BusinessMirror May 29, 2020 by BusinessMirror

4-mo FPI net outflows breach $2B F

OREIGN portfolio investments (FPI) breached the $2-billion mark in April, the Bangko Sentral ng Pilipinas (BSP) reported, as more foreign players pull out short-term investments from the Philippines. FPIs yielded a net outflow of $660.38 million in April alone this year, putting the total net outflows of FPIs to $2.07 billion in the first four months of the year. This is a steep reversal of the $37.27-million net inflow seen in the same four-month period in 2019. FPIs are known as “hot” or “speculative” money because they are easily pulled in and out of the local platforms in the slight change of global and local sentiment. This type of foreign investment is usually a measure of the global economy’s investing sentiment for the

WORKERS are seen at the Lawton area in Manila putting the finishing touches to kiosks made by City Hall for street vendors expected to go back to business with the lifting of the quarantine. The new kiosks will be distributed to barangays in a move to rid the city of illegal vendors, and ease traffic and pedestrian flow. ROY DOMINGO

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Philippines in short-term prospects for yields, in contrast to foreign direct investments (FDI), which are investments placed in the Philippines in search for long-term yield. According to the BSP, FPIs to the country were affected by the disruptions caused by the coronavirus disease (Covid-19) pandemic. Other key events earlier in the year also affected these flows to the country, including the continuing geopolitical tensions between the US and Iran; ongoing trade negotiations between the US and China; and renegotiation of the contracts of the country’s water concessionaires. Broken down for April, a total of $627.02 million was still invested as FPIs to the Philippines. This was, however, overwhelmed by the $1.3-billion FPIs that were pulled out

of the country during the month. The $627-million registered investments for the month reflected a 34.3-percent decline from the $954-million figure in March 2020 and is also the lowest recorded monthly gross inflow since July 2010. About 91.2 percent of investments registered were in PSElisted securities—pertaining mainly to holding firms, property companies, banks, food, beverage and tobacco firms and telecommunications companies—while the remaining 8.8 percent went to investments in Peso government securities. The United Kingdom, the United States, Singapore, Hong Kong and Switzerland were the top five investor countries for the month, with combined share to total at 85.5 percent.

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SPECIAL SESSION URGED FOR ‘CREATE’, STIMULUS www.businessmirror.com.ph

Friday, May 29, 2020 Vol. 15 No. 232

P25.00 nationwide | 2 sections 16 pages | 7 DAYS A WEEK

CRISIS PER DECADE: BUDGET TWEAKED TO DEAL WITH COVID By Cai U. Ordinario

S the pandemic wreaks havoc on the country’s health system and the economy, the National Economic and Development Authority (Neda) warned a crisis is bound to happen every 10 years. In two online forums on Thursday, Socioeconomic Planning Secretary Karl Kendrick T. Chua said this is behind the government’s efforts to reprioritize the national budget and continue structural reforms. For 2021 and 2022, Chua said, the focus on the national budget will be on health, infrastructure and agriculture, which, together with structural reforms, could make the economy stronger and more resilient to shocks. “Unfortunately, we know that we will get some crisis or global shock every 10 years because of the Asian Financial Crisis in 1998, the Global Financial Crisis in 2009,” Chua said. “[While] we were actually very ready to face such a crisis because the global economy was slowing down and there was a trade war, no one thought that this crisis would be in the form of a virus, an invisible enemy. So now we have to rethink everything that we do,” he said.

Growth, jobs, incomes

AN e-Trike fitted with plastic sheets to comply with physical-distancing regulations ferries riders in Barangay Cupang, Antipolo City. BERNARD TESTA

By Jovee Marie N. Dela Cruz

F all else fails, a special session of Congress should be called to pass two key measures—a stimulus plan and a corporate recovery bill—to revive the economy and help millions impacted by the Covid-19 pandemic, a key House leader said on Thursday, as both chambers are nearing a June 5 adjournment.

House Ways and Means Chairman Joey Sarte Salceda urged President Duterte to call for a special session of Congress to pass the economic stimulus plan and the proposed Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act to secure a “V-shaped” economic recovery after the Covid-19 pandemic. Salceda explained that a delay in the passage of an “adequate” economic recovery plan costs the economy up to P100 billion in new economic activity every week.

“Every single week that we are unable to pass an economic stimulus plan and the corporate tax reform causes us hundreds of billions of pesos in foregone opportunities every week,” he said. Salceda estimates that up to $12 billion in foreign investments have already been foregone due to the two-year delay in passing the Citira (CREATE’s previous name), which was approved by the Cabinet in January 2018. See “Create,” A2

CHUA said for the 2021 and 2022 budgets, the government intends to focus on the Build, Build, Build (BBB) program, particularly those that have the strongest impact on growth, jobs and poverty reduction. These projects, he said, should also have high multiplier effects on the economy and promote confidence in the country, to help the Philippines attract local and foreign investments. The country’s chief economist said digital infrastructure is also a very important aspect of the infrastructure development. This will help the Philippines adjust to the changes needed under the Fourth Industrial Revolution. In terms of health, the government will prioritize increasing health infrastructure and capacity; housing under new normal conditions; and water and sanitation, according to the Neda chief. The government also intends to consider the procurement and budget flexibility to fast-track project implementation and delivery. Continued on A2

Staggered credit provisions to aid balance sheet Tyrone Jasper C. Piad

Y spreading out for a longer period the recognition for provisions on potential credit losses, the banking sector can better manage its balance sheet during the coronavirus disease 2019 (Covid-19) pandemic. Amid heightened credit risk due to the pandemic, the banks have been increasing their buffer for loan loss to protect their portfolio and, ultimately, financial position. The Bangko Sentral ng Pilipinas (BSP), through Memorandum M-2020-008, offered regulatory

RICAFORT: “This regulatory relief measure will provide banks greater leeway/flexibility on managing their balance sheets, especially in terms of allowing banks to effectively increase/leverage on risks assets especially on loans and other investments.”

relief measures for the financial sector. One of these is allowing the banks and other financial institutions to recognize the bad debt

PESO EXCHANGE RATES n US 50.5930

provisions on a staggered basis for over a maximum of five years. “This regulatory relief measure will provide banks greater leeway/flexibility on managing their balance sheets, especially in terms of allowing banks to effectively increase/leverage on risks assets especially on loans and other investments,” RCBC Chief Economist Michael L. Ricafort told the BusinessMirror. He stressed that the banks should be able to recognize the provisions eventually, especially if economic conditions improve. With more flexibility, Ricafort said the banks can better accom-

modate more borrowing clients. He said earlier that policy rate cuts and incentives provided by the Central Bank to boost lending for the micro, small and medium enterprises could spur demand for loans despite the slump in economic activities due to lockdowns. Total loans reached P10.12 trillion as of end-March, higher than P8.92 trillion a year ago for the same period and P9.87 trillion in February, according to BSP data. “The benefits of the regulatory relief measure on banks also effectively extends to some borrowing clients as well in terms of greater See “Credit,” A2

SAN Juan City Mayor Francis Zamora shows the operating guidelines for tricycle drivers under the modified enhanced community quarantine during his visit at a tricycle terminal in Agora market in San Juan City. NONOY LACZA

n JAPAN 0.4698 n UK 62.0473 n HK 6.5247 n CHINA 7.0582 n SINGAPORE 35.6314 n AUSTRALIA 33.4723 n EU 55.6877 n SAUDI ARABIA 13.4753

Source: BSP (May 28, 2020)

News BusinessMirror

A2 Friday, May 29, 2020

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We’ll find ways to make learning possible this school year–Briones

By Claudeth Mocon-Ciriaco

MID a call in some quarters to altogether forfeit the coming schoolyear to avert Covid-19 risks for millions of students, Education Secretary Leonor Magtolis Briones has assured the public that both the government and the private schools will take every means possible to ensure quality learning for all despite the restrictions on physical classroom gatherings.

In the view of Briones, a noted educator and former national treasurer, it is perhaps an “injustice” to schoolchildren if they will be left behind as some parents contemplate to forfeit this school year to ensure the safety of their children. That mindset had apparently been fueled in recent days by the seemingly conflicting signals between President Duterte and Health Secretary Francisco Duque III. Duterte said it may be best to forgo classes until a vaccine is found, while Duque said it is “safe” to allow a class reopening on August 24, the date earlier picked by DepEd. In a virtual press conference with education reporters, Briones

shared a famous line of a certain educator that says: “Education is the spine of the society.” “For me, there is no way by which we can neglect the education of our children. Kasi sa nakikita namin [The way we see it], all over the world they are finding ways—developing new approaches,” Briones stressed. “[If you will be left behind just for one year] at this time is perhaps an injustice to our children,” she asserted, in a mix of English and Filipino. Briones said that they are giving parents an option for their children since some schools in Europe, Asia and America have already

started their classes. “Hindi ito sa nakikiuso lang tayo [This not like we are following the trend] but we don’t want to interrupt the learning process,” she added, and underscored the importance of education in the lives of the students. Briones reiterated the government’s efforts to make education available for all amid the pandemic, which has shuttered classes since mid-March. “The health and safety of our teachers and learners are our primary consideration. In this light there is no confusion with the declaration of the President [Rodrigo R. Duterte],” Briones said. Duterte earlier said that he will not allow students to go back to school until a vaccine is available. He later clarified that what he meant was faceto-face classes. With this, the DepEd, Briones said, is offering “a wide array of options so that we can continue schooling while waiting for the vaccine.” In the absence of face-to-face classes, the delivery of education will be available online, modular, blended, or through radio and television. Still, Briones said the parents or guardians have the final say on whether to enroll their children or not. “Parents will decide whether they will keep their children for several months, or take advantage of various options that DepEd is of-

STUDENTS wearing protective masks join a school activity in Manila, January 31, 2020. AP/AARON FAVILA

fering so that the education of their children can continue,” she said.

Enrollment

ON Thursday (May 28), the DepEd issued guidelines providing schools options for implementing a modified regular enrollment process that adheres to the guidelines set by the Inter-Agency Task Force on Emerging Infectious Diseases, the Office of the President and the Department of Health. In keeping with strict physical distancing measure, enrollment procedures for school year 20202021 under DepEd Order 008 s. 2020 said physical enrollment in

schools or other similar activity shall be highly discouraged, even in low-risk areas. The first two weeks shall completely be remote enrollment, where there will absolutely be no face-to-face. “Unless otherwise necessary, any form of physical submission of enrollment data shall only be done on the 3rd week of the enrollment period, which shall be done in coordination with local government units,” the order read. It added that implementing remote enrollment shall consider the resource inequalities and differing circumstances that exist among learners and teachers.

DOJ to NBI, BI: Join drive against illegal clinics J

USTICE Secretary Menardo Guevarra on Thursday directed the National Bureau of Investigation (NBI) and the Bureau of Immigration (BI) to join the police crackdown on clandestine medical facilities catering to foreigners, mostly

Chinese nationals. Guevarra made the order after police authorities discovered two underground medical facilities believed being used to test and treat Chinese nationals for possible Covid-19 infection. The NBI and the BI, accord-

ing to Guevarra, should pool their assets and sources to locate and identify those behind the establishment of these illegal medical facilities. “It seems that clandestine medical clinics catering mostly to foreign nationals have sprouted and have been operating without proper authority. Considering that they are not being supervised by the government, it is possible that the health of people who seek treatment in these illegal facilities is being compromised,” he said. “I will therefore ask the NBI and the BI to help the police in locating other similar underground clinics and the people running them, and if warranted, to file the appropriate charges against them,” Guevarra added. On May 19, the PNP-Criminal Investigation and Detection Group (CIDG) raided Villa 628 of the Fontana Leisure Park in Clarkfield Pampanga on suspicion that it had been turned into a makeshift clinic for Chinese nationals seeking medical treatment for Covid-19. One patient was reportedly found during the raid and was trans-

ferred to a hospital. Police authorities found seven beds, medical waste such as syringes and tubes and Chinese medicines at the facility. A week after, the Makati City PNP raided the Goldstar Medical Clinic and Pharmacy Corp. at the fifth floor of New Lasema Spa Building along Sampaloc Street in Barangay San Antonio, Makati City, after it received complaints of medical waste clogging the drainage. They apprehended Chinese doctor David Lai, 49, and his assistant Liao Songhua, who uses the alias Bruce Liao, 41. Four patients were at the clinic during the raid, and police said the establishment has no business permit. Seized were medical supplies such as vials and syringes, rapid test kits, swab test kits and Chinese-labeled medicines worth P5.2 million. Meanwhile, the BI said it has placed on its alert list the two Chinese nationals caught operating an underground hospital for Covid-19 patients in Pampanga last week. “We have placed them on our alert list to prevent them from

leaving the country and ensure their presence while they are undergoing criminal and administrative investigation for their alleged offenses,” BI Commissioner Jaime Morente said. Morente assured that Liu Wei and Hu Shiling will not be cleared for departure and will instead be referred to the BI intelligence and legal divisions for investigation. Liu and Hu were arrested on May 19 when their clinic at the Fontana Leisure Park in Clark, Angeles City, was raided by the police. They were, however, released on the same day without any charges filed against them. Morente said the BI is looking into the involvement of Chinese nationals both in Clark and in Makati City. “I have instructed our Intelligence Division to investigate if these alleged Chinese nationals are legally staying in the country. Should we find they violated our immigration laws, they will be charged with deportation cases before our law and investigation division,” Morente said. Joel R. San Juan

Crisis per decade: Budget tweaked to deal with Covid Continued from A1

Chua said agriculture production and food value chains will get priority, particularly for the 2021 national budget.

11 structural reforms

APART from these national budget adjustments, Chua laid down 11 priority structural reforms that can each become a bill on its own. For health, apart from Universal Health Care implementation, the government intends to produce pharma-grade medical supplies, build a virology center and pharma development center. In agriculture, Chua said the government aims to prioritize productivity enhancement and consolidate land management to enhance production and food security, and impose a progressive idle land tax.

For digitalization, Chua said the government aims to fully automate its transactions. All transactions will be made online. The government also intends to pass the pending economic liberalization bills as well as modernize Investment Promotion Agencies (IPAs) to proactively seek out the desired investors and give tailor-fitted incentives. Structural reforms, he said, include those targeted for businesses such as ease of credit, regulatory reforms to improve competition, Industry 4.0 (innovation, digitalization and entrepreneurship). For education, flexible learning options will be explored, while disaster and emergency response will already include health-related disasters. For social protection, the government will pursue digital delivery of social protection, unemployment

insurance, and financial inclusion (one bank account per family). Labor reforms include a labor market policy that keeps employment by implementing temporary and targeted wage reductions to keep jobs; skills retooling; and pension portability. For public transport, the government is eyeing a route rationalization and the setting up of supporting structures such as BusRapid-Transit, bus stops and prioritized right of way. A PUV modernization, automated fare collection, and the promotion of non-motorized transport such as walkways and bike lanes are also in the transport budget blueprint. For logistics, Chua said the government will pursue the rationalization of freight system, establishment of strategic warehousing, cold-chain systems, and food terminals.

Credit… Continued from A1

flexibility in providing more loans/ credit/lifeline as may be needed more in dealing with the business/economic challenges brought about by the Covid-19 pandemic/lockdowns,” Ricafort explained. The relief measure is subject to prior BSP approval, the memorandum noted. It also covers all types of borrowings provided to individuals and business entities affected by the pandemic as of March 8, the day the government declared a state of public health emergency. According to preliminary BSP data, gross nonperforming loans (NPL) stood at P179.25 billion, while NPL ratio was at 1.77 percent as of end-March. ING Bank Manila Economist Nicholas Antonio T. Mapa said that bad debts are anticipated to only increase in the coming months given the “more challenging operating environment with the economy expected to fall into a recession as early as the second quarter.” Mapa is optimistic that the sector can withstand this in the long term because of robust capitalization and increased credit provisioning. Meanwhile, several estimates for bad loans were provided by agencies, depicting the possible financial impact of the pandemic. BSP reported earlier that bad loans could reach P556.6 billion this year due to the pandemic, which is equivalent to 5 percent in NPL ratio. Of this amount, 50 percent to 80 percent, or around P278.3 billion to P445.28 billion, would not be recovered. The Bankers Association of the Philippines, meanwhile, said that bad debts could increase to approximately P240 billion to P300 billion in the coming months, with 50 percent to 80 percent of the amount expected to be written off. According to a report by the Inter-Agency Task Force Technical Working Group, NPLs could reach P368 billion assuming a 45-day lockdown period in Luzon.

CREATE… Continued from A1

“At that rate, [we can’t allow this legislative process to go beyond] July. June is the time to get them enacted into law, so that we can still reap the benefits in the second half. In the House, we are confident that if we have to, we can get both approved by June 3. If the Senate cannot, the President should extend the session and not terminate until they get both passed,” he added. The proposed P1.3-trillion Accelerated Recovery and Investments Stimulus for the Economy (ARISE) bill, which will be used to mitigate the impact of Covid-19 on the country, is still pending for plenary approval as of this writing. Salceda said the special session ought to be called in case the House and the Senate are unable to pass an economic recovery plan to supplement the Bayanihan to Heal as One Act, and the proposed CREATE Act. “We need both by June if we want a V-shaped recovery,” Salceda said. The National Economic and Development Authority had explained that a “V-shaped” economic recovery is characterized by a sharp decline in growth, followed by a sharp recovery. According to Salceda, the government cannot delay covering the “economy’s wounds.” “We must stop the bleeding now. At this point, any imperfect bill will be much better than no reform by June,” Salceda added. Salceda said the House intends to pass its stimulus recovery program before it adjourns, and that it has already “done its duty of passing the old version of CREATE, which is Citira, and will in fact adopt the Senate version if they pass it on Monday or Tuesday next week.” However, Salceda warned that “the economy cannot afford to pass any of these measures later than June.” “We have to get both of these measures done now. I would of course prefer to have them approved for the President’s signature next week, but if we cannot, the best alternative is a special session,” he said. Under Article VI, Section 15 of the 1987 Constitution, the President may call for a special session at any time. “Our hesitation to do special sessions in the past was due to constituency work. We wanted to take advantage of breaks, in the past, to serve our districts. With the rules that allow us to convene virtually, we can do both constituency work and legislation during the scheduled adjournment. So, Congress would not mind a special session,” Salceda said.

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House panel okays 5 bills to boost fight against virus

HE House Defeat Covid-19 ad hoc Committee (DCC) on Thursday endorsed for plenary approval five more measures that will help the government’s fight against Covid-19. The committee, co-chaired by Majority Leader Martin Romualdez, unanimously approved House Bill 6709, or the P1.5trillion Covid-19 Unemployment Reduction Economic Stimulus (CURES) Act of 2020, HB 6623, or the Better Normal for the Workplace, Communities and Public Spaces Act of 2020 and HB 6707, or an Act encouraging a baseline polymerase chain reaction testing for Covid-19 among vulnerable members of society. The panel also passed two resolutions urging the government to fasttrack the disbursement of the second tranche of the social amelioration program and the commitment of the lower chamber to enact the proposed P66-billion supplemental budget of the Department of Agriculture (DA). Romualdez said these bills seek to restart the shuttered Philippine economy, generate jobs for displaced workers, and prevent the further spread of Covid-19 by imposing tests, strict mandatory safety and physical distancing protocols. “We really have no choice but to fast-track the approval of these vital measures. We need to have these bills enacted into law as soon as possible if we want to rescue our people from further harm and even starvation in the wake of the Covid-19 pandemic,” Romualdez said.

