The bank announced that it has recently expanded its electronic wallet partners using the Thai QR and PayNow Singapore platforms.

The Thai QR is one of the payment-accepting methods that allows customers of Thai banks to make payments using the Thai QR code. Since its launch in 2017, more than 50 million have been using the method. The PayNow QR code, meanwhile, is being used by a dozen participating banks and non-bank financial institutions in Singapore.

This was made possible through AUB’s strategic partnership with Singapore-based Liquid Group Pte. Ltd., as both gear up for the increased use of digital payments by tourists when regional economies recover from the global pandemic.

Liquid Group is a digital payment services group based in Singapore with presence across the AsiaPacific. It operates XNAP, a regional payment acceptance network.

The statement quoted AUB First Vice President Magdalena V. Surtida as saying that “by bringing in more QR brands from other countries, merchants that want to extend their market reach by accepting cross-border QR payments will greatly benefit.”

“We have seen a significant increase in the shift towards digital payments as a result of the events

This undated photo shows the facade of the Asia United Bank.

The publicly listed AUB announced last week it’s expanding its partnership with Asian companies that provide electronic payment services. Photo courtesy of Asia United Bank

that transpired globally,” Surtida, also AUB’s business group head for credit cards and acquiring, added. “Since we have positioned ourselves earlier, this made it easier for new merchant partners to adapt to the ‘New Normal.’”

The use of QR codes for payments has been gaining traction, not only as an alternative to the traditional debit and credit card payments, but to displace a significant volume of cash transactions in the country. By simply scanning the merchantdisplayed QR Ph code using their mobile devices, consumers benefit from having a faster, easier, secure and more convenient payment option.

AUB has already rolled out QR Ph to its customers and merchants under its HelloMoney and AUB PayMate digital payment acceptance

platform, making it one of only three “issueracquirer” participants ready to use and accept the national QR code by May. This is ahead of the full rollout of the QR Ph by September 2021, the deadline set by the Bangko Sentral ng Pilipinas, which required all payment service providers to adopt the national QR code standard. With these two new cross-border collaborations, customers from Thailand and Singapore will now be able to use their mobile banking app or e-wallets to scan the Thai QR and PayNow QR codes presented by AUB PayMate merchants in various segments such as retail, food and beverages, electronics, supermarkets, services, entertainment and attractions.

“AUB PayMate has grown into more than what we anticipated when we launched it in 2017 to accept QR payments from the Chinese tourists. AUB aims to be an active market mover in both local and regional QR payment acceptance,” said AUB president Manuel A. Gomez said.

AUB and Liquid also said that they are looking to further expand the partnership so more Filipinos consumers with mobile banking applications that support cross-border QR payments can make payments abroad at participating merchants under Liquid Group and its overseas partners.

“We are glad to deepen our collaboration with AUB to bring more innovative products through digital platforms to keep pace with the accelerated change in consumer payment behavior around the world,” Liquid Group CEO Jeremy Tan said.

Caap vows contributing to NG; cite remittances

By Lorenz S. Marasigan @lorenzmarasigan

W

HILE the aviation industry have been “on life support” since last year, the Civil Aviation Authority of the Philippines (Caap) vows to continue remitting its annual dividends to the state coffers, even as it has fiscal autonomy under Republic Act 9497.

Caap Director General Jim C. Sydionco said the agency has handed over P21.1 billion in remittances to the National Treasury since 2016.

This includes the P6 billion it remitted last year.

“The year 2020 has been a rough year for the aviation sector, to say the least. With nations closing borders, airlines facing bankruptcy, to employees getting laid off – we can say that the industry has been on life support,” Sydionco said. “But that did not hinder us from performing our obligations.”

“While we are greatly challenged by a raging global crisis, we remain committed to practice accountability, transparency, and good gov-

ernance as mandated by the good Secretary,” he added.

Transportation Secretary Arthur P. Tugade last year directed all state-owned corporations of his agency, including Caap, to remit in advance their respective dividends and remittances to support government spending measures amid the Covid-19 crisis and other essential government projects.

This despite RA 9497 (An Act Creating the Civil Aviation Authority of the Philippines, Authorizing the Appropriation of Funds therefor,

and For Other Purposes) giving Caap fiscal autonomy (Section 15).

“The Authority shall enjoy fiscal autonomy. All moneys earned by the Authority from the collection/levy of any and all such fees, charges, dues, assessments and fines it is empowered to collect/levy under this Act shall be used solely to fund the operations of the Authority,” the law says. “The utilization of any funds coming from the collection and/or levy of the Authority shall be subject to the examination of the Congressional Oversight Committee.”

SCB to apply permanent hybrid working model

S

TANDARD Chartered Bank (SCB) announced it would be offering its employees a differentiated workplace with stronger focus on employee well-being, diversity and inclusion.

The announcement comes after the bank said it has been recently honored by several companies.

The bank claims even before the pandemic forced companies to adapt remote working, it has a flexible workplace policy already in place for years.

“But the global pandemic presented an opportunity for the bank to reinvent its future workplace,” the statement said. “Underlying principles include learnings from last year, safeguarding the health

and safety of its employees, giving them opportunity to work flexibly but with enough time for people to collaborate and connect without sacrificing client service delivery and commitments.”

At the onset of the pandemic last year, its Philippine branch immediately responded by implementing flexible and split operations, safeguarding the health and safety of its employees by providing them with daily shuttle service and meals, according to the bank.

The bank added it has invested on digital platforms where its employees can access live fitness and mindfulness classes streaming live across the globe or on demand classes. A “gym for the mind” app was also

made available to support employees’ mental health and build resilience.

The bank said it is also set to formalize the phased implementation of its permanent hybrid working model across its markets beginning this year.

“This data-led approach to work combines remote and office-based working with greater flexibility in working patterns and locations with the objective to redesign jobs, enable its workforce and prepare for the way forward,” the bank said.

“As early as 2017, the bank has already been implementing a flexible working program making it easier to adapt and switch to the new ways of working.”

“The pandemic has shown us

that we can successfully work with greater flexibility that would have been unthinkable a year ago,” SCB Philippines Head of Human Resources Frida Torres was quoted in the statement as saying.

Torres also highlighted the need to adapt and find optimal new ways of working. She added that, to thrive in this evolving “Covid-19 reality, it is critical to have an agile workforce, reconfigure the workplace and embed these changes into the organizational culture.”

“We are venturing into uncharted waters, but we are excited about the future and how it can positively impact our people, our stakeholders and the community, while doing good for the environment,” Torres added.

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Monday, July 13, 2020 B www.businessmirror.com.ph

Resist Old Routines When Returning to the Office W

By Vijay Govindarajan, Anup Srivastava, Thomas Grisold & Adrian Klammer

opinions and perceptions to the surface, openly discussing divergent assumptions and working to settle them will help align those expectations.

ith vaccines being shipped and administered, it seems likely that the impact of the Covid-19 pandemic on people’s lives and the business environment will gradually lessen over time.

1. Identify which new practices should be sustained

In the early days of the pandemic, circumstances forced companies to react and experiment in swift and pragmatic ways. Most companies followed one unequivocal dictum: Keep pace and survive. Now it’s time to make space to reflect.

A s a first step, companies should identify which new practices were successful, why they were successful and under which circumstances they are expected to continue to succeed. New practices are more likely to be retained

and sustained if managers and employees consciously identify and recognize them. Survey employees to understand what they did differently during the crisis and then conduct follow-up discussions about what succeeded for them and what didn’t. Distill the efforts that were successful into common organizational procedures, document them and communicate new expectations to employees.

2. Reduce the influence of structures connected to old practices

We’re notorious creatures of habit. Given two choices, we’ll almost certainly opt for the more familiar one. Old habits and their signals are not only ingrained in our brains, they’re also embedded in our environment. Language, spatial arrangements, rules and work systems are all preservers of knowledge in organizations which can trigger a relapse. Manipulating or removing those structures facilitates sustained change.

