BusinessMirror May 26, 2020

NG gross borrowings up 5.3% to ₧656.7B in Q1

By Bernadette D. Nicolas

T

HE national government’s gross borrowings rose by 5.31 percent to P656.718 billion in the first quarter of the year as the state borrowed more from both domestic and foreign sources.

This was up by P33.12 billion from P623.598 billion in gross borrowings recorded from January to March last year.

Of the P656.718-billion gross borrowings for the period, the bulk or 77.66 percent went to domestic borrowings pegged at P510.032 billion, while the remaining 22.34 percent went to foreign borrowings at P146.686 billion.

Year-on-year, domestic borrowings for the first three months of the year climbed by 3.96 percent from P490.615 billion in the same period in 2019.

Meanwhile, foreign borrowings this year jumped by 10.3 percent from last year’s P132.983 billion

Broken down, the domestic borrowings for the first quarter of this year comprised retail treasury

BICYCLE riders use a temporary bike lane set up by the Metropolitan Manila Development Authority on Edsa, northbound from White Plains to Boni Serrano. The trial run came on the heels of the easing of quarantine rules, and with the growing popularity of biking as an alternative to public transport. ROY DOMINGO

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bonds (P310.766 billion), fixed-rate treasury bonds (P128.789 billion) and treasury bills (P70.477 billion).

In terms of external borrowings, program loans amounted to P72.721 billion, euro bonds were at P67.329 billion and project loans, P6.636 billion.

The government borrows to meet its spending requirements and to finance its budget deficit.

For March alone, gross borrowings settled at P72.151 billion, a 77.06-percent drop from P314.467 billion recorded in the same month last year.

Gross borrowings for the month fell as the government borrowed less from both domestic and foreign sources at P63.104 billion and P9.047 billion, respectively.

In March 2019, the government borrowed P298 billion locally and P16.467 billion externally.

In a separate report from the Bureau of the Treasury, the total outstanding debt of the national government surged P8.177 trillion as of end of first quarter this year, up by 4.8 percent from P7.802 trillion.

Year-to-date, the outstanding debt of the government has increased by 5.8 percent or P446.125

billion from the end-2019 level of P7.731 trillion.

Of the total debt stock, 67 percent are domestic debt, while 33 percent were sourced externally.

Domestic debt reached P5.513 trillion as of end-March, growing by 6.1 percent from P5.197 trillion a year ago.

On the other hand, government offshore debt for the period expanded by 2.3 percent year-onyear to P2.665 trillion from P2.605 trillion in 2019.

For this year, the government earlier set a P1.4-trillion borrowing program.

However, the Cabinet-level Development Budget Coordination Committee said this month it expects this year’s budget deficit to widen to P1.56 trillion or 8.1 percent of GDP on the back of a decline in revenues and increased disbursements due to the Covid-19 pandemic. This is 2.8 percentage points higher than its earlier estimate of 5.3 percent of GDP announced in March.

Likewise, the government also projects a high fiscal deficit for 2021 at P1.27 trillion or 6 percent of GDP and P1.18 trillion or 5 percent of GDP in 2022.

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5% TARIFF HIKE TO RAISE P245B, BUT RISKS STUDIED www.businessmirror.com.ph

n

Tuesday, May 26, 2020 Vol. 15 No. 229

SOME of the thousands of repatriated overseas Filipino workers (OFWs) under Covid-19 quarantine, many for periods far beyond the mandatory 14 days, are seen at Naia Terminal 2 on Monday before the final leg of their homecoming, on government-funded sweeper flights. Upon instructions of President Duterte, a composite team from the Philippine Coast Guard and the Overseas Workers Welfare Administration will arrange this week the journey of OFWs to their home provinces. Related stories on A8. NONIE REYES

T

By Elijah Felice Rosales

HE government is assessing the need to implement a 5-percent increase in tariffs on all products to raise P245 billion immediately for the efforts to fight Covid-19.

Trade Undersecretary Ceferino S. Rodolfo told reporters that the government is studying the option of imposing an additional 5-percent duty on all imports to generate funds for crisis response.

He explained that an across-theboard tariff increase is the reasonable way to go than targeting certain products, which could entail allegations of protectionism from trading partners.

Estimates from Rodolfo’s office showed that the government will earn P245 billion if it chooses to place a 5-percent tariff on all products based on 2016 to 2018 rates.

“At this point, we need resources to fight Covid-19, [and] I know there are a lot of concerns about that 5-percent proposal,” Rodolfo said. “But we told the DOF

[Department of Finance] to just inform us if we need to impose the additional tariff.”

He added, “DOF officials asked to give them one month to implement it if necessary.”

State officials are assessing how such move would impact international agreements, and how the additional tariff on specific products, particularly essentials, would impact on inflation. However, Rodolfo said there should be little concern on the treaties with trading partners, as the proposed action would affect all imports and not just specific goods.

Further, he argued that many economies are implementing protectionist measures as well to protect their own industries and peoples. He cited Vietnam, which

RODOLFO: “We are just giving the measure due diligence because we were told it’s not yet needed for now. We are still assessing it seriously just in case we have to pull the trigger.”

enforced a temporary export ban on rice to ensure its food security during the crisis.

“We are just giving the measure due diligence because we were told it’s not yet needed for now. We are still assessing it seriously just in case we have to pull the trigger,” the trade official said.

Risk of pass-on costs

THE plan, however, does not sit well with experts and business leaders, as they fear that the cost of additional tariff would only be passed on by importers to consumers.

Maria Ella C. Oplas, economics professor at the De La Salle University, told the BusinessMirror that many industries rely on inputs from abroad for their production. As such, she said it is ill-timed to add a burden to them, especially that they are just starting to resume operations.

If at all, Oplas said the government could give out tax cuts for everyone in order to cushion some of the economic impact of the coronavirus pandemic.

“The government should even give tax holidays for all just to alleviate the circumstances that we are in right now, so that we have more buying capacity and freedom to choose what we buy. No to new taxes, relax collection and no to raising tariff,” Oplas said.

On the other hand, Philippine Exporters Confederation Inc. President Sergio R. Ortiz-Luis Jr. described as disastrous the prospect of having all products hit by the tariff hike.

Ortiz-Luis said the government should target only certain products and ensure that essential goods, such as food, are spared from any cost increase. Further, tariff rates for medical products needed in the fight against the virus should be maintained as well, if not lowered, he added.

“It should be a no-brainer that food and medical products must be spared from any tariff hike given that we are in dire need of them right now,” the industry leader said.

‘Gradual reopening of biz to support stable peso’

By Tyrone Jasper C. Piad

T MAPA: “The Philippine peso has been a surprise outperformer in the region despite natural calamities, a pandemic and now free-falling GDP.”

HE Philippine economy slowly humming back to life amid easing lockdown guidelines could further provide support to the local tender, which has been stable despite the prolonged quarantine period.

The peso, which has been trading within P50.26 to P50.90 levels since April, has been having strong trading amid the coronavirus disease 2019 (Covid-19) pandemic,

PESO EXCHANGE RATES n US 50.5820

RCBC Chief Economist Michael L. Ricafort told the BusinessMirror.

However, he said, the peso can perform better with the “gradual reopening” of businesses to jumpstart the economy and investor appetite.

“Gradual reopening of economies locally and worldwide could also support sentiment on the local financial markets including the peso, amid plans to scale down the lockdowns down to the barangay level, in able for broader business/

economic activities to resume further,” Ricafort explained.

The Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) recently released new guidelines for community quarantine, allowing more businesses to resume full operations. The lockdown is currently categorized as enhanced community quarantine (ECQ), modified ECQ, general community quarantine (GCQ) and modified GCQ.

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REPORT: DON’T RELY TOO MUCH ON OFW ‘RESILIENCE’ THIS TIME

By Cai U. Ordinario

R

EMITTANCE-RECEIVING countries like the Philippines cannot rely on the resilience that inflows from overseas Filipino workers (OFWs) bring to the economy during the pandemic, according to a policy brief released by the Ateneo Center for Economic Research and Development (Acerd).

The paper, titled “Overseas Remittances: Saving the ‘Resilient’ Owners of this Philippine Lifeline,” said lockdowns imposed on various host countries have reduced the financial capability of OFWs.

It was written by Institute for Migration and Development Issues (IMDI) Executive Director Jeremaiah M. Opiniano and Acerd Director Alvin P. Ang.

This has caused many OFWs to be laid off from their jobs and forced tens of thousands to go home to the Philippines; while others may have suffered pay cuts and are forced to ride out the current crisis where they are—mostly in countries and territories where economies are in recession and local businesses can barely support jobs.

“The observation that overseas migrants can be resilient and can still send money during crisis situations may not hold water at this moment. Both migrants and their families back home are affected by these crises simultaneously,” Opiniano and Ang pointed out.

The authors said that as of May 21, more than 26,000 OFWs have been repatriated and hosted by the Overseas Workers Welfare Administration (OWWA), and more than P380 million has been spent for their quarantine.

Opiniano and Ang also said that based on government estimates, another 40,000 to as many as 50,000 OFWs would likely return to the Philippines by June.

To prevent more workers from going home, Opiniano and Ang said Philippine embassies worldwide should negotiate with host governments to retrain and reskill OFWs, which will still be needed after the pandemic.

They added that the embassies should also negotiate for reduced salaries. This would be a better option than laying off these workers since they will still need the manpower to recover from the pandemic.

“The government should call on sending countries and approach the International Labour Organization (ILO) and the International Organization for Migration (IOM) to work on a global arrangement to help manage the situations of migrant workers,” Opiniano and Ang said. “These events are not challenges that are unique to the Philippines.”

See “OFWs,” A2

Continued on A2

n JAPAN 0.4699 n UK 61.8365 n HK 6.5232 n CHINA 7.1076 n SINGAPORE 35.7041 n AUSTRALIA 33.1717 n EU 55.3822 n SAUDI ARABIA 13.4731

Source: BSP (May 22, 2020)

News BusinessMirror

A2 Tuesday, May 26, 2020

www.businessmirror.com.ph

Higher global prices spur local hike; new duty not yet reflected L

By Lenie Lectura

OCAL pump prices are on the rise again. Gasoline prices are going up Tuesday by P1.75 per liter. This is the fourth consecutive week of price increase for gasoline products.

Kerosene and diesel will also increase by P2.65 per liter and P2.10 per liter, respectively. Kerosene and diesel prices have been increasing for the past three consecutive weeks.

The price adjustments were announced on Monday by Pilipinas Shell, Phoenix Petroleum, PTT Philippines, Petro Gazz, Cleanfuel and Seaoil Philippines. They will implement the oil price hike at 6 am on

Imee’s pitch: Let’s approve CIT cut first Continued from A8

“We are all ready to work overtime to pass CREATE/CITIRA/ TRABAHO/TRAIN2, but besides the 5-percent reduction of CIT and Nolco extension, where is the bill?”

Marcos said.

“If incentives continue to be problematic, why don’t we pass the non-controversial CIT reduction first before June 5, as promised?

And work out the incentives thereafter in another law,” the senator argued.

The 5-percent CIT reduction will put the country on competitive footing with its Asian neighbors, lawmakers had stressed earlier in seeking to fast-track the cuts. Marcos said, “We must get some incentive from that precious China fallout, as well as the anticipated new outsourcing from a depressed world economy.”

And, she added, “we certainly need to stem the fiscal mistakes causing our loyal foreign investors to leave the Philippines.

“Let’s finally get our incentives right and bring foreign investments in, even if it takes a few more weeks of study, debate and negotiation.”

Over the weekend, several senators interviewed by the BusinessMirror had said the upper chamber will prioritize the CREATE bill, given the urgency to help a prostrate economy.

Congress adjourns its final session on June 5 and will reconvene on July 27, 2020.

Tuesday, May 26.

“Increase in imported product costs only, additional 10-percent duty is not yet reflected,” said Shell.

Other oil firms sent the same notice.

The Department of Energy earlier said the imposition of a 10-percent duty on crude oil and refined petroleum products will raise P6.78 billion in additional funds for the government’s fight against Covid-19.

The additional tariffs on petroleum products reflect an upward adjustment of P0.60 per liter for gasoline, P0.84 per liter for diesel, P0.55 per liter for kerosene, P1.82 per liter for kerosene, P0.55 per liter for Jet A-1, and P0.56 per liter for fuel oil.

Based on DOE data, the estimated revenue from the additional 10-percent duty for May will reach P508,612,610.00; P718,275,701.00 for June; P884,031,632.00 for July; P934,428,670.00 each for the months of August up to December this year. In all, proceeds could reach P6,783,063,293.00.

DOE director for Energy Resources Development Rino Abad said the additional tariffs will be reflected in local pump prices 15 to 30 days after the Executive Order was released on May 4.

EMPLOYEES of Pasay City Hall undergo rapid testing for the coronavirus disease at the Pasay Sports Complex. The government continues to ramp up its testing capacity as part of efforts to curb the spread of the virus. ROY DOMINGO

NO COVID-19 CASES IN 27 PROVINCES FOR 2 WKS

By Claudeth Mocon-Ciriaco

T

WENTY-SEVEN provinces have recorded no new Covid-19 cases for two weeks, the Department of Health (DOH) said, as 14,319 infections were confirmed in the country on Monday.

Health Undersecretary Maria Rosario Vergeire said the Covid-free provinces were recorded from May 11 to 24.

No cases were recorded in Ilocos Norte, Ilocos Sur, Pangasinan, Abra, Cagayan, Isabela, Nueva Vizcaya, Zambales, Marinduque, Palawan, Catanduanes, Aklan, Capiz, Guimaras, Negros Oriental, Northern Samar, Bukidnon, Camiguin, Misamis Occidental, Compostela Valley, Davao Occidental, Davao

Oriental, Sultan Kudarat, Agusan del Norte, Lanao del Sur, Maguindanao and Sulu.

Vergeire said that 284 new cases (PH14036-PH14319) of Covid-19 were reported with 74 new recoveries. This brings the total number of recoveries to 3,323.

Meanwhile, five new deaths were recorded. The death toll stood at 873.

Of the new cases, National Capital Region recorded an additional 171 new cases, 70 new cases from Region 7, and 43 new additional cases from different regions.

Batangas folk assured

MEANWHILE, the DOH regional director for Calabarzon has allayed the fears of residents of Ibaan town in Batangas that

their health safety from Covid-19 may be in peril from an isolation facility set up there.

“I understand your worries, and you have my assurance that Covid-19 will not spread in your area because we will ensure all precautions for monitoring and caring for our countrymen who will be housed in the quarantine and isolation facility in your town. The police and the local government will also help ensure this,” Regional Director Eduardo C. Janairo said in Filipino, as he spoke during the turnover and MOA signing ceremony of the Provincial Isolation and Quarantine Facility for Persons Deprived of Liberty (PDLs).

He said the isolation facility is located in Barangay Malainin, which is far from residential

areas. “Residents need not be afraid because it is safe and wellequipped,” he added.

The plan for the conversion of the provincial drug rehabilitation center to an isolation facility was met with protests from residents and local government officials fearing for their health and safety.

According to Director Janairo, plans are in motion to establish health facilities in the area to complete the facility, which can also serve residents of nearby barangays in the area.

Janairo aims to have at least one major quarantine facility per province in Calabarzon.

As of May 23, 2020, the Municipality of Ibaan recorded one confirmed case with a total of 1,462 cases in the region.

3,500 OFWs fly home from Metro Mla, finally Continued from A8

Flag carrier Philippine Airlines (PAL) and Air Asia were hired to carry out the sweeper flights.

Cacdac said the government agency shouldered all the expenses of the returning OFWs to their destinations, “including their airfare tickets.”

According to Cacdac, “We spent around P50 million as the cost of charter is P1.5 million per flight.”

Melody Colon, an OFW from Cebu City and a cruise ship worker

who was among those brought in earlier by charter flight from Miami, Florida, was full of praises for the government’s repatriation effort, led by the Department of Foreign Affairs (DFA).

“Finally, I am able to go home after a long wait.”

She arrived in the country on March 22, 2020, and was brought to a designated hotel for a 14-day quarantine, but was released only on May 25.

Colon and a certain Beethoven Sinangot, also a seafarer from

Cebu, added that on May 16, 2020, they received the certificate of clearance from the Bureau of Quarantine.

“We have to undergo the quarantine procedures and we were found negative of Covid-19, but we remained in the hotel until the announcement was made yesterday that we can now finally go home,” he said in Filipino.

Civil Aviation Authority of the Philippines (Caap) operations officer Danjun Lucas said the Department of Transportation (DOTr)

has instructed them to arrange 20 to 25 charter flights to accommodate all the OFWs returning to their provinces.

Raul del Rosario, head of the One Stop Shop (OSS) at the airport, said that more than a thousand OFWs who availed themselves of the Balik-Probinsya program were told to register first and submit certification coming from the Philippine Coast Guard and from the Red Cross that they are Covid-free before they are allowed entry to the terminal.

DOT tells hotel restos to avoid buffets, reduce seating by 50% Continued from A8

Meanwhile, a hotel restaurant’s kitchen staff should have a separate hand-washing area, and they “should wash hands [including fingernails] up to forearms thoroughly with warm water and soap as often as necessary.”

Food handlers “must use proper PPE [protective personal equipment] to avoid contamination. Use of bare hands must be minimized by using utensils, gloves, or tongs especially when preparing or packing ready-to-eat food.”

Said staff also must have access to clean and sanitized cloths, towels, linens, aprons and mop heads “and use them at appropriate intervals during the work period.”

The DOT also reiterates the thorough washing and disinfection of all dishes, silverware and glassware, including those unused by guests, especially if the latter touched these.

Hotel management is required to develop an Integrated Emergency Preparedness Action Plan (IEPAP) that reflects local and national health authorities’ recommendations to prevent and mitigate the impact of infectious diseases. The plan should cover occupational safety and health program, disaster risk and management plan, food safety program, and business continuity plan.

OFWs… Continued from A1

Earlier, Ang and Opiniano projected that some 300,000 to 400,000 OFWs will face job losses, lesser work days, pay cuts, lesser incomes and repatriations this year.

These are a result of the ongoing pandemic, of fluctuations of global oil prices, and of expected national and global recessions.

They said these economic disruptions will lead to lesser cash remittances from overseas Filipinos of anywhere from $3 billion to as much as $6 billion, the steepest decline in the country’s migration history.

Over a 45-year period, the authors said there were six occasions of lesser remittances yearon-year. The sharpest decline was in the year 2000, where $744 million less than the previous year was sent in.

‘Gradual reopening of biz to support stable peso’ Continued from A1

The revised guidelines cite the degree at which businesses are allowed to operate. For example, agriculture, forestry, fishery, delivery and courier services for essential goods can fully operate under ECQ, MECQ and GCQ. Essential goods and services firm, media and utility, among others, can only operate at 50 percent under ECQ. However, they can run at full capacity under MECQ and GCQ. Under modified GCQ, barber shops, salons and other personalcare services and dine-in services are allowed given that they comply with the 50-percent seating capacity rule.

Metro Manila, Laguna, Bataan, Bulacan, Nueva Ecija, Pampanga and Zambales are currently

MECQ zones. Cebu and Mandaue cities are under ECQ.

GCQ is imposed in Tarlac, Aurora, the Cordillera Administrative Region, Regions 1, 2, 4-A (except Laguna), 4-B, 5, 6, 7 (except the cities of Cebu and Mandaue), 9, 10, 11, 12, 13 and the Bangsamoro Autonomous Region.

No area has been classified as modified GCQ yet. The IATF is expected to make an announcement regarding this after May 31. “[F]urther reopening of economies locally and in many other countries around the world ... could increase business/economic activities and somewhat improve valuations on investments,” he added.

Robust performance

“THE Philippine peso has been a surprise outperformer in the re-

gion despite natural calamities, a pandemic and now free-falling GDP [gross domestic product],” ING Bank Manila Economist Nicholas Antonio T. Mapa said. GDP contracted 0.2 percent in the first quarter, the first time since 1998, due to the pandemic.

Mapa said the peso has outpaced fellow emerging-market currencies, falling by roughly 0.13 percent, while others suffer steeper declines amid economic slowdown due to the pandemic.

Ricafort attributed the peso’s strength to the decline in global oil prices as lockdowns temper demand for the product.

“Since the Philippines imports almost all of its oil/petroleum requirements, the sharp decline in global oil prices reduces the country’s import bill, narrows the

country’s trade deficit, and helps further ease inflation, thereby supporting a stronger peso exchange rate,” he explained.

Apart from this, the robust gross international reserves (GIR) of the country have been supporting the peso, Ricafort added.

The Bangko Sentral ng Pilipinas reported that GIR rose by 0.9 percent to $88.99 billion in March from $88.18 billion the previous month. This can cover eight months’ worth of imports of goods and services and payments of primary income.

Ricafort noted that the dollar reserves could still increase in the coming months due to relatively narrower trade deficits and proceeds from the government’s foreign borrowings, among others.

This, however, could be offset

by a slowdown in foreign tourism receipts and foreign investments, among others, due to lockdowns, he added.

In the coming months

THE peso exchange rate against the US dollar could still be relatively stable, or even slightly stronger, following the trend for the past two years, Ricafort said.

The local tender is expected to trade within P50 to P51 levels for the rest of the year, he said, on the back of higher dollar reserves and narrower trade deficit.

UnionBank Chief Economist Ruben Carlo O. Asuncion, meanwhile, said the peso is expected to trade between P50.50 and P51.

“If and when the perception [builds up] about the Philippines having ‘strong’ financial strength,

one would expect its currency to continue its appreciation and strength throughout 2020,” he said.

Mapa, meanwhile, also warned that the “supply of foreign currency is likely to constrict in the coming months with remittance flows slowed.” Latest data from the Central Bank showed that personal remittances dipped by 10.9 percent to $2.62 billion in February from $2.94 billion the previous month.

This week, Ricafort said the peso exchange rate could range within P50.40 to P50.70 levels, noting that the renewed tensions between the US and China could weigh on trading sentiment.

On Friday, the local tender ended weaker at P50.7 from P50.61 the previous trading day, according to data from the Bankers Association of the Philippines.

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House lines up three bills to soften Covid-19 impact for possible approval today

T

HE House Defeat Covid-19 Committee (DCC) will approve on Tuesday three pending bills aimed to strengthen government efforts to contain the raging Covid-19 pandemic, including the proposed Philippine Economic Stimulus Act (PESA), a leader of the House of Representatives said on Monday.

House Majority Leader Martin Romualdez said the committee will approve the reports of the Committee on Banks and Financial Intermediaries, the Economic Stimulus Response Package Subcommittee, and the Peace and Order Subcommittee on the Financial Institutions Strategic Transfer Bill (FIST), the Philippine Economic Stimulus Act, and the Anti-Discrimination Bill, respectively.

“Immediately after consideration, the committee reports and recommendations are scheduled for plenary deliberations to address the unprecedented health crisis,” Romualdez said.

“The responsibility is upon us to carry on the mission of embracing and serving those in need and also bringing light of hope and strength to the business community,” he added.

PESA

HOUSE Committee on Ways and Means Chairman Joey Sarte Salceda said the proposed PESA is an employment protection stimulus for 30 million workers.

T he proposed PESA wou ld include:

P10 billion for massive testing this year and another P10 billion next year.

P110 billion this year for payroll expense subsidy, which requires employee retention to qualify for subsidy. This would include selfemployed, freelancers and overseas Filipino workers (OFWs).

P30 billion for cash for work of the Department of Labor and Employment this year.

P50 billion for Small Business Corp.’s (SBCorp) existing loan programs for micro, small and medium enterprises this year and another P45 billion next year.

P50-billion program for small and medium enterprises (SMEs) and agri fishery allocation for this year under the Land Bank of the Philippines and the Development Bank of the Philippines’s Interest-Free Loan Program.

P20 billion this year and another P20 billion next year as loan guarantee by Philippine Guarantee Corp.

P10 billion to DTI as additional assistance to MSMEs this year.

P58 billion to the Department of Tourism (DOT) as assistance to the tourism industry this year.

P44 billion this 2020 to the Board of Investments (BOI) for grants and technical assistance to business entities engaged in exporting and import, and those manufactur ing new products and services to meet the needs of the domestic market, in order to restore or identify new global market trends to increase competitive advantage.

P75 billion to the Department

of Transportation (DOTr) as assistance to the transportation industry this year.

P66 billion as assistance to the country’s agri fishery this 2020.

P25 billion this year and another P25 billion next year to National Development Corp. to minimize permanent damage to the economy and enable faster recovery of certain critically impacted businesses.

Also, the proposed PESA which would include enhanced “Build, Build, Build” program worth P650 billion in three years starting 2021.

FIST

HOUSE Committee on Banks and Financial Intermediaries Chairman Rep. Junie Cua said the Financial Institutions Strategic Transfer Bill, which will also be approved on Monday, seeks to help banks and other financial institutions from the impact of the Covid-19.

He said the House Bill 6622 aims to help financial institutions in their bad debt resolution and management of their nonperforming assets (NPAs) in order to cushion the adverse impact of the pandemic in their financial operations.

To date, as a result of the pandemic and disruption of economic activities, Cua said most financial institutions are facing a period of delayed loan collections and are at risk of recording higher nonperforming assets across all borrower segments.

NPAs consist of financial institutions’ nonperforming loans (NPLs) and real and other properties acquired in settlement of loans and receivables.

According to Cua, NPAs prevent banks and financial institutions from effectively performing their crucial role of financial intermediation.

Citing the Bankers Association of the Philippines, Cua said simulation shows a potential increase in NPLs from an estimated 5 percent today to 20 percent, or more, in a matter of months.

The bill encourages financial Institutions to sell NPAs to asset management companies, created as Financial Institutions Strategic Transfer Corp. (FISTC), that specialize in the resolution of distressed assets.

Anti-discrimination bill

ROMUALDEZ also said committee will approve the substitute bill prohibiting the discrimination against persons who are declared, confirmed, suspected, probable, and recovered cases of Covid-19, as well as health-care workers and service providers.

The bill seeks to grant full, inviolable protection against prejudice and discrimination to those who have already suffered and recovered from Covid-19, those who carry the brunt providing medical care, logistical and service support.

It also seeks to recognize the dignity and heroism of the work of health workers, responders and service workers. Jovee Marie N. Dela Cruz

DOJ unit reports 264.63% spike in online child pornography from March 1 to May 24

By Joel R. San Juan @jrsanjuan1573

T

HE Department of Justice (DOJ) is now pressing the country’s Internet service providers (ISPs) to comply with their duty under the law to install a program, or software that would block access to, or transmittal, of any form of child pornography.

Justice Undersecretary and spokesman Markk Perete said it has been 11 years since the passage of Republic Act 9755 or the Anti-Child Pornography Act of 2009 but ISP companies continue to be remiss of their duties.

Perete, however, said the DOJ remains optimistic that the ISPs would be able to comply with their obligations to filter out materials that exploit children.

