BusinessMirror May 25, 2021 by BusinessMirror

Executive, Senate prodded on Bayanihan 3 By Jovee Marie N. dela Cruz

OVERSEAS Filipino workers line up at the OFW Lane at the Ninoy Aquino International Airport Terminal 3 in Pasay City. The Philippines is eyeing the redeployment of Filipino caregivers to Israel after a cease-fire between Israel and Hamas ended days of conflict. NONIE REYES

@joveemarie

ITH the remaining days before their sine adjournment and still no compromise agreement between Congress and the Executive, the leadership of the House of Representatives on Monday asked the Senate and the Executive Department to “fully partner” with the lower chamber for the smooth passage of the P405.6-billion Bayanihan 3. Speaker Lord Allan Velasco made the appeal as the House Committee on Economic Affairs and House Committee on Social

Services on Monday endorsed for plenary approval the Bayanihan to Arise as One Act or Bayanihan 3. At the joint hearing, Velasco cited the urgency of passing Bayanihan 3, which he said includes emergency lifeline measures to address the vulnerabilities of the country by providing lifesaving socioeconomic assistance to the hardest hit sectors. “I urge our partners in the Senate and the Executive to fully partner with us on this mission. We need your help,” Velasco said. “We will push to legislate Bayanihan 3, because the Filipinos deserve this lifeline intervention—urgently and immediately,” he added.

The 18th Congress has five remaining session days until its sine die adjournment on June 2. “We have heard this many times over, but let me reiterate that the worst public health crisis of our generation is not just an issue about health. It is about life and the real value of living. It is about crashing economies, food insecurity, job loss, crushed dreams, and lost hope. Our people are desperate. The pandemic has battered the livelihood of our fellow Filipinos, especially the poorest of the poor who are living on a daily wage basis. It has cast a looming shadow on the economy, and it has disrupted the social

spectrum of the Filipino nation,” the Speaker added. In a news conference, House Committee on Economic Affairs Chairman Sharon Garin of AAMBIS-OWA admitted that the legislative and executives are “still in talks” on where the total funding for the third Bayanihan law will come from. “Both sides haven’t closed the doors yet because we haven’t arrived at a number. But they haven’t rejected our proposal but they find it quite difficult to come up with the total amount. The main concentration here is the first tranche [of the Bayanihan 3],” Garin said. Continued on A2

PHL WILL BE LAGGARD

n Tuesday, May 25, 2021 Vol. 16 No. 223

P25.00 nationwide | 2 sections 18 pages |

IN REGION—THINK TANK

THE China-funded Binondo-Intramuros Bridge in Manila spans the Pasig River, soon to be completed this year. It will connect San Fernando Street in Binondo to Solana Street and Riverside Drive in Intramuros. ROY DOMINGO

By Bianca Cuaresma

@BcuaresmaBM

HE Philippines is expected to be the region’s laggard in economic recovery from the effects of the pandemic, an international think tank said, as the country’s health sector and its sluggish vaccination rollouts are denting the country’s chances of recovery.

In an analysis published on Monday, Moody’s Analytics—the research arm of Moody’s Group —said the Philippines is “struggling to shake the pandemic” as its cases remain elevated despite implementing one of the harshest lockdowns in the world. “The Philippines isn’t forecast to return to pre-pandemic levels of output until the end of 2022. In contrast, China, Taiwan, South Korea and Vietnam have returned to previous output levels, while Indonesia

and Thailand are on track to return this year. This makes the Philippines the clear laggard in Asia,” Moody’s Analytics senior asia pacific economist Katrina Ell and Moody’s associate economist David Chia said. The research group slashed its forecast of the country’s growth numbers for this year from the 6.3 percent in March this year, to 5.3 percent. This is significantly below the floor of the government’s 6 to 7-percent growth target for the year. Continued on A6

CMDC told: Q1 trading volume jumps 49.6% By Bernadette D. Nicolas

@BNicolasB

ESPITE the pandemic, trading in the stock market remained robust in the first quarter of the year as local investors have stepped up amid the drop in foreign participation, officials said on Monday. Philippine Stock Exchange (PSE) President Ramon Monzon reported to the Capital Market Development Council (CMDC) a 49.6-percent jump in the average trading volume in the first quarter of this

year compared to the same period last year, “indicating that local investors have stepped up” despite the significant decline of foreign participation in the stock market. While foreign participation in the stock market slid to 25.7 percent in the first quarter of 2021 from 55.5 percent in 2019 and 45.4 percent in 2020, the year-to-date average daily value turnover in the PSE as of end-March this year hit P11 billion, higher than the average of P7.35 billion in 2020, and P7.29 billion in 2019. “Market liquidity is off to a good

PESO exchange rates n US 47.8970

start. Trading in the first quarter remains robust. We have almost a 50-percent increase in value turnover. Retail investors are very active in the stock market at least in the first quarter of 2021,” Monzon said during the CMDC meeting. Tasked to facilitate the development of the Philippine capital market, the CMDC is chaired by Finance Secretary Carlos G. Dominguez III. Lawyer Benedicta Du-Baladad, former president of the Financial Executives Institute of the Philippines (Finex), and Securities and Exchange Commission (SEC) Chair-

man Emilio Aquino both cochair the CMDC. Daily value turnover reached P11.04 billion in January this year, then went up to P12.35 billion in February and eased to P9.88 billion in March. Local retail investors also accounted for 74.3 percent of stock market transactions as of end-March. The PSE also reported that retail investors accounted for 43.3 percent of the volume traded by local investors compared to just 18.2 percent in 2019 and 26.9 percent in 2020.

‘LESS THAN 45 DAYS’: WILL HOTDOGS SOON BE HARD TO FIND? By Jasper Emmanuel Y. Arcalas

@jearcalas

HE local meat processing industry continues to scramble for raw material supply as the entire Europe remains technically shut out, with the industry seeking an easing of the import ban on the United Kingdom to replenish depleting stockpiles. In what industry players describe as an “unprecedented situation,” Filipino consumers must brace for the absence of their favorite processed meat products, including hotdogs, from supermarket shelves. Meat processing industry sources told the BusinessMirror that the industry’s supply of mechanically deboned meat (MDM) of chicken is now less than 45 days, forcing some processors to limit their production, with some having sus-

pended selling in Visayas and Mindanao. “It’s about less than 45 days,” Philippine Association of Meat Processors Inc. Director Jet B. Ambalada told the BusinessMirror, adding that certain brands are now absent from supermarket shelves. “And that current supply is the more expensive [chicken] MDM. We are greatly concerned of a possible shortage of processed meat products in the soonest possible time,” Ambalada added.

MDM supply

In March, the BusinessMirror broke the story that the meat processing industry foresaw an imminent shortage of supply; and if there would be any supply it would be too expensive due to the temporary import bans imposed on European countries. Continued on A2

Continued on A7

n japan 0.4398 n UK 67.8174 n HK 6.1690 n CHINA 7.4438 n singapore 35.9641 n australia 37.0004 n EU 58.3433 n SAUDI arabia 12.7722

Source: BSP (May 24, 2021)

News

BusinessMirror

A2 Tuesday, May 25, 2021

Foreign chambers push early OK of Public Service Act

By Cai U. Ordinario

@caiordinario

USINESS groups believe the passage of a law amending the Public Service Act (PSA) at this time would place the country in the league of its neighbors that are more open to foreign investments.

Foreign chambers said in a statement on Monday that this is one of the reasons they welcome the start of the plenary debate on Senate Bill 2094 or the amendment of the PSA at the Senate. Later on Monday, Sen. Grace Poe, who chairs the Senate Public Services committee, started fielding questions from interpellators on the bill amending the over 80-yearold law, one of three certified as urgent by Malacañang. The foreign chambers said once the law is passed, they would make sure that the reform will be brought to the attention of countries in Australia-New Zealand, East Asia, Europe, and North America to entice them to invest in the Philippines. “We will encourage them to invest in the Philippines and support

better public services for the Filipino people. With its large, growing economy, the Philippines will enjoy many benefits when local and foreign firms compete sideby-side and together to provide the Filipino with better services that this game-changing reform will bring,” they said. They said the archaic PSA is to blame for the country’s inability to attract Foreign Direct Investments (FDI) for many years, as well as the creation of oligopolies in the Philippines. The foreign chambers said the PSA, known as Commonwealth Act 146, has been in effect for the past 85 years. It has regulated public services and considers 25 services, which are not natural monopolies, as public utilities.

Public utilities, under the Philippine Constitution, should be 60 percent owned by Filipinos. This has prevented more foreign players from investing in these services. “It [PSA] also created a business environment for the services sector that nurtured oligopolies and weakened competition to the detriment of consumers. Tens of billions of dollars in foreign investment did not come to the Philippines but instead went to our neighbors,” they explained. The bill in the Senate proposes to define public utilities and differentiate them from public services. The chambers said “natural monopolies” involving distribution and transmission of electricity, water, and sewerage will be considered to be public utilities. The amendments will allow and encourage foreign investments in telecommunications, transportation, and other services which will not only increase competition but also improve technology, modernize and lower the price of services. The businessmen said the reform will also improve the country’s ranking by the Organization of Economic Cooperation and Development (OECD), which tagged the Philippines as one of the most restrictive economies in the world for foreign investment in public services. Further, the foreign chambers said the bill contains provisions

to protect against foreign government-owned and influenced firms controlling Philippine public services. This will be done by adopting national security review practices followed by major governments, including Australia, Japan, and the United States, in reviewing and approving major new foreign investments. The statement was signed by 14 foreign chambers such as the American Chamber of Commerce of the Philippines; Australian-New Zealand Commerce of the Philippines; British Chamber of Commerce of the Philippines; Canadian Chamber of Commerce of the Philippines; and the Dutch Chamber of Commerce in the Philippines. The list of signatories include the European Chamber of Commerce of the Philippines; French Chamber of Commerce and Industry in the Philippines; GermanPhilippine Chamber of Commerce and Industry; Japanese Chamber of Commerce & Industry of the Philippines; and the Korean Chamber of Commerce of the Philippines. Other signatories include the Nordic Chamber of Commerce of the Philippines; Philippine Association of Multinational Companies Regional Headquarters Inc.; Philippines-Swiss Business Council; and the Spanish Chamber of Commerce in the Philippines.

www.businessmirror.com.ph

‘LESS THAN 45 DAYS’: WILL HOTDOGS SOON BE HARD TO FIND? Continued from A1

( Related stor y: ht t p s:// busi n e s sm i r ror .com. ph/2021/03/29/meat-processorsfile-price-hike-bids-with-dti/) Europe accounts for 60 percent of the country’s chicken MDM supply. Another industry source, who requested anonymity, told the BusinessMirror that even big meat processors are reeling from the lack of chicken MDM supply as they start to pull out certain products from supermarkets. “There’s really a local supply shortage. We are getting information now that certain hotdog brands are running on very limited supply,” the source said. Industry sources said the global chicken MDM market has turned into a seller’s market, since the remaining countries allowed to export to the Philippines recognize that Europe is technically still closed. The price of chicken MDM now has risen to $1.7 per kilogram, which is already higher than a kilogram of a chicken leg quarter that ranges from $1.2 to $1.5 per kilogram. Domestic retail prices of chicken MDM seen by the BusinessMirror have risen to as much as P120 per kilogram, P40 lower than a kilogram of dressed chicken. Due to the import bans imposed on European countries, the country’s chicken MDM imports from January to April declined by 34 percent to 55,778.675 metric tons, Bureau of Animal Industry (BAI) data obtained by the BusinessMir-

ror showed.

Unprecedented situation

Industry players noted that the meat processing sector is currently in a tight situation that has never happened before. Aside from the lack of raw material that has pushed available supply to record prices, the industry is also affected by the worsening global shipping problems coupled with rising costs of cans and cartons. A source noted that the prices of cans and cartons, which are necessary to process meat production, have also risen by 40 percent. Given the current situation, the industry has a supply shortfall of about 20 to 40 percent of the current market demand, Ambalada said. “What’s worrisome here is that the small processors will be the ones to shut down first, particularly those in Central Luzon and Northern Luzon. These are the ones producing house-hold siomai, longganisa, etc,” he said. The BusinessMirror reported on Monday that global 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. (Related story: https://businessmirror.com.ph/2021/05/24/ ship ping- cha r te r-rate s-u p65-in-q2-food-impor tershurting/) Continued on A7

Executive, Senate prodded on Bayanihan 3 Continued from A1

However, Marikina Rep. Stella Luz Quimbo said the economic team of the President and lawmakers are in agreement that the country really needs to address hunger. “If there is really a pressing issue that is food security. They are really looking for money. They, economic managers, are committed to find money,” she added. Negros Occidental Rep. Francisco Benitez headed the Technical Working Group (TWG) that consolidated seven House bills and one resolution on Bayanihan 3. The P405.6-billion bill, which the TWG endorsed, is divided into three phases. Phase 1 amounts to P167 billion; Phase 2, P196 billion; and Phase 3, P42.6 billion. Funding for Phases 2 and 3 will remain as standby funds, depending on the Bureau of Treasury (BTr) certification of availability of funds. According to Garin, the House will wait for the certification of the availability of fund from the BTr, “then we will put that in the bill and the rest that is not covered we will put as standby fund.” For his part, House Committee on Ways and Means Chairman and Albay Rep. Joey Sarte Salceda, one of the principal authors, referred the Bayanihan 3 as a “lifeline package” and not a stimulus package. “I just would like to put that in the right words, that many people are relying on this just to get by after almost 16 months of vastly reduced income, higher hunger, and unemployment. It introduced a new concept in social development, which is called universal basic income which is ‘ayuda for all,’” Salceda said. The bill’s “Ayuda to all Filipinos” has a total P216billion allocation. Every Filipino, regardless of status, would receive P2,000 to be given in two tranches under Phase 1 and Phase 2. Salceda stressed that

Bayanihan 3 meets the constitutional requirement that the proposal be supported by funds to be raised by revenues proposed in the same bill. Section 34 of the bill allows provisional advances by the Bangko Sentral ng Pilipinas (BSP) to the national government not exceeding 10 percent of the average income of the national government for FYs 2018 to 2020. Also, Section 35 allows the Secretary of Finance to increase by 25 percent the minimum required dividend remittances from government-owned and -controlled corporations (GOCCs) from the current 50 percent set by Republic Act 7656; while Section 36 allows the President to authorize the withdrawal of capital from overcapitalized GOCCs, subject to conditions of continued viability. Meanwhile, Garin is expected to sponsor the passage of the Bayanihan 3 in the plenary immediately. “This bill has been the product of so many TWG meetings and there are so many bills that have been included in this [substitue bill]. This reflect the needs of the constituents,” said Garin. According to Garin, the Bayanihan 3 also assured that implementation-ready programs, activities, and projects, (PAP) including programs, activities, and projects that have not yet undergone the procurement process, whether for comprehensive release (FCR) or for later release (FLR), shall not be discontinued. Garin said these PAPs with the highest multiplier effect and that promote countryside development, including infrastructure projects, shall be prioritized in the release of appropriations.

Senators await House transmittal

Meanwhile, senators await the House transmittal of their Bayanihan 3 version, with a view to passing a measure that

balances both the need to sustain the Covid-19 response to rev up the economy and help impacted sectors, while ensuring fiscal balance given the huge P405.6billion tab that it entails. Sen. Juan Edgardo Angara, chairman of the Senate Finance committee, said senators have actually started work on pending measures in their chamber for the third Covid-19 response package, but will await the formal transmittal of the House version, this being an appropriations bill. Asked if there had been “prior coordination” with him and House sponsors of the Bayanihan 3, Angara replied in a radio interview: “There’s a bill that was filed that’s pending in our committee, the Senate Committee on Finance. I think another bill is pending with the Committee on Economic Affairs led by Sen. Imee Marcos.” Angara indicated what is likely to happen is the senators may opt to wait for the House to pass its version of Bayanihan 3, and “once it is passed, we can then tackle the bill at the committee level of the Senate.” Asked if there will be coordination with Malacañang, following the process in Bayanihans 1 and 2 to have it certified as an urgent bill—to allow for approval on second and third reading in one sitting, as was done in the previous Bayanihan 1 and 2. Angara replied, partly in Filipino: “Yes, definitely, we will coordinate. What is important here is where the money will come from. We all acknowledge there’s need to give funds to different impacted sectors. The ayuda, maybe another round of help for small businesses—those will be priority when we have Bayanihan 3, and it is really important to discuss the sources of funding. Because, if you’re giving away a thousand pesos but you’ll be borrowing that thousand, it’s like, you’re making the people pay for the ayuda you gave, is it not?”

The Nation BusinessMirror

www.businessmirror.com.ph

Crew member of Covid-stricken vessel from India dies–DOH exec By Claudeth Mocon-Ciriaco

PNP units mark suspect behind illegal sale of Covid vaccines; NBI joins probe By Rene Acosta @reneacostaBM Joel R. San Juan @jrsanjuan1573 & Claudeth Mocon-Ciriaco @claudethmc3

@claudethmc3

NE of the 11 crew members of MV Athens Bridge who turned positive for the B11672 Covid variant died on Friday [May 21, 2021], Health Undersecretary Maria Rosario Vergeire confirmed on Monday. “’Yung sa apat na na-confine, isa ay namatay [One of the four crew members who were confined has died] last week. I think that was Friday,” Vergeire said in an online media forum on Monday. Vergeire added that other crew members are either recuperating or have recovered already. On May 6, 2021, MV Athens was allowed to dock in Manila after it was denied to enter Vietnam. The vessel, reported to have had travel history to India, has been allowed to dock in Manila after 12 of its Filipino crew members were positive for Covid-19, and in need of emergency medical aid. There were a total of 21 Filipinos onboard the vessel. Vergeire said that two members were already experiencing difficulty in breathing and were immediately brought to a hospital. “ T hey were immed iately checked. They were tested,” Vergeire then said after the crew members were transferred to a quarantine facility after the Department of Health, through the Bureau of Quarantine (BOQ ), gave the necessary assistance to the crew members.

Editor: Vittorio V. Vitug • Tuesday, May 25, 2021 A3

NE of the suspects behind the reported illegal sale of Covid-19 vaccines has been identified by the police and is already being hunted, Philippine National Police (PNP) chief General Guillermo Eleazar said on Monday. The Criminal Investigation and Detection Group (CIDG) and AntiCybercrime Group (ACG) following their continuing investigation singled out the suspect, whom the PNP chief declined to identify. “Based on the initial result of the investigation, we have already identified at least one person who offered his high-school friend two brands of vaccines for a price ranging from P12,000 to P15,500 through a social-media messaging app,” said Eleazar. “The same person has been claiming that he has contacts in San Juan and Mandaluyong LGUs [local government units], the reason why he could easily get vaccines and even guarantee slots for the vaccination, and even presented deposit slips as proof of his previous transactions,” he added. Reports earlier circulated that

Covid-19 vaccines are being sold in some areas in eastern and southern Metro Manila although these are supposed to be free, alarming some local chief executives in Metro Manila. As soon as a report on the illegal sale of vaccines came out, Interior Secretary Eduardo Año ordered Eleazar to probe deeper into the report. The PNP chief, in turn, tasked the directors of the CIDG and ACG to look into it. “In response to my directive on 22 May 2021...the directors, CIDG and ACG immediately conducted an investigation to identify those behind the reported sale of vaccine and sale of vaccination slots in the government’s Covid-19 vaccination program,” Eleazar said. “Our CIDG and ACG investigators are now zeroing in on this person, although he has already

deactivated all his social-media accounts, and we assure the public that he will face the full force of the law for this kind of illegal activity,” he added. The PNP chief appealed to Filipinos to report to the PNP, through its e-sumbong site, any illegal transactions relating to the sale of vaccines and vaccination slots in their respective areas. “We assure you of our quick response,” he assured. Eleazar reiterated that Covid-19 vaccination is free and “any attempt to engage in selling the vaccines or vaccination slots, or be beneficiaries of these illegal activities will only put you in trouble.” “Let us work together to put a stop to these criminal practices which are plainly and simply evil and despicable, especially in this time of pandemic,” the PNP chief said.

WHO is watching

THE World Health Organization (WHO) is now monitoring government’s response to reports that some Vaccines Global Access (Covax) facility are being “misused” in some local government units (LGU). During an online press briefing on Monday, WHO Representative in the Philippines Rabindra Abeyasinghe urged the national government to resolve the matter. “ T his is somet hing t hat should be managed by the national government rather than WHO,” Abeyasinghe said.

“We would like to see this not happening,” he added. He reiterated the said Covax facility vaccines should be primarily be used for health-care workers, senior citizens, and those with comorbidities. WHO serves as the coordinator of the deployment of Covid-19 vaccines from the Covax facility to qualified countries, including the Philippines. During the weekend, it was reported that slots in the distribution and inoculation of vaccines are being sold by unscrupulous individuals allegedly with links to LGUs in San Juan and Mandaluyong. Presidential spokesman Harry Roque called on concerned local officials to address the matter, especially since it could affect their chances of winning in the 2022 National and Local elections. “If they fail on this, they will be held liable to the people. So they really have to do everything to fast-track the vaccination and the order priority will be followed,” Roque said.

NBI probe

JUSTICE Secretary Menardo Guevarra on Monday said he has instructed the National Bureau of Investigation (NBI) to conduct a probe on the alleged selling of Covid-19 vaccination slots. Guevarra made the order after the Metropolitan Manila Development Authority (MMDA) sought the NBI’s investigation on the il-

Comelec lists ‘challenges’ Fisherfolk groups ask govt to crack in 2022 election campaign down on poaching in PHL’s EEZ

ORE candidates for the 2022 elections will be using online campaigns amid the ongoing Covid-19 pandemic, according to the Commission on Elections (Comelec). However, the poll body said face-toface campaigns would likely still used by many candidates to reach out to voters in isolated parts of the country. In an online forum last Sunday, Comelec spokesman James Jimenez said they expect online campaigns would be widely used to minimize risk of infection as well as boost their presence among the youth. “Since most of the youth are on Facebook, Twitter, Instagram, Tiktok, definitely many will campaign in the said platforms,” Jimenez said when asked about possible campaign trends during the pandemic. During the 2019 elections alone, he said, some 22 million or about a third of the 61 million registered voters belong to the youth sector.

Online monitoring

CURRENTLY, Jimenez said, Comelec is able to track social campaign

expenditures of candidates by getting the ad information from socialmedia companies. However, he admitted on the limitation of such scheme, which is not based on real time monitoring of transactions by candidates and does not cover “dark campaigns,” which include online “fake news” as well as “smear campaigns.” Jimenez said the problem could be addressed if Congress will pass a new law so they could better regulate the online campaigns. While there will be greater use of social-media campaigns in the polls next year, Jimenez said face-to-face campaign will still be utilized by candidates albeit in a limited scale. “Face-to-face campaign will still be there. But there will some restrictions such as not shaking hands with candidates,” Jimenez said. Jimenez said Comelec could come out with additional guidelines to minimize the risk of the spread of infection during such campaigns, but he said enforcement would be another matter on which they have no control over. Samuel P. Medenilla

By Jonathan L. Mayuga

@jonlmayuga

HE Philippine government should crack down on foreign fishing vessels poaching within the country’s exclusive economic zone in response to China’s three-and-a-half-month fishing ban in the disputed territory, fisherfolk groups under the Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (Pamalakaya) said on Monday. In a news statement, Fernando Hicap, national coordinator of Pamalakaya, said the government should implement the crackdown by virtue of existing local fisheries and international laws. Republic Act 10654, otherwise known as the amended Fisheries Code, states that it is unlawful for any foreign person, entity, or corporation to fish or operate any fishing vessel in Philippine waters and will constitute a prima facie presumption, Hicap, a former Anakpawis party-list lawmaker, said. Hicap, likewise, said the United Nations Convention on the Law of the Sea (Unclos) declares that a coastal state has the exclusive rights to explore and exploit resources within its 200-nautical mile exclusive economic zone (EEZ). “It is by legal and international rights that we strongly enforce our maritime laws at our

disposal against foreign poachers in our territorial waters. This is to preserve and make the use of our fragile fishery and marine resources in the West Philippine Sea [WPS] that is being rapidly exploited and plundered by China,” Hicap said. According to Pamalakaya, Beijing’s annual fishing ban in the South China Sea, which currently runs from May 1 to August 16, despite being unilateral, is illegal as it covers international waters that are beyond China’s territorial jurisdiction. At least 50,000 Chinese vessels, Pamalakaya said, swarm and are engaged in massive poaching and fishing expeditions in the South China Sea. “Beijing’s unilateral fishing ban will never be recognized in our EEZ and territorial waters,” Hicap added, saying the annual fishing ban covers Paracel Islands and Scarborough Shoal (locally known as Panatag Shoal), which are under the Philippines. Pamalakaya maintains that “it would not recognize China’s fishing ban,” but called on the Philippine authorities to secure the safety of Filipino fishers as many of them are still afraid to venture in their traditional fishing grounds for fear of Chinese harassment. “The local authorities should heighten maritime patrols in the WPS to safeguard our fishers while the unilateral fishing ban is in place,” Hicap said.