For ex ample, whi le online teaching was reasonably successful in universities during the first wave of the pandemic, there is a strong call for wholesale reversion to lecture halls after the summer. University administrators are facing pressure from trustees, students and their parents to resume face-to-face teaching or reduce fees. As a result, many administrators have begun forcing instructors to conduct a minimum percentage of classes in lecture

WWW.FREEPIK.COM

This will be a welcome change, but organizations must resist a complete reversion to their prepandemic practices.

While the crisis imposed severe restrictions, it also provided a unique opportunity to conduct thousands of experiments and innovate with new practices, some of which are beneficial in any period—pandemic or no pandemic.

But what will happen to these practices once the pandemic is over? Our research shows that sustained organizational changes depend not only on the discovery of new practices and their initial adoption, but also on ensuring that managers and employees don’t fall back into old routines when the impetus for change is gone. The following four-step framework will help leaders identify, retain and sustain the beneficial changes that were introduced over the past year:

4. Turn new practices into habits

halls, irrespective of whether a physical class is necessary.

A better solution would be a careful determination of which classes facilitate co-creation of knowledge and necessitate interpersonal interactions and physical proximity, and therefore require bringing students and instructors into the same classroom at the same time, versus those that are just instructors’ monologues and are best done virtually.

We encourage organizations to unlearn dysfunctional practices by reducing the influence of old knowledge structures that can hinder the adoption of new ones.

This requires three steps: n Question and reconsider the explicit and implicit criteria by which employees are evaluated— for example, whether they come to the office regularly and on time. n Scrutinize and eliminate activities that were once considered a norm but are no longer required— for example, daily in-person morning meetings held in a conference room at the office. n Identify and change the trig-

gers that might make people return to old norms—for example, if you had a tradition of having a group pizza lunch on Friday, host it in a video conference-enabled room so that people working from home can join.

3. Openly discuss and resolve disagreements and misconceptions about the new procedures

One of the companies where we’re doing research initiated a dialogue among employees about the work-from-home mandate that was implemented during the pandemic. Now that conditions are becoming conducive to a return to offices, the company is discussing a permanent remote work policy.

We identified three distinct groups of employees based on their perceptions of the original change. One group was enthusiastic about it and demanded that it be sustained. Another group was comfortable with the change given the extraordinary circumstances but believed that it should be reversed once the pandemic is over.

The third group never wanted

the change and couldn’t wait for a reversion to the old practice. Although the shift to remote work was initially implemented on an organizationwide basis, management didn’t know about the differences in people’s views. Unearthing the existence of these camps and their different assumptions helped the organization reflect on, transparently discuss and set uniform expectations, which allowed it to create more nuanced work-from-home policies that balanced the needs of all three groups.

Letting different viewpoints collide after a change has been implemented does more harm than good. In order to make change sustainable, everyone must have a similar understanding of the rationale, merits and rewards associated with new procedures.

For example, if physical, in-office meetings shouldn’t be held on days employees are allowed to work from home, make that clear. If an in-person meeting on one of those days is unavoidable, make sure employees understand that they won’t be penalized for participating virtually. Bringing varying

New practices can be sustained only if they’re turned into habits.

In the final step of our framework, organizations must make sure that good practices are cemented into the organizational reality.

The tendency to fall back into established routines creeps in every day. It’s important, therefore, to go beyond initial rollouts and information sessions to regularly reinforce new practices. This involves reminding people what the new procedures are until they don’t feel new anymore. It’s almost like reminding drivers about new speed bumps and lane changes for a period of time until they get used to the new quirks. Instead of hoping that employees will automatically internalize changes as their new routines, organizations must repeatedly communicate the benefits while providing incentives for their adoption and potential disincentives for avoiding them. After several trials, the new routines will become the familiar ones, and change will be sustained.

In places where pandemic restrictions are easing, companies must embrace this unique opportunity to retain the beneficial practices they adopted during the crisis. To do so effectively, leaders must be thoughtful about identifying which have been successful and deliberate in ensuring that the changes stick.

Vijay Govindarajan is the Coxe distinguished professor at Dartmouth College’s Tuck School of Business. Anup Srivastava is an associate professor at Haskayne School of Business, University of Calgary. Thomas Grisold is an assistant professor at the Institute of Information Systems at the University of Liechtenstein.

Adrian Klammer is an assistant professor at the University of Liechtenstein’s Institute of Entrepreneurship.

How to set up a remote employee for success on day one

By James M. Citrin & Darleen DeRosa

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ost managers know that onboarding new employees virtually is hard, and many recognize the longterm impact a poor onboarding experience can have on their work force. Onboarding is more than logistics, such as making sure your new hire has a computer. It is also about creating processes that will allow that person to feel welcome, forge strong relationships, gain an understanding of the company's culture and connect with the broader organizational mission, vision and goals.

Whether a company is small and onboards new employees one at a time, or is a larger firm that brings in cohorts of new hires that go through onboarding together, the following four recommendations can help onboarding programs succeed in a remote environment:

1. Get off to a fast start

Think about your first day at your current job. You probably didn’t sleep well the night before.

Your mind was spinning with anticipation, doubt and uncertainty.

This may be especially true if you were starting a new job in the ambiguity of a virtual environment. The few moments of comfort that would typically present themselves in the early days—the quick bonding with a colleague in the hallway, or your new boss taking you out to lunch—aren’t available in a remote context. It is also unlikely that a new employee joining your organization today has ever experienced a fully virtual onboarding process.

With this in mind, create a plan to leverage a variety of strategies that can mitigate first-day nerves and allow your employees to feel welcome and gain confidence from the start. It’s a good idea to have someone fill the role of informal mentor to support the new hire.

It’s important that this informal mentor be a different person from the person’s manager, so that the new employee feels comfortable asking any question, large or small.

As soon as a candidate accepts the job offer, you should also find an opportunity to make that person feel like a part of the family. For example, you could send a care package with a warm note. Offering each new employee a session

with information technology can also alleviate first-day anxiety.

Some organizations send new employees a new laptop or phone before the start date, fully set up with the right company configurations and security protocols.

2. Establish strong relationships across the organization

In a virtual setting, you can’t rely as much on the organic and spontaneous relationship-building that happens in hallways, over lunches and at office events. That’s why it’s best to be proactive and intentional about setting up interactions between the new hire and other individuals. To combat the lack of spontaneous opportunities for small talk and other relationship building that would typically happen in an office, encourage your new hire and the other teammates to set up a mix of formal conversations, to cover rules, responsibilities and business objectives, and shorter, informal interactions over coffee or lunch.

Research shows that it’s more powerful to have a broad network than a deep one, especially as a worker becomes increasingly senior in an organization. Par-

ticularly when you are onboarding a new leader, you should help that person intentionally build a broad internal network. While one-on-one meetings are powerful for establishing foundational relationships, trust and rapport, having your new hire begin sitting in on group discussions can help this person put individuals into the context of how work gets done. Some companies set up a “shadow week” in which the new hire attends a wide variety of team and stakeholder group meetings, even those that may feel less directly relevant to that new hire’s core responsibilities.

3. Explain the company culture and how work gets done

New employees must learn about the company’s culture from the outset. Spend more time than you generally would in a face-to-face environment talking about what is typical and atypical across various cultural dimensions. Memorializing a company’s history in videos, in the “About Us” section of your website and in documents can help accelerate a process that might otherwise take longer to capture over a series of many interactions

with long-standing members of the organization. Even if it feels awkward, explicit guidance around norms that are often taken for granted—the company’s tone and level of formality, dress code, virtual etiquette on videoconferences, messaging norms and working hours—can be helpful. Don’t leave new employees to guess; doing so can create ambiguity and stress.

4. Set clear expectations and connect the individual’s work to the broader organizational mission, vision and goals

A new hire should have a clear picture of what success looks like for the first 100 days and beyond.

Employees should recognize how their responsibilities fit into the overall success of the company.