“They know that such a legal obligation is automatically read into their franchises and permits to operate. And they realize, more than anyone, that without such technology, this trend of victimization of children who are the most vulnerable among us will remain unabated,” the DOJ official added.

Perete made the call as DOJ’s Office of Cybercrime (OOC) noted a whopping 264.63-percent increase in the number of reported online sexual exploitation of children (OSEC) during the three-month quarantine pe-

riod imposed by the government to contain the Covid-19 outbreak.

Data showed that from March 1 to May 24, when the country has been placed under a state of public health crisis, the DOJ-OOC said the National Center for Missing and Exploited Children (NCMEC) had received 279,166 reported incidents of OSEC compared to 76,651 that were reported last year during the same period.

The DOJ-OOC has been designated as the point-of-contact of the NCMEC, a private, nonprofit corporation whose mission is to help find missing children, reduce child sexual exploitation, and prevent child victimization.

It is authorized by a United States law to receive reports from electronic communication service providers, such as Facebook, Yahoo! and Gmail, to obtain actual knowledge, or facts, or circumstances that sexual exploitation of children are being committed using its server facility.

In March of last year, data showed there were 23,465 reported incidents of OSEC last year, compared to the 132,192 reported incidents this year; for April, there were 24,147 reported incidents last year, compared to the 53,882 number of incidents for the same month this year; and for May1 to 24, there were 28,949 reported incidents in 2019, compared to the

93,092 reported incidents this year.

“The aforesaid increase in NCMEC CTRs [CyberTipline Report] is attributable to the fact that during the ECQ [enhanced community quarantine], strict home quarantine is observed in all households, and Internet usage surges as people stay home,” the DOJ said.

The DOJ-OOC said these reports are evaluated and assessed and if found actionable, these would be endorsed to the law-enforcement agencies, such as the National Bureau of Investigation-Anti-Human Trafficking Division (NBI-AHTRAD) and the Philippine National PoliceWomen and Children Protection Center (PNP-WCPC) for further investigation and appropriate action.

The matter could also be endorsed to the Bureau of Immigration (BI) in case the person involved is a traveling sex offender and can be blacklisted to prevent the person from returning to the country, while the Department of Social Welfare and Development (DSWD) provides rescue and counseling to the child victim.

It clarified that not all NCMEC CTRs received by the department are categorized as actual cases of OSEC in the country, as these were merely made available to the appropriate law-enforcement agency for further review and possible investigation.

It explained that there were in-

D

stances when there were viral photos/videos, or identical potential OSEC materials, shared by several electronic communication service providers’ users that lead to the generation of multiple NCMEC CTRs with the same content.

There are also misleading digital images for instance of nude photos of children that were generated by their parents, or relatives, in good faith, where the children are not engaged in real or simulated explicit sexual activities nor lascivious exhibition of private parts of the body.

The DOJ also noted that there could be inaccurate reporting of OSEC by electronic communication service providers.

While there is no law in the country that directly defines and penalizes OSEC, Perete said, investigators and prosecutors utilize various child protection laws, such as RA 9775, RA 7610 (Special Protection of Children Against Child Abuse, Exploitation and Discrimination Act); RA 9208 or the Anti-Trafficking in Persons Act of 2003; and RA 10175, or the Cybercrime Prevention Act of 2012 for the purpose indicting persons who are accused of committing OSEC. “Technological solutions need to work alongside legal and policy in order for the Philippine government to effectively and efficiently combat OSEC,” Perete said.

LT Group donates ₧15-million bio-lab De Lima pushes additional insurance to PRC with 4K daily testing capacity coverage, hazard pay for journalists

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T Group Inc., the holding firm of taipan Lucio C. Tan, is donating a P15million bio-molecular laboratory to the Philippine Red Cross (PRC) in Batangas City capable of conducting 4,000 Covid-19 tests daily using its own automated RNA Extraction and Polymerase Chain Reaction (PCR) machine.

To be completed within a month, the new lab is expected to boost the Covid-19 testing capacity of PRC’s Mandaluyong headquarters and another one scheduled to operate soon in Manila’s Port Area.

LT Group President and Chief Operating Officer Michael Tan said that aside from augmenting government’s testing capacity, the new lab aims to quickly identify, isolate and refer Covid-19 positive patients for proper treatment.

With a floor area of 120 square meters, the fully equipped lab to be set up inside PRC’s former blood center in Batangas City is open to the public and will be manned by trained medical technologists. In addition to Covid-19, the lab’s PCR machine is capable of detecting other diseases like tuberculosis, cancer, HIV, dengue, malaria, hepatitis and Zika, among others.

PRC Chairman Sen. Richard J. Gordon recognized the urgent need for more bio-molecular laboratories and testing centers in the country to help beat the Covid-19 pandemic.

LT Group’s donation is part of its response to the Covid-19 pandemic which covers different facets of the battle against the virus—from providing supplies to medical health workers, to beefing up hospitals, and providing food and water to frontliners manning different borders.

Through various charities like “Help Flows,” the group has so far donated 40 ventilators, five PCR machines, two ambulances and one x-ray machine to different

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LT Group President and Chief Operating Officer Michael Tan (left) and Philippine Red Cross Chairman Sen. Richard J. Gordon team up for the firm’s P15-million bio-lab donation to PRC in Batangas City that will be operational within the month.

public hospitals in the country.

It also provided over 500,000 pieces of personal protective equipment, 500,000 liters of ethyl alcohol, 101 thermal thermometers, four thermal scanners, and more than 150,000 liters of drinking water plus food packs for medical and security frontliners.

Help Flows is supported by LT Group member-firms; Asia Brewery Inc., Eton Properties Philippines Inc., PMFTC Inc.’s Embrace CSR program, Tanduay Distillers Inc., Philippine National Bank and sister company Philippine Airlines.

DND chief constantly in touch with AsPac region counterparts

EFENSE Secretary Delfin N. Lorenzana is in constant communication among his counterparts in the Asia-Pacific (AsPac) region with matters related to the raging novel coronavirus (Covid-19) security cooperation and regional security on top on the list of concerns.

The defense secretary held a conference call with Japan’s Defense Minister Taro Kono in the middle of this month wherein both officials discussed wideranging issues and exchanged best practices on their respective country’s

Editor: Vittorio V. Vitug • Tuesday, May 26, 2020 A3

response to Covid-19.

Both officials shared the efforts taken by the Armed Forces of the Philippines and Japan Self-Defense Force in response to the pandemic.

Lorenzana and Kono also looked into the issue of security in the region with focus on the East and South China Seas and discussed how they could further enhance defense cooperation with the goal of promoting peace, security and regional growth.

Less than a week ago, Lorenzana also held a teleconference call with

China’s State Counselor and Defense Minister General Wei Fenghe where the Philippines defense chief “expressed his appreciation for the donation of medical supplies and equipment worth RMB 2 million that was turned over on 12 May.” “Both sides committed to sustain dialogues amidst the pandemic and strengthen cooperation between the two defense establishments in commemoration of the 45th anniversary of Philippines-China diplomatic relations this year,” the defense depart-

ment said in a news statement issued on Monday.

On May 21, Lorenzana spoke with Australian Defense Minister Linda Reynolds where they discussed security issues, including terrorism and the region’s security.

During their teleconference, Reynolds conveyed her country’s intention to support the procurement of hospital equipment amounting to AUD 1 million for a 30-bed expansion of the V. Luna Medical Center (VLMC) infectious disease ward. Rene Acosta

PPOSITION Sen.Leila M. de Lima has filed a measure requiring media entities to grant additional insurance coverage and hazard pay to journalists and other media persons on field assignments, including those who are assigned to cover disease-infected areas and disaster-stricken zones.

De Lima, chairman of the Senate Committee on Social Justice, Welfare and Rural Development, introduced Senate Bill (SB) 1523, which also seeks to grant additional benefits for journalists caused by injury, hospitalization and disability.

“At present, members of the media are facing a new threat as the Covid-19 virus has managed to spread far and wide across the Philippine archipelago. Many journalists and field reporters risk getting infected with the virus just so they can provide timely and factual information to the Filipino people,” she said.

“In spite of the dangers of contamination, they willingly place their own health and well-being at risk out of a sense of duty to the Filipino people and commitment to their craft,” she added.

Aside from health risks, de Lima, in a news statement, pointed out that media persons continue to become target of abuse, or even killings, for fulfilling their mission as watchdogs against abusive governments and as representations of the critical voices of the citizens.

A report by the Center for Media Freedom and Responsibility (CMFR) and the National Union of Journalists of the Philippines (NUJP) found that there have been a total of 154 attacks and threats against the news media since President Duterte assumed power from June 30, 2016 to December 5, 2019.

“These cases thus far include 15 journalists who have been killed under the Duterte administration, 28 incidents of intimidation, 20 cases of online harassment, 12 threats via text messages, 12 libel cases, 10 web site attacks, eight assassination attempts, and eight cases of journalists who were barred from coverage,” she noted.

The benefits outlined in SB 1523, or the “Journalists Protection Act of 2020,” include disability benefits of P350,000 for all mass media practitioners and employees who shall suffer total, or partial disability sustained during performance of duty and death benefits amounting to P300,000 for all mass media practitioners and employees on field assignment who shall perish in the line of duty.

The benefits, likewise, cover the reimbursement of actual medical costs up to P200,000 for all mass media practitioners and employees on field assignments who shall be hospitalized, or who shall require medical assistance for injuries sustained while in the performance of duty.

“The media entity shall have the option of selecting the insurance company and shall be responsible for paying the insurance premiums for their journalists and employees,” de Lima said.

Under the measure, the Social Security System (SSS) and the Government Service Insurance System (GSIS) are mandated to create a special insurance program for freelance journalists that shall include, among others, a coverage of risks incurred while working in war zones, conflict-stricken areas, and calamity-affected places.

In filing the measure, de Lima said it is imperative that media persons be provided with adequate social safety nets so as to create a work environment where they can effectively perform their duties and serve as agents of freedom of expression and right to information.

“There is a pressing need to safeguard the welfare of our journalists in light of the dangerous and even life-threatening circumstances they encounter on a daily basis,” de Lima, a staunch advocate for press freedom, the opposition senator said.

A4 Tuesday, May 26, 2020 • Editor: Vittorio V. Vitug

Economy BusinessMirror

Rice supply to last until Q1 of next year, DA chief says

By Jasper Emmanuel Y. Arcalas @jearcalas

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HE country will be ending the year with a 10-year high rice inventory of 3.27 million metric tons (MMT), which is enough to cover the country’s staple requirement for the first quarter of 2021 based on the Department of Agriculture’s (DA) projections.

“We would like to inform the public that based on our estimates, the country will enjoy an ending rice inventory of 3.27 million metric tons by December 31 this year,” Agriculture Secretary William D. Dar said in a news statement issued on Monday.

“That means we will have rice to feed the entire country for 94 more days, or three months, up to March 2021,” Dar added.

Based on figures of the Philippine Statistics Authority, this could be

highest carry-over stocks inventory since 2011, when it reached a record 3.42 MMT. The DA said the country’s rice supply this year, which is comprised of carry-over stocks, local production and imports, would reach nearly 18 MMT, which is about 18 percent higher than the total demand of 14.67 MMT. Furthermore, the DA reiterated that its P8.5-billion Rice Resiliency Project (RRP) under the DA’s Plant, Plant, Plant Program, or the Ahon Lahat, Pagkaing Sapat (ALPAS) kontra Covid-19, would contribute to reach the projected rice output this year.

“We expect the rice resiliency project to add at least 1.03 MMT to our current projected local production of 12.76 MMT. This equates to elevating our sufficiency level by 7 percent, from 87 percent to 94 percent,” Dar said.

“To successfully attain said incre-

mental harvest, we will continue to count on the strong support of local chief executives, particularly of riceproducing provinces, and hard work of our beloved farmers,” Dar added.

Under the RRP, the DA said it will provide farmers free quality rice seeds and fertilizers.

“It will be implemented on top of the DA’s existing rice programs such as the Rice Competitiveness Enhancement Fund [RCEF], and national inbred and hybrid rice program, thus covering more areas,” Dar said.

With the projections, the DA assures the public of enough rice throughout the enhanced community quarantine and beyond.

“Let us not create unnecessary panic in our food supply. Rest assured we remain keen and forward-looking to squarely address concerns that threaten our food security,” Dar said.

2.7M+ workers

affected by pandemic

By Samuel P. Medenilla @sam_medenilla

MGEN DONATION TO QUEZON LGU Volunteers at the Quezon Convention Center

prepare the relief packs that will be distributed to residents of Quezon during the enhanced community quarantine. In line with its commitment to support the government in the fight against the coronavirus (Covid-19) pandemic, Meralco PowerGen Corp. (MGen) and San Buenaventura Power Co. Ltd. (SBPL) donated 425 sacks of rice and more than 200 boxes of canned goods worth P1.5 million to aid the Quezon provincial government’s Covid-19 relief efforts amid the extended ECQ. Atimonan One Energy Inc. (A1E), another subsidiary of MGen provided personal protective equipment (PPE) including six boxes of N95 face masks, 450 pieces of washable face masks, 100 gallons of alcohol and 10 boxes of surgical gloves for the frontliners of Atimonan, Quezon. A1E employees also donated 19 sacks of rice; while its technical partners and contractors extended financial support and distributed food for residents and volunteers manning the checkpoints in the municipality. Redondo Peninsula Energy Inc., another MGen subsidiary, also provided hygiene products to residents of Barangay Cawag in Subic, Zambales.

PHL poised to be second-largest banana exporter in next 9 years

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HE Philippines is poised to cement its position as the world’s second-largest exporter of bananas in the next nine years on the back of better supply management and high demand from key Asian markets, a United Nations’s agency said.

The projection was disclosed by the UN Food and Agriculture Organization (FAO) in its recent global banana market review report.

However, FAO clarified that the projections were prepared in January and does not take into consideration the impact of the Covid-19 pandemic on global banana trade.

The FAO projected the Philippine banana production would continue expand in the following years on the back of “successful disease management and ample investments into yield improvements and area expansion.”

FAO added that global demand for Philippine bananas would be “mainly driven by burgeoning import demand from China, as well as sustained income-driven demand from Japan.”

FAO noted that banana per-capita consumption in China is expected to rise by 1.1 percent annually.

“As such, the Philippines is set to expand its volume share in global banana exports from 15.6 percent in the base period to 18.6 percent in 2029, thereby further consolidating its position as the second leading supplier of bananas globally behind Ecuador,” FAO said.

The FAO said world banana production would grow at 1.5 percent

annually starting this year to reach 132.6 million metric tons (MMT) in 2029, assuming normal weather conditions and no further spread of banana plant diseases.

The FAO estimated that Asia would remain as the leading global banana-producing region with a volume share of 51.8 percent.

“Demand for bananas is forecast to become increasingly saturated in most regions and primarily driven by population growth,” FAO said in the report.

“However, in some rapidly emerging economies—principally in India and China—fast income growth is anticipated to stimulate changing health and nutrition perceptions and support demand for bananas beyond population growth,” it added.

FAO estimated global banana exports, excluding plantaints to have reached a record high of 20.2 MMT in 2019 on the back of strong supply growth from Ecuador and the Philippines, the world’s two leading exporters.

The Philippines was the secondlargest exporter of Cavendish bananas for the second consecutive year in 2019, with total shipments reaching a record high of at least 4 MMT, according to FAO. “The rise is primarily due to another year of strong production growth in the Philippines,” it said. “The Philippines ranks as the largest exporter in the region, accounting for approximately 90 percent of total export volumes from Asia.” Jasper Emmanuel Y. Arcalas

O

VER 2.7 million workers were affected by business disruptions caused by the novel coronavirus disease (Covid-19), according to the latest data of the Department of Labor and Employment (DOLE).

A round 70 percent, or 1,927,308, of the said workers were affected by temporary closures (TC), while the remaining 30 percent, or 949,873, were compelled to practice flexible work arrangements (FWA).

They were employed by 102,607 establishments nationwide.

The National Capital Region (NCR) continues to have the most number of workers affected by government measures to contain the virus with 890,020.

Coming in second place is Central Luzon with 295,458; followed by Calabarzon with 286,630; Central Visayas with 209,033; Davao region with 205,380; Northern Mindanao with 181,523; and Zamboanga Peninsula with 121,786.

The other Covid-affected workers came from Cagayan Valley (90,983); Mimaropa (88,474); Bicol region (79,564); Western Visayas (73,525); and Cordillera Administrative Region (68,210); Eastern Visayas (54,592); Caraga (46,779); Ilocos region (32,020); and Soccsksargen (27,663).

Most of the affected workers were employed in the following sectors: wholesale and retail; accommodation and food and service; manufacturing; construction; education; financial and insurance activities; administrative and support service; and transportation and storage.

Some of the reported affected workers may have already returned to work after the government placed more regions under general community quarantine (GCQ ) and modified enhanced community quarantine (MECQ ) earlier this month.

DOLE’s monitoring of the impact of Covid-19 to the country’s work force started on March 16, 2020, a day before President Duterte placed the entire Luzon under ECQ. During the start of its monitoring, DOLE only registered 10,756 workers affected by anti-Covid measures.

www.businessmirror.com.ph

Challenges in the race for a coronavirus vaccine

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By Henry J. Schumacher

CIENTISTS are increasingly optimistic that a vaccine can be produced in record time. But getting it manufactured and distributed will pose huge challenges.

Companies like Inovio and Pfizer have begun early tests of candidates in people to determine whether their vaccines are safe. Researchers at the University of Oxford in England are testing vaccines in human subjects, too, and say they could have one ready for emergency use as soon as September.

Last week, Moderna announced encouraging results of a safety trial of its vaccine in eight volunteers. There were no published data, but the news alone sent hopes soaring.

Animal studies have raised expectations, too. Researchers at Beth Israel Deaconess Medical Center last week published research showing that a prototype vaccine effectively protected monkeys from infection with the virus. The findings will pave the way to development of a human vaccine, said the investigators.

They have already partnered with Janssen, a division of Johnson & Johnson.

Scientists are exploring not just one approach to creating the vaccine, but at least four. So great is the urgency that they are combining trial phases and shortening a process that usually takes years, sometimes more than a decade. More than 100 research teams around the world are taking aim at the virus from multiple angles.

Many of these vaccines will stumble as the trials progress. As more people are inoculated, some candidates will fail to protect against the virus, and side effects will become more apparent.

But from what scientists are learning about the coronavirus, it ought to be a relatively easy target. In other words, there is a lot of hope!

Ensuring that vaccines are safe and effective demands large trials that require careful planning and execution. If successful vaccines emerge from those trials, someone’s going to have to make an awful lot of them. Scaling up will be big challenge!

Almost everyone on the planet is vulnerable to the new coronavirus. Each person may need two doses of a new vaccine to receive protective immunity. That’s 16 billion doses.

“When companies promise of delivering a vaccine in a year or less, I am not sure what stage they are talking about,” said Akiko Iwasaki, an immunobiologist at Yale University. “I doubt they are talking about global distributions in billions of doses.”

Manufacturing vaccines is profoundly more complex than manufacturing, say, vitamins or cough pills. Vaccines typically require large containers in which their ingredients are grown, and these have to be maintained in sterile conditions. Also, no factories have ever churned out millions of doses of approved vaccines made with the cutting-edge technology being tested by companies like Inovio and Moderna.

Facilities have sprung up in recent years to make viral-vector vaccines, including a Johnson & Johnson plant in the Netherlands. But meeting pandemic demand would be an enormous challenge. Manufacturers have the most experience mass-producing inactivated vaccines, made with killed viruses, so this type may be the easiest to produce in large quantities.

But there cannot be just one vaccine. If that were to happen, the company that made it would have no chance of meeting the world’s demand. This is on a scale we’ve never seen since the polio vaccine in the mid-1950s.

And then there are the little things like the syringes, the needles, the glass vials. All of that has to be thought about. You don’t want something that seems so simple to be the bottleneck in your vaccination program.

A coronavirus vaccine doesn’t yet exist, but already there is the next challenge, the question about who will be able to afford it.

At the World Health Assembly meeting last week, a proposal from the European Union was adopted recommending a voluntary patent pool, which would put pressure on companies to give up their monopolies on vaccines they’ve developed.

Oxfam, an international charity, has published an open letter from 140 world leaders and experts calling for a “people’s vaccine,” which would be “made available for all people, in all countries, free of charge.”

Does this encourage the researching companies?

Somebody will have to pay them well for the contributions they make—the vaccines for a public good.

Let’s hope we can all contribute in addressing the challenges mentioned above. Hope will be a main factor in winning the race for a coronavirus vaccine, which will have to be distributed fairly and with integrity.

Feedback is welcome—e-mail me at Schumacher@ eitsc.com

Swine fever cure? Philippines interested to join MORE Power Pirbright Institute’s clinical trial for ASF vaccine told to upgrade connectors in Iloilo franchise

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HE Department of Agriculture (DA) said it will ask Englandbased Pirbright Institute to include the Philippines in the clinical trials of its African swine fever (ASF) vaccine.

Agriculture Secretary William D. Dar said they will formally communicate with Pirbright Institute, through the country’s agricultural attache overseeing United Kingdom, to express the country’s intention to join the research organization’s ASF vaccine clinical trials.

The Pirbright Institute announced last week that pigs immunized with an ASF vaccine created by its scientists provided 100 percent protection against the fatal hog disease.

“We are communicating with them if it is possible to include the Philippines in their trial so we can see the efficacy of the vaccine. This is a welcome development and this will really help to control the spread of the African swine fever virus,” Dar told reporters in a phone patch interview on Monday.

Dar disclosed that the DA is willing to spend money to purchase the ASF vaccines once these are proven effective and commercialized.

“That is a better investment than what we are doing right now. Our local hog industry will benefit more because there is a control already—there is a vaccine against African swine fever,” he said.

ASF disease has caused the depopulation of over 250,000 hogs in the country, or about 2.2 percent, of total pig population since the presence of the disease was confirmed in September 2019.

The agriculture chief said hog raisers may raise their investments and new players could venture into the industry if the vaccine is proven effective

and commercialized. “A lot will return in the hog industry and invest more.

We can recover in the next six to seven months if the ASF vaccines yield good results,” Dar added.

In a news statement last week, Pirbright Institute said its team has developed a “vectored vaccine, which uses a non-harmful virus [the vector] to deliver eight strategically selected genes from the ASF virus [ASFV] genome into pig cells.”

“Once inside the cell, the genes produce viral proteins, which prime the pig immune cells to respond to an ASF infection,” the Pirbright Institute said.

“All pigs that were immunized with the vaccine were protected from severe disease after challenge with an otherwise fatal strain of ASFV, although some clinical signs of disease did develop,” it added.

Pirbright Institute said this type of vaccine enables the differentiation of ASF-infected animals from those that have received the vaccine. The research organization added that this allows “vaccination programs to be established without sacrificing the ability to trade.”

“Our next step will be to uncover the mechanisms behind how the proteins produced by the virus genes stimulate the immune system so we can refine and add to those included in the vaccine to improve effectiveness,” Dr. Chris Netherton, head of Pirbright’s ASF Vaccinology Group, said.

The Pirbright Institute is a World Organisation for Animal Health reference laboratory for ASF. The DA tapped the Pirbright Institute for confirmatory tests for its ASF cases last year. Jasper Emmanuel Y. Arcalas

By Lenie Lectura

M

@llectura

ERALCO Industrial Engineering Services Corp.

(MIESCOR), which has conducted a technical study of Iloilo City’s electric distribution system, has advised More Electric and Power Corp. (MORE Power) to upgrade 9,000 hot spot connectors to prevent system-wide damage to the facility.

MORE Power President and Chief Operating Officer Ruel Castro said this was part of the study undertaken by MIESCOR. He said immediate preventive maintenance work must be carried out.

MIESCOR’s findings also showed that four of the five power substations were found to carry over 90 percent load, a dangerous level that could cause damage to the distribution lines and safety switches as the safe level allowed is between 70 percent and 80 percent load capacity.

“If we will not do anything to fix these substations…one day one of these substations will fail and may cause a bigger problem,” Castro said. “I am sorry to use the term but the system that we took over is dilapidated.”

MORE Power inherited all the distribution facilities of Panay Electric Co. after it took over the distribution system as the new congressional franchise owner.

The World BusinessMirror

Editor: Angel R. Calso

Oil anchored near $33 a barrel amid rising U.S.China tensions

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il was anchored near $33 a barrel as an escalating war of words between the US and China added to caution over the prospects for a global recovery in demand.

China warned on Sunday that some in the US were pushing the countries toward a new Cold War, stoking concerns that deteriorating relations between Beijing and Washington could complicate the market’s recovery from a historic demand crash. Futures edged higher in New York after falling earlier, with trading volumes thin due to holidays in the US, UK and Singapore.

However, there are signs the oil market is positioning itself for a recovery. US shale drillers have cut the number of active rigs to the lowest since 2009, trimming output further. This comes as Opec+ slashes output by almost 10 million barrels a day in an effort to reduce a glut.

Oil has surged about 75 percent this month as pockets of demand return in China and India after the easing of lockdown restrictions, and as US crude inventories start to decline. But, the recovery is expected to be long and uncertain, with the risk of a second wave of infections possibly complicating a rebound.

“The heightening of tensions between the US and China will continue to sully the landscape,” said Stephen Innes, chief market strategist at AxiCorp Ltd. However, the overall impact may be limited if there’s no “combative retaliation” from Beijing, he said.

The US should give up its “wishful thinking” of changing China, Foreign Minister Wang Yi said during his annual news briefing on the sidelines of National People’s Congress meetings in Beijing.

He also warned America not to cross China’s “red line” on Taiwan.

American drillers cut the number of oil rigs at work by 21 to 237 last week, reducing the count for a 10th week, according to Baker Hughes data Friday.

While fuel consumption climbs in some nations with the easing of lockdown restrictions, the cheapest US gasoline in nearly two decades won’t be enough to entice nervous Americans to hit the road for Memorial Day weekend. The uncertainty around travel is so great due to the virus that American Automobile Association is not releasing a forecast for the first time in 20 years.

Big oil annual general meetings in the US and Europe this week should shed light on how heavily producers have been hit by lockdowns, with Total SA, BP Plc, Exxon Mobil Corp. and Chevron Corp. among those fronting shareholders.

Meanwhile, Russian President Vladimir Putin has given his government until June 15 to come up with a plan to support the country’s oil industry.

Bloomberg News

A5

China warns US politicians pushing nations into alarming ‘new Cold War’

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he US should give up its “wishful thinking” of changing China, Foreign Minister Wang Yi said, warning that some in America were pushing relations to a “new Cold War.” “China has no intention to change the US, nor to replace the US. It is also wishful thinking for the US to change China,” Wang said on Sunday during his annual news briefing on the sidelines of National People’s Congress meetings in Beijing. He also criticized the US for slowing its nuclear negotiations with North Korea and warned it not to cross Beijing’s “red line” on Taiwan.