CURES

DEPUTY Speaker for Finance Luis Raymund Villafuerte said this new P1.5-trillion stimulus package focusing on infrastructure spending and create more jobs in the countryside. According to Villafuerte, HB 6709 is guaranteed to create a multitude of employment opportunities, especially in rural areas to partly make up for the jobs that were lost amid the pandemic. Villafuerte said the proposal will help ease the pressure on the Duterte administration to create hundreds of thousands of jobs this year, now that the Covid-19 crisis has displaced almost 2.76 million workers. Villafuerte said the bill will also seek to lend support to President Duterte’s Balik Probinsya, Bagong Pag-Asa program. Villafuerte said the bill aims to spur regional growth by allocating P1.5 trillion over the next three years for accelerated countryside spending on health, education, agriculture, local road and livelihood (HEAL) infrastructure.

New normal

THE committee also approved the HB 6623, which Romualdez said, seeks to lay the groundwork that will expedite citizen adaptation to the demands of the new normal life. Romualdez said the bill aims to prepare and educate Filipinos for life after the lifting of the restrictions imposed by the national government and local government units (LGUs) to contain the spread of Covid-19. Among the measures to be imposed in public places under HB 6623 are the mandatory wearing of face masks, availability of handwashing or sanitizing stations in public areas, body temperature checks and physical distancing of at least 1 meter, but preferably 2 meters, in all public spaces. In public transportation, physical distancing also applies during queueing for tickets and in the interiors of vehicles. Contactless payment mechanisms will be implemented, and passengers will be required to wash their hands, or sanitize before boarding public-utility vehicles (PUVs). The operation of motorcycle taxis will remain suspended to prevent the spread of the virus through the use of common helmets and close contact between

drivers and their passengers. For schools and other learning institutions, on-site classes, sports and other extracurricular activities shall remain suspended subject to consultation with the Department of Education (DepEd) and the Commission on Higher Education (CHED). Online learning platforms will, in the meantime, be the primary mode of learning for students in all public and private schools. Once on-site classes gradually resume, the number of classes should be reduced and staggered class days should be implemented to enable students and teachers to comply with physical distancing protocols and other safety measures. Under the bill, restaurants and other food service places may resume operations under a “new normal,” but initially only for take-out and delivery. Buffets and salad bars would be prohibited once dine-in services are gradually introduced, 2-meter distancing between diners should be strictly followed, and disposable, or non-shareable menu booklets and cutlery should be used as much as possible. In banks, supermarkets, malls and most commercial spaces, the entry of people will be limited at any given time, and online transactions and shopping services, as well as cashless and contactless payments should be encouraged. Salons, parlors and spas, once allowed to reopen, should strictly observe frequent handwashing, disinfecting and cleaning practices, including the sanitizing of scissors and other tools. Applicable safety and distancing measures should also be applied on construction sites, industrial workplaces, offices, call centers, and other public spaces.

Testing

THE panel also approved the HB 6707, which seeks to Establish Baseline PCR testing as the protocol for Covid-19 testing and requires that these be made available, affordable and accessible. Under the bill, Iloilo Rep. Janette Garin, former secretary of Health, said the testing shall not exceed the amount of P1,700 for the government institution and P1,800 for private institution per asymptomatic vulnerable person tested. The measure mandates the Philippine Health Insurance Corp. to shoulder the cost of testing for vulnerable members of society who shall undergo baseline PCR testing to detect Covid-19 infection.

Impact

ALSO, the committee adopted two resolutions to cushion the impact of Covid-19 pandemic, urging the national government to fast-track the disbursement of the second tranche of the social amelioration program (SAP) emergency cash subsidy by authorizing the barangay to identify the beneficiaries and disburse the allocation fairly, efficiently and responsibly. Also, a resolution expressing the commitment of the House to enact the proposed P66-billion supplemental budget of the Department of Agriculture (DA) to support its programs in addressing the impact of the Covid-19 pandemic, particularly in the areas of food and nutrition, security and price stability was also adopted. Earlier, Agriculture Secretary William Dar said a P66-billion stimulus package is needed for the agriculture sector to boost food production. According to Dar, the P66-billion stimulus package for agriculture sector will include P31 billion for Alpas Kontra sa Covid, P20 billion for food logistics/food markets and other interventions and P15 billion for the cash for work program in the agriculture sector. All these measures will be immediately transmitted to the plenary for another round of deliberations. Jovee Marie N. Dela Cruz

Editor: Vittorio V. Vitug • Friday, May 29, 2020 A3

Amid coronavirus pandemic, solons push creation of immunization advisory group

By Jovee Marie N. Dela Cruz

@joveemarie

HE House of Representatives is inclined to approve the creation of a National Immunization Technical Advisory Group (NITAG) to provide evidencebased information to the national government related to vaccine immunization, the chairman of the House Committee on Health said.

Committee on Health Chairman Rep. Angelina Tan said NITAG will ensure the strict implementation of the National Immunization Program amid challenges posed by the Covid-19 pandemic. According to Tan, the government should ensure that it is implementing the immunization program even during the community quarantine as a way to ensure that children are protected from future pandemics. “We have several initiatives in Congress in relation to the country’s immunization program. We are pushing for the creation of the NITAG, a national immunization advisory board, and we are trying to adopt a school-based immunization program that will benefit

IATF finalizes new guidelines on religious gatherings By Samuel P. Medenilla @sam_medenilla

ALACAÑANG said on Thursday the InterAgency Task Force for the Management of Emerging Infectious Diseases’ (IATF) may decide on the possible new guidelines for religious gatherings in areas under community quarantine next week. In an online press briefing, Presidential spokesman Harry Roque said the IATF has finally completed its consultation with religious groups on Wednesday. He said those who attended submitted detailed “doable” proposals implementing social distancing during religious gatherings. “I think in the coming weeks, the proposals will be included in the agenda of the IATF. If not on Friday [May 29], maybe next week. So let us wait for it,” Roque said. Until a current policy of the IATF on the matter, Roque said religious gatherings will be limited to five to 10 participants in areas under community quarantine. Members of the Catholic Bishops’ Conference of the Philippines’s (CBCP) have been pushing to remove the existing cap for participants for religious gatherings, which they said is unreasonable. They noted religious gathering, like Masses, should be allowed to resume but on the condition participants follow social distancing rules to help people cope with the novel coronavirus disease (Covid-19) pandemic. Some local government units are against allowing the religious gatherings, where Covid-19 could spread.

our students,” she said.

Open bidding

TAN also reaffirmed her call for an open and competitive bidding process in the procurement of vaccines. An important element in the immunization program, she said, is to ensure that the procurement of vaccines is done in such a way that no single manufacturer is favored. The specifications in bidding should not favor a single brand, Tan stressed. Last year, the Department of Health (DOH) suspended a call for bidding for pneumococcal conjugate vaccines (PCVs) after medical experts noted that the bidding favored a single manufacturer.

During a recent forum, Health Undersecretary Dr. Ma. Rosario Vergeire explained that the DOH suspended the bidding for PCVs after new evidence showed that they need to look more carefully into the procurement process was presented. “ ’Nung lumabas ang bagong ebidensiya na sinubmit sa atin, ang desisyon namin ay ipasok muna sa Health Technology Assessment Center [HTAC]. HTAC is reviewing the procurement, which is really the right process. Ngayon po hindi pa lumalabas ang recommendation ng HTAC,” Vergeire revealed. “Hindi natin tinigil ang programa, hinihintay lang namin ang recommendation ng HTAC at itutuloy natin ang programa,” she added. The DOH had previously requested the HTAC to review the National Immunization Program (NIP), particularly the Pneumococcal Vaccination Program for children, in light of new 2017 and 2019 evidence from the World Health Organization (WHO). In February 2019, WHO reaffirmed its earlier position that the two available PCVs in the market— PCV10 and PCV13—are equally effective in preventing overall pneumococcal diseases among children. The position paper also states that there is at present insufficient evidence of a difference in the net impact of the two available PCVs on

overall disease burden. In the same forum, epidemiologist Dr. Troy Gepte supported the DOH’s move to have the PCV procurement assessed, stressing that the HTAC review is indeed mandated by law. Moreover, Tan said if the health assessment proves that both PCV10 and PCV13 have the same effects, “then we need to go through a procurement process that’s open and competitive so the government can save on costs.”

NIP

MEANWHILE, Rep. Adriano A. Ebcas of the Ako Padayon Pilipino Party-list, said he and three other party-list representatives filed House Resolution 906, urging DOH to ensure the continued safe implementation of the mandated National Immunization Program for children. The resolution aims to encourage and support the DOH in its endeavor to contain the current outbreak and prevent future community outbreaks of vaccine-preventable diseases (VPDs) during the Covid-19 pandemic. The resolution also aims to secure and ensure a stable supply of available vaccines through the continued conduct of open, fair, and competitive bidding, thereby preventing any “outbreak within an outbreak.”

Angeles City court convicts Illinois man of online child abuse, human trafficking

PHILIPPINE court has sentenced an American to life in prison on charges of sexually exploiting Filipino children using webcams to sell videos, photos and livestreams to buyers abroad, an official said Wednesday. The conviction of David Timothy Deakin is a strong warning to offenders that “they could not hide even if they commit sexual exploitation crimes in cyberspace because law enforcers are collaborating worldwide to catch them,” National Bureau of Investigation official Janet Francisco said. Judge Irineo Pangilinan Jr. of the Regional Trial Court in northern Pampanga province declared Deakin guilty of qualified human trafficking and sentenced him to life imprisonment and ordered him to pay a fine and indemnify his victims. The ruling was handed down

SUSPECTED child webcam cybersex operator, American David Timothy Deakin, from Peoria, Illinois, waits following his arrest as investigators gather evidence during a raid at his home in Mabalacat, northern Philippines on April 20, 2017. A Philippine court has convicted Deakin who exploited Filipino children sexually using webcams to sell videos, images and livestreams to pedophile buyers abroad, an official said Wednesday, May 27, 2020. AP

online Tuesday because of coronavirus quarantine restrictions. The US Federal Bureau of Inves-

tigation provided the information that led to Deakin’s arrest in April 2017 in Pampanga’s Mabalacat City, Francisco said. Associated Press journalists were allowed to witness the raid on Deakin’s apartment near a red-light district and his arrest. Francisco, who heads an antihuman trafficking force, said the raid led to the seizure of the largest amount of digital evidence related to online sexual exploitation of children in the country so far. Her agents also found children’s underwear, toddler shoes, cameras, bondage cuffs, fetish ropes, meth pipes and stacks of hard drives and photo albums in Deakin’s two-bedroom apartment. Deakin was originally from Peoria, Illinois, and has been in the Philippines since 2000. He told the AP in an interview shortly after his arrest that he didn’t make videos of children. AP

Economy BusinessMirror

A4 Friday, May 29, 2020 • Editor: Vittorio V. Vitug

DBM: No listed project under ’20 budget has been scrapped By Samuel P. Medenilla @sam_medenilla

HE Department of Budget and Management (DBM) on Thursday said it has yet to scrap any projects under the 2020 General Appropriations Act (GAA) to generate more funds for the government’s novel coronavirus disease (Covid-19) measures. Budget Secretary Wendel Avisado issued the statement after admitting they made use of the “unreleased appropriations” for some of the said projects, when they released P353.8 billion to concerned agencies to finance their Covid-related programs. However, he stressed the said af-

fected projects could still resume if they will be able to source new funding this year, or next year. “So, this means, it is like we borrowed the budget [for the affected projects],” Avisado said during an online news briefing on Thursday. “If there will be some [budget] which will remain, we will coordinate with the departments to determine, which of their priority, or most needed projects, it will be used,” he added. Programs, which will lack funding for this year, Avisado said, can be classified under multiyear of contractual authority to be given by DBM. This way, he explained, the said program will not be canceled and will be allowed to continue next year.

DOLE compels recruitment, manning agencies to foot returning OFWs’ board and lodging bill

ECRUITMENT and manning agencies are now compelled to shoulder the board and lodging expenses of returning overseas Filipino workers (OFWs), who lost their jobs en masse amid the raging novel coronavirus disease (Covid-19) pandemic. On Wednesday, the Department of Labor and Employment (DOLE) came out with a new issuance amending its Department Order (DO) 211, Series of 2020. Labor Secretary Silvestre H. Bello III issued DO 211-A (Series of 2020), which states that the Overseas Workers Welfare Administration (OWWA) will cease to pay for the temporary shelters of returning OFWs. “The responsibility of providing for the board and lodging in III.3.b and c. among Philippine recruitment and manning agencies respectively shall apply whether during the implementation of community quarantine or under the new normal,” Bello said. OWWA Administrator Hans J. Cacdac earlier said they already spent around P400 million to provide the temporary shelters to OFWs, who were quarantined or awaiting the result of their test result in the National Capital Region (NCR) and Batangas. As of May 19, 2020, OWWA was able to provide temporary shelter to 12,588 OFWs.

Home-bound

CURRENTLY, the government is

engaged in sending home 24,000 OFWs, who already tested negative for Covid-19. Citing the latest data from the OWWA, Presidential spokesman Harry Roque said the government was ready to send home 16,000 OFWs, who stayed in NCR and Batangas. He said more of the said OFWs are expected to be sent home on Thursday since three flights and two ships were schedule to transport more of the OFWs back to their hometowns. President Duterte gave OWWA and other concerned agencies until the end of the week to bring home all of the 24,000 OFWs.

Increasing beneficiaries

IN a related development, DOLE also reported the number of applicants for its Abot Kamay ang Pagtulong (AKAP) program of DOLE has now reached 450,000. DOLE resumed accepting AKAP applications earlier this month after getting an additional P1-billion budget for the one-time P10,000 cash aid program for OFWs, who were affected by Covid-19. The program now has a total of P2.5 billion, which is sufficient to benefit only 250,000 OFWs. Bello earlier said they are appealing for additional funding for AKAP to accommodate all of its applicants. Currently, DOLE said only 145,000 qualified beneficiaries have benefited from the program. Samuel P. Medenilla

Released funds

DURING his presentation on Thursday, Avisado said the bulk, or P246.5 billion, of the P353.8-billion budget DBM released for Covid measures were pooled savings. The P96.7 billion of the budget came from the unprogrammed appropriation and P10.6 billion from reprogramming of beneficiaries and purpose of existing PAPs (Program, Activities and Projects). The Department of Social Welfare and Development’s (DSWD) Social Amelioration Program (SAP) got the most of the released funds at P200 billion. It was followed by the Department of Finance (DOF) with P88 bil-

lion and the Department of Health (DOH) with P48.1 billion. Avisado noted only the concerned agencies will be able to determine how much of the released funds were disbursed. Because of t he prot racted impact of Covid-19 to the country’s economy, DBM and other members of the government’s economic cluster is considering requesting for a supplemental budget from Congress for the said purpose. Avisado, however, reiterated until they could get new source of revenues/taxes or have an excess collection of revenue, he said their request will have no “basis.”

House approves FIST bill on second reading By Jovee Marie N. Dela Cruz @joveemarie

HE House of Representatives on Thursday approved on second reading the Financial Institutions Strategic Transfer (FIST) bill to help banks and other financial institutions from the impact of the Covid-19. House Committee on Banks a nd Fi n a nc i a l I nt e r me d i a r ies Chairman Rep. Junie Cua said House Bill 6816 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 on 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 NPAs across all borrower segments. NPAs consist of financial institutions’ nonperforming loans (NPLs) and real and other properties acquired (ROPAS) in settlement of loans and receivables. According to Cua, NPAs prevent banks and financial institutions from effectively performing their crucial role of financial intermediation. The bill encourages financial institutions to sell NPAs to asset management companies, created as Financial Institutions Strategic Transfer Corporations (FISTC), that specialize in the resolution of distressed assets. Also, the measure encourages the private sector, government financial institutions, and government-ow ned or-controlled corporations to incorporate and invest in FISTCs and help in the rehabilitation of distressed businesses with the end view of cont r ibut i ng to econom ic growth. The bill said application for the establishment and registration of an FISCT shall be filed w it h t he Sec u r it ies a nd E xchange Commission not beyond 18 months beginning from the date of affectivity of this proposal or its implementing rules and regulations. The measure also extends support to financial institutions, as well as FISTCs, in disposing of their NPAs by granting tax exemptions and reduced registration and transfer fees on certain transactions involving NPAs. Under the bill, the transfer of NPAs from the financial institution to an FISTC shall be exempt from following taxes: documentary stamp tax; capital

gains tax; creditable withholding income taxes imposed on the transfer of land/or buildings and value-added tax on the transfer of NPAs. However, the measure provides that transfers shall be subject to the following, in lieu of the applicable fees: a) 50 percent of the applicable registration and transfer fees on the transfer of real-estate mortgage and security interest to and from the FISCT, as imposed in accordance with the existing circulars of the Land Registration Authority (LRA); (b) 50 percent of the filing fees for any foreclosure initiated by the FISTC in relation to any NPA acquired from an FI, as prescribed by the Rules of Court; and (c) 50 percent of the land registration fees prescribed under the existing circulars of the LRA. The bill said transfers from an FISTC to a third party of NPAs acquired by the FISTC within such two-year period, or within such extended period, or transfers by way of donation in payment by a borrower to the FISTC shall enjoy the privileges enumerated herein for a period of not more than five years from the date of acquisition by the FISTC. Provided, that the secretary of finance may extend such five-year period by a maximum number of years: Provided, further, that properties acquired by an FISTC from GFIS or GOCCs which are devoted to socialized or low-cost housing shall not be converted to other uses. Also, the bill provides additional tax exemptions and fee privileges to encourage the infusion of capital and/or financial assistance by the FISTC for the pur pose of rehabilitating the borrower’s business. It said the following additional tax exemptions and privileges shall be enjoyed: The FISTC shall be exempt from income tax on net interest income, documentary stamp tax and mortgage registration fees on new loans in excess of existing loans extended to borrowers with NPLs which have been acquired by the FISTC and in case of capital infusion by the FISTC to the borrower with NPLs, the FISTC shall also be exempt from the documentary stamp tax. T he bi l l sa id t hat t he abovement ioned t a x e xempt ions a nd fee pr iv i leges sh a l l ap ply for a per iod of not more t h a n f ive yea rs f rom t he d ate of acqu i sit ion of N PL S b y t he FISTC . Prov ided, f ur t her, t hat t he sec ret a r y of f i n a nce m ay e x tend t he per iod b y a m a x imu m of f ive yea rs.