Two drug dealers killed; ₧68-M shabu seized in Muntinlupa City

WO members of a drug syndicate were killed on Sunday night in Muntinlupa City during an anti-illegal drugs operations by a joint team of policemen and Philippine Drug Enforcement Agency (PDEA) where some P68 million worth of shabu was seized. The suspects were identified as Jordan Sabandal Abrigo and Jayvee de Guzman, who died during the operation in Katarungan Village 1, Muntinlupa City after they reportedly engaged authorities in a shootout. Philippine National Police (PNP) Chief General Guillermo Eleazar, citing a report from PNP Drug Enforcement Group (PDEG), said Sabandal and de Guzman are members of the Divinagracia Drug Group reportedly being led by Michael Divinagracia and a certain Jhonson, a Chinese national currently serving sentence at

I commend the joint effort of PNP-PDEA operatives for another laudable accomplishments as we continue to invigorate our anti-illegal drugs campaign to totally wipe out all forms of illegal drugs in order to realize our quest for a drug-free nation. Philippine National Police Chief General Guillermo Eleazar New Bilibid Prison. Eleazar said the Divinagracia group is known as a drug distributor in different areas of Metro Manila and Region 6 and in nearby provinces. Sabandal and de Guzman died after they

reportedly shot it out with members of the joint team of the PNP and PDEA during the buy-bust operation wherein a total of 10 kilos of shabu were seized. Recovered during the operation were three plastic packs of Chinese teabags

containing more or less 10 kilos of shabu with standard drug price of P68 million, a black Nissan Cefiro without plate number, two pieces of dusted P1, 000 bills topped on a boodle money amounting to P1.5million bust money and two loaded .45 caliber pistols. Eleazar said that the Divinagracia drug syndicate also operates in different areas of the Visayas and Mindanao using cargo trucks traveling via Roro from Batangas Port and received by their Moro cohorts in the area. “I commend the joint effort of PNPPDEA operatives for another laudable accomplishments as we continue to invigorate our anti-illegal drugs campaign to totally wipe out all forms of illegal drugs in order to realize our quest for a drug-free nation,” Eleazar said. Rene Acosta

legal activity. “I have already given verbal instruction last Friday to NBI acting chief Eric Distor to order its Cybercrime Division and other relevant units to immediately investigate the alleged illegal sale of anti-Covid 19 vaccines and/ or vaccination slots, upon the request of MMDA Chair Benhur Abalos,” Guevarra said. A 50-man team was formed by NBI to probe the alleged online selling of vaccines in some Metro Manila cities, it was learned. “We are doing this to show the public that we are serious about these things. They are taking advantage of the pandemic. I hope that the culprit will be captured the soonest possible time. If the modus operandi is true, the PNP and NBI would be filing charges against individuals behind the ‘Bakuna for Sale.’ They could be slapped with estafa or bribery,” Abalos said as he also thanked Secretary Menardo Guevarra. Abalos said he was set to meet with the NBI on Monday to seek assistance on the matter. The PNP and various local government units have also agreed to look into the alleged illegal practice and charge those responsible. Abalos earlier reminded the publics that all Covid-19 vaccines provided by the government are free. Guevarra said he would issue a formal directive to the NBI to launch its probe. With Samuel P. Medenilla

A4 Tuesday, May 25, 2021 • Editor: Vittorio V. Vitug

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‘Hasty’ grant of franchise DepEd and DBM raise ‘special hardship’ allowance for teachers to MWCI, Maynilad by House panel slammed A By Claudeth Mocon-Ciriaco @claudethmc3

By Jovee Marie N. Dela Cruz @joveemarie

AW M A K ER S on Monday questioned the “swift grant” of franchises to Manila Water Company Inc. (MWCI) and Maynilad Water Services Inc. (Maynilad) by the House Committee of Legislative Franchise. Deputy Speaker Lito Atienza of Buhay party-list and House Deputy Minority Leader Carlos Isagani Zarate of Bayan Muna objected to the swift approval of House Bill 9367 for Maynilad and House Bill 9313 for MWCI. HB 9367 for Maynilad and HB 9313 for MWCI were swiftly approved by the Committee on Legislative Franchise by a vote of 23-affirmative and 2 negative for Manila Water and 19-2 for Maynilad. HB 9367 seeks to grant Maynilad a franchise to establish, operate, and maintain, for commercial purposes and in the public interest, a water supply and distribution system and sewerage and/or sanitation services in the Service Area West. HB 9313, meanwhile, seeks to grant MWCI a franchise to establish, operate, and maintain the waterworks and sewerage system in the east zone service area of Metro Manila and Province of Rizal. In his explanatory note, Dasmariñas Rep. Elpidio Barzaga Jr., principal author of HB 9313, said his proposal is pursuant to Presi-

dent Duterte’s drive to protect the interest of the Filipino consumer and the national government. According to Barzaga, the government pushed for the revision of the concession agreement, saying after a renegotiation, a Revised Concession Agreement (RCA) was signed by MWCI and Metropolitan Waterworks and Sewerage System (MWSS) last March 31, 2021. “MWCI is now considered a public utility subject to all restrictions applicable to public utilities such as nationality restriction,” he added. “While respecting the terms of the RCA, a legislative franchise will promote and protect the continuity and stability of the essential services rendered by MWCI. It will secure the continuing obligation of MWCI to provide uninterrupted and adequate supply and distribution of potable water for domestic, commercial and other purposes, and to provide necessary sewerage services in the East Zone,” he said.

Go slow

BUT Atienza urged his colleagues to go slow in approving the new 25year franchise bills for the two water concessionaires following President Duterte’s signing of the revised concession agreement which extends the contract until 2037. Atienza said water consumers over the years have been paying a so-called sewage fee, amounting to 20 percent of their monthly water bills, for a service that has never been rendered. Atienza also directed the two concessionaires to submit the total amount of loans secured from the World Bank, Asian Development Bank, Japan International Cooperation Agency (Jica), and other funding agencies in the

name of the Philippine Republic. He also strongly criticized the “undue haste” in which the committee approved the said franchises, without having received the answers to the important questions he had raised. “I had hoped that the committee chairman and my colleagues would listen to reason and heed the people’s demand for transparency. But they did not. They railroaded the two franchises. The public does not know about this and even the media was not invited to this hearing! Why was it kept a secret? Congress should safeguard public interest above all else, and not hide such things from them,” Atienza said. The Supreme Court in August 2019 upheld a 2009 Department of Environment and Natural Resources (DENR) order penalizing the two water suppliers and the MWSS with P1.84 billion in combined fines for violating Section 8 of the Clean Water Act. Atienza himself issued the 2009 order when during his term as DENR chief. Zarate, for his part, said the bill was approved “even when the Metropolitan Waterworks and Sewerage System-Corporate Office [MWSSCO] had raised issues on the bills, and the amendments being proposed by the sponsors have yet to be fully discussed.” “Representatives from the Office of the President should have been invited to discuss the implications of the revised concessionaire agreements between the Duterte administration and the two water concessionaires. We have yet to fully scrutinize the texts and annexes of the new deals and if they are detrimental to Filipino consumers,” said Zarate, noting the absence of representatives from the finance department, justice department and the Office of the Government Corporate Counsel who negotiated the new water deal.

N official of the Department of Education (DepEd) on Monday said that National Budget Circular 514, Series of 2007 has been amended, granting higher Special Hardship Allowance (SHA) to eligible teachers and school heads following the issuance of Joint Circular 1, Series of 2021 by the agency and the Department of Budget and Management. “Ibig sabihin, hindi na kailangan mag-submit ng mga [This means, there is no need to submit] documents to claim the Special Hardship Allowance because DBM and DepEd agreed to issue new criteria for our [Special] Hardship Allowance,”

Undersecretary for Finance Annalyn Sevilla said. Under the new guidelines, qualified teachers would only have to submit their daily time record as supporting document to avail of the said allowance. Sevilla noted that the issuance also increased the amount of SHA, from 15 percent to 25 percent of the monthly basic salary of personnel assigned in hardship posts. The grant of SHA is given monthly to classroom teachers in elementary and secondary schools and school heads or administrators exposed to extreme difficulties and hazards, such as difficulty in commuting to the place of work. Teachers in pure multigrade schools, mobile teachers, and non-formal education or A lternative

Learning System coordinators can also avail of SHA. Education Secretary Leonor Magtolis Briones, meanwhile, said that they continue to honor their personnel, especially those who are in remote areas by “addressing their concerns and providing their necessities according to their hard work.” “We proposed to lessen their burden by not asking for too many requirements to claim this allowances,” Briones said. “In these trying times, we salute the passion of our teachers who continuously deliver education to their learners, wherever they are. In this regard, as our Filipino educators commit to their duty, we are dedicated to prioritize their protection against any potential harm,” Briones stated.

Chief data officers deliver value!

analysis and decision-making needs of business users and executives. CDOs think strategy, beyond what a middle manager or frontline operator would decide. The value of data pushes data and analytics leaders closer to business units and core functions—and finally to higher profits. If business leadership understands the role of data and analytics, if decision-making is central to business success, you’re probably doing the right things. But if those things are not quite working well, then a chief data officer is exactly what you should be looking for! Technology and data leaders need to take a step back and look at the big picture. Finding fellow change leaders, building systems that adapt to business change and inserting data into decision making serve as the foundation of data strategy. Three ideas should be considered when prioritizing data analytics in business decision-making:

Don’t do it alone

By Henry J. Schumacher

OR many companies, data takes center stage in tech strategies. Business leaders use data-driven insights to perform decision-making. The data-driven approach requires an emphasis on securing data and analytics leadership. While not every business may need a chief data officer, leadership in data and analytics can however help the enterprise use data as an asset and develop a modern approach to planning. Some companies embed data analytics into every role to fuel data literacy. When data literacy is widespread, every employee is capable of analyzing a data set, drawing conclusions and making informed decisions! It used to be that data and analytics was hidden inside the bowels of the IT organization producing reports. Nowadays, it’s front and center—and you better believe it. Data Science and Analytics are offered regularly in webinars. And the question always comes up what the participants will take home and how the companies, the participants are working for, are going to benefit. What I am excited about is that if we take the business value of analytics seriously, we learn to love the excitement as we move from dashboards to data visualizations—not to mention the descriptive, predictive and prescriptive analytics. If the enterprise takes data science and analytics seriously, the management has no shortage of business intelligence and data analytics tools at its disposal. How a chief data officer (CDO) fits into the organization depends on business needs. A CDO may create data-based forecasts to enable enterprise-wide profitability or develop key performance indicators to help business units understand the consequences of their decisions. Leveraging such tools will make measurable contributions to businesses. For example, companies can maximize an impending opportunity, mitigate future risk, meet deliverable milestones, gain a competitive advantage and much more. My sales arguments for taking part in these webinars always are that businesses can improve their planning, forecasting, budgeting, time forecasting and value driven planning. Again, from dashboards to data visualization helps business to run simulations, plans and analyses in a very visual and intuitive manner. It supports the use of cases across various departments and functions and is designed keeping in mind the

THE painful truth of data and analytics is that no tech leader can go at it alone. Business units need to realize they need data and that data can be applied to solve problems across sales, procurement, logistics, marketing and more. Data leaders /CDOs have to build those alliances to successfully implement analytics strategies. Find those partnerships by scouting out other leaders who are not happy with the way things are and have decided to stop doing things the old way; then, pitch them on how data analytics fits into the change they want to make. Look at their dashboards, costs, risks and opportunities for innovation to establish a shared vision of how to solve their problems with data analytics and data visualization.

Take the tech landscape seriously

PLANNING data and analytics opportunities requires an eye to the future on upcoming technology opportunities. Right now, we are in the middle of significant change to move to cloud, the collision of data science with capabilities and the growing demand for AI. We live in a world of necessary and continuous innovation. Success with technology relies on doing the right things with the tech, not just implementing the newest offerings. The awareness of what’s next prepares the business for necessary adaptations.

Extend the data’s influence

WITH relationships across business units in place, CDOs and technology leaders can take the profound opportunity to extend influence and integrate data and analytics into business processes. We cannot just build a data analytics infrastructure and hope it will be used. Data Officers can seek out opportunities to insert data analysis into formal business processes and share data success stories across the organization to influence others on its effectiveness. At the same time, please give humans credit where it’s due. Although we as data and analytics practitioners can work to educate business users about what can be automated, we need to ensure we have the right governance model to decide whether it should be automated or left to human decision-making. I like the second option, of course. Is it time for you to hire a Chief Data Officer as they deliver value? Should your staff participate in our webinars on data science, data analytics and data visualization and deliver value too? Let me know. I am glad to assist. contact me at hjschumacher59@gmail.com

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Tuesday, May 25, 2021 A5

PNP allows DOJ access to EJK cases in drugs ops By Joel R. San Juan

@jrsanjuan1573

USTICE Secretary Menardo Guevarra

disclosed on Monday that the Philippine National Police (PNP) has finally granted the Department of Justice (DOJ) access to scrutinize its records of alleged extrajudicial killings (EJKs) involving policemen during the implementation of the government’s allout war against illegal drugs. Guevarra said this was the result of his crucial meeting with newly installed PNP Chief General Guillermo Eleazar on May 21 at the DOJ where they discussed two important concerns—active collaboration in the review of illegal drug operations where deaths occurred and in the investigation of EJKs and related cases. During their meeting, the DOJ chief said Eleazar expressed his readiness to allow the Inter-Agency Review Panel to review its records involving anti-illegal drug operations where deaths occurred. Eleazar’s cooperation, according to Guevarra, was prompted by the former’s desire to discipline wrongdoers in the ranks of the police and uplift the image of the

PNP as protectors of the people. A formal memorandum between the DOJ and the PNP will soon be executed to embody the agreement and pave the way for its implementation. “What is significant right now is that the DOJ has been given free access, something that did not happen in previous years, thereby making our review rather difficult,” Guevarra told media men. As a start, the PNP has agreed to give the DOJ access to the records of 61 cases involving hundreds of PNP personnel nationwide, where the PNP-Internal Affairs Service found either administrative or criminal liabilities on the part of law enforcement officers.

The 61 cases, according to the DOJ chief, were reviewed and evaluated by the PNP-IAS using their own records and personnel. “We will check on the period actually covered. We understand that the PNPI AS had investigated t housa nd s of drug-related deaths but found 61 cases/ incidents w h e r e clear liability was established. We will all k now a l l these once we see the actual records,” the DOJ secretary stated. G u e varra also noted that the PNPIAS investigation is distinct and separate from the review being conducted by

Bicam concludes deliberation on BFP modernization proposal By Jovee Marie N. Dela Cruz @joveemarie

CONGR ESSIONA L bic a mera l conference committee (bicam) on Monday reconciled disagreeing provisions on the Bureau of Fire Protection (BFP) modernization bill. House Ways and Means Chairman and Albay Rep. Joey Salceda, a member of the bicam panel and a principal author of the bill, announced that they have already concluded deliberations on the proposal and will submit the bill for ratification by the Senate and the House also on Monday. “Hopefully, during our plenary session [on Monday], both Houses can approve the bicam report for sending to President Duterte,” Salceda said. The bill broadens the mandate of the BFP to include fire prevention and suppression in economic zones, disaster risk response, and emergency management. The bill also creates the BFP Modernization Trust Fund, which shall include appropriations for BFP modernization 80 percent of the share of the BFP from all taxes, fees, and fines collected pursuant to Republic Act 9514, proceeds from the disposal of excess and uneconomically repairable equipment and other movable assets of the BFP, supplemental assistance from Congress due to surpluses, loans, grants, or donations, and the fund’s interest income. Local government units are also authorized and encouraged to have local equity in the modernization of BFP units stationed in their respective jurisdictions.

Salceda said his amendment on security group for BFP was also adopted. According to the lawmaker, the language on the proposed Security and Protection Unit of the BFP embodied in the bill was debated in the Senate version, but remains to be a Presidential priority. “Acts of terror and other disturbances of peace and order often require the efforts of the BFP. Sometimes, the threat to peace still exists when fires also have to be fought. This was the case during the Zamboanga siege where firefighters were ill-prepared to defend themselves while containing fires,” Salceda said. “The provision was fiercely debated in the Senate, so I proposed clearer and more acceptable language that the panel accepted,” Salceda said. Under the amendment, the Security and Protection Unit will be mobilized and provided with equipment “appropriate for self-defense and the defense of others during exceptional emergencies, especially those related to a disturbance of peace and order where the assistance of the BFP is required or sought.” The Department of the Interior and Local Government and the Philippine National Police would also provide the Security and Protection Unit with appropriate defensive and civilian-oriented training. Salceda said the amendment allays fears of militarizing the BFP, while also ensuring that the intent of the President and the proponents is captured fully.

Oil companies hike gas, diesel pump prices; kerosene at ₧0.15 per liter less By Lenie Lectura

@llectura

IL firms are expected to raise fuel pump prices starting Tuesday. They announced that gasoline products would be P0.15 per liter higher and diesel by P0.25 per liter more. Meanwhile, the price of kerosene will be P0.15 per liter less. Seaoil Philippines, Caltex Philippines, Pilipinas Shell, PTT Philippines and Phoenix Petroleum will implement the price adjustments at 6 a.m. of May 25, while Cleanfuel will adjust its prices at 4:01 pm.

Other oil firms are also expected to follow suit. The oil companies adjust their pump prices weekly to reflect movement of international oil prices. Based on DOE 2020 data, Petron Corporation remains the country’s number one oil firm with a market share of 20.13 percent. Pilipinas Shell came second with 17.95 percent, Phoenix Petroleum stood at third place with 7.10 percent, followed by Unioil with 6.9 percent. Chevron landed on the fifth place with 5.84 percent. Seaoil came in next with 5.42 percent.

the panel although they would likely soon be integrated. Earlier, the DOJ said the panel has already reviewed relevant cases that were filed at the National Prosecution Service (NPS).

In his report before the 44th UN Human Rights Council session last Febr uar y, Guevar ra said the panel intends to review a total of 5,655 anti-illegal drugs operations where deaths occurred.

Guevarra earlier said it is important for the PNP-IAS to give the DOJ access to its records so that it would be able to verify if their recommendations have actually been carried out.

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Tuesday, May 25, 2021

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PHL envoy: US committed to deliver Covid-19 vaccine By Recto Mercene

@rectomercene

MBA SSA DOR Jose Manuel “Babe” R omu a ldez sa id on Monday US President Joe Biden has committed to prov ide the Philippines w ith more Covid-19 vaccines from Pfizer, Moderna and Johnson & Johnson (J&J), which are part of the 80 million doses scheduled to go overseas. Asked whether it is true that President Biden had w r itten P r e s i d e nt D ut e r t e a l e t t e r promising to help him procure the vaccines, Romualdez said: “I think it was a general letter that President Biden brought to the President [Duterte]. It’s more of an affirmation of our special relationship, considering that we’re celebrating our 75th anniversary this year and the 70th year of our Mutual Defense Treaty [MDT].”

Romualdez added, “And I’m told Biden has committed as soon as available, to supply the Philippines w it h v acc i nes ne x t mont h.” He said, “June 21st is the target for 300 thousand doses but we will get more by July, August, and September, the months when we’re getting potentially more.” T he for mer newsman sa id the US will get 20 million doses of Pfizer and 60 million doses from AstraZeneca, which it will distribute through Covax, the World Health Organization-led facility set up to ensure equitable distribution of vaccines among countries. In an interview Monday on CNN Philippines’s “The Source,” Romualdez said, “Definitely we’re going to benefit from it; they’re [US] going from what I’m told to Covax, where they donated about $4 billion—the largest donations in the world.” He added, “And so, and we

expect them to give us almost the same amount that they give us before which is 2 million doses, and another 2 million from Pfizer.” He said the Philippines is part of about 100 countries asking the US for the same thing, and the 80 million doses are being given out to the world because “they’re [US] already near herd immunity and the target is by July 4th this year. When that happens, expect the US to be more generous [in] giving out to the world.” According to Romualdez, there were three things he had in mind to ask the US related to the Covid-19 vaccines: a possible donation, more vaccines through the Cova x facility and third, procurement of US-made vaccines. He thinks American vaccines could come as early as the first week of June this year, followed by another batch on the second week of the same month. “Remember, we are getting

our supply of Pfizer from Covax which is much cheaper, and that is part and parcel of the donation of the US to the Covax facility,” he noted. He said he had encouraged vaccine czar, Carlito Galvez to sign up for up to 40 million doses of Pfizer. “That will give us a good number of vaccines that will be made available for our citizens and another 20 million from Moderna, and that should give us at least 30 to 40 million people to be vaccinated this year.” Romualdez said the Philippines is getting a specia l pr ice f rom P f i z er t h roug h Cov a x , because of the Americans’ huge donation, including Manila’s own contribution. He said, however, that a problem arose when India was hit by a high number of cases, stalling their timeline for manufactur ing vaccines. T he number of deaths in that country has crossed 300,000 the third

highest in the world. Thus, the Philippines must source more vaccines from other sources, “and we’re working on that not only from the US but through AstraZeneca right now.” Aside from the reported 5 mi l lion doses procured f rom J& J, R omu a lde z sa id “we’re getting another 5 million from J&J, which he said does not have stringent storage requirement a nd t herefore, idea l for t he provinces or rural areas of the country. J&J vaccines are scheduled to arrive most likely around August or September because production of J&J is much slower than Pfizer, which has a bigger facility, and they also manufacture, not only in the USA but also in Europe.”

Clark as hub

Romualdez said he had been pushing to open up Clark City a s a m a nu fac t u r i ng hub for

vaccines after establishing it as a distribution point. He said they are trying to have United Laboratories jointly manufacture the Novavax vaccines there. “We knows this virus is not going away anytime soon, so we’d like to have them manufactured in the Philippines—to be cheaper and easily accessible.” He also sees the day when the country can develop a vaccine of its own, noting projections by scientists that, “we may be getting this virus every 10 or five years; we don’t know, but we have to be ready for this.” He said Clark already has a facility to start this project and has the virology institute, where they can do a lot of research. “This will be an exciting thing for the country because not only good for our health but also for our economy. We have a good place where we can develop these vaccines.”

PHL WILL BE LAGGARD IN REGION—THINK TANK Continued from a1

Moody’s Analytics said the country has grappled with its number of cases even as the Philippines has one of the most stringent social restrictions, according to the government stringency index. “Late in 2020, the governmentmandated lockdown closed approximately 75 percent of the economy,” the research group said. The country’s struggle, according to Moody’s Analytics, comes from the country’s decentralized health system and sluggish vaccination program. “A contributor to the Philippines’ inability to control local infections in the earlier months came from the healt-care system being [decentralized]. City and town leaders are responsible for the health system, rather than the central government. As a result, there were not consistent policies and rigorousness around contact tracing, funding, and quarantine measures for those infected and their close contacts,” Moody’s Analytics said. The think tank also flagged the sluggish vaccination drive of the government as it puts the country at risk for future case outbreaks and, in turn, renewed lockdowns.

“Only 2.7 percent of the country’s 108 million people have received one dose of vaccine, while only 0.8 percent are fully vaccinated. This is problematic, because it means the Philippines remains vulnerable to continued local infection spikes, inhibiting the economic recovery as it is assumed the government will reintroduce strict lockdowns to contain further infections,” the think tank said. “Also, there is vaccine hesitancy in the Philippines due to misinformation and lasting scars from the 2016 dengue fever vaccine that put children’s health at risk,” it added. Moody’s Analytics also said transit stations and dr iv ing routes are a l l relatively quiet in the Philippines compared w ith its Southeast A sian neighbors and pr ior to the pandemic. “The sluggish economic recovery paired with relatively strict lockdown measures has increased inequality. Those in higher-paying jobs tend to be office workers, and they have been able to transition to working from home, while lower-income workers have not had that option. The unemployment rate has increased as a result, particularly at the lower-income segment,” Moody’s Analytics said.

PHL energy accounts: Non-RE gone in 50 yrs Continued from a10

This was included in a recent study by economists and statisticians from the Ateneo de Manila University (ADMU), University of the Philippines and the Gas Policy Development Project. The researchers, led by former Philippine Economic Society President and ADMU economist Majah-Leah V. Ravago, found that the potential use of liquefied natural gas (LNG) is high among firms that require intense heat for production. With this, the economists said their results indicated that while there is a “potential growing market for LNG” in the country, the development should be regulated. “ W hi le t he st udy covers on ly manufacturing and agro-industrial firms in ecozones, the results provide an indication that markets for natural gas outside of electricity generation exist,” the economists said. “It also provides a gauge of the minimum size of the market and illustrates a greater market potential given the number of manufacturing and agro-industrial firms outside of ecozones,” they added.

No coal for ADB

Earlier, the Asian Development Bank (ADB) had said it will no longer finance any coal-related projects and move to retire and decommission coalfired power plants in the region. In its draft energy policy, ADB said it “will not finance any coal mining, oil and natural gas field exploration, drilling or extraction activities.” This includes cross border transmission lines linked to coal power plants. ADB said it no longer invests in projects that modernize, upgrade, or renovate coal facilities to extend their life; and will only finance projects that re-engineer plants for use of cleaner fuels, such as natural gas or renewable energy sources. Per the draft policy document, projects to re-engineer coal-fired power plants to natural gas w ill only be financed if these contribute to achieving net neutrality by midcentury. ADB said these projects may also be considered for financing if they help in the retirement or adoption of carbon capture, utilization and storage by mid-century.