The US-China relationship has worsened dramatically in the past few months as America became one of the countries worst hit by the coronavirus pandemic, which was first discovered in the Chinese city of Wuhan. The world’s two biggest

economies have clashed on a range of issues from trade to human rights, with Beijing’s latest move to tighten its grip on Hong Kong setting up another showdown between US President Donald Trump and China’s Xi Jinping.

“Some US political forces are taking hostage of China-US relations, attempting to push the ties to the brink of so-called ‘new Cold War,’” Wang said. “This is dangerous and w ill endanger global peace.”

Wang cautioned the US “not to challenge China’s red line” on Taiwan, after Secretary of State Michael Pompeo broke with tradition last week and congratulated

the island’s President Tsai Ingwen on her second-term inauguration. Beijing considers Taiwan a province.

“Reunification between the two sides of the Strait is an inevitable trend of history, no one and no force can stop it,” Wang said. China’s defense ministry blasted a US plan to sell torpedoes to Taiwan.

And he blamed Washington for the stall in historic negotiations between the US and North Korea, saying China hoped to see continued interaction between the two sides. The comments came after North Korean leader Kim Jong Un—who has faced questions about his health—made his first public statement in three weeks, ordering military leaders to increase the country’s “nuclear war deterrence.”

“We have seen some positive steps taken by the DPRK in the last few years towards de-escalation and denuclearization,” Wang said.

“Regrettably, these steps have not been reciprocated in a substantive way by the US side. This is the main

reason for the ongoing stalemate in the DPRK-US dialogue.”

Hong Kong

Tensions spiked last week after China announced the NPC would write sweeping legislation into Hong Kong law to criminalize the harshest criticism of China and the ruling party. The move drew swift condemnation from pro-democracy activists in Hong Kong, who defied virus-related social-distancing measures and rallied in the city center even as Wang spoke.

Pompeo called the measure a “disastrous proposal” and indicated that it could lead the US to reconsider Hong Kong’s special trade status.

Wa ng on Sund ay repeated China’s stance that Hong Kong affairs were an internal matter and said the principle of noninterference must be upheld by all countries. He didn’t directly address potential US retaliation over the legislation.

He also argued that the coronavirus pandemic showed how the

CEO buys struggling New Zealand media firm for $1

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ELLINGTON, New Zealand—One of New Zealand’s largest media organizations is being sold for a single dollar to its chief executive, the owners announced on Monday.

The organization Stuff prints many of the nation’s daily newspapers and runs a popular news web site of the same name. It employs about 900 staff, including 400 journalists.

Owned by Australia’s Nine Entertainment, Stuff faced financial challenges before the coronavirus pandemic struck and has since seen advertising revenues plunge.

In a statement to the Australian stock market, Nine said Stuff would be sold to CEO Sinead Boucher in a management buyout deal that will be completed by the end of the month.

“We have always said that we believe it is important for Stuff to have local ownership and it is our firm view that this is the best outcome for competition and consumers in New Zealand,” said Hugh Marks, the CEO of Nine.

Boucher said she’s been “blown away” by the positive feedback she’s been receiving about the purchase.

“I feel really happy, relieved and proud. It’s been a really intense couple of weeks getting to the finish line,” she said.

Boucher, 49, began her career as a reporter for The Press newspaper in Christchurch and later helped lead some of the company’s digital innovations.

She said she has no immediate plans for any

staff reductions or newspaper closures, although added the ownership change isn’t a silver bullet to cure the issues that Stuff and other media companies are facing.

Boucher said she would look to increase revenues from online readers. Stuff last month set up an option for readers to donate money.

Boucher said she is purchasing Stuff through a limited liability company and is working through the details of a plan to transition the ownership by giving staff a direct stake as shareholders in the company.

The deal brings to an end the efforts of rival media company NZME to buy Stuff.

Discussions between the two companies turned acrimonious and ended up in the hands of lawyers. The High Court last week declined an

interim injunction sought by NZME that could have delayed the sale to Boucher.

Nine said that as part of the deal, it will retain ownership of a printing plant in Wellington and lease it back to Stuff. It will also get some of the profits from the recent sale of company offshoot Stuff Fiber, an Internet provider.

Most New Zealand media companies have been struggling since the pandemic struck. Stuff has temporarily cut employee’s pay while NZME has announced plans to cut 200 jobs.

Last month, German company Bauer Media closed its New Zealand operation and stopped publishing many of the country’s magazines. And broadcaster MediaWorks on Monday told staff that 130 positions would be cut. AP

Memorial Day weekend draws crowds and triggers warnings

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T. PETERSBURG, Florida—The Memorial Day weekend marking the unofficial start of summer in the US meant big crowds at beaches and warnings from authorities on Sunday about people disregarding the coronavirus socialdistancing rules and risking a resurgence of the scourge that has killed nearly 100,000 Americans.

Meanwhile, the White House broadened its travel ban against countries hard hit by the virus by saying it would deny admission to foreigners who have recently been in Brazil.

Sheriff ’s deputies and beach patrols tried to make sure people kept their distance from others as they soaked up the rays on the sand and at parks and other recreation sites around the country.

In the Tampa area along Florida’s Gulf Coast, the crowds were so big that authorities took the extraordinary step of closing parking lots because they were full.

On the Sunday talk shows, Dr. Deborah Birx, coordinator of the White House coronavirus task force, said she was “very concerned” about scenes of people crowding together over the weekend.

“We really want to be clear all the time that social distancing is absolutely critical. And if you can’t social distance and you’re outside, you must wear a mask,” she said on ABC’s “This Week.”

In Missouri, people packed bars and restaurants at the Lake of the Ozarks, a vacation spot popular with Chicagoans, over the weekend.

One video showed a crammed pool where vacationers lounged close together without masks, St. Louis station KMOV-TV reported.

In Daytona Beach, Florida, gunfire erupted Saturday night along a beachside road where more than 200 people had gathered and were seen partying and dancing despite the restrictions.

Several people were wounded and taken to the hospital, authorities said.

“Disney is closed, Universal is closed.

Everything is closed so where did everybody come with the first warm day with 50 percent

Tuesday, May 26, 2020

Visitors gather on the beach Sunday, May 24, 2020, in Newport Beach, California, during the coronavirus outbreak. AP/Marcio Jose Sanchez

opening? Everybody came to the beach,” Volusia County Sheriff Mike Chitwood said at a Sunday news conference, referring to crowds in the Daytona Beach area.

On Georgia’s Tybee Island, the beach was filled with families, bicyclists, beach chairs, games, swimmers and more. On a main drag, people lined the sidewalk at Wet Willie’s, a chain bar that sells frozen cocktails. Most stood close together—not nearly 6 feet (2 meters) apart—and none wore masks.

But at a nearby grocery store, staff members handed customers gloves and a number to keep track of how many people were inside at a time.

Shoppers had their own masks.

Officials in California said most people were covering their faces and keep their distance even as they ventured to beaches and parks. Many Southern California beaches were open only for swimming, running and other activities.

At New York’s Orchard Beach in the Bronx, kids

played with toys, and people sat in folding chairs.

Some wore winter coats on a cool and breezy day, and many wore masks and sat apart from others.

“Good to be outside. Fresh air. Just good to enjoy the outdoors,” said Danovan Clacken, whose face was covered.

The US is on track to surpass 100,000 coronavirus deaths in the next few days, while Europe has seen over 169,000 dead, according to a tally by Johns Hopkins University that almost certainly understates the toll. Worldwide, more than 5.4 million people have been infected and nearly 345,000 have died.

The New York Times marked the horror by devoting Sunday’s entire front page to a long list of names of those who have died in the United States. The headline: “An Incalculable Loss.”

Meanwhile, President Donald Trump, who went golfing for the second day in a row after not playing for weeks, said on the syndicated Sunday program “Full Measure With Sharyl Attkisson”

that he is feeling fine after a two-week course of the unproven drug hydroxychloroquine and a zinc supplement.

The president has spent weeks pushing the drug against the advice of many of his administration’s top medical professionals.

Hydroxychloroquine can have deadly side effects.

The issue of wearing masks in public and staying several feet apart has become fraught politically, with some Americans arguing such rules violate their rights.

Republican Gov. Mike DeWine of Ohio, who has been targeted by such demonstrations, insisted the precautions should not be a partisan issue.

“This is not about whether you are liberal or conservative, left or right, Republican or Democrat,” DeWine said on NBC’s “Meet the Press.”

“Its been very clear what the studies have shown, you wear the mask not to protect yourself so much as to protect others.”

Critics chided Democratic Gov. Ralph

Northam, who has repeatedly urged Virginians to cover their faces in public, for not heeding his own words when he posed mask-less for photographs with residents this weekend. A spokeswoman for the governor’s office said that Northam should have brought a mask out with him—but that he hadn’t been expecting to be near anyone.

On Sunday, the Trump administration added Brazil to the list of countries it has banned travel from. Brazil is second only to the US in reported coronavirus cases.

The ban, which takes effect on Thursday, applies to foreign nationals who have been in Brazil in the 14 days before they hoped to enter the United States. It does not apply to US citizens or legal permanent residents or some of their relatives.

Across Europe, meanwhile, a mishmash of travel restrictions appears to be on the horizon, often depending on what passports visitors carry.

Beginning Monday, France is relaxing its border restrictions, allowing in migrant workers and family visitors from other European countries. Italy, which plans to open regional and international borders on June 3 in a bid to boost tourism, is only now allowing locals back to beaches in their own regions with restrictions.

For the first time in months, the faithful gathered in St. Peter’s Square for the traditional Sunday papal blessing, but they kept their distance from one another. Some 2,000 Muslims gathered for Eid al-Fitr prayers at a sports complex in a Paris suburb, spaced 3 feet (1 meter) apart and wearing masks.

Beachside communities in England urged Londoners and others to stay away after rules were eased to allow people to drive any distance for exercise or recreation. The southern coastal city of Brighton said: “Wish you were here—but not just yet.” Wales kept up its “Later” tourism campaign, reminding people that its hotels, restaurants and tourist sites are still closed. AP

world was a “global village” and needed to work together, while repeatedly rejecting foreign criticism of China’s internal affairs.

US bills

US lawmakers have advanced several pieces of legislation targeting China in recent weeks with bipartisan support amid mounting calls for Beijing to be punished for its alleged failure to disclose information early on about the spread of Covid-19. The virus has cost almost 100,000 American lives and tens of millions of jobs.

X i said on Saturday he won’t let China return to its days as a pl anned economy, pushing back against US criticism that the nation has failed to deliver on promised reforms.

“We’ve come to the understanding that we should not ig nore t he bl i nd ness of t he market, nor should we return to the old path of a planned economy,” he told political advisers gathered in Beijing, the of f ic ia l X in hu a news agenc y said. Bloomberg News

Thousands of Russian and Syrian mercenaries retreat from war front

M

ore than 1,000 Russian and Syrian mercenaries in Libya have pulled back from the front lines after a Turkish military intervention helped block an assault on the capital.

Th e i nte r ve nt i o n h a l te d a n at te m p t to capture Tripoli by the Moscow-backed strongman Khalifa Haftar.

The mercenaries with the Wagner company, headed by a confidant of Russian President Vladimir Putin, descended on the city of Bani Walid as they and Haftar’s self-styled Libyan National Army withdrew from Tripoli’s suburbs over the past few days, the city’s mayor Salem Alaywan said in a phone interview on Sunday.

Western officials had said that more than 1,400 Russian mercenaries were deployed last year to assist Haftar, who is also supported by the United Arab Emirates and Egypt. His aim is to dislodge the internationally recognized government in Tripoli, which in turn is backed by Turkey.

Haftar had seemed poised to make inroads into Tripoli before Turkey escalated its military intervention in January, helping the government regain swathes of territory.

Alaywan said about 1,500 Russian and Syrian mercenaries had flown from Bani Walid to Haftar’s Juffra airbase in central Libya. The mayor said the mercenaries were still arriving but the city, which wants to remain neutral in the war and does not support their presence.

“We are opposed to any foreign mercenaries in Bani Walid or Libya,” he said.

Call to arms

Both sides have relied heavily on mercenaries.

In January, Turkey began sending thousands of Syrian militiamen to support the government in Tripoli, while Haftar is also supported by Syrian and Sudanese fighters.

The redeployment came as Haftar issued a renewed call to arms in an audio statement on Saturday, and days after his air force chief warned they would launch a campaign targeting Turkish assets in Libya.

The Tripoli-based government’s interior minister Fathi Bashagha told Bloomberg that Haftar had received a new fleet of Soviet-era jets from a Russian-controlled base in Syria.

The reason behind the mercenaries’ withdrawal was not immediately clear. The United Nations acting envoy to Libya Stephanie Williams had warned last week that the yearlong conflict could further escalate as both sides’ foreign backers double down on military support.

But a renewed arms race could also prompt Turkey and Russia to step back from the brink and pressure their local clients to sign a cease-fire.

In January, Moscow had hosted a meeting where the Tripoli-based government agreed a cease-fire, but Haftar refused. Bloomberg News

A6 Tuesday, May 26, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Certain uncertainties

W

hat would education be like in the midst of this unprecedented crisis brought about by the Covid-19 pandemic?

The Department of Education has already issued the school calendar and activities for School Year 2020-2021, composed of 203 class days starting with the formal school opening on August 24, 2020 until the end of school year on April 30, 2021.

Education Secretary Leonor Magtolis Briones said “physical distancing will still be required, which will necessitate schools to combine face-to-face learning with distance learning.”

Briones said private schools and state or local universities and colleges that offer basic education “will be allowed to open classes within the period authorized”

by Republic Act 7797, which is on the first Monday of June but not later than the last day of August provided that “no face-to-face classes will be allowed earlier than August 24 and from then on, face-to-face classes may be conducted only in areas allowed to open physically.”

Upon the recommendations of the Commission on Higher Education and as approved by Inter-Agency Task Force for the Management of Emerging Infectious Diseases, Higher Education Institutions may open as early as August 2020, as long as they use flexible learning arrangements.

But even as the phased reopening of schools gets under way, would parents even be comfortable sending their kids back to classrooms?

Classes restarted on Wednesday in South Korea for the first time since December 2019. But students at 66 schools in Incheon were sent home only three hours after arriving for classes because two students tested positive for Covid-19.

France recorded 70 new Covid-19 cases in schools, a week after the country let more than 1 million kids go back to class.

Once our students are allowed back in classrooms, even at least part-time, what kind of prevention, detection and safety measures against Covid-19 can schools guarantee?

Covid-19 is highly infectious. Schools were closed down early precisely because their population densities provided more opportunities for transmission. Classrooms and campuses are mostly shared spaces, somewhat similar to a crowded city.

Inviting students and teachers back would require at least some level of testing (and if needed also contact tracing) among students, teachers and other school workers.

Then there are also cases where students (from other regions) have to live inside school campuses or near them, in dormitories and other kinds of student housing. Where will these students live now? Where and how will they eat? How will they share bathrooms and other spaces? Dormitories, for instance, should certainly have fewer students, if not just one occupant per room. They would have to modify operations to protect the health and well-being of students and staff.

Education officials and schools are all talking about remote learning environments (the subject of a previous editorial), but online education requires a lot of logistics and support.

Lack of access to the Internet and tech gadgets for online use is a problem in many households. According to the National Telecommunications Commission, as of December 2019, 67 percent of the Philippine population has access to the Internet. But the quality of this access varies significantly throughout the country, depending mainly on the network and the kind of service one can afford.

We have already seen many local stories and photos on social media showing students climbing trees and mountains or going to all sorts of troubles just to get a good Internet signal so they can submit school requirements.

Parents of students, especially those in private schools, were particularly irate, not only because certain schools seem to be prioritizing school requirements over their children’s welfare, but also because their kids are not getting the education they paid for, with online learning schemes causing more problems in their homes at a time when families are already beset with problems.

Many of them have asked these schools for refunds or rebates, if not on tuition then at least on the many other miscellaneous fees that can add up to thousands, which their children can no longer avail of, like library, laboratory and gym fees, Wi-fi services and air-conditioned classrooms.

They also argue that remote learning schemes should cost significantly less, that there is no substitute for in-person teaching, and that there are subjects and courses that cannot easily be converted to remote or online instruction.

Despite announcements from education officials about class openings, it seems the only thing that is certain are more uncertainties, which students, parents, teachers and schools will face due to this pandemic.

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Manny B. Villar

THE Entrepreneur

H

ealth experts are optimistic that a vaccine against the Covid-19 will become available later this year or in early 2021. As we wait for the cure, let us use the time that we have to improve our infrastructure as the foundation of our economic revival while carefully observing the health protocols spelled out by the government.

By proceeding with infrastructure projects, we will lay the foundation for a strong economic rebound and, at the same time, continuously provide income to thousands of construction workers. This is also timely as road traffic remains lighter today compared to last year’s.

But, first things first. We must ensure that our population is healthy and safe from Covid-19 before reopening the economy. Conglomerates and smaller companies have agreed to comply with the rigorous security and safety protocols to prevent the spread of coronavirus.

Such protocols include temperature checks, validation of ID or quarantine pass, hand and foot sanitation, wearing of face mask at all times and physical distancing.

The Villar Group of Companies, which I head, is doing its share in restarting the economy. It has started conducting rapid tests on employees as part of its return-to-work protocol in Metro Manila.

The tests are free of charge and will ensure the safety of the employees and their families. The Villar Group uses FDA-approved rapid testing strictly in accordance with all the guidelines and issuances of the Department of Health. Before the rapid testing, all offices of the Villar Group were disinfected and sanitized.

My company earlier completed the installation of disinfecting apparatus in nine hospitals and health institutions across Metro Manila.

These are the Research Institute for

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Tropical Medicine in Alabang, Las Piñas General Hospital, Don Jose N. Rodriguez Memorial Hospital in Caloocan, Rizal Medical Center in Pasig, Quirino Medical Center, Philippine Heart Center and Lung Center of the Philippines in Quezon City, and San Lazaro Hospital and Santa Ana Hospital in Manila.

Disinfecting tunnels will help health-care workers, staff and everyone visiting the hospital get cleansed as they go in and out of the facility to curb the spread of the coronavirus.

Some conglomerates are doing the same to protect their workers.

We need the cooperation of everyone to revive the economy.

We can only move forward once we have secured the safety and wellbeing of our workers.

The government, for its part, is making sure it remains focused on the macroeconomic fundamentals and the backbone of growth—infrastructure. I share the government’s optimism that the implementation of the recovery program, with the support of the private sector, will enable our economy to bounce back on a solid path to growth.

For instance, infrastructure projects under the government’s “Build, Build, Build” program can now resume in areas under general community quarantine.

The Department of Public Works and Highways has also given the go-

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Foundation of economic recovery

OUTSIDE THE BOX

L

istening to the discussions as to whether or not governments should have locked up their nations is ear splitting.

Actually the word “discussions” is wrong. It is more like the yowling of male cats smelling the presence of a female cat in heat.

Sweden became the poster child for a liberal approach to quarantine in the relatively early days of Covid-19 with no lockdown or restrictions with primary schools, bars and restaurants open. Here are the caterwauling felines.

All these headlines are from the last two weeks. “Sweden says its coronavirus approach has worked.” “Sweden’s coronavirus gamble backfires.”

“WHO lauds lockdown-ignoring Sweden as a model.” “Former Swedish health chief: no-lockdown policy hasn’t been the smartest.” “How Sweden suppressed infection rates without a lockdown.” “Sweden ‘Paying Heavily’ For Failure to Lock Down.”

As I said before, governments

have been making up policies as they go along. That’s not meant as a criticism but a fact, and you cannot blame them. Every university—not to mention private individuals with an Internet connection and an Excel spreadsheet—has provided infection and death models. Those have been about as accurate as the “global warming models,” which is to say “not very.”

On May 10th, 16 models from research sources such as the Massachusetts Institute of Technology to the Institute for Health Metrics and Evaluation had diverse US Covid-19 death projections for June 1st. They ranged from less than 100,000 to over 200,000. Yesterday’s “official”

US count is 98,024.

But you can’t blame them. From Forbes Magazine: “Even populations within the US are vastly different in ways like age distribution, ethnicity, gender, underlying illnesses, obesity, genetics, air quality, environmental factors, nutritional factors, population density, and numerous other variables. The slightest change in any one of these can significantly alter the predicted result.”

But here is the reality that supports the scattered data that has been coming in during the past two months. From Business Insider: “In the largest study to date of coronavirus patients outside China, researchers analyzed data from 20,133 patients hospitalized across the UK. The study identified four major risk factors that can make a person more susceptible to severe illness or death from Covid-19: age, male sex, obesity, and underlying conditions affecting the heart, lungs, kidney, or liver.

The hospitalized patients’ median age was 73.”

It is the economic consequences of the quarantines that do not need projections because the world is living them in real time. And “Sweden’s economy likely won’t benefit from its decision to avoid a lockdown,

signal in areas under enhanced community quarantine. Construction workers accredited by the DPWH will now be allowed to work on quarantine and isolation facilities, health facilities, emergency and maintenance works, flood control, and other disaster risk reduction and rehabilitation works.

In areas under the general community quarantine directive, the DPWH headed by my son, Public Works Secretary Mark Villar, allowed private and public construction projects to resume following compliance to safety guidelines prescribed for the implementation of infrastructure projects during the Covid-19 crisis.

The resumption of public works and private sector-led infrastructure projects is leading me to believe that our economy is in a position to grow by at least 7 percent in 2021. This forecast is supported by many institutions such as the International Monetary Fund. The Development Budget Coordination Committee, composed of government economic managers, believes the timely implementation of a well-targeted recovery program, alongside efforts of the private sector, will help the economy regain confidence and achieve a growth of 7.1 percent to 8.1 percent by 2021. Of course, this will depend on the availability of an effective See “Villar,” A7

according to analysts.” All economies are connected.

Even as many countries begin to open up, the current picture is bleak. There are historic declines in economic activity.

Global Smartphone shipments were down 11 percent in the first quarter, the fastest drop on record.

Mexico manufacturing activity is falling at the fastest pace ever recorded. Hong Kong recorded the worst economic contraction in history. US gasoline consumption is the lowest level ever recorded. Global airline traffic is down by at least 80 percent.

Yes, there will be problems for the Philippines in this global environment. So do this for your family and your country. Tune out the babbling hyenas. Get back to your desk, sales counter, cubicle, tractor, or whatever, as soon as you can. Forget the past three months and laser focus on doing your own particular job. The nation will thrive based on what you do, not on what government does or does not do.

E-mail me at mangun@gmail.com. Visit my web site at www.mangunonmarkets.com. Follow me on Twitter @mangunonmarkets. PSE stockmarket information and technical analysis tools provided by the COL Financial Group Inc.

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Digital tax in the Philippines

A salute to the Filipino nurse

Atty. Irwin C. Nidea Jr.

Manny F. Dooc

Tax law for business

TELLTALES

he new normal makes us all realize that the digital economy is slowly becoming the new economy. This realization has its pros and cons depending on who you ask. The government now discovers that it can generate incredible revenue streams from this untapped parallel universe, especially now that amid the pandemic, the digital economy is thriving. But on the part of start-ups, it may be the end of an era of hide and seek with the tax man.

urses in this country are treated as second-class citizens.

After laboring hard to earn their diploma and passing the board exam, many of them accept indecent wages just to earn a living from their chosen profession. Many work despite the meager pay and working conditions to varnish their credentials and gain the work experience required for them to work abroad.

They are lucky if they find jobs in government hospitals where the compensation is a little better.

Just recently, Congressman Joey Salceda, introduced House Bill 6765, otherwise known as the “Digital Economy Taxation Act.” The HB recognizes digital economy as a rising component of overall commerce in the country and it proposes ways to better capture the value created into the tax system.

It imposes a mix of direct and indirect taxes on transactions made through electronic platforms. It mandates “network orchestrators” like Grab, Angkas, Lazada, foodpanda, to name a few, to withhold tax from the income of the drivers of the Grab car and Angkas, withhold tax from the income of the restaurant where the food has been ordered through foodpanda, withhold tax from the income of the supplier of goods that sells through Lazada.

It also proposes that value-added tax must be imposed on sale of services by any local or foreign entity that is engaged in digital advertising services. VAT must also be imposed on companies engaged in subscription-based services, like Netflix.

Unfortunately, we all know that VAT will be passed on and is ultimately shouldered by the end-consumer.

It means that you and me who are Netflix subscribers will ultimately pay the VAT. Under Congressman Salceda’s bill, a foreign company is allowed to do business in the Philippines as a network orchestrator and/or as an electronic commerce platform exclusively through a representative office or an agent which shall be a resident corporation. In other words, these foreign digital companies must create a company in the Philippines first before they can operate in the country. This aims to simplify the efforts of the tax authorities as to which entity to tax for income generated within the Philippines. But it is not a secret that the Internet world knows no boundaries. This requirement of prior registration might limit rather than expand the country’s tax revenue base.

Although the HB covers most transactions conducted through electronic platforms, it has left out a crucial revenue stream, that is, the selling or sharing of compiled userdata. Other countries have molded their digital economy taxation laws to include the trading of user data. In a country of more than 100 million individuals with a known proclivity to actively engage in social media, the Philippines is a gold mine of user data which may be monetized.

In crafting our own digital tax law, it may be wise to learn how other countries do it. Unfortunately, there is currently no consensus among nations as to how to uniformly apply digital tax. There are contentious cross-border tax issues. For example, Facebook’s headquarters is in the United States. But it has subscribers in the Philippines, and it runs a wide

The paltry sum they earn is hardly enough to pay for their board and lodging, clothing, transportation and food. The current nurse to patient ratio of 1:40 to 1:60 is one of the highest in the world. More often, nurses are required to do double shifts to cover the lack of relievers.

They are overworked, underpaid, and, except those who are hired by big and modern hospitals, serve under harsh working conditions. Annually, we graduate close to 40,000 nurses. They all dream to work in hospitals overseas where the pay is much higher. When the job market for nurses abroad is huge, a BSN degree is equivalent to a visa and it is not even uncommon to find medical doctors retraining to become nurses and join the exodus. Nursing students and even graduates have great difficulty furthering their training locally due to lack of accredited hospitals that can provide them more training in an actual hospital setting, yet they fill up the critical shortage of nurses around the globe.

T

Villar. . .

Continued from A6

vaccine against Covid-19.

To make sure we will get our hands on that vaccine, President Duterte’s administration is raising funds for such purpose. Once a vaccine becomes available, the government will purchase doses of the vaccine right away. Reports said dozens of vaccines had started clinical trials, with many of them showing promising results. Let us

array of local and international advertisements in this platform. How much must the Philippines’s share be in the tax pie vis a vis the United States? Of course, both countries will argue that they deserve the greater share.