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DA order allows Spain to export pork and beef to PHL until 2023

HE Department of Agriculture (DA) has allowed Spain, the country’s top source of imported pork products, to continue exporting pork and beef products to the Philippines until 2023. The DA issued Department Order 14, Series of 2020 that granted the European country a system-wide accreditation to export pork and beef to the Philippines. The DA said an inspection mission was sent to Sweden to inspect and audit the country’s foreign meat establishments (FME) that would export pork to the Philippines. The DA added that based on its assessment, it found Spanish FMEs to be compliant with “Philippine quarantine and meat inspection systems procedures.” “The Government of Spain has complied with the requirements provided in the Terrestrial Animal Health Code of the World Organization for Animal Health [Office International des Epizooties-OIE],” the order read. “After thorough evaluation, the

application of the Government of Sweden for system accreditation to export pork and beef meat into the Philippines has been found satisfactory and acceptable,” the order added. The accreditation granted to Sweden is valid until April 2, 2023, according to the DO dated May 4,2020. Spain could continue exporting pork carcasses and half-carcasses, hams, shoulders, pork cuts, edible offal, livers, among others to the Philippines, according to the order. Spain could also export various beef meat products such as carcasses and half-carcasses; boneless; edible offal; tongues; livers, among others. Spain is the country’s top supplier of imported pork, cornering about 36 percent of annual imported pork meat volume. In 2019, the Philippines imported 122,511.533 metric tons of pork products from Spain, Bureau of Animal Industry data showed. Majority of buyers of pork products from Spain are local meat processors. Jasper Emmanuel Y. Arcalas

DAR extends aid to women ARBs By Jonathan L. Mayuga @jonlmayuga

TOTAL of 1,200 rural women severely affected by the 2019 coronavirus disease (Covid-19) pandemic will soon receive livelihood assistance from the government. Through the Department of Agrarian Reform (DAR), the Duterte administration is currently helping women agrarian reform beneficiaries (ARBs) through its project called “The PaSSOver: ARBOld Move to Heal as One Deliverance of our Farmers from Covid-19 Pandemic,” or ARBOld Move project. In a news statement, Provincial Agrarian Reform Program Officer Rodolfo Alburo said the ARBOld Move project will extend its support to women ARBs nationwide by providing them with livelihood activities, especially in food production, such as egg and poultry production, hog fattening, and other similar activities based on their preferences and capabilities to ensure they have food on their tables and products to sell. To start off the project in Sultan Kudarat, Alburo said the ARBOld Move project has already provided livelihood activities to 15 women ARBs in the province of Sultan Kudarat.

The project will allot P15,000 for each livelihood undertaking for each woman for a total allocation of P225,000. “We also recently provided livelihood starter kits to five women ARBs in Columbio to help them augment their household income during these difficult times,” Alburo said. Livelihood starter kits amounting to P75,000 were extended to five women farmers from the municipality of Columbio. Each received three healthy live goats costing P5,000 each. Alburo said procurement activities are ongoing for the supply and delivery of livelihood starter kits for the next 10 women ARBs of the project. The ARBs will be coming from the municipalities of Sen. Ninoy Aquino and Esperanza. “The provision of livelihood support will contribute to the ARBs’ food production and will also be a good source of income for their families,” Alburo said. The ARBOld Move project was initiated by DAR Secretary John Castriciones as answer to President Duterte’s call to focus all national agencies’ relief operations in helping the Filipino people during this time of great need, in accordance with Republic Act 11649 or the Bayanihan to Heal as One Act.

Illegal logging in ‘protected areas’ persists during ECQ

MID the raging virus pandemic, illegal logging activities persist in the Sierra Madre Mountain Range, even within so-called protected areas that are supposed to be spared from all forms of destructive human activities, the Department of Environment and Natural Resources (DENR) revealed on Thursday. Protected areas are areas set aside for conservation and home to threatened plant and animal wildlife. DENR-Calabarzon Regional Executive Director Gilbert Gonzales, in a news statement, said the Rizal Provincial Environment and Natural Resources Office (PENRO) has recently seized more than 350 board feet of lumber, 104 sacks of charcoal and 5 units of illegal logging equipment, estimated to be worth around P102,370. The seized forest products and equipment were found within a protected area and were abandoned by the illegal loggers, ap-

parently to evade arrest. The seized items are currently in the custody of PENRO Rizal for safekeeping. There will be an Administrative Confiscation Proceeding headed by PENRO Rizal for appropriate storage and disposal of the seized items. Gonzales has earlier called on DENR field personnel in the Calabarzon region to strictly monitor the protected areas in their jurisdiction especially during the enhanced community quarantine (ECQ) period. The regional office, through its Enforcement Division, has also regularly monitored field operations and responded to all complaints posted through social media. According to Forester Oliver Viado, chief of Enforcement Division, DENR field personnel are on red alert during the ECQ. “They have set up skeletal force and immediate mobilization of the respective quick response teams,” he said. Jonathan L. Mayuga

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Canada judge rules Huawei CFO’s extradition case can proceed

ANCOUVER, British Columbia—A Canadian judge ruled on Wednesday the US extradition case against a senior Huawei executive can proceed to the next stage, a decision that is expected to fur ther harm relations between China and Canada. The Chinese Embassy in Ottawa later warned Canada to drop the case and accused the United States of trying to bring down the Chinese tech giant. Canada arrested Meng Wanzhou, the daughter of Huawei’s founder and chief financial officer of the company, at Vancouver’s airport in late 2018. The US wants her extradited to face fraud charges. Her arrest infuriated Beijing. Canadian officials have emphasized the country’s judicial system is independent. Associate Chief Justice Heather Holmes said in her decision the allegations against Meng could constitute a crime in Canada as well and the extradition could therefore proceed. The US accuses Huawei of using a Hong Kong shell company to sell equipment to Iran in violation of US sanctions. It says Meng, 48, committed fraud by misleading the HSBC bank about the company’s business dealings in Iran. Meng’s lawyers argued during a hearing in January that the case is really about US sanctions against Iran, not a fraud case. They maintain that since Canada does not have similar sanctions against Iran, no fraud occurred under its laws. The judge disagreed. “ M s. M e n g’s a p p ro a c h to t h e d o u b l e criminality analysis would seriously limit Canada’s ability to fulfill its international obligations in the extradition context for fraud and other economic crimes,” Holmes wrote. Holmes said Canada did not have economic sanctions against Iran at the time but noted the sanctions used by the US “were not fundamentally contrary to Canadian values.” Her legal team is scheduled to be back in court June 3 to set dates for when her lawyers will argue that Canada Border Services, the Royal Canadian Mounted Police and the FBI violated Meng’s rights while collecting evidence before she was actually arrested. Extradition cases typically take years in Canada. The ruling against Meng is expected to erode already damaged relations bet ween Beijing and Ottawa. “China hereby expresses strong dissatisfaction and firm opposition to this decision, and has made serious representations with Canada,” the Chinese Embassy in Ottawa said in a statement. “The purpose of the United States is to bring down Huawei and other Chinese high-tech companies, and Canada has been acting in the process as an accomplice of the United States.” China’s embassy also warned Canada to “immediately release Ms. Meng Wanzhou to allow her to return safely to China, and not to go further down the wrong path.” AP

US says Hong Kong’s autonomy gone, sowing China trade doubt

he Trump administration said it could no longer certify Hong Kong’s political autonomy from China, a move that could trigger sanctions and have far-reaching consequences on the former British colony’s special trading status with the US. Secretary of State Michael Pompeo announced the decision on Wednesday, a week after the government in Beijing declared its intention to pass national security legislation curtailing the rights and freedoms of Hong Kong citizens. The National People’s Congress, China’s legislature, is expected to pass the measure later on Thursday. “Hong Kong does not continue to warrant treatment under United States laws in the same manner as US laws were applied to Hong Kong before July 1997,” Pompeo said in a statement. “No reasonable person can assert today that Hong Kong maintains a high degree of autonomy from China, given facts on the ground.” The move comes as tensions between the world’s two largest economies continue to escalate, fueled by accusations from President Donald Trump that China was slow to disclose the peril of coronavirus. Trump has threatened consequences for Beijing over its handling of the pandemic and more recently its

steps to assert more control over Hong Kong. Congress also passed a bill that would sanction Chinese officials for human rights abuses against Muslim minorities. Hong Kong shares tumbled in the wake of the news, with the Hang Seng Index flirting with the lowest level since global strains peaked in March. The offshore yuan dipped, as it continues to test record levels amid speculation the government would be willing to permit a weaker currency in response to fresh punitive measures from the US. A finding on Hong Kong’s autonomy was compelled by last year’s Hong Kong Human Rights and Democracy Act, which requires such a certification each year. Pompeo’s decision opens the door for a range of options, from visa restrictions and asset freezes for top officials to possibly imposing tariffs on goods coming from the former colony to effectively treat Hong Kong no differently than the mainland. “The United States stands with the people of Hong Kong as they

U.S. death toll from Covid-19 surges past 100,000 people

Friday, May 29, 2020

ARTFORD, Conneticut—The US surpassed a jarring milestone on Wednesday in the coronavirus pandemic: 100,000 deaths. That number is the best estimate and most assuredly an undercount. But it represents the stark reality that more Americans have died from the virus than from the Vietnam and Korean wars combined. “It’s a striking reminder of how dangerous this virus can be,” said Josh Michaud, associate director of global health policy with the Kaiser Family Foundation in Washington. The once-unthinkable toll appears to be just the beginning of untold misery in the months ahead as Las Vegas casinos and Walt Disney World make plans to reopen, crowds of unmasked Americans swarm beaches and public health officials predict a resurgence by fall. Dr. Anthony Fauci, the nation’s top infectious disease expert, issued a stern warning after watching video of Memorial Day crowds gathered at a pool party in Missouri. “We have a situation in which you see that type of crowding with no mask and people interacting. That’s not prudent, and that’s inviting a situation that could get out of control,” he said during an interview Wednesday on CNN. “Don’t start leapfrogging some of the recommendations in the guidelines because that’s really tempting fate and asking for trouble.” Worldwide, the virus has infected more than 5.6 million people and killed over 350,000, with the US having the most confirmed cases and deaths by far, according to a tally by Johns Hopkins University. Europe has recorded about 170,000 deaths, while the US reached more than 100,000 in less than four months. The true death toll from the virus, which emerged in China late last year and was first reported in the US in January, is widely believed to be significantly higher, with experts saying many victims died of Covid-19 without ever being tested for it. Early on, President Donald Trump downplayed the severity of the coronavirus, likening it to the flu, and predicted the US wouldn’t reach 100,000 deaths. “I think we’ll be substantially under that number,” Trump said on April 10. Ten days later, he said, “We’re going toward 50- or 60,000 people.” Ten days after that: “We’re probably heading to 60,000, 70,000.” Critics have said deaths spiked because Trump was slow to respond, but he has contended on Twitter that it could have been 20 times higher without his actions. He has urged states to reopen their economies after months of stay-at-home restrictions. Las Vegas casinos can welcome tourists again on June 4. SeaWorld and Walt Disney World plan to reopen to limited numbers of tourists in Orlando, Florida, in June and July. And people who have been cooped up indoors began venturing outside in droves, often without practicing social distancing or wearing masks. Kelly Hove, 79, of Twin Falls, Idaho, an internationally

known pianist, died at a nursing home on April 12 of complications from Covid-19 after a long battle with dementia. Her sister-in-law Jan Hove fears that more will die as states start lifting restrictions. “I think going back too soon is going to cause more deaths, so I’m incredibly concerned,” she said. “And I don’t think we have adequate leadership. It’s an absolute joke, from the White House down.” The virus exacted an especially vicious toll on Trump’s hometown of New York City and its surrounding suburbs, killing more than 21,000. At the peak, hundreds of people were dying per day in New York City, and hospitals, ambulances and first responders were inundated with patients. There is no vaccine or treatment for Covid-19, though several emergency treatments are being used after showing some promise in preliminary testing. Worldwide, about a dozen vaccine candidates are starting to be tested or getting close to it. Health officials have said studies of a potential vaccine might be done by late this year or early next year. Only half of Americans said they would be willing to get vaccinated if scientists are successful in developing a vaccine, according to a poll released on Wednesday from The Associated Press-NORC Center for Public Affairs Research. For most, the coronavirus causes mild or moderate symptoms, such as fever and cough that clear up in two to three weeks. For some, especially older adults and people with existing health problems, it can cause more severe illness, including pneumonia and death. Among the 100,000 fatalities was 74-year-old Michael Ganci of Newington, Connecticut, who died March 21. He was a public school teacher, a grandfather and father of four, and a 4th-degree belt Sensei in Kyokushin karate. Ganci, who had a compromised immune system, died at a hospital in Hartford three days after showing symptoms. His family was not allowed to be with him and tried to text and talk with him on his cell phone during his final days. His wife of 48 years also tested positive for Covid-19 and had to grieve alone. For their daughter, 45-year-old Joanna Ganci of Beverly, Massachusetts, the milestone is important to understand the scope of the virus. “But at the same time, I think the danger of counting, the danger of statistics, is that it just minimizes the human element,” she said. “It’s like, what number is going to make an impact for people who haven’t been touched by it?” It’s not even clear when the coronavirus turned deadly in the United States. Initially, it was believed the first US deaths from the virus were in late February in a Seattle suburb. But by mid-April, it was determined that two people with the coronavirus died in California three weeks earlier. AP

struggle against the CCP’s increasing denial of the autonomy that they were promised,” Pompeo said, referring to the Chinese Communist Party.

‘Thread the needle’

In a statement, the Chinese Embassy in Washington said the legislation “targets a very narrow category of acts that seriously jeopardize national security and has no impact on Hong Kong’s high degree of autonomy, the rights and freedoms of Hong Kong residents or the legitimate rights and interests of foreign investors in Hong Kong.” It added that China would take “necessary countermeasures” to any US response, echoing a comment from the foreign ministry on Wednesday. Prominent Hong Kong democracy advocates welcomed Pompeo’s comments and called on Trump to hit China hard, even to the point of revoking the city’s special trading status. Many of them saw this moment as one of the final opportunities to pressure Beijing before details of the laws are drafted and imposed. “Our only salvation is for President Donald Trump to impose sanctions,” said Jimmy Lai, a Hong Kong media tycoon and prominent prodemocracy activist, who said the most impactful initial move would be to freeze the bank accounts of top Chinese officials. On Hong Kong, the Trump administration will probably focus on financial sanctions and visa restrictions on Chinese officials while holding back on tariffs, export con-

trols and investment restrictions until there’s more clarity on the new law, according to David Loevinger, a former China specialist at the US Treasury who’s now an analyst at TCW Group Inc. in Los Angeles. “They have to thread the needle of coming down on Mainland and Hong Kong officials who support this while not being seen as attacking the Hong Kong people,” he said. China took back control of Hong Kong from the UK under an agreement known as “One Country, Two Systems,” in which it promised to give the former colony broad political and economic independence for 50 years. But under President Xi Jinping, China has steadily asserted more authority over Hong Kong, touching off a wave of protests that stalled only as the coronavirus pandemic swept the globe. The US action hits Hong Kong after a year of often-violent protests and the Covid-19 pandemic that has slammed its economy. Earlier Wednesday, protesters planned to gather at the city’s Legislative Council, which was debating a separate law that would criminalize insulting China’s national anthem. Yet they ended up getting nowhere close, and the hearing proceeded as normal—a far cry from about a year ago, when a mass of people managed to thwart a bill that would allow extraditions to China.

Role lessening

While Hong Kong remains a major trading hub and a key gateway from China to the rest of the world, it matters far less to the country’s fortunes

than it once did. In 2019, 12 percent of China’s exports went to or through Hong Kong, down from 45 percent in 1992. China is also far less reliant on inflows of foreign capital and expertise, and has made a much lower priority of making the yuan an international currency. “Hong Kong is incredibly vulnerable to a massive income shock like this because it’s the most levered economy in the world by many counts,” said Whitney Baker, the New York-based founder of Totem Macro, which advises funds overseeing more than $3 trillion. “Blowing up Hong Kong’s banking system doesn’t really serve the interests of penalizing China or protecting Hong Kong’s autonomy, so we don’t really get that as an approach,” Baker said. Nonetheless, the city still matters. Hong Kong’s open capital account and adherence to international standards of governance are unmatched by any mainland Chinese city and make it an important base for international banks and trading firms. Trump, asked about the prospect of sanctions at the White House on Tuesday, said his administration is “doing something now” that he would unveil later in the week. In another point of conflict between the US and China, Huawei Technologies Co. Chief Financial Officer Meng Wanzhou failed on Wednesday to persuade a Canadian judge to end extradition proceedings, keeping her under house arrest in Vancouver as the fight against US efforts to prosecute her moves forward. Bloomberg News

Friday, May 29, 2020 • Editor: Angel R. Calso

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editorial

World leaders in boxer shorts

ne of the things that we have missed during the quarantine has been “public gatherings,” particularly going to a religious service. It does not matter what you believe in regard to a deity or faith. Any sort of quiet or meditative time during the week is good and can be particularly beneficial if it is with a like-minded group. Hydroxychloroquine is a medication used to prevent and treat malaria in areas where malaria remains sensitive to a similar drug chloroquine. Depending on which medical expert you read, Hydroxychloroquine is either the miracle prevention/cure for Covid-19 or should be the drug of choice for assisted suicide. On Wednesday Nayib Bukele, the President of El Salvador, revealed that he has been taking Hydroxychloroquine. “I use it as a prophylaxis” said Bukele during a press conference. Before you dismiss his statement as the demented ramblings of a “boomer,” know that Bukele was born in 1981. As we said, we have missed the meetings that are an integral part of our daily lives. Even presumably just for business, these are social gatherings and the human physical contact is important. Countless stories have circulated of the recent online meetings. One woman apparently had the “potato” filter on during a Zoom meeting and could not figure out how to turn it off. Then there are the “Zoomed” corporate executives in coat and tie from the waist up and boxer shorts from the waist down. These meetings are times for discussions about mutually beneficial concerns as within a company. Then there are times like the conventions when insurance people get together to share sales techniques and marketing ideas. Doctors come together to compare notes about their medical specialties. Organizations for jeepney owners and drivers meet to broaden their knowledge and experience in their industry. While we talk about “working from home” and the power of global communication through the Internet, nothing will able to sufficiently substitute for the ability to look in another person’s eyes directly face to face. There are no filters or hiding your boxer shorts in real life. President Bukele said something else during his press conference that caught our attention. “President Trump uses it as a prophylaxis. Most of the world’s leaders use it as a prophylaxis” referring to Hydroxychloroquine. Trump’s use of the drug is not a secret. NBC News: “President Donald J. Trump said he had ‘just finished’ taking a two-week course of the anti-malarial drug Hydroxychloroquine. The White House’s confirmation that US President Trump has been taking Hydroxychloroquine every day for the past two weeks, with his doctor’s blessing.” There was speculation that Britain’s Prime Minster Boris Johnson also used the medicine when he was stricken. Maybe Bukele’s comment about most of the world’s leaders using the drug was just casual conversation, even a slip of the tongue. But maybe it is something else. Presidents and Prime Ministers are just like us except for the jobs they hold. They also get together once or twice a year and have private chitchats. Certainly, in the past months CEOs of global airlines have talked frequently, probably crying to each other with “what are we going to do now?” Would it be surprising to learn that Bukele has talked informally with the leaders of New Zealand or Nigeria and compared current experiences? When facing a universal threat like a pandemic, it is good to remember that we are genuinely all the same and that we all look just as silly sitting around in our boxer shorts in front of the computer. Since 2005

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The challenge of mass testing Sonny M. Angara

Better Days

T is common sense that in order for us to fight an enemy properly, we have to gather as much information as possible. The Covid-19 pandemic is currently our country’s greatest enemy, and while we are discovering how to fight it from the point of view of medical technology, what we really want to know is how many boots on the ground does Covid-19 have. We have to have an idea, statistically, of how many are infected, and where. And that means we have to do mass testing. The reality of mass testing in our country is that it is a challenge. While we may have had 307,813 samples tested, and 21,643 individuals have been found to be positive for the virus, it is also true that we still have 818,338 samples to be tested. It is a certainty that as we lower our quarantine restrictions we should have the ability to test for suspect cases, close contacts of people who are under observation, and frontliners. We should also be prepared to test for possible asymptomatic carriers, and those who are in vulnerable communities. All these tests should be

processed in a timely manner, with a minimized backlog. If your backlog is almost three times the amount that has been processed, then it is a problem, in no uncertain terms. I asked about the capability for mass testing during the Committee of the Whole hearing last week, and Department of Health Secretary Francisco Duque III told me that there were three things that were greatly affecting the country’s mass-testing ability. He said that first off, the process of accreditation affected it. Apparently, technicians of candidate-laboratories would