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Upon Duterte’s insistence, DOLE chief Bello may cast lot in ‘22 senatorial derby By Samuel P. Medenilla

@sam_medenilla

abor Secret a r y Silvestre H. Bello III is now officially considering running for a senatorial slot in the 2022 National and Local elections. In a radio interview on Monday, Bello admitted he is now mulling over the possibility upon the insistence of President Duterte himself. “I am carefully considering it [running for a Senate post] because the President want me to try [running for a Senate seat],” Bello said. The chief of the Department of Labor and Employment (DOLE) said his decision to push through with his candidacy for senator may also depend largely on

PSA figures reveal increasing stress in PHL water resource By Cai U. Ordinario

@caiordinario

he country's water stress level increased in the past 10 years, according to the latest water accounts released by the Philippine Statistics Authority (PSA). Based on the PSA figures, freshwater withdrawal as a proportion of available freshwater resources increased to 28.74 percent in 2019 from 25.48 percent in 2010. PSA data showed that the total Freshwater Water Withdrawals reached 94,019.21 million cubic meters (mcm) in 2019 from 83,345.23 mcm in 2010. "Although it increased b y t h re e p e rce nt a ge points, the annual level of water stress since 2010 consistently fell within the low-level classification range of 25 percent to 50 percent," PSA said. Fu r t he r, t he d at a showed Water Use Efficiency (WUE), or the value added per volume of water used, increased to P198.41 per cubic meter in 2019 from P126.1 per cubic meter of water used in 2010. "During the period, the service sector consistently had the largest WUE, followed by the industry sector and agriculture sector," PSA said. The data showed the country’s total water abstraction, or the amount of water that is removed from its source either permanently or temporarily, increased by 12.3 percent to 218 billion cubic meters (bcm) in 2019, from 194.1 bcm in 2010. For the same period, on the average, PSA data showed 98.1 percent of the total abstraction were from surface water and the remaining 1.9 percent from ground water. The PSA said on the average, some 98.9 percent

Nitag eyes churches as next vaccination sites–DOH exec By Claudeth Mocon-Ciriaco

his state of health and age. “I would first assess by health since I am already 77 [years old],” Bello said. In his previous public addresses, President Duterte would whimsically greet Bello and other members Cabinet as “senators.” Currently, two former members of Duterte's administration are now in the Senate: Senator Christopher “Bong” Go and Senator Ronald “Bato” Dela Rosa.

of the abstracted water was for own use, while the remaining 1.1 percent were intended for distribution to other economic units. Water abstracted for own use increased to 215 bcm in 2019 from 192.3 bcm in 2010. On the average, the largest amount of self-abstracted water was for the power sector at 57.8 percent. This was followed by the agriculture sector at 33.9 percent, mining and quarrying, manufacturing, and construction at 5.6 percent and the services sector and households, 2.7 percent. The data also showed that the amount of water for distribution also increased to 3 bcm 2019 from 1.8 bcm in 2010. On the average, more than half of the distributed water or 55 percent were used by households. This was followed by the service sector at 31.5 percent, then mining and quarrying, manufacturing, and construction sector at 12.5 percent. PSA said the smallest amount of distributed water was used by the sectors of agriculture and power. The creation of the Department of Water to address the “fragmented” water administration has been proposed earlier. Currently, several agencies are in charge of water administration and regulation. Former Environment Secretary Elisea Gozon said the proposal to create a separate Department of Water has been around since the term of Former President Fidel V. Ramos. However, it was only now under the Duterte administration that was it given serious attention. Gozon said these developments could not have been more needed as the country's water resources are already under stress.

Tuesday, May 25, 2021 A7

Correspondent

ith the expected delivery of more Covid-19 vaccines to the country this year, the National Immunization Technical Advisory Group (Nitag) has proposed to the utilization of Churches as vaccination sites.

Hea lt h Undersec ret a r y M a r i a Rosario Vergeire said that the Nitag has noted that churches are ideal for the administration of the vaccines owing good ventilation in church

premises. Ve r g e i r e a l s o s a i d t h a t t h e government is also looking into the possibility of converting big parking spaces into mega vaccination sites.

"Ang mga parking areas na malalaki, gagawin ding (the larking big areas, we will also convert them into) mega vaccination sites," the DOH official said. Vergeire said that they have already discussed the matter with the private sector who has earlier expressed willingness to help the government provide mega vaccination sites or hubs like malls and hospitals. In January, the DOH has welcomed the announcement of the Catholic Bishops’ Conference of the Philippines (CBCP) to transform church facilities in the country as Covid-19 vaccination sites. CBCP President and Davao City Archbishop Romulo Valles said that the church’s role is to serve God and

His people. "We can offer our church facilities to help in this massive and complicated and ver y challenging program of vaccination,” Valles then said. The DOH has been reaching out to several medical and allied health profession a l s, loc a l gover nment units and other sectors to help in the vaccine rollout and in boosting vaccine confidence. Valles, on the other hand, said that if necessary, they are also willing to be vaccinated in public if such an act will help build confidence in the government’s vaccination campaign. The move of the CBCP to transform church facilities into vaccination sites, the DOH said, will surely expedite delivery of vaccines to the people.

Sotto, Hontiveros press Senate probe vs prisons ‘drug racket’ By Butch Fernandez

@butchfBM

enate President Vicente Sotto III and Senator Risa Hontiveros pressed for a deeper inquiry into a lucrative illegal “drug racket” using inmates said to be run by errant members of the Philippine National Police (PNP). A n a p p a r e nt l y d i s a p p o i nt e d Sotto bewailed that since 1998, he

and the Senate Committee on Illegal Drugs have long been pushing for reforms. “We want to hear from the Philippine Drug Enforcement Agency [PDEA] and the National Bureau of Investigation [NBI],” Sotto said, adding “it hurts to hear casualties in the PNP.” Senator Ronald de la Rosa, chairman of the investigating Committee on Public Order and Illegal Drugs,

however, opted to defer the Senate probe until “after the NBI completes its probe.” A former National Police Chief before his election to the Senate, de la Rosa prodded the PNP to “continue the fight and do not give up.” He indicated that summons are already being prepared for officials of PDEA and NBI. This developed as Senate probers briefly opened Monday an ini-

CMDC told: Q1 trading volume jumps 49.6% Continued from a1

Monzon said savings by retail investors who can neither travel nor spend because of the pandemic may have been diverted to investments in the equities markets. Capital-raising activities in the PSE have also remained strong, w it h t he yea r - on-yea r c apit a l raised growing 116 percent to P41.63 billion in the first quarter of this year from last year’s P19.24 billion. Monzon said the capital-raising pipel ine rema ins “robust ” despite the Covid-19 pandemic, with several companies having filed applications for an IPO or expressing interest in setting up their own Real Estate Investment Trusts (REITs). A mong the fir ms that have turned toward the equities market for their funding needs were DDMP REIT Inc., which raised P14.7 billion from its initial public offering (IPO); Cebu Air Inc., P12.5 billion from its stock rights offering (SRO); AC Energy Philippines, P5.37 billion from its SRO; and 8990 Holdings Inc., P3.7 billion from its follow-on offering (FOO).

Retail investors

Meanwhile, Philippine Dealing & Exchange Corp. (PDEx) PresidentCEO Antonino Nakpil reported that the fixed-income or debt securities market performed slightly lower in the first quarter compared to the same period last year, but investorrelated trading made up 59 percent or P898 billion of the total volume of P1.5 trillion as of end-March this year. For his part, SEC Commissioner Ephyro Amatong, a CMDC member, noted that retail investors have kept liquidity high in both the fixed-income and equities markets. In response, Dominguez said the increase in retail investor participation in both markets point to the trust and confidence of the public in the regulatory bodies that are tasked to keep their capital and investment returns safe. “Let’s keep that in mind—the environment of confidence in the system. Regulators are so important to provide guarantees to investors and ensure them that they are not going to be cheated,” Dominguez told fellow CMDC members during the meeting. National Treasurer Rosalia V. de Leon, also a CMDC member, attrib-

uted the growing number of retail investors in fixed-income securities to the measures that had been put in place to make bonds accessible to small investors, and the successful financial literacy campaigns of the Bangko Sentral ng Pilipinas, SEC and the Philippine Dealing System Holdings Corp. Nakpil also said secondary market trading was active despite the rise in the benchmark interest rates, particularly in the 10-year Philippine Treasury Bond yields which rose from 3 percent in January to 4.5 percent in March 2021, in line with a similar trend in US 10-year Treasury yields. For primary issuance activity in the corporate bond markets, Nakpil said new bond listings in the first quarter of the year reached almost P59 billion, but due to the number of maturing bonds in the same period, the overall amount of listed bonds of P1.45 trillion was lower than P 1.47 trillion as of end-2020. Among the securities listed in the first quarter were SM Prime’s P10-billion fixed rate bonds (FRBs), Chinabank’s P20-billion FRBs, and the Rizal Commercial Banking Corp. (RCBC)’s P17.87-billion ASEAN Sustainability Bonds.

tial but short inquiry into the recent “misencounter” between the Quezon City Police Special Operations Unit and members of the Philippine Drug Enforcement Authority (PDEA). De la Rosa, the presiding chairman, cut short the scheduled hearing, saying they suspended the panel’s inquiry to give way to an ongoing NBI probe on the same case, involving “drug lord” detainees running illegal drug deals even while under detention.

No Facebook page yet using name of new Manila archbishop–RCAM

he Roman Catholic Archdiocese of Manila (RCAM) warned the faithful against the fake Facebook page using the name of Cardinal Jose Advincula. In an advisory, RCAM stressed the Facebook page “Jose Cardinal Advincula,” is not owned by the new Archbishop of Manila. “The Archdiocese of Manila and the Archdiocese of Capiz have not yet created any Facebook page or social media accounts under His Eminence’s name,” RCAM Chancellor Fr. Reginald R. Malicdem said. Malicdem said they issued the warning after they got word that some people got invitation to like and follow the said fake Facebook page. “We have not received any report as of yet about using the account for personal gain. But it’s better to forewarn the public,” Malicdem said. This developed weeks before the scheduled installation of Advincula as the new head of the Archdiocese of Manila on June, 24, 2021. Malicdem said all official communication on the installation are released by the Chancery of the Archdiocese of Manila through its different social media platforms, namely, the Archdiocesan Office on Communications, TV Maria, Radio Veritas, 500 Years of Christianity Archdiocese of Manila, and The Manila Cathedral. Samuel Medenilla

‘LESS THAN 45 DAYS’:WILL HOTDOGS SOON BE HARD TO FIND? Continued from a2

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.

Ease ban on UK

In its latest attempt to open up European markets for MDM, Pampi wrote to Agriculture Secretary William D. Dar on May 21 seeking the “zoning” of the United Kingdom for MDM importation, as what the Department of Agriculture

(DA) did with the Netherlands. The DA earlier imposed a temporary ban on poultry product imports from the United Kingdom due to outbreaks of Avian Influenza. “As you may be aware, Sir, we are in desperate need to round up whatever volumes we can source from UK and EU to help mitigate the non-stop increase in the price of MDM from Brazil and North America,” Pampi said in its letter, a copy of which was obtained by the BusinessMirror. Pampi told the DA that if MDM prices continue to rise to unforeseen levels, then keeping the prices of processed meat products “stable will no longer be sustainable.”

The BusinessMirror broke the story in March that several Pampi member-companies had filed price increase petitions with the Department of Trade and Industry (DTI) due to rising raw material prices caused by tight supply worsened by shipping delays. Pampi earlier pronounced that despite the partial lifting of the import ban on the Netherlands, they cannot still source their required MDM volumes since Dutch exporters warned that they cannot comply with the Philippines’s “born and bred” condition for shipments. “In the case of Netherlands which you had earlier directed to be zoned for

MDM importation, there is hesitancy on the part of Dutch producers to export due to the in-country ‘born-and-bred’ condition on the source of the MDM raw material,” the group said. “The apprehension is that they may not have enough raw material to produce MDM in the quantities we need,” it added. Given this situation, Pampi argued that if it is allowed to import MDM from the UK, then there is a “good chance” that “UK producers may be able to supply some volumes” to the industry. “We hope you will look at the UK option to help us continue producing affordable products for our people,” it said.

A8 Tuesday, May 25, 2021 • Editor: Angel R. Calso

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editorial

High cost of city living

he families of workers receiving fixed wages would not be surprised at all with the findings of a recent study, which showed Manila as the third most expensive city among six cities in Southeast Asia despite having the lowest average salary.

They know how expensive life has become in the Philippine capital. What little help they are getting from the government or their employers during this pandemic can barely keep up with inflation. They are getting squeezed. Many are not able to stay afloat. Their anemic wages can barely afford household expenses and necessities. They are having a hard time paying for medical care, food, housing, electricity, water, tuition and other costs that keep rising. The typical Filipino workers are no longer able to keep up with the rising cost of living. They do not need a study to tell them this truth. What more, the tricycle, pedicab and jeepney drivers and ambulant vendors—all those who work in the informal economy that comprise around 38 percent of the working population according to government estimates? How much harder has life been for them since their incomes have been affected by lockdown and quarantine restrictions? These informal workers cannot avail themselves of financial assistance from an employer. They have to rely solely on the government for help. According to data aggregator iPrice Group, a person living in Manila needs P50,798 every month to spend on rent, food, transportation and utilities. With an average monthly salary of only P18,900, the cost of living in Manila is 168 percent higher than the average salary in the city, the study noted, “so it comes as no surprise that about 35 percent of Metro Manila’s population is reported to live in unstable, badly constructed shelters in the slums, and 11 percent of these reside near railroads or garbage dumps.” Comparing the estimated average monthly cost of living for a single person in six Southeast Asian mega cities, Manila’s cost of living was found ahead of Kuala Lumpur, Malaysia by 33 percent, Ho Chi Minh, Vietnam by 28 percent, and Jakarta, Indonesia by 24 percent. As expected, Singapore is the most expensive place to live in the region. With a P119,732 monthly budget, its cost of living is at least 132 percent higher than the other Southeast Asian cities. Bangkok, the capital city of Thailand, came in second with an estimated monthly cost of living of P51,500 for a single person, which is only a little higher than Manila’s. The study also showed Manila having the second-highest rent prices among the six cities, right after Singapore. “We all know that Singapore is way ahead of its Southeast Asian peers, so it’s quite surprising that a developing country’s capital city, which is way behind the aforementioned Lion City in terms of economic development, has the second-highest rent prices in the region,” the study said. Without rent, the study showed a resident still needs P28,800 to survive in Manila—still beyond the average income in the city. Clearly, increasing the daily minimum wage according to standards set by the wage boards would not be enough. These increments are usually so small they fail to even come close to the estimated family living wage. Past increases have been insignificant to keep up with the rising cost of living and inflation. In particular, workers spend up to three-fourths of their wages on food, and food prices tend to increase at a faster rate than non-food products. Nowadays, even a family in the middle and higher income brackets are having a hard time making ends meet. The cost of utilities alone, including electricity, which is among the highest in the world, eats up most of their household budgets. The iPrice Group study only showed what most Filipinos living in Manila have known all along: That if the prices of goods and other commodities are compared with income levels in the city, you would find Filipinos at a general disadvantage. There is no fair market pricing because the prices of goods are not compatible with the basic income of most Filipinos. Only the wealthiest with no spending limits will not complain.

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The road to pre-pandemic levels Manny B. Villar

THE Entrepreneur

he return to normalcy is beginning to take shape in the United States, the United Kingdom and some parts of the European Union.

Opened dine-in restaurants, resumption of cruise travel and people spending their time in their favorite bars are becoming frequent—the sights that we normally saw before the pandemic. The speedy vaccine rollout in these developed nations clearly allowed them to gradually re-open their economies. Tourism, one of the hardest-hit sectors in the world, may also reemerge soon in the Western world after the pandemic virtually shut down local and foreign travel. The European Parliament and EU member nations, for instance, reached an agreement that will lead to a Covid-19 certificate to help open up travel in the continent for the busy summer season. In New York, big companies are calling their employees back to the business district. The financial district is preparing for the physical return of workers after 14 months

of working from home. The Philippines may be months away from getting close to what the Western world is experiencing now. We will likely go back to the prepandemic levels by next year yet as our economic managers have envisioned, based on the gross domestic product targets they have laid down. This gives us hope—the light at the end of the tunnel is getting brighter. But let me quickly point out that every Filipino has a role to play in the path to economic normalcy. Returning to the pre-pandemic economic performance will require the cooperation of everyone—in terms of complying with the minimum health protocols and protecting our friends and families from the threat of the virus. This does not mean we should just stay at home. We must observe all the health protocols while we participate in economic activities

The free market works

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he journey started in 1761 when Ebenezer Kinnersley demonstrated heating a wire to incandescence and ended when Thomas Edison lost his company in the 1889 merger that formed Edison General Electric. In the intervening period, countless thousands of scientists, engineers, entrepreneurs, and financiers around the world worked towards one objective: commercially viable, safe, and efficient generation and distribution of electricity to residences. British scientist Michael Faraday discovered the fundamental principles of electricity generation in the 1820s by hooking up a wire from a generator connected to an efficient incandescent bulb. The discovery received a British Patent in 1880, and in 1881, the Savoy Theatre in London was the first public building in the world to be lit entirely by electricity. From 1880, there was a “war” between George Westinghouse Jr. and banker J. P. Morgan joined with the Vanderbilt family. Morgan financed

Thomas Edison’s large-scale lowvoltage direct current (DC) and Westinghouse supported Nikola Tesla’s alternating current (AC). At the end, the overall productivity, usefulness, and profitability of alternating current saw J. P. Morgan forcing Edison to shift to AC and move out of his own company. As of 2017, according to the International Energy Agency, about 87 percent of the world’s population has at least some regular access to electricity. This is the Free Market at its highest fulfillment. Not only does the free market explode the envelope of creativity but it also pushes the benefits to virtually everyone. At its worst, “capitalism”—which is only one factor of the free market—is exploitative and repressive.

as part of the labor force, and as we return home to our loved ones after work. It is not a choice between life and economy, which is absurd. It is about doing the best we can to live and provide for our family. I agree with the Department of Finance’s observation that if the health crisis is not managed effectively, the government may be forced again to impose strict quarantine measures, which we know are unproductive. I have repeatedly pointed out in this space the importance of healthrelated measures to address the pandemic, such as building more hospitals and quarantine facilities, hiring more health-care personnel and enforcing health protocols in workplaces so that we won’t resort to shutting down factories, offices and stores in case another virus surge overwhelms hospitals. Ultimately, we must inoculate most of the Philippine population against Covid-19. The job would apparently take longer than we originally anticipated. Fortunately, over 4 million vaccine doses arrived this month and more are expected to be shipped to the country in June. The Development Budget Coordination Committee, meanwhile, has adjusted a little lower the new growth targets for 2021 to a range of 6.0 percent to 7.0 percent from the previous estimate of 6.5 percent to 7.5 percent. It sees the GDP returning to pre-Covid-19 growth levels of

7.0 percent to 9.0 percent in 2022 and further to 6.0 percent to 7.0 percent in 2023 and 2024. The targets are reassuring. These projections meant the next two years would not be as challenging as 2020, which went down on record as one of the worst years for the global economy. Our economic managers prefer to manage the Covid-19 risks and push for the gradual and safe reopening of the economy. Addressing and managing the outbreak, instead of shutting down the economy through strict quarantine measures, will enable people to return to work and allow the government to address hunger and poverty, while maintaining strict compliance to minimum public health standards. The government deserves credit for taking bold steps to guide the nation through the crisis, after spending over P1 trillion to provide subsidy to the poor; safely bringing home infected overseas Filipino workers; building health-care infrastructure and enforcing health protocols nationwide. I am confident that with the continuing vaccination and the cooperation of everyone, we can safely return to the pre-pandemic growth level next year. We can all live a normal life soon with patience and caution on our side.

But that is where and when government should step in to regulate but not to control the market. Certain monopolistic business practices are beneficial and should be tightly controlled by government, like highways and seaports. But often the free market can even handle monopolies. There were dozens of cable TV providers in the NCR that over time became a virtual monopoly through mergers. Then competitive Internet greatly reduced the power of the “monopolistic” cable TV provider. In 1914, Henry Ford shocked the manufacturing sector by increasing the wages of his employees. He raised the wage of his factory workers from $2.34 a day to $5 a day. Doubling the average wage helped ensure a stable workforce and increased sales since the workers could now afford to buy the cars they were making. He gave, without government intervention, $10,000,000 in profits to his employees. Sub-Saharan Africa and its current 45 nations have contributed little to global economic and societal growth in the past 150 years. That is a fact, not a judgement. The reality of a very few leaders like Nelson Mandela and Jomo Kenyatta cannot outweigh the more numerous ones like Robert Mugabe and Idi Amin. Brutal, oppressive, and economi-

cally crippling colonialization is the primary cause. Twenty-seven of the world’s 28 poorest countries are in Sub-Saharan Africa. Each of these countries has a poverty rate of over 30 percent. But the average life expectancy at birth in the region increased, from 46 years in 1990 to 61 years in 2018. Even with undoubtedly the worst governments on Earth, the people benefited from other nations’ free market innovations and advancements. Overall, the most stable economic performance comes from those few that have the most economic freedom. In Rwanda, the government ended its monopoly on coffee, a move that let farmers freely trade with buyers from any part of the world. An estimated 50,000 households saw their incomes from coffee production double. American economist George Gerald Reisman wrote about laissez-faire capitalism. “It is the ideal economic system. It is the embodiment of individual freedom and the pursuit of material self-interest.” Tom Luongo wrote: “The free market is a brutal thing. It’s unforgiving and uncompromising.” But it works.

For comments, e-mail mbv.secretariat@gmail. com or visit www.mannyvillar.com.ph.

E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.

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World’s supply of chips in danger unless Taiwan gets vaccines

Pacquiao’s last hurrah! Manny F. Dooc

TELLTALES

By Alan Crawford, Debby Wu & Iain Marlow Bloomberg Opinion

ack in February, as the world was beating a path to Taiwan’s door for help to tackle a shortage of semiconductors, the health minister got into a scrap with China over Covid-19 vaccines.

Beijing, he suggested, had used political pressure to derail Taiwan’s plan to purchase five million doses directly from Germany’s BioNTech SE, rather than via a Chinese company which held the rights to develop and market the BioNTech-Pfizer Inc. vaccine across China, Hong Kong, Macau and Taiwan. Foreign Ministry spokeswoman Hua Chunying retorted that Taipei “should stop hyping up political issues under the pretext of vaccine issues.” Three months later, Taiwan is paying the price for a lack of vaccines, with a surge in virus cases that threatens to trigger a lockdown. Having successfully sidestepped the first Covid wave, the government now faces a health emergency—only about 1 percent of its population is vaccinated so far—with the potential to disrupt the chip industry that dominates the local economy, and which is critical to an alreadysqueezed global supply. That’s a link made by the head of Taiwan’s office in New York, who warned of “logistical problems” without access to more shots. Yet by shunning vaccines from China and warning of more chip shortages if it can’t source enough doses elsewhere, the government is giving even greater incentive to the world’s biggest economies to make investments that may erode Taiwan’s competitive edge in semiconductors over the long term. Taiwan’s predicament illustrates its strategic yet vulnerable position at the confluence of US-China tensions. Separated by a 110-mile (177 kilometer)-wide strait, Taiwan is regarded as a province by Beijing and its conquest is President Xi Jinping’s key goal for historical and ideological reasons. The US is an ally of Taipei’s democratic government and a big buyer of its exports, dominated by chips produced by Taiwan Semiconductor Manufacturing Co. The onset late last year of chip shortages that have hobbled industries from autos to computer gaming had looked to give Taipei global leverage. TSMC is the world’s leading provider of cutting-edge semiconductors and holds 56% of the so-called foundry business of manufacturing chips designed by customers including Apple Inc. and Qualcomm Inc. But Taiwan has suffered a sudden reversal of fortunes. The pandemic comes just as a drought triggers power outages, stoking economic uncertainty and a slump in what was the world’s best performing stock index in the four years to January. What’s more, the very source of Taiwan’s recent geopolitical clout— its dominance of the market for cutting-edge chips—is under attack as governments from the US to Europe and Japan, alerted to the strategic nature of the semiconductor supply chain, seek to spur production at home. China is pumping billions into catching up after Washington imposed export controls on US chip technology. “I think we’ve become too dependent on Taiwan and Korea, that’s the point, we need a more balanced global supply chain,” Pat Gelsinger, chief executive officer of Silicon Valley’s Intel Corp., the world’s biggest chipmaker, said in an interview. The US and Europe should act “more aggressively” to counter the “imbalance” of Asia’s lead in manufacturing semiconductors that are mostly consumed in the west, he said. Intel is a rival and plans to challenge TSMC at the cutting edge, but Gelsinger isn’t the only voice making for uncomfortable listening in Taiwan. Commerce Secretary Gina Raimondo said this month that while the Biden administration is working

with Taipei and TSMC to address the chip shortage, it’s also looking to reduce US dependence on Taiwan. TSMC is in the process of building a new fabrication facility in the US. Some in Washington have suggested that Taiwan is a backdoor to China by enabling tech transfers. Republicans Michael McCaul and Tom Cotton have called on the administration to engage with Taipei to do more to “mitigate the risk of Taiwanese companies providing services and technologies to entities of concern,” a reference to Chinese state-backed companies with links to the military. With the prospect of some $50 billion in government funding to build out chip making in the US and the promise of still more in Europe and South Korea, there are signs that Taiwan is starting to feel the heat. The government is working to draft a new export control list targeting technologies with military use, to tighten curbs on exports to China and raise the penalty for violations, according to a person familiar with the issue who asked not to be named discussing policy deliberations. That’s after Alchip Technologies Ltd’s stock took a beating in April when the Washington Post reported that it supplied chips to Phytium, a People’s Liberation Army-affiliated entity. Alchip said it has always been in compliance with government regulations and that Phytium projects were on hold. Taipei has become more alert to the possibility of Chinese companies ramping up efforts to recruit Taiwanese engineers. Last month the Cabinet met to discuss how to prevent the outflow of local talent, with the Ministry of Labor instructing local job-search websites to remove ads recruiting Taiwanese citizens to work for China, particularly in the semiconductor industry. Companies and headhunters can be fined as much as NT$500,000 ($17,900) for advertising such jobs and NT$5 million for facilitating local engineers’ employment with Chinese companies on the mainland, ministry official Huang Chiao-ting said. Job search site 1111 said it has removed close to 3,000 job listings. Investigators have visited the local offices of four Chinese companies, including Bitmain Technologies Ltd, within the last two months to look into allegations they recruited engineers illegally. “By more aggressively investigating Chinese companies’ efforts to poach Taiwanese engineers, we hope we can help prevent potential trade secrets leaking to China should local talent get hired away,” said Judy Chen, a spokeswoman for the Hsinchu District Prosecutors Office. She declined to name the other companies being probed. Members of the ruling Democratic Progressive Party are considering amending the law to boost penalties for intellectual property theft. Lawmaker Chao Tien-lin is proposing life sentences for those found guilty of economic espionage, a crime not currently on the statute books in Taiwan. “Taiwan needs to win trust from its partners and help prevent China from building a supply chain from stolen technology,” Chao said in comments provided by his assistant. Whether it’s enough to allay concerns in Washington may become clearer with the publication of President Joe Biden’s review of the semiconductor supply chain. The 100-day review is due to conclude on June 4. What’s already known is that there is bipartisan support to build US chip making, and Taiwan is in the cross hairs.

omebody once said that every story has a happy ending. If it’s not happy, it’s not yet the end. Will August 21, 2021 be a happy ending to the marvelous boxing career of our “Pambansang Kamao” Manny Pacquiao? No less than our boxing icon, Pacquiao himself recently announced his forthcoming fight with Errol Spence Jr. in Las Vegas on August 21, 2021.