With the aim of having a unified system, the Organisation for Economic Co-operation and Development released a new work program specifically addressing the tax challenges of digitalization. It proposes Pillar 1 which basically says that businesses must pay more taxes where their consumers are located. As of now, multinational corporations usually pay more tax where production is located rather than where sales are consummated. Since there is still no international consensus as to this OECD proposal, it remains to be a recommendation for countries to apply on their own.

In Europe, a digital service tax is imposed. It is a kind of tax on selected gross revenue streams of large digital companies. On April 1, 2020, the United Kingdom on the other hand, introduced a 2 percent DST on revenues from search engines, social media platforms, and online marketplaces. The revenue thresholds are set at GBP 500 million ($638 million) globally and GBP 25 million ($32 million) domestically. The first GBP 25 million in revenues would be exempt.

In these measures, only companies that reach a certain revenue threshold will be taxed. Start-ups, small and medium enterprise sellers are spared from DST. These countries want to allow individual digital innovations and creativity to grow without being hampered by tax burdens. I hope our lawmakers will see the wisdom behind this policy and impose tax on start-ups only when they have already reached a certain revenue threshold.

The House Bill on digital tax is a welcome development. Hopefully, our policy-makers will find a way to strike a balance by imposing tax on large digital companies only and allow small digital companies to grow with minimal or no tax.

Like the “industrial revolution,” where machines have catapulted humanity to where it is now, we should support the growth of this “digital revolution” not only because it will lift our future to new heights but also out of necessity. Digital is and will be our new way of life.

Tuesday, May 26, 2020 A7

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A great number of the ranks of nurses abroad are made up of Filipinos. In California alone, nearly 20 percent of the registered nurses are Filipinos. We are the top exporter of nurses to the US, Middle East, United Kingdom, the Netherlands and Ireland. This makes our nurses highly vulnerable to the virus, and this pandemic obviously is taking a devastating toll on them. In the US and UK, the obituaries reveal that the Filipino ranks of nurses take a heavy toll. A FIlipina nurse in London who contracted the coronavirus, Malujean Ballesteros, said before she died, “ I love my job.” To her, it was not just a job, it was a calling, which she answered with great devotion and care. She took care of others’ lives better than her own.

The significant role that our nurses play has never been recognized or appreciated more than the present time during this pandemic. Our nursing work force bears the brunt of the lethal effect of the pandemic. They are mostly

Our nurses directly attend to their patients’ needs until they recover or expire. All essential support health services will grind to a halt without them. While we have been grateful to their selfless services to our people, let’s not overlook their sad plight. working in patients’ care, medical and surgical rooms and ICUs where they are exposed to greater perils.

The risks are disproportionately borne by them. The lack of PPEs poses a clear and present danger to our nurses. It poses a grave hazard to our nurses who man the first line of defense against the virus. Nurses are a valuable resource and we cannot afford to lose any of them. The WHO has expressed alarm about the big number of health workers who had been infected with Covid-19 in the Philippines. “The trend that we are seeing…where the percentage is about 13 percent...is worrisome. In our region, it is around 2 percent to 3 percent. The Philippines is a bit of an outlier.”

Many Filipino nurses have perished fighting the virus both here and abroad and were proclaimed heroes for their extraordinary deeds.

Recently, Prime Minister Boris Johnson of the United Kingdom, who had just recovered from the illness, was seen sporting a sweatshirt bearing our country’s name—Philippines—while jogging. Obviously, it was a sign of Johnson’s gratitude to the valuable services of the Filipino nurses in the UK’s National Health Service who have lost their lives in the service of his country and people. It must be recalled that when

Trump’s weakness is bad for democracy

The author is a senior partner of Du-Baladad and Associates Law Offices (BDB Law), a memberfirm of WTS Global.

The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at irwin.c.nideajr@ bdblaw.com.ph or call 8403-2001 local 330.

Ross Douthat, a New York Times columnist who understands Trump’s weakness, made the case on Tuesday that if the president was really a threat to democracy, he would have taken advantage of the coronavirus pandemic to seize more power.

Douthat argued that Trump isn’t interested in that kind of authority but rather craves only attention, rendering him helpless to effectively subvert democratic rule.

Douthat misses, however, a big part of what Trump does appear to care about. Beyond the compulsion to be in the spotlight, Trump also seems to care a lot about squashing negative attention. He has astonishingly thin skin, and a shockingly broad interpretation of what counts as personal criticism. Douthat wrongly asserts that

Trump’s “only impulse that related to real power and its uses” has been to duck responsibility for the coronavirus response by sending authority back to the states, missing the bullying of executive-branch experts, governors, the media and anyone else who dared suggest that Trump’s leadership was anything less than perfect. Indeed, Trump’s aversion to criticism is so strong that he tends to take even basic factual information as personal attacks, as when he claims that studies of potential coronavirus cures that don’t conform to his own hopes must have been the work of his enemies.

Presidential weakness isn’t insurance against harm. The real nature of presidential power, as political scientist Richard Neustadt explained long ago, is a function of bargaining

skill, mastery at gathering and processing information, understanding of the political and other incentives of those a president deals with, and thorough knowledge of the political system. Trump has none of those things. Indeed, that makes his influence minimal. But presidents who can’t manipulate the system to realize their visions of what the country needs try instead to work around the system, even if that means bending or breaking the rules. It usually doesn’t work, but along the way they can do all sorts of damage.

Take Trump’s tweets on Wednesday morning falsely accusing Michigan and Nevada of voter fraud and threatening to withhold federal funds if they proceeded with legitimate absentee-voter plans. It was a classic display of Trump weakness— he got his facts wrong, and he almost certainly can’t follow through on his threat. As with most Trump orders and proposals, legitimate and illicit, it will probably be ignored. And yet that’s not the whole story. Each time a president advocates something illegal, it harms the rule of law in small ways, even without efforts to follow up. Most party actors from the president’s party are reluctant to contradict their own president because weakening him weakens the party overall. Some will just ignore such things, but some will try to jump on the bandwagon, further harming the republic. And it doesn’t just stop with rhetoric. White House staff and political appointees within the bureaucracy at least partially take their lead from the president. They might undermine constitutional

hope that one of them will become commercially available this year.

Infrastructure development, meanwhile, is part of the Duterte administration’s economic recovery plan to create jobs and sustain growth. The government is in fact spending P1.74 trillion, or 9.1 percent of the gross domestic product, this year to respond to the health crisis and support the economy.

The Department of Finance also proposed priority action plans for economic recovery, including the

continuation of “Build, Build, Build” projects, subject to minimum health standards; hiring of contact tracers to ease the viral transmission; and the passage of the proposed Corporate Recovery and Tax Incentives for Enterprises Act, or CREATE, the repackaged Corporate Income Tax and Incentives Rationalization Act, or Citira.

Aside from these action plans, our economic landscape is supportive of a strong rebound next year.

The 0.2-percent contraction in our GDP in the first quarter was one of

the least worrisome among Asian countries. The first-quarter figure was better compared to those of developed countries, whose contractions were anywhere from 4 percent to 7 percent. Trade Secretary Ramon Lopez said while the risk of global recession is real, “we are making sure that this is only transitory and we are already laying the foundation for our recovery.”

Inflation rate was steady at 2.2 percent in April, while the peso was hovering at 50.60 to 50.70 against the US dollar, which marked an improve-

ment from the previous months.

Because of the strong peso backed by our external position, the gross international reserves hit a record $89 billion in March 2020, up by $5.38 billion or 6.4 percent from $83.61 billion a year ago. This, to me, is an indication that we have ample dollar reserves to service our foreign debt.

Remittances from Filipinos working overseas, another source of liquidity in the country, remained steady in the first two months of 2020, although figures for March

Jonathan Bernstein

BLOOMBERG VIEW

W

eak presidents are not safe for democracy.

Bright Line Watch, a project of political scientists worried about the erosion of democratic institutions, has found increasing concern by experts about the state of US democracy since 2017. That’s despite the well-documented case that Donald Trump has been an unusually weak president. He often defers to Republican Party regulars on policy questions; when he doesn’t, he’s usually rolled by members of Congress, the Executive branch, governors and business leaders. He often appears more interested in announcing policy wins than in actually doing the work to make those victories real.

he was released from his hospital confinement, Johnson said that the NHS “saved my life, no question.”

Our nurses directly attend to their patients’ needs until they recover or expire. All essential support health services will grind to a halt without them. While we have been grateful to their selfless services to our people, let’s not overlook their sad plight. We need to give them economic protection by the immediate and full implementation of RA 9173, otherwise known as The Nursing Act of 2002 to increase the minimum salary of government nurses, and extend this to those working in the private sector. This has been unimplemented until recently and I trust that it will be continued. When we get back to normal, let’s keep this in mind. Let’s remember them as we rebuild our country from the effects of this pandemic. I understand that former Health Secretary Jaime Galvez-Tan and other experts have made a study on nurses’ migration to other countries and suggested measures to reverse it. Let’s revisit their recommendations and determine if they are workable. Maybe we can initiate a similar “Balik Pilipinas Program” for our nurses abroad and in the process promote transfer of skills and knowledge.

There’s dignity and honor behind the crispy white uniform. The white cap the women nurses wear symbolizes commitment and dedication to their sworn duty to serve the sick and the fallen. It is the government and society’s obligation to ensure that the nobility of the nursing profession is not compromised by lack of support to pursue their calling. This is one lesson we should learn from this pandemic.

government in their effort to fulfill his wishes even if he’s too inept to know how to get things done. They also may just follow his example and ignore legal and ethical restraints for their own self-interest. A lawless president encourages lawlessness.

And the damage isn’t limited to the president’s party. Once the outof-power party comes to believe that a president and his party are not constrained by law, they may feel pressure to do likewise to compete.

Douthat worries about what he used to call Caesarism when Barack Obama was president. But Neustadt understood that the presidential quest for power isn’t a problem, because the kinds of things that produce true presidential influence require the proper use of the political system.

The successful ambition for power paradoxically constrains presidents, because they have to avoid doing the things that alienate political actors and voters. To take one example, properly ambitious presidents cultivate a reputation for honesty because it helps them bargain successfully with political actors to get what they want.

But that means they actually have to do the things that make their word mean something. Trump doesn’t have that constraint, but also doesn’t get the benefits that go with it.

Democracy and the rule of law are a continuum. One violation doesn’t destroy the republic. But Trump’s constant lawlessness has already taken a toll on the strength of US democracy, and continues to do so—in large part because he isn’t interested in real power and doesn’t understand what it is. and April may reflect the impact of the pandemic. Data show cash remittances coursed through banks increased 4.6 percent in the first two months of 2020 to $5 billion from $4.8 billion in the same period last year.

These funds will support household spending in the country and provide a lifeline to many small and medium enterprises that were allowed to reopen by the government.

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

A8 Tuesday, May 26, 2020

Imee’s pitch: Let’s approve CIT cut first

By Butch Fernandez

L

@butchfBM

AWMAKERS racing against a June 5 deadline can split the pending tax reform bill and quickly pass the 5-percent reduction in corporate income tax (CIT), which both the Executive and Congress agree would boost economic recovery in the Covid-19’s onslaught and lure investments exiting other pandemic-hit countries.

Then, the other key plank of Citira—or the Corporate Income Tax and Incentives Rationalization Act, now renamed CREATE bill, for Corporate Recovery and Tax Incentives for Enterprises Act—governing fiscal incentives for business can be taken up when Congress reconvenes in July, according to the chief of the Senate Committee on economic affairs.

Sen. Imee Marcos was sought for reaction to the plea last week of Finance Secretary Carlos Dominguez III when he joined economic managers and other Cabinet officials in the Senate Committee of the Whole hearings on the impact of the pandemic and the government’s response.

Dominguez had said the CREATE bill—first named TRAIN 2, then Trabaho bill, then Citira— should be passed soon by the Senate, where it has been pending since House approval in September 2019,

as the quickest way to stimulate the economy by helping businesses paralyzed by lockdowns since midMarch.

The economic team, Dominguez said, has relaxed its push for more new taxes since the pandemic began, and have accepted the lawmakers’ bid to fast-track the CIT reduction from just 1 percent in the first year of implementation, to 5 percent— slashing the new CIT from the current 30 percent to 25 percent.

Marcos, however, pointed out on Monday that the tight legislative schedule might make it hard to approve the CREATE bill, given the lack of consensus on the fiscal incentives.

“I have been getting mixed and confusing signals re: tax incentives, especially the troublesome sunset provisions from four to nine years, new investor regimes, an omnipotent FIRB [Fiscal Incentives Review Board] to dislodge Peza and BOI,” Marcos told the BusinessMirror in a text message.

She was referring to the recast provision in the House version, extending the period in which businesses may keep their incentives, as well as the new body (FIRB) to be chaired by the Finance secretary.

It will assume vast powers now enjoyed by the Philippine Economic Zone Authority and the DTI’s Board of Investments.

Continued on A2

FRONTAL SYSTEM AFFECTING EXTREME NORTHERN LUZON SOUTHWESTERLY WINDFLOW AFFECTING NORTHERN AND CENTRAL LUZON as of 4:00 am - May 25, 2020

‘24K quarantined OFWs in NCR home this week’

T

By Samuel P. Medenilla

@sam_medenilla

HE remaining 24,000 quarantined overseas Filipino workers (OFWs) in Metro Manila and Batangas are expected to be sent home by the Overseas Workers Welfare Administration (OWWA) this week, authorities said on Monday, as President Duterte gave officials a one-week deadline amid mounting protests over how delayed test results unduly prolonged their confinement.

In a statement, Labor Secretary Silvestre H. Bello III said they will be transporting home the OFWs who already tested negative for novel coronavirus disease (Cov-

id-19) from May 25, 2020, to May 27, 2020.

“Upon instruction of President Rodrigo Duterte, the composite team of Philippine Coast Guard [PCG] and Overseas Workers Welfare Administration will arrange in the next three days for daily trips for 8,000 OFWs via the Parañaque Integrated Terminal Exchange [PITx] and the Naia Terminal,” Bello said.

Labor spokesman Rolly Francia said one-stop shops in the PITx and airport will facilitate documentation of the cleared OFWs. In an online press briefing, Presidential spokesman Harry Roque said 30 flights were organized by the government on Monday to bring 3,459 OFWs to their home provinces. The other OFWs were

transported via buses or ships to their destinations.

No more delays

AS of May 19, the National Task Force Against Covid-19 said there were 30,918 quarantined OFWs in NCR. Last week, OWWA administrator Hans J. Cacdac said they were able to send home 7,500 of the quarantined OFWs. Some of the OFWs have been quarantined for more than a month, prompting them to criticize the slow efforts of the government in sending them home.

Government officials attributed the delays to the pending results of the reverse transcription–polymerase chain reaction (RT-PCR) tests of the OFWs as well as processing of their needed certification from the Bureau of Quarantine (BOQ).

Roque said the Duterte administation took note of the complaints, and ordered OWWA, Department of Labor and Employment (DOLE), and the Department of Health (DOH) to complete the said processes this week.

“Our President said this morning...they [concerned agencies] could use all government resources for transportation including buses, planes, and ships to send home the OFWs,” Roque said.

To prevent other returning OFWs from being stranded in NCR, Roque said Duterte ordered the establishment of more DOH-accredited laboratories nationwide.

“In this way, the OFWs could directly go home to their provinces and then get their PCR Covid test there,” Roque said.

3,500 OFWs fly home from Metro Mla, finally

By Recto Mercene

S

@rectomercene

OME 3,500 overseas Filipino workers (OFWs), part of an estimated 30,000 who have returned home as the coronavirus pandemic impacted their host countries, gathered Monday at the premier gateway, finally headed to their respective provinces after weeks of quarantine.

President Duterte earlier ordered concerned government agencies to finally send home the OFWs who have successfully undergone the mandatory 14-day quarantine, amid protests over long waits in their quarantine zones, which officials traced to delayed release of their test results and procedures in obtaining certificates from the Bureau of Quarantine.

The OFWs were brought to the Ninoy Aquino International Airport (Naia) Terminal 2 on board airconditioned buses and they lined up for registration to get their boarding passes, excitement undisguised.

Also on Monday, Labor Secretary Silvestre Bello III said about 24,000 OFWs in quarantine in the National Capital Region were to be sent to their respective provinces by air and sea.

B e l lo s a id t he a i m i s to board 8,000 OFWs “every day for three days as per instructions by the President.”

The first batch of the 3,500 OFWs arrived at the airport around 7 a.m. Monday and were the first to be accommodated on the first flight that was bound for Davao.

Long lines of departing passengers formed outside the terminal and followed the social distancing protocol of about 6 feet apart. Overseas Workers Welfare Administration Hanz Leo Cacdac said 17 flights have been chartered to airlift the OFWs to different provinces.

Continued on A2

DOT tells hotel restos’ to avoid buffets, reduce seating by 50%

By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

T

HE Department of Tourism’s (DOT) “new normal” guidelines for the food and beverage (F&B) service in accommodation establishments appear to be a foreshadowing of the health and safety protocols that will be issued separately for the restaurant industry.

For one, buffets and other selfservice dining modes in the F&B outlets of hotels are “highly discouraged” under Memorandum Circular 2020-002, or the “New Normal Health and Safety Guidelines for Accommodation Establishments.” The memo covering the operations of hotels under general community quarantine, a copy of which was obtained by the BusinessMirror, was signed

by Tourism Secretary Bernadette Romulo Puyat on May 22, 2020.

“All food and beverages must be served by restaurant crew or personnel,” the memo stresses.

DOT Undersecretary Arturo P. Boncato Jr. clarified in a Viber message that while the DOT highly discourages buffets, it doesn’t mean hotels won’t be allowed to offer them. But, “they still must confor m to minimum hea lt h standards,” as per government regulations.

Major hotels usua l ly of fer

breakfast buffets for their inhouse guests as part of their stay package, while others offer lunch or dinner buffets that have become go-to dining options for families and groups of friends.

Many hotel restaurants have made names for themselves for their generous buffet services that range anywhere from P1,500 to P3,000 per person.

Hotel Sales and Marketing Association Inc. President Christine Ann U. Ibarreta said, however, “Serving in-house guests a set breakfast is actually cheaper [for hotels] than a buffet.” But, she noted, “It’s safe to offer a bento box [set meal] in the meantime, and there will be less food wasted.”

Buffets have been suspected as the source of the spread of the novel coronavirus aboard cruise ships.

Hotels are supposed to remind dining guests to “disinfect their hands with alcohol-based sanitizer or 70-percent solution alcohol located at the reception counter” upon entering and leaving the restaurant.

T he DOT a lso tr ims the number of people who can use banquet tables, as in events or large-dining affairs, by 50 percent. As such, “banquet tables that can accommodate 10 guests must accommodate only f ive guests. Tables shall be arranged such that the distance from the back of one chair to the back of

another chair shall be more than 1-meter apart and the guests face each other from a distance of at least 1 meter.”

As per the memo, hotels must also be conscious of the airflow of their air conditioners at their dining establishments. “Restaurants and other dining facilities must be mindful of the direction of the airflow in arranging tables to avoid droplet transmission…”

Instead of room service, the DOT wants hotels to make available a “grab and go station,” where guests can pick up their breakfast or ordered food. The station must be sterilized regularly after use.

The DOT also encourages the serving of individually packed me a l s “u s i ng bio de g r ad a ble packaging.”

Hotels must also apply “new and enhanced procedures” on cleaning and sanitizing grocery items including perishable produce such as fruits and vegetables.

Boncato said the DOT is already finalizing the separate guidelines for the restaurant industry. “[We will impose the] same minimum standards, but will have more details on operations proposed.” He added the DOT is currently consulting the Hotel and Restaurant Association of the Philippines and other restaurant/food industry groups before the new guidelines are released.

Continued on A2

www.businessmirror.com.ph

Companies BusinessMirror

Tuesday, May 26, 2020

BDO, other big firms heed govt call to pay taxes early

B

By Bernadette D. Nicolas

@BNicolasBM

DO Unibank Inc. topped the initial list of corporate taxpayers that have already filed their 2019 annual income tax returns (ITRs) ahead of the deferred payment deadlines due to the lockdown.

Based on the list of taxpayers released by the Department of Finance (DOF) on Monday, BDO ranked first among the corporate taxpayers in terms of the amount paid per annual ITR. Citing information from Bureau of Internal Revenue’s (BIR) Integrated Tax System, the DOF said the country’s Top 500 taxpayers as of May 19 have heeded the government’s call for corporations and individuals to file their income tax returns early.

According to the top taxpayers’ list, BDO was followed by Robinsons Land Corp., Manila Electric Co., Bank of the Philippine Islands, Unilab Inc., Mercury Drug Corp., Maynilad Water Services Inc., Metrobank Card Corp., Globe Telecom Inc. and Innove Communications Inc. Other top taxpayers are the Philippine Ports Authority, Manila International Airport Authority, Citra Metro Manila Tollways Corp., Taganito Mining Corp., Security Bank Corp., Monde Nissin Corp.,

Eagle Cement Corp., Huawei Technologies Phil. Inc., Philippine Gold Processing and Refining Corp. and First Gas Power Corp.

Finance Secretary Carlos G. Dominguez III lauded the “bayanihan spirit” exemplified by these taxpayers, as their early ITR payments have provided the Duterte administration the much-needed additional funds to sustain the government’s social amelioration programs, emergency health measures and economic stimulus package amid the global health crisis.

“We hope that the commendable act of these taxpayers would inspire other taxpayers to do the same and contribute to our nation-building as we work together to get the economy back on its feet in the face of the Covid-19 [coronavirus disease 2019] pandemic,” said Dominguez.

DOF reiterated that taxpayers who have filed their ITRs within the original deadline or prior to the extended deadlines can amend their tax returns at any time on or before the final extended due

dates set by BIR. In case these taxpayers need to pay additional taxes, they can do so sans penalties, provided such payments are made not later than the final extended deadlines set by the BIR. If the amended returns will result in the overpayment of taxes paid, taxpayers can opt to carry over the excess amount as credit against their taxes due for the same tax type in the succeeding periods, or file claims for a refund.

The BIR had extended the tax payment deadlines thrice in April and May during the community quarantine period in Metro Manila and the rest of Luzon.

As of end-April, BIR missed its revised collection target of P528.44 billion for the period, as its total haul settled at P527.41 billion. The agency accounts for 78 percent of the state’s tax collection capacity.

BIR’s tax take dropped by 25.4 percent from the P706.78 billion it collected in the same period last year.

The BusinessMirror reported this month that the Cabinet-level Development Budget Coordination Committee further slashed the 2020 collection targets of BIR and the Bureau of Customs (BOC) to P1.744 trillion and P520.4 billion, respectively.

Last month, BIR’s collection target was initially slashed to P2.26 trillion from the original P2.576 trillion, while BOC’s goal was previously reduced to P706.861 billion from the original P751.250 billion.

SEC sets date for filing financial statements

By VG Cabuag @villygc

T

he Securities and Exchange Commission (SEC) has announced the new schedule of submission of firms' annual financial statements (AFS) and general information sheet (GIS).

Corporations should file their financial statements for fiscal years ended November 30, 2019 and December 31, 2019 according to the last numerical digit of their registration or license numbers.

Those with license numbers ending 1 and 2 should file during June 29 through July 10; 3 and 4 during July 13 to 17; 5 and 6 during July 20 to 24; 7 and 8 during July 27 to 30; and 9 and 0 during August 3 to 7.

The financial statements should also have the seal of the Bureau of Internal Revenue.

Prior to the lockdown in Luzon in mid-March, the SEC scheduled the filing of annual financial statements for April 20 to May 22.

The new coding schedule does not apply to publicly-listed companies, issuers of registered securities, investment companies, issuers of proprietary and non-proprietary shares or timeshares and public companies, which shall file their 2019 financial statements by June 30, or within 60 days from the lifting of travel restrictions.

“To maintain an organized filing of annual reports, the SEC encourages corporations to observe the prescribed schedule. The SEC will allow companies to file their annual reports ahead of schedule to ensure compliance,” the agency said.

Late filings shall be accepted starting August 10 and will be subject to penalties, computed from the date of the last day of filing schedule.

The SEC require small corporations to submit the hard copies of their annual reports through mail or courier under the SEC Express Nationwide Submission facility to provide adequate protection to its frontline service personnel from undue exposure to the risk of coronavirus.

All reports shall be delivered to the SEC Head Office located on the ground floor of the Secretariat Building in PICC Complex, Pasay via the Philippine Postal Corp. (PHLPost) or the courier service chosen by the filer.

The date of mailing of reports, such as the GIS and AFS, as shown by the registry receipt of the courier, shall be considered

as the reckoning date of submission of the GIS and AFS. For reports filed through registered mail, the reckoning date of receipt shall be the date of receipt by PHLPost. For reports filed through email during the enhanced community quarantine, the

date of receipt shall be the date stated in the Acknowledgment Confirmation, which filers shall attach to the hard copies of their reports.

The GIS, meanwhile, should have been submitted within 30 calendar days from the actual annual stockholders’ or members’ meeting for stock and nonstock corporations. In the case of foreign corporations, the GIS is due 30 calendar days from the anniversary of the issuance of their SEC licenses.

The SEC would adjust either the deadlines or the procedures for the submission of reportorial requirements to help corporations cope with the impact of what has since become a pandemic.

B1

The Mini Suites keeps doors open to essential workers

T

he Mini Suites, the hotel brand of Lucio Tan-led Eton Properties Philippines, is putting its efforts to help communities during the coronavirus disease 2019 (Covid-19) pandemic.

The hotel remains operational in order to cater to long-staying guests, essential workers from neighboring establishments, and homebound overseas Filipino workers who were cleared by Department of Health as Covid-free.

The Mini Suites offered to be a temporary home for the following based on the government guidelines: a. Foreign guests who had existing bookings or reservations under any Accommodation Establishment within the Philippines as of March 17; and other foreigners who are transiting through, or are otherwise temporarily staying in the Philippines for a short period and will leave the country; b. Long Staying Guests; c. Employees from Neighboring Basic Establishments; d. Distressed OFWs or OFWs eligible to avail of accommodation assistance from the Overseas Workers Welfare Administration (OWWA) pursuant to relevant OWWA guidelines and issuances. e. Stranded Passengers or passengers whose domestic or foreign flights or rides have been cancelled and are prevented from leaving a city or place where they do not permanently reside, or have difficulty availing of transportation to their home city or province, due to the implementation of a community quarantine.

This initiative aims to provide workers with a safe place to stay as they carry out their essential work, and a sanctuary for stranded guests before heading to their respective hometowns.

At the onset of the Covid-19 pandemic, the hotel has implemented strict safety measures in the hotel for its guests and employees. Now that the country is bracing to ease into more relaxed community quarantine policies, the hotel is implementing stricter health and safety protocols to keep the hotel virus free.