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rothers and sisters, our government is using technical words and terminologies related to addressing the public health crisis brought about by Covid-19. For example, due to the public not being alarmed by the word “lockdown,” the government called the limiting of human activities and temporary closing of nonessential stores and businesses as “community quarantine.” Before long, this term was changed to “enhanced community quarantine” or ECQ and it covers the whole of Luzon. In places where the ECQ was extended, with the exception of some that are allowed to open their businesses and operations, this was called the “modified enhanced community quarantine” or MECQ. Meanwhile, areas without ECQ but still need to follow steps to prevent the spread of Covid-19 are under the “general community quarantine” or GCQ. These words clearly show what actions the government is taking (like providing social amelioration subsidy for families), but for the ordinary people, the different terms of the lockdown have caused confusion. And this past week, a new term

was introduced by the President’s spokesman after being asked by the media about the state of the mass testing to ensure that Covid-19 will not be spreading fast. Atty. Harry Roque said that the government has no capabilities to conduct mass testing, and testing must be carried out by the private sector for those returning to work. What the government can do is to use its funds for “expanded targeted testing.” Roque explained that the term “mass testing” is wrong because it refers to conducting said test to all Filipinos, something that no country has ever done. The “expanded targeted testing” is meant for

The reality of mass testing in our country is that it is a challenge. While we may have had 307,813 samples tested, and 21,643 individuals have been found to be positive for the virus, it is also true that we still have 818,338 samples to be tested. It is a certainty that as we lower our quarantine restrictions we should have the ability to test for suspect cases, close contacts of people who are under observation, and frontliners. fail in the DOH’s s proficiency test. It’s absolutely essential that these technicians pass this test, given the processes and inherent dangers of handling possibly infectious samples. The second factor Duque mentioned was our supply chain for the resources needed for mass testing. We simply lack the productive capacity to make the test kits locally. Even if we had the capacity to produce our own, the imported materials we need are also being distributed slowly in the global supply chain. Finally, there is the reality that our human resources for mass testing will need time to build up competency— this is due, in part, to the complicated testing process, not to mention the encoding of test results

It’s not the goal of mass testing to confirm if Covid-19 is the cause of illnesses and deaths of patients, but to know who are carrying the coronavirus so that they may be immediately isolated to prevent them from infecting others. Extensive, not general, is the meaning of mass testing. Prevention, not confirmation, is its goal. only 1.5 to 2 percent of the almost 110 million Filipinos, but from the past week, almost 208,000 people (0.19 percent of the population) were taken under the PCR-based testing. But the mass testing that many are referring to and are wishing for is meant for those who must be tested who are covered by the ECQ. This includes frontline health workers, persons under investigation and persons under monitoring, and even those living in areas with confirmed Covid-19 cases. This is the mass testing that must be conducted during the two-month lockdown. It’s not the goal of mass testing to confirm if Covid-19 is the cause of illnesses and deaths of patients, but to know who are carrying the coronavirus so that they may be immediately isolated to prevent them from infecting others. Extensive, not general, is the mean-

and other related issues. A part of the solution was presented when the Inter-Agency Task Force named BCDA Vice President Vince Dizon as the 3T Czar (Test, Treat, Trace). Through him, we can rally for help in the private business sector. Some of the mass testing required can, in effect, be shouldered by the business entities themselves. This is on one hand a practical plan, as many of those who need to be tested en masse would of course be employees who have to report for work following the relaxing of enhanced community quarantine guidelines. On the other hand, even with the assistance of the private business sector, we should be honest with ourselves: the government’s capability for mass testing sorely needs improving. The goal, therefore, is two-fold. First, we should address any shortterm issue that makes local mass testing troublesome, such as through training and accreditation support for candidate labs to make the process smoother and faster, without sacrificing quality. This of course goes in tandem with making sure that we have procured adequate testing kits and laboratory equipment. Second, we should develop the future capacity and capability of the See “Angara,” A7

ing of mass testing. Prevention, not confirmation, is its goal. Could it be that the aim of these unclear words, as they say, is to cover up what is until now the lack of attention the government is giving to the Covid-19 pandemic? We are only asking. Brothers and sisters, in any society, addressing the primary needs of man—like proper health and safety from any disease—is important in establishing the innate dignity of man and the sanctity of life, which are the founding principles of the social teaching of the Church. Our current situation is also seeking for a kind of leadership that provides stability in the country, and the rights of all to find clear steps of our leaders, like the mass testing. As said in the book of Luke 12:48, “But the one who does not know and does things deserving punishment will be beaten with few blows. From everyone who has been given much, much will be demanded; and from the one who has been entrusted with much, much more will be asked.” Make it a habit to listen to Radio Veritas 846 Ang Radyo ng Simbahan in the AM band, or through live streaming at www.veritas846.ph, and follow its Twitter and Instagram accounts @veritasph, and YouTube at veritas846.ph. For your comments, e-mail veritas846pr@gmail.com.

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Opinion

Two cowboys

The sounds of remembering

BusinessMirror

Manny F. Dooc

annotations

wo cowboys, one deceased and the other still very much active, have refused to ride into the sunset with their memorable cinematic achievements. Both were the top box office stars during their heyday and their devoted fans celebrate their birthday anniversaries five days apart. They enjoyed parallel careers in the movies and became famous in western genre films. Both were actors, directors, filmmakers and winners of the Academy Awards. They were the most popular actors of their generation and topped the movie charts for decades in the 20th century. They both became active in politics. One actively campaigned for his friend, Ronald Reagan, when he ran for Governor of California and later as President of the US. The other actually served as Mayor of Carmel, California. They were respected by their peers, and enjoyed the adoration of their legions of fans around the world. Aside from movie awards, they were accorded distinctive honors outside the film industry. They have remained movie icons up to now and they belonged to Hollywood’s ranks of immortals.

T 2 or 3 in the morning, I would be awake. It was better to be awake then because after midnight, my mother would be calling me. By that time, the medicine that had helped her calm down and brought her sleep would have worn off. Before those hours, I would be by myself at the table, writing and, in between, listening to online music. They were old music, old sound —older than my mother’s age. She was 91 then.

Marion Mitchell Morrison, more popularly known as John Wayne was born on May 26, 1907 in Winterset, Iowa. When he was young, he had a dog that followed him to school everyday. But the school sent such dogs to the pound so Marion left his dog at the nearby firehouse, which the firemen loved and gave his dog the name “Dule.” Since they did not know Marion’s name, they called him the Big Duke. This nickname stuck with him for life. When he adopted the screen name “John Wayne,” it took him a while to respond when people call him John. He was awarded two of France’s highest honors, the 1994 Commander of the Ordre des Arts et des Lettres and the 2007 Legion of Honor Medal. He was also awarded by Emperor Akihito of Japan with the Order of the Rising Sun for enhancing JapanUS relations. After years of doing bit roles in minor movies and playing an assortment of characters in western genre films, he finally became a star when Director John Ford casted him in the classic movie, Stagecoach in 1939. The movie earned seven Academy Award nominations. There was no looking back for Wayne after that. He made several movies with the famous German sex symbol Marlene Dietrich, which were well received by the moviegoers. The two eventually became romantically involved. He starred in many classic films such as The River, Fort Apache and Rio Grande. He received his first Academy Award nomination for Best Actor in Sands of Iwo Jima in 1949 but finally won it for his unforgettable role as Rooster Cogburn in True Grit in 1969. He eventually produced his own films under his own production companies. He was our hero in The Alamo, The Longest Day, How the West Was Won, The Green Berets and El Dorado. For his valuable contributions to the motion picture industry, Wayne was awarded the Presidential Medal of Merit in 1980. The Orange County Airport in California was renamed after him. nnn

Clint Eastwood was born on May 31, 1930 in San Francisco, California. Eastwood, who has a height of 6’4’’, was given the nickname Samson by the hospital nurses because he weighed 11.6 lbs. at birth. Unlike the Duke who excelled in school both in

Angara. . .

continued from A6

country to handle medical disasters similar to the Covid-19 pandemic. And this has to address broader issues like skills building for professionals in the required fields, gaps in our supply chains, and our lack of local capacity to produce the components needed for mass testing. Some of my past columns have talked about how technology can be used to fight the Covid-19 pandemic. Let us, however, remember that technology is just a tool, and in order for a tool’s use to be maximized, we need

academic and sports, Eastwood did poorly in school. A high-school friend was not certain if he graduated from high school since he hardly spent time in school. He loved tinkering in an airplane shop. “Clint graduated from an airplane shop. I think that was his major,” another friend joked. He was believed not to have completed high school. Later in life, he was given three honorary degrees from different universities. The public first took notice of Eastwood for his role in the western TV series Rawhide but he won worldwide following for his performance in three spaghetti westerns megged by Italian director Sergio Leone where he played a character known as The Man with No Name. After the trio of films was released, Eastwood’s name was a byword around the movie world. He also starred in Hang ‘Em High, High Plains Drifter, The Outlaw Josey Wales, Pale Rider and Play Misty for Me. His characters in Escape from Alcatraz, Every Which Way But Loose and Bridges of Madison Country and many other memorable movies left indelible prints in tinseldom. The Dirty Harry series made him immensely popular and rich. He starred and directed most of his films and at his peak, he was earning 60 percent of all the profits from his films, the rest going to the studio. He won two Academy Awards as Director for Unforgiven and Million Dollar Baby. The greatest honor that an actor can have is what he gets from his fellow actor. This is what actor Tim Robbins said of Eastwood who directed him and Sean Penn in the movie, Mystic River, which won Robbins the Best Supporting Actor and the Best Actor for Penn. It also garnered Eastwood nominations for Best Director and Best Picture. “Clint is a true artist in every respect. Despite his years of being at the top of his game and the legendary movies he has made, he always made us feel comfortable and valued on the set, treating us as equals.” Eastwood will soon turn 90 years old. When he was asked earlier why he is still actively pursuing his craft, he replied: “Everybody wonders why I continue working at this stage. I keep working because there’s always new stories. And as long as people want me to tell them, I’ll be there doing them.” Go ahead Clint, and make our day! to train people on how to use these technologies well. As Chairman of the Committee on Finance, we are now leading discussions in the Senate on the administration’s proposed Covid-19 economic recovery plan. Hopefully, we’ll be able to address some of the issues with mass testing as we craft the legislation needed. Sen. Sonny Angara has been in public service for 15 years—nine years as Representative of the Lone District of Aurora, and six as Senator. He has authored and sponsored more than 200 laws. He is currently serving his second term in the Senate. E-mail: sensonnyangara@yahoo.com|Facebook, Twitter and Instagram: @sonnyangara.

Tito Genova Valiente

TELLTALES

Friday, May 29, 2020

In 2016, she was good and healthy. Tall, my mother had a slight stoop by the time she reached 90. She would be grouchy and imperious. She made sure the main door of the house was locked and the window shutters closed. She always checked I was asleep before midnight. By 10 in the evening, her room would be pitch dark. In 2017, she suffered a fall. It was all different—and difficult—for her and for us then. She lost track of the days and the hours. The 30-minute wait for her orthopedic doctor was already long for her. It was common for me to write on a notebook the time we arrived at the doctor’s clinic so I could tell her it was merely minutes that we were there. But she would not believe my time-keeping. There was a clock in her mind, and that guided her through the hours of the day. There was a calendar deep inside that head and it was telling her about the distant past but not the present. When was it she stopped bothering us about the front door, and the window being open, and the porch lighted? When did she begin to spend more time in her room, going out only to eat at the table ahead of us or with us? The procession of caregivers never stopped in the last two or three years Mama was with us. The first batch of women still passed her scrutiny, although her evaluation never reached them. Gentle and respectful, she would complain to me but warned me not to tell any of these women what she thought of them. By 2017, she did not look at her caregivers anymore. She did not care and I did

not care. We did not care what kind of caregivers came our way. We needed assistance and my mother needed constant help from anyone. She was getting weaker each day. The memories, however, of my grandparents’ home remained constant and vivid to her. “Let us go home, Tit.” She was looking at me, not imploring, just informing. The first time she asked me to travel with her, I told her to eat some more, take the medicine so she would be strong again. Then we would travel. Those words were not assurance but plans for the near future, which never came. One early morning, she called me from her well-lighted room, in a voice that was urgent and tearful. Let us go home was what I heard. But I felt there were more behind those wishes —a place, a time, a moment that she was seeing…that I was not seeing. Which home, Mama? I asked her. She just kept looking at me. That night was the beginning of days when words were difficult to say anymore. I supplied the answer: the one behind the Church? She nodded. I told her to sleep already and by morning, we would dress up and take the journey home. That night, I had gained a pass to the home and memories in Mama’s mind. When nights were difficult and she would insist to go out, I would ask the caregiver to assist her to walk to the porch. My mother had to be shown that it was indeed still night, and dark. I knew what to say to her when at 3 in the morning, she summoned me to her side because she needed to submit a report to the school supervisor. Without telling her the time of

the night, I responded to her request with the promise that I will bring the report myself. It was in May, a bright day on the 28th of the month, when Mama finally found her way home. Three years have gone since then. Mama’s room remains unoccupied. Half of it has been converted into storage. My books are there. Her saints and prayer books remain sacred in their spot. Her old aparador stands, locked, with her collection of playing cards. Julio, a one-year old grandnephew, has developed a fondness for Mama’s room. Whenever I enter that room, Julio would be behind me. The first few times he did this, we enticed him to come out lest he would touch things and hurt himself. Lately, we have allowed him to stay inside. This frisky, goodlooking, little boy would stand in the middle of the room with a grin on his face. He is an amusing vision, utterly confident as he looks around

and surveys everything. I like the feeling that this innocent boy feels good in my mother’s room. I believe Julio senses a goodness in the space that she once occupied. In there, time is breathing out memories not anymore of the pains in her last days but of the joys, those remembrances of a life well lived. Of the many loves she had shown to others. This week of the anniversary of my mother’s passing, I realized I had been listening to music that kept me company in those hours after midnight when my mother was in a world of her childhood and youth, of the sweet and sad wars that had her bidding goodbye forever to friends, and of a town plaza, with a fiesta and the dancing that went on and on and on, and the handsome young man who stole her heart one balmy evening—all this never ending in her soul until she was finally home.

E-mail: titovaliente@yahoo.com

Sorry, President Trump, Twitter makes its own rules Stephen L. Carter

BLOOMBERG VIEW

y view of the dust-up between Twitter and President Donald Trump is simple: The company should treat him exactly like it would treat any other user. But I’ll also admit to a degree of concern about how it treats other users, particularly the company’s growing determination to regulate opinions expressed on its site. Twitter, long criticized by the left for its refusal to flag or even delete presidential tweets for which a lessknown user might be suspended, finally decided to add warnings to a pair of Trump posts fulminating about the possibility of fraud when ballots go by mail. Given the president’s history of tweets that are grossly offensive, actually false or both—like last week’s despicable attacks on Joe Scarborough of MSNBC, which I won’t dignify by repeating or linking to—mail-in balloting is an odd place to draw the line. But the line’s been drawn, and the president’s response is a childish tantrum, threatening to shut Twitter down. Twitter is a private company and it gets to set its own rules. If you break them, the company can alter the terms on which it will serve you. Yes, there are arguments for treating the president differently. For one thing, there’s a case to be made for the respect due the office, whatever one’s opinion of the occupant at a given moment. For another, Trump’s

every tweet receives such a level of media scrutiny that flagging what Twitter considers untruths will be redundant. And given the belief by many of the president’s supporters that the news media distort his every word, social media might be his only means to stay in touch with his base. Those arguments are not without force, but they’re not persuasive. I’d rather that Trump used social media less, and with some semblance of dignity. If he’s going to use Twitter, however, he doesn’t get an exemption because of the office he holds. But that’s far from the end of the matter. I worry about the rules Twitter imposes. On the one hand, I admire the company’s efforts to help users sort between bad information and good on such issues as vaccinations, and I’m intrigued by the possibility that the platform might imitate Wikipedia in having users themselves moderate content. On the other, when it comes to arguments over policy

It’s hard to make the case for unfettered debate when we have a president who refuses to stop yammering, and whose tongue (and tweets) far too often tend toward comments unguarded, offensive and inaccurate. But a principle isn’t a principle if you only apply it to the easy cases.

and politics, I’d rather that no institution, public or private, set itself up as arbiter. Twitter, for example, has lately adopted a policy of placing labels on “potentially harmful” tweets about Covid-19, including those that go against the advice of public health officials. But that’s a dreadful standard. In the first place, public health officials are government employees, meaning criticism of and disagreement with their edicts should be encouraged. Moreover, they can err. I’m old enough to remember being instructed in no uncertain terms not to buy a face mask. Twitter relies heavily on expert systems to flag falsehoods, but those systems need, let us say, some further work. For instance, tweets about the silly theory that Covid-19 is spread by 5G cell towers are being slapped with warning labels—even if the tweets are about how silly the theory is. Which isn’t to say that humans will do any better. Trying to figure out who’s engaging in hyperbole and who’s lying is a thankless task ... and a highly subjective one. Even with the best will in the world, one’s biases are bound to creep into the work of evaluation.

On the right, Twitter’s supposed tendency to lean left in applying its own rules about flagging content has become an article of faith. Even should those criticisms turn out to be correct, Twitter would still be a private company entitled to its biases. True, some think social media platforms have grown so powerful that it’s time to regulate them as public forums, but that’s not a view I share. Even if I did, the rules right now are the rules right now, and if the president wants to use the platform, he has to comply. Still, I find it strange that the company has chosen to draw the line at Trump’s criticism of voting by mail. On the merits, the debate over mail-in ballots is a perfectly legitimate one. Like a lot of people, I have trouble seeing how we can hold an election this fall if everybody has to wait in line as usual. But I believe in debate. Even when I’m for something, I’m eager to understand the arguments of those who disagree. I neither want nor need a parent to warn me not to pay attention. It’s hard to make the case for unfettered debate when we have a president who refuses to stop yammering, and whose tongue (and tweets) far too often tend toward comments unguarded, offensive and inaccurate. But a principle isn’t a principle if you only apply it to the easy cases. And my fear here is the same as always: Once we start down the road of editing error and offensiveness out of the world of argument, not even Orwell knows where we’ll wind up. It won’t surprise you to learn that I’m among those who’d rather not find out.

A8 Friday, May 29, 2020

Private-sector inputs sought on Covid bills S ENATORS are keen to hear privatesector inputs on Friday’s joint hearing of the Finance and Economic Affairs Committees on related bills filed providing multibillion-peso funding, ranging from P180 billion to P370 billion, for the Covid-19 recovery package and economic stimulus bills. Sen. Juan Edgardo Angara, chairman of the lead Finance Committee, confirmed the Senate hearing intends to firm up joint efforts between government and private sector to mitigate the impact of the contagion and fast-track economic recovery, saying “it is the intention of the Senate to work with the private sector, which has seen either a significant scaling down or a total shut down of their operations during the lockdowns, adding that senators expect to see how government can help reduce their hardship.” “We want to hear from the representatives of the private sector about how the Covid-19 pandemic has affected their operations,” he said. “What have they been doing to keep afloat during the lockdown and what have they done to help their employees?” The senator added: “Moving forward, we will determine what must be done to help them minimize their losses and preserve the jobs of their employees now that they will have to operate under a drastically different environment that we are calling the new normal.” Angara’s Finance panel is also set to tackle related measures jointly with the Economic Affairs Committee chaired by Sen. Imee Marcos, including Senate Bill 1417 or the proposed Economic Rescue Plan for Covid-19 and Senate Bill 1449 providing for the Economic Rescue Plan for Covid-19, filed by Angara.