When an individual joins the team, the hiring manager should share key communications and presentations that have been created by the leadership of the organization on the direction and goals of the company, so the new hire can put the work into the context of the whole.

Having a clear set of responsibilities and outcomes can be critical in helping a new employee pri-

oritize work and score some quick wins: This will create a strong foundation and momentum for the individual’s future success. While a role can evolve, adapt and become more complex and ambiguous over the long term, having clarity from the start will create a foundation from which the individual can more readily adapt.

Onboarding is one of the most important drivers of employee success. Getting off to a strong start creates momentum. Getting off to a poor start breaks a new employee’s confidence and leads the organization to question the wisdom of the hire. What separates firms that do onboarding well from the rest is that their work is intentional, and it does not end after the first week, or even the first 100 days.

Your onboarding program should be just the beginning of ongoing developmental work that continues to strengthen your employees’ cultural alignment, relationships across your organization and performance in their role.

James M. Citrin and Darleen DeRosa are co-authors of Leading at a Distance: Practical Lessons for Virtual Success.

www.businessmirror.com.ph

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BusinessMirror

Editor: Gerard S. Ramos

• Monday, May 24, 2021

Best (and worst) of Miss Universe 2020

T

HE biggest beauty pageant in the globe recently held its most boring production yet. But because it’s Miss Universe, it is still beloved by most Filipinos. That’s why a week after the 69th edition, staged in Florida, the post-event conspiracy theories, analyses and accusations are still being dizzily regurgitated. We know what the Miss Universe Organization and the Miss Universe Philippines can do differently and better. But we’re not the decision-makers, so we can only recap.

■ MOST POPULAR: RABIYA MATEO, PHILIPPINES. We are proud of our lovely Ilongga representative. We were gutted when she wasn’t called to Top 10. It also meant that the world didn’t get to see her gorgeous orange gown by the singular Furne One. Inspired by the “Sarimanok,” which symbolizes good fortune, the closed-necked haltered, tulle-based gown is handembroidered with hyacinth Swarovski crystals, glass beads and paillettes with laser-cut fabrics delicately attached to form feathers for a softer look on the hem.

During the pageant, she gained a million followers on Instagram. Crown or not, we are grateful to Rabiya for continuing the remarkable 11-year semifinal streak of Filipinas at Miss Universe.

■ MOST SUCCESSFUL CANDIDATE IN HER STORY: ANDREA MEZA, MEXICO. Rosemarie Frankland, Miss United Kingdom, was Miss World 1961 after placing first runner-up as Miss Wales at Miss Universe 1961.

Gina Swainson from Bermuda won Miss World in 1979 after placing first runner-up at Miss Universe 1979. In 1973, Helen Morgan, also Miss Wales and Miss United Kingdom, had the same fate but resigned as Miss World. Andrea’s feat is the reverse. She was first runner-up at Miss World 2017 before winning Miss Universe 2020.

■ BEST IN INTERVIEW: JANICK MACETA, PERU. My personal bet was asked: What would you say to the women watching tonight who are currently experiencing sexual or domestic abuse? Her reply: “I will tell them that I admire their strength, and that they’re survivors and that I’ve been there too.

I became the hero of my own story. That’s why I advocate to save little girls from being victims. They are survivors, they are heroes. They have the power, and don’t ever, ever make anyone silence your voice.”

Her final statement about climate change was also succinct, relatable, winnable.

■ BEST GOWN: AYU MAULIDA, INDONESIA. Ayu didn’t crack the Top 10 and so was unable to brandish her fabulous gown, “Stardust,” inspired by the ethereal sparkling splinters of stars by Sebastian Gunawan.

ANDREA MEZA and Zozibini Tunzi (@MISSUNIVERSEUPDATES); Peru’s Janick Maceta (@PAGEANTTREND); Nepal’s Anshika Sharma (@MEIILANVISUALARTS); Ukraine’s Yelyzaveta Yastremska (@OLESYA_ISKOVA); Indonesia’s Ayu Maulida (@WONGSIM); South Africa’s Natasha Joubert (@FADILBERISHAPHOTOGRAPHY); Nova Stevens (@THENOVASTEVENS); Singapore’s Bernadette Belle Ong (GATO RIVERO); Myanmar’s Thuzar Wint Lwin (@THUZAR_WINTLWIN); Philippines Rabiya Mateo (@FURNEMATO)

■ BEST IN GOWN: ZOZIBINI TUNZI. In her Final Walk as Miss Universe, Zozi dazzled as a Xhosa Queen in a gown by Biji-La Maison de Couture and her mom’s headwrap. “It’s a nod to those who came before us. For who are we, and where are we going if we do not know where we come from?”

■ BEST IN SWIMSUIT/EL TOCUYO: NATASHA JOUBERT, SOUTH AFRICA. In a yellow and skin-tone Ema Savahl crystals and hand-painted bikini, I thought the beautiful Natasha was a shoo-in for the title. She was also riding on the crest of her country’s three-

year winning streak. But it wasn’t meant to be, and I think she’s this year’s El Tocuyo awardee, a fan-made citation given to a hyped front-runner who failed to make it to the finals.

■ BEST NATIONAL COSTUME: YELYZAVETA YASTREMSKA, UKRAINE. My choice is Yelyzaveta’s eye-catching and clean costume, called the “Vytynа́nka Soul.” It was designed by Rada Ethno, inspired by the vytynа́nka, a version of the art form of papercutting popular in Ukraine.

■ BEST IN BRAVERY: THUZAR WINT LWIN, MYANMAR.

Like her compatriot Miss Grand Myanmar 2020 Han Lay, Thuzar bravely put a spotlight on the atrocities happening in their country. Should they go home, they will be among celebrities and influencers who will be arrested. Thuzar wore an ethnic costume worn by Chin women as she held aloft a “Pray for Myanmar.” This valiant display won her the Best in National Costume award. Special mention to Singapore’s Bernadette Belle Ong and her “Stop Asian Hate” cape.

■ BEST IN TALENT: THE FILIPINO DESIGNER. Our designers were heavily showcased on- and offstage.

Resty Lagare made an outfit for El Salvador, and Louis Pangilinan for Chile. At the national costume show, Arwin Meriales and Paulo Espinosa for Singapore, Kirsten Regalado for Iceland, Kennedy Gaspar for Cameroon and the late Rocky Gathercole for Rabiya.

At the prelims, Michael Cinco made evening gowns for Romania and the Czech Republic, Benj Leguiab IV for Cameroon, Jian Lasala for Belize, Rian Fernandez for Cambodia, and Furne One for Rabiya. Jojo Bragais was the official shoe sponsor.

■ WORST ATTITUDE: NOVA STEVENS AND TEAM CANADA. Nova earned the love of Filipinos when our own Michael Cinco (and young designer Jaggy Galrino) draped her in couture confections prior to the pageant. As a South Sudanese refugee, her tenacity gave her the best backstory among the delegates.

Many fans were shocked when she wasn’t called a semifinalist. Alas, all the goodwill she gained disappeared when MG Mode, the team behind her campaign, accused the Dubai-based designer of sabotage. The team alleged on Instagram: “The truth need to be told! The gown[s] [were] sent late by Michael’s team, and when [they] arrived, none of them fitted!”

Late Saturday, the usually cool, calm and collected Cinco unleashed his warrior Waray: “Now this is for you to the whole Miss CANADA Team Migüel Martinez, Denis Martin Davila, and Miss CANADA Organization and your ungrateful Miss CANADA Nova Stevens. You have been spreading fake news about me and my team being unprofessional days before the pageant but I chose to be quiet and calm.