His next fight will coincide with the 38th Death Anniversary of our beloved martyr, Ninoy Aquino. Anyway, everytime Pacquiao fights, it is deemed a public holiday in the entire country. Works are suspended, streets are empty and transactions in both the public and private sectors are rescheduled or deferred when Pacman fights inside the ring. Pacquiao has been eagerly squaring off for a fight against any worthy opponent since he was stripped of his title. This will be Pacquiao’s first fight since he outpointed Keith Thurman in July 2019, which gave him the WBA welterweight title. Spence has a perfect record of 27 wins against no loss, and boxing aficionados consider him as the best welterweight fighter pound-for-pound in the world at present. Like Pacman, he has fought the best in his weight class and maintained his untarnished record. On the other hand, Manny has won all his three fights against highly rated boxers since he suffered a controversial loss to Australian Jeff Horn. It will be interesting to know how Pacquiao, who has not entered the ring for the past two years, fares against a highly regarded undefeated fighter during this time of pandemic. But Pacquiao is not a stranger to this. He decisioned Keith Thurman

who had not previously suffered a loss in his career until he encountered Pacquiao. Pacquiao had battled inside the ring against the fiercest boxers in all the weight divisions he had fought in and emerged victorious against most of them. His victims could make up the dreadest pugilists in the Ring Magazine—Lehlohonolo Ledwaba, Marco Antonio Barrera, Erik Morales, Juan Manuel Marquez, Oscar de la Hoya, Ricky Hatton, Miguel Cotto and many other decorated fighters. He even sent quite a few of them to their retirement. No question that Pacquiao is one of the greatest professional boxers of all time and the one-and-only 8-division boxing champion since boxing was invented as a sport. It’s high time that Pacquiao climbs the ring and perks up our people’s sagging spirit exacerbated by this pandemic. Pacquiao’s epic encounters unify us and make our poor forget their daily grind against poverty and hunger. Unknown to many, Pacquiao shares his blessings to our starving people. He is the people’s champion not only because of his golden gloves but his golden heart. The legendary promoter Bob Arum had once said: “Pacquiao is the greatest boxer I’ve ever seen, and I’ve seen them all, including Ali, Hagler

Tuesday, May 25, 2021 A9

and Sugar Ray Leonard.” He has received all recognitions and accolades from practically all awarding bodies across the world. One prized award was being named as the “Fighter of the Decade for Years 2000 to 2009” by the Boxing Writers Association of America. Only a handful has been a recipient of this distinguished honor. He was given the “Sugar Ray Robinson Fighter of the Year” for 2006, 2008 and 2009. And he has garnered all the conceivable honors, which our national government and Congress can ever devise. A very distinct honor was when he got elected as a senator of our Republic, which our people overwhelmingly bestowed upon him in grateful recognition of the honors he lavished on our country and our people. Win or loss against Spence, Pacquiao’s greatest fight will be outside the boxing ring. Pacquiao has made no secret of his desire to capture the Malacañang diadem. He is widely expected to seek the presidency next year. If ever he joins the presidential derby, it would be his toughest fight. He may be facing opponents who are no respecter for the rules of the game. He may have unscrupulous adversaries who will buy the votes of the judges—the electorates. He may contend against protagonists who will break the rules every time there is an opportunity. It will definitely be a slugfest with the Comelec as the referee. We can only hope that the referee will be objective and non-partisan. This is not just consolidating the WBC, IBF and the WBA welterweight division titles but unifying the Filipinos to rally behind his candidacy. The trophy is not the unified welterweight crown but the highest government position in our land. But will Pacman be ready to discharge the complex duties of that Office? Will he be equal to the people’s trust if they decide to install him as our

next president? His punching power, which has floored many of his opponents, will not be enough to eliminate the ills that bedevil our nation. His vaunted stamina, which has outlasted countless opponents, will not endure the long-standing problems of poverty, unemployment and social and economic inequities in our society. Will the most powerful Filipino sportsman become the most powerful person in the Philippines? Can he translate his grassroots popularity into votes to catapult him to Malacañang? Pacquiao’s first term as a Senator will end in 2022 unless he runs for reelection or seeks a higher office like the Presidency. If he chooses to run, he would need a sizable amount of money to fund his campaign. Campaign contributions won’t come in unless he is perceived by moneymen and kingmakers as a frontrunner or viable contender. Under our election laws, he cannot fight during the election period to raise more funds. He cannot engage in his profession and take advantage of his popularity and make a political mileage out of it. If he wins, his bout with Spence would definitely be his last. I don’t think he would still box once he becomes the President of his country. Maybe he can by throwing a haymaker against political nemeses who would sabotage his administration if he gets elected. If he loses, the loss may defang him and dissipate his appetite for boxing. He may still resume his boxing career but he would then be 43 years old and the rigors of the political battles might have enervated him. For sure, a political loss after aiming for the star would cost him public adulation and following which have sustained him in boxing in the past. The Pacman-Spence boxing tiff may very well be Pacquiao’s last hurrah. It’s a must win for him. It’s his ticket to the presidency or to his glorious exit from boxing.

Forced landing of Ryanair jet in Belarus triggers outrage By Milda Seputyte & Aliaksandr Kudrytski Bloomberg Opinion

he US and Europe reacted with outrage after Belarus ordered a Ryanair Holdings Plc flight transiting its airspace to land and arrested a journalist on board, an unprecedented violation of European air travel protocols. “The United States strongly condemns the forced diversion of a flight between two EU member states and the subsequent removal and arrest of journalist Roman Pratasevich,” US Secretary of State Antony Blinken said in a statement. “Initial reports suggesting the involvement of the Belarusian security services and the use of Belarusian military aircraft to escort the plane are deeply concerning and require full investigation.” The forced landing drew sharp and unified condemnation from across the European Union, with France and Greece, Poland and Germany among those rushing to express their anger. Further sanctions on Minsk may result. EU leaders due to meet in Brussels for a two-day summit starting Monday will discuss the consequences of what EU Commission President Ursula von der Leyen called an “unacceptable” action. Europe’s fury was triggered after a Boeing Co. 737-800 carrying scores of passengers from Athens to Vilnius was diverted to the Belarusian capital on Sunday under the escort of a Mig-29 fighter jet. The plane’s crew was notified by authorities in Minsk of a “potential security threat on board,” a Ryanair spokeswoman said. Once in Minsk, authorities arrested a journalist who covered protests against President Alexander Lukashenko, whose election to a sixth term last year was internationally disputed. Authorities boarded the plane and arrested Pratasevich, the former editor-in-chief of one the most popular Telegram news channels in

Belarus. Pratasevich wasn’t on the plane when it was allowed to take off again for Vilnius, Lithuanian President Gitanas Nauseda said in a recorded statement. His girlfriend was searched and allowed back onto the plane, but opted to stay in Minsk. At least four other people also remained in the Belarusian capital, according to Lithuanian officials. “This is a serious and dangerous incident, which requires international investigation,” NATO Secretary Jens Stoltenberg said on Twitter. A spokeswoman for the Interior Ministry in Minsk declined to comment. Potential measures when EU leaders meet could include sanctions against individuals and entities, suspending all flights by EU airlines over Belarus, banning Minsk’s carrier Belavia from landing at airports in the bloc, and the suspension of all transit, including ground travel, between Belarus and the EU, according to an official familiar with the discussions. The steps would be on top of a sanctions package Brussels was already working on and was aiming to present next month. A post-election crackdown by Lukashenko’s administration on the opposition already resulted in US and EU sanctions and pushed the president, in office since 1994, closer to Russia. Sunday’s events risk deepening the international isolation of a country that former US Secretary State of Condoleezza Rice referred to in 2006 during a visit to Lithuania as the last dictatorship in Europe. The latest incident has the potential to influence already strained ties between President Joe Biden and Russian President Vladimir Putin, even as the two leaders move toward a potential first summit as soon as next month. Lukashenko is slated to meet with Putin this week in the Black Sea resort of Sochi, Rossiya-1 television reported Sunday. Kremlin spokesman Dmitry Peskov didn’t respond

US lawmakers joined with counterparts from seven other countries in calling for an inquiry by the Montreal-based International Civil Aviation Organization into a “clear violation of free transit between states and the threats to the aircraft.”

to a request for comment after hours in Moscow. US State Department officials spoke with officials in Brussels, Vilnius and Athens across Sunday, according to a person familiar with the diplomacy who asked not to be named talking about internal discussions. Lukashenko gave an unconditional order to turn the plane around, the state news service Belta said, citing the unofficial Pool Pervogo telegram channel, which is widely seen as run by people close to the presidential press service. An adviser to Belarusian opposition leader Sviatlana Tsikhanouskaya said Pratasevich, 26, had been bundled off the flight in Minsk by police. “At first he panicked, then calmed down a bit, but still was trembling,” Franak Viacorka said on Twitter, citing passengers. “He said he’ll face the death penalty here. He was taken aside, his belongings dumped on the runway.” Pratasevich and his NEXTA colleague Stsiapan Putsila were accused of organizing mass unrest and group actions severely violating public order, the Investigative Committee said on Nov. 5. They were also accused of stirring “social hatred” against law enforcers via their Telegram channels. Viacorka said that the arrest may also allow the authorities in Belarus to obtain information about Pratasevich’s collaborators, facilitating a broader repression of independent reporting. “They have control over his phone,” he said in a separate phone interview. “They can get access to the channels he administered and

to all correspondence and chats Pratasevich had.” Nauseda called the Ryanair forced landing an unprecedented “kidnapping of a person by use of military force” and urged NATO and the EU to react to the threat posed by the Belarusian leadership to civil aviation. Mateusz Morawiecki, the prime minister of Belarus’s neighbor Poland, urged sanctions against Lukashenko for committing an “act of state terrorism.” Greece called it a “state hijacking.” German Foreign Minister Heiko Mass denounced Belarus’s actions, saying that forcing a plane to land under the pretext of a bomb threat was a “severe interference into civil aviation travel.” “Such an act cannot remain without consequences from the side of the European Union,” Maas said. There were conflicting reports of the number of people who were on board. The foreign ministries of Greece and Lithuania said there were 171 passengers from at least 18 countries. The Belarusian state news agency Belta reported that there were 123 passengers. Lithuanian Prime Minister Ingrida Simonyte arrived at the airport in Vilnius with a prosecutor to question the arriving passengers, and the prime minister announced an investigation. US lawmakers joined with counterparts from seven other countries in calling for an inquiry by the Montreal-based International Civil Aviation Organization into a “clear violation of free transit between states and the threats to the aircraft.” “Until ICAO has reported, we call for Belarus to be suspended from the organization and a ban on all overflight of Belarus including flights to and from the country,” Senator Robert Menendez, chairman of the Senate Foreign Relations Committee, said in a statement. Blinken said the Biden administration supports the earliest possible meeting of the ICAO to review Sunday’s events.

A10 Tuesday, May 25, 2021

EU, Saudi ‘choosy’ on jabs? PHL verifying

HE Department of Health (DOH) said on Monday it is coordinating with the Department of Foreign Affairs (DFA) following reports on social media that Saudi Arabia and European Union countries will only allow entry to travellers inoculated with vaccines on the list of their preferred brands Health Undersecretary Maria Rosario Vergeire said, “We have already coordinated with the Department of Foreign Affairs to have this verified.” She said there is still no official communication from the embassies of these countries relayed to the DFA. Social media cards circulating showed these countries will only allow entry of persons who were vaccinated with two doses of Pfizer, AstraZeneca, Moderna and Jansen.

Covid cases

As of 4 p.m. of May 24, the DOH logged 4,973 additional Covid-19 cases, bringing the total number of infections in the country to 1,184,706. There were 6,666 recoveries and 39 deaths. Of the total number of cases, 4.1 percent (48,917) are active, 94.2 percent (1,115,806) have recovered, 1.69 percent (19,983) have died. Moreover, 18 cases previously tagged as recoveries were reclassified as deaths after final validation. All laboratories were operational on May 22, 2021 but six were not able to submit their data to the Covid-19 Document Repository System. Based on data in the last 14 days, the 6 non-reporting labs contribute, on average, 1.1 percent of samples tested and 1.3 percent of positive individuals. Claudeth Mocon-Ciriaco

PHL energy accounts: Non-RE gone in 50 yrs

By Cai U. Ordinario

@caiordinario

F no new sources of non-renewable energy are found and the current use of these resources continues, the country may run out of these stocks in less than 50 years, according to estimates of the Philippine Statistics Authority (PSA). In the Energy Accounts of the Philippines, which is based on 2019 data, the PSA estimated that the first to go would be natural gas which only has an asset life of seven years; condensate, nine years; coal, 26 years; and oil, 43 years. Data showed, the PSA noted, that in a span of 20 years, the volume of stocks of coal reserves increased but the volume of stocks of oil, natural gas, and condensate reserves declined. “The energy accounts provide information on the available stock of the non-renewable energy resources at the start and end of the year, as well as the changes that occurred during the period,” the PSA Environment and Natural Resources Accounts

Division (ENRAD) told BusinessMirror on Monday. “The asset life is estimated based on the recommendation of the System of Environmental-Economic Accounting (SEEA) computed as Closing Stocks divided by extraction, with the assumption that there are no new discoveries and the extraction remains the same,” it added. Data showed that the asset life of coal decreased by 87.25 percent to 26 years in 2019 from 204 years in 2000, while natural gas decreased by 99.9 percent to only seven years in 2019 from 8,588 years. PSA said the asset life of condensates decreased by 97.64 percent to nine years in 2019 from 381 years in 2000. Condensates are liquid hy-

drocarbons that are separated from gas production, similar to what is produced in Malampaya. For oil resources, PSA said the asset life also decreased to five years in 2016 from almost 59 years in 2000. However, PSA noted a significant increase in 2007. Further, PSA said that in 2017, the asset life increased to almost 43 years in 2019 from 22 years. PSA said these increases were mainly due to the increase in the stocks of oil resources. PSA EnRad added that the estimates are done “for the purpose of valuation” and that the accounts did not include renewable energy resources. “[Asset life is] the expected time over which an asset can be used in production or the expected time over which extraction from a natural resource can take place,” PSA said. Data on the depletion of these energy resources was supported by the Department of Energy (DOE) pronouncement last year, indicating a looming energy crisis in the Philippines as the country stands to lose over 3,400 megawatts from existing gas plants, responsible for about 29 percent of Luzon’s power generation. Continued on A6

DUTERTE UNDECIDED ON VFA FATE–ROQUE By Samuel P. Medenilla

@sam_medenilla

RESIDENT Duterte remains undecided if he will scrap or replace the country’s Visiting Forces Agreement (VFA) with the United States (US). In an online press briefing on Monday, Presidential spokesman Harry Roque disclosed Duterte still has no final position on the matter for now. “The last thing he told me is he still has no decision on VFA. He is still thinking about it,” Roque said. “The President knows the things to consider before deciding [on the matter] since he already studied the issue of VFA and the US and Philippine relations for a long time,” he added. Roque issued the statements when asked for an update on the abrogation of the 1998 accord, which allows US military forces to enter the country’s territory, upon the instruction of Duterte. The President had moved to terminate the treaty following the cancellation of the tourist visa of Senator Ronald “Bato” dela Rosa, whose earlier stint as chief of the National Police had placed him in the crosshairs of human-rights campaigners for the conduct of the antidrugs war. The abrogation proceedings were initiated in February 2020, but later suspended due to the Covid-19 pandemic. Duterte last talked about the VFA during his public address in February 2021, where he said the US government must “pay” if it wants to maintain the VFA. Roque said the President is considering retaining the VFA in case the country needs reinforcement in its territorial dispute with China in the West Philippine Sea. “Only the President could decide if there will be a new VFA or the said agreement will be junked. Let us wait for his decision,” Roque said.

www.businessmirror.com.ph

Companies BusinessMirror

Tuesday, May 25, 2021

Vista Land income declines by 14% in January-March

By VG Cabuag

@villygc

ista Land and Lifescapes Inc., the Villar Group’s property arm, on Monday said its income in the first three months of the year fell 14 percent to P2.1 billion from last year’s P2.44 billion.

Gross revenues fell 10 percent to P9.2 billion from last year’s P10.26 billion. The company said it is looking at a capital expenditure budget of P27 billion for this year which is mainly for construction and land development. Land acquisition budget remained muted as the company said it is maximizing its existing

land bank. The company has 2,968 hectares of land as of end-March. Vista Land said it saw continued quarterly improvement as reservation sales in the first quarter hit P16 billion, up by 4 percent from last year’s figure and 14 percent compared to the previous quarter. Vista Land Chairman Manuel B. Villar Jr. said the company is optimistic about the industry’s recov-

ery especially with the growth in overseas Filipino remittances for two consecutive months. “Over half of our sales come from overseas Filipinos and the demand from the sector remains resilient amid the current challenging time. We are also looking forward to the vaccination rollout of the country in relation to the further opening of the economy which will benefit not just our industry but the country as a whole,” he said. Real estate revenues for the period fell 13 percent to P6.3 billion, while leasing income declined 9 percent to P2 billion. Vista Land said its leasing business has the advantage of having majority of its tenants providing essential services—the main reason for the good performance of its retail properties. In terms of its residential business, the company took advantage

of various digital initiatives to further expand its sales and customer service. The company implemented an online reservation system for all its product offerings, expanded its online payment options, shifted to virtual property tours and maximized the use of social media platforms. “Our digital initiatives have become a permanent part of the company’s infrastructure. Our aim is to continue with our digital innovations to expand our reach as well as to better serve our clients and customers,” Manuel Paolo A. Villar, the company’s president and CEO, said. Vista Land recently completed a $170-million dollar note offering which was part of its liability management exercise. Proceeds of the dollar float were used to refinance its dollar debt maturing in June 2022.

‘Fresh content to boost Globe growth’ By Lorenz S. Marasigan @lorenzmarasigan

lobe Telecom Inc. said it expects to “see steady growth over the next few years” as it addresses consumer demand through the delivery of fresh content. Globe President Ernest L. Cu said his group is banking on its existing partnerships with content developers and its own content development studio to create more value for consumers. “Globe has always been at the forefront of providing value to customers with our plans, so they can access an array of content that matter to them. We pioneered

content bundling when we introduced plans that came with NBA League Pass, Netflix, and Spotify many years ago, and we continue to do so with our partnerships with Amazon Prime, HBO Go, and Viu, among others,” Cu said. He added that Globe Studios has produced several original films, television series, and online content, which have received local and international awards. “When Globe pioneered partnerships with streaming services a few years ago, we saw a big opportunity to create and grow local content. We have proven that we can produce top-notch films and music that are now being shown in international streaming services. We take pride in our

Filipino artists and we are driven by the vision to provide platforms to bring them to the global stage,” Cu said. Cu noted that Globe’s 917Ventures Inc., a corporate venture builder, is also developing solutions that “solve people’s everyday problems.” Portfolio companies under 917Ventures include financial technology app GCash, online health services app HealthNow, and online grocery shopping app PureGo. “We live by the adage that if we don’t disrupt ourselves, somebody else will. We have to be transforming all the time and ensuring that our services and offerings remain relevant and even predict future trends for our consumers,” Cu said.

AC Energy inks RE supply deal with Pacific Synergy By Lenie Lectura @llectura

C Energy Corp., the listed energy platform of the Ayala Group, will supply renewable energy (RE) to consumer goods firm Pacific Synergy to power up the latter’s plant operations for two years. AC Energy said Monday it signed an agreement with Pacific Synergy to provide its Laguna plant facility with RE during peak hours, or around 28,913 MWh, from the company’s portfolio of operating wind, solar and geothermal power plants. This is the first renewable energy power purchase of Pacific Synergy for the electricity supply of its plant operations. Apart from ensuring that the energy they will use in operating their business will come from sustainable power sources, Pacific Synergy will also get to support the growth of the emerging renewables sector and take part in the energy transition from fossil fuels to green energy sources. “ The switch to renewable energy through our partnership with AC Energy is a major milestone for us, not only in reducing the carbon footprint of our expanding operations, but also in supporting the sustainable development and low-carbon future of the country,” said Charles Stewart Lee, president of Pacific Synergy. “We are proud to enable the development of new renewable energy plants and encourage the growth of the green energy sector and help create much needed jobs.” Utilizing RE would eliminate Pacific Synergy’s estimated 1,500 tons of CO2e, the equivalent of taking about 324 cars off the road annually. SIP Purified Water is the first product under Pacific Synergy Food and Beverage Corp. and now a player in the food and beverage arena. Pacific Synergy also recently

AC Energy's GigaSol Palauig solar farm in Zambales. Photo from www.acenergy.com.ph

introduced Actipure hand sanitizers and alcohol. Another new brand is Hearth, which is a line of products designed to protect the environment. All products are 100 percent compostable, which will inspire more sustainable practices in the industry. AC Energy’s retail renewable electricity program allows companies to “green” their energy sources through a number of ways: by directly purchasing energy from the company’s operating renewable energy plants, by purchasing carbon credits to offset their carbon emissions, and by becoming direct “enablers of the energy transition” wherein their investment will be funneled into building new renewable energy power plants, a crucial component in the green-led recovery. The company is also positioning itself to be a one-stop shop for the energy needs of its retail clients, providing competitivelypriced and tailor-fitted plans anchored on great customer experiences. “Pacific Synergy’s decision to pro-

cure renewable energy from us provides a boost to our program as we aim to rapidly expand these positive switches to green energy in the Philippines and across the region, and play a meaningful role in the green-led recovery,” said AC Energy Executive Director and Head of Commercial Operations Miguel de Jesus. AC Energy expanded its portfolio and augmented its generating capacity with the construction of two new solar plants, battery storage and firming facilities in Luzon. It now has about 1,200 MW of attributable capacity in the Philippines, with more than half coming from renewable sources. This is expected to increase with the completion of the infusion of AC Energy International, which has about 1,400 MW of attributable capacity. The company’s aspiration is to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 5,000 MW of renewables capacity by 2025.

SMC opens Skyway Stage 3 Quirino southbound exit

Contributed Photo

an Miguel Corp. (SMC) has opened the Quirino exit of the Skyway Stage 3 to Class 1 vehicles, cutting travel time from Balintawak and Quezon Avenue to Manila to less than 20 minutes from 1.5 hours without traffic congestion. Ramon S. Ang, the company’s president, said the opening of the Quirino southbound exit will greatly improve accessibility from Quezon City and Manila, helping reduce congestion in major roads and other alternate routes. “With more private vehicles diverted to Skyway Stage 3 on their way back from Nlex, or coming from Quezon Ave., to Manila, traffic on our major public roads as well as on streets usually utilized as ‘short cuts’ or ‘alternate routes,’ will be a thing of the past. This will redound to relief from congestion and faster and easier commutes for many of our countrymen on our major thoroughfares,” he said.