These are the stringent safety measures that The Mini Suites will implement: n Use of thermal scanners—Pre-entry temperature checks will be mandatory for all guests and visitors. All luggage and things to be brought inside will be disin-

fected at the entrances too. n Standard PPE uniform—All hotel front desk and security staff will be welcoming guests wearing masks and gloves.

Housekeeping staff who will do misting activities will be required to wear a personal protective equipment suit. All guests will be required to wear masks on common areas at all times as well. n Social distancing—Strict social distancing measures will be implemented hotel-wide. The Mini Suites has installed foot markers to guide people where to stand on the common areas such as the lobby and elevators. For guests’ safety, the hotel staff will practice less physical contact whenever possible. n Disinfection—Regular disinfection and misting activities on common areas such as lobby and amenities will be the new norm in The Mini Suites. Guests are assured that their rooms are fully sanitized prior to check-in.

As hotels worldwide develop post-pandemic policies, traditional hotel experience is expected to change. But one thing remains for The Mini Suites—its commitment to ensuring its guests’ health and safety at all times.

B2

Companies BusinessMirror

Tuesday, May 26, 2020

PSE STOCK QUOTATIONS

May 22, 2020

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

BDO UNIBANK BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PBCOM PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK COL FINANCIAL FERRONOUX HLDG MANULIFE NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE

89.6 61.75 19.22 6.68 33.95 9.01 17.62 20 42.95 15.4 82.75 53.7 15.7 2.38 610 0.61 169 1575 0.96

89.65 62.3 19.24 6.7 34 9.49 18.94 20.15 43 16.18 82.9 54 16.1 2.39 660 0.64 169.7 1639 1.05

92.25 63 19.28 7.05 35.1 9.02 17.6 20.1 43.45 15.52 86.1 53.7 16 2.4 600 0.66 169.7 1580 1.02

92.4 63 19.3 7.1 35.1 9.07 19 20.55 43.5 15.54 86.95 54.7 16 2.4 601 0.66 169.7 1580 1.02

89.3 61.3 19.2 6.66 33.9 9 17.58 20 42.95 15.4 82.2 53.7 15.7 2.39 600 0.6 169 1580 1.02

89.6 62.3 19.22 6.68 34 9 19 20 43 15.4 82.75 53.7 15.7 2.39 601 0.64 169 1580 1.02

5700450 1363770 230300 2331100 3053000 41000 3000 176500 3300 9000 1172290 7150 20800 11000 30 382000 50 10 10000

513962809.5 84531586.5 4431274 15868489 104250555 369633 53842 3554050 142035 138780 98417493 384613 332660 26330 18010 233450 8457 15800 10200

-245474830.5 15077701 -951712 -3488619 -12304405 -1591050 -58747068.5 -47793 -12000 -

INDUSTRIAL AC ENERGY 2.13 2.14 2.16 2.2 2.14 2.14 3294000 7109970 ALSONS CONS 0.84 0.89 0.88 0.91 0.84 0.84 921000 784350 ABOITIZ POWER 26.15 26.5 26 26.7 25.8 26.5 864900 22805185 0.161 0.163 0.161 0.163 0.161 0.163 60000 9680 BASIC ENERGY FIRST GEN 17.72 17.74 17.7 17.86 17.68 17.74 156800 2,781,112( 52.75 54 52.75 53.3 52.7 52.75 25820 1363162.5 FIRST PHIL HLDG MERALCO 273.4 276 275.8 276 271.2 276 177570 48611664 MANILA WATER 11.62 11.72 11.74 11.78 11.58 11.62 2055400 23963510 PETRON 2.95 2.96 3 3.01 2.93 2.96 674000 2006860 2.38 2.42 2.4 2.42 2.4 2.42 31000 74430 PETROENERGY PHX PETROLEUM 11.02 11.24 11.28 11.28 11.28 11.28 100 1128 PILIPINAS SHELL 16.84 16.9 17.42 17.42 16.64 16.9 704100 11896188 SPC POWER 7.76 7.79 7.82 7.82 7.76 7.76 280000 2182296 VIVANT 12.52 15 11 11 11 11 1600 17600 AGRINURTURE 6.91 7.15 7.17 7.25 6.9 7.15 502800 3538295 2.75 2.76 2.69 2.75 2.69 2.75 941000 2568920 AXELUM 15.26 15.28 15.26 15.32 15.26 15.28 495000 7569494 CENTURY FOOD 4.1 4.49 4.12 4.65 4.05 4.1 225000 963420 DEL MONTE DNL INDUS 5 5.07 5 5.09 4.95 5.07 326000 1639090 EMPERADOR 7.68 7.7 7.7 7.78 7.7 7.7 1004500 7734784 SMC FOODANDBEV 62 62.2 63.5 63.5 62 62 1586800 99212384.5 0.54 0.55 0.54 0.55 0.53 0.55 266000 143630 ALLIANCE SELECT FRUITAS HLDG 1.26 1.27 1.31 1.32 1.27 1.27 7031000 9046460 29.5 30 29.4 30 29.4 30 3300 97340 GINEBRA JOLLIBEE 132.9 133 138 138 133 133 1360790 183927657 MAXS GROUP 5.6 5.63 5.64 5.68 5.6 5.6 113400 638615 MG HLDG 0.119 0.143 0.12 0.143 0.115 0.143 340000 39810 1.91 1.92 1.92 1.92 1.91 1.92 297000 567400 PEPSI COLA 5.66 5.67 5.8 5.8 5.67 5.67 365500 2077721 SHAKEYS PIZZA 1.75 1.77 1.73 1.78 1.66 1.75 5403000 9291470 ROXAS AND CO UNIV ROBINA 122.9 123 124.6 125 122.6 123 1163090 143146406 VITARICH 0.78 0.79 0.8 0.81 0.78 0.79 569000 450210 1.07 1.08 1.08 1.09 1.07 1.08 3409000 3661570 CEMEX HLDG 4.02 4.78 4.04 4.04 4.02 4.02 200000 805100 DAVINCI CAPITAL EAGLE CEMENT 8.2 8.3 8.46 8.46 8.2 8.3 38500 318086 EEI CORP 4.89 4.96 5.09 5.09 4.86 4.89 492000 2413220 HOLCIM 7.7 7.77 7.78 7.78 7.61 7.77 197200 1521743 MEGAWIDE 5.05 5.08 5.15 5.2 5.05 5.05 2112700 10,733,801( 0.76 0.78 0.76 0.79 0.76 0.79 50000 38060 TKC METALS VULCAN INDL 0.63 0.65 0.66 0.66 0.63 0.63 143000 94070 120.2 144.8 130 130 130 130 100 13000 CHEMPHIL CROWN ASIA 1.71 1.73 1.74 1.74 1.73 1.73 120000 207700 EUROMED 2.45 2.46 2.55 2.55 2.42 2.46 972000 2398230 PRYCE CORP 4.3 4.49 4.5 4.5 4.3 4.3 23000 99500 22.8 23 22.75 23 22.75 23 2800 63935 CONCEPCION 1.41 1.42 1.43 1.43 1.37 1.42 2077000 2903920 GREENERGY 5.4 5.5 5.5 5.51 5.27 5.4 383600 2081665 INTEGRATED MICR IONICS 1.19 1.21 1.22 1.23 1.17 1.21 920000 1104100 SFA SEMICON 1.33 1.34 1.36 1.37 1.3 1.34 3550000 4725820 CIRTEK HLDG 7.65 7.66 7.94 7.94 7.56 7.65 4552600 34835777

-54160 9536385 1,822,980.0004) -1186540 -596190 -8773816 -516840 2921444 424728 1769360 829862 -65160 -539050 -7700000 94630066 -527120 -55501649 -34364 13420 94963 294990 -53061676 8400 -461810 24450 2,962,371.0002) 2520 7589.9999 -90499.9999 -13800 27400 -464555 93480 5260 -23915

HOLDING & FRIMS ABACORE CAPITAL 0.485 0.49 0.51 0.51 0.485 0.485 7118000 3506345 ASIABEST GROUP 7.98 8.17 8.22 8.22 7.95 8.16 3600 29205 AYALA CORP 666 677.5 685.5 690 666 666 226650 153661750 41.05 41.5 41.5 41.95 40.75 41.5 238200 9840250 ABOITIZ EQUITY 6.04 6.05 6.16 6.19 6.03 6.05 2291300 13902932 ALLIANCE GLOBAL 1.63 1.64 1.66 1.68 1.62 1.63 3332000 5484630 AYALA LAND LOG ANSCOR 5.98 6.2 6.2 6.2 6 6 12600 76140 ANGLO PHIL HLDG 0.51 0.54 0.51 0.51 0.51 0.51 80000 40800 ATN HLDG A 0.5 0.51 0.51 0.52 0.51 0.51 677000 345360 0.52 0.57 0.53 0.53 0.52 0.52 300000 157020 ATN HLDG B 4.98 4.99 5.04 5.1 4.96 4.98 1474600 7384662 COSCO CAPITAL 4.09 4.1 4.1 4.13 4.07 4.1 2713000 11119600 DMCI HLDG FILINVEST DEV 8 8.96 8 8 8 8 10000 80000 FORUM PACIFIC 0.156 0.187 0.156 0.156 0.156 0.156 60000 9360 GT CAPITAL 372 375 370 389.6 368.4 372.2 187370 70761142 3.34 3.65 3.48 3.65 3.34 3.65 69000 240970 HOUSE OF INV 48.15 49.1 47.8 49.35 47.65 49.1 1330400 64086870 JG SUMMIT 5.2 5.72 5.21 5.72 5.2 5.72 2100 11040 JOLLIVILLE HLDG LODESTAR 0.51 0.54 0.52 0.54 0.52 0.53 49000 25620 LOPEZ HLDG 2.44 2.45 2.46 2.46 2.43 2.45 1651000 4028730 LT GROUP 7.3 7.39 7.16 7.4 7.16 7.39 1231600 8909766 2.67 2.68 2.79 2.8 2.67 2.67 32826000 88544070 METRO PAC INV 0.77 0.8 0.78 0.78 0.78 0.78 65000 50700 PRIME MEDIA SOLID GROUP 0.98 0.99 0.93 0.98 0.93 0.98 12000 11630 SM INVESTMENTS 825 828 829.5 834 818 828 313950 259384840 SAN MIGUEL CORP 95.9 95.95 96 96 95.65 95.95 166050 15928930 TOP FRONTIER 134.4 136 129.3 136 127.2 136 3550 462444 0.178 0.192 0.177 0.18 0.177 0.18 1140000 202100 WELLEX INDUS ZEUS HLDG 0.138 0.143 0.144 0.144 0.144 0.144 10000 1440

-294000 -8230230 -345810 -5091357 29400 -1060 -612613 3840370 -80000 -16406478 -59160 3467460 1560 -705140 -713682 -43008190 -1880 -74017170 6266368.5 16630 -

PROPERTY ARTHALAND CORP 0.5 0.51 0.5 0.51 0.5 0.5 174000 87170 AYALA LAND 30.9 30.95 32.25 32.25 30.9 30.9 7955700 249316590 BELLE CORP 1.33 1.35 1.33 1.35 1.32 1.35 36000 47610 0.53 0.54 0.52 0.54 0.52 0.54 349000 183690 A BROWN CITYLAND DEVT 0.73 0.75 0.73 0.73 0.73 0.73 2000 1460 CROWN EQUITIES 0.124 0.13 0.124 0.124 0.124 0.124 10000 1240 CEBU HLDG 5.37 5.5 5.5 5.5 5.5 5.5 50200 276100 CEB LANDMASTERS 3.84 3.85 3.97 3.97 3.85 3.9 371000 1454020 CENTURY PROP 0.34 0.345 0.345 0.345 0.345 0.345 510000 175950 0.26 0.28 0.27 0.27 0.26 0.26 190000 50400 CYBER BAY DOUBLEDRAGON 17.68 17.7 16.94 18.2 16.82 17.68 819900 14388716 6.48 6.5 6.5 6.5 6.47 6.5 638900 4152603 DM WENCESLAO EVER GOTESCO 0.128 0.129 0.114 0.145 0.114 0.128 40080000 5359120 FILINVEST LAND 0.92 0.93 0.93 0.94 0.91 0.93 2248000 2077170 GLOBAL ESTATE 0.8 0.83 0.8 0.84 0.8 0.8 654000 526000 10 10.3 9.91 10.3 9.9 10.3 20000 198750 8990 HLDG PHIL INFRADEV 0.83 0.84 0.82 0.85 0.8 0.83 2050000 1694830 3.4 3.65 3.4 3.65 3.4 3.65 4000 13850 KEPPEL PROP CITY AND LAND 0.66 0.75 0.64 0.67 0.64 0.66 4000 2610 MEGAWORLD 2.63 2.64 2.63 2.65 2.6 2.64 8459000 22202470 MRC ALLIED 0.146 0.147 0.148 0.148 0.145 0.147 3620000 529080 0.28 0.285 0.28 0.285 0.28 0.285 360000 101600 PHIL ESTATES ROBINSONS LAND 14.64 14.66 14.8 15 14.6 14.66 1437400 21148462 0.239 0.246 0.243 0.246 0.24 0.246 340000 82710 PHIL REALTY ROCKWELL 1.44 1.45 1.46 1.46 1.46 1.46 1000 1460 SHANG PROP 2.66 2.67 2.67 2.67 2.67 2.67 13000 34710 STA LUCIA LAND 1.9 1.94 1.9 1.95 1.9 1.95 108000 209340 29 29.05 29 29.25 28.55 29 5793800 168077200 SM PRIME HLDG 1.19 1.2 1.21 1.21 1.18 1.19 498000 591870 SUNTRUST HOME VISTA LAND 3.36 3.44 3.4 3.4 3.36 3.36 1556000 5253010

-80542280 -1320 -276100 -833170 1508188 -3930550 -274570 429720 -150 -199200 3836910 -1709454 -40398150 -4965840

SERVICES ABS CBN 15.72 15.78 15.9 15.98 15.7 15.72 268000 4228240 GMA NETWORK 4.85 4.9 4.94 4.94 4.85 4.85 646000 3144160 MANILA BULLETIN 0.36 0.37 0.36 0.375 0.36 0.37 80000 29550 16.96 17.98 18.64 18.68 17 17.98 10800 192734 MLA BRDCASTING GLOBE TELECOM 2220 2232 2284 2290 2200 2232 91900 205707150 1211 1216 1228 1228 1211 1211 38995 47417080 PLDT DFNN INC 2.8 2.85 3 3 3 3 1000 3000 DITO CME HLDG 2.21 2.22 2.28 2.32 2.21 2.21 60949000 138815740 ISLAND INFO 0.062 0.078 0.079 0.079 0.079 0.079 30000 2370 1.7 1.71 1.72 1.74 1.68 1.7 1316000 2238280 NOW CORP 0.176 0.18 0.18 0.18 0.18 0.18 510000 91800 TRANSPACIFIC BR PHILWEB 2.32 2.33 2.36 2.36 2.3 2.32 459000 1062510 2GO GROUP 9.6 9.64 10.08 10.08 9.64 9.64 52500 510300 ASIAN TERMINALS 15.52 16.92 15.62 15.62 15.22 15.52 14600 224162 CHELSEA 3 3.05 3.08 3.1 3 3 1158000 3504120 35.35 35.5 37.4 37.5 35.25 35.35 476300 17106075 CEBU AIR 84.3 84.35 84.05 84.7 82.2 84.3 781970 65713704 INTL CONTAINER 12.54 13.88 14 14 12.54 13.9 1800 24524 LBC EXPRESS LORENZO SHIPPNG 0.73 0.78 0.77 0.78 0.77 0.78 13000 10130 MACROASIA 3.91 3.92 4.06 4.15 3.88 3.92 6061000 24108810 METROALLIANCE A 2.5 2.51 2.68 2.72 2.46 2.5 5984000 15326570 2.12 2.79 2.55 2.55 2.55 2.55 2000 5100 METROALLIANCE B PAL HLDG 6.18 6.28 6.6 6.6 5.99 6.28 106100 649997 HARBOR STAR 0.79 0.8 0.79 0.82 0.79 0.79 146000 116510 BOULEVARD HLDG 0.025 0.026 0.025 0.027 0.025 0.025 28100000 721000 WATERFRONT 0.375 0.39 0.365 0.385 0.365 0.375 950000 353150 CENTRO ESCOLAR 6.01 6.29 6.29 6.29 6.29 6.29 200 1258 6.61 7.99 6.33 7.99 6.33 7.99 18700 125368 IPEOPLE STI HLDG 0.3 0.305 0.305 0.305 0.29 0.3 4810000 1429250 2.08 2.09 2.07 2.1 2.05 2.09 72000 148720 BERJAYA BLOOMBERRY 5.34 5.35 5.26 5.37 5.26 5.34 32156600 171331589 PACIFIC ONLINE 1.86 1.91 1.86 1.91 1.86 1.91 3000 5630 1.44 1.48 1.44 1.44 1.44 1.44 1000 1440 LEISURE AND RES PH RESORTS GRP 2.16 2.28 2.28 2.28 2.28 2.28 2000 4560 PREMIUM LEISURE 0.29 0.295 0.295 0.3 0.29 0.295 2530000 746050 ALLHOME 5.65 5.69 5.79 5.79 5.61 5.69 1041500 5941431 METRO RETAIL 1.6 1.61 1.68 1.68 1.6 1.61 3149000 5,058,430( PUREGOLD 46.05 46.2 45.8 46.35 45.8 46.15 2861600 132230060 69.5 69.8 71 71 69 69.8 69430 4826716.5 ROBINSONS RTL 130.5 131 130 131 130 130 72040 9372383 PHIL SEVEN CORP 1.11 1.12 1.13 1.13 1.12 1.12 2413000 2703290 SSI GROUP WILCON DEPOT 15.1 15.28 15.1 15.28 14.9 15.28 889400 13351596 APC GROUP 0.3 0.305 0.305 0.305 0.3 0.3 60000 18050 EASYCALL 6.81 6.98 6.8 7.19 6.78 6.98 38100 260508 300 315 315 315.4 315 315.4 50 15758 GOLDEN BRIA PRMIERE HORIZON 0.212 0.217 0.217 0.218 0.212 0.213 1360000 292440

-89986400 -20769600 -131790 -57760 145429.9997 -10581490 11031334.5 158539.9999 -617550 3174630 -147500 1009362 1,592,820.0001) 33444050 -679608.5 91000 -1779800 4145302 -

MINING & OIL

ATOK 9.84 10.24 10.38 10.8 9.84 10.24 68800 679423 APEX MINING 0.9 0.91 0.91 0.92 0.9 0.91 2389000 2160000 0.0009 0.001 0.001 0.001 0.0009 0.001 61000000 60400 50000 ABRA MINING 0.88 1.09 1.12 1.12 1.12 1.12 1000 1120 BENGUET A COAL ASIA HLDG 0.174 0.186 0.171 0.171 0.171 0.171 400000 68400 CENTURY PEAK 2.68 2.71 2.68 2.71 2.68 2.71 247000 664560 324200 DIZON MINES 6.99 7.1 7 7.1 7 7.1 1200 8500 FERRONICKEL 0.77 0.79 0.81 0.82 0.77 0.77 2051000 1616120 -4900 0.199 0.202 0.201 0.206 0.2 0.2 190000 38520 GEOGRACE LEPANTO A 0.076 0.079 0.08 0.08 0.077 0.077 110000 8650 LEPANTO B 0.075 0.08 0.08 0.08 0.075 0.075 1920000 144180 MANILA MINING A 0.0063 0.0064 0.0063 0.0063 0.0063 0.0063 2000000 12600 MANILA MINING B 0.007 0.0079 0.007 0.007 0.007 0.007 13000000 91000 MARCVENTURES 0.53 0.54 0.53 0.53 0.52 0.52 6000 3140 1 1.02 1.02 1.02 1 1.01 17000 17040 NIHAO NICKEL ASIA 1.54 1.56 1.59 1.59 1.54 1.54 4210000 6534290 -1072120 0.37 0.38 0.38 0.38 0.38 0.38 10000 3800 OMICO CORP PX MINING 2.3 2.34 2.37 2.37 2.3 2.3 281000 660030 -87470 SEMIRARA MINING 11.22 11.3 11.2 11.3 11.16 11.3 290100 3262606 -778676 ACE ENEXOR 6.49 6.64 6.73 6.73 6.49 6.64 43700 287102 0.0084 0.0086 0.0086 0.0086 0.0084 0.0084 2000000 17000 ORNTL PETROL A PHILODRILL 0.008 0.0081 0.0081 0.0081 0.008 0.008 3000000 24100 PXP ENERGY 4.84 4.85 5.02 5.15 4.82 4.84 3599000 17807046 831430.0002

PREFFERED AC PREF B2R 494 502 498 498 494 494 4100 2025440 CPG PREF A 99.5 99.6 99.6 99.6 99.5 99.6 1250 124470 19920 99.9 100 99.4 99.5 99 99.5 156000 15475866.5 DD PREF FGEN PREF G 104 107 107.2 107.2 107.2 107.2 10 1072 GLO PREF P 510 520 510 510 510 510 100 51000 MWIDE PREF 99.5 100 100 100 99.6 100 20000 1999680 PNX PREF 3A 98 101 100 100 98 98 610 60780 50000 PNX PREF 4 996.5 999 999 999 999 999 13470 13456530 9990 1030 1039 1040 1040 1030 1030 780 804400 PCOR PREF 2B PCOR PREF 3A 1021 1023 1023 1023 1023 1023 10 10230 SMC PREF 2C 76.9 77.1 77.3 77.3 76.9 76.9 10300 792640 SMC PREF 2F 76.5 77 77 77 76 76 40000 3041300 1520000 SMC PREF 2I 76.5 76.9 76.6 76.6 76.5 76.5 34090 2607888 -765000

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 14.6 14.7 14.8 14.8 14.7 14.7 39500 581440 -391100 GMA HLDG PDR 4.71 4.87 4.71 4.89 4.71 4.88 363000 1774870 29160

WARRANTS LR WARRANT 0.69 0.7 0.7 0.7 0.69 0.69 15000 10480

SMALL & MEDIUM ENTERPRISES ITALPINAS 1.79 1.8 1.89 1.93 1.72 1.79 2278000 4159960 217000 KEPWEALTH 6.1 6.3 6.1 6.4 6.1 6.3 1300 7980 0.59 0.6 0.6 0.6 0.59 0.59 286000 169640 XURPAS

EXHANGE TRADE FUNDS

FIRST METRO ETF 84.3 84.9 85.5 86 84.3 84.3 13990 1189376 -

www.businessmirror.com.ph

ADB: Ethical investing key to post-pandemic success

F

By Cai U. Ordinario

@caiordinario

irms would have a greater chance of succeeding in a postcoronavirus disease 2019 (Covid-19) world if they will adhere to “ethical investing,” according to the Asian Development Bank (ADB).

In an Asian Development Blog, ADB Economic Research and Regional Cooperation Department Principal Economist Jong Woo Kang said companies must think beyond profit after the pandemic.

Kang said companies should turn to environment, social and governance (ESG) investing which calls for channeling funds to renewable energy, telecommuting, distance learning, and telehealth.

“ESG funds can play a key role in the recovery from Covid-19 by making large-scale stimulus packages more inclusive and more focused on the environment,” said Kang.

“ESG investing to prompt positive social change, pursue sustainable and green growth, and enhance resilience against disasters, both health-related and natural, will re-

ceive renewed attention in the global financial market.”

Ethical investing, Kang said, is not only for corporations in rich countries but also in developing countries in the Philippines.

He said focus on environment and social responsibility will help developing countries achieve the Sustainable Development Goals (SDGs) and meet the Paris Accord on climate change.

The Philippines, according to a UN and ADB report, is still facing “last mile challenges” in meeting the SDGs. The Philippines was deemed a “last miler” in achieving energy decarbonization and universal access to energy; promoting sustainable urban and peri-urban development; and securing the

global environmental commons

(See, “PHL still faces ‘last mile’ challenges in meeting SDGs–Unescap report,” in the B usiness M irror , May 22, 2020).

Kang also said developing countries will have a better chance of attracting foreign investors if companies and countries subscribe to ESG metrics in their businesses and operations.

“Foreign investors might start turning their backs on companies which lag on social and environmental consciousness. Reinforcing this trend is the reality that investors will become more wary of reputational risks if firms they’ve invested in don’t live up to desirable environmental and social norms,” he said.

In employing ethical investing, Kang said companies must recalibrate their business goals to encompass mid-to-long term environmental and social achievements beyond short-term earnings and profit targets.

He said they would also need to adopt an appropriate evaluation and reward mechanism to enhance corporate governance that safeguards workforce welfare, customer and supplier relationships, and engagement with the community.

Kang added that firms should

strengthen accountability toward various stakeholders by employing accurate and transparent accounting and outreach programs to monitor their needs and priorities.

He said even international institutions, including multilateral development banks, will face growing expectations to proactively adopt ESG principles.

“Covid-19 has exposed humankind to so many challenges. A key lesson is the importance of sustainability, resilience and social responsibility of businesses and investments. After the pandemic, a duty of care for the natural environment, communities, and their employees, will be key metrics of business success,” he concluded.

ESG is consistent with the SDGs which emphasizes the triple bottomline—economy, social responsibility, and environment.

In the Philippines alone, UNDP earlier told BusinessMirror, that achieving the SDGs in the country could open $82 billion worth of market opportunities in food and agriculture, cities, energy and materials, and health.

The SDGs can create as many as 4.4 million new jobs by 2030 (See, “Pandemic locks down PHL, UN in pursuit to achieve sustainable development goals,” in the B usiness M irror , April 2, 2020).

Meralco told: Conduct actual meter readings

By Jovee Marie N. Dela Cruz @joveemarie

T

he chairman of the House Committee on Energy on Monday urged the Manila Electric Co. (Meralco) to charge its customers based on their actual power consumption.

Marinduque Rep. Lord Allan Velasco also asked the power distributor to assure consumers that they will not face disconnection should they fail to pay bills incurred during this pandemic.

Velasco made the statement following growing complaints on the recent spike in electricity bills that have shocked its customers amid the coronavirus disease 2019 (Covid-19) pandemic gripping the country.

During the recent Joint Congressional Energy Commission (JCEC) hearing, which was co-chaired by Velasco and Senator Sherwin T. Gatchalian, Meralco—the country’s largest distribution utility—was asked to explain the increase in electricity charges and the convenience fee it charges to customers.

“Consumers are really surprised when they see their bills and their huge charge,” said Velasco, who even showed during the hearing a sample of a billing statement from Meralco, which indicated that charges jumped to P30,000 from the average of about P10,000 for two months prior to the pandemic.

Meralco representatives told the power sector primary watchdog that electricity billing was based on the actual consumption from the current meter reading and the “estimated consumption” in March and April, when billings were deferred due to the enhanced community quarantine (ECQ).