But this time, I need to stand up for me and my team, as it is just so UNFAIR! “Here is the real TRUTH TO BE TOLD... YOU and your team have been USING me for the past 3 consecutive years to dress up your candidates WITHOUT PAYING ME ANY CENTS! You don’t even pay the courier or any other charges. A SIMPLE THANK YOU NOTE FROM NOVA, YOU AND YOUR TEAM would have sufficed. But you don’t have the grace and decency to do that. YOU ALL ARE UNGRATEFUL, VILE and professional USERS. Next time don’t ask me or any FILIPINO designers to dress up your candidates. Ask your Canadian designers to showcase your works in world stage...I DON’T NEED YOU in my career. Dressing up your candidates WILL NOT HELP MY BUSINESS and I was just very kind to you...STOP scamming FILIPINO designers...HOW DARE YOU...SHAME ON YOU and your whole CANADIAN Team. #sorelosers #moveon #lifeisnotallaboutMissUniverse” ■

Eye masks and hydrogel eye patches: Do they work?

ONE of the most frequently asked beauty-related questions is: What is the best eye cream?

Next to pimples and acne and skin texture, dark undereye circles and eye bags are probably the most concerning of all skin issues. Sadly, these seem to be a genetical predisposition. Under-eye circles can be caused by skin pigmentation and eye bags can be a physical characteristic that runs in the family.

Nevertheless, these can be addressed by potions and creams and patience. Don’t expect instant results when you use eye creams, however, no matter how expensive they are.

A relatively new trend in skin care is the use of hydrogel eye patches, which are said to have been invented in South Korea. Most of the eye patches in the market are made of hydrogel and essence or serum, and contain concentrated amounts of vitamins, minerals, moisturizing and other beneficial ingredients. Some eye masks and patches are made of cloth or some other materials.

These eye patches and masks come out to be more expensive than eye creams, but that is because they offer almost-instant results.

Basically, these patches are like eye masks, except they’re for your under eye area. They moisturize skin under the eyes and minimize puffiness, as most of them have cooling effects.

They’re meant to be used two to three times a week for 10 to 15 minutes. They aren’t substitutes for a good eye cream but they’re fun to use. We’ve rounded up some of the masks and hydrogel patches we have tried and what we think of them: KOCOSTAR TROPICAL EYE PATCH (MANGO) THIS Tropical Eye Patch made in Korea is a soft hydrogel patch that “soothes and hydrates the skin around the eyes.

Infused with tropical fruit extracts, the Tropical Eye Patch Series protects the delicate eye zone from external damages, reduces fine lines and adds a healthy glow.”

It’s called “tropical” because it comes in five flavors, each one with a different benefit. Acai berry brightens, coconut hydrates, mango conditions, pitaya (or dragon fruit) restores and papaya brightens. These come in single packs and jars (each one with 30 pairs of patches).

The scent of the mango is subtle so it won’t bother most

have used. There was no eye irritation with this one, too.

people. Like most hydrogel masks, this one needs getting used to and they can be slippery but once you’ve mastered using them, they’re easy to put on.

I love the cooling effect and how moisturized the undereye area looked and felt in the morning. We did not experience any eye irritation while using this.

A jar with 30 pairs costs around P1,700+ at Look at Me, SM Aura Premier.

ESTĒE LAUDER ADVANCED NIGHT REPAIR CONCENTRATED RECOVERY EYE MASK THIS comes in a single pack and is meant to be used once a week. The pad and the serum are in one pack and they’re not integrated. You’re supposed to break the barrier with your fingers and massage the serum into the dry mask while they’re both in the pack.

We loved how hygienic this was, although it’s quite expensive at around P2,750 for four pairs. It was worth every cent but if you’re on a budget, this can be quite expensive. If you consider what it can do for the amount you will spend, the eye mask comes off as a good buy. That depends on how badly you want that under-eye area to look and feel better.

You’ll see instant results with the Estēe Lauder Advanced Night Repair Concentrated Recovery Eye Mask. After all, this contains their ANR serum, which is the brand’s best-selling skin-care product. You’ll wake up with hydrated under-eyes although you’ll probably see its effect on puffiness after two uses. This has been one of the best eye masks/patches we

SHISEIDO VITAL PERFECTION UPLIFTING AND FIRMING EXPRESS EYE MASK THESE eye masks cost P4,200 for 12 pairs but considering that you’ll see results after only one or two uses, it’s a matter of how badly you want a more hydrated, moisturized and less puffy under-eye area.

It contains Shiseido’s “MATSU-ProSculpt Complex that helps to target the look of age-related puffiness in the eye area. KURENAI-TruLift Complex and ReNeura Technology++ strengthen skin’s natural support, while visibly lifting and firming.” Shiseido recommends using it in tandem with the Vital Perfection Uplifting and Firming Eye Cream before application of the mask. Recommended use is twice a week.

This retinol eye mask visibly lifts and firms the skin around the eye area, without much effort. It was easy to use and didn’t cause any irritation. You’ll see an effect after two uses. The mask, which is also one of the best we’ve tried, is bigger than most eye masks/patches and the material is cotton blend.

GOOD MOLECULES CAFFEINE HYDROGEL EYE PATCHES GOOD Molecules just launched in the Philippines (they’re available at BeautyMnl) and one of the products we got was the jar of Caffeine Hydrogel Eye Patches.

Good Molecules said “these caffeine-infused hydrogel masks work to brighten, hydrate, and reduce puffiness around the eyes in just 10 minutes. They’re the perfect quick pick-me-up for puffy, tired-looking eyes.”

These eye patches are so immersed in gel that you can barely see the patches when you open them. It comes with a small spatula.

Surprisingly, it was not difficult to use and it was effective in that we woke up to moisturized under-eyes like we had used a good eye cream. As per the instructions on the jar, you are supposed to use this before any skin-care product after cleansing. We used it after all skin-care products have been applied and it still worked.

You get 30 pairs of patches in a jar that costs around P1,125.

MARY KAY HYDROGEL EYE PATCHES THESE shimmery pink (because it’s Mary Kay) under eye gel pads “deliver a refreshing burst of hydration to tired, puffy eyes. You’ll see benefits by using these for just 20 minutes twice a week.”

We’ve always said Mary Kay skin care was underrated and this one is no exception. Used regularly, these eye patches addressed dryness and puffiness. Plus, like most hydrogel eye patches, we love the cooling effect.

We didn’t experience any eye irritation after using it.

Recommended use is twice a week for 10 minutes each.

These cost around P2,500+ for a jar of 30 pairs.

B5

B6 Monday, May 24, 2021

Yuchengco Group‘s RCBC wins Best Retail Bank at the 2021 Global Banking and Finance Awards

#ExperienceBetter with Converge ICT Time of Day customizable internet plans

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S the pandemic continuously brings about new challenges for Filipinos, both in businesses and in residences, everyone keeps looking for ways to adapt to the changes.

To address its customers’ increasingly-demanding connectivity requirements, Converge ICT has recently introduced their new Time of Day products - a range of cost-efficient internet plans that fit the consumers’ internet requirements, whether they are managing large or small-andmedium sized businesses, or working and relaxing at home.

“Right now, for our customers to better adjust to the changing norms, they need a tool that adjusts to them as well. By introducing our Converge Time of Day products, we aim to provide our subscribers from all segments custom internet options, giving them more bandwidth when needed and, equally important, enabling them to save on costs,” Converge ICT Chief Operating Officer Jesus Romero said.

With Converge Time of Day, enterprises, SMEs, and residential customers will be able to experience twice the speed of their subscribed bandwidth during their chosen preset period, without having to double their monthly subscription fee.

For the Enterprise business segment, Converge Enterprise Dedicated Internet Access Time of Day provides resources that will help the business run efficiently during its preferred work schedule. Created for SMEs, Converge FlexiBIZ has

flexible plans for companies that have peak working hours during the day, doubling the subscribed internet speed from 7:00AM-6:59PM. Homeowners and residential customers will also be able to experience this speed boost with Converge FiberX Time of Day. Offering two plans, Day Plan or Night Plan, subscribers will be able to maximize their budget while getting two times

the internet bandwidth during their chosen time of the day.

New and existing customers may easily avail of this plan through the website, hotline, and sales representatives. For enterprises, on the other hand, there are designated account managers to assist in customization of their plans according to their specific needs. Visit convergeict. com for more details.