He also assured motorists that the group will honor its commitment of helping provide greater accessibility to motorists through traffic decongestion. “We remain dedicated to providing convenient and seamless travel for motorists to help decongest Metro Manila and enable growth in all areas that we reach.” The group is awaiting the full completion of the right-of-way delivery to deliver the other access ramps. There are currently 15 operational ramps on the elevated expressway. “The full completion of Skyway Stage 3 will divert at least 75,000 vehicles away from Edsa or C5. This is a realization of President Duterte’s promise to decongest Edsa. Skyway Stage 3 is proof that the private sector and the government can work together towards a unified solution,” Department of Public Works and Highways Secretary Mark A. Villar said. Lorenz S. Marasigan

Companies BusinessMirror

Tuesday, May 25, 2021

PSE STOCK QUOTATIONS

May 24, 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 PB BANK PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FIRST ABACUS FERRONOUX HLDG FILIPINO FUND MEDCO HLDG NTL REINSURANCE PHIL STOCK EXCH

43.2 101.1 79.85 24 9.06 45 9.09 20.8 55.1 17.5 117.2 75 1.22 3.91 0.58 2.91 7.48 0.38 0.69 161.5

44.7 101.2 80 24.25 9.09 45.3 10.1 20.95 56.9 17.52 117.8 75.15 1.35 4 0.6 3.11 7.99 0.39 0.7 164

43.1 102 80.1 24.15 9.3 44.9 9.04 21.25 56 17.52 119 74.85 1.25 4 0.58 2.82 7.48 0.4 0.7 161

43.1 102.4 81 24.45 9.31 45.85 9.04 21.4 57.2 17.52 119.2 75.2 1.25 4.03 0.58 2.91 7.48 0.4 0.7 164.5

43.1 100.7 79.75 23.95 9 44.2 9.04 20.8 55.1 17.42 115.6 74.85 1.22 3.91 0.58 2.82 7.48 0.38 0.7 160

43.1 101.1 80 24.25 9.06 45.3 9.04 20.8 55.1 17.52 117.8 75.15 1.25 3.91 0.58 2.91 7.48 0.39 0.7 164.4

200 8,620 3,545,910 358,853,467 1,357,890 108,604,441.50 356,300 8,569,860 599,900 5,470,433 3,175,300 143,030,825 18,700 169,048 742,800 15,641,560 1,470 83,096 2,200 38,434 607,480 71,353,726 10,080 756,571.50 84,000 104,810 144,000 572,910 6,000 3,480 2,000 5,730 300 2,244 60,000 23,500 80,000 56,000 4,570 737,774

INDUSTRIAL

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

6.96 1.34 21.35 0.75 29.4 69.6 272.4 14.22 3.03 3.95 12.96 20.7 10.4 6.3 2.98 12.96 23.95 12.46 7.43 9.25 69.2 0.62 1.32 72.25 179.6 28.2 5.87 0.255 8.01 1.02 0.127 128 0.81 2.37 52.5 60.2 1.19 2.69 12.32 6.94 5.45 6.16 12.22 1.05 2.15 1.78 1.86 5.2 5.5 19.7 3.95 8.66 1.05 6.41 1.26 5.5

6.97 1.36 21.4 0.76 29.5 69.8 272.8 14.24 3.04 4.05 13.02 21.05 10.42 6.31 2.99 13.18 24 12.48 7.44 9.4 69.5 0.63 1.35 72.95 179.7 29.45 5.9 0.265 8.05 1.03 0.13 128.9 0.82 2.5 56.65 63 1.2 2.7 12.48 6.95 5.48 6.2 12.36 1.07 2.17 1.82 1.9 5.47 5.6 20.95 3.96 8.67 1.06 6.49 1.28 5.55

7.01 1.36 22.1 0.81 29.55 70.05 272 14.36 3.12 4.05 13.4 20.7 10.46 6.16 2.98 12.96 24.5 12.8 7.44 9.28 70 0.63 1.35 71 177.9 29 5.85 0.265 7.99 1.02 0.126 129 0.82 2.38 52.5 60.2 1.19 2.7 12.5 6.95 5.45 6.14 12.12 1.05 2.3 1.77 1.9 5.2 5.5 20 4.09 8.99 1.06 6.63 1.26 5.64

7.01 1.38 22.3 0.82 29.75 70.05 273.6 14.36 3.13 4.05 13.4 20.7 10.46 6.32 2.98 12.96 24.5 12.8 7.48 9.41 70 0.63 1.36 74.45 180.6 29 5.9 0.275 8.1 1.05 0.132 130.2 0.83 2.38 52.5 60.2 1.21 2.75 12.5 6.97 5.48 6.38 12.3 1.08 2.3 1.84 1.9 5.48 5.65 20 4.09 8.99 1.06 6.63 1.29 5.68

6.91 1.34 21.4 0.75 29 69.6 271.8 14.22 3.04 4.05 13.02 20.55 10.4 6.1 2.87 12.96 24 12.32 7.39 9.14 69 0.61 1.31 70 176.4 29 5.85 0.26 7.97 1.02 0.126 128 0.81 2.38 52.5 60.2 1.17 2.61 12.32 6.94 5.36 6.04 12.12 1.02 2.11 1.77 1.86 5.2 5.5 19.56 3.96 8.67 1.05 6.39 1.26 5.5

6.97 1.36 21.4 0.76 29.5 69.6 272.4 14.24 3.04 4.05 13.02 20.7 10.42 6.31 2.98 12.96 24 12.48 7.44 9.4 69.5 0.61 1.35 72.95 179.7 29 5.87 0.26 8.05 1.03 0.127 128 0.82 2.38 52.5 60.2 1.19 2.69 12.32 6.94 5.45 6.16 12.22 1.05 2.15 1.83 1.86 5.2 5.5 19.7 3.96 8.67 1.06 6.49 1.28 5.5

16,878,100 675,000 5,850,300 28,423,000 350,200 44,830 119,400 413,700 5,295,000 2,000 93,600 138,300 65,500 4,414,800 424,000 3,500 4,979,200 210,900 2,358,200 4,397,800 33,460 187,000 7,169,000 154,080 994,700 100 68,300 4,470,000 498,100 148,000 3,210,000 590,090 733,000 5,000 50 50 1,795,000 710,000 248,200 49,900 101,700 780,900 58,700 196,000 4,627,000 25,000 14,000 11,200 378,700 5,700 5,144,000 560,400 62,000 52,800 33,000 502,300

117,674,781 917,960 126,798,270 22,092,220 10,291,340 3,125,896 32,528,984 5,900,788 16,206,510 8,100 1,224,904 2,856,260 683,240 27,769,295 1,249,720 45,360 120,777,560 2,655,172 17,547,917 41,250,963 2,323,659 114,090 9,568,890 11,111,069.50 178,546,468 2,900 402,165 1,190,650 4,002,194 151,690 406,430 75,687,809 598,170 11,900 2,625 3,010 2,150,140 1,907,590 3,080,020 346,725 552,308 4,842,144 721,800 202,620 10,129,830 44,890 26,080 58,576 2,125,957 113,736 20,731,000 4,904,642 65,250 342,091 41,940 2,776,889

HOLDING & FRIMS

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

1.01 6.86 703.5 34.7 9.93 2.95 6.6 0.7 0.68 0.67 5 5.51 7.95 0.26 536.5 3.3 49.3 0.8 3.11 13.14 0.46 1.6 3.61 3.5 2.98 2.36 1.15 375 906.5 114 0.63 128.2 0.245 0.203

1.02 7.35 704 34.9 9.98 2.96 6.79 0.72 0.69 0.73 5.02 5.52 8.2 0.28 538 3.4 49.5 0.81 3.28 13.16 0.47 1.65 3.65 3.64 3.02 2.5 1.2 400 910 114.5 0.65 133.4 0.255 0.212

1.02 7.35 704 34.6 10.1 2.99 6.8 0.71 0.68 0.67 5.06 5.42 8.2 0.27 539 3.56 50.3 0.85 3.28 13.1 0.47 1.65 3.74 3.53 2.96 2.5 1.15 371.6 918 114 0.65 132.1 0.242 0.217

1.05 7.35 708 34.95 10.12 3 6.8 0.73 0.7 0.67 5.06 5.51 8.2 0.28 539 3.56 50.3 0.85 3.28 13.18 0.475 1.65 3.74 3.55 3.1 2.5 1.15 400 918 114.9 0.65 133.5 0.25 0.217

1.01 7.35 700 34.2 9.93 2.92 6.8 0.69 0.68 0.67 4.99 5.42 8.2 0.27 530 3.2 49 0.79 3.1 13.08 0.47 1.65 3.61 3.53 2.96 2.5 1.15 370 901.5 112.2 0.63 129.2 0.242 0.217

1.01 7.35 703.5 34.9 9.93 2.96 6.8 0.7 0.69 0.67 5 5.51 8.2 0.28 538 3.3 49.5 0.81 3.11 13.14 0.475 1.65 3.61 3.53 3.02 2.5 1.15 400 906.5 114 0.63 133.5 0.25 0.217

2,228,000 100 227,080 710,900 3,391,200 874,000 2,000 1,574,000 387,000 1,000 721,000 2,668,000 4,300 2,370,000 52,880 120,000 844,600 2,038,000 117,000 1,892,900 30,000 1,000 13,074,000 16,000 2,197,000 30,000 2,000 1,010 100,470 165,080 48,000 343,180 2,170,000 60,000

2,267,660 735 159,680,100 24,696,485 33,837,276 2,582,540 13,600 1,106,360 266,680 670 3,605,720 14,653,145 35,260 663,200 28,339,115 392,490 41,692,855 1,645,700 364,910 24,846,694 14,150 1,650 47,735,900 56,500 6,636,490 75,000 2,300 374,188 90,977,225 18,785,957 30,550 45,332,377 534,780 13,020

PROPERTY ARTHALAND CORP 0.61 0.62 0.62 0.62 0.61 0.61 404,000 246,510 7.31 7.73 7.72 7.73 7.72 7.73 3,000 23,174 ANCHOR LAND 31.55 31.6 32.15 32.15 31.5 31.6 4,679,600 148,192,240 AYALA LAND ARANETA PROP 1.13 1.18 1.16 1.2 1.16 1.2 241,000 279,830 35.6 35.9 35.6 36.1 35.6 35.6 203,900 7,326,425 AREIT RT 1.38 1.4 1.38 1.39 1.37 1.38 311,000 429,370 BELLE CORP 0.92 0.93 0.93 0.93 0.9 0.92 574,000 520,560 A BROWN CITYLAND DEVT 0.85 0.86 0.85 0.86 0.84 0.86 349,000 296,990 0.123 0.127 0.127 0.127 0.121 0.127 160,840,000 19,623,350 CROWN EQUITIES 6.1 6.34 6.33 6.35 6.33 6.35 16,700 105,841 CEBU HLDG 6.86 6.87 6.06 6.9 6.05 6.87 13,988,200 91,144,357 CEB LANDMASTERS CENTURY PROP 0.395 0.405 0.405 0.405 0.395 0.405 1,160,000 465,650 CYBER BAY 0.315 0.33 0.315 0.315 0.31 0.31 260,000 81,000 11.9 12 12 12.14 11.88 12 600,100 7,167,800 DOUBLEDRAGON 1.95 1.96 1.98 1.98 1.95 1.96 4,113,000 8,084,220 DDMP RT DM WENCESLAO 6.86 6.9 6.94 6.94 6.78 6.86 19,700 134,850 0.178 0.179 0.17 0.185 0.17 0.179 30,430,000 5,433,680 EVER GOTESCO 1.08 1.09 1.09 1.09 1.08 1.08 2,680,000 2,895,040 FILINVEST LAND 0.84 0.85 0.84 0.84 0.84 0.84 3,000 2,520 GLOBAL ESTATE 8990 HLDG 7.3 7.36 7.16 7.53 7.16 7.3 92,800 676,561 1.32 1.35 1.31 1.36 1.31 1.36 130,000 173,210 PHIL INFRADEV 1.47 1.5 1.57 1.57 1.42 1.47 968,000 1,418,190 CITY AND LAND 2.7 2.72 2.83 2.84 2.7 2.7 102,249,000 281,487,110 MEGAWORLD MRC ALLIED 0.365 0.37 0.38 0.38 0.36 0.365 11,860,000 4,388,350 PHIL ESTATES 0.495 0.5 0.51 0.53 0.49 0.5 6,122,000 3,075,695 3.24 3.25 3.2 3.28 3.16 3.24 3,098,000 10,049,790 PRIMEX CORP 15.5 15.54 15.9 15.98 15.5 15.5 2,188,000 34,057,428 ROBINSONS LAND PHIL REALTY 0.237 0.244 0.25 0.25 0.237 0.244 440,000 104,980 1.49 1.5 1.5 1.5 1.49 1.49 10,000 14,990 ROCKWELL 2.59 2.64 2.59 2.6 2.59 2.6 14,000 36,390 SHANG PROP 2.52 2.58 2.43 2.63 2.43 2.58 1,713,000 4,406,460 STA LUCIA LAND SM PRIME HLDG 32.65 32.7 32.6 32.9 32.45 32.7 3,808,700 124,475,565 VISTAMALLS 3.65 3.74 3.75 3.75 3.65 3.74 3,000 11,140 1.47 1.51 1.45 1.5 1.45 1.5 204,000 304,490 SUNTRUST HOME 3.47 3.48 3.55 3.55 3.46 3.48 1,450,000 5,065,380 VISTA LAND SERVICES ABS CBN 11.1 11.18 11.1 11.2 11.1 11.18 108,900 1,212,036 9.08 9.09 9.2 9.2 9.04 9.09 1,338,100 12,185,400 GMA NETWORK 0.42 0.44 0.42 0.42 0.42 0.42 40,000 16,800 MANILA BULLETIN GLOBE TELECOM 1,796 1,821 1,820 1,850 1,796 1,796 56,120 101,714,090 PLDT 1,259 1,261 1,281 1,292 1,259 1,259 132,355 168,502,320 0.177 0.178 0.183 0.183 0.177 0.178 126,820,000 22,744,480 APOLLO GLOBAL 19.88 19.9 20.15 20.2 19.82 19.9 6,958,000 139,327,624 CONVERGE DFNN INC 3.89 3.9 3.85 3.99 3.82 3.9 523,000 2,009,420 DITO CME HLDG 8.7 8.71 9.2 9.2 8.56 8.7 19,691,500 173,410,509 2 2.14 2.08 2.14 2.08 2.14 2,000 4,220 JACKSTONES 2.24 2.25 2.29 2.34 2.2 2.24 1,191,000 2,698,310 NOW CORP TRANSPACIFIC BR 0.37 0.375 0.385 0.385 0.365 0.37 3,700,000 1,373,750 PHILWEB 2.4 2.49 2.42 2.45 2.4 2.4 491,000 1,181,080 8.02 8.1 8.1 8.49 8 8.05 27,200 220,250 2GO GROUP 14.9 15.58 15 15 15 15 7,600 114,000 ASIAN TERMINALS CHELSEA 2.88 2.95 3.04 3.05 2.86 2.88 1,272,000 3,691,770 CEBU AIR 44.5 44.6 45.35 45.35 44.55 44.6 108,000 4,822,290 138.5 139.9 138.6 139.9 137.4 139.9 368,740 51,310,002 INTL CONTAINER 15.84 16.78 15.82 15.84 15.82 15.84 1,500 23,738 LBC EXPRESS LORENZO SHIPPNG 0.96 1 0.97 0.97 0.96 0.97 23,000 22,260 MACROASIA 4.27 4.28 4.44 4.44 4.22 4.27 851,000 3,651,130 2 2.06 1.98 2.08 1.98 2.07 25,000 50,130 METROALLIANCE A 5.5 5.55 5.5 5.55 5.45 5.55 13,200 72,770 PAL HLDG HARBOR STAR 1.16 1.17 1.18 1.19 1.15 1.17 359,000 417,600 BOULEVARD HLDG 0.09 0.091 0.097 0.097 0.089 0.09 68,010,000 6,171,950 2.7 2.79 2.78 2.79 2.64 2.79 166,000 452,040 DISCOVERY WORLD 9.71 10.38 9.71 9.71 9.71 9.71 700 6,797 GRAND PLAZA WATERFRONT 0.52 0.53 0.54 0.54 0.53 0.53 343,000 182,050 CENTRO ESCOLAR 6.5 6.99 6.5 6.5 6.5 6.5 100 650 570 590 570 570 570 570 20 11,400 FAR EASTERN U 7.01 7.65 7.79 7.8 7.79 7.8 1,500 11,691 IPEOPLE STI HLDG 0.34 0.345 0.345 0.345 0.345 0.345 210,000 72,450 4.62 4.9 4.8 4.8 4.8 4.8 4,000 19,200 BERJAYA 6.3 6.4 6.12 6.49 6.11 6.4 1,306,100 8,253,945 BLOOMBERRY 2.06 2.15 2.08 2.15 2.07 2.15 22,000 45,630 PACIFIC ONLINE LEISURE AND RES 1.5 1.54 1.5 1.56 1.5 1.54 4,806,000 7,210,620 PH RESORTS GRP 1.79 1.8 1.87 1.9 1.79 1.8 2,022,000 3,724,990 0.39 0.405 0.405 0.405 0.39 0.39 810,000 320,600 PREMIUM LEISURE 5.8 5.9 5.8 5.8 5.8 5.8 3,000 17,400 PHIL RACING ALLHOME 7.3 7.42 7.3 7.35 7.2 7.3 7,708,400 56,477,528 METRO RETAIL 1.21 1.23 1.24 1.24 1.22 1.22 304,000 372,960 35 35.1 35.4 36.2 34.9 35 5,125,100 181,383,040 PUREGOLD 49.8 50.3 49.2 50.5 49.2 49.8 1,072,400 53,435,715 ROBINSONS RTL SSI GROUP 1.15 1.17 1.15 1.17 1.14 1.17 279,000 320,990 WILCON DEPOT 17.6 17.94 18 18 17.54 17.6 1,788,500 31,500,580 0.35 0.36 0.35 0.36 0.35 0.35 80,000 28,200 APC GROUP 5.91 6.21 6.01 6.26 5.8 6.26 4,400 25,969 EASYCALL PRMIERE HORIZON 1.66 1.67 1.7 1.75 1.63 1.67 13,564,000 22,931,840

8,620 -180,463,952 -16,784,294 1,780,990 -1,242,379.00 18,292,340 -1,181,350 -3,494 -12,552,974 101,985 2,910 5,134,757 8,100 -62,720,545 -83,670 -7,087,730 -1,470,959 -20,939,080.00 -2,040,804 -13,318,110 100,302 1,018,800 120,060 3,595,710 236,900 26,045,370 623,256 -3,005,771 -1,649,368 1,583,492 244,720 4,528,598.50 39,690,401 -50,818 60,250 -1,366,208 -37,830 -46,700,338 -381,150 -59,320 2,314,750 55,596 388,029 -1,618,833 -307,500 22,250 -1,770 21,042.00 2,714,760.00 -1,299,024 -662,655 -15,240 -57,045,025 -9,932,030 -14,795,515 -701,660 13,600 25,560 -545,570 -1,948,345 1,731,835 -288,410 -13,984,985 16,200 6,474,708 -4,750 -37,117,970 -994,750 -50,045,085 3,826,803 -13,210 -60,183,160 0 -776,505.00 -100,740 -26,035 -47,426 -52,650 27,900 2,120,140 19,710 1,700 -2,117,930 -21,080 -29,300 -82,301,570 -45,400 21,390 4,303,500 -20,468,630 -78,357,340 -16,310 -55,524,135 -25,202,925 1,820,900 -6,902,365.00 479,770 -9,649,975.00 95,680 74,100 -848 73,500 -37,570 -3,031,195 13,671,408 -9,650 -1,182,450 -10,520 -111,140 -15,990 -11,400 -1,342,205 -2,984,600 -118,180 105,450 56,237,295 62,240 56,348,925 -5,408,680 -123,970 -11,307,096 1,492,940

MINING & OIL ATOK 9.12 9.19 9.65 9.69 9.12 9.19 345,000 3,222,487 13,272 1.73 1.74 1.74 1.76 1.71 1.74 4,984,000 8,640,970 -147,900 APEX MINING ATLAS MINING 7.31 7.34 7.41 7.49 7.25 7.34 1,798,800 13,234,928 -184,567 COAL ASIA HLDG 0.295 0.31 0.305 0.315 0.29 0.315 1,130,000 338,050 2.8 2.85 2.85 2.87 2.85 2.87 20,000 57,100 57,100 CENTURY PEAK 6.84 6.99 6.99 6.99 6.99 6.99 100 699 DIZON MINES FERRONICKEL 2.56 2.59 2.43 2.6 2.43 2.59 2,623,000 6,572,920 340,330 GEOGRACE 0.31 0.315 0.315 0.315 0.31 0.31 1,190,000 373,900 -40,950 0.156 0.158 0.16 0.16 0.155 0.156 40,880,000 6,425,660 LEPANTO A 0.16 0.164 0.168 0.168 0.16 0.167 3,010,000 490,680 LEPANTO B MANILA MINING A 0.014 0.015 0.014 0.015 0.014 0.015 38,700,000 542,100 0.014 0.015 0.015 0.015 0.014 0.015 125,300,000 1,876,200 MANILA MINING B 1.23 1.24 1.23 1.24 1.2 1.24 1,657,000 2,006,910 586,400 MARCVENTURES 1.43 1.47 1.54 1.54 1.47 1.47 65,000 97,220 NIHAO NICKEL ASIA 5.11 5.13 5.28 5.28 5.07 5.11 6,832,100 34,924,846 812,983 OMICO CORP 0.37 0.38 0.37 0.37 0.37 0.37 40,000 14,800 0.98 1 1.02 1.02 0.97 1 919,000 919,040 ORNTL PENINSULA 6.95 6.96 7 7.01 6.81 6.96 2,207,700 15,280,736 509,505 PX MINING SEMIRARA MINING 12.68 12.7 12.62 12.7 12.62 12.68 450,600 5,707,614 -129,438 UNITED PARAGON 0.0096 0.0097 0.0098 0.0098 0.0095 0.0095 11,000,000 104,800 16.8 17.36 17.48 17.48 17 17.36 22,500 384,176 20,912.00 ACE ENEXOR 0.011 0.012 0.012 0.012 0.011 0.012 7,200,000 81,300 ORNTL PETROL A ORNTL PETROL B 0.012 0.013 0.012 0.013 0.012 0.013 3,400,000 42,700 0.011 0.012 0.012 0.012 0.011 0.012 35,000,000 386,100 40,700 PHILODRILL 8.21 8.23 7.94 8.73 7.8 8.21 8,247,900 68,967,314 3,884,977 PXP ENERGY PREFFERED HOUSE PREF B 101.5 102 101 101.5 101 101.5 19,610 1,986,904 100.4 101.5 101 101 101 101 10,000 1,010,000 HOUSE PREF A 42.1 42.8 42.8 42.8 42.15 42.15 36,600 1,555,450 -102,280 CEB PREF DD PREF 100.8 101.5 101 101.5 100.8 101.5 1,410 142,407 504 540 504 504 504 504 10 5,040 FPH PREF C 990 1,010 991 991 990 990 110 108,910 GTCAP PREF A 100.5 101 100.3 100.3 100.3 100.3 1,100 110,330 MWIDE PREF MWIDE PREF 2A 100 105 101 105 101 105 2,250 227,290 100.2 101.8 100.2 101.8 100.2 101.8 8,300 837,995 MWIDE PREF 2B 1,002 1,009 1,001 1,009 1,001 1,009 1,110 1,118,305 PNX PREF 4 1,095 1,099 1,095 1,095 1,095 1,095 2,800 3,066,000 PCOR PREF 3A PCOR PREF 3B 1,146 1,158 1,158 1,158 1,158 1,158 50 57,900 79.2 79.9 79.2 79.9 79.2 79.9 1,800 143,561 SMC PREF 2C 79.1 79.2 79 79.1 79 79.1 10,510 830,341 -829,550 SMC PREF 2F 78.1 78.9 78.05 78.05 78.05 78.05 6,630 517,471.50 SMC PREF 2I SMC PREF 2J 77 78.5 77 77 77 77 750,000 57,750,000 75.85 75.95 75.9 75.9 75.9 75.9 5,980 453,882 - SMC PREF 2K PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 10.5 10.8 10.8 10.8 10.8 10.8 10,400 112,320 8.52 8.72 8.73 8.73 8.5 8.72 58,100 499,542 -44,746 GMA HLDG PDR WARRANTS LR WARRANT 1.46 1.49 1.58 1.58 1.47 1.47 184,000 273,240 29,400 SMALL & MEDIUM ENTERPRISES ALTUS PROP 16.44 16.64 16.62 16.9 16.5 16.64 62,900 1,039,788 -142,356 2.27 2.34 2.34 2.34 2.24 2.34 242,000 554,090 131,000 ITALPINAS 5.06 5.35 5.04 5.04 5.04 5.04 1,200 6,048 KEPWEALTH MERRYMART 4.07 4.08 4.16 4.26 4.05 4.08 4,561,000 18,840,460 1,150,020 EXHANGE TRADE FUNDS FIRST METRO ETF 94 95 95.25 95.5 94 94 33,640 3,190,529 376,835.50

www.businessmirror.com.ph

EDC to pursue geothermal projects in other countries By Lenie Lectura

@llectura

opez-led Energy Development Corp. (EDC) said the pandemic has delayed some of its geothermal exploration activities in other countries but it is still keen on pursuing opportunities overseas.

“Although the Covid situation and the accompanying travel restrictions have caused some delays in EDC’s activities in Indonesia and Taiwan, the company continues to be keen on those markets,” the company said. Aside from Indonesia and Taiwan, EDC is expanding its presence in Peru and Chile. “EDC is also continuing with its pre-development activities in its geothermal concessions in In-

donesia, Chile and Peru,” it added. Taiwan is one of the countries that EDC is currently looking at for potential expansion due to a favorable feed-in-tariff for geothermal energy. EDC is exploring partnership with local concession holders there for a possible joint venture development of a geothermal site. Civil works and drilling activities in Graho Nyabu, Indonesia are

expected to commence in the next few years, EDC President Richard Tantoco said earlier. EDC is the Philippines’ renewable energy leader and largest producer of geothermal energy. The company has set aside $280 million in capital expenditure (capex) this year to catch up on its drilling and investments, as the pandemic resulted in the postponement of key activities last year. This figure also includes the capex for the development of EDC’s 3.6MW Mindanao 3 and 29MW Palayan Bayan projects. Binary plants allow the company to enhance its power-generation capacity without building new power plants outside existing geothermal concessions. The binary plants will expand EDC’s existing capacity particularly in BacMan, in Leyte and in Mt. Apo. EDC currently operates geother-

mal plants in Kananga and Ormoc Leyte; Valencia in Negros Oriental; Bacon in Sorsogon and Manito in Albay; and Kidapawan in North Cotabato. EDC is the world’s largest vertically integrated geothermal energy company, with technical expertise in wet steam field technology since 1976. It is also currently the country’s largest RE maker, providing 42 percent of the Philippines’ total generated RE output and around 11 percent of overall electricity demand with its total installed capacity of 1,473.3 MW. Bulk of its portfolio is geothermal energy at 1,179 MW, accounting for 61 percent of the country’s total installed capacity for the energy source. Other sources in EDC’s clean energy portfolio include 150 MW of wind, 132.5 MW of hydroelectric and 11.97 MW of solar energy.