The two committees will consider Senate Bills 1414 or the Pag-Asa, Alaga, Sustento at Angat sa Panahon ng Covid-19 Crisis Package; 1427, which amends Republic Act 11469 or the Bayanihan to Heal as One Act; and 1431 or the proposed Act Establishing an Economic Recovery Package to Businesses in the Hardest Hit Sectors by the Coronavirus Disease 2019, filed by Marcos. Also on the agenda is Senate Bill 1474 or the Philippine Stimulus Package, Aid and Response to Coronavirus Act filed by Senate President Pro Tempore Ralph Recto. In addition to these bills, the two committees are also set to consider Angara’s Senate Resolution 409 seeking to determine the budgetary requirements of the government to utilize innovative digital technologies and to accelerate the buildup of telecommunications infrastructure. According to Angara, “this is an economic stimulus because the Covid-19 pandemic is said to be the biggest economic downturn since the Great Depression of the 1930s.” recalling that “back then it took around three years before some economic recovery was seen.” “We must act swiftly. We do not want to repeat the mistakes of the past and we want to help those who really need it,” Angara said, noting that the impact of Covid-19 is widespread and did not spare anyone,“and so we want to cast the widest net possible,” to capture as many sectors with the recovery and stimulus packages. He said it will also be an occasion to review some of the programs rolled out under the Bayanihan We Heal as One Act. “We’ll take a look at what is working and what needs tweaking if any,” he said.

Butch Fernandez

SOUTHWESTERLY WINDFLOW AFFECTING EXTREME NORTHERN LUZON EASTERLIES AFFECTING PALAWAN, VISAYAS AND MINDANAO as of 4:00 am - May 28, 2020

Even under GCQ, liquidity support to stay–BSP chief

HE Bangko Sentral ng Pilipinas (BSP) has given assurances that its liquidity support and regulatory relief measures will stay in place for banks and other financial institutions even if regions transition from modified enhanced community quarantine (MECQ) to general community quarantine (GCQ). In a webinar on Thursday hosted by the Financial Executives Institute of the Philippines (Finex) and the Management Association of the Philippines (MAP), BSP Governor Benjamin Diokno acknowledged that the uncertainty surrounding the resolution of the pandemic remains high and that the long-term growth path may change in the post-pandemic world.

“Since operational capacity remains constrained even under the general community quarantine phase, the liquidity support and regulatory relief measures will remain, subject to the general conditions of the economy and the financial sector,” the BSP governor said. The BSP said they are working on a plan for a smooth transition of the relief measures issued by the BSP should they see a need to gradually reduce them as the economy recovers. “When domestic developments warrant a scale-down of policy support as economic recovery gains traction, the BSP will ensure a smooth transition in winding down its time/state-bound measures. Exit strategy essentially entails reversion to policies that are consistent with a long-run economic growth path,” Diokno said. “We note that the winding down of support policies and regulatory measures too early or too late may be harmful and may significantly dampen economic recovery. With this in mind, we will remain datadependent in our assessment of monetary and economic conditions. In addition, we will remain watchful of external developments that could impact on domestic monetary and liquidity conditions,” he added. Earlier this year, the Monetar y Board approved the granting of temporary regulatory and rediscounting relief measures to banks and other

monitored financial institutions. These measures include relaxation of BSP regulations such as the single borrower’s limit, penalty for reserve deficiencies, compliance period with BSP supervisory requirements, and know your customer (KYC) requirements to facilitate access to financial services. Prudential accounting relief measures were also implemented to reduce the impact of Mark-to-Market (MTM) losses on the financial condition of supervised financial institutions. The BSP also launched a package of measures to support more lending to micro-, small-, and medium-sized enterprises (MSMEs), such as allowing banks to include new MSME loans as part of their compliance with the required reserve ratio; temporarily reducing credit risk weight of MSME loans that are current in status; and assigning zero weight to MSME loans with government guarantee. For a liquidity boost, the BSP has also reduced the reserve requirement ratio (RRR), suspended the term deposit facility auctions for certain tenors, ensured availability of the overnight lending facility (OLF) to counterparties to cover temporary day-to-day liquidity needs, and scaled down reverse repurchase (RRP) operations to help provide sufficient liquidity in the interbank loan and government securities markets.

SMC income plunges in Q1 as lockdown halts business S

AN Miguel Corp., the country’s largest conglomerate, said its income was down 91 percent during the first three months of the year ending March to P1.09 billion, or just a fraction of last year’s profit of P12.82 billion, as the company blamed the coronavirus pandemic that halted most economic activities. For January and February this year, revenues for the company’s food and beverage business and packaging unit were growing by 7 percent and 8 percent, respectively, it said. The power business, meanwhile, was also posting volume growth, offset by weaker prices amid oversupply, and the implementation of a power bidding mechanism that further brought down prices for generators. The fuels business was beset by falling crude prices as early as February. “This is an unprecedented crisis we are in, and many countries all over the world continue to struggle to cope. Like most big and small businesses in the Philippines, we are also affected but we maintained our focus on cost reduction and cash preservation amid the covid-19 [coronavirus disease 2019] crisis,” San Miguel President Ramon S. Ang said. “Right now, our priority is really to ensure the continuous and efficient delivery of our products and services for the people, strengthen and expand new programs we’ve initiated during this crisis that have worked for us, implement our plan to safely bring our work force back, and continue to help the country manage the impact of this pandemic. Our economy and day-to-day lives depends on how well we can all work together as one nation to fight Covid-19,” he said. Net sales fell 15 percent to P214.06 billion from the previous year’s P250.92 billion as beer and oil sales plummet. In March, the enhanced community quarantine included a total liquor ban, the suspension of public transportation, as well as stay-at-home-orders and local lockdowns that stopped virtually all vehicle movement except for essential travel and the closure of many companies which reduced power demand by as much as 40 percent. San Miguel Food and Beverage Inc. net income dropped 21 percent to P5.8 billion from last year’s P7.36 billion. San Miguel Brewery’s income fell 44 percent to P3.77 billion from last year’s P6.7 billion, while Ginebra San Miguel Inc.’s profits plunged 23 percent to P474 million from last year’s P616 million. San Miguel Foods, meanwhile, had a turnaround in net income to P1.63 billion from last year’s mere P11 million. San Miguel packaging group’s performance for the first quarter also reflected the effects of the lockdown as sales revenues fell 4 percent to P8.5 billion from P8.84 billion last year due to reduced orders from the food and beverage sectors, while health and pharmaceutical customers brought in steady volumes.

Petron net loss

PETRON Corp., meanwhile, incurred net loss of P4.8 billion from last year’s income of P1.3 billion. Global oil prices plunged in March due to a price war among top oil-producing countries. By the end of March, the price of benchmark Dubai crude had dropped by 66 percent to $23 per barrel, from $67 per barrel at the end of December 2019, causing successive rollbacks in pump prices. As a result, Petron’s consolidated revenues amounted to P104.6 billion, down 16 percent versus the same period last year’s P124.55 billion, mainly due to the decline in average selling prices of fuel and lower volumes both in the Philippines and Malaysia. SMC Global Power Holdings Corp.’s income fell 10 percent to P3.22 billion from P3.57 billion last year. Consolidated revenues for the first three months amounted to P28.3 billion, 18 percent lower from the previous P34.76 billion. Off-take volumes declined 3 percent to 6,600 Gwh.This was primarily due to the deferment of the start of supply agreements and contract extensions. Meanwhile, SMC Infrastructure’s operating toll roads registered a 15 percent volume decline, as the ECQ restricted travel movements throughout Luzon. Consolidated revenues fell 27 percent to P4.7 billion, while operating income stood at P1.8 billion down by 43 percent from last year’s P3.13 billion. VG Cabuag

BOC, BIR on track in fuel marking as virus heightens revenue drive

HE Bureau of Customs (BOC) and the Bureau of Internal Revenue (BIR) marked 7.7 billion liters of fuel nationwide since the start of the fuel-marking program in September 2019 last year. Despite the imposition of quarantine restrictions, the BOC continued to inject markers into 135.44 million liters of fuel in a bid to plug revenue leakages, especially at a time the country needs funds badly to properly respond to the Covid-19 pandemic. In a statement on Thursday, the BOC said the government has already marked 7.705 billion liters of fuel nationwide as of May 21. Twenty petroleum companies participated in the program.

Of the total volume of marked fuel, Luzon accounted for 76 percent while Mindanao accounted for 20 percent and Visayas, 4 percent. The government earlier said it aims to collect P20 billion this year follow ing the full implementation of the fuel-marking program. This is equivalent to half of the estimated P40 billion in revenue lost to oil smuggling in the country. Under Republic Act 10963, or the Tax Reform for Acceleration and Inclusion (TR AIN) law, petroleum products that are refined, manufactured, or imported to the Philippines, such as but not limited to unleaded premium gasoline, kerosene, and diesel shall be marked

by an official marking agent after payment of taxes and duties. Fuel marking makes use of a unique chemical marker capable of being embedded at a molecular level in petroleum products—gasoline, diesel and kerosene—thereby enabling authorities to test, identify and distinguish petroleum products with paid excise taxes. The Fuel Marking Program— spearheaded by the Department of Finance, BOC, BIR—was officially launched on August 2019 with the intention of putting a halt to illegal importation, manufacturin g and other fraudulent activities relating to the use and sale of petroleum products in the country. Bernadette D. Nicolas

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Companies BusinessMirror

Covid-19 pummels Jollibee By VG Cabuag

@villygc

ast-food giant Jollibee Foods Corp. (JFC) on Thursday reported a steep loss in the first three months of the year and warned that it may incur more losses in the succeeding quarter due to the Covid-19 pandemic. For the period ending March, JFC said it incurred a loss of P2.07 billion, a reversal from a profit of P1.35 billion it posted in the same period last year. System-wide sales, a measure of all sales to consumers from both company-owned and franchised stores, inched up to P55.15 billion, from last year’s P54.27 billion. The company said the systemwide sales included the Coffee Bean and Tea Leaf (CBTL). Excluding CBTL, the company said sales fell 10 percent.

Ysmael V. Baysa, the company's CFO, warned it will have a much deeper losses in the second quarter, when the lockdown in many parts of the world took effect. “We expect the business to start recovering in the third and fourth quarters but we assume that recovery will be slow. Our strong balance sheet will enable us to withstand this storms, even in worse-case scenarios,” said Baysa. “However, we have to rationalize and redesign our business structure, to adapt to new economic conditions and changed consumer behavior brought by the pandemic and emerge as a stronger business and organization in 2021.” In January, before the outbreak of Covid-19, Jollibee's global systemwide sales grew 9.9 percent, excluding CBTL. It grew 24.9 percent including the coffee shop operator. Its net operating income for that month alone grew 19 percent and net income

rose 57 percent, the company said. In February, system-wide sales began to slow down to 15.7 percent, and in March it dipped to -32.5 percent when lockdowns and other forms of restrictions were imposed in China, the Philippines and the United States. Operating loss for the quarter reached P1.3 billion, from an operating income of P2.1 billion last year, as temporary closures of its stores reduced its volume of sales at the stores that remained open.

Strategies

JFC said it tapped financial technology (fintech) player PayMaya to deploy payments solutions for the pilot implementation of its brands’ mobile ordering system via Facebook chatbot. Under the deal, PayMaya will provide the payments gateway for the Facebook Messenger channels of Jollibee, Burger King, Chowking, Mang

Inasal, and Red Ribbon. This allows consumers to pay for their transactions online using their credit, debit, prepaid cards, and e-wallets. “As we implement more stringent safety measures in this ‘new normal,’ the availability of PayMaya’s cashless payments solutions helps ensure that both our customers and frontline workers are protected, while at the same time giving them a more joyful experience when they order their favorite food from any of our brands,” said Jollibee Global Brand CMO Francis Flores. Aside from this, JFC will also deploy PayMaya’s Digital Invoice solution when ordering online via its various brand's delivery web sites or through their respective hotlines. PayMaya and JFC have been partners since 2019, when they launched self-ordering kiosks in Jollibee, Burger King, and Chowking in select stores. With Lorenz S. Marasigan

Vista Land posts higher income in 2019 V ista Land and Lifescapes Inc., the property development company led by former politician Manuel B. Villar Jr., said its leasing and residential businesses allowed its income last year to grow by 10 percent to P11.6 billion, from P10.5 billion in 2018. Consolidated revenues went up by 7 per-

cent to P44.4 billion, from P41.5 billion in the previous year, the company said. Leasing income posted an increase of 20 percent to P8.5 billion, while revenues from real estate grew 3 percent to 32.8 billion. “Revenue growth from our existing investment properties of about 1.5 million

square meters continues to be strong. In terms of our residential business, we have recorded reservations sales of P78.5 billion as well as launched projects mostly outside Metro Manila with an estimated value of P38.5 billion for 2019, composed of affordable housing and CoHo projects, our ver-

sion of mid-rise buildings,” said Villar, the company’s chairman. Manuel Paolo Villar, president and CEO of Vista Land, said the company will refocus on utilizing its existing portfolio of investment properties as well as utilize its current land bank of about 3,000 hectares. VG Cabuag

Friday, May 29, 2020

Banking business lifts Q1 income of FDC

otianun family-led Filinvest Development Corp. (FDC) said its attributable net income in the first quarter managed to rise 8 percent to P3 billion, from the previous year’s P2.8 billion. Despite the Covid-19 pandemic, FDC said it managed to grow its income during the period due to the strong performance of East West Banking Corp. as well as the cost-control measures it implemented across its units. Gross revenues fell slightly to P17.17 billion, from last year’s P18.46 billion, but the company said it was more than offset by the 27-percent drop in costs. “We are in unprecedented times. The events continue to unfold and we cannot ascertain the full impact of the disruptions brought about by the Covid-19 pandemic,” said FDC President and CEO L. Josephine G. Yap. "Beyond financial and scenario planning, FDC and its subsidiaries answered the pandemic with clear protocols to safeguard the health and safety of the Filinvest family.” EastWest Bank’s had a net income contribution to the group of P2.3 billion in the first quarter, some 75 percent higher than last year, driven by better margins from its core lending and deposit-taking businesses, and higher trading gains, the company said. Meanwhile, the imposition of the enhanced community quarantine (ECQ) had immediate effects on FDC’s real-estate business composed of listed subsidiary Filinvest Land Inc. and Filinvest Alabang Inc. Sale of lots, condominium and residential units declined by 40 percent year-on-

year to P3.4 billion in the first quarter, while net income contribution to the group fell by 26 percent year-on-year to P1.5 billion. Power subsidiary FDC Utilities Inc. reported a slight decline in revenues by 5 percent to P2.2 billion, bringing net income to P511 million, as demand from its customers contracted in the latter part of March due the imposition of the ECQ. The company’s plant, located in Misamis Oriental, remained fully operational even during the lockdown. It operates an aggregate 405-megawatt clean coal plant that is the largest operating baseload power plant in Mindanao. The imposition of travel restrictions and quarantine measures as early as January impacted the hospitality business. Hotel operations under Filinvest Hospitality Corp. posted a revenue decline of 21 percent to P689 million for the period, bringing net income contribution to P15.6 million, as occupancy rates dropped. It said five out of the six hotels and resorts under the Filinvest group’s portfolio remained in operation during the lockdown, but on a very limited basis to accommodate business needs. Crimson Boracay, however, temporarily ceased operations while the entire island of Boracay was on lockdown. Quest Tagaytay was used as a quarantine facility for overseas Filipino workers and other returning overseas Filipinos while Crimson Alabang and Quest Clark were used by BPO employees. The company’s six managed properties has approximately 1,800 rooms under the Crimson and Quest brands. VG Cabuag

Companies BusinessMirror

Friday, May 29, 2020

PSE STOCK QUOTATIONS

May 28, 2020

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

ASIA UNITED BDO UNIBANK BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PBCOM PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FIRST ABACUS IREMIT MEDCO HLDG MANULIFE NTL REINSURANCE PHIL STOCK EXCH

47 90.35 63.35 18.92 6.42 34.15 8.53 16.94 20.7 43.15 16.2 84.15 53.75 0.67 15.6 0.47 0.92 0.28 600 0.6 162.7

47.9 90.7 63.95 18.94 6.43 34.2 9.19 17.9 20.75 43.5 16.26 84.2 53.95 0.77 16 0.58 1 0.31 680 0.64 169

45.6 87.35 63.05 18.92 6.48 34 9.02 16.9 19.7 43.5 16 80 54 0.7 15.8 0.53 1.02 0.31 600 0.6 170

47.85 91 63.95 18.94 6.55 34.75 9.06 16.9 20.8 43.5 16.2 85.85 54 0.7 16 0.53 1.02 0.31 600 0.64 170

44 87.25 62.55 18.9 6.3 34 8.9 16.9 19.7 43.5 16 78.5 53.7 0.67 15.6 0.53 0.92 0.31 600 0.6 170

47 90.35 63.95 18.94 6.43 34.15 8.9 16.9 20.75 43.5 16.2 84.15 53.95 0.67 16 0.53 0.92 0.31 600 0.64 170

30700 2266990 1536120 178100 1125800 2691300 10700 100 84000 800 23600 3653570 860 94000 468800 60000 22000 10000 10 8000 500

1426700 204828696 97010967.5 3370358 7257824 92652600 95439 1690 1713463 34800 381800 304261600.5 46351 64430 7370098 31800 21080 3100 6000 4840 85000

INDUSTRIAL

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

2.13 0.81 26.2 20.15 54.15 272 11.84 2.89 2.28 11 16.9 7.72 12.12 7.06 2.57 11.26 15.22 4.4 4.38 7.63 62.75 0.56 1.25 29.2 116 28.05 5.45 0.115 1.89 5.72 1.73 4.26 1.32 0.103 125.1 0.78 46.6 1.06 4.02 8.15 4.41 7.68 4.99 8.3 0.73 0.62 1.7 2.17 4.5 3.4 4.3 17.5 1.55 5.27 1.08 4.11 1.25 7.33

2.14 0.9 26.3 20.2 54.5 274.2 11.86 2.9 2.43 11.16 16.94 7.75 14.5 7.18 2.58 12.94 15.24 4.45 4.41 7.82 62.95 0.57 1.26 29.85 116.1 42.95 5.5 0.138 1.9 5.76 1.77 4.5 1.43 0.115 125.2 0.79 64.5 1.07 4.78 8.2 4.42 7.7 5 8.76 0.74 0.63 1.74 2.18 4.59 3.45 4.49 23 1.56 5.3 1.11 6.4 1.26 7.34