Coca-Cola partners with WWF to pilot plastic diversion systems in Philippine communities Hand-in-hand towards a world without waste

COCA-COLA Foundation Philippines Cecile Alcantara

WWF Philippines Katherine Custodio

LASTIC pollution is a global problem that has caused serious consequences to marine life, the environment, and society as a whole with an estimated 8 million tons of plastic waste entering the ocean annually.

Recognizing the low collection and recycling rates in the country and the opportunity to drive circular economy solutions, Coca-Cola Philippines, through its social investment arm, Coca-Cola Foundation Philippines, is continuously partnering with NGOs to implement sustainable solid waste management programs at the community level.

Together with its long-time partner WWF-Philippines, and with additional funding from The Coca-Cola Foundation (the global philanthropic arm of The Coca-Cola Company), Coca-Cola is piloting diverse plastic diversion systems tailored to different communities in the country.

“The global scale of plastic pollution makes it a problem that requires strong, impactful partnerships and sustainable solutions. That is why we partner with like-minded organizations like WWFPhilippines to help us provide circular waste solutions that will not only do good for the environment but can also educate people to be part of the solution and uplift the lives of Filipinos,” said Cecile

Alcantara, President of the Coca-Cola Foundation Philippines.

The 10-month project will involve four different types of communities from highly urbanized cities, coastal communities, islands, and lowlands in Davao City, San Isidro in Davao Oriental, Island Garden City of Samal, and Donsol in Sorsogon.

By piloting different waste management strategies based on the four predominant landscapes in the country, the project aims to provide a sustainable collection system and plastic diversion mechanism that can be replicated across the Philippines. It also takes into account the challenges in the country’s waste management systems, notably lack of infrastructure and resources, and the country’s archipelagic nature.

“Working towards the vision of no plastics in nature by 2030, it is important to work in partnership with relevant actors in the value chain, especially companies like Coca-Cola who are leaders in their industry,” said Katherine Custodio, WWF-PH executive director.

“This big and multifaceted issue of plastic pollution amidst our broader challenge of loss of nature and climate change requires effective and grounded solutions, and above all the courage to take urgent action among all stakeholders.”

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MEANWHILE, Coca-Cola Philippines continues its commitment to reaching its goal of a World Without Waste through various partnerships with Plastic Bank, Philippine Business for Social Progress, Alternative Indigenous Development Foundation (AIDFI) and other likeminded organizations. These different partnerships look at the potential of recyclable plastic packaging, not as waste, but as a valuable resource material that can be used over and over again if properly collected and recycled. At present, the company, in partnership with Coca-Cola Foundation Philippines, has empowered nearly 40 zero waste communities in 22 provinces across the country to help prevent recyclable plastic waste from ending up in oceans and landfills.

Moreover, part of the company’s commitment toward a World Without Waste is accelerating the launch of the state-of-the-art PETValue facility in General Trias, Cavite—a joint partnership between its local bottler, Coca-Cola Beverages Philippines, and Thailand-based Indorama Ventures, a recognized global leader in packaging solutions and green technology. Touted as the largest bottle-to-bottle recycling plant in the Philippines, the PHP1B facility is expected to process around 30,000 metric tons of used recyclable PET bottles—or nearly 2 billion clear plastic bottles—and produce around 16,000 metric tons of recycled PET resin every year.

The facility was granted “pioneer status” by the Philippine Board of Investments (BOI), recognizing that the green technologies to be employed by PETValue will be the first of their kind in the country. PETValue is expected to be operational by the first quarter of 2022.

These programs further the World Without Waste vision of Coca-Cola, in which the company aims to collect and recycle the equivalent of every bottle sold by 2030.

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IZAL Commercial Banking Corporation (RCBC) has been named the Best Retail Bank of 2021 at the Global Banking and Finance Award (GBAF) for trailblazing initiatives that made banking more accessible and that safely transitioned clients to a better normal amid the pandemic.

It has recognized RCBC’s retail arm, the Retail Banking Group (RBG), for rolling out customer-centric solutions that have empowered its clients to bank safely at the height of the lockdown. These include the RCBC Touch, the bank’s fully digital end to end onboarding platform, the launch of OneAccount, an industry-first flexible all-in-one deposit account, and enabling more banking services in its online banking platform.

In addition, a Bank-From-Home feature was also launched to accommodate those who wish to transact with a bank representative through phone and web conferencing, allowing clients to transact safely and conveniently in their homes. The bank also introduced an enhanced rewards program under the Hexagon Club.

The universal bank continues to embark on a massive digital transformation and heavily invest on building its digital capabilities that support customer-centric solutions.

“We are continuously inspired to do more for our customers by introducing first in the market products, easily accessible digital and physical channels, and best in class customer experience through our

high value offers and customer centric relationship managers,” said Richard C. Lim, Head of RCBC Retail Banking.

“It is an honor to be awarded as the Best Retail Bank in the Philippines by the Global Banking and Finance. The continued trust given to us by our clients to empower them in their financial journey is a valuable achievement to us,” he added.

RCBC is a member of the Yuchengco Group of Companies (YGC), one of the oldest and largest conglomerates in Southeast Asia covering over 60 businesses.

The GBAF Awards was established in 2011 by the U.K.-based Global Banking & Finance Review.

PhilHealth reiterates commitment to pay obligations to its partner hospitals

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HILHEALTH has sufficient funds to fulfill its obligations. Being a public fund, safeguards are in place based on accounting and auditing rules and regulations prior to disbursements. For 2021, as of May 17, 2021, PhilHealth paid a total of P25.38 B in claims, P4.88B of which are for COVID-19 related claims.

Recognizing the need of the hospitals for funds especially in highly critical areas for

COVID as identified by the Inter-Agency Task Force (IATF) for the Management of Infectious Diseases, PhilHealth has introduced the Debit-Credit Payment Method (DCPM) wherein 60% of good “in process claims” are paid outright to qualified hospitals minus 2% withholding tax, while the remaining 40% shall be paid after claims processing and reconciliation, minus 2% withholding tax. The accelerated payment method provides hospitals sufficient cash flow to continue providing the sick with quality health care during the pandemic.

To date, PhilHealth paid almost P6B in DCPM to 182 hospitals.

Celebrities turned content creators to grace CICP‘s May GMM

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HE Creator and Influencer Council of the Philippines (CICP) mounts its virtual General Membership Meeting (GMM) for the month of May, which will be a star-studded one that aspiring content creators and viewers alike will definitely enjoy!

Celebrities joining the world of content creation is not news anymore as we see more of them shifting into vlogging, especially during the rise of the pandemic. However, we’ve never really heard them talk about everything behind the transition. What we already see is the transition itself through their social media and YouTube channels.

That is why CICP’s May GMM will tackle the journey of Philippine’s most soughtafter actors of their generation— Bea Alonzo, Dimples Romana, and Enchong Dee— towards content creation. Another interesting topic that will be discussed is the so-called GREAT DIVIDE. Is there really a great divide between Celebrities and Content

Creators or Influencers? Find out!

The GMM, Screen to Screens: Celebrities Turned Content Creators, will happen on May 25, 2021 at 6 PM via CICP’s Facebook LIVE. Viewers will get up close and personal with some of the best celebrities of this generation to learn how their journey started, what they had to go through before finally deciding to do vlogging, and a lot more! Viewers can also look forward to the keynote speech by Luis Buenaventura where they’ll learn more about “Non-Fungible Tokens” or NFT. Joining the event as Fireside Chat Moderator will be TV Host and Actor Robi Doming, meanwhile Content Creator Kimpoy Feliciano will join as host. Also making an appearance will be CICP President, Jim Guzman and CICP Director for Ethics & Governance, Atty. JJ Disini.

The GMM is free and open to the public.

Just go to the official Facebook page of the CICP and follow for more information and updates.

Marketing BusinessMirror

www.businessmirror.com.ph

Monday, May 24, 2021 B7

The coronavirus chronicles: Has Covid changed media relations?