Megawide incurs ₧138-M loss in Q1 By VG Cabuag @villygc

egawide Construction Corp. said it incurred a net loss of P137.91 million in the first quarter, a reversal of its P174.06-million income last year, as the company recorded minimum revenues from its airport operations and other travel-related segments due to the quarantine restrictions. Revenues fell 22 percent to P3.83 billion for the period from last year’s P4.96 billion. The company said its revenues for the first quarter is flat compared with the previous quarter but it expects the figure to increase in the succeeding quarters. These will come from its ticket contracts, such as Andrew Tan’s gambling resort Suncity Westside City in Parañaque and its share from the Malolos-Clark Railway Project joint venture. A huge chunk of its revenues came from the construction segment at P3.42 billion, down 10 percent from last year’s P3.04 billion. It had a net income of P168 million from this segment, some 21 percent higher than last year, the company said. Its airport segment, which contributed a mere 3 percent of the revenues, continued to struggle with

just 10 percent of the pre-pandemic air traffic volume, but the company said it is optimistic of a turnaround once global vaccination has been carried out. Airport revenues fell 86 percent to just P114 million for the period from the previous year’s P809 million. Its landport business, which contributed 5 percent of the revenues, delivered more revenues of P187 million, some 35 percent lower than last year’s P287 million, mainly from office towers and commercial spaces. “We are very excited to participate in the upcoming bidding for the Metro Manila Subway System and North-South Commuter RailwaySouth Line projects this year, where we can further expand our scope and leverage our advantages. In our ongoing Malolos-Clark Railway Project development, we were able to demonstrate how our construction service units can also benefit through separate contracts, like supply of concrete, provision of formworks, and equipment rentals,” Edgar Saavedra, the company’s chairman and CEO, said. “We hope to offer our expertise and wide array of solutions in this fast-growing infrastructure space, whether as an engineering contractor, a service or product provider, or

Globe rolls out solutions to cut carbon emissions

LOBE Telecom, Inc. said Monday that it has put in place over 7,400 “green” solutions to reduce carbon emissions across its network as of the end of 2020. In a statement, Globe said it has deployed a total of 203 fuel cell systems, 6,467 lithium ion batteries, 212 Direct Current Generators, 60 DC-Hybrid Generators, and 538 free cooling systems nationwide. Fuel cell systems, direct current generators, lithium ion batteries, and free cooling systems are some of the green network solutions that the company has been successfully deploying system-wide since 2014. Fuel cell systems produce fewer emissions compared to traditional generator sets, and operate silently thereby reducing noise pollution in surrounding areas. Globe started deploying fuel cell systems in 2014 as a green solution alternative to diesel generator sets that provide backup power to cell sites.

Deployment of lithium ion batteries aims to replace lead-acid batteries used in powering cell sites. This green solution is more heat-resistant, has a faster charging time, and has an operational life that is ten times longer than traditional lead-acid batteries. This translates to less waste generated over time while maintaining a more efficient back-up power system. The telco has also been utilizing DC generators and DC-hybrid generators for several years now to reduce fuel consumption, and provide a more cost-efficient solution for open field sites. Moreover, free cooling systems have also been deployed to reduce power consumption of air conditioning systems at field sites. FCS uses controlled ambient air flow to maintain the optimal equipment operating temperatures within a cabin without compromising reliability and availability. Lenie Lectura

both, to maximize our exposure and generate more business. We will also continue to be active in the residential and commercial and industrial segments to further expand our presence once the economy recovers.” The company secured two new projects in the first quarter to bring

its order book to P66.1 billion. These include the design, supply and build contract using pre-cast products for the Corral Village in Cebu and the development of a retail strip and theater mall at the West Side City in Parañaque to complement the ongoing Suncity hotel and casino complex.

mutual funds

May 24, 2021

NAV

One Year Three Year Five Year

per share

Return*

Y-T-D Return

Stock Funds ALFM Growth Fund, Inc. -a

200.48

8.37%

-8.18%

-4.68%

ATRAM Alpha Opportunity Fund, Inc. -a

1.2504

34.36%

-6.31%

0.07%

-4.77%

10.5%

-12.67%

-7.1%

-12.39%

ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.7449

-11.77%

Climbs Share Capital Equity Investment Fund Corp. -a 0.7097 10.41%

-7.98% n.a.

First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.684

2.78%

-6.55% n.a.

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

9.83%

-5.83%

-3.53%

-10.05%

First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6297

0.83%

-10.04%

-8.56%

MBG Equity Investment Fund, Inc. -a

-6.1% n.a.

-7.57%

4.4449

-11.72% -7.77%

94.22

27.08%

PAMI Equity Index Fund, Inc. -a

40.8993

10.64%

-6.38%

-3.64%

-12.7%

Philam Strategic Growth Fund, Inc. -a

431.24

8.28%

-6.29%

-3.99%

-11.81%

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

0.996

17.69% n.a. n.a.

-9.23%

Philequity Dividend Yield Fund, Inc. -a

1.0673

12.25%

-8.64%

30.92

10.98%

Philequity Fund, Inc. -a

-5.3%

-2.67%

-5.71%

-2.49%

-11.07%

Philequity MSCI Philippine Index Fund, Inc. -a

0.7967

Philequity PSE Index Fund Inc. -a

4.1931

11.34%

-5.89%

-2.85%

-12.48%

Philippine Stock Index Fund Corp. -a

701.06

11.37%

-5.82%

-2.99%

-12.55%

Soldivo Strategic Growth Fund, Inc. -a

0.638

10.25%

-9.8%

-6.25%

-11.25%

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.2061

8.42%

-7.86%

-4.23%

-11.53%

Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8002 10.8%

-6.2%

-3.16%

-12.8%

-5.74%

-1.65%

-10.56%

-5.65%

-2.36%

United Fund, Inc. -a

8.79% n.a. n.a.

2.9685

9.81%

-17.12%

-12.74%

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

94.0486

11.4%

-12.56%

Primarily invested in foreign currency securities $1.2454

36.65%

4.24%

9.13%

3.53%

Sun Life Prosperity World Voyager Fund, Inc. -a $1.7234

ATRAM AsiaPlus Equity Fund, Inc. -b

32.71%

9.88%

11.58%

3.02%

-3.91%

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

1.6033

6.67%

-1.83%

-1.85%

ATRAM Philippine Balanced Fund, Inc. -a

2.1064

7.43%

-2.75%

-1.34%

-7.83%

First Metro Save and Learn Balanced Fund Inc. -a 2.4583

5.47%

-1.59%

-1.68%

-6.42%

First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1842 NCM Mutual Fund of the Phils., Inc. -a

1.86

4.2% 4.71%

1.15% n.a. n.a. 0.1%

0.02%

-5.3%

PAMI Horizon Fund, Inc. -a

3.4688

-1.22%

-1.28%

-8.43%

Philam Fund, Inc. -a

15.5583

5.02%

-1.1%

-1.29%

-8.14%

Solidaritas Fund, Inc. -a

1.9422

5.62%

-2.26%

-1.1%

-7.25%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.3012 5.54%

-3.54%

-2.31%

-7.61%

Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9416

5% n.a. n.a.

-7.92% -11.83%

Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8369

6.48% n.a. n.a.

Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.8174

7.21% n.a. n.a.

-12.4%

Sun Life Prosperity Dynamic Fund, Inc. -a

5.35%

-8.64%

0.811

-4.82%

-2.97%

-7.25%

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

$0.03791

-0.6%

3.06%

1.23%

PAMI Asia Balanced Fund, Inc. -b

$1.1271

19.12%

2.44%

5.48%

7.7%

8.34%

1.8%

4.42%

4.67%

-0.58%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.5942 24.33% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.1951 12.87%

-3.09% -2.01%

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

371.24

2.17%

3.13%

2.48%

0.05%

ATRAM Corporate Bond Fund, Inc. -a

1.9154

-0.94%

1.02%

0.14%

0.79%

Cocolife Fixed Income Fund, Inc. -a

3.2247

1.53%

3.87%

4.39%

0.31%

Ekklesia Mutual Fund Inc. -a

2.2579

-0.76%

2.23%

1.5%

-1.66% -0.76%

First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4346 0.38% Philam Bond Fund, Inc. -a

3.17%

1.76%

4.4787

-0.89%

4.22%

1.65%

Philam Managed Income Fund, Inc. -a,6

1.3232

3.25%

4.29%

2.77%

0.15%

Philequity Peso Bond Fund, Inc. -a

3.9764

2.15%

4.43%

2.54%

-0.62%

Soldivo Bond Fund, Inc. -a

1.0267

0.48%

4.25%

1.7%

-1.47%

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

1.95%

5.28%

2.84%

-0.28%

Sun Life Prosperity GS Fund, Inc. -a

0.76%

4.58%

2.16%

-0.67%

1.7433

-3.36%

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

$484.1

2.89%

3.12%

2.32%

ALFM Euro Bond Fund, Inc. -a

Є219.52

2.38%

1.07%

1.18%

0.16%

ATRAM Total Return Dollar Bond Fund, Inc. -b

$1.1757

-2.66%

1.89%

1.09%

-8.18%

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

0.05%

1.59%

0.95%

PAMI Global Bond Fund, Inc -b

$1.0475

-1.08%

0.62%

-0.65%

-4.14%

Philam Dollar Bond Fund, Inc. -a

$2.4827

2.87%

5.11%

2.15%

-2.09%

-2.63%

Philequity Dollar Income Fund Inc. -a $0.0627767 4.71%

3.51%

2.21%

0.74%

Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1351 -1.22%

2.86%

0.95%

-2.75%

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

2.52%

0.22%

First Metro Save and Learn Money Market Fund, Inc. -a 1.0516 1.24% n.a. n.a.

0.33%

2.57%

0.55%

Sun Life Prosperity Money Market Fund, Inc. -a

130.1 1.3037

1.93% 1.88%

3.08% 2.88%

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

1.39%

1.7% n.a.

0.43%

Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.2289 n.a. n.a. n.a.

8.79%

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

9.89% n.a. n.a.

2.04%

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

BSP grants e-money issuer license to app By Bianca Cuaresma @BcuaresmaBM

HE Bangko Sentral ng Pilipinas (BSP) granted Bayad App its license to operate as an Electronic Money Issuer (EMI), the company behind the application announced on May 24. Bayad App, the transaction application of CIS Bayad Center Inc., said the accreditation will allow the company to convert their consumers’ cash into electronic money, which they can use to transact online to pay bills, remit money, purchase mobile load and shop for products and services in merchant stores. In addition, the newly-granted BSP license will also allow their customers to withdraw and add money to their “Bayad” (payment) wallets through online bank transfers and over-the-counter centers. “The ‘Bayad App’ and ‘Bayad Online’ provides a seamless and convenient way of paying and managing funds. Customers will have peace of mind because our products are built with reliable security features that will protect customer data and transactions,” CIS Bayad Center President and CEO Lawrence Y. Ferrer said. The financial payments company is eyeing to enable app customers to pay over one thousand types of bills; from utilities, insurance, government contributions and services, among others. The company said other services such as QR-payments, rewards, insurance, savings accounts, personal loans and credit scoring will be enabled following the granting of their license.

“The Covid-19 pandemic became the unexpected catalyst that catapulted digital financial services to new heights as Filipinos look for convenient, safe and efficient means to receive and transfer funds, pay bills and shop for necessities,” BSP Director of Technology Risk and Innovation Supervision Department Melchor T. Plabasan said. “In response to this need, the BSP continues to provide an enabling environment that encourages financial innovation while safeguarding the integrity and stability of the financial system,” Plabasan added. In its “Asian Economic Integration Report” issued last February, the Asian Development Bank (ADB) said it sees the use of online transactions “will continue to rise” in the Philippines. “The adoption of digital payments by the public sector has also been beneficial in delivering aid and related services in times of health crisis like Covid-19,” the ADB said in the report. However, the multilateral lender also noted that the “divide in access to digital payments is a crucial policy challenge.” Likewise, the ADB said that “Digital payments and the rise of the digital economy introduce unprecedented types of risks, including but not limited to data privacy breach, violation of consumer rights, cybersecurity, identity theft and anticompetitive practices.” “Regulatory systems should keep up with developments in the fintech industry and bridge the existing gaps,” the ADB said in the report.

When your salary is not enough

UST recently, there emerged discussions about a college graduate rejecting a P37,000 starting salary as an entry level Marketing Associate. The said graduate was expecting a P60,000 income due to the fact that she graduated from a prestigious university (probably one of many reasons). This has sparked online debate on whether or not, the decision was correct. But before we make judgments of our own, perhaps we should look at things from a wider perspective. All of us, at one point, expect an adequate compensation for the skills we have come to acquire. Whether it’s our parents who supported us in our education or we worked day and night in order to finish school, we all have expectations on what salary is enough (the amount of which varies per person). We tend to believe that once you pass a bar exam or board exam, it is a sure route to financial security or success. The truth is, achieving financial security is not that easy; even for working professionals and entrepreneurs. Let us discuss the relevant factors that affect one’s compensation. One factor that determines compensation is competition. This affects employees, employers and those self-employed. For example, you are a young lawyer who handles big, but occasional, private clients. One day, you decide to charge either a fixed rate or a percentage based on the value of the document you will notarize. At first, you get many people willing to pay the price you want, because you’re the only one that is most convenient to go to. As weeks go by however, you notice the dwindling number of clients that go to your office. You see most people now lining up at the much cheaper notary public located at the ground floor of your office. To sum up, supply and demand play an important role in what compensation can be offered to you. The second market factor that determines compensation is one’s scope of responsibility. A vice-president of a large company with multiple branches and thousands of employees will normally have a much bigger compensation as compared to a vice-president of a small family-owned business. Likewise, working abroad overseas can offer higher salaries as well (but the cost of living is significantly higher too). The third factor that determines compensation is the financial capacity of the employer. Let us say you have been a sales manager in a prestigious bank and you have been with the company for at

Raymond Anthony Quisumbing

personal finance least 15 years already. The income you get is more than enough for your family. However, news has spread that the head office of your employer has shut down overseas and your company is next in line to close permanently. Though your contributions and skills have been crucial to the company’s success so far, circumstances beyond one’s own control can happen. You may end up accepting work at a smaller company, with lesser pay, when such a closure happens. The last factor that determines compensation and is within your control is your work competency. Among all those applying for a job vacancy, what makes your credentials stand out among the rest of the applicants? Did you take internships in established companies prior to being offered a job? Did your skills impact the success of other companies’ marketing plans? Do you have years of relevant work experience that can support the solutions that you offer? So, back to the question, should you accept a P37,000 salary for an entry-level position? It depends on your personal circumstances and decision-making. Moving forward, what should one do then if the salary you end up accepting isn’t simply enough to cover your expenses? Here are the other things you can do: 1) upgrade your skills so that you can take on more responsibility for your company and possibly get a raise; 2) get a sideline work, start a business outside of your work hours; 3) invest your money in assets that generate additional income (high dividend stocks, rental properties); and, 4) start your own business (you can potentially earn more, but all of the responsibility lies with you, the owner). To end, allow me to quote the Bible on the topic of being a responsible worker: [Luke 12:48 ESV] “Everyone to whom much was given, of him much will be required, and from him to whom they entrusted much, they will demand the more.”

Raymond Anthony Quisumbing is a Registered Financial Planner of RFP Philippines. Follow him at Twitter at @OhMyFinancePH. To learn more about personal-financial planning, attend the 90th RFP program this June. To inquire, e-mail info@rfp.ph or text at 0917-6248110.

BusinessMirror

Tuesday, May 25, 2021 B3

Treasury fully awards ₧25B in T-bills on strong liquidity

By Bernadette D. Nicolas

@BNicolasBM

HE Bureau of the Treasury fully awarded P25 billion in Treasury Bills (T-bills) on Monday on the back of strong liquidity in the market.

The auction also ended up being oversubscribed as total bids across all tenors reached P75.8 billion, more than thrice the P25-billion offer. National Treasurer Rosalia V. De Leon told reporters average rates across tenors moved sideways as it once again tracked US government securities. “Liquidity remains strong with P34-billion redemption this week,” De Leon said. She added they also opened the tap facility auction for an additional P5-billion offering for 364-

day T-bills. Despite this, the average rates for all tenors were still lower than the secondary benchmark rates. The 91-day T-bills fetched an average rate of 1.269 percent, nearly flat compared to previous auction’s 1.27 percent. Total bids for the security amounted to P16.96 billion, more than thrice the P5-billion offer. Meanwhile, 182-day T-bills capped at an average rate of 1.541 percent, also nearly flat compared to 1.54 percent previously. Tenders for the security hit P20.288 billion,

more than twice the P8-billion offer. Lastly, the 364-day T-bills’ average rate slid to 1.796 percent, down by 1.4 basis point from the previous auction’s 1.81 percent. Bids for the tenor reached P38.595 billion, also more than triple the P12-billion program. For this month, the government aims to borrow a total of P170 billion from the local debt market, the same level it programmed to borrow in April. The national government’s outstanding debt has reached a new record-high of P10.77 trillion as of end-March this year, up by 27.1 percent from P8.48 trillion a year ago. The country aims to borrow a total of P3.03 trillion this year, roughly the same amount it borrowed in 2020. The country’s debt-to-GDP (gross domestic product) ratio this year is expected to still be below the 60-percent threshold. The Cabinet-level Development Budget Coordination Committee (DBCC) slashed its growth projection for the Philippine economy this

year to 6 percent to 7 percent from its previous forecast range of 6.5 to 7.5 percent due to the emergence of new Covid-19 variants and the re-imposition of stricter lockdown measures in the National Capital Region Plus during the second quarter of this year. Socioeconomic Planning Secretary Karl Kendrick T. Chua has said the economy needs to grow an average of 10 percent in the next three quarters to achieve the low-end of the government’s target. The Philippine Statistics Authority earlier reported that the country’s GDP contracted 4.2 percent in the first quarter of the year, marking the economy’s fifth consecutive quarter of decline. For next year, the DBCC also downgraded its forecast for the country’s GDP growth to 7 percent to 9 percent, lower than its previous projection of 8 percent to 10 percent. For 2023 and 2024, it also expects the economy to grow by 6 percent to 7 percent.

E-Commerce firm gets $30M in Series B funding

OMEGROWN “Amazonlike” company Great Deals E-Commerce Corp. announced last May 19 it was able to raise P1.4 billion (about $30 million) in capital through its Series B funding round. The said funding round was led by Fast Logistics Group with support from Citicorp spin-off CVC Capital Partners SICAV-FIS S.A.. The latter is one of the world’s largest global private equity firms with $118 billion in assets under management. Navegar Inc., a private equity firm that infused $12-million Series A fund into Great Deals, also contributed to this funding round, Great Deals said. The transaction was advised by Rocket Equities Corp. Great Deals said its founder and chief executive officer Steve Sy, Fast Logistics Group President and CEO William Chiongbian II and Navegar Managing Partner Javier Infante, along with their management teams and advisors, participated in the signing of definitive agreements. The announcement came before consultancy firm Bain & Co. released its report on Southeast Asia’s private

Great Deals E-Commerce Corp. Founder and CEO Steve Sy and Fast Group Logistics Corp. President and CEO William L. Chiongbian II shake hands to ceremoniously seal the partnership between their companies. Photo courtesy Great Deals e-Commerce Corp.

equity market. A statement by Bain & Co. said that while private equity suffered due to uncertainties last year, deals in the Internet and/or technology industry accounted for majority of deal volume and value (61 percent) in the region in 2020. “This [Internet/tech industry] is now the leading sector throughout Southeast Asia,” Bain & Co. said in the statement. “While there were many challenges in the private equity market in 2020, including a decline in the over-

all investment market, the continued growth that we are seeing into the internet/tech industry is a cause for optimism,” Usman Akhtar, a partner in Bain & Company’s Private Equity practice, based in Singapore, was quoted in the statement as saying. Bain & Co. said it also sees “shadow capital investing” as growing in importance in the Southeast Asian private equity market. The consultancy firm said it “is now seeing more than 75 percent of the 30 highestfunded Southeast Asia startups re-

ceiving shadow capital investment into their businesses. “Shadow capital also participated in more than 60 percent of all Southeast Asia deals by value in 2019 and has continued to grow,” the firm said. “Shadow capital investment brings tremendous value to Southeast Asia’s startups and private companies, allowing for growth similar to that in areas like the internet/tech sector.” According to Great Deals’ statement, it will “deploy this growth capital in technology development and the construction of an automated ‘fulfillment’ center—both critical to meet the growing demand in e-commerce and to level-up the game in customer experience.” “We love a good challenge: we recognize that Philippine logistics is by far the toughest across the Association of Southeast Asian Nations (Asean) region and remains to impede our e-Commerce penetration outside GMA [greater metropolitan area],” Sy said. “With this funding and strategic support from our new investors, this opens new opportunities to drive forward instant commerce: delivery under one hour, wherever you are.” Tyrone Jasper C. Piad

Fintech to represent PHL in US investment summit

INANCIAL technology (fintech) firm CreditBPO Tech Inc. announced recently that it has been selected to represent the Philippines in a program of a summit organized by the United States Department of Commerce on June 7, 2021, to June 11, 2021. CreditBPO said in a statement issued last Monday that it will present its proprietary solution before a select audience of attendees, including venture capitalists, corporate investors, representatives from startup

ecosystems, incubators, accelerators and industry experts. The “SelectUSA Investment Summit” is the highest-profile event dedicated to promoting foreign direct investment in the US, the fintech said. After a stringent vetting process and besting hundreds of other startups, CreditBPO was recognized for its readiness to enter the US market and was offered a spot to pitch in the summit’s fintech panel, the firm said. “The summit plays an important role in promoting and maintaining

the US’ leading position in global competitiveness and innovation, thus selecting foreign startups who are seen to be able to fulfill a need in the US economy to participate in the 5-day gathering.” CreditBPO Founder and CEO Maria Cecilia O. Francisco was quoted in the statement expressing her excitement “to present our robust financial technology solution and for the opportunity to become part of the US technology investment ecosystem.” Doing so “will allow our success-

ful expansion into the $23-trillion US market,” Francisco added. CreditBPO said it will join other top financial technology startups representing Australia, Austria, Germany, Hungary, Israel, Romania, Singapore, Spain and Taiwan. In its “Asian Economic Integration Report” issued last February, the Asian Development Bank said fintech “presents a unique opportunity to leapfrog for emerging economies, where traditional financial systems are rather underdeveloped.”

PROC braces for maturity wall as defaults overflow

VEN by the standards of a record-breaking global credit binge, China’s corporate bond tab stands out: $1.3 trillion of domestic debt payable in the next 12 months. That’s 30 percent more than what US companies owe, 63 percent more than in all of Europe and enough money to buy Tesla Inc. twice over. What’s more, it’s all coming due at a time when Chinese borrowers are defaulting on onshore debt at an unprecedented pace. The combination has investors bracing for another turbulent stretch for the world’s second-largest credit

market. It’s also underscoring the challenge for Chinese authorities as they work toward two conflicting goals: reducing moral hazard by allowing more defaults, and turning the domestic bond market into a more reliable source of long-term funding. While average corporate bond maturities have increased in the US, Europe and Japan in recent years, they’re getting shorter in the People’s Republic of China (PROC) as defaults prompt investors to reduce risk. Domestic Chinese bonds issued in the first quarter had an average tenor of 3.02 years, down from 3.22 years for

all of last year and on course for the shortest annual average since Fitch Ratings began compiling the data in 2016. “As credit risk increases, everyone wants to limit their exposure by investing in shorter maturities only,” said Iris Pang, chief economist for Greater China at ING Bank NV. “Issuers also want to sell shorterdated bonds because as defaults rise, longer-dated bonds have even higher borrowing costs.” The move toward shorter maturities has coincided with a Chinese government campaign to instill more discipline in local credit markets,

which have long been underpinned by implicit state guarantees. Investors are increasingly rethinking the widely held assumption that authorities will backstop big borrowers amid a string of missed payments by state-owned companies and a selloff in bonds issued by China Huarong Asset Management Co. The country’s onshore defaults have swelled from negligible levels in 2016 to exceed 100 billion yuan ($15.5 billion) for four straight years. That milestone was reached again last month, putting defaults on track for another record annual high. Bloomberg News

Art

BusinessMirror

Tuesday, May 25, 2021 • Editor: Gerard S. Ramos

www.businessmirror.com.ph

Today’s Horoscope By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Aly Raisman, 27; Demetri Martin, 48; Octavia Spencer, 51; Mike Myers, 58. Happy Birthday: Streamline your vision. Take on only what you know you can handle. Stay focused on the result you want to reach, and refuse to let outsiders interfere in your objective. A simple lifestyle will help you find the most efficient route from one point to another. Invest in your skills and future; you won’t be disappointed. Your numbers are 4, 13, 20, 26, 32, 37, 43.

ARIES (March 21-April 19): An offer or partnership will not be as it appears. Dig deep to find out what underlying expectations someone has before you agree to get involved. It’s better to be safe than sorry. Speak openly and honestly to avoid making a mistake. HHH

❶ ❶ Chaos 2,

Salvador Bañares Jr., 2021, oil and acrylic on canvas, 24”x24”

❷ We Are

❷

TAURUS (April 20-May 20): Look at your objective, and stay focused on what you want to achieve. The changes you make and the people you associate with will determine how well you do moving forward. Protect your possessions, passwords and reputation. HHH

❸

‘Terra incognita’

Nature, Salvador Bañares Jr., 2021, oil and acrylic on canvas, 48”x36”

❸ Limitless,

Salvador Bañares Jr., 2021, oil and acrylic on canvas, 48”x36”

t is April 2020 and the world is gripped by fear and uncertainty. Covid-19 was just declared by the World Health Organization as a pandemic a month ago, and vaccine research and development are still ways away. “We are in the middle and the end is not in sight,” American writer Rebecca Solnit wrote at that time for a piece on Literary Hub (www.lithub.com). “We are waiting, which is among most people’s least favorite thing to do, when it means noticing that you have taken up residence in not knowing. We are in terra incognita, which is where we always are anyway, but usually we have a milder case of it

and can make our pronouncements and stumble along.” Existentialist ideas, thoughts about existentialism continue to fill minds more than a year into the global health crisis. History tells us that people retreat to the concept of existentialism at periods of helplessness, as was the case during the Second World War, when the philosophical inquiry gained momentum as a significant movement mainly through the public prominence of two French writers: Jean-Paul Sartre and Albert Camus. While Sartre leaned toward existential nihilism, which posits that life has no intrinsic meaning or value, another existentialist by the name of Simone de Beauvoir believed that existentialism could be “a practical and living attitude to the problems posed to the world today.” If we want to respond ethically to the problems we encounter, Beauvoir writes, we need to “look truth in the face.” The idea of accepting rather than finding one’s place in the universe is also what visual artist Salvador Bañares Jr. explores in his new one-man show at Village Art Gallery. The Valenzuela-born artist began his career working on murals before shifting to the canvas.