When Velasco asked if actual meter readings were done during the entire ECQ, Meralco admitted that for the month of April, it only managed to cover 1 percent of its customers.

He also requested from Meralco to make an assurance that its consumers will not be faced with disconnection should they fail to pay their electricity bills incurred during the ECQ. To this the utility company said, “We will be very considerate for the benefit of our customers.”

According to Velasco, the utility company should also assure consumers that the necessary adjustment in their bill will be applied, if any, and that they will only pay for electricity that they actually consumed.

The company said some March and all April bills were estimates based on the average daily consumption of customers over the previous three months, following the Distribution Services and Open Access Rules (DSOAR) issued by the ERC. Meralco suspended physical meter reading during the ECQ.

AirAsia to mount recovery flights

A

irAsia, the largest low-cost carrier in Southeast Asia, on Monday said it will mount special recovery flights for those affected by the enhanced community quarantine situation in Luzon, as well as in different parts of the country.

“These special recovery flights are in response to requests from various organizations, including local and international government agencies,” AirAsia said in a statement.

The airline said those who intend to book a seat published in Air Asia flights are advised to get in touch with the relevant government agency.

“Given the nature of the ever-changing situation at this time, flight schedules may change at short notice depending on, among others, regulations that have to be met in managing the public health situation.”

Meanwhile, the Philippine government requires all arriving international passengers to be tested for coronavirus disease 2019 (Covid-19) and to undergo quarantine procedures.

Arriving international passengers will undergo testing at the airport or designated facility. They will then be required to be quar-

antined at approved facilities while waiting for test results. Those who yield a negative test result will be made to undergo another 14 days of home quarantine.

More information may be found in Section III-A of Department of Health’s omnibus interim guidelines covering arriving international passengers.

Government guidelines state that shouldering the cost of accommodation at approved quarantine facilities will be as follows: n For returning overseas Filipino workers (OFWs), the cost of quarantine accommodation shall be shouldered by the Overseas Workers Welfare Administration (OWWA) for land-based OFWs, and by the local manning agency and/or Maritime Industry Authority for sea-based OFWs; n For non-OFWs, including overseas Filipinos (OFs) returning home, they can choose from among the approved quarantine facilities at their own cost.

AirAsia said it is closely monitoring this situation and that it reserves the right to announce further policies according to the latest developments. Recto Mercene

mutual funds

May 22, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 184.99 -28.39% -11.9% -8.04% -26.56% ATRAM Alpha Opportunity Fund, Inc. -a 0.9306 -41.63% -15.46% -9.44% -32.66% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.484 -38.16% -16.45% -10.87% -32.47% Climbs Share Capital Equity Investment Fund Corp. -a 0.6428 -30.3% n.a. n.a. -28.35% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6655 -22.36% n.a. n.a. -21.64% First Metro Save and Learn Equity Fund,Inc. -a 4.0471 -24.56% -8.92% -7.24% -24.05% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6245 -27.15% -12.98% n.a.

-26.84% MBG Equity Investment Fund, Inc. -a

74.14 -39.61% n.a. n.a. -28.25% PAMI Equity Index Fund, Inc. -a 36.9647 -27.52% -10.5% n.a.

-27.92% Philam Strategic Growth Fund, Inc. -a 398.28 -25.13% -9.73% -7.05% -25.24% Philequity Alpha One Fund, Inc. -a,d,5 0.8463 n.a. n.a. n.a. -17.84% Philequity Dividend Yield Fund, Inc. -a 0.9508 -26.71% -9.6% -6.39% -26.12% Philequity Fund, Inc. -a 27.8613 -26.75% -9.22% -6.24% -26.48% Philequity MSCI Philippine Index Fund, Inc. -a 0.7323 -28.23% n.a. n.a. -28.07% Philequity PSE Index Fund Inc. -a 3.7659 -27.12% -10% -6.2% -27.9% Philippine Stock Index Fund Corp. -a 629.53 -27.01% -9.99% -6.4% -27.81% Soldivo Strategic Growth Fund, Inc. -a 0.5787 -37.13% -13.62% -10.13% -32.03% Sun Life Prosperity Philippine Equity Fund, Inc. -a 2.9572 -30.34% -10.92% -7.32% -29.74% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.7222 -27.18% -10.14% -6.32% -27.84% United Fund, Inc. -a 2.7032 -26.33% -7.94% -5.17% -26.01% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 84.4278 -26.9% -9.51% -5.59% -27.81% ATRAM AsiaPlus Equity Fund, Inc. -b $0.9114 -4.12% -1.78% -3.35% -11.38% Sun Life Prosperity World Voyager Fund, Inc. -a $1.2986 3.28% 4.65% n.a.

-5.81% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.503 -11.29% -5.29% -4.93% -3.83% ATRAM Philippine Balanced Fund, Inc. -a 1.9607 -13.84% -5.74% -3.68% -10.1% First Metro Save and Learn Balanced Fund Inc. -a 2.3308 -10.47% -3.3% -4.54% -11.43% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1821 n.a. n.a. n.a.

-20.31% NCM Mutual Fund of the Phils., Inc. -a 1.7851 -6.41% -1.95% -1.66% -9.07% PAMI Horizon Fund, Inc. -a 3.3127 -9.09% -3.62% -3.18% -12.57% Philam Fund, Inc. -a 14.8152 -9.9% -3.81% -3.27% -12.65% Solidaritas Fund, Inc. -a 1.8389 -13.26% -4.86% -3.06% -13.5% -5.88% -4.33% -19.05% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.1278 -17.91% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.8968 -9.2% n.a. n.a.

-11.71% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.786 -19.94% n.a. n.a.

-21.12% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.7624 -22.16% n.a. n.a. -23.24% Sun Life Prosperity Dynamic Fund, Inc. -a 0.7698 -21.12% -7.01% -5.88% -21.03% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03814 4.52% 2.32% 1.47% -0.24% PAMI Asia Balanced Fund, Inc. -b $0.9462 -0.54% -0.29% -1.54% -8.84% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $3.6953 1.21% 3.23% 2.07% -5.51% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.0787 0.06% 1.41% n.a.

-4.44% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 363.35 4.19% 3.02% 2.47% 1.55% ATRAM Corporate Bond Fund, Inc. -a 1.9335 2.49% 1.04% -0.15% 1.66% Cocolife Fixed Income Fund, Inc. -a 3.176 4.74% 5.14% 5.11% 1.92% Ekklesia Mutual Fund Inc. -a 2.2751 4.98% 2.86% 2.2% 2.25% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4253 6.99% 3.12% 1.83% 2.81% Philam Bond Fund, Inc. -a 4.5191 11.14% 3.87% 2.24% 3.34% Philam Managed Income Fund, Inc. -a,6 1.2815 6.61% 3.73% 2.02% 1.97% Philequity Peso Bond Fund, Inc. -a

3.8928 7.35% 3.87% 2.03% 2.76% Soldivo Bond Fund, Inc. -a 1.0218 10.86% 3.54% 1.57% 5.96% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1356 8.13% 4.65% 2.81% 1.94% Sun Life Prosperity GS Fund, Inc. -a

1.7302 7.62% 4.1% 2.34% 1.71% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $470.5 3.28% 2.38% 2.49% 0.49% ALFM Euro Bond Fund, Inc. -a Є214.42 -0.75% 0.56% 0.73% -2.42% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2078 3.18% 2.55% 2.24% 0.05% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0259 2.37% 1.32% 1.12% 0.39% PAMI Global Bond Fund, Inc -b $1.0589 -0.94% -0.49% -0.36% -3.31% Philam Dollar Bond Fund, Inc. -a $2.4135 5.83% 2.93% 2.55% 0.4% Philequity Dollar Income Fund Inc. -a $0.0599545 2.45% 1.66% 1.54% -0.6% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1739 6.09% 2.19% 2.09% -0.04% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 127.64 3.8% 3.14% 2.37% 1.48% First Metro Save and Learn Money Market Fund, Inc. -a 1.0387 2.68% n.a. n.a.

1.21% Sun Life Prosperity Money Market Fund, Inc. -a 1.2797 3.29% 3.02% 2.55% 1.19% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0424 1.64% n.a. n.a.

0.5% Feeder Fund Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.91 n.a. n.a. n.a.

-8.08% a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. d - in Net Asset Value per Unit (NAVPU).

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

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

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

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

www.businessmirror.com.ph

Banking&Finance BusinessMirror

‘Earmarking road user tax for infra program unwise’

By Bernadette D. Nicolas @BNicolasBM

S

tate-run National Tax Research Center (NTRC) warned policy-makers that earmarking road tax or motor vehicle users’ charge (MVUC) for road infrastructure may not be beneficial to the government because this will reduce budget flexibility.

The NTRC explained earmarking funds is one of the ways to ensure steady and reliable funding for priority programs, such as road infrastructure. However, the think tank said this setup “could lead to financing of less important road infrastructure in one place over the urgent need in other places.”

“It could be pointed out that the provision of earmarked fund for the purpose of road infrastructure makes the construction and maintenance of roads automatic; that is, the need for infrastructure is dependent on the earmarked fund and not on the program needs relative to road infrastructure,” NTRC said in its tax research journal titled “Administration and Disposition of the Road Tax Among Asean and Selected Countries.”

Aside from reduction in budget flexibility, the NTRC said earmarking the funds can also lead to less transparency and accountability.

In the Philippines, NTRC said the earmarked funds are utilized for road construction and maintenance and road safety projects.

But other countries like Finland, Germany, Norway and Sweden remit their collection from road user charges to the general treasury to finance not only road expenses but

also other government expenditures, NTRC said.

Thus, these countries source their road infrastructure and maintenance financing through appropriations from the general treasury.

The NTRC cited a 2011 study that concluded earmarking of motor vehicle revenue for highway maintenance programs is neither efficient nor effective since these revenues are pro-cyclical or susceptible to revenue fluctuation, thus low in financial viability and reliability.

Moreover, the NTRC cited that Finland and Norway also conduct a cost-benefit analysis first before undertaking any road infrastructure project.

“In the end, the effective and efficient administration and disposition of the MVUC fund is essential in maintaining road networks and addressing traffic congestion, and air pollution, among others,” it said.

The BusinessMirror earlier reported that the government is looking for other options to raise revenues starting this year given the impact of Covid-19 pandemic on the economy.

According to a presentation of Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua to the House of Representatives—a copy of which was obtained by the BusinessMirror—the economic team is backing the proposal by Albay Rep. Joey Salceda to increase the motor vehicle road user’s tax.

Based on the economic team’s projections, applying such tax could raise additional revenues of P10.8 billion in 2021, P25.8 billion in 2022 and P38.2 billion 2023.

BPI urges businesses to have digital mindset

T

he Bank of the Philippine Islands (BPI) is encouraging small and medium enterprises (SMEs) to invest in digital transformation amid the “new normal” brought by the coronavirus pandemic.

BPI Business Banking Sales Group Head Luis G. Cruz, in a recent webinar, said that firms should adopt a digital mindset to boost the efficiency of their operations.

“Given the situation now with physical distancing, digital or ecommerce is actually benefitting from the situation,” Cruz explained.

“The ‘New Normal’ doesn’t tell you to change your business entirely. It’s more about having a plan or including as part of your growth the digital aspect of doing business.”

Companies can incorporate digitization in settling bills, supplier payments, salary payments and other financial transactions, the bank noted.

To note, BPI sells an online facility service for business clients it calls “BizLink.”

BPI Business Banking Head Eric M. Luchangco said this platform could enable businesses to make routine transactions online, including downloading bank statements and collecting through automatic bills arrangement, among others.

“As businesses adjust to the changing consumer behavior, it is

also important to prepare their backend processes,” Luchangco said. “And when they build their digital capabilities now, they will be ready for the resurgence in their businesses when the pandemic ends.

“The capacity of BPI’s digitalization is really being tested and we were able to cope with the increasing demands on our systems,” Cruz added. “We want our SME clients to have that same digital advantage in their own businesses.”

The bank said its digital transactions surged by 90 percent during the lockdown that began March 17 and which constricted economic activities.

Even BPI saw its first-quarter earnings slide by 5 percent to P6.39 billion year-on-year after it provided higher provisions for loan loss.

BPI said in a separate statement it has extended anew grace period for loan payments in accordance with government’s measures, which include the modified enhanced community quarantine in Metro Manila and other cities beginning May 15.

All payments on credit card and loans due from March 17 until May 31 are given a 30-day extension.

Should the lockdown be extended, the coverage period will be automatically adjusted accordingly, BPI added.

Tyrone Jasper C. Piad

Tuesday, May 26, 2020 B3

‘War bonds’-type issuance seen to boost govt finances

T

By Cai U. Ordinario

@caiordinario

he issuance of reconstruction and recovery bonds could provide the Philippine government a much-needed boost in its finances, according to former Socioeconomic Planning Secretary Romulo L. Neri.

A policy paper sent to the BusinessMirror by the former head of the National Economic and Development Authority (Neda) said the government can float a P1-trillion “Economic Recovery and Reconstruction Bond” similar in nature to a “War Bond.”

In the past, countries like the United States issued “war bonds” that were zero-interest debt papers that financed its war efforts. Other countries that have issued similar instruments were Canada, Germany, and the United Kingdom, among others, the paper said. “[An] economic recovery (ER) bond [can be used] to shore up fiscal resources and to fund income transfers,” Neri said in the paper. “[While an ER] bond [can be used] to support countryside development projects

that will redeploy and re-employ displaced workers.”

Apart from these, Neri also recommended other fiscal measures to respond to the financial challenge that the government faced due to the coronavirus 2019 (Covid-19) pandemic.

These include the use of Local Government Unit (LGU) funds, particularly from prosperous urban LGUs to purchase National Government bonds. These funds, Neri said, could also be used to finance household income transfers, distribute food to constituents, and finance local infrastructure projects.

Neri added that the country’s capital goods imports can also be financed through Official Development Assistance and long-term suppliers’ credit.

He also said it was important to identify possible Public-Private Partnership opportunities in these investment projects to bring in private sector financing, management expertise and operating efficiency.

Meanwhile, apart from these measures, Neri also recommended creating economic value through property rights.

He said these include revising the agrarian reform law to encourage bank lending to farmer beneficiaries as well as allowing land reform beneficiaries to sell their land.

Neri also said the Philippine economy “that will rise from the ashes” of Covid-19 should be a more sustainable one that takes into consideration environment-nurturing economic models.

The country’s former Chief Economist also said urban development should also experience a paradigm shift from shopping malls, crowded shanties, office buildings or urban jungles, urban traffic, condominiums, and overcrowded classrooms.

These should be replaced by the development of public parks that will be required for all LGUs, common tree covered areas and playgrounds, green buildings with cross ventilation, rooftop gardens, tree-lined avenues, walkable roads and sidewalks, affordable in-city dwellings,

and educational TV as well as free WiFi for all.

“To pursue these recommended actions, the government will need to mobilize all its manpower and economic resources. A massive government restructuring and reorientation may be necessary to effect the desired economic recovery and transformations,” Neri said.

Over the weekend, Neda released the “We Heal As One” report, which stated that the losses resulting from the enhanced community quarantine (ECQ), excluding losses in the transport sector, is estimated at roughly P1.1 trillion, representing 5.6 percent of the gross domestic product.

Data showed the largest losses were recorded in Services at P589.72 billion followed by Industry at P537.72 billion and Agriculture, P94.30 billion.

In terms of region, the largest losses were recorded in the National Capital Region at P589.25 billion followed by Calabarzon with P265.13 billion and Central Luzon at P83.59 billion.

The Neda said the estimates only assumed a 45-day lockdown period in Luzon; for Visayas and Mindanao, the number of days of ECQ varies per province. Moreover, the losses in the transport sector have not been included.

Additional mobile ATMs LandBank cites program deployed to countryside for Marawi-siege survivors

By Tyrone Jasper C. Piad @Tyronepiad

R

izal Commercial Banking Corp. (RCBC) has been deploying additional mobile automated teller machines (ATM) in the past months to expand its payout partner network in the provinces and, ergo, its reach.

The Yuchengco-led bank said it rolled out additional 60 mobile ATM units terminals to new and existing payout partners in April and May. These are the New Rural Bank of San Leonardo, Cantilan Bank, Baug CARP Beneficiaries Multi-Purpose Cooperative, Kooperatiba ng Sampaloc, Bayad Center branches, and other small and medium enterprises (SMEs).

Up to 90 more of the mobile ATM platform is expected to be given to its partners by June. Among them are microfinance nonprofit organization Kabalikat para sa Maunlad na Buhay Inc., Mount Carmel Rural Bank, Oro Integrated Cooperative, Perpetual Help Cooperative, Cooperative Bank of Nueva Vizcaya, Ekolife OFW Marketing Cooperative, Paglaum MultiPurpose Cooperative, CARD Bank, CARD SME Bank, and CARD MRI Rizal Bank.

“With RCBC’s extensive and massive payout partner network equipped with robust and proven disbursements platforms, the strong and growing collaboration among these partners present in 72 out of

81 provinces is a testament of our commitment in helping the government,” according to Angelito M. Villanueva, executive vice president and chief innovation and inclusion officer of RCBC. The bank said all its mobile ATM units allow cash-out, balance inquiry, funds transfer, bills payment and e-loading transactions.

These platforms disbursed over P1 billion in 72 provinces across the country through 1,300 terminals during the first quarter, the bank said. More than half of the withdrawals were accounted by beneficiaries of the government’s conditional cash transfer program.

The mobile ATM and its disbursement platform have been allowed by the government to facilitate the program amid the Covid-19 pandemic.

The digital disbursement platform allows basic transactions like cash receipt and withdrawal.

Most of the transactions coursed through these mobile ATM units were in Metro Manila, Northern Samar, Negros Occidental, Masbate and Marinduque, RCBC noted.

“This is the only inclusive and comprehensive disbursement platform in the country today allowing beneficiaries with or without smartphone or feature phones to receive their social grant,” Villanueva said.

In April, RCBC was given the authority by the Monetary Board to accept government funds and assist in cash distribution under the social amelioration program.

O

ver 2,000 internallydisplaced persons of the five-month long Marawi siege that transpired exactly three years ago last May 23 have been given psycho-social support under a corporate social responsibility project of Land Bank of the Philippines (LandBank), the bank said.

Since its implementation in January 2019, LandBank, as program manager, has partnered with a local organization as program implementer to conduct various activities that have so far benefited 1,673 internally displaced adults and 455 internally displaced children in ten barangays and transitional shelters in Marawi City and Lanao del Sur, LandBank said in a statement.

The activity was designed to provide space for community sharing and community-building among the displaced citizens and other individuals affected by violence. It also aimed to identify and prioritize issues within the communities and come up with common hopes and possible actions to address the identified issues.

“The program embodies the LandBank’s commitment to help communities grow and recover,” the bank’s President and CEO Cecilia C. Borromeo was quoted in the statement as saying. Since

its implementation in 2019, “we were able to give hope to many of our brothers and sisters in Marawi City and Lanao del Sur, helping them rebuild their communities from the catastrophic impact brought about by the siege in 2017.”

To continue the conversations with internally-displaced adults, LandBank said it facilitated psycho-social support activities such as the “Mashwara Corners,” in partner-communities where participants shared their personal journeys. Meanwhile, for the internally-displaced children, the bank said it conducted a series of activities that included games, storytelling and learning sessions.

A unique feature of the program is the incorporation of ecotherapy where various workshops and hands-on trainings on natural farming were mounted “to share and emphasize its importance as an introduction to a sustainable way of living and healing,” LandBank said.

As part of the main components of the program, LandBank said it also trained trainers on psycho-social support, with a total of 101 graduates. “They eventually served as facilitators in the conduct of psycho-social support activities and other interventions for the conflict-torn communities,” LandBank said.

State pension-fund manager releases ₧10.12B in loans to 200,000 members

T

he Government Service Insurance System (GSIS) announced it has released a total P10.12 billion in loans to more than its 200,000 active members and pensioners.

GSIS President and General Manager Rolando Ledesma L. Macasaet said in a statement that 53 percent of the total amount or P5.34 billion was disbursed through consolidated loan (conso-loan), policy loan and pension loan while 47 percent or P4.78 billion was released in the form of

emergency loan as of May 13.

The interest rate under the enhanced conso-loan program will continue to be 12-percent per annum compounded annually based on a diminishing balance.

Conso-loan, policy loan and pension loans are regular loans offered by the state pension fund. Qualified borrowers can avail these loans at any time while emergency loans are for those affected by disasters in regions or provinces declared as calamity areas by the government.

The Covid-19 emergency loan,

launched last April 13, was the first emergency-loan window opened by the GSIS on a national scale after President Duterte declared the entire country in a state of public health emergency. The GSIS said this loan window can be availed until July 12, 2020.

Earlier this month, the GSIS said it enhanced the features of this loan window by increasing the credit limit to P40,000. The fund manager said it did so to enable members to renew their loan even if they have not yet made any payment in their previ-

ous borrowing. An example of this was the emergency loans tapped by victims of the Taal Volcano eruption early this year.

For those who have no prior emergency loan or outstanding balance in their previous loan, the loanable amount is P20,000. According to Macasaet, this loan is payable in three years at 6-percent interest per annum.

“The loan is covered by an insurance, which deems the loan fully paid in case of the borrower’s demise,” he added.

The GSIS also allowed members to qualify for the emergency loan even if they have incurred arrears from their previous emergency loan, and they have due and demandable accounts from other loans.

The pension fund also reduced the required premium payment (government and personal share) to be able to qualify for the loan— from six months to three months within the last six months before the application date.

To avail of the loan, GSIS members may either submit their loan

applications via email or apply through the GSIS Wireless Automated Processing System kiosks located in all GSIS branch and extension offices; provincial capitols; city halls; selected municipal offices; large government agencies such as the Department of Education; and selected Robinsons and SM Malls.

Once the loan is approved, the proceeds will be directly credited to the Unified Multi-Purpose ID card or temporary eCard account of the borrower. Bernadette D. Nicolas

B4

Show BusinessMirror

Tuesday, May 26, 2020

www.businessmirror.com.ph

New TV season in jeopardy amid virus shutdown This Is Us stars Mandy Moore as Rebecca and Milo Ventimiglia as Jack.

L

By Lynn Elber The Associated Press

OS ANGELES—The first new TV season of the coronavirus era is facing an understandably shaky start that comes with a tacit disclaimer: No one is sure when it will arrive.

Studios, guilds and trade groups are huddling to find ways to ease a near-complete production shutdown, among the nationwide efforts to curb the pandemic. While streaming services parcel out series year-round, broadcast TV still relies heavily on a September filled with fanfare and high-profile scripted shows.

How that will happen is a cliffhanger only a masochistic screenwriter would envision.

ABC, CBS and NBC are holding back their 20202021 schedules which, in an ordinary year, would have been unveiled earlier this month in elaborate presentations to ad buyers in New York.

Another broadcaster, CW, said it’s aiming for a January start to its new season, based on production resuming this fall.

CW Chairman and CEO Mark Pedowitz, was asked if even that was realistic. “As realistic as anything else is at this point,” he said.

Gabrielle Union, who with Jessica Alba stars in and produces Spectrum cable’s LA’s Finest, is among those awaiting guidance on how actors and crews can safely return to work. The police drama combines shoot-’emup action with more intimate scenes, both tests of how social distancing and story demands will coexist.

“When we all are given the green light to go back, we just have to be flexible and open to this new normal, whatever that’s going to look like,” Union said.

Just four months before the September 20 Emmy Awards kick off the TV season’s traditional start, the uncertainties swirling around Covid-19 are daunting.

Even streaming services, like well-stocked Netflix or premium cable channels, like HBO with fully produced new series in hand must keep a wary eye on a prolonged disruption.

Neal Baer, a physician and a veteran TV writer and producer (ER, Designated Survivor), had a succinct reply when asked if he would start a production given the unanswered questions about the disease, including whether coronavirus antibodies confer immunity.

“No way,” Baer said. “I’m not going to put people potentially in harm’s way” given the unknowns.

While the Alliance of Motion Picture and Television Producers spearheads the broad industry effort to work with health and government officials on safety protocols, there are also what one executive called impromptu “think tanks” to find solutions.

“Some have attorneys and doctors involved. I do a weekly panel that a cinematographer put together, and we keep adding people who run production

By Eugenia Last

z

CELEBRITIES BORN ON THIS DAY: Helena Bonham Carter, 54; Lenny Kravitz, 56; Pam Grier, 71; Stevie Nicks, 72.

Happy Birthday: Aim to stabilize situations that have been causing confusion and uncertainty in your life. How you go about your business will determine the type of people you attract. Use your time wisely, pick up information, learn a new skill and prepare for a brighter future. Discipline and hard work will lead to expansion, as well as personal success. Your lucky numbers are 10, 18, 23, 26, 32, 34, 47.

a

ARIES (March 21-April 19): Address a pending situation before you let your emotions take over. A practical approach to the way you do things will ease stress. Start small and build slowly, and you will be happy with the results. HH

b

TAURUS (April 20-May 20): Make a personal change that will lift your spirits.

Address a sensitive issue if it will improve a relationship you have with a friend or relative. Diversify, use your skills differently or develop a talent you’ve been ignoring. HHHH

c

GEMINI (May 21-June 20): Stay in touch with friends and relatives. The information passed along will help you understand something about your personality and beliefs that you’ve questioned in the past. An emotional adjustment will make you happy and help you move forward. HHH

companies, sound stages,” said Matt Birch, cohead of physical production for the multinational talent agency APA. Visual effects supervisors and producers are in high demand, Birch said, to create what can’t be filmed. Among the steps industry members say are being mulled: scenes shot with fewer actors and crew, shortened production schedules and more animated projects. A critical issue is the insurance that covers losses due to production delays or budget overruns, said Carolyn Hunt, a veteran entertainment lawyer in Los Angeles who handles film and TV financing deals.

She said virtually all policies are excluding coverage of Covid-19-related issues.

That makes things very tricky, so a lot of people are waiting to see what happens there,” Hunt said.

Meanwhile, networks are cobbling together schedules and, in true Hollywood fashion, hoping for a happy ending.

When Fox announced its fall schedule, it included a recycled season-one run of LA’s Finest, along with two series that the network originally intended to debut this spring, Filthy Rich starring Kim Cattrall and tech thriller neXt with John Slattery.

The reason the trio of series earned a coveted spot on a network’s fall schedule: They were in the can and ready to air. The same holds true for CW’s fall placeholder shows, including Swamp Thing, canceled after one season on streaming and now getting a pandemic afterlife.

Movie and TV mogul Tyler Perry may be showing the way forward. His studio in Georgia, one of the first states to relax virus-related constraints, will resume production in July with two series for BET. Protective

measures are to include testing and isolation on the Atlanta lot for cast and crew.