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By Millie F. Dizon

Brand & Business: Brother Philippines associates renew commitment to conserving the environment on Earth Day

MANILA, PHILIPPINES—In the spirit of helping save the environment, Brother Philippines associates renewed their promise toward sustainability and conservation with #MyEarthPromises on this year’s Earth Day last April 22.

Brother associates from both the Philippines and the AsiaPacific region gamely showed their promises in two videos published on YouTube and the company’s social-media accounts. Commitments ranged from vowing to do plastic-free living, to reducing energy consumption by unplugging unused appliances and electronics, to proper waste segregation, just to name a few.

“On Earth Day this year, we realize now more than ever the importance of saving the planet, which is why we renew our own promises to help the environment from within our

own organization,” said Glenn Hocson, president of Brother Philippines.

This Earth Day initiative is part of Brother Earth, a bigger campaign launched by parent company Brother Industries, Ltd. Japan dedicated to the conservation of the environment.

Brother Earth supports the Sustainable Development Goals for 2030 established by the United Nations in 2015.

Other sustainability activities done by Brother Philippines include Tree Planting, Marine Conservation, and Eco-Point (an activity within Brother Offices that encourages associates to consistently do their part in saving the Earth), and support of other local environmental efforts in the organization.

The Brother Group commits to continue working proactively to solve social challenges through innovative products, environmental activities and social contribution activities globally while cherishing the spirit of “At your side.”

To learn more about Brother Earth and Brother Group’s active environmental campaigns, visit https://www.brotherearth.com/

Travel: D.O.T. proposes ‘green lane’ for fully vaccinated travelers

MANILA, PHILIPPINES— The Department of Tourism

chat, save the small talk for quick ping over Outlook.” n Timing is everything. Likew ise, “ jou r n a l ists’ prefer red t iming of pitc hes has not changed. The majority [57 percent] choose Monday as their preferred pitch day; 68 percent prefer receiving pitches between 5 am and 12 pm.” n

need.

Look at what journalists

According to the survey, the vast majority (86 percent) find academic subject matter experts and CEOs (74 percent) the most credible sources. Making them available will help most stories, says Schuman. n They like it straight from the source. The survey likewise reWWW.FREEPIK.COM

PR Matters

R pros will be interested to know that last Sunday May 16 was the celebration of World Communications Day. As a backgrounder, World Communications Day was established

by Pope Paul VI in 1967 as an annual celebration that encourages us to reflect on the opportunities and challenges that the modern means of social communications (the press, motion pictures, radio, television, and the Internet) afford the church to communicate the gospel message.

While this started out faithbased, those of us in communications know it actually has no borders. And with this, our thoughts go to our friends in media.

How have they dealt with the many changes and challenges that have come their way? How has the pandemic changed their perspective on their choice of stories? As PR pros, we would be interested to know how this has impacted on media relations.

In an article by Nicole Schuman on prnews.online.com, we see how Muck Rack, the PR management platform, tried to make sense of a chaotic year by releasing its fifth annual State of Journalism study. The survey of 2,500 writers from January 11 to February 8, 2021 “shed light on how they choose stories to write, use social media, and work with communicators.”

Muck Rack cofounder and CEO Greg Galant acknowledges that “from the pandemic to widespread layoffs, to concerns about press freedom, 2020 was a challenging year for journalists and the industry as a whole. But it also reinforced the vital role journalists play in our society, especially in times of crisis.”

It may surprise us that in the survey, Muck Rack Finds the Fundamental Rules Still Apply

to Media Relations. Galant adds that that their study “shows a remarkable level of resilience among journalists, and it also reveals the opportunities for PR pros to become more effective supporters of journalists.”

And the key to good media relations is putting ourselves in the place of journalists. Here are some tips from the survey, which are applicable here as they are in the United States:

Understand how journalists work. According to the Muck n

Rack study, the average journalist tends to work three or more beats and writes five or fewer stories each week. Likewise, just 25 percent of those stories result from pitches. This makes journalists very busy, as they not only write,

(DOT) has proposed to the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF-EID) the possibility of setting up a Green Lane that will facilitate the entry of foreign visitors who are fully vaccinated against Covid-19, as part of the national government’s effort to reopen the economy.

The Green Lane will make it easier for fully vaccinated travelers to visit the country for leisure as quarantine rules are being relaxed with the progress of the vaccination worldwide.

Tourism Secretary Bernadette Romulo Puyat said that she is optimistic about the prospect, “The Green Lane will pave the way for the reopening of our tourist destinations to leisure travelers who are now fully vaccinated. It will give the jobs back to many of our tourism workers and gradually revive the tourism industry under safe conditions.”

The IATF-EID has tasked the DOT and several other agencies of the government to explore protocols for inbound international travel for fully vaccinated individuals.

Headed by the DOT and the Department of Foreign Affairs, a Small Working Group (SWG) has been formed to evaluate the possibility of implement-

but do research and explore story leads. n It’s in the name. It’s always good for PR pros to make sure the information they send are correct, particularly in addressing journalists. Do we get their names correctly and spell them properly?

Muck Rack found 21 percent of journalists trash pitches due to a lack of personalization. n Make it short and sweet.

Schuman says that “despite 2020’s many changes, the study emphasizes that journalists continue to appreciate brief, relevant pitches.

This is especially so since many reporters face increased workloads due to the pandemic’s downturn and shirking newsrooms.”

She adds that “a whopping 91

ing “green lanes” and formulate protocols therefor. The group also includes the Bureau of Quarantine (BOQ) under the Department of Health (DOH), the Bureau of Immigration (BI) under the Department of Justice (DOJ), the Department of Information and Communications Technology (DICT), the Department of Transportation (DOTr), the Office of the Presidential Adviser on the Peace Process (OPAPP), the Overseas Workers Welfare Administration (OWWA) under the Department of Labor and Employment (DOLE), and the Department of Trade and Industry (DTI).

S e v e r a l cou nt r ie s h av e opened up their major destinations to fully vaccinated foreign travelers.

“We must keep pace with our neighbors and the rest of the world in slowly reopening our tourist destinations. We must be ready for the visitors when the whole world is ready to safely travel again,” said Secretary Puyat.

Digital: DDB Group’s Agile Intelligence COVID-19 Dashboard marks first year of tracking pandemic data

M ANIL A, PHILIPPINES—It has been a year since DDB Group Philippines’ data analytics unit

percent of writers prefer pitches of fewer than 200 words. They also appreciate a minimum of followups in their inbox.” n Get creative. In the study, “most journalists believe companies need to update how they share information with media members is outdated. It certainly appears there are opportunities for PR pros and vendors to update information-sharing methods.” n Get connected. It may surprise you that despite all the digital innovations, “94 percent of journalists said e-mail remains the No.1 way to connect with them.

Phoning is the least popular, with just 10 percent preferring it. So, even if you may want a friendly

Agile Intelligence, Inc. (Agile) launched a comprehensive Covid-19 tracker as a response to the growing need to understand the numbers behind the growing cases of novel coronavirus in the country.

Dubbed the Agile Intelligence Covid-19 Dashboard, the project sought to address the country’s lack of central dashboard with harmonized data and data visualization per region and city for Covid-19 stats such as areas with the longest “no cases reported,” doubling time, recoveries, new cases, healthcare facilities’ capacity, and bed occupancies. The tracker thus processed and presented these stats in congruent data sets that are more digestible for experts and the public at large. Primary data sources include the Department of Health and the local government units (LGUs).

DDB Group Philippines’ resident data analytics guru and Agile Intelligence Managing Director Chewy Chua oversees the Covid-19 dashboard for better data visualization, analysis and interpretation. From another DDB Group PH Unit, Tribal Worldwide Philippines Head of Digital Services Ian Ong provides the logic, coding and graphs for the website. Both Chua and Ong are founders and, at the same time, “volunteers” of

veals that “journalists find brand communicators [55 percent] more credible than agency PR pros [34 percent].” n Select your social. The survey reveals that “social media continues to influence reporters: 76 percent of journalists find Twitter their most valuable social platform; 45 percent consult a company’s social media when reporting about it.”