Cultural diversity discussed and tackled in weeklong commemoration A Cultural Diversity Appreciation Week will conduct a series of discussions and activities which will debunk common misconceptions and champion cultural advocacies of the various nationalities present at the De La Salle-College of Saint Benilde. The event will be streamed to the public on the official Facebook page of the Benilde International Studies Emissaries (BISE, www.facebook.com/ BISEmissaries), the volunteer arm of the college’s Student Involvement Unit. It will feature an informative podcast which immerses the listeners into the realities of living in a different country. It will be facilitated by BISE Research Head Eri Endo and Assistant Research Head Rocìo Diaz. One of the highlights of the celebration is a webinar headlined by Maricres Valdez Castro from the Agta Tabangnon Tribe, who will share her insights about the importance of cultural diversity and the significant role of the youth in raising awareness.

Castro is a scholar and a licensed medical assistant currently pursuing her medical doctorate. She is a youth ambassador for Earth Day Network, a child sponsor for Chosen Children’s Village Foundation and a youth chairman of Coalition of Filipino-American Organizations of Washington State. The event will likewise feature special performances from recording artist, up-and-coming singer, performer and body positivity advocate Julia Serad. The program will conclude with numbers from the college’s internationally acclaimed resident chorale Coro San Benildo and award-winning Saint Benilde Romancon Dance Company. There will be a series of entertaining infographics, games and raffles that will allow the participants to discover fun facts about other countries and get a hindsight on the must-try local cuisine and must-visit travel destinations. Cultural Diversity Appreciation Week runs from May 24 to 28 on the BISE Facebook page.

GEMINI (May 21-June 20): Dissect what you are up against, and decipher what you want to achieve. Focus is the name of the game, and temptation is the hurdle you’ll have to overcome. Be a straight shooter, and demand the same in return. HHH

In 2016, he held his first solo exhibition alongside his brother Marco’s. Since then, Salvador has continued to refine his signature style of multilayered paintings in terms of symbols and narratives. In his new show, titled Existence, Bañares invites the viewers to ponder on the idea of being. “Ang konsepto ko sa show na ito ay tumutukoy sa mga bagay na nilikha tulad ng tao at kalikasan na hindi natin alam kung saan at paano nagsimula,” he said. The artist showcases works that depict subjects in moments of deep introspection of their places in the universe. Some are lost in the search for meaning, as shown in Chaos 2—where the thinker and her thoughts fade away in splatter and smoke in great detail and drama—while others have found more success. In Limitless, serenity dawns on the subject, while in We Are Nature, a verdant nirvana is reached. “Walang permanente,” Bañares said. “Lahat ng bagay na nilikha ay nawawala, nasisira, nauubos at mananatili na lang ala-ala paglipas ng panahon.” Existence by Salvador Bañares Jr. opened on May 22 and is on view until June 3 at Village Art Gallery in Alabang Town Center in Muntinlupa City. n

The bond is stronger than ever Continued from B5 matters of the heart. “She’d usually just make kwento and update me, but Janine is very independent already. She knows what she wants and what she deserves in a relationship,” her mom shared. “I always tell Janine, and all my children for that matter, to always, always follow their heart. Do what makes them happy. To always love what they do, and pursue whatever they are passionate about, and remember to be kind and grateful,” said de Leon. Janine Gutierrez is lucky to have been raised well by both de Leon and her former husband Ramon Christopher Gutierrez, even if her parents have long gone on their separate lives. It is a blessing that she has remained grounded despite the many successes she has accomplished, and her sunshine-y vibe continues to attract the right people and the best projects to her already beautiful life. n

CANCER (June 21-July 22): Step out of your comfort zone and make worthwhile changes that will encourage you to follow your heart or your dream. Be creative; incorporate what you feel passionate about into your daily routine. HHHHH

LEO (July 23-Aug. 22): Assess a situation before you respond. Your emotions will be difficult to control if you let your imagination run wild. Don’t make an assumption; find out what’s going on and address matters tactfully. HH

VIRGO (Aug. 23-Sept. 22): Learn as you go, and don’t stop until you reach your objective. Someone will try to outmaneuver you if you don’t use your ingenuity to stay on top of your game. Don’t sell yourself short; make sure you get what you want. HHHH

LIBRA (Sept. 23-Oct. 22): Do a good job, and you’ll reap the rewards. Pull in all your resources to ensure that you have covered every angle and have left nothing to chance. Discipline, hard work and charisma will make your plan solid and inviting. HHH

SCORPIO (Oct. 23-Nov. 21): A personal improvement you make will help you raise your income. A move or adding to your skills or a service you can offer will play out nicely. Don’t feel you have to pay for others or buy love or acceptance. HHH

SAGITTARIUS (Nov. 22-Dec. 21): Get your facts straight before you engage in an emotional encounter with someone close to you. Concentrate on how best to stabilize a situation that has the potential to run amok. HHH

CAPRICORN (Dec. 22-Jan. 19): Selfimprovement will pay off, and extravagance will be your downfall. Don’t let temptation lead you astray or allow anyone to take advantage of you. Set the rules and standards, and stick to your beliefs. HHHH

AQUARIUS (Jan. 20-Feb. 18): Question everything and everyone. Look at the possibilities and how best to take advantage of a situation without going overboard. Balance and equality will play essential roles in the way things turn out. Control your emotions before you proceed. HH

PISCES (Feb. 19-March 20): Leave nothing to chance when dealing with institutions, government agencies or finances. A smooth talker will lead you astray. Don’t trust anyone with your money or possessions. Protect your reputation, status and position, and don’t take a risk with your health. HHHHH Birthday Baby: You are a dreamer, creator and flirt. You are bold and captivating.

‘spill the t’ by david distenfeld The Universal Crossword/Edited by David Steinberg

ACROSS 1 Pelting precipitation 5 “Spaceballs,” e.g. 10 Common mixer 14 Seis + dos 15 Emmy winner Uzo 16 Chocolat actress Lena 17 “Which salesman is handling Christmas trees?”? 19 ___ legs 20 “Could be” 21 “We’re through!” 23 Hero with a yellow lightsaber 24 2000s sitcom starring a country star 25 Before, to Dickinson 26 Chicken ___ (crispy Japanese dish) 29 Neckwear for Carmen Miranda? 31 Kind of trip you take solo? 32 Alka-Seltzer sound 34 King who was played by a woman on Broadway in 2019 35 Bit of heredity 37 American Idol alum Paula 39 Pile 42 Strong character trait

4 The Beatles’s “Back in the ___” 4 46 Pie-mode connector 47 Unhip hopper, informally? 50 Cow’s milk source 52 Stick that’s chalked 53 God with a thirst for conflict 54 Genre with confessional lyrics 55 G and PG 57 Him, her or them 61 Similar 62 “Message received” at a temple? 64 Furtive look 65 On your own 66 Many a TikToker 67 Kayaking hazard 68 Research physician’s combo deg. 69 Bronte’s Jane DOWN 1 “___ it go?” 2 Soreness 3 Split Decision Breakfast chain 4 Weepers, in a rhyme 5 Like many beaches 6 Adobe files 7 Yes, in French

8 Conan of late night 9 Pitchers’s “heaters” 10 NYC neighborhood near Tribeca 11 Loaf that shouldn’t have pits 12 Spanish moola 13 MSNBC host Mitchell 18 Slightly beat out 22 Rational 24 Some pairs that release singles 26 Frat barrel 27 Word after “golden” or “old” 28 At a loss for words 29 Cropped hairdo 30 Reaction to shiatsu 33 Photo posted on social media way after it was taken 36 Period of history 38 GI show grp. 40 It may be blonde or amber 41 72, say, for a golf course 43 Neighbor of Turkey 45 Middle schooler’s story? 47 Minor knee injury 48 Shook with fear 49 Like many items on eBay

1 Pledge drive plea 5 54 Mistyped a password, say 56 Jet-black 57 Phnom ___ (Asian capital) 58 Be a good dog 59 Cab alternative 60 Musical with a titular number? 63 Org. symbolized by an elephant Solution to Friday’s puzzle:

Show BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos

• Tuesday, May 25, 2021

The bond is stronger than ever Lotlot de Leon and Janine Gutierrez

Atom Araullo

GMA earns multiple honors at Gandingan Awards

On-air and online, GMA is still the top choice of the youth as various network personalities and programs were recognized at the University of the Philippines Los Baños’s Gandingan 2021: The 15th UPLB Isko’t Iska’s Multimedia Awards, held virtually on May 22. Earning core awards were GMA News and Public Affairs personalities Atom Araullo and Kara David. Atom was conferred the Gandingan ng Edukasyon for The Atom Araullo Specials, while Kara was honored with the Gandingan ng Kababaihan for Brigada. Meanwhile, GMA resident meteorologist Nathaniel “Mang Tani” Cruz received a Special Citation in Gandingan ng Agham at Tekhnoholiya for the network’s flagship newscast 24 Oras. Winning another set of awards this year is the network’s regional arm GMA Regional TV. GMA RTV’s flagship unified newscast in Central and Eastern Visayas GMA Regional TV Balitang Bisdak won the plum for Most Development-Oriented Feature Story for its two-part feature about an outpatient doctor who contracted the Covid-19 yet still opted to go back to work after recovering. At the same time, GMA Regional TV Balitang Amianan, the award-winning and top-rating unified weekday newscast in North Central Luzon, took home the award for Most Development-Oriented Investigative Story for Magat Dam in relation to its effects on the surrounding communities during Typhoon Ulysses. Gandingan also honored several features and videos produced by GMA News Online. Winning the Most Development-Oriented Online Video award was “Bakit Mahirap Maging Mahirap sa Luzon Lockdown.” Meanwhile, Special Citations were given to “The Children Are All Grown Up Now” in the Most Development-Oriented Online News category; GMA News reporter Howie Severino’s “I Am Patient 2828” in the Most Development-Oriented Feature Article category; and “The People Who Need Philhealth The Most” by renowned documentary photographer Rick Rocamora in the Most Development-Oriented Photograph/Photo Story. For the radio category, GMA’s radio arm also scored several nods. The network’s “Signs & Symptoms of Covid-19” was recognized as the Most Development-Oriented TV Plug. The project was a partnership between GMA’s Program Support Department and the network’s socio-civic arm, GMA Kapuso Foundation. Meanwhile, GMA’s award-winning drama anthology Magpakailanman earned a Special Citation as the Most Development-Oriented Drama Program for its timely episode, titled “Walang Iwanan: The Layug Family Story.” The episode, which starred real-life couple Nonie and Sharmaine Buencamino with Rita Daniela, pays homage to all Filipino families and frontline workers all over the world. Capping off the list of winners was the network’s alloriginal Filipino singing competition The Clash, which was awarded a Special Citation as the Most Development-Oriented Musical Segment/Program for its “Laban Kung Laban” episode during the second season. With the theme “Midya: Kaagapay ng Bayan sa Pagharap sa Krisis sa Pampublikong Kalusugan,” this year’s awards recognized the efforts of media workers who strive to keep the public abreast of factual news and information amid the Covid-19 pandemic.

otlot de Leon is happy that she made time when asked to be part of the movie Dito at Doon, produced by TBA Studios under the direction of JP Habac. The highly successful movie that debuted online, and is now available in more than 60 countries worldwide via TBA Play, starred her real-life daughter Janine Gutierrez. “When they inquired about the possibility of me playing Janine’s mom in the film during the early months of the pandemic, I immediately said yes, no questions asked. Although we have appeared in a few projects before, it is always exciting to be together in a film, especially one produced by TBA Studios,” she said. Among the projects de Leon did with her daughter in the past were Atom Magadia’s Cinemalaya entry Dagsin, Randolph Longjas’s Buy Now, Die Later, and special television episodes for GMA’s Karelasyon and Magpakailanman. “Dito at Doon was beautifully put together by our director JP Habac and his team, and as Janine’s mother, I can objectively say that my daughter’s portrayal of her character was very consistent throughout the movie, alongside those of her coactors. I am very happy with the success the film has achieved,” de Leon added. During Gutierrez’s growing-up years, de Leon already had an inkling that her daughter would someday be attracted to acting, like many in her family. “She would always pose for the cameras even at a very early age. When she was a teenager, many of our friends would try to convince her to give acting a try, but both her father and I never really pushed her. Some even asked if she would want to join a beauty

pageant. We have always wanted her to have a mind and a voice of her own, to be independent, to decide for herself,” de Leon recalled. Gutierrez, a European Studies graduate of the Ateneo de Manila University, was quick to explain that being a beauty queen was never in her book of dreams. “I never really wanted to become a beauty queen. I like watching pageants like the Miss Universe or Binibining Pilipinas, but I cannot even recall anytime in my life when I wanted to join one, so it’s not something that I ever wanted to pursue.“ Now 31, Gutierrez is in a very stable

romanticrelationship with actor-dancer-host Rayver Cruz, also from a family of performers. De Leon is now married to Lebanese businessman Fadi El Soury, and their mother-daughter bond is stronger than ever. “We talk about anything and everything, and we trust and respect each other especially regarding life decisions. My sisters, my brother and I are all grown up. We are always there to support each other, and be there for each other,” Gutierrez explained. Gutierrez sometimes consults her mom about

Continued on B4

Dua Lipa blasts group that condemned her for Mideast stance NEW YORK—Singer Dua Lipa is blasting an organization that paid for a full-page ad in The New York Times that called her antisemitic for her support of Palestinians, saying it used her name “shamelessly” to “advance their ugly campaign with falsehoods and blatant misrepresentations.” In the rambling ad which appeared in Saturday’s newspaper in the main section, Rabbi Shmuley Boteach, the head of the World Values Network, named Lipa, and the models Bella and Gigi Hadid as three “mega-influencers” who have “accused Israel of ethnic cleansing” and “vilified the Jewish State.” Lipa took to Twitter on Saturday afternoon to “reject the false and appalling allegations” and said the World Values Network twisted what she stands for. “I stand in solidarity with all oppressed people

and reject all forms of racism,” she wrote. Tensions increased in the Mideast since 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. A cease-fire was declared on Friday. The 11-day war left more than 250 dead—the vast majority Palestinians—and brought widespread devastation to the already impoverished Hamas-ruled Gaza Strip. Many celebrities have taken to social media to post pro-Palestinian messages, including the singer Zayn, Roger Waters, The Weeknd and Mark Ruffalo. Lipa is dating Anwar Hadid, Gigi and Bella’s brother. AP

Ex-BBC head quits gallery job amid Diana interview fallout By Pan Pylas The Associated Press LONDON—Tony Hall, who was director of BBC news and current affairs at the time of the public broadcaster’s explosive 1995 interview with Princess Diana, resigned Saturday as board chairman of Britain’s National Gallery. Hall, who subsequently rose to the top job at the BBC, was heavily criticized in a report this week for a botched inquiry into how journalist Martin Bashir obtained the blockbuster interview. In a statement, the 70-year-old said his continued presence at the gallery would be a “distraction to an institution I care deeply about.” “As I said two days ago, I am very sorry for the events of 25 years ago and I believe leadership means taking responsibility,” said Hall, who served as the BBC’s director-general from 2013 until 2020. John Kingman, the deputy chair of the National Gallery’s board of trustees, will assume Hall’s role for the time being. He said the gallery is “extremely sorry” to lose Hall but that “we entirely understand and respect his decision.” The 126-page report by retired Judge John Dyson, published on Thursday, found the internal BBC investigation had covered up “deceitful behavior” by Bashir, who was little-known as a journalist when he interviewed Diana. The BBC also has faced questions about why Bashir

A selection of front pages of most of Britains’s national newspapers showing their reaction to Princess Diana’s television interview with BBC journalist Martin Bashir in 1995. AP

was rehired in 2016 as the broadcaster’s religious affairs correspondent. Diana’s sons, Princes William and Harry, have

excoriated the BBC since the report’s publication, saying there was a direct link between the 1995 interview and their mother’s death in a traffic

accident two years later as she and a companion were being pursued by paparazzi. The BBC commissioned the report after Diana’s brother, Charles Spencer, complained that Bashir used false documents and other dishonest tactics to persuade Diana to grant the interview. In the interview, Diana said her marriage to Prince Charles had failed because he was still in love with former lover Camilla Parker Bowles, whom Charles would go on to marry a decade later. Diana, then 34, said she was devastated when she found out in 1986—five years after her marriage— that Charles had renewed his relationship with Camilla. Diana said she was so depressed that she deliberately hurt herself in a desperate bid for help. “There were three of us in this marriage, so it was a bit crowded,” Diana famously remarked. The fallout from the report has raised serious doubts about the BBC’s integrity, while the British government has said it would review the rules governing the oversight of the editorially independent national broadcaster. The BBC, which was founded in 1922, is funded by a license fee payable by everyone. The rules governing its operations are set out in a royal charter that requires the corporation to be impartial, act in the public interest and be open, transparent and accountable. A mid-term review of the BBC’s governance is scheduled to begin next year.

B6 Tuesday, May 25, 2021

Barangay health workers may apply for eligibility

Meralco energizes new Dolores 100-MVA Power Transformer

HE newly energized 100-MVA, 115 kV – 34.5 kV replacement power transformer with OnLoad Tap Changer (OTLC) is located at Dolores Substation located at Philec Road, Barangay Dolores, Taytay, Rizal. This new power transformer will improve system reliability, preventing prolonged power outages to customers

in Antipolo City, Binangonan, Taytay and Cardona in the province of Rizal. The OTLC feature, which was not present in the previous transformer, can optimally balance the load among the feeders served by the new power transformer and the other power transformers at the adjacent Cainta, Masinag and Taguig Substations, and enhance system flexibility during

contingencies. Despite the heightened community quarantine measures imposed within the NCR+ bubble due to the recent surge in COVID-19 cases, Meralco personnel are continuously working round the clock to execute vital capital projects to provide safe, adequate, and reliable energy service for all its customers.

BARANGAY Health Worker (BHW) is a person who has undergone training programs under any accredited government and non-government organization and who voluntarily renders primary health care services in the community upon accreditation by the local health board and in accordance with guidelines of the Department of Health. The Civil Service Commission (CSC) grants the BHWE to qualified applicants pursuant to Republic Act No. 7883, or the Barangay Health Workers’ Benefits and Incentives Act of 1995, which grants benefits and incentives to accredited BHWs in recognition of their services. The law also provides that, should the BHW later become a permanent employee of the government, his/her volunteer services shall be credited for the purpose of computing retirement benefits. The BHWE shall be granted to a Local Health Board-accredited barangay health worker who has completed at least two years of college education leading to a college degree, and has voluntarily rendered at least five years of continuous active and satisfactory service as an accredited BHW to the community. For purposes of the grant of BHWE, services rendered to the community should meet all of the following requisites: The services must be voluntary, meaning, the BHW has not been employed and has not received any form of salary or compensation, except honorarium, in the entirety of the five-year period for service requirement. However, BHWs who had been hired by agencies under Job Order status and/

Jerome B. Mansibang is PH Faces of Success 2021 awardee

UNODC, DDB take a step in bringing together agencies to address COVID-19 in Philippine detention facilities

UNODC, together with DDB and INL US State Department have recently conducted an online discourse on how the different government agencies work together in addressing concerns on COVID-19 and other infectious diseases among PDLs and jail personnel in the country.

HE United Nations Office on Drugs and Crime (UNODC), together with the Dangerous Drugs Board (DDB) and the Bureau of International Narcotics and Law Enforcement Affairs (INL), US State Department have recently conducted an online forum entitled, “Responding to COVID-19 in Places of Detention in the Philippines.” The talk aims to discuss matters on the pressing issues brought by the COVID-19 pandemic that affect Persons Deprived of Liberty (PDL) and how such issues are being addressed by specific government agencies. According to Sec. Catalino S. Uy, Chairman of the Dangerous Drugs Board, “The COVID-19 pandemic has negatively impacted our country especially of those within the underprivileged sector and among PDLs. Overcrowding, lack of access to healthcare, weakened immune system due to malnutrition, and transmission of

communicable diseases due to proximity and hygiene are among the risks that we need to address.” During these unprecedented times, it is notable that the DDB has supported the Bureau of Jail Management and Penology (BJMP) and Bureau of Corrections (BuCor) in expanding services for PDL and those incarcerated because of violations under RA 9165 or the Comprehensive Dangerous Drugs Act. Spearheading the technical working group, “The 2-year project which will last until September 2022, aims to provide support to COVID-19 infection management for people in prisons and persons with drug use disorder. Covering 7 Southeast Asian countries including the Philippines, the initiative runs together with a UN-joint program which also looks into issues concerning the PDLs. The program would like to achieve assurance that prison systems are prepared with strategies

and equipped with adequate facilities versus public health emergencies and prison officers are knowledgeable and capable of contributing to pandemic preparedness. It is our obligation as policy makers and executives of these facilities to do our best and mitigate and minimize the impact of the disease to our respective programs,” explained Undersecretary Benjamin P. Reyes, Permanent Member of DDB. Furthermore, Dr. Clarke Jones, Senior Research Fellow at the College of Health and Medicine of Australian National University, and Dr. Raymund Narag, Professor at Southern Illinois University, presented a survey that would help in addressing the capacity shortfalls and establish consistency in “best practice” to respond to COVID-19. They developed a Rapid Needs Assessment (RNA) tool that would help them understand, support, and enhance correctional or detention agencies during the pandemic. The meat of the survey includes the areas of 1) Level of awareness on transmissions and preventions; 2) Training on guidelines and safety measures; 3) Staff adherence; 4) Resources and facilities coordination with agencies; and 5) Coping mechanisms and consequences. Overall, the survey aims to identify the level of preparedness and vulnerability. UNODC aims to assist countries in building and reforming their prison systems and in implementing noncustodial sanctions and measures in line with UN standards and norms. “UNODC has responded quickly to member-state requests for support to deal with the current pandemic. [Together with other partners], UNODC has issued policy alerts and [guidance in] addressing the dangers of explosive outbreak of the virus in prison,” Mr. Naoki Sugano, Crime Prevention and Criminal Justice Officer of the UNODC Regional Office for Southeast Asia and the Pacific, said. “In September 2020, UNODC has launched a new project targeting Indonesia, Malaysia, Thailand, and the Philippines as well as Sri Lanka, Bangladesh and Maldives to strengthen preparedness and resilience of prisons against public health emergencies,” he added. An informational video is availale at: https://www.youtube.com/ watch?v=UEYevSSwigU.

or Contract of Service may still qualify for the grant of BHWE.  The services rendered must be continuous for a minimum period of five years, meaning, the BHW should have served actively and satisfactorily on a full-time basis; and  The services rendered shall be under accredited status of the BHW, meaning, the applicant should already have been accredited by the Local Health Board before rendering the five-year service requirement. Only services rendered starting 20 February 1995, the date of approval of R.A. 7883, shall be recognized. Applications may be filed with the CSC Regional or Field Office having jurisdiction over the barangay where the applicant has rendered services. The CSC has granted the BHWE to 216 volunteer health workers in the last five years. Visit www.csc.gov.ph

EROME B. Mansibang, CEO of Mansibang Industrial, Inc is among the recipients to the forthcoming Philippine Faces of Success 2021 to be held soon at Teatrino Promenade Greenhills. The Philippine Faces of Success award is conferred to individuals who have been nominated due to their exemplary performance and have achieved a remarkable success in their respective fields. It is being given annually by Best Magazine in recognition for their personal accomplishments and milestones that they have gone across. Mansibang is a nurse and businessman alike.

As a nurse, he has produced an estimated eight hundred thousand (800,000) confident nursing board passers from fifteen (15) years of teaching and review mentoring background with prestigious review centers and nursing colleges nationwide. Has successfully set up and progressively organized a number of academic and skill programs for nursing schools, nursing review centers, and other corporate institutions. He was also a Nursing Academic Programming Consultant of MELORITA Health Care Systems in Malaysia and author and publisher of various nursing books in the Philippines. He was also a staff nurse in National Kidney and Transplant Institute and Founder-Owner of Edgeworth Review And Educational Center, Opes Online Education, Mansibang Colleges. As a businessman, he is the CEO of Mansibang Industrial, Inc (MII) a diversified industrial company engaged in trading, manufacturing, servicing and facility management that revolves around the following merchandise – MARS, sales of Japan surplus trucks and heavy equipment; CROPANI, sales of agrochemicals; LIFESPAN, animal feeds; LOGISTEX, transport and logistic services; HAULES, hauling and moving services; FARMO, farm management and COMMO, loan origination and services.

PHA launches the National Heart Failure Network on virtual platforms via its national convention on May 25-28, 2021

LOBALLY, the overall known prevalence rate of heart failure is between three and 20 patients per 1,000 population, and this rises to a hundred in those aged 65 years and above. Based on the Health Analysis Asia’s report in 2019, cardiovascular disease (CVD) deaths and economic prosperity are found to be inversely proportional in Asia, particularly in Pakistan, Indonesia, Lao PDR and the Philippines with the highest registered numbers of fatality. According to medical books, “heart failure is a complex clinical syndrome caused by any cardiac structural and/or functional abnormality that results in impairment of ventricular filling or ejection of blood. It can present acutely or as a progressive disease characterized by worsening shortness of breath, coughing or wheezing, tiredness and fatigue, fluid retention with swelling of the legs and/or abdomen, and/or reduced ability to do physically demanding tasks or exercise. There is high readmission rate of heart failure which accounts for approximately twothirds of all costs related to its management, and the global cost of the burden of disease is estimated at $108 billion according to the National Heart Failure Network Task Force of the Philippine Heart Association. As the Philippine Heart Association stages its 51st Annual Convention and Scientific Meeting themed "Next Level Strategies," a virtual platform on May 25-28, 2021, the launch of the PHA National Heart

Failure Network takes place on May 25, 1 pm on Zoom and Facebook. An elite panel of heart doctors from diverse disciplines of cardiology will be joined by showbiz icons, the Mr. Boy Abunda, Asia’s King of Talk, as celebrity host and Martin Nievera, Philippine Concert King in a special number. Abunda started to lend his support to the PHA Lay Advocacy in March 2018 while Nievera’s involvement with PHA began in October last year. PHA Network envisions to connect communities for a heart failure-free nation while working on the mission for optimized, standardized, accessible and affordable heart failure (HF) care. The good news is, there is life after HF which cardiologists describe as "palyadong puso". For more information, visit the official FB page at https://www.facebook.com/search/ top?q=philippine%20heart%20association or its website: https://www.philheart.org/.