2.15 0.95 26.3 20.25 54.8 275 11.5 2.98 2.42 11 17 7.72 15 7.15 2.58 12.94 14.94 4.5 4.53 7.7 62 0.55 1.21 30 120 40 5.46 0.115 1.9 5.59 1.74 4.4 1.33 0.103 123 0.8 60 1.05 4.02 8.2 4.42 7.7 4.79 8.76 0.8 0.62 1.72 2.29 4.59 3.45 4.4 22.75 1.53 5.3 1.12 4 1.27 7.35

2.15 0.95 26.6 20.5 54.8 275 11.86 2.98 2.42 11.18 17.14 7.72 15 7.21 2.58 12.94 15.26 4.5 4.64 7.8 63.8 0.56 1.25 30 120 40 5.55 0.115 1.9 5.73 1.77 4.5 1.43 0.103 125.8 0.81 64.2 1.07 4.02 8.2 4.6 7.74 5.09 8.76 0.8 0.63 1.74 2.29 4.59 3.45 4.4 22.8 1.59 5.35 1.15 4 1.34 7.4

2.12 0.84 26.1 20.1 54.1 271.8 11.5 2.9 2.42 11 16.6 7.63 15 7.02 2.56 12.94 14.94 4.4 4.34 7.6 61.8 0.54 1.21 29.1 115.2 40 5.45 0.115 1.9 5.55 1.7 4.4 1.29 0.103 119.3 0.76 59 1.04 4.02 8.15 4.31 7.63 4.66 8.76 0.78 0.62 1.7 2.1 4.59 3.4 4.3 22.75 1.5 5.2 1.04 4 1.24 7.2

2.14 0.84 26.3 20.15 54.15 272 11.84 2.9 2.42 11.18 16.9 7.72 15 7.18 2.58 12.94 15.24 4.4 4.38 7.8 62.95 0.56 1.25 29.85 116.1 40 5.45 0.115 1.9 5.72 1.77 4.5 1.43 0.103 125.1 0.79 64.2 1.06 4.02 8.2 4.42 7.7 5 8.76 0.78 0.63 1.74 2.17 4.59 3.45 4.3 22.8 1.56 5.27 1.15 4 1.26 7.34

1466000 239000 413900 4516400 35970 180220 1114600 1577000 30000 55300 1459100 52900 200 236000 216000 300 134700 10000 5531000 1607400 29670 348000 9377000 1300 3063000 3600 1105500 20000 145000 1098300 2121000 4000 88000 10000 990780 8258000 110 5474000 25000 34500 1500000 166600 7121000 100 3000 396000 27000 685000 1000 20000 285000 800 7348000 187700 664000 2000 2220000 1044400

708700 -10443669.5 -6291948.5 -1884372 -4177439 9957900 395312 -50551128 1080 9420 85000

3123440 201590 10923285 91264065 1951957 49171370 13118278 4601410 72600 617300 24683008 406658 3000 1693269 555170 3882 2044894 44200 24702740 12464970 1861161 193570 11611920 38355 358527160 144000 6050812 2300 275500 6186692 3666490 17790 114380 1030 123203706 6374850 6790 5788610 100500 282546 6688310 1282235 34661140 876 2360 245560 46230 1497530 4590 68400 1225600 18225 11455600 988736 724060 8000 2854070 7638020

42400 -3200590 -24253185 -79158.5 -33196214 1709666 622590 2200 2616538 -3000 -10936 -2570 1686922 -8800 7839240 -3850000 -1013816 -202470 -127000409 4179402 -140600 -3454625 -35200 8800 -4036828 -3210 -523650 -56379 -775240 -76800 -10477500 28290 -1225600 -15800 -26866 -104470 -63462

HOLDING & FRIMS ABACORE CAPITAL 0.47 0.485 0.48 0.48 0.47 0.475 1150000 547050 7.96 8.07 8.1 8.1 7.94 8.07 1500 11973 ASIABEST GROUP AYALA CORP 686 687 678 691 665.5 687 228110 156433340 ABOITIZ EQUITY 41.3 41.6 41.9 41.9 41.05 41.3 378900 15655725 5.95 5.97 5.95 5.96 5.83 5.95 1424600 8441106 ALLIANCE GLOBAL 1.57 1.58 1.56 1.61 1.56 1.57 1925000 3048280 AYALA LAND LOG ANGLO PHIL HLDG 0.495 0.52 0.5 0.5 0.5 0.5 7000 3500 0.57 0.58 0.56 0.58 0.55 0.57 5828000 3331390 ATN HLDG A 0.57 0.59 0.56 0.58 0.56 0.58 730000 421810 ATN HLDG B 5.04 5.1 4.95 5.2 4.95 5.04 3871000 19455720 COSCO CAPITAL DMCI HLDG 3.9 3.95 4.05 4.05 3.9 3.9 12568000 49507680 FILINVEST DEV 7.7 8.49 8.1 8.5 7.7 8.49 133000 1076118 369.8 370 370 378.8 360 370 360420 133107620 GT CAPITAL HOUSE OF INV 3.21 3.3 3.29 3.31 3.21 3.21 41000 134590 JG SUMMIT 48.7 48.75 48.4 48.8 47.25 48.75 1027600 49893490 0.52 0.53 0.51 0.55 0.51 0.52 42000 22460 LODESTAR 2.4 2.41 2.42 2.5 2.4 2.41 2523000 6093700 LOPEZ HLDG LT GROUP 7.7 7.77 7.6 7.77 7.56 7.77 1046900 8023334 METRO PAC INV 2.83 2.84 2.77 2.83 2.7 2.83 63638000 178533330 2.63 3.04 2.8 2.8 2.8 2.8 2000 5600 PACIFICA HLDG 0.8 0.81 0.77 0.8 0.77 0.8 44000 35080 PRIME MEDIA REPUBLIC GLASS 2.53 2.88 2.85 2.88 2.85 2.88 20000 57210 836 837 837 848.5 830.5 836 207940 174180495 SM INVESTMENTS 95.85 95.9 96 96 95.85 95.9 176650 16945434 SAN MIGUEL CORP SOC RESOURCES 0.65 0.66 0.66 0.66 0.66 0.66 20000 13200 133.2 137.9 136 137.9 133 137.9 2130 290019 TOP FRONTIER 0.177 0.184 0.177 0.177 0.177 0.177 10000 1770 WELLEX INDUS 0.136 0.145 0.145 0.145 0.145 0.145 10000 1450 ZEUS HLDG

-167750 43790715 -8785380 -3102673 237000 174000 3942910 -5598560 -89100 -75993276 -33000 -19235130 -1649200 -1915301 16598640 6713870 -1938309.5 -2660 -

PROPERTY ARTHALAND CORP 0.5 0.51 0.51 0.51 0.5 0.5 167000 83660 30.65 30.75 29.5 30.85 29.5 30.75 10867600 328921215 AYALA LAND BELLE CORP 1.31 1.35 1.33 1.33 1.31 1.31 85000 112000 0.53 0.54 0.52 0.54 0.52 0.54 11000 5820 A BROWN 0.74 0.76 0.76 0.76 0.76 0.76 1000 760 CITYLAND DEVT 0.121 0.13 0.12 0.129 0.12 0.121 1920000 232330 CROWN EQUITIES CEB LANDMASTERS 3.65 3.66 3.73 3.73 3.63 3.66 2448000 8970640 CENTURY PROP 0.34 0.35 0.33 0.345 0.33 0.345 3630000 1241700 0.25 0.26 0.26 0.26 0.26 0.26 460000 119600 CYBER BAY 16.34 16.46 16.7 16.7 16.34 16.34 229700 3781090 DOUBLEDRAGON DM WENCESLAO 6.38 6.4 6.4 6.4 6.4 6.4 1067800 6833920 EMPIRE EAST 0.275 0.29 0.28 0.29 0.275 0.275 220000 61600 0.126 0.128 0.134 0.134 0.126 0.128 3560000 454660 EVER GOTESCO FILINVEST LAND 0.92 0.93 0.91 0.94 0.91 0.93 10874000 10098640 GLOBAL ESTATE 0.78 0.8 0.78 0.8 0.78 0.8 58000 45350 10 10.1 10.02 10.02 10.02 10.02 4400 44088 8990 HLDG 0.78 0.8 0.79 0.79 0.77 0.78 1014000 788910 PHIL INFRADEV KEPPEL PROP 3.38 3.69 3.99 3.99 3.26 3.69 5000 17900 0.69 0.72 0.76 0.76 0.69 0.69 52000 37450 CITY AND LAND 2.73 2.75 2.69 2.75 2.62 2.75 16666000 45041050 MEGAWORLD 0.14 0.142 0.142 0.143 0.14 0.14 3350000 472210 MRC ALLIED PHIL ESTATES 0.275 0.29 0.265 0.29 0.265 0.29 20000 5550 1.44 1.49 1.44 1.49 1.44 1.49 5000 7250 PRIMEX CORP 14.2 14.22 14.34 14.66 14 14.22 3768600 53805010 ROBINSONS LAND PHIL REALTY 0.226 0.239 0.228 0.239 0.225 0.239 470000 106800 1.41 1.44 1.41 1.41 1.41 1.41 31000 43710 ROCKWELL 2.56 2.69 2.69 2.69 2.58 2.58 101000 260690 SHANG PROP 1.82 1.89 1.83 1.83 1.8 1.82 414000 749290 STA LUCIA LAND SM PRIME HLDG 29.5 29.55 29.8 29.8 29.15 29.5 10210900 299826085 VISTAMALLS 3.55 3.7 3.53 3.72 3.53 3.7 82000 297400 1.13 1.14 1.07 1.13 1.06 1.13 149000 164450 SUNTRUST HOME 3.4 3.44 3.37 3.55 3.3 3.4 4736000 16213120 VISTA LAND

4778745 60500 -4643920 -13600 -1095878 -6400000 -38400 5721470 9996460 -17709450 -84457495 -10623410

SERVICES ABS CBN 14.58 14.7 14.5 15.1 14.4 14.7 123500 1817674 4.76 4.79 4.8 4.8 4.7 4.79 254000 1211390 GMA NETWORK MANILA BULLETIN 0.365 0.375 0.365 0.375 0.365 0.375 40000 14700 15.02 16.18 15.7 16.5 15.7 16.5 6400 101280 MLA BRDCASTING 2200 2204 2220 2220 2190 2200 67095 147745860 GLOBE TELECOM 1204 1205 1211 1213 1201 1204 65660 79181645 PLDT DFNN INC 2.8 2.98 2.85 2.85 2.85 2.85 9000 25650 2.19 2.2 2.22 2.25 2.19 2.2 16071000 35708040 DITO CME HLDG 0.061 0.074 0.057 0.057 0.056 0.056 150000 8430 ISLAND INFO 1.55 1.88 1.68 1.68 1.68 1.68 15000 25200 JACKSTONES NOW CORP 1.69 1.7 1.62 1.7 1.62 1.7 744000 1245390 TRANSPACIFIC BR 0.173 0.175 0.175 0.175 0.173 0.175 90000 15650 2.09 2.11 2.18 2.18 2.04 2.11 1242000 2608030 PHILWEB 2GO GROUP 9.2 9.25 9 9.25 8.78 9.25 40400 363533 16 16.96 16 16 16 16 9700 155200 ASIAN TERMINALS 3.05 3.08 2.92 3.08 2.92 3.08 275000 833990 CHELSEA 33.15 33.2 33.9 33.9 32.75 33.2 1423600 47213525 CEBU AIR INTL CONTAINER 84 84.15 83.5 84.2 82.7 84 1088530 91184661.5 MACROASIA 4.4 4.42 4.2 4.44 4.01 4.42 11460000 49043040 2.53 2.59 2.56 2.65 2.5 2.53 1812000 4657350 METROALLIANCE A 6 6.05 6.2 6.48 6 6.05 43800 266190 PAL HLDG HARBOR STAR 0.8 0.81 0.76 0.87 0.76 0.78 589000 475310 BOULEVARD HLDG 0.024 0.025 0.025 0.025 0.024 0.025 11100000 273900 0.36 0.375 0.37 0.37 0.37 0.37 30000 11100 WATERFRONT CENTRO ESCOLAR 5.56 6.24 5.51 5.51 5.51 5.51 1000 5510 0.29 0.295 0.285 0.295 0.28 0.29 2000000 569750 STI HLDG 5.8 5.82 5.5 5.87 5.45 5.8 8801100 50396594 BLOOMBERRY 1.73 1.9 1.69 1.89 1.67 1.89 32000 54370 PACIFIC ONLINE LEISURE AND RES 1.42 1.44 1.42 1.42 1.42 1.42 20000 28400 2.41 2.56 2.4 2.66 2.4 2.59 88000 222830 PH RESORTS GRP 0.285 0.29 0.29 0.305 0.285 0.29 6570000 1905750 PREMIUM LEISURE 7.41 8.39 8.39 8.39 8.39 8.39 700 5873 PHIL RACING ALLHOME 5.47 5.48 5.5 5.61 5.48 5.48 5052600 28054368 METRO RETAIL 1.52 1.53 1.51 1.54 1.51 1.53 1618000 2471870 45.95 46.35 46.5 46.5 45.5 46.35 5021000 231251170 PUREGOLD ROBINSONS RTL 67.7 67.75 68 69.9 67.5 67.75 636860 43158360 PHIL SEVEN CORP 127 129 128 128 125.5 127 65220 8283132 1.09 1.1 1.06 1.13 1.06 1.1 3801000 4182430 SSI GROUP 15.46 15.54 14.96 15.54 14.96 15.46 1327400 20255630 WILCON DEPOT APC GROUP 0.285 0.295 0.29 0.295 0.29 0.295 330000 95750 6.44 6.68 6.43 6.7 6.3 6.68 49500 318000 EASYCALL 290.2 290.4 290 290.4 290 290.4 200 58040 GOLDEN BRIA 2.13 2.28 2.19 2.19 2.19 2.19 5000 10950 PAXYS PRMIERE HORIZON 0.198 0.203 0.197 0.206 0.197 0.198 570000 113970

-51151840 -25076610 680030 -6690 126000 -58600 -20246715 -13657803 10208950 7810 2300 350549.9999 16412075 169500.0001 -776439 133000 39999455 -18587116 -38245 -3162030 6052306 -

MINING & OIL ATOK 10 10.2 10.2 10.2 10 10.2 11800 118236 APEX MINING 0.89 0.9 0.9 0.9 0.88 0.9 471000 419310 -44000 ABRA MINING 0.001 0.0011 0.0009 0.0011 0.0009 0.001 2433000000 2383300 135800 1.8 1.89 1.92 1.92 1.92 1.92 1000 1920 ATLAS MINING 1.05 1.11 1.12 1.12 1.12 1.12 8000 8960 BENGUET A CENTURY PEAK 2.67 2.71 2.68 2.71 2.68 2.71 174000 468420 270100 FERRONICKEL 0.73 0.74 0.72 0.74 0.7 0.74 547000 395980 0.197 0.201 0.199 0.202 0.198 0.2 40000 7990 GEOGRACE 0.073 0.075 0.075 0.075 0.075 0.075 1660000 124500 LEPANTO A LEPANTO B 0.078 0.082 0.075 0.077 0.075 0.077 20000 1520 0.007 0.0078 0.007 0.007 0.007 0.007 4000000 28000 MANILA MINING B 0.98 1 1 1.02 0.99 1 198000 197450 NIHAO NICKEL ASIA 1.5 1.51 1.49 1.53 1.48 1.51 4699000 7077660 -2374660 OMICO CORP 0.355 0.38 0.36 0.36 0.36 0.36 100000 36000 0.47 0.48 0.475 0.475 0.465 0.47 50000 23500 ORNTL PENINSULA 2.26 2.28 2.34 2.34 2.26 2.28 146000 335040 -40920 PX MINING SEMIRARA MINING 11.3 11.32 11.7 11.7 11.32 11.32 801100 9136222 -6632014 ACE ENEXOR 6.41 6.49 6.55 6.55 6.41 6.49 16600 107569 0.0085 0.01 0.0085 0.0095 0.0085 0.0095 12000000 108000 ORNTL PETROL B 4.68 4.69 4.7 4.73 4.57 4.68 822000 3826770 115850 PXP ENERGY PREFFERED HOUSE PREF A 98.8 98.95 99 99 99 99 20100 1989900 AC PREF B2R 498 502 498 498 498 498 520 258960 99.5 100 100 100 99.75 99.75 3660 365422.5 CPG PREF A 512 520 511 512 511 512 1310 669720 GLO PREF P 99.7 100 99.9 100 99.7 99.7 6430 642877 MWIDE PREF PNX PREF 3A 98.55 99.45 99 99 99 99 500 49500 100.5 105 101 101 100.5 100.5 3000 301520 PNX PREF 3B 997 999 999 999 999 999 1230 1228770 PNX PREF 4 1030 1049 1030 1030 1030 1030 100 103000 PCOR PREF 2B PCOR PREF 3A 1000 1015 993 1015 993 1015 2010 1996150 1030 1040 1023 1030 1023 1030 70 72030 PCOR PREF 3B 77.1 77.65 77.6 77.8 77.6 77.65 1690 131187 SMC PREF 2C SMC PREF 2D 74.55 75 75.1 75.1 75 75 2070 155251 75 76 76 76 76 76 9270 704520 SMC PREF 2E 76.5 76.95 77 77 77 77 7510 578270 -578270 SMC PREF 2F 76.9 76.95 76.9 76.9 76.9 76.9 32610 2507709 SMC PREF 2I PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 13.56 13.6 13.8 13.8 13.6 13.6 113000 1540800 -1540800 GMA HLDG PDR 4.55 4.85 4.87 4.87 4.87 4.87 6000 29220 WARRANTS LR WARRANT 0.67 0.7 0.71 0.71 0.71 0.71 29000 20590 SMALL & MEDIUM ENTERPRISES ITALPINAS 1.72 1.74 1.74 1.75 1.72 1.72 588000 1018190 -62280 KEPWEALTH 5.9 6 6 6.15 6 6 65800 402355 1.63 2.4 1.63 1.85 1.57 1.85 5000 8470 MAKATI FINANCE 0.57 0.58 0.58 0.58 0.55 0.57 363000 201710 XURPAS EXHANGE TRADE FUNDS FIRST METRO ETF 84.5 85 85.95 85.95 84 85 3820 324989 12795

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SMFB Q1 income plummets on liquor bans during ECQ By VG Cabuag

@villygc

an Miguel Food and Beverage Inc. (SMFB) said its income in the first quarter dropped 20 percent to P5.8 billion, from last year’s P7.36 billion, as the Covid-19 pandemic and quarantine restrictions weighed on its performance. The company reported that its consolidated revenues in the first three months of the year fell 9 percent to P68 billion, from last year’s P75.65 billion. Operating income was also im-

pacted by an increase in excise taxes for the beer and spirits divisions in January of this year, the company said. “During these difficult times, we remain steadfast in our commit-

Electricity spot-market rate seen rising in June By Lenie Lectura @llectura

rices in the Wholesale Electricity Spot Market Prices (WESM) could hit anywhere from P1.85 per kilowatt-hour to P4.27 per kWh in June, the Independent Electricity Market Operator of the Philippines Inc. (IEMOP) said Thursday. IEMOP is t he operator of WESM, the country’s electricity trading floor. Distribution utility firms partly source their requirements from WESM. In the May electricity bills, the Manila Electric Co. sourced 2 percent from WESM. WESM price in June last year stood at P8.38 per kWh. IEMOP COO Robinson Descanzo said during a virtual press briefing that WESM prices in June is expected to hit P1.85 per kWh based on an estimated peak demand of 12,153MW. Most parts of Luzon are expected to be placed under general community quarantine (GCQ) next month. I f p e a k d e m a nd go e s up to13,368MW, WESM prices next month could hit P4.27 per kWh.