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 chairman.

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.

the project, devoting an hour or so of their hectic daily schedule to work on the tracker.

“We are passionate about data and digital platforms and more so if we are harnessing both to come up with a helpful project like the Covid-19 Dashboard. We would like to thank everyone who supported this project,” said Chua.

To date, the dashboard has about 100,000 unique local and foreign visitors, who appreciate its impressively organized data sets and charts on the country’s Covid-19 history and performance. It also received an award under the Communication for the Web category at the 18th Philippine Quill Awards.

Agile Intelligence’s Covid-19 dashboard’s companion viber group has about 300 members consisting of industry leaders from different sectors, and just about anyone who wants to get a more detailed daily situationer and insights on the pandemic.

There is also a Covid-19 update thread in DDB Group Philippines’ Viber group where employees conveniently get a daily snapshot of the pandemic.

The Covid-19 Dashboard has been one of the most definite and consistent public service of DDB Group Philippines during this pandemic. Check it out at https://covid19.agileintelligence.ph/.

Sports

NEVER SAY DIE

BusinessMirror

B8

| Monday, May 24, 2021 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

Eala, Russian partner settle for second place

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LEX EALA and Russian partner Oksana Selekhmeteva absorbed a 3-6, 5-7 setback to the European pair of Justina Mikulskyte of Lithuania and Oana Georgeta Simion of Romania in the final of the Women’s W25 Platja D’ Aro on Saturday at the Club Tennis D’ Aro in Paratge Dela Gramoia in Spain.

The Globe ambassador Eala and the 18-year-old Selekhmeteva had an off day particularly in the opening set, where they were assaulted by their rivals, both 25, with strong backhands and forehand volleys for a commanding 5-1 lead to eventually snatch the first set of the tournament which offered a prize money of $25,000.

They gave everything in the second set and forced the frame to a 5-5 count, but they couldn’t sustain their momentum as their elder and more-experienced foes took the last two points to bag the title.

Before their championship journey, the duo upset top seeds Sofya Lansere and Vlada Koval of Russia, 6-3, 2-6, 12-10, in the quarterfinals and the Dutch pair of Isabelle Haverlag and Suzan Lamens, 6-3, 6-1, in the semifinals.

ALEX EALA and her Russian partner yield to older and more experienced opponents.

The 2020 Australian Open junior girls’ doubles champion Eala and Selekhmeteva, the 2019 US Open girls’ doubles champion, crushed Warona Mdlulwa of South Africa and Valeria Koussenkova of Spain, 6-2, 6-0, in the opening round.

Eala, ranked 662 in the world, also wasn’t fortunate in singles as she exited in the second round after losing to Burillo Escorihuela of Spain, 2-6, 4-6.

Despite coming out short in her first professional circuit tourney, the world juniors No. 3—who turned 16 on Sunday—is expected to bounce back stronger in next competitions.

Josef Ramos PACQUIAO

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HE formula used against American Keith Thurman four years ago will be enough to end unified welterweight champion Errol Spence Jr.’s unbeaten streak, according to Manny Pacquiao’s assistant trainer Nonoy Neri.

“We don’t see any quickness in Spence, he’s just relying too much on his size and height,” Neri told BusinessMirror on Sunday.”I think our Senator could hit him hard.”

Pacquiao announced on Saturday morning that he agreed to fight the International Boxing Federation and World Boxing Council titleholder Spence on

KURT BRYAN BARBOSA and Coach Carlos Padilla are a very happy tandem headed for the Tokyo Olympics.

By Josef Ramos

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HE spotlight wasn’t much on Kurt Bryan Barbosa when a four-jin Philippine team embarked on a campaign in the Jordanian capital of Amman over the weekend to seek qualification for the Tokyo Olympics.

But one by one beginning on Friday, the Filipino jins fell. Not on Saturday though. When the smoke of battle cleared, the proud son of Abra was one of 16 Asians

Thurman blueprint could snap Spence’s winning streak– Neri August 21 in Las Vegas, Nevada.

BusinessMirror learned that Pacquiao will be earning $5 million from the fight—his first since 2019 when he beat Thurman—on top of his pay-per-view shares. There was also no early announcement if the fight will be open to fans.

“That’s what we’re going to do—use the Keith Thurman game plan against Spence. He is too slow,” Neri said. “Spence is a slow puncher and fights just up front unlike our Senator who goes around his opponent.”

“I think this one is a good fight for the Senator,” he added.

Pacquiao beat Thurman via split decision in July 2019 in

Romero lauds Bataan’s donation of land for PSTC

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EPUTY House Speaker Mikee Romero expressed delight over the donation of a land where the proposed state-ofthe-art Philippine Sports Training Center (PSTC) will be constructed.

The PSTC will become the official home of Filipino athletes— aspiring and elite.

“Being one of the authors of the law that created the establishment of a modern sports complex, I am honored that our athletes will soon have a place where they can further polish their talents,” Romero said. “It will be their future home away from home.”

The 1Pacman Partylist representative also lauded the provincial government of Bataan for

donating six lots with a total area of 250 hectares in the municipality of Bagac—around three hours from Manila.

Romero said Bagac is rich in agricultural and aquatic resources which are essential in providing nutrients during the training of the national team pool members.

“Because of its natural wonders, Bagac is a perfect training ground and it’s away from the madding crowd in the metropolis,” he said.

Philippine Sports Commission (PSC) Chairman William “Butch” Ramirez formally received the deed of donation from Bataan Governor Albert Raymond “Abet” Garcia last week.

Romero, who owns the

to earn tickets to the Olympics.

“After I won, I still can’t believe it, I thought I was just dreaming,” the 21-year-old Barbosa said. “I am very, very happy. This is the dream of my family— for me to compete in the Olympics.”

Although Barbosa drew a bye in the first round, his journey to Tokyo wasn’t easy. He notched a close 40-33 quarterfinal win over Mongolia’s Molomyn Tumenbayar, before coming from behind to score an even closer 50-49 semifinal victory Zaid Al-Halawani of Jordan.

The other half of the men’s -58-kg class saw Thailand’s Sawekwiharee Ramnarong bearing Pakistan’s Harong Khan, 32-26, to also advance to the July 23 to August 8 Olympics.

With the organizers’ aim of determine who qualifies for Tokyo—the top two jins in each of the 16 categories for men and women—there was no need to play the final.

Barbosa became the ninth Filipino so far to qualify for the

NorthPort team in the Philippine Basketball Association and one of the founding directors of the Philippine National Federation of Polo Players, said the establishment of the PSTC is a landmark sports project under the administration of President Rodrigo Duterte.

“It’s a dream come true for our national athletes because in three to four years they will have a state-ofthe-art facility that is at par with some of the best in the world,” Romero said. “It can also play host to future international events. More than that, it can provide livelihood to local residents.”

The P3.5 billion sports complex will cater to athletes in archery, athletics, badminton, baseball,

Las Vegas to seize World Boxing Association welterweight belt.

He was, however, relegated to a champion in recess in January for failing to defend the crown in pandemic year 2020.

Spence, on the other hand, beat Danny Garcia last December 5 via unanimous decision in Texas for his 27th straight victory laced with 21 knockouts.

Neri said the 42-year-old Pacquiao (62-7-2 win-loss-draw record with 39 knockouts) needs to build stamina and endurance and pile up on strategy agai nst Spence.

Josef Ramos

ROMERO

basketball, beach volleyball, bowling, taekwondo, karate, judo, wrestling, dancesport, football, gymnastics, handball, lawn tennis, sepak takraw, shooting, softball, squash, swimming, table tennis, volleyball, wall climbing water polo and weightlifting.

Romero said giving PSC sufficient funding is also high on their sports agenda in Congress.