There are other options, if even further afield from the LA and NY production hubs. Iceland plans to ease its travel restrictions in mid-June and is readying filming guidelines, said producer Leifur Dagfinnsson, whose credits, include Star Wars films and TV’s Sense8 and His Dark Materials. He touts the country’s dramatic landscapes, the London studios that are a three-hour flight from Reykjavík—and Iceland’s emphasis on coronavirus testing.

There are also alternatives to traditionally produced series. CBS aired a socially-distanced episode of its drama All Rise made using digital technology, and late-night hosts are drawing kudos for their homemade, YouTube-like episodes that boast family as supporting players.

That’s not the future envisioned by Laura Kennedy, CEO of Avalon, a UK and US-based management and TV production company whose shows include HBO’s Last Week Tonight with John Oliver and the FX comedy Breeders. “It really is an industry that begs team effort and personal reaction, including writers’ rooms where people riff off each other,” Kennedy said.

A secure return to work is something exciting to look forward to, said This Is Us star Mandy Moore.

She and others in the NBC drama’s cast reconnected with a Zoom call recently as they await word on when season-five production will begin.

“It’s the opportunity of all our lifetimes to be a part of this show and to do work we’re all so proud of, but we also understand there are bigger issues in the world,” Moore said. n

Matteo Guidicelli launches online talent show with P1M prize, talent contract EVEN in quarantine, people can dream big, especially after singer-actor Matteo Guidicelli, together with Popeyes Philippines, launched The Pop Stage, an online talent reality competition to discover the next idol in the entertainment industry. The show will be presented by Popeyes in partnership with Viva Artists Agency.

To officially introduce The Pop Stage, Guidicelli and Kuya J Group CFO Francis Reyes held a digital press conference which was streamed via Facebook Live to disclose some information about the show.

Today’s Horoscope

“When we have our normal shows, we have our directors and professional staff.

Now, it is you shooting your own material.

We want to see your creativity. It’s very real and organic. That is what’s exciting about this. It’s not professional, it’s just your own creativity,” Matteo said during the press conference.

“I’m very excited that our show is going to inspire and give some happiness to a lot of Filipinos. That is why we are all working hard from the backend and the marketing, to the operations to make sure that our show

is something that really matters,” Reyes added.

To join The Pop Stage, just visit www. thepopstage.ph and send a video of one’s audition piece. Interested individuals or groups may sing, dance, play instruments, do magic, or perform whatever talent worth showing off.

The winner of The Pop Stage will receive a cash prize worth P1 million and a one-year contract with Viva Artists Agency.

Matteo explained that the entries will be deliberated by a panel of judges. Those who

will be chosen will be featured on a weekly show that will be streamed both on The Pop Stage’s and Matteo Guidicelli’s Facebook pages. No need for selected contestants to leave their homes for the weekly show, as arrangements will be made so they can stream from their current locations.

All individuals or groups (maximum of four members) who are ages 13 to 25 years old are encouraged to send their audition tapes on or before May 27.

More information is available at www. thepopstage.ph.

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CANCER (June 21-July 22): Be creative, and add some zip to your work. How you present what you have to offer will encourage others to up their game. Be the one to make a difference, and get the ball rolling. The payoff will be worthwhile. HHH

e

LEO (July 23-Aug. 22): Reach out to someone who has the expertise, and what you need to push forward with your plans will be granted. Refuse to give anyone the upper hand or a chance to make you look bad. Finish what you start.

HHH

f

VIRGO (Aug. 23-Sept. 22): Proceed with caution. Make sure everyone is taking care of his or her responsibilities. Getting along with those you live or work with will be necessary if you want to be successful. Anger won’t solve anything, but hard work will. HHHH

g

LIBRA (Sept. 23-Oct. 22): You’ll have trouble deciding how best to spend your time. This is not the time to let someone dictate what you should do next. Consider what you enjoy and do well, and put your all into your personal success. HH

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SCORPIO (Oct. 23-Nov. 21): Let experience be your teacher. Dig deep and question everything. Personal growth will lead to new beginnings. Let go of the past, and ease into the future with optimism and enthusiasm. HHHHH

i

SAGITTARIUS (Nov. 22-Dec. 21): Listen to your heart and to those you know and trust.

If you let an outsider meddle in your affairs, you will upset someone who brings out the best in you.

Choose and treat your friends and partners with care.

HHH

j

CAPRICORN (Dec. 22-Jan. 19): Share your thoughts and feelings with someone close to you.

Together you will come up with a plan that will help you bring about progressive changes to the way you live and how you deal with everyday challenges.

HHH

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AQUARIUS (Jan. 20-Feb. 18): A healthy routine is a smart decision. Personal improvements will lift your spirits. Don’t buy into someone’s plan; do what works best for you, and you’ll surpass your expectations. Trust and believe in yourself, and live life your way. HHH

l

PISCES (Feb. 19-March 20): False information will throw you off guard. Ask questions, and be prepared to do your own thing if something you hear doesn’t sound right or financially sound. If someone disappoints you, walk away; arguing will only make matters worse. HHHHH Birthday Baby: You are intuitive, affectionate and creative.

You are disciplined and charismatic.

‘no escape’ by JOHN RUEBECK The Universal Crossword/Edited by David Steinberg

ACROSS 1 Hanukkah pancakes 7 Choose 10 Bit of matter 14 Palindromic album by Jeff Lynne’s band 15 Caesar’s lucky number?

16 Cook, as a casserole 17 Did as told 18 Unagi sushi pieces 20 Entrance to a sewer 21 Outdoor board game?

23 Midwives’ assistants 24 Funny Fields 26 Little salamander 27 Prickly plant 29 Journalist/activist ___ B. Wells 31 The Hulk’s punch 35 Unleash 37 “...you know the rest”: Abbr.

39 Outer: Prefix 40 Santa ___ 41 Criticize in a tweet, say 44 Up to, in ads 45 Fifth of a nickel 47 “Silly me!”

8 Two-rod antenna 4 50 Singer who lost her $?

52 Tin Man’s liquid 54 Palate cleansers after meals 55 Harvest 57 Goodnight girl of song 59 Narrowly categorize 62 Whale’s opening 63 Green Eggs and Ham character 66 Hawaiian or Samoan 68 2014 film about boxer Muhammad 70 Placed on a peg 71 #MeToo ___ 72 Mythical fire-breather 73 Clucking mothers 74 Unchangeable 75 Stomach neighbor DOWN 1 Hover ominously 2 Actress Jessica 3 Wonder Girl’s team 4 A child might spy through one 5 Word before “guitar” or “fan” 6 “Same” 7 Appliance with racks 8 Mouth, rudely

9 Spanish diacritic 10 Personal website section 11 “That’s a ___ order!”

12 Its panhandle touches Colo.

13 Military cafeteria 19 This answer crosses four of them 22 Camping gear store 25 Dory propeller 26 Western defense grp.

27 With 34-Down, regions that can only be entered...and a hint to the starred answers 28 Opera singer Fleming 30 Territory of India’s capital 32 Behave appropriately 33 One of a clown’s pair 34 See 27-Down 36 ___ Thai (stir-fry dish) 38 Jersey’s chew 42 Tax law flaw 43 Sci-fi anomaly 46 Groups of comments 49 Low-tech camera type 51 A gazillion years: Var. 53 Rap’s ___ Kim 56 Quito’s range

8 Sports no-nos, slangily 5 59 White part of an orange 60 “Ah, of course!”

61 Narrow valley 62 Unruly child 64 Common succulent 65 Twin Cities’ state: Abbr.

67 Homophone of “air” 69 Bad start?

Solution to yesterday’s puzzle:

www.businessmirror.com.ph

Anxious and Scared, Jaime Pacena II, 2020, acrylic on canvas, 24” x 18”

Art

BusinessMirror

Pangkabuhayan, Renz Baluyot, 2020, oil on canvas, 36” x 45.87”

Tuesday, May 26, 2020

B5

Alter Ego, Marvin Quizon, 2020, oil on canvas, 21” x 18”

INTROSPECTION, EXPLORATION, HOMAGE, HOMECOMING

Art Cube Gallery mounts four virtual solo exhibitions in 3D the format, citing testimonies that say going through artsteps is like visiting Art Cube’s physical gallery.

“A lot of them take screenshot and videos of the exhibits and post their stories on Instagram,” she said. “Others add some GIFs to make it appear they’re having a drink or enjoying pizza in the art gallery.”

Here are Art Cube’s four ongoing solo exhibitions, arranged as they presented in the virtual guided tour. The shows are on view until June 6.

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S art establishments in Metro Manila remain closed after more two months since a governmentimposed, turgidly termed lockdown, a number of affected galleries and museums have repositioned their featured artworks from the walls of their exhibition spaces to the pages of their digital channels.

One such institution is Art Cube Gallery. Established in 2012, the Makati-based gallery recently rolled out a strong lineup of four one-man shows on artsteps, an online platform where organizations can create virtual art galleries in lifelike 3D spaces that the art viewing public could tour in the comfort and safety of their homes.

“We had to make sure [that artists] were comfortable with the idea of a virtual exhibit, since it’s a paradigm shift from the usual concept of art exhibits, with an exhibition opening and personal experience in front of the artworks,” said Nicole Pagalilauan, gallery assistant of Art Cube. “Thankfully, the artists gave a very positive feedback, and they liked the idea.

They trusted us with the whole process.”

Showcased in the quartet of Art Cube’s solo exhibitions are Marvin Quizon, Renz Baluyot, Jaime Pacena II and Demi Padua. Devoid of a unifying theme to let the artists have free reign over their visual narration, the slate of shows can be viewed by typing on the artsteps search bar the keyword “ArtCubeGalleryPh.” After clicking on the lone hit, users will be redirected to the virtual exhibition space that is designed in great detail, perhaps not only to capture the quality of the featured pieces, but to replicate an in-person art viewing experience in 3D. Artworks and exhibition notes hang on the walls. Benches and even trash bins are placed around the space. Viewers can choose where to go and what to view, or opt for a virtual guided tour.

Pagalilauan said viewers have been equally receptive of

‘Interception’ by Marvin Quizon THE young age of visual artist Marvin Quizon belies his old soul, wherein he is in his mid-20s only in terms of years lived and nothing more. Elsewhere, he seems to have been here for a while—overtaken by time, opulent in experience and occupied by thoughts that he continues to grapple with through many long years.

In Quizon’s third solo exhibition, titled Interception, the chosen rumination is an age-old debate: mind or heart?

Should cognition rule all decisions, or does one have to go with the intangibles of feeling?

“Nabuo ko ’yung concept nung time na lagi akong naguguluhan sa conscious mind ko—sa kung ano ang iniisip, at sa kung ano ang gusto ng puso,” said Quizon, who has won several national visual art contests, including Vision Petron, Shell National Students Art Competition, and the PNOC Painting Competition.

The artist knows that any attempt to definitively settle the presented argument brings more affliction than answer. The peril on one side is overthinking. On the other is emotional breakdown. Therefore, Quizon serves the subject without a suggestive answer. Rather, he challenges the viewer to come up with his or her own take by posing a question conveyed by symbolism across six masterful surrealist paintings.

Each one features a different subject, but all involves an octopus tentacle, from a replacement to a human head to clutching an alarm clock, rendered in the artist’s signature time-worn aesthetic.

Quizon said octopuses are known to use their tentacles for self-defense against all forms of adversities. Thus, in any attempt to choose between the mind and the heart, inevitably subjecting oneself to all the tortures that come along with it, the artist asks: Can you protect yourself from your own self?

‘Noontide Hagonoy’ by Renz Baluyot KNOWN for realist depictions of sceneries marked by eloquent mastery of light, Renz Baluyot has nine solo

exhibitions under his belt. For show No. 10, titled Noontide Hagonoy, the artist returns home. Sort of.

“Doon kasi ’yung roots ng family pero ’di ako dun lumaki,” Baluyot said, adding that his works for this exhibition are simply “observatory and representational.”

Any trace of simplicity in Noontide Hagonoy, however, ends with the artist’s description of his works, as the pieces are anything but plain. Baluyot remains as unrelenting as he is accurate in dealing with details, as seen on each jagged edge of a bamboo scaffolding and the shadows it casts in Pangkabuhayan; or the withered paint of a soda brand image on an American colonial-era water tank in Water District Tower.

‘Given Time’ by Jaime Pacena II IT only follows for a multihyphenate such as Jaime Pacena II to venture into new things, to try different concepts.

A visual artist, video director, educator and curator, Pacena presents Given Time not just a one-man art show but as “online open studio and exhibition.”

The concept, he said, “explores the idea of an ‘Artistin-Residence’ with works reflecting on isolation during this pandemic.”

The artist has intended the show to be a tribute to creation and nurturing of one’s process as an artist. Here, he presents recent works, along with his mental, emotional and physical space during this community quarantine period. Moreover, despite being depicted in bright and lively hues, the works display one’s stages of grief amid the current pandemic.

Pacena is also engaged in a “takeover” of the Art Cube Gallery Instagram account for over a week that ends today.

The activity is an attempt to stretch the dialogue and manipulate the audience into a “slower and well-phased consumption of the exhibition” during the run of the project.

“It is not just a feature, but an actual takeover that includes the sudden shift of curation sa content and posting on the feed of Art Cube,” he said.

‘Front Line’ by Demi Padua “BY essence we are the real frontliners and our medical practitioners are the last line of defense.”

So reads one of the texts written on the virtual walls that showcase Demi Padua’s works for his solo show, titled Front Line. The concept is not Padua’s original idea for the show, but he decided to exercise his responsibility as an artist to be a “recorder of time.”

The result is a range of geometric and multilayered

surrealist paintings, featuring portraits of people wearing masks.

“Noong pumasok ang Covid, naisip ko mas maganda makagawa ako ng mga pyesa na magiging part nitong event na ito na hindi pangkaraniwan,” he said. “Pwede ko itong gawing visual diary ko during quarantine. Gusto maging part ng history ang mga works ko kasabay nitong Covid.” n

UN agency warns pandemic could kill 1 in 8 museums worldwide

By Raf Casert The Associated Press BRUSSELS—Museums are starting to reopen in some countries as governments ease coronavirus restrictions, but experts warn 1 in 8 worldwide could face permanent closure due to the pandemic.

Studies by Unesco and the International Council of Museums show 90 percent of the planet’s museums, some 85,000 institutions, have had to shut at least temporarily. “It is alarming data that we are giving,” Ernesto Ottone, Assistant Director General for Culture at Unesco said in an interview with the Associated Press on Tuesday.

He said the problem cuts across the board, affecting museums big and small, new and established, featuring art or science. Museums that indicated they might well not reopen, he said, “have been closed for months and they have no revenues. And they don’t know how they’re going to get their revenues.”

And once they do reopen, Ottone said, “they [won’t] have the capacity to update their infrastructure” to conform with

social distancing and other pandemic precautions. Some costly blockbuster shows have suffered heavy damage this spring. A once-in-a-lifetime exhibit bringing together fragile paintings by Flemish master Jan van Eyck had barely opened in Ghent, Belgium, when it was abruptly canceled. It won’t be resumed, as many of the works were on loan and had to be returned.

In Rome, a similar supershow on Renaissance artist Raphael had to close after just three days, but was able to hold on to all 120 works and will now reopen June 2 through August 30. Overall, the picture is dark, more Munch than Monet. “Nearly 13 percent of museums around the world may never reopen,” Unesco and ICOM said in a joint statement, saying those in poorer countries faced a greater risk. Things are pretty bleak in wealthy countries too.

The Network of European Museum Organizations said large institutions in tourist hotspots like Paris, Amsterdam or Vienna have suffered income losses of up to 80 percent, that can reach hundreds of thousands of euros (dollars) a week.

Places like the Stedelijk and Rijksmuseum in Amsterdam, or the Kunsthistorisches in Vienna, could lose up to €2.5

million ($2.75 million) a month. Ottone said matters were particularly tough in Latin America, “where 99.4 percent of all museums are closed right now.”

“So you have a continent that doesn’t have anything open,” Ottone said. “It’s the first time in our history and it will be very difficult to come out from this crisis for those institutions.”

It is little wonder that royalty and prime ministers are now lining up to boost their cultural institutions.

“We have to show our support at the maximum level to this sector by coming here, to show that they are open again and that people can come back here in complete safety, but also by taking measures and decisions...to support them,” Belgian Prime Minister Sophie Wilmes said Tuesday, touring the reopened Bozar Center for Fine Arts in Brussels.

King Philippe of Belgium and Queen Mathilde visited the nearby Royal Museums of Fine Arts, wearing protective masks. Across Europe, such reopenings provide some hope.

In Berlin, four museums and one special exhibit that reopened had 10,000 visitors over the past week—about 43 percent of last year’s level for the same week. Visitors need to

buy tickets for a particular time slot, which limits the number of visitors. In Italy, one-time epicenter of the pandemic in Europe, the Villa Borghese and the Capitoline museums, both home to Caravaggio paintings and Bernini sculptures, reopened on Tuesday.

There’s still no reopening date set for Italy’s biggest cultural draws, including the Uffizi in Florence and the Vatican Museums or the Colosseum in Rome.

The same goes for France. Big hitters, such as the Louvre—the world’s most visited museum—and the Pompidou Center remain shuttered after an easing of restrictions May 11.

Greece reopened its ancient sites—including the Acropolis—Monday, and set a June 15 date for museums.

Overall, the situation remains dire amid uncertainty over when tourism, a lifeline for most museums, will resume.

“It’s [going to] be a very, very difficult year,” said Pierre Coulon, Operation Director for Public Affairs of the Royal Belgian Institute of Natural Sciences Museum. “And we don’t know exactly how long it will last and when we will recuperate a normal income.”

Lockdown, Demi Padua, 2020, acrylic on canvas, 36” x 24”

B6 Tuesday, May 26, 2020

DLSU wins awards in top global communication conference

Project Kaagapay for healthcare frontliners raises P92M, provides 200,000 PPEs for 70 hospitals

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Taken during the turnover of protective suits and ventilators for the Philippine General Hospital (PGH), one of Project Kaagapay’s 70 hospital beneficiaries. In photo are: Dr. Gerardo Legaspi, Medical Director of PGH; Dr. Anthony Faraon of Zuellig Family Foundation; Rene “Butch” Meily, President of PDRF; Paul Edward Pascual, Service Engr. of Respicare; and Dr. Michael Tee, Vice Chancellor of PGH

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ROJECT Kaagapay, a fundraising initiative that began last April to provide much-needed personal protective equipment (PPE) for the country’s healthcare community, has raised almost Php 92 million in cash donations and received in-kind donations worth almost Php 27 million, reaching 70 hospitals and medical centers in Metro Manila and other provinces and distributing over 200,000 personal protective equipment (PPE) sets for beneficiaries.

Kaagapay was launched by the Philippine Disaster Resilience Foundation (PDRF), Zuellig Pharma, ABS-CBN, and Metro Drug as part of the private sector’s efforts to curb the spread of the COVID-19 pandemic through collective action.

“There are many kinds of love. What we are doing is protecting our health workers and assisting our hospitals and that kind of giving is a form of love as well,” said PDRF President Butch Meily.

Among the companies and organizations that have supported the initiative are Zuellig Family Foundation,

Ayala Corporation, Ayala Foundation, Coca-Cola Beverages Philippines, PLDT, Pilipinas Shell, PMA Alumni Association, Alaska Milk Corporation, Peace and Equity Foundation, Alagad ng Batas Foundation, and Normany Group.

Individual donations also reached almost Php 4.5 million through joint fundraising with Paymaya, Gcash, and Ayala Malls.

“We are so encouraged and thankful for the growing support for Project Kaagapay. This truly reflects the deep care and concern we all have for our healthcare heroes on the frontlines. These kind donations have made a lot of difference not only in protecting and saving lives, but more importantly, in letting them know we are one with them in this battle. The fight against COVID-19 will remain for quite some time. So we continue to appeal for the public’s generosity to join us in this worthwhile cause in healing our nation,” said Raymund Azurin, Chairman of Zuellig Phama Corporation.

In-kind donations also poured in from Apple Inc., which gave 105,000 KN95

masks amounting to more than Php 15.7 million; UPS, which provided transport support equivalent to Php 5 million; Airbnb, which allotted almost Php 3.5 million for free accommodation; Unilever, which donated 10 ventilators and 15,000 surgical face masks amounting to over Php 1.7 million; Cebuana Lhuillier Foundation Inc., which gave 750 test kits; US Philippines Society, which contributed N95 masks; and Huawei, which provided surgical masks.

Kaagapay continues to call for support in providing aid for the country’s healthcare workers and other frontliners, providing not just personal protective equipment (PPE) but also test kits and ventilators for beneficiaries.

Established in 2010, PDRF is the major private sector coordinator for disaster risk reduction and management in the country. Composed of over 85 member companies, PDRF is co-chaired by PLDTSmart Communications Chairman Manuel V. Pangilinan, Ayala Corporation Chairman and CEO Jaime Augusto Zobel de Ayala, and Luis Antonio Cardinal Tagle.

WO of De La Salle University’s research projects on digital labor in the global South have received top honors in this year’s virtual conference for the International Communication Association (ICA), one of the most prestigious professional organizations in the field of media and communication.

Department of Communication faculty members Dr. Cheryll Ruth Soriano and Dr. Jason Vincent Cabañes have won the Top Faculty Paper Award for ICA’s Philosophy, Theory, and Critique (PTC) Division. This is for their co-authored paper "Entrepreneurial Solidarities: Social media collectives and

Filipino digital platform workers", which comes out of a project funded by DLSU's University Research Coordinating Office (URCO).

DLSU MA Communication graduate Joy Hannah Panaligan has also won the Interactive Poster Award for ICA’s Ethnicity and Race in Communication (ERIC) Division. This is for her submission "Exploring the experience of Filipino online English language teachers in the platform economy".

More information about the #ICA20 Conference can be found here: https://www. icahdq.org/general/custom.asp?page=ICA2020#

Sheraton Manila Hotel’s S Kitchen and Oori Korean Restaurants are now offering To-Go Selections

Beef Galbi Jjim

Pepsi-Cola Products Philippines hydrates medical workers, sends thousands of drinks to hospitals and health facilities

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OU can now bring home – or anywhere else – the signature dishes from Sheraton Manila Hotel with the launch of their S Kitchen and Oori To-Go menus.

These two outlets have made available their famed dishes for easy pick-up or takeout. And as an “opening treat”, they are offering 20% discount on all food items until May 31!

S Kitchen is known for elevating international cuisine and healthy options, so its To-Go menu include quick bites but heavy in flavors like Caesar Salad, classic S Burger, and S Club sandwich. It also offers their famed plant-based dishes from Spaghetti, Pancit BIhon, Beef Rendang, Phad Kra Pow and Brownie – all of which are made of soy-based meat alternatives and are vegan friendly.

While Oori To-Go, a newly opened upscale Korean restaurant, offers items both from its bibimbap and grill menus. It has Bibimbap varieties from bulgogi (beef), dak (chicken) and jeyuk (pork) and loaded with vegetables to mix in. Other comfort selections are Dakganjung (popular Korean fried chicked), Japchae (stir-

fried glass noodle and vegetables), and spicy Tteok Bokki (rice and fish cake). For something fancy, there is Jeyuk Bokkeum (stir-fried pork) and Beef Galbi Jjim (braised short ribs). All items in Oori To-Go comes with cabbage kimchi, cucumber kimchi, fish cake and rice.

You may order daily from 10am to 7pm – good for lunch, afternoon snack or dinner.

Payment can be via cash, debit card or credit card, or PayMaya. Orders can be picked up at the curbside of the hotel drop-off. And since safety is most important now, you can count on Sheraton Manila Hotel on practicing the highest food safety measures at all times, on top of the excellent food quality.

Not even a lockdown should stop you from indulging in your gathering place, with S Kitchen and Oori To-Go, you can now take it wherever closer to you. For direct orders, call +632 7902-1808 or 0917 822-3213.

For more updates from Sheraton Manila, follow them @sheratonmanila on Facebook, Instagram and Twitter or call +632 79021800.

SHARP installs Air Purifier at SM Breastfeeding Stations nationwide

Hundreds of cases of Premier Bottled Water delivered by PCPPI to World Trade Center, one of the new quarantine facilities in Metro Manila

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EPSI-COLA Products Philippines, Inc. (PCPPI), the exclusive bottler and distributor of PepsiCo and Lotte beverages in the Philippines, continues to respond to the needs of frontline health workers in need of staying hydrated during their shifts amid the COVID-19 pandemic.

PCPPI donated more than 25,000 assorted drinks to hospitals attending to COVID-19 patients. The drinks were sent to Research Institute for Tropical Medicine (RITM) in Muntinlupa City, Dr. Jose Natalio Rodriguez Memorial Hospital in Caloocan, Philippine General

Hospital (PGH), Lung Center of the Philippines, Veterans Memorial Medical Center, De los Santos Medical Center, and PNP General Hospital in Quezon City.

They also sent cases of bottled water to the new quarantine facilities in World Trade Center and Rizal Memorial Sports Complex.

“Our work is nothing compared to the bravery and sacrifices of our medical workers and other frontliners. Through our drinks, we hope that we are able to uplift their spirits during these challenging times. This is to show them that we care for them and that we are one with them in this fight to save lives,”

said Frederick Ong, president and CEO of PCPPI. This is the second major round of donations that PCPPI has conducted for frontline heroes. The first one was for the frontliners manning checkpoints, serving local government units (LGUs), and health workers nationwide. The company donated close to 8,000 cases of drinks and lent 122 tents for checkpoints.

The company is continuously coordinating with LGUs and hospitals for distribution of their donations to areas and medical institutions that need urgent assistance.

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HARP (Phils.) Corporation (SPC) installs Plasmacluster Air Purifier at 74 Breastfeeding Stations in SM Malls Nationwide. SHARP, leading manufacturer and distributor of quality ahousehold and commercial appliance and SM Cares, a division of SM Foundation, Inc. that handles the corporate social responsibility program of SM Prime Holdings, Inc., collaborated to promote indoor clean air environment.

Plasmacluster is a unique purifying technology developed by Sharp that provides comprehensive protection against airborne

threats in a safe and chemical-free way. It disperses positive and negative ions that eliminates the effects of airborne threats by up to 99%, rendering them inactive and capable of spreading.

With the current outbreak of airborne diseases, This partnership aims to give the customers a cleaner and safer environment outside of our homes. Both companies are committed to provide protection and defense against these viruses for the benefit of their customers. Know more about PCI products at https://ph.sharp/.

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

Sports BusinessMirror

Tuesday, May 26, 2020

B7

Calling games on sports radio posts challenges

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HEN you oversee 19 sports stations, radio programming is a daily challenge.

During a pandemic, it can become like throwing a no-hitter, scoring a hat trick and winning a Nascar race all in one.

Just ask Steve Cohen, SiriusXM’s senior vice president for sports, whose company broadcasts everything from baseball to hockey to soccer to football to golf to, well, you get the idea.

Cohen and his team had to devise plans for the 19 sports channels SiriusXM radio produces.