He said this is based on a scenario wherein there is “aggressive opening of stranded businesses since the ECQ [enhanced community quarantine].” The ECQ was implemented mid-March up to May 14. During the period, actual average supply was recorded at 13,340MW while actual average demand stood at 8,790MW. WESM prices during ECQ, stood at P1.77 per kWh. Descanzo said demand peaked at 11,567MW on May 20 or May 21 during the modified ECQ. “We have seen gradual increase in demand, especially when ECQ was modified. We expect higher demand in June when we shift to GCQ,” said Descanzo, adding that there is enough supply during the GCQ at an estimated 14,970MW. The demand-supply scenario also affects WESM prices, explained Descanzo. WESM prices in March, April and May this year were at P2.47 per kWh, P1.50 per kWh and P1.956 per kWh, respectively. Last year, WESM prices hit P5.20 per kWh in March, P8.18 per kWh in April and P7.15 per kWh in May.

DOTr taps PLDT to install vehicle tracking solutions in buses for health workers By Lorenz S. Marasigan @lorenzmarasigan

he Department of Transportation (DOTr) has tapped PLDT Inc. and Vectras Inc. to deploy vehicle tracking solutions that will give frontline workers live updates on bus schedules and movements within Metro Manila. The DOTr said this will ensure that health-care workers will be able to track the exact locations of the free shuttle services to the hospitals and institutions through the mobile app sakay.ph and locator links on the social-media page of the transport department. “Frontliners need all the help they can get now more than ever. This solution from the DOTr can really give our health workers the convenience to help them travel to their respective hospitals and attend to their patients,” said Smart President Alfredo S. Panlilio. Currently, there are 80 bus units

plying 20 routes that go through 19 hospitals. All of these have been deployed with tracker devices. Recently, the transport department said it aims to deploy more than 150 buses in Metro Manila to serve health-care workers. Panlilio said this partnership allowed the local transport sector to adopt Internet of Things (IoT) technologies to provide commuters with a more efficient riding experience. “This project is a great boost to our health workers and frontliners, as it allows them to easily monitor the location of their shuttle services, as well as its estimated time of arrival. With this, they will be able to efficiently plan their trips to and from the hospitals. These are only little things that we can offer to them, compared to the huge help and sacrifice that they offer to our country. They are our modern heroes,” DOTr Secretary Arthur P. Tugade said.

ment to ensure that there is enough food for every Filipino. It is our goal to provide nourishment and safety especially to the most vulnerable communities,” said Ramon S. Ang, SMFB president and CEO. “The road to recovery may be long. However, over the last 130 years, we successfully overcame many challenges. We remain confident that with our strong fundamentals and ability to deliver good and affordable products to our consumers, we will overcome this once again.” In the first quarter, the food division generated consolidated revenues of P33.2 billion, 2 percent higher last year’s record. While the protein and animal nutrition business posted a 3-percent decline in revenues, there

mutual funds

was a significant spike in sales of some food categories as consumers stocked up on essential supplies leading up to and during the ECQ period. The beer division posted consolidated revenues of P28.4 billion, 18 percent lower than the same period last year. Volumes for San Miguel Beer were up by single digits in the first two months of the year with March 2020 volumes experiencing a drop given the ECQ and the resulting liquor bans. Its liquor unit had a good start in the first two months of the year with sales volumes 15 percent higher than the same period last year, but ended the quarter with a 14-percent drop year-over-year. First quarter revenues declined by 10 percent year-on-year to P7.5 billion.

May 28, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 182.83 -29.35% -12.6% -7.59% -27.42% ATRAM Alpha Opportunity Fund, Inc. -a 0.9277 -41.74% -16.16% -8.57% -32.87% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.4376 -39.52% -17.29% -10.34% -33.73% Climbs Share Capital Equity Investment Fund Corp. -a 0.6273 -32.39% n.a. n.a. -30.07% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6512 -23.76% n.a. n.a. -23.33% First Metro Save and Learn Equity Fund,Inc. -a 3.9988 -25.48% -9.44% -6.7% -24.95% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6158 -28.19% -13.38% n.a. -27.86% MBG Equity Investment Fund, Inc. -a 73.77 -39.96% n.a. n.a. -28.61% PAMI Equity Index Fund, Inc. -a 36.4483 -28.57% -11.31% n.a. -28.92% Philam Strategic Growth Fund, Inc. -a 393.71 -26.15% -10.39% -6.69% -26.1% Philequity Alpha One Fund, Inc. -a,d,5 0.8332 n.a. n.a. n.a. -19.11% Philequity Dividend Yield Fund, Inc. -a 0.941 -27.41% -10.32% -5.9% -26.88% Philequity Fund, Inc. -a 27.5379 -27.71% -9.95% -5.81% -27.34% Philequity MSCI Philippine Index Fund, Inc. -a 0.7199 -29.47% n.a. n.a. -29.29% Philequity PSE Index Fund Inc. -a 3.7136 -28.19% -10.81% -5.89% -28.91% Philippine Stock Index Fund Corp. -a 620.82 -28.08% -10.79% -6.1% -28.81% Soldivo Strategic Growth Fund, Inc. -a 0.5663 -38.08% -14.55% -10.02% -33.49% Sun Life Prosperity Philippine Equity Fund, Inc. -a 2.9128 -31.39% -11.68% -7.02% -30.8% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.7121 -28.25% -10.95% -6.05% -28.85% United Fund, Inc. -a 2.6654 -27.42% -8.79% -5.01% -27.04% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 83.2409 -27.99% -10.34% -5.29% -28.83% ATRAM AsiaPlus Equity Fund, Inc. -b $0.8895 -5.88% -2.99% -4.16% -13.51% Sun Life Prosperity World Voyager Fund, Inc. -a $1.3023 3.95% 4.17% n.a. -5.54% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.4942 -11.96% -5.72% -4.66% -4.39% ATRAM Philippine Balanced Fund, Inc. -a 1.9497 -14.61% -6.18% -3.29% -10.61% First Metro Save and Learn Balanced Fund Inc. -a 2.3206 -10.98% -3.55% -4% -11.81% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1805 n.a. n.a. n.a. -21.01% NCM Mutual Fund of the Phils., Inc. -a 1.7795 -6.84% -2.25% -1.3% -9.35% PAMI Horizon Fund, Inc. -a 3.3032 -9.61% -4.04% -2.84% -12.82% Philam Fund, Inc. -a 14.76 -10.49% -4.23% -2.96% -12.97% Solidaritas Fund, Inc. -a 1.8262 -14.02% -5.22% -2.75% -14.09% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.1061 -18.52% -6.33% -4.07% -19.61% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.8933 -9.79% n.a. n.a. -12.05% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.7802 -20.74% n.a. n.a. -21.7% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.7547 -23.12% n.a. n.a. -24.01% Sun Life Prosperity Dynamic Fund, Inc. -a 0.7653 -21.6% -7.4% -5.37% -21.49% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03828 4.5% 2.48% 1.55% 0.13% PAMI Asia Balanced Fund, Inc. -b $0.9409 -0.79% -0.75% -1.77% -9.35% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $3.7104 1.7% 2.98% 2.25% -5.12% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.0819 0.29% 1.31% n.a. -4.15% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 363.7 4.22% 3.02% 2.47% 1.65% ATRAM Corporate Bond Fund, Inc. -a 1.9354 2.55% 1.04% -0.11% 1.76% Cocolife Fixed Income Fund, Inc. -a 3.179 4.68% 5.15% 5.11% 2.01% Ekklesia Mutual Fund Inc. -a 2.2812 5.22% 2.8% 2.25% 2.53% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4316 6.88% 3.15% 1.88% 3.07% Philam Bond Fund, Inc. -a 4.5397 11.28% 3.81% 2.26% 3.81% Philam Managed Income Fund, Inc. -a,6 1.2862 6.84% 3.85% 2.09% 2.35% Philequity Peso Bond Fund, Inc. -a 3.9128 7.79% 4.04% 2.13% 3.29% Soldivo Bond Fund, Inc. -a 1.0229 10.66% 3.37% 1.58% 6.08% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1433 8.08% 4.64% 2.82% 2.19% Sun Life Prosperity GS Fund, Inc. -a 1.7344 7.53% 4.12% 2.38% 1.96% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $471.05 3.32% 2.38% 2.5% 0.6% ALFM Euro Bond Fund, Inc. -a Є214.65 -0.63% 0.58% 0.74% -2.31% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2122 3.47% 2.66% 2.25% 0.41% 1.32% 1.12% 0.39% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0259 1.97% PAMI Global Bond Fund, Inc -b $1.0614 -1% -0.36% -0.14% -3.09% Philam Dollar Bond Fund, Inc. -a $2.4177 5.77% 3% 2.53% 0.58% Philequity Dollar Income Fund Inc. -a $0.0599987 2.39% 1.67% 1.56% -0.52% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.165 5.3% 2.13% 2% -0.32% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 127.73 3.81% 3.14% 2.38% 1.55% First Metro Save and Learn Money Market Fund, Inc. -a 1.0392 2.68% n.a. n.a. 1.26% 3.27% 3.02% 2.55% 1.24% Sun Life Prosperity Money Market Fund, Inc. -a 1.2803 Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0427 1.63% n.a. n.a. 0.53% Feeder Fund Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.92 n.a. n.a. n.a. -7.07% a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. d - in Net Asset Value per Unit (NAVPU). 1 - Launch date is September 28, 2019. 2 - Launch date is November 15, 2019. 3 - Adjusted due to stock dividend issuance last October 9, 2019. 4 - Renaming was approved by the SEC last October 12, 2018 (formerly, One Wealthy Nation Fund, Inc.). 5 - Launch date is December 09, 2019. 6 - Re-classified into a Bond Fund starting February 21, 2020 (Formerly a Money Market Fund). "While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www. pifa. com.ph to see the latest NAVPS/NAVPU."

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Banking&Finance BusinessMirror

Govt raises ₧20B more via 5-yr T-bonds auction By Bernadette D. Nicolas @BNicolasBM

he Bureau of the Treasury raised an additional P20 billion in reissued five-year Treasury bonds (T-bonds) in its tap facility auction on Wednesday. The auction was oversubscribed as tenders reached P30.314 billion, above the P20-billion offering. Seeing strong demand for the tenor during the auction on Wednesday, the bureau decided to open the tap facility window to all eleven government securities dealers-market makers. The reissued five-year debt papers had a remaining life of four years and four months and is set to mature on October 17, 2024. It fetched an average rate of 2.676

percent during the auction also on Wednesday. The coupon rate for the tenor is 4.250 percent. The additional P20 billion in reissued five-year T-bonds sold through the tap facility auction was on top of the P30 billion that was raised through the sale of debt papers of the same tenors on Wednesday. On Monday, the bureau also borrowed P24 billion in 91-day, 182-day and 364-day Treasury bills and an additional P10 billion in 364-day T-bills through tap facility auction. For this week alone, the bureau borrowed a total of P84 billion from the auction of government securities. For next month, the Treasury is planning to borrow P170 billion from the local debt market. This is the same level as the domestic borrowing program it set this month.

BDO warns public vs ‘money mules’

DO Unibank Inc. is warning the public about a new scam wherein fraudsters promise huge amounts of cash to customers in exchange for using their bank accounts to launder money. They become “money mules” if they do, the bank said. Agreeing to this scam allows criminals to use their personal bank accounts for cash deposits or online transfers. The bank said that sources of these transactions are illegal, citing fake charity or donations for coronavirus pandemic, among others. Under Republic Act 9160 or the Anti-Money Laundering Act, a “money mule” faces imprisonment of up to seven years and penalty of up to P3 million. BDO emphasized that clients and the public should ignore all suspicious calls, electronic mails, private messages and website links that promote such scheme. “Do not let other people use your bank account, debit card or credit card to make transactions on their behalf,” the bank said. “Never provide your personal and account details to anyone.”

Ultimately, the clients should never share bank information to other people even though they appear legitimate, BDO said noting this is the most effective protection against scams. Login details and one-time passwords, for example, should only be known to the bank account holder. Customers are advised to be vigilant against people pretending to be bank employees asking for such information. BDO also pointed out that there are website hyperlinks that scam customers. “Here’s a useful tip, to check the veracity of the email, let your cursor linger on the weblink without clicking on it. A preview will reveal that it leads to a different site and not to the official website of your bank,” it said. In an earlier advisory to customers, BDO said there are “fake call center agents tricking people into believing someone else used their debit or credit card to buy something expensive.” Should this happen, the bank urged clients to report the incident.

Pag-Ibig assures banks of healthy lending status

By Cai U. Ordinario

@caiordinario

he Home Development Mutual Fund (HDMF) or Pag-Ibig Fund does not see any changes on the interest rates it offers for member’s housing and multipurpose loans, which is expected to hit P100 billion this year. In an online briefing on Thursday, Pag-Ibig Fund CEO Acmad Rizaldy P. Moti said the fund is not keen on making any changes even if things turn for the worse. Moti said Pag-Ibig’s finances remain sound and all it needs is to provide for are “the needs of members.” This, according to him, enables

Pag-Ibig to continue offering the lowest interest rate of 5.375 percent. “The rates for Pag-Ibig Fund will remain for as long as we don’t borrow from the market,” Moti said adding that “based on our projections—we just finished our stress testing— even in the worst case, we won’t borrow this year; so, that’s a good

thing.” The HMDF chief said some of his colleagues from the banking sector has already alerted him that Pag-Ibig’s interest rates may be “artificially low.” He assured that despite this, Pag-Ibig was still able to grow its net income to P33 billion in 2018 and a notch higher at P34.37 billion in 2019. Moti added that the low interest rates offered by Pag-Ibig to its members was achieved after introducing reforms to address its non-performing loans (NPL) ratio at 25 percent when Pag-Ibig’s interest rates were around 11 percent in 2011. He explained that by “copying” the best practices and reforms that improved collection efforts from the banking industry, Pag-Ibig was able to bring down its NPL ratio to the current range of 8 percent to 9 percent. “Since 2012, the rates have been going down and, in 2018, we

STANDARD JOY

This photo courtesy of Standard Chartered Bank shows Quezon City Mayor Joy Belmonte (center) with QC Head of Disaster Risk Reduction and Management Office Karl Marasigan (third from left), SCB Head of Corporate Affairs, Brand and Marketing Mai Sangalang (fourth) and representatives from beneficiary hospitals and other officers from the bank. Belmonte received 1,300 reusable personal protective equipment sets from SCB. These PPEs will be distributed to four medical centers, SCB said. The PPE sets include washable coveralls, foot covers and face shields. CREDIT: Standard Chartered Bank

Tyrone Jasper C. Piad

Association World Octavio Peralta Petra Coach, who used his DSRO planning framework as the structure of the program, facilitated the session. DSRO stands for Defense, Stabilize, Reset and Offense. Defense: Identifying actionable safeguards to put in place a solid foundation to build upon. Considerations: 1) physica l aspects (What is the process of shutting down operations and safely moving employees to a remote workplace?); 2) meeting rhythms (How will connection be with everyone in a virtual environment?); 3) information access (What employees are single holders of information that if they become ill would place risk on the business?); 4) virtual

considerations (What needs to happen with technology or processes to move to a full virtual environment?); and, 5) financial relationships and cash management (How quickly can contact with key banking relationships be established and review of expenses be made to conserve cash in the short run?) Stabilize: Communicating with everyone, internally with teams and externally with members. Considerations: 1) company culture (Who is the ‘culture warrior’ during these times and is keeping the workforce in harmony?); 2) emotional and family support (Which employees and families have fallen on hard times or need help managing family situations to be able to work?); 3) team retention (How can connection remain with those furloughed or laid off so they are not lost?); 4) relief (What government relief is helpful to manage through this crisis?); and, 5) member engagement (What communication

rhythms and strategies are there to connect with members?) Reset: Gaining ground to begin re-prioritizing and gearing up before going all out to offense. Considerations: 1) personnel management (What is the restart date and what essential employees must return first?); 2) restart plan (What is the plan for the first 30 days, and does it include scenarios if things change?); 3) physical aspects (Does the office have to be redesigned, do employees need PPE, and is there a need to adopt new cleaning protocols?); 4) policies and procedures (What are new operating policies for interaction with employees, members and guests?); and, 5) virtual sales (What is needed to continue selling in a virtual capacity?) Offense: Putting findings and ideas into a concrete action plan, complete with key performance indicators. Considerations: 1) hiring (What positioning is needed to take advantage of talent that becomes

available?); 2) employee development (What is needed to groom personnel for training and development?); 3) market strategy (Where can you pivot and what new opportunities are available?); 4) acquisition/merger (Are there organizations worth pursuing/ merging for complementation?); and, 5) contracts (What contracts could be renegotiated?) In what stage in the DSRO framework is your association now? The column contributor, Octavio “Bobby” Peralta, is concurrently the secretary-general of the Association of Development Financing Institutions in Asia and the Pacific and the Founder and CEO of the Philippine Council of Associations and Association Executives. The Pcaae is holding the Associations Summit 8 on November 25 and 26, 2020 at the Philippine International Convention Center which is expected to draw over 200 association professionals here and abroad. The two-day event is supported by the Adfiap, the Tourism Promotions Board and the PICC. E-mail inquiries@ adfiap.org for more details on AS8.

EastWest launches Philippines’s 1st homegrown all-digital bank

ast West Banking Corp. (EastWest) announce last week its newest venture in the digital race with a fully digital bank. “This makes EastWest the first local universal banking group in the Philippines to launch its own fully digital bank, as it adopts its retail banking strategy to the times,” the bank said in a statement on. The bank said it offers its digital

bank it calls “Komo,” through its fully owned subsidiary, EastWest Rural Bank. “It is backed by an established and trust-worthy local bank while paying an annual interest rate of 3 percent for its digital savings account with no minimum balance,” the bank said in a statement. The 26-year-old bank said its latest digital initiative is part of its “transformation program and

announced the lowest at 5.375 percent with 3-percent subsidized rate for minimum wage earners. So that’s below market; it’s a subsidy program,” Moti said. “Our tax savings are being plowed back through subsidy program for the minimum wage earners.” Based on his presentation, PagIbig Fund has 14.69 million active members as of 2019. Its total assets reached P603.39 billion and membership savings is at P50.38 billion. It was also able to release dividends of P31.07 billion as of 2019. Dividend rates for regular savings reached 6.73 percent and dividend rates for MP2 savings at 7.23 percent. Housing loan releases reached P86.7 billion in 2019, a 15-percent increase from P75.38 billion in 2018. Membership savings, meanwhile, reached P50.4 billion in 2019, a 25-percent growth from P40.3 billion.

HMO sector reports drop in 2019 income by 23.76%

DSRO–From defense to offense during times of disruption

was one of four panelists in the International Congress and Convention Association’s (ICCA) recently-held webinar, “Global insights from Association Leaders—Change to Succeed.” I represented the Asia-Pacific region in my capacity as president of the Asia-Pacific Federation of Association Organizations (Apfao) and founder and CEO of the Philippine Council of Associations and Association Executives (Pcaae). With me were: Greta Kotler, chief global development and credentialing officer of the American Society of Association Executives (Asae); Giuseppe Marletta, president of the European Society of Association Executives (Esae); and, Jeffers Miruka, president of the African Society of Association Executives (Afsae). A total of 469 registrants from 61 countries worldwide registered for the event. Andy Bailey, founder of leading US business coaching firm

Friday, May 29, 2020 B3

commitment to keep innovating with changing customer needs and launching solutions that are seamless, secure, and reliable.” “Komo combines the best of two worlds: the convenience of modern digital banking backed by the security of a strong brick-andmortar bank like [ours],” EastWest CEO Antonio C. Moncupa Jr. was quoted in the statement as saying. Moncupa added they “see a digi-

tal future in banking.” “With Komo, our customers are sure to get the best that digital banking has to offer while being confident that their money is in good hands,” he said. “We would like to help accelerate digital banking adoption in the county.” EastWest Special Projects Officer Isabelle G. Yap said they are hoping that with Komo’s “competitive rates, zero-to- minimal

fees and convenient platforms,” the bank “can contribute to the effort.” The bank said Komo received approval last May 8 from Bangko Sentral ng Pilipinas (BSP) to launch its digital bank services to the public. “This marks the countdown to an anticipated product launch” sometime in the third quarter of the year, the bank said. Tryone Jasper C. Piad

he total income of the health maintenance organizations’ (HMO) industry dropped by 23.76 percent to P1.26 billion in 2019 from P1.65 billion in 2018. The Insurance Commission (IC) said on Thursday that the decline in the total income of the industry last year can be attributed to the increase in health benefits and claims paid by the industry, which is 76.34 percent of the industry’s total expenses vis-à-vis the industry’s increasing revenues. Citing data from the unaudited interim financial reports submitted by HMOs, the IC said in a statement that the industry’s total revenues in 2019 jumped by 13.83 percent to P51.56 billion from the previous year’s P45.30 billion due to the industry’s growing total membership or enrollees’ fees that account for 96.91 percent of the total revenues. Moreover, IC Commissioner Dennis B. Funa said the HMO industry’s total asset base grew by 10.58 percent to P43.08 billion from P38.96 billion. Of the total asset base, 46.38 percent consists of cash and cash equivalents. On the other hand, the industry’s total liabilities also rose by 9.70 percent to P35.57 billion from P32.43 billion in 2018. Unearned membership fees comprised 39.26 percent of the total liabilities. Notwithstanding the increase in liabilities, an upward trend in total equity was also observed as it grew by 14.95 percent to P7.51 billion from P6.53 billion. According to Commissioner Funa, “the upward trend in the HMO industry’s equity could be attributed to an increase in the industry’s aggregate capital stock, which consisted of 38.08 percent of the industry’s total equity.” “Remarkably, not only did it contribute to the industry’s equity, the industry’s capital stock actually expanded by 4.49 percent from P2.74 billion as of 4Q [the fourth quarter of] 2018 to P2.86 billion as of 4Q 2019, according to the interim reports,” he added. However, Funa also pointed out that the statistics mentioned were obtained before the onset of the community quarantine due to Covid-19. “The [Insurance] Commission is hopeful that the economic and financial impact of the pandemic in the succeeding reporting quarter will, to a certain degree, be mitigated by the measures in the various Covid-related Circular Letters that we have issued,” Funa added. Bernadette D. Nicolas

Friday, May 29, 2020

Relationships BusinessMirror

Dining in the ‘new normal’

HEN I think about the first restaurant I would visit once the novel coronavirus departs our midst, I think of places like Aling Tonya’s II at Dampa near the SM Mall of Asia complex, to devour succulent seafoods in a lick-the-aligue-off-yourfingers style. Or 22 Prime at Discovery Suites in Ortigas for a good old-fashioned rib-eye steak and velvety mashed potatoes, with a glass (okay...a bottle then!) of a subtly flavored Pinot Noir. Another restaurant I constantly dream about is Tsukiji in Makati, for its super fresh sashimi and sushi and—well, yes, steak again!—its wagyu ohmi rib-eye. Or the steamed apahap in lime, garlic and chili at its sister-restaurant, Azuthai. But sadly, we all know dining will never be the same again as we move into the “new normal,” or general community quarantine setup. For one, there will be less group dinners-out with the family or gang, unless you want to shout at each other across other adjoining tables. Taking off from the recent Department of Tourism (DOT) guidelines on hotel restaurants, banquet tables which used to seat 10 persons, will now be reduced to five persons. And restaurants which have become celebrated because of their generous but inexpensive buffets will be a thing of the past. (See “DOT tells hotel restaurants to avoid buffets, reduce seating by 50%,” BusinessMirror, May 26, 2020.) But it’s not so much about just healthy handling of food in the kitchens, because there are enough laws

already that food businesses have to strictly follow to assure safety of the food they serve, but how to get the public back into dining establishments. In a recent Webinar on Food Tourism by Wofex University, Philippine Tour Operators President Cesar Cruz said because of the Covid-19 health crisis, “we would be missing a lot of that ‘personal touch’ because of the social distancing.” He tells us about a video he recently saw on restaurant dining in France, “wherein they have this kind of cubicles which, if you look at it, is so impersonal.” Chef Margarita Fores, who is behind many restaurant brands like Cibo, Cafe Bola, Lusso, etc., stresses in the same forum: “Our reputation is on the line. It’s not just about what our food is anymore and about all the services—they [the public] have to feel secure that [they] are safe [in our restaurants].” She said that since Covid-19, her catering business is the one “most challenged” due to the cancellation of wedding receptions. “So we’ve had to reinvent ourselves to do takeout and delivery because that is all that’s allowed for the moment. And at the same time our front-of-house staff, many of them have shifted into our courier team. So the ones that have the motorcycles are helping us deliver the food, while the others are even helping us package food in the commissary.” (Also, Fores says she is back to baking her crinkles, which apparently was a hit at the ADB cafeteria a few years ago, as well as breads.) If there is one silver lining behind this dark, humongous Covid-19 cloud is the rise of many local home food businesses, notes food blogger JJ Yulo. “There’s an outfit called Bibingka Manila and I know these people—they do other things, this is not their job. But because they have to make a little money just like everyone else, they started making bibingka.” (According to JJ, the owners are actually events organizers.) Fores also tells of her friend’s mom who now has a “thriving business as the entire White Plains community is ordering cochinillo, paella, etc. from her that she has no time to rest! So [Covid-19 and the ECQ) is also creating also a lot of new businesses for small entrepreneurs, which is really great.” Just recently, I tapped Estelle Osorio, the daughter

of fellow BusinessMirror columnist Toots Ople, to deliver cooked crabs, which is my favorite among seafood. Sarap ng garlic butter crabs! She and her partners also sell US rib-eye steaks, pork ribs, pork belly, tuna and salmon sashimi, as well as shrimps. (Find her on Facebook.) What’s great about this development is that small “foodpreneurs” are using social media to announce their offerings, as well as online payment apps, instead of going the traditional exchange of currency for goods. While we don’t welcome the Covid-19 health crisis at all, the lockdown itself has been an excellent time for many of us to dive right into fintech. (A friend confides that her 70-year-old mother is now so addicted to a mobile phone service’s payment app, she has been going over her daily fund transfer limit!) Meanwhile, Cruz, a veteran in the tourism industry, believes food tourism will bounce back, and mostly because of domestic tourists. “When we were having our culinary programs [Kulinarya food tourism], the No. 1 patrons were the domestic travelers...matatakaw ang Pinoy! For example, people from Metro Manila, they will crave for something like the silvanas from Dumaguete. Or ‘What’s the difference with the bagnet of Ilocos?’ Then they go to Visayas, they taste lechon Cebu. So Filipinos as leisure travelers are our No. 1 clients in food tourism. So we just have to tap these domestic travelers to go out of their homes again.” According to Ivan Man Dy, famous for his popular Binondo food crawl, local governments can be a big help in regaining the public’s interest in food tours. “If you have places, which are known as food destinations, the [LGU’s] tourism office can make sure that they set the tone, and give that feeling of security [in their local restaurants], if you want your tourists to go back to that particular destination.” Hen also enjoins the public to “support local” and “support neighborhood shops.” Let’s help give these local restaurants or food stores some business. Even as we are all encountering personal challenges, we need to push each other up, lend a hand, so that hopefully, we all survive Covid-19 in a much better shape. n

Domestic abuse: The silent pandemic we need to talk about COVID-19 has forced most people to keep safe and help reduce the spread of virus by staying at home. But for many survivors of gender-based violence, being in quarantine also means being in the center of a different kind of danger. The United States’ National Domestic Violence Hotline has identified some of the unique impacts of the pandemic on victims, pointing out that the current situation has emboldened abusers to exert control over them: n Abusers may deny their victims essential and life-saving items like hand sanitizers, disinfectants, or even insurance cards. n They may also share misinformation about the pandemic to scare and control their victims, and even prevent them from going out of the house to seek medical help if they show symptoms. n Programs that serve victims may be significantly impacted as they buckle under funding pressure. n Victims may also fear entering shelters because of the possibility of being in close quarters with others as the threat of Covid-19 remains high. n Travel restrictions due to quarantine may impact a victim’s escape or safety plan. Institutions like the Commission on Human Rights and the Philippine Commission on Women have sounded the alarm on the rising incidences of domestic violence during the pandemic, especially in a country where 3 out of 20 women and girls aged 15 to

49 have experienced physical violence, 1 out of 20 has suffered from sexual violence, and 1 out of 4 married Filipina has experienced spousal violence (based on the 2017 National Demographic and Health Survey). Given the new challenges victims now must deal with in escaping their abusers and calling for help, these institutions have urged everyone to be vigilant and immediately report any form of abuse in their homes and communities. The Philippines’s case is part of a global pattern, a consequence of the pandemic and the lockdown orders that followed. This is why global lifestyle brand Avon is joining women’s organizations and advocates from all corners of the world in appealing to the public to not to turn a blind eye on gender-based violence during Covid-19. To further support grassroots efforts in securing the safety of vulnerable women, the Avon Foundation for Women has pledged $1 million to nongovernment organizations providing frontline services, such as helplines and refuge, building on its 15-year commitment to help end violence against women and girls. Avon is also launching a communications effort among its 5 million representatives worldwide, their customers, and their communities. “Isolated Not Alone” focuses on raising awareness on domestic abuse amid Covid-19; signposting where to go for help, and how to identify and support those at risk; and calling on governments to support the provision of life-saving services, which are in danger

of further funding cuts and deprioritization. “Domestic violence is already an epidemic which is hidden behind closed doors,” says Angela Cretu, Avon CEO. “Like Covid-19, it’s a silent killer. We’re going to make sure those who are isolated know they are not alone. In addition to giving funds to nongovermental organizations (NGOs) through the Avon Foundation for Women, our Avon teams will be donating vital products—from personal care to hand sanitizers and soaps—to refuges across the world.” In the Philippines, Avon is embedding emergency hotline numbers and other life-saving information into lifestyle content delivered digitally through local celebrities and digital influencers, so that women can access the support they need with reduced risk of exposure to abusers. Partner NGOs’ hotlines are also open 24/7 to accommodate victims with capacity-building programs for service providers, food and hygiene packs, and counseling and legal consultations. “Empowering women is Avon’s long-standing legacy, and their safety is our priority,” says Razvan Diratian, general manager of Avon Philippines. “As the community quarantine is extended in various regions, the risk of women and children isolated with domestic violence abusers increases too. Please join us by speaking out if you know a friend or a neighbor who needs support.” More information is available at avonworldwide.com.

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Today’s Horoscope By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Riley Keough, 31; Melanie Brown, 45; Rupert Everett, 61; Annette Bening, 62. Happy Birthday: Uncertainty will be your downfall. Be resourceful, gather facts quickly and make decisions based on logic and facts. Knowing when to take action will make a difference to the way your year unfolds. Listen, verify and take action, and you will come out on top. Invest in yourself, not someone trying to sell you empty promises. Your lucky numbers are 8, 14, 25, 29, 33, 42, 44.

ARIES (March 21-April 19): Take a moment to go over details. If you take on too much, you will exhaust yourself physically or financially. A steady pace that allows you to replenish will lead to the gains and success you strive to achieve. HHHHH

TAURUS (April 20-May 20): You may desire change, but before you get started, consider what you can afford and the people who will be affected by the decisions you make. Sticking to the rules will be necessary and also limit what you can do. HH

GEMINI (May 21-June 20): Adjust your strategy. A change doesn’t have to break the bank. You can adhere to a budget if you are willing to do the legwork to reach your objective. Update your skills to suit economic trends. HHHH

CANCER (June 21-July 22): Get caught up. Take care of personal business, money matters and any health issues you have. Be reluctant to leave anything to chance or to rely on others to take care of your responsibilities. HHH

LEO (July 23-Aug. 22): A personal change will be advantageous. Think and do for yourself; you’ll progress much faster. If you let someone interfere in your affairs or talk you into something you don’t really want or need, you’ll have regrets. Do your own thing. HHH

VIRGO (Aug. 23-Sept. 22): You’ll be tempted to take a risk you shouldn’t. Before you make a mistake, retrace your steps and rely on experience to help you ward off a potential problem. Stick to what you know and do best and the people you trust. HHH

LIBRA (Sept. 23-Oct. 22): Reconnecting with someone will have some good and some adverse ramifications. An honest assessment of what transpired years ago will be necessary if you want to make a wise decision. Concentrate on physical and personal improvements, not what others are doing. HHH

SCORPIO (Oct. 23-Nov. 21): Be cautious regarding money, legal or health issues. Someone will offer the wrong information that can cost you. A problem at home is best resolved on your own. Outside influences will cause setbacks and disappointment. HHHH

SAGITTARIUS (Nov. 22-Dec. 21): Spend more time taking care of your responsibilities and less time arguing or dealing with complaints. Trust what you know to be factual and the people who have never let you down in the past. HH

CAPRICORN (Dec. 22-Jan. 19): Look at your investments, consider your options and make changes that support better prospects as you move forward. Don’t let your emotions motivate you to do something that deep down you know isn’t right or best for you. HHHHH

AQUARIUS (Jan. 20-Feb. 18): Spend time fixing up your surroundings or making alterations to the way you look. A new project that has the potential to bring in extra cash will give you hope and encouragement. HHH

PISCES (Feb. 19-March 20): Refuse to let insecurity take over. Believe in yourself and what you are capable of doing. Refuse to let someone’s negativity bring you down. Distance yourself from those who take too much and give little in return. HHH Birthday Baby: You are aggressive, proactive and flexible. You are innovative and compassionate.

‘4g’ by debbie ellerin

The Universal Crossword/Edited by David Steinberg ACROSS 1 Gentle souls 6 Open a crack 10 Get bent out of shape? 14 Queen’s A Night at the ___ 15 Long-running PBS show 16 Declare as true 17 Catchphrase for a bumbling cyborg inspector 19 Japanese noodle 20 ___-Man (arcade game) 21 Law & Order characters: Abbr. 22 Sort of 24 Become well 26 Drawer handle, perhaps 27 Group that illegally transports goods 32 Come into view 33 Yeses’ counterparts 34 Large Brit. reference 36 Some medical breakthroughs 37 Three-filling sandwich, briefly 38 Fur trader John Jacob 40 Tolkien creature 41 Soul maker 42 Military storehouse

3 Scolding with a single digit 4 47 British nobleman 48 Atmosphere 49 1950s music genre 52 Word before “ball” or “guitar” 53 Understand 56 Spot for an icicle 57 Travel bag ID 61 “I’ll have what ___ having” 62 ___ Day vitamins 63 Musical character who sings “Tomorrow” 64 Nirvana singer Cobain 65 Tide capsules 66 Sacred hymn DOWN 1 Fireplace fuel 2 Per person 3 Start of something big? 4 Hotel lobby freebie 5 Droop 6 Inclusive words 7 Runs at an easy pace 8 Atlantic or Pacific, in Monopoly: Abbr.

9 PG, R and NC-17 10 California roll condiment 11 Declare openly 12 “Fancy” singer McEntire 13 Eat ___ Love 18 “Love conquers all,” for example 23 Negative connector 25 They’re often broken before breakfast 26 Pretzel shape 27 Blue cartoon character 28 Danke, in Dijon 29 Relative by marriage 30 “___ your life!” 31 Ohm or Solti 32 Prefix for “conscious” 35 Like deadpan humor 37 Feeder visitor 38 Best Picture winner set in Iran 39 Iotas 41 Sound of something hitting water 42 Greek gathering place 44 Rockies’ div. 45 Gloppy stuff 46 Gal pals, in Granada

9 Word after “help” or “lap” 4 50 Waikiki’s island 51 ___ the Rainbow 52 Ripened 54 Italian volcano 55 What’s pinned on a donkey 58 Cinco menos cuatro 59 Space between teeth 60 Ruby or pearl Solution to yesterday’s puzzle:

Show BusinessMirror

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Friday, May 29, 2020

At 67, Nora remains revered and relevant THE legendary and unparalleled Nora Aunor, conquering yet another new space for her artistry in the monovlog Lola Doc.

T the peak of her popularity years ago, Nora Aunor’s birthday party was a national celebration. With fans from the north and south and east and west of this archipelago, Nora celebrated May 21 not for herself but for the world around her. Last May 21, amid the pandemic, Nora was not onscreen but online. She was pioneering a form that had yet been untested by any actor of her status or stature in the country. She would be performing before audiences not primed by any press releases or controversy. No heavy sponsor announced this outing; no trailer could suggest what it would all be about. The spirit was take it or leave, love me or leave. On her birthday, Nora would be in a monovlog. It sounded like monologue, which it was and was not. There was an unrecognized syllable at the end—vlog. Alternatively, it is a mash-up “video log” or “video blog.” Techies know it; young people are very familiar with it. I have a feeling Nora got to know about a vlog when she started doing it. Which is not unusual. Nora has tried all forms in all times. She has occupied spaces or created spaces for her craft when the industry would not have a space for her. It is already a cliché perhaps to say that Nora has changed not only the complexion prevalent among the actors of the generation she would replace but also the tone of acting for the generations whose path she will assure and create. Let it be said that whatever preceded Nora and whatever followed her would be calibrated by the artistry she had scaled and the records she had broken. Be that as it may, why venture into a monovlog? Because it is another space. To say that she was daring to do a monovlog at a time when there was no ready viewer for this is an understatement. Wasn’t it Nora who, after being awarded the top acting prize in Thy Womb, recognized the dwindling viewers for good cinema and uttered the brave words of how she would continue to make good films even if there was only one person viewing her work? Of course, it was a metaphor, even a hyperbole. The fans and critics who admire her, however, know that Nora thrives on metaphors because she herself is a metaphor for a film industry that is neither here nor there, an industry that demands perfection but can be volatile when swayed toward the trendy and terrifyingly inferior initiatives. Nora was—and is—always different. She never ingratiated herself upon the industry. When it was not acceptable for leading actresses to die at the end of a film, she opted exactly to go to that tragic end. In the war masterpiece of Mario O’Hara, Tatlong Taong Walang Diyos, she slept with the enemy and perished

ROCCO NACINO

with that enemy. She starred in that film where the redemption of her character was not in the content of her defeat and the absence of remorse of her ways, but in the grand and tortured portrayal of human frailty, abetted perhaps but never excused away by the senselessness of war. When Americans still had a perfumed presence in our country and the dictator imposed on the people’s consciousness the abject need for the imperial strength of military bases, Nora’s Corazon de la Cruz (the Heart of the Cross?) in Minsa’y Isang Gamu-Gamo was personal in her change of allegiance to the United States of America. It was the