“The PSC should not only have sufficient funding but also powers to advance the welfare of national athletes through compensations and rewards,” he added.

It will also have amenities for administrative, sports science, medical, and dormitories for athletes and coaches.

MICKELSON IN THE CUSP OF HISTORY K

IAWAH ISLAND, South Carolina—Phil Mickelson could have done without the thrills Saturday in the PGA Championship.

Losing a five-shot lead in a span of five holes on the back nine. One tee shot into the water, another that ended up under a cart tire. It was all part of a wildly entertaining day at Kiawah Island that ended with Mickelson nearly holing a flop shot that can test the nerves of just about any 50-year-old but him.

That brought Mickelson to the cusp of history not many could have seen coming.

That par save for a two-under 70 gave him a one-shot lead over Brooks Koepka and left him 18 holes away from becoming the oldest champion in the 161 years of the majors.

When he curled in the fourfoot putt for par on the 18th hole, Mickelson became the oldest player with a 54-hole lead in a major since 59-year-old Tom Watson at Turnberry in 2009.

That didn’t end well for Watson, who lost that British Open in a playoff to Stewart

Cink. For Mickelson, it’s an opportunity to become the oldest major champion. Julius Boros was 48 when he won the 1968 PGA Championship.

Asked to describe such an occasion, Mickelson was too busy glancing at his watch. Sunlight was fading and he wanted to practice.

These opportunities don’t come

along as often as they once did.

“I’m not really dwelling back on what took place today,” he said.

Sunday should get his attention, starting with the guy who joins him in the final group.

Koepka survived what he called the worst putting of his career.

Statistically, he was middle of the pack, but he

THE crowd and the roars are back, and so is Phil Mickelson who is 18 holes away from a historic victory. AP

missed a six-foot par on the final hole for a 70 that cost him a share of the lead.

No matter. At stake for Koepka is a shot at his third Wanamaker Trophy in four years. No one has won the PGA Championship so often so quickly since it switched to stroke play in 1958. AP

Tokyo Games and nobody else is as happy and excited as his coach Carlos Padilla.

Padilla, 38, has been coaching Barbosa since 2019, a partnership that already yielded a gold medal in the 30th Southeast Asian Games.

“He [Barbosa] entered the national team in 2019, the same year when I became a senior national coach,” Padilla said. “There’s no secret formula to the successful partnership, but trust and absolute hard work.”

The University Athletic Association of the Philippines also became a domain of the PadillaBarbosa tandem with the National University standout winning Rookie of the Year honors in 2018 “What I started with coach Carlos [Padilla] in 2019 should be sustained up to the Olympics,” Barbosa said. “I believe I can be victorious in Tokyo.”

But to do that, Barbosa said he needs to work even harder.

“I have to upgrade and adapt, study what I need to improve on,” he said. “It’s more on the tactical approach. As long as I continue the hard work, we can do it.”

Padilla said that harder work begins on Tuesday when the team

flies back to Manila.

“We already found the key to win but we still need to push ourselves hard and learn to analyze the game,” said Padilla, a bronze medalist at the Nakhon Ratchasima 2007 SEA Games and a veteran of the world championships.

The other Filipinos weren’t up to the task in Amman—Rio Olympian Kirstie Alora lost to Uzbekistan’s Svetlana Osipova, 5-27, in the semifinal of the women’s +67 kgs, 2019 SEA Games gold medakist Pauline Lopez suffered a 10-21 setback to Laetitia Aoun in the quarterfinal of the women’s 57 kgs and Arven Alcanta lost to another Uzbek, Ulugbek Rashitov, 9-23, in the men’s -68 kgs quarterfinal.

Barbosa joined boxers Eumir Felix Marcial, Irish Magno, Nesthy Petecio and Carlo Paalam, gymnast Carlos Yulo, pole vaulter EJ Obiena, rower Cris Nievarez and weightlifter Hidilyn Diaz on the team to Tokyo.

Chinese Taipei dominated the qualifier by sending four athletes to the Olympics. Uzbekistan qualified three, Jordan and Kazakhstan had two each and China, Iran, Thailand, Vietnam and the Philippines one apiece.

#WeGotNext BLEACHERS’ BREW

RICK OLIVARES | bleachersbrew@gmail.com TWENTY years ago, I probably would have sulked, sat on my butt, and felt sorry for myself.

I lost my job a few months into the global lockdown that followed this pandemic. As much as I took a hit financially, I was somewhat relieved because I was so unhappy with that job.

Thankfully as well, I have this cool head above my shoulders so I was able to pivot and figure out what to do. I went back into teaching and I started doing the communications work for this health-care company. And this is all in addition to doing my usual writing for this column and others.

It doesn’t approximate what I used to earn but I am far happier and more fulfilled.

Going back into teaching which is something I did briefly in the United States and in my alma mater of Ateneo de Manila.

And I have always enjoyed it since I was introduced to teaching, while participating in Ateneo High School’s Tulong Dunong program as a senior.

In the Tulong Dunong program, all high school seniors are required to teach in public schools in the Marikina and Project 4 area once a week for a couple of hours of English, Math or science. By the end of the year, our students—sixth graders— were invited to take the entrance exams for the high schools of the Ateneo, Maryknoll (now Miriam College), St. Bridget’s School, St. Joseph’s and St. Paul’s. Those who passed or achieved certain scores were given scholarships.

And I enjoyed every moment of that. I drew upon that experience to teach Reading Comprehension for a year in a private school in Brooklyn, New York, after which I went into the corporate world doing marketing.

When veteran broadcast announcer and newspaper columnist Sev Sarmenta who also doubled as the Dean of Ateneo’s Communications Department 11 years ago invited me to teach in my alma mater, I took the opportunity. I taught Introduction to Journalism for three years and began giving lectures about journalism, writing and social media in schools all over the country.

So a return to teaching was like fitting an old glove.

It many ways, it was even more challenging as instead of face-toface instruction it was now online.

I had to re-tool what I taught and I believe it has made me into a better teacher. It wasn’t just the rudiments of writing (as well as photography and podcasting), but also teaching on how they could find themselves in this pandemic. Alternative careers. Or unearthing a latent talent.

In my online writing and media classes, I have had close to a hundred students who moved up to several modules. I have also taught communication and social studies in this college in Pampanga where I have handled five different sections. All in all, that rounds into about 220 students (including my writing classes) across 10 classes a week.

I spend my mornings attending to my consultancies and writing and teach in the afternoons (sometimes, they go all the way up to 9pm), and do four podcasts spread across the weeks during evenings.

In between, I find time to relax, watch something on YouTube or Netflix, catch up on my reading, walk my dog around the neighborhood for 30 minutes, talk to friends, and get some sleep.

There isn’t much time to feel down or bad because all of that either entertains, fulfills and tires me. So when you can’t feel bad, you feel good.

During my much younger years, when I was down, I stayed there, and waited for someone to pick me up. Going to live and work in post-9/11 New York is one of the singular life-changing decisions in my life because it made me more resilient, flexible, smarter, compassionate, and well, a thinker. In the midst of the turmoil, I found myself and the clarity I sorely needed.

You can sum it up by saying, that was the ultimate bounce back and I have constantly drawn upon that experience to rally when the world is spinning out of control.

It is only for two weeks out of these last 14 months where I felt a slump. But I would chalk that up to seeing many friends, classmates, work colleagues, or even people I admired shift this mortal coil whether to the virus or natural causes.

Even then, I knew I would be fine. I went about my work during that two-week span where I felt lethargic, in a state of limbo, with some anger creeping in.

Like the real and metaphorical storms that hit, they too, must pass. And they did.

I have always taught my students both in school and in my online classes to express themselves in some form, to learn to look at life and situations from another perspective, and that a problem is always an opportunity for one to do his or her best.

It will probably take us another year and change to rid ourselves of this virus. And perhaps even longer for the economy to rebound.

But I, you, we have come this far.

You’ve got this. #WEGOTNEXT.