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

The World

Japan opens mass vaccination centers 2 months before Games

OKYO—Japan mobilized military doctors and nurses to give shots to elderly people in Tokyo and Osaka on Monday as the government desperately tries to accelerate its vaccination rollout and curb coronavirus infections just two months before hosting the Olympics. Prime Minister Yoshihide Suga is determined to hold the Olympics in Tokyo after a one-year delay and has made an ambitious pledge to finish vaccinating the country’s 36 million elderly people by the end of July, despite skepticism it’s possible. Worries about public safety while many Japanese remain unvaccinated have prompted growing protests and calls for canceling the Games set to start on July 23. Suga’s government has repeatedly expanded the area and duration of a virus state of emergency since late April and has made its virus-fighting measures stricter. Currently, Tokyo and 9 other areas that are home to 40 percent of the country’s population are under the emergency and further extension is deemed unavoidable. With Covid-19 cases still persistently high, Suga now says vaccines are key to getting the infections under control. He has not made vaccinations conditional to holding the Olympics and has arranged for Pfizer to donate its vaccine for athletes through the International Olympic Committee, while trying to speed up Japan’s inoculation drive as antiOlympic sentiment grows. At the two mass inoculation centers staffed by Japan’s SelfDefense Forces, the aim is to inoculate up to 10,000 people per day in Tokyo and another 5,000 per day in Osaka for the next three months. People inoculated at the centers on Monday were the first in Japan to receive doses from Moderna Inc., one of two foreign-developed vaccines Japan approved on Friday. Previously Japan had used only Pfizer Inc., and only about 2 percent of the population of 126 million has received the required two doses.

Japan began vaccinating health care workers in mid-February while sticking to a standard requirement of clinical testing inside Japan—a decision many experts said was statistically meaningless and only caused delay. Vacc inat ions for t he ne x t group—the elderly, who are more likely to suffer serious Covid-19 effects—started in mid-April but has been slowed by bureaucratic bumbling including reservation procedures, unclear distribution plans and shortage of medical staff to give shots. Completion of Japan-developed vaccines is still uncertain, but Japanese government officials hope the approvals Friday of Moderna and AstraZeneca will help speed up the rollout. “Speeding up the rollout makes us feel safer because it affects our social life and the economy,” said Munemitsu Watanabe, 71-yearold office worker who got his first shot at the Tokyo center. “If 80 percent-90 percent of the population gets vaccinated, I think we can hold the Olympics smoothly.” The current group eligible are 65 years or older. Some officials say it may take until around March to reach younger generations. But its potential for progress is unclear. The plans for administering AstraZeneca’s shots are still pending due to concerns about the rare instances of blood-clotting complications reported elsewhere. Japan also has a dire shortage of medical staff who can give the shots since only doctors and nurses can legally do so—and they are already busy treating Covid-19 patients. Under pressure, Suga’s government has allowed dentists and retired nurses to inoculate, and on Monday asked for pharmacists’ help. There are worries, too, that expanding the criteria may increase vaccine hesitancy in the public. Separately, several local governments, including Aichi in central Japan and Gunma near Tokyo and Miyagi in the north, were also to open their own large vaccination centers on Monday. AP

BusinessMirror

Tuesday, May 25, 2021

India Covid death toll passes 300,000, 3rd highest in world

EW DELHI—India crossed another grim milestone Monday of more than 300,000 people lost to the coronavirus as a devastating surge of infections appeared to be easing in big cities but was swamping the poorer countryside. The milestone, as recorded by India’s health ministry, comes a s slowed vacc i ne del iver ies have marred the country’s fight against the pandemic, forcing many to miss their shots, and a rare but fatal fungal infection affecting Covid-19 patients has worried doctors. India’s death toll is the thirdhighest reported in the world, accounting for 8.6 percent of the nearly 34.7 million coronavirus fatalities globally, though the true numbers are thought to be significantly greater. The health ministry Monday reported 4,454 new deaths in the last 24 hours, bringing India’s total fatalities to 303,720. It also reported 222,315 new infections, which raised the overall total to nearly 27 million. Both are almost certainly undercounts. From the remote Himalayan

villages in the north, through the vast humid central plains and to the sandy beaches in the south, the pandemic has swamped India’s underfunded health care system after spreading fast across the country. In the capital, New Delhi, residents have died at home with no oxygen as hospitals exhausted limited supplies. In Mumbai, Covid-19 patients have died in crowded hospital corridors. In rural villages, fever and breathlessness took people before they were even tested for coronavirus. While the megacities have seen signs of improvement in recent days, the virus isn’t finished with India by any means. It appears to have already taken a ghastly toll in the country’s vast rural areas, where a majority of the people live and where health care is limited. In recent weeks, hundreds of bodies have washed up on the

Indian doctor B.P Tyagi performs extended functional endoscopic sinus surgery on a person suffering from mucormycosis at a hospital in Ghaziabad, outskirts of New Delhi, India on May 23. Several cases of the black fungus infection are being reported in patients recovering from Covid-19 in many parts of India. AP/Amit Sharma

banks of the Ganges River in Uttar Pradesh state. Many others have been found buried in shallow graves along its sandy banks. It has prompted concerns that they’re the remains of Covid-19 victims. India’s vaccination drive has also slowed recently, and many states say they don’t have enough vaccines to administer. The world’s largest vaccine-producing nation has fully vaccinated just over 41.6 million people, or only 3.8 percent of its nearly 1.4 billion population. T he f irst k now n Cov id-19 deat h i n Ind i a h appened on March 12, 2020, in southern

Karnataka state. It took seven months to reach the first 100,000 dead. The toll hit 200,000 deaths in late April. The next 100,000 deaths were recorded in just 27 days after new infections tore through dense cities and rural areas alike and over whelmed health care systems on the brink of collapse. Average daily deaths and cases have slightly decreased in the past few weeks and the government on Sunday said it is conducting the highest number of Covid-19 tests, with more than 2.1 million samples tested in the previous 24 hours. AP

Thailand: Tourism industry may not recover until 2026

t could take another five yea rs before tou r ism re vives fully in Thailand—an ominous sign for one of the most tourism-dependent economies in the world. The sector, which contributed about one-fifth of Thailand’s economy before the pandemic, isn’t expected to return to normal until 2026, the National Economic and

Social Development Council said Monday, citing the Tourism Authority of Thailand. The delayed return—which some analysts had expected within two years—will impact more than seven million workers, some of whom may need to find jobs in other fields, the council said. Thailand welcomed nearly 40 million visitors in 2019—the last

year before the pandemic—earning $60 billion in revenue. The Southeast Asian nation, which closed its borders to most foreign visitors in March 2020, is trying to gradually reopen some destinations to vaccinated visitors with the economy struggling to gain traction. The economy has contracted for five straight quarters, a trend that’s likely to continue in the

April-June period as the country battles its worst Covid-19 outbreak yet. The resort island of Phuket is set to be the first to reopen in July, followed by 10 other destinations in October. But the government only expects 500,000 visitors this year, a small fraction of the 6.7 million who came in 2020—almost all in the first three months of the year. Bloomberg News

Covid testing’s value shrinks as vaccines beat back virus Italy probes cable car crash

A SHINGTON—Federal health officials’ ne w, more re l a xe d recom mend at io n s o n m a s k s have a l l but ec l ipsed a not her major change in g uidance from t he gover nment: Fu l ly vacc inated A mer ica ns ca n l a rgely s k i p g e t t i n g t e s t e d f o r t he coronav ir us. The Centers for Disease Control and Prevention said last week that most people who have received the full course of shots and have no Covid-19 symptoms don’t need to be screened for the virus, even if exposed to someone infected. The change represents a new ph a se i n t he epidem ic a f ter nearly a year in which testing was the primary weapon against the virus. Vaccines are now central to the response and have driven down hospitalizations and deaths dramatically. Experts say the CDC guidance reflects a new reality in which nearly half of Americans have received at least one shot and close to 40% are fully vaccinated. “At this point we really should be asking ourselves whether the benefits of testing outweigh the costs — which are lots of disruptions, lots of confusion and very little clinical or public health benefit,” said Dr. A. David Paltiel of Yale’s School of Public Health, who c ha mpioned w idespread testing at colleges last year. While vaccinated people can

still catch the virus, they face little risk of serious illness from it. And positive test results can lead to what many experts now say are unnecessary worry and interruptions at work, home and school, such as quarantines and shutdowns. Other health specialists say the CDC’s abrupt changes on the need for masks and testing have sent the message that Covid-19 is no longer a major threat, even as the US reports daily case counts of nearly 30,000. “The average Joe Public is interpreting what the CDC is saying as ‘This is done. It’s over,’” said Dr. Michael Mina of Harvard University, a leading advocate of widespread, rapid testing. With more than 60% of Americans not fully vaccinated, he thinks screening of those without symptoms still has a role, particularly among front-line workers who have to deal with the public. CDC Director Dr. Rochelle Walensky said the updated guidelines are based on studies showing the robust effectiveness of the vaccine in preventing disease in various age groups and settings. Even when vaccinated people do contract Cov id-19, their infections tend to be milder, shorter and less likely to spread to others. As a result, the CDC says vaccinated people can generally be excluded from routine workplace screening for Covid-19.

That change could eliminate testing headaches like the one recently reported by the New York Yankees, when one player and several staffers tested positive on a highly sensitive Covid-19 test, despite being vaccinated. Baseball officials are discussing whether to drop or reduce testing of people who have no symptoms. But widespread attempts to wa ive test ing for vaccinated people could face the same dilemma seen with the CDC’s new guidelines on masks: There’s no easy way to determine who has been vaccinated and who hasn’t. Employers can legally require vaccinations for most workers, though few have tested that power, since the vaccines don’t yet have full regulatory approval. Even asking employees to disclose their vaccination status is viewed as intrusive by many employment-law specialists. For now, testing appears to be continuing unchanged in places that adopted the practice, from offices to meatpacking plants to sports teams. Pork pro duce r Sm it h f ie ld Foods said it continues to conduct a combination of mandatory and optional testing for employees, depending on conditions at work sites. Amazon said it will still offer regular, voluntary testing. T he NBA h a s i nd ic ated it plans to keep its testing system in place for now. The league has

been praised for using rigorous testing to create Covid-19free “ bubbles” around players, coaches and staff. On a national level, the supply of Covid-19 tests now vastly surpasses demand. US officials receive reports of about 1 million tests per day, down from a peak of over 2 million in midJanuary, though many rapid tests done at home and workplaces go uncounted. Consumers can buy 15-minute, over-the-counter tests at pharmacies and other stores. That’s on top of increased capacity from US laboratories and hospitals, which ramped up testing after last year’s crushing demand. The US will be capable of conducting 500 million monthly tests in June, according to researchers at Arizona State University. As recently as this winter, many health experts were calling for a huge testing effort to safely reopen schools, offices and other businesses. But that was before it was known how effective the vaccine would be in the real world, how quickly it could be distributed and whether it would protect against variants. “The vaccines overperformed, which is the best news possible,” said Dr. Jeffrey Engel of the Council of State and Territorial Epidemiologists. “So now you can begin to peel back some of these other layers of mitigation like mask use and screening.” AP

as lone child survivor recovers

OME —Ita ly’s transpor t minister was heading Monday to the scene of a cable car disaster that killed 14 people when the lead cable apparently snapped and the cabin careened back down the mountain until it pulled off the line and crashed to the ground. The lone survivor of Sunday’s horrific incident, a five-year-old Israeli boy living in Italy, remained hospitalized in Turin Monday with multiple broken bones. T he Israeli foreig n ministr y ident if ied h im as Eit a n Bira n. His pa rents, you nger brot her a nd t wo g reat - g ra ndpa rent s were among the dead, the ministr y said, correcting an earlier st atement t hat had inc luded Eit a n a mong t he v ict ims. Italian media identified all the other victims as residents of Italy. The disaster, in one of the most picturesque spots in northern Italy—the Mottarone mountaintop overlooking Lake Maggiore and other lakes near Switzerland— raised questions anew about the quality and safety of Italy’s transport infrastructure. Transport Minister Enr ico Giovannini announced a commission of inquiry had already been formed to investigate the “technical and organizational causes” of the accident, while prosecutors will focus on any criminal blame. Giovannini was heading to the site Monday along with the civil protection chief

to inspect the damage. The transport ministry said a preliminary check of the cable line’s safety and maintenance record show that the whole lift structure underwent a renovation in August 2016, and that a maintenance check was performed in 2017. Late last year, inspections were performed on the cables themselves, including magnetic inspections on the primary cables of the lift: the cable that pulls the cabin up the mountain, the support cable that holds the car and the rescue cables. In December another visual check was performed, the ministry said. The mayor of Stresa, Marcella Severino, quoted witnesses as saying they heard a “loud hiss,” apparently when the lead cable snapped. She said the cabin reeled back down the line until it apparently hit a pylon and then plummeted to the ground. It rolled over two or three times before crashing into trees, she said. It wasn’t immediately clear why a brake had not engaged. Some of the bodies were thrown from the car and were found amid the trees, she said. The funicular line is popular with tourists and locals alike to scale Mottarone, which reaches a height of 1,491 meters (4,900 feet) and overlooks several picturesque lakes and the surrounding Alps of Italy’s Piedmont region. AP

Sports

CRIS NIEVAREZ (fourth from left) hugs his mom Shirley as they pose with (from left) Philippine Rowing Association President Patrick “Pato” Gregorio, GP Partylist Representative Jose Gay “GP” Padiernos and Quezon Fourth District Representative Angelina “Helen” Tan.

BusinessMirror

| Tuesday, May 25, 2021 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

GOLDEN VICTORY! K IAWAH ISLAND, South Carolina— The pandemonium closed in around Phil Mickelson as he walked toward the 18th green at Kiawah Island, where thousands upon thousands of euphoric fans wanted a piece of the history he delivered Sunday in the PGA Championship. For all the thrills and spills that have defined his 30 years of pure theater, his latest act gave Mickelson his own place in the game. A major champion at age 50, the oldest in the 161 years of major championship golf. That final walk toward a twoshot victory was as much stress as he faced over the final hour, and it was a bit scary until Mickelson emerged out of the masses and flashed a thumbs-up. “Slightly unnerving,” Mickelson said, “but exceptionally awesome.” Just like his game. Mickelson never thought he was too old to win again, much less a major. He just didn’t have much evidence on his side until a remarkable four days at Kiawah Island where he kept his nerve and delivered all the right shots for his sixth major, and by far the most surprising. He made two early birdies with that magical wedge game that never left him, and then let a cast of challengers fall too far behind to catching him in the shifting wind off the Atlantic. Mickelson closed with a oneover 73 to win by two over Brooks Koepka and Louis Oosthuizen. “One of the moments I’ll cherish my entire life,” Mickelson said. “I don’t know how to describe the feeling of excitement and fulfill-

PHIL MICKELSON makes his way through fans on the 18th fairway in the final round on Sunday. AP

ment and accomplishment to do something of this magnitude when very few people thought that I could.” That list didn’t include Mickelson. Never mind that he had not won in more than two years, had not registered a top 20 in nearly nine months and last won a major in 2013 at the British Open. Never mind that he was No. 115 in the world. “This is just an incredible feeling because I believed it was possible, but everything was saying it wasn’t,” Mickelson said.

Boxers start bid in Dubai, Marcial fights Wednesday

By Josef Ramos

HREE Filipinos—flyweight Marvin Tabamo, lightweight Jere Samuel Dela Cruz and light welterweight John Panuayan—opened their campaign in the Asian Boxing Confederation (ASBC) Asian Elite Men and Women Boxing Championships on Monday in Dubai. Tabamo fought Afghanistan’s Ramish Rahmani, De la Cruz took on Sri Lanka’s Jeewantha Wimukthi, and Panuayan clashed with the host country’s Majid Alnaqbi. The fights staged at the Le Meridien Hotel bubble were to start at 10 p.m. (Manila time). Tokyo Olympics-bound Eumir Felix Marcial was seeded No. 1 in the men’s middleweight class. He drew an opening-round bye and will climb the ring in quarterfinals on the Wednesday against either Iraq’s Ridha Talib Jabbar or Mongolia’s Otgonbaatar Byamba-Erdene. Josie Gabuco, the women’s light flyweight defending champion, was also the top seed in her category. She also drew a bye and fights either Sri Lanka’s Rasmika Ilangarathha or Uzbekistan’s Gulasal Sultonalieva in the semifinals. Maricel de la Torre tangles with Huswatun Hasanah of Indonesia in women’s lightweight quarterfinals fight on Wednesday. “We have a good draw and everyone has a chance to prove himself or herself—and I think they can,” said Roel Velasco, the

Barcelona 1992 Olympics bronze medalist who has served as an Association of Boxing Alliances in the Philippines (Abap) coach for 21 years. “They are all working hard to win here.” The spotlight will be on Marcial, especially his fists which have a bad habit of swelling and hurting after every fight. “We know how Eumir [Felix Marcial] prepares and his punches look very great,” Velasco said. “We will know what he lacks after his fight, but so far he has a great chance of winning here.” “His knuckles are doing well so far during the mitts,” said the 51-yearold Velasco. “He just needs proper bandaging and wrapping.” Abap President Ricky Vargas said the Dubai tournament provides the boxers an ideal international exposure also geared toward the Hanoi 31st Southeast Asian Games set from November 21 to December 2. “It will give them a great exposure prior to the SEA Games and at the same time, it will gauge Eumir’s competitiveness for the Tokyo Olympics,” Vargas said. A total of 150 boxers from 17 countries—Afghanistan, Bahrain, Indonesia, India, Iran, Iraq, Kazakhstan, Kyrgyzstan, Kuwait, Laos, Mongolia, Philippines, Qatar, Sri Lanka, Tajikistan, United Arab Emirates and Uzbekistan—are seeing action in the tournament. A total of 20 gold medals are at stake.

Bambol special guest in forum

HILIPPINE Olympic Committee (POC) President Rep. Abraham “Bambol” Tolentino returns to the weekly Philippine Sportswriters Association Forum as the solo special guest of the session’s webcast edition on Tuesday.

Tokyo-bound rower Nievarez receives support from solons

Tolentino, also the president of PhilCycling, will discuss a wide range of topics including the “No vaccine, No participation” policy imposed by host Vietnam for the coming 31st Southeast Asian Games.

Julius Boros for 53 years held the distinction of golf’s oldest major champion. He was 48 when he won the 1968 PGA Championship in San Antonio. The record now belongs to Mickelson, whose legacy is as much rooted in longevity as any of the skills that have made him among the most exciting players in the game. Mickelson became the 10th player to win majors in three decades, an elite list that starts with Harry Vardon and was most recently achieved by Tiger Woods. Woods, who won the Masters in 2019 at age 43 after four back surgeries, was among to send a tweet of congratulations. Three months after 43-year-old

Tom Brady won a seventh Super Bowl, Mickelson added to this year of ageless wonders. Mickelson became the first player in PGA Tour history to win tournaments 30 years apart. The first of his 45 titles was in 1991 when he was still a junior at Arizona State. “He’s been on tour as long as I’ve been alive,” Jon Rahm said. “For him to keep that willingness to play and compete and practice, it’s truly admirable.” Koepka and Oosthuizen had their chances, but only briefly. Koepka was four over on the three par 5s he faced when the game was still on and closed with a 74. Oosthuizen hit into the water as he was trying to make a final run

Elbow injury bothers Didal in Iowa

ARGIELYN DIDAL and Kiko Francisco missed the bus for the Tokyo Olympics in Iowa over the weekend but immediately flew from the US to Italy on Monday to try their luck in another skateboarding Olympic qualifier. Didal, the Jakarta 2018 and 2019 Southeast Asian DIDAL Games street gold medalist, and Francisco finished outside of the Olympic quota at the Dew Tour Des Moines last Sunday. Didal hurt her elbow early in the tournament and managed a 12.06 score in the female street for 12th place out of 25 participants. Only the top eight clinched tickets to Tokyo.

Francisco had 71.50 for 13th place in male street and also didn’t make it. They will compete in the Street World Championships set May 30 to June 6 in Rome, another qualifier for the sport that makes its Olympic debut in Tokyo. Didal and Francisco, however, have to finish in the top three in Rome to make it to the Olympics. Another chance for Didal to join nine Filipinos who already qualified for the Olympics so far is to hold on to her No. 14 ranking in the world. The world’s top 16 players and one athlete from host Japan will take

UAAP S84 IN FEBRUARY 2022

HE University Athletic Association of the Philippines (UAAP) is looking at a February 2022 opening for the league’s Season 84. But everything depends on whether or not the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) will allow the league to go on with actual competitions. “We’re hoping we could start the games by the second semester,” University of the Philippines College of Human Kinetics Dean Francisco “Kiko” Diaz told BusinessMirror on Monday. “We will come up with

events granting we could do it.” “We haven’t talked about what sports will be played but of course we’re looking for men’s basketball and women’s volleyball because that’s our commitment to Cignal TV,” Diaz, a member of the UAAP Board of Managing Directors, added. The UAAP signed Cignal TV as its official broadcast partner and sponsor after ABS-CBN shut down last year. Mark Molina, also a managing director representing Far Eastern University, confirmed the league’s intention to open Season 84 in the second

The congressman from the Eighth Distict of Cavite will also talk about the other Filipino athletes expected to qualify for the Tokyo Olympics after taekwondo’s Kurt Bryan Barbosa became the ninth to make it to the Games on Saturday. The public sports program starts at 10 a.m. and is presented by San Miguel Corp., Milo, Amelie

Hotel Manila, Braska Restaurant and the Philippine Amusement and Gaming Corp. Powered by Smart and Upstream Media as the official webcast partner, the Forum is livestreamed via the PSA Facebook page fb.com/PhilippineSportswritersAssociation and also shared by Radyo Pilipinas 2 Facebook page.

and shot 73. “Phil played great,” Koepka said. “It’s pretty cool to see, but a bit disappointed in myself.” Koepka also got lost in the chaos and said it was the most his right knee, on which he had ligament surgery two months ago, hurt all day. This was history in the making. No one wanted to miss it. Tom Watson came close at Turnberry in 2009 when at 59 he had a one-shot lead playing the 18th hole and made bogey, losing the British Open in a playoff to Stewart Cink. Greg Norman was 53 when he had the 54-hole lead at Royal Birkdale and failed to hang on in the 2008 British Open. AP

part in the Olympics set from July 23 to August 8. World Skate, the world governing body for the sport, will announce the qualifiers on June 29. Already qualified for the Tokyo Olympics are taekwondo jin Kurt Bryan Barbosa, gymnast Carlos Yulo, pole vaulter EJ Obiena, rower Cris Nievarez, weightlifter Hidilyn Diaz and boxers Eumir Felix Marcial, Irish Magno, Nesthy Petecio and Carlo Paalam. Besides skateboarding, also making their Olympic debut in Tokyo are surfing, sport climbing and karate. Men baseball and women softball are making their return since 2008. Josef Ramos semester, and echoed Diaz’s revelation on the UAAP’s commitment to hold the group’s two most popular sports. “But basketball and volleyball will probably not start at the same time,” Molina said. The UAAP canceled Season 83 in pandemic year 2020 but maintained De La Salle as general host of Season 84. Diaz also stressed that the UAAP wanted all student athletes to be inoculated with antiCovid-19 vaccine before opening the games. Josef Ramos

UPPORT has started to pour for Cris Nievarez’s campaign in the Tokyo Olympics with two members of the House of Representatives providing the rower cash incentives for his training program. Quezon Fourth District Representative Angelina “Helen” Tan and GP Partylist Representative Jose Gay “GP” Padiernos handed the incentives to Nievarez on Monday at the Philippine Rowing Association Headquarters at the La Mesa Dam in Quezon City. PRA President Patrick “Pato” Gregorio and Nievarez’s mom Shirley were on hand to witness the simple turnover ceremony. “My heartfelt gratitude to Congressman GP and Congresswoman Helen. This inspires me even more to work harder in training,” said Nievarez, a native of Atimonan in Quezon province. Tan pledged to extend whatever assistance Nievarez will be needing for his preparation and participation in the men’s single sculls event at the Tokyo Olympics. Tan noted that it never came to her to think twice about providing Nievarez the needed incentive because the Filipino rower reminds her of her humble beginnings. “Chris and I came from poor families. But through faith, hard work and commitment to excellence, we both overcame the odds and won,” Tan said. “May the determination and resilience of our new Olympic idol despite the many setbacks serve as inspiration for the younger athletes to strive better and for all Filipinos to never give up.” “This assistance comes from the heart,” Padiernos said. “Rowing is an ideal sport, we need to support it.” Nievarez’s also thanked Tan and Padiernos for supporting his son’s journey to the Olympics. “This will go far for Cris, especially that we don’t have much in life,” said the elder Nievarez, who cried during the ceremony. “We hope that this muchneeded financial boost will inspire our 20-year-old Filipino rower to stay focused on training and to keep himself competitionready for the Tokyo Olympics,” Gregorio said. “With the help of the government and private individuals, we want to keep this momentum going and move a step closer in promoting the sports of rowing in the country.” Nievarez is only the third Filipino rower in the Olympics after Benjamin “Benjie” Tolentino in Sydney 2000 and Edgardo Maerina in Seoul 1988.

DYIP IN THE HOUSE

The Terrafirma Dyip take their turn to practice at the Batangas City Sports Center in Batangas as they gear up for the Philippine Basketball Association’s 46th season that is targeted to open next month.