Some stations have kept their programming lineup in the two months since the pandemic halted sports. Other channels taped shows that ended up airing in their normal time slots.

Regardless, some quick thinking for the short and long terms was needed.

“We were totally reinventing how we do things,” says Cohen, who has been in sports broadcasting for more than three decades.

“We quickly had to identify which channels needed to stay live and what was most important, while taking into account the safety of our staff.

“The day everything was postponed, we knew we were going to be challenged. Our goal throughout has been what we could do to be entertaining.”

And informative, naturally. With so much uncertainty surrounding the sports world, SiriusXM’s on-air talent needed to adjust their roles. Cohen says what has pleased him most is their transition into being talk show hosts. With a base of longtime subscribers and regular callers, keeping a daily routine was important.

“They have had to talk about Netflix and what they are doing to take care of themselves.

It has been great to hear that because we are all going through this together,” Cohen says.

Even though most of the hosts already were doing shows out of their homes, they had to make some adjustments with producers having to work remotely.

The Mad Dog Sports Radio and National Football League (NFL) Radio channels—two of SiriusXM’s most popular sports outlets— were able to run close to normal because of NFL free agency and the draft. Mad Dog Sports Radio also maintained its lineup and was able to delve into other topics throughout the sports world.

Former NFL team executive Pat Kirwan, the longtime host of NFL Radio’s “Movin’ the Chains” afternoon show, has been working almost exclusively from home since he was hired in 2004. The only times he sees cohost Jim Miller, the former NFL quarterback, is when they are at the Senior Bowl, Super Bowl, training camp or league meetings.

Kirwan explains that technology has progressed greatly during his 16 years with the network, going from using ISDN lines that had to be installed for home studios to a high-speed fiber Internet connection that delivers better quality.

“We can do a show without seeing each other. The only time we step on each other’s toes is when we want to,” Kirwan said. “Every couple of years the technology takes us to a deeper and better place.”

Which certainly has come in handy the last few months, particularly during the NFL draft, when SiriusXM covers every selection. AP

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ADRID—The president of the Spanish soccer league said Sunday the competition could restart as early as June 11 with the Seville derby between Sevilla and Real Betis.

Javier Tebas made the announcement a day after Spanish Prime Minister Pedro Sánchez said that the league would be allowed to resume from June 8 as long as the country continued to keep the coronavirus outbreak in check.

“It will depend on how the training progresses, but hopefully it will be possible to restart with our first match on Thursday, June 11,” Tebas said in his weekly Sunday night interview with league broadcaster Movistar.

Tebas said the popular Seville derby in the top tier would be a good way to mark the return to competition and “honor those who have lost their lives” during the pandemic in Spain with more than 28,000 deaths.

Teams will be allowed to train with groups of 14 players beginning on Monday, up from 10 players the past week. Full squad sessions are scheduled for upcoming weeks.

Tebas said it remains impossible to guarantee the June 11 start date because

THEY’RE RACING United (right)

with Flavien Prat aboard, overpowers Rockemperor (outside) with Irad Ortiz Jr. to win the Grade II, $200,000 Charles Whittingham Stakes race at Santa Anita Park in Arcadia, California, over the weekend. AP

Dan O’Hagan commentates on the German Bundesliga match between Freiburg and Werder Bremen remotely from a studio in Camden Town, London, as Augsburg’s Noah Saranren Bazee (left) celebrates with teammates after scoring his side’s second goal against Schalke 04 at the Veltins-Arena in Gelsenkirchen, Germany, also over the weekend. AP

By Alberto Pezzali

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The Associated Press

ONDON—The resumption of the German soccer league has put players back on the field, coaches back on the sideline, and commentators back in the booth.

The booth, however, could be just about anywhere.

Dan O’Hagan is a veteran soccer commentator who has called games at the World Cup, in the English Premier League, the Italian league, and even the Japanese league, among many others.

He also does Bundesliga matches in English, but on Saturday he was working from a small studio in north London because of restrictions on travel during the coronavirus pandemic.

“Normally we’d be in Cologne doing these games, in Germany,” O’Hagan said from the studio in the same building that houses The Associated Press. “Obviously that now is not possible, but doing games from studios for most commentators now, it’s almost second nature. So that doesn’t really present a new challenge.”

The big challenge actually came last week, when Germany became the first country to restart a major soccer league amid the pandemic, albeit in empty stadiums and with social distancing protocols in place.

It wasn’t just the players that were out of practice.

“I think [it was] eight weeks without working,” O’Hagan said, “so I was a bit worried

COMMENTATE FROM HOME that I might be a bit rusty.”

One of the most important elements for O’Hagan during the resumption has been keeping the right balance between soccer and the deadly effects of the virus around the world.

Germany seems to have handled the pandemic better than many other big countries, but it still has reported more than 8,000 deaths.

“We want to hit the right tone because it’s a very serious global situation, so we want to make sure that our coverage reflects respectfully both the tone and also the measures in place from the German football league to ensure the games are played safely,” O’Hagan said.

“The German game has done all it can to get the games on so we feel a responsibility to portray the league in a light that shows these efforts.”

The remote commentators don’t have any

control over the pictures that they have to talk over, but that is normal when calling games from a studio, O’Hagan said.

The weird aspect of these particular games, though, is the empty stadiums.

“OK, there’s no fans there, but the pictures are still the pictures we’d get anyway in terms of angles, in terms of number of cameras, and closeups,”O’Hagan said. “So there’s no great difference in calling the game here or in Cologne or in the stadium.”

NO FANS, NO PROTESTERS

LEIPZIG seemed to enjoy playing in an empty stadium with no protesters as it routed host Mainz 5-0 to move third in the Bundesliga on Sunday.

Germany forward Timo Werner scored a hat trick.

Leipzig has got used to protests from rival fans due to its support from backer Red Bull. The

energy drinks manufacturer founded the club in 2009 and helped finance its steady progress through the lower leagues to the Bundesliga.

Many fans object to what they claim is a distortion of fair competition. Leipzig players have been regularly whistled at away grounds, and Union Berlin supporters even held a “funeral march” for soccer before their team’s game in Leipzig earlier this season.

But supporters have been banned from Bundesliga games for the rest of the season in a bid to contain the coronavirus pandemic. The league resumed amid strict hygiene measures last weekend.

Werner opened the scoring in the 11th minute, and there were more goals from Yussuf Poulsen and Marcel Sabitzer before the break.

Werner grabbed two more in the second half.

Leipzig, which beat Mainz 8-0 in front of its

Economic woes pound Chinese football clubs

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EIJING—Economic woes are taking a toll on China’s professional football clubs, with 11 being disqualified for failing to pay wages and five closing shop on their own terms, including last season’s Chinese Super League side Tianjin Tianhai.

Low attendance and gaudy contracts for overseas signings were already weighing heavily on the industry, even before the coronavirus outbreak forced it into total shutdown.

The suspended clubs include four from the second-division and seven from the third-division. The five others have been struggling with financial woes and decided

to disband on their own.

Tianjin Tianhai withdrew May 12 amid heavy debts, only three seasons after former World Cup winner Fabio Cannavaro guided it into the Asian Champions League. That came after owner and founder of the Quanjian group, Shu Yuhui, was arrested on corruption charges.

The official Xinhua News Agency quoted Chinese Football Association (CFA) Head Chen Xuyuan as saying “clubs can barely achieve sustainable development. The owners have invested a lot but earn little back.”

In an announcement Saturday, the CFA said it hoped clubs could “pay attention to long-term

planning and rational management” and protect the interests of players, coaches and staff.

The Chinese Super League will continue to comprise 16 teams, with formerly relegated Shenzhen FC promoted to take Tiajin’s place. It still remains unclear when the postponed 2020 season will restart.

Chinese president and head of the ruling Communist Party has called for turning China into a football superpower, but with few results.

The national team is currently ranked 76 by Fifa among all countries, sandwiched between the much smaller and poorer countries of Bolivia and Uganda. AP

the decision ultimately depends on how the pandemic progresses. He said all teams must go through all the phases already established in the league’s return-to-training protocol, but there could be different confinement measures in place for different regions of the country.

Tebas made a call for all players to keep

complying with the confinement rules still in place in Spain after four Sevilla players broke them this weekend. Franco Vázquez, Luuk de Jong, Lucas Ocampos and Ever Banega were seen together with several other people in a gathering, with photos put on social media.

All four players published statements in

which they apologized, and the club posted images of their apologies on its Twitter account.

Tebas did not say whether the players would be punished but noted that it was important that they apologized. He said players have “to be careful and show responsibility” because they risked damaging football overall. AP

own fans earlier this season, took advantage of Borussia Mönchengladbach’s 3-1 loss at home to Bayer Leverkusen on Saturday as it stayed three points behind second-place Borussia Dortmund. Fourth-place Leverkusen is a point behind Leipzig, with Gladbach a point further back, in the race for Champions League qualification. The top 4 qualify in Germany.

DELAYED DEBUT

AFTER waiting 75 days, Heiko Herrlich finally made his debut in charge of Augsburg in a 3-0 win at Schalke earlier Sunday.

Herrlich had been due to make his Augsburg debut as the league resumed from its coronavirus-induced two-month break, but he broke quarantine restrictions to buy toiletries just days before and had to watch from afar as his side was beaten 2-1 at home by Wolfsburg.

Herrlich was only allowed to return to lead the side after twice testing negative for Covid-19.

He could hardly have had a better start against Schalke in Gelsenkirchen, where again the game was played without any fans present.

Eduard Löwen opened the scoring with a fine free kick in the sixth minute, Noah Joel Sarenren Bazee punished a defensive error in the 76th and Sergio Cordova wrapped up Augsburg’s win in injury time.

Schalke was one of the clubs threatened financially by the league’s suspension, but David Wagner’s team has now conceded seven goals in two games since its resumption after the 4-0 derby defeat at Dortmund.

Bartolo Colón craves for one more shot in the majors. AP

At 47, Colón still hoping Spanish league eyes resumption with Seville derby in June to pitch in major leagues

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EW YORK—Bartolo Colón refuses to entertain the idea of retirement.

It doesn’t matter that he didn’t pitch in 2019 and that on Sunday he turned 47.

He craves one more shot in the majors.

“I’m not retired. That’s not in my mind,” Colón told The Associated Press in a phone interview.

“I’m still hoping of reaching my goal of pitching 46 innings. I’ll sign with the first team who wants me.”

Why 46?

That’s the number of innings that will propel him to pass Hall of Famer Juan Marichal for the most by a Dominican pitcher.

In his last big league season, with the Texas Rangers in 2018, Colón managed to reach 3,461 2/3 innings. He is 247-188 in 565 games—552 as a starter since his debut with Cleveland in 1997.

Marichal managed to pitch 3,507 innings in 471 games over 16 years.

Colón is aware that time is against him.

“I know this is not a sport for the old, it’s for the young,” Colon said. “I keep training.

Even though I’m not playing right now, I tried to keep fit.”

The coronavirus pandemic altered Colón’s plans this year.

Back in March, he was gearing up to pitch with the Monclova Acereros of the Mexican Baseball League. But their preseason

was stopped when the outbreak forced the league to shut down, and a restart status is uncertain.

“I had to decide to stay in Mexico or get back to the Dominican Republic. I went to my country and they also have quarantines and curfews,” he said. “I’m still waiting. The Monclova people say they will tell me what will be happening with the season, depending on the virus.”

Colón is keeping busy these days promoting his recently released autobiography, Big Sexy: In His Own Words.

Yes, the title is the nickname that Noah Syndergaard, his rotation colleague during his time with the New York Mets from 2014-16, bestowed upon him.

Along with all of his wins, Colón provided fans with a lot of fun at the plate over his 21 seasons in the majors.

It’s been since four years since his unforgettable first and only home run, against James Shields of the San Diego Padres. There’s a good deal in the book devoted to his difficulties batting when he went to play in the National League with the Mets, his helmet comically flying when missing contact.

Colón said he learned to take in stride his strikeouts.

“I didn’t mind people laughing. Actually, I end it asking for a bigger helmet so it could fall,” he said. AP

Sports BusinessMirror

B8 Tuesday, May 26, 2020

OBIENA BACK TO OUTDOOR TRAINING IN ITALIAN CAMP

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FROM BICYCLE RENTALS TO SELLING MEAT PRODUCTS

Fino Dlamini is a 34-year-old entrepreneur who engages in bicycle tours—she has 25 bikes— of Soweto that takes visitors to historic sites, including the homes of Nelson Mandela and Archbishop Desmond Tutu, and to restaurants where they could meet South Africans. But because of the Covid-19 crisis, Dlamini decides to move into something entirely new and is now selling meat products from her car to Soweto residents.

Business was good in January and February and projections for the rest of 2020 were excellent. Then the coronavirus brought everything to an abrupt halt. AP

By Ramon Rafael Bonilla

LYMPIC-BOUND pole vaulter EJ Obiena is happy to return to the track after Italy relaxed strict protocols and started allowing outdoor training and exercises.

“So far, so good. The track is open,” Obiena told reporters who joined on Sunday night’s online press conference organized by the Philippine Athletics Track and Field Association (Patafa).

Obiena addressed the conference straight from the field at the training facility in Formia, Italy, where he is being coached by world renowned Ukranian Vitaly Petrov, who also coached pole vaulting great Sergey Bubka.

Obiena’s tanned skin was proof that he is back in serious training after outdoor activities were banned for some two months all over the world. And that experience almost forced him to depression.

It made him fell to depression.

“I was a bit lost,” he said. “But I had a talk with my coach.

He said I should be improving myself every single day. It doesn’t matter if the competition is today or tomorrow,” he said.

Petrov started coaching Obiena in 2014 in Italy after getting a scholarship offer from Bubka.

Obiena’s best stands at 5.81 meters, numbers that he need to improve on if he wants to make an impact in the Tokyo Olympics that was postponed for next year.

“I want jump 5.80 m at every competition consistently.

That’s my goal for now,” he said.

The world’s best pole vaulter have enviable accomplishments. Brazil’s Thiago Braz da Silva won the Rio de Janeiro 2016 Olympics gold medal in record fashion with 6.03 m. Frenchman Renaud Lavillenie took silver with 5.98 m, while American Sam Kendricks bagged bronze with 5.85 m, a few millimeters better than Obiena’s best effort.

Obiena trains with Da Silva at the same World Pole Vault Centre and have become pals.

“We’re killing it every day in training. We push each other to our limits,” Obiena said.

Obiena hopes to compete at the Diamond League in Monaco on August 14 although World Athletics—formerly the International Alliance of Athletics Federations—has yet to announce if the event would push through as scheduled.

The Patafa, meanwhile, announced over the weekend that the National Open would be postponed from this summer to a December schedule.

Patafa President Philip Ella Juico told reporters also via a videoconference that the championships would be staged at the PhilSports Complex in Pasig City.

Originally scheduled from May 27 to 31 at the New Clark City in Capas, Tarlac, Juico said the open would also serve as a qualifier for Tokyo.

But Juico said the Patafa would remain dependent on government protocols on the Covid-19 pandemic.

“It is an Olympic qualifier and we hope to entice foreign teams. We’re inviting our Southeast Asian neighbors,” he said.

EJ OBIENA restarts his Tokyo Olympics bid by finally hitting the track in Italy.

A DECISION TAKEN IN DESPERATION

By Sheikh Saaliq & Emily Schmall

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The Associated Press

EW DELHI—From her village in eastern India, 15-year-old Jyoti Kumari reflected on her desperate 1,200-kilometer (745-mile) bicycle journey home with her disabled father that has drawn international praise.

“I had no other option,” she said Sunday. “We wouldn’t have survived if I hadn’t cycled to my village.”

Kumari said that she and her father risked starvation had they stayed in Gurugram, a suburb of New Delhi, with no income amid India’s coronavirus lockdown.

Her father, whose injury in an accident left him unable to walk, had earned a living by driving an auto rickshaw.

But with all nonessential travel banned, he found himself among millions of newly unemployed. Their landlord demanded rent they couldn’t pay and threatened to evict them, Kumari said.

So she decided to buy a bicycle and, like thousands of other Indian migrant workers have done since March, make her way home.

As the temperature climbed, Kumari pedaled for 10 days, with her father riding on the back of the hot-pink bike. They survived on food and water given by strangers, and only once did Kumari give her legs a break with a short lift on a truck.

The daughter and father arrived in Darbhanga, their village in Bihar state, more than a week ago, reuniting with Kumari’s mother and brother-in-law, who’d left the capital region after the lockdown was imposed on March 25. Kumari, an eighth-grade student who moved from the village to Gurugram in January to take care of her dad, stayed on.

She said Sunday that she was still exhausted from the trip.

“It was a difficult journey,” she said. “The weather was too hot, but we had no choice. I had only one aim in my mind, and that was to reach home.”

WNBA teams set to decide on roster cuts

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EW YORK—New York Liberty general manager Jonathan Kolb knew that he and first-year coach Walt Hopkins would have to make some tough decisions on the team’s roster this year.

He just didn’t think they’d have to do it so quickly and without seeing players compete in training camp. The WNBA and the players’ union decided that teams would have to get their rosters under the salary cap by Tuesday so that players could start getting paid on June 1.

It’s left many teams with tough decisions on who they will cut and little time to figure it out.

“It is the worst part of this job,” Kolb said in a phone interview. “These are dreams that are suddenly altered and you’re a large part of that. These are human beings, not just basketball players.”

Connecticut Sun coach and general manager Curt Miller had set up his training camp roster so a few position battles would determine the final spots on the team. Now he’ll have to make choices a different way.

“Ultimately we have to decide, because we can’t do it all together, what skill set strength of theirs makes most sense to round out our roster,” Miller said.

Teams usually have to cut their rosters to get under the salary cap before the regular

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

season begins, which would have been on May 14. The WNBA postponed the start of the season in early April because of the coronavirus pandemic and is still focusing on a handful of scenarios that would allow it to play this year.

Teams typically would be able to evaluate players by their on-the-court actions. Now it’s more based on how quickly they pick things up on Zoom conference calls or how well they understand plays online.

“The league office didn’t foresee a pandemic,” Kolb said in a phone interview.

“They are doing the best they can do. It doesn’t take away from how difficult this was for us. We wish we could keep everybody or have some contingencies in place.”

The Liberty have six rookies on the roster, including No. 1 draft pick Sabrina Ionescu. They also have five international players, which has made life a little more difficult for Kolb and Hopkins than for some other teams because of the logistics involving travel.

“It’s definitely impacting us the most,” he said. “We have the most international players and with so much uncertainty and lack of answers at the moment, it puts us in a position to have to make decisions.” AP

TIGER WOODS lines up for his shot.

Jyoti Kumari 15, pedals 1,200 kilometers for 10 days with her dad just to get home during the lockdown in India.

COURTESY THE STATESMAN

Upon their arrival, village officials placed Kumari’s father in a quarantine center, a policy many state and local governments in India have implemented to try to keep returning migrants from spreading the coronavirus. They are now all quarantining at home.

India’s ongoing two-month lockdown appears to have staved off an immediate spike in virus cases, buying the country time to build up reserves of medical supplies and expand intensive care unit capacity. India has confirmed 125,102 cases, including 3,867 deaths.

But the lockdown triggered a humanitarian crisis, with thousands of poor people heading back to distant villages on foot, carrying the elderly on shoulders and with small children slumped over rolling suitcases.

Dozens of people have died on the way, struck by trains or trucks, from hunger or suicide.

India’s expansive railway system, the country’s lifeline, was closed to passenger service as part of the lockdown.

Buses, planes and taxis were also banned. But earlier this

month, the government resumed limited train travel for migrants wishing to return home.

For India’s economy, mostly composed of informal sector jobs, the lockdown has been crippling. The government has been easing restrictions in recent weeks to allow more people to go back to work.

Kumari heard about the special trains, but her father, unable to walk, wouldn’t have been able to reach the railway platform. So she decided they would bike.

Kumari’s journey caught the attention of the Cycling Federation of India. The racing body, which sends teams to the Olympics, has offered to bring her back to New Delhi by train for a tryout next month. It also resonated in Washington, with President Donald Trump’s daughter Ivanka Trump calling it “a beautiful feat of endurance and love” on Twitter.

Kumari said that while she was happy with the recognition, she hadn’t cycled her father home in pursuit of fame.

“It was a decision taken in desperation,” she said.

Woods, Manning prevail in charity match hailed as good as real thing

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OM BRADY delivered the shot of the match that made it easy to forget the rest of his swings. Tiger Woods didn’t miss a fairway and earned a small measure of revenge against Phil Mickelson.

The Professional Golfers’ Association (PGA) Tour is set to return in just over two weeks, and it has a tough act to follow.

In the second and final charity match that brought live golf to TV, this exhibition was as entertaining as the real thing.

Woods lagged a long birdie putt close enough that his partner, Peyton Manning, didn’t have to putt. That secured a 1-up victory over Mickelson and Brady in “The Match: Champions for Charity.”

The goal was to raise $10 million or more for Covid-19 relief funds, and online donations sent money climbing toward about twice that much.

This made-for-TV exhibition would have have worth pay-per-view, the model Woods and Mickelson used for a $9 million winner-take-all match in Las Vegas over Thanksgiving weekend in 2018 that Mickelson won in a playoff under lights. It felt forced, lacked banter and turned out to

free because of technical issues.

Throw in two National Football League (NFL) greats in Brady and Manning, and this allowed viewers to ride along for 18 holes at Medalist Golf Club among four of the biggest stars in sport.

Justin Thomas pitched in as an on-course reporter, bringing a mixture of humor and insight with the right amount of words.

Woods and Manning took the lead on the third hole and never trailed, building a 3-up lead in fourballs on the front nine, with Manning making two birdies (one was a net par).

Brady, whose six Super Bowl titles are more than any NFL quarterback in history, took a beating on social media and in the broadcast booth from Charles Barkley, who twice offered $50,000 of his own money toward charity if Brady just hit the green on a par 3. He missed so far right it would be comparable to a pass that landed three rows into the stands.

New Orleans Saints Coach Sean Payton weighed in on Twitter, noting Brady signing as a free agent with Tampa Bay by saying he liked the “Florida” Brady much better. AP

SPORTS WITHOUT BORDERS Vincent Juico @VJuico Instagram vpjp_j vince.juico@gmail.com

Lance Armstrong: Defiant as ever RIDING the momentum of The Last Dance, ESPN 30 for 30 released a two-part documentary simply entitled Lance which chronicles and narrates the rise and fall of former seven-time Tour de France winner Lance Armstrong.

I haven’t seen the documentary yet but I’ve read the reviews of the first episode. Armstrong strikes me as a rebel.

It took him several years to acknowledge his doping—he admitted to taking PEDs (performance enhancing drugs) in January of 2013.

After admitting to his mistake, Armstrong was ready to “face the music” in the form of taunts and backlash, he was counting on it. One such story was, according to USA Today online, “Lance Armstrong opens the first two-plus minutes of the film with a profanity-laced story about how a group of strangers confronted him near a bar, showed him their middle fingers and told him ‘[expletive] you!’ over and over again. This was in more recent years and happened after Armstrong had been exposed as a bully and cheater who lied for years about using illicit drugs and blood transfusions to gain an edge on his bike.

Instead of fighting back, Armstrong said he turned the other cheek. He said he gave the bar his credit-card number to pay for their drinks on one condition: that the bar tell these instigators that he was paying for their drinks and that he “sends his love.”

Such a tale raises questions without more information: Did that really happen and where?

Armstrong has told this story before, but his history invites skepticism. He didn’t return a message seeking comment.

Director Marina Zenovich told USA Today it took place in Denver.

“I actually went to the bar and filmed at the bar, and ended up not using it,” she said. “I filmed with the bartender who was working that night.”

Did Armstrong just “killed them with kindness?”

According to the New York Post online of the same date, “When my life took the turn that it took, I said to myself, everywhere that I go for the rest of my life, somebody’s going to walk up to me and say ‘f—you,’” the 48-year-old Armstrong said. “So a couple of days go by and nobody said ‘f—k you.’ Then months go by. And years ago by. I always know when somebody wants to say it. But nobody does. So, it took five years...

“I was staying in this rental house. I called an Uber. He pulls up on the street right in front of the bar. We cross the street and this guy stands up and shouts, ‘Hey, Lance.’ I’m like, ‘What’s up man?’ He goes, ‘F—k you! F—k you!’

“The next thing you know, he’s with six or seven people and they all stand up and start going, ‘F—k you! You f—king cheater.’ My friend said, ‘Get in the car right now.’ She’s thinking I’m about to walk over there and punch the s—t out of this guy.

Which would have obviously been a bad idea.

“I’d have done that most of my life. I was shocked and mad. I have to do something. Me, Lance Armstrong, doesn’t let s—t like that happen. I called the bar. Here’s my creditcard number. Whatever they are eating, whatever they are drinking, I don’t care how expensive—it’s on me. Under one condition. You have to say, ‘Guys, Lance took care of everything. And he sends his love.’

“Some people are p—d still, and they will be p—d forever,” Armstrong said.”

So he knew it was coming. He seemed ready for it. He was expecting it. It was as if he was even looking forward to it. Was he remorseful? Did he ever issue an apology?

According to the same USA Today online article, “As a teenager, Armstrong said he used a forged birth certificate to circumvent minimum age requirements for entering triathlons.

“You had to be 16, so we’d forge my birth certificate,” he said.

He described the process like this: “Forge the certificate, compete illegally and beat everybody.”

In retrospect, this seems entirely in character for Armstrong.

At the same time, it was sort of like cheating in reverse. He was breaking rules, much like he did later in his life with illicit doping methods in the Tour de France. But he wasn’t exactly gaining an advantage from it. He was competing against older athletes.

“I understand the reason for the certain age requirements because there’s a lot of liabilities,” his mother Linda said in the film. “They were going to swim in a lake, and this and that, but it meant so much to him.”

Was he a rebel with or without a cause? Win at all cost? Was he raised by his stepfather and mother to go against the world of law, rules and regulations? Why didn’t he just circumvent and find gray areas and loopholes rather than break them outright?

What has Armstrong been busy with ever since dealing with all the adversity and tribulations?

Cycling weekly’s online article dated May 24, 2020, says, “Robbed of his accolades, star power, respect, Armstrong still has one thing that gives him power, money. His podcast generates $1 million in revenue, while an early $100,000 investment in Uber netted him tens of millions of dollars, saving him from the financial ruin of the lawsuits that followed his doping admittance.

Was the conciliatory gesture to the guys in the bar a sincere apology? While Armstrong may have lost the argument, the fact he can still flex his financial might allow him to still have the last word.”

He was ready. He had some foresight of things to come.

If he can survive testicular cancer, he can survive the repercussions of his doping acknowledgement which he obviously has.

Armstrong transcended his sport just like Michael Jordan, like Jordan, he always has the last word. His exclamation point and middle finger to all of this is his money and financial might as a result of wise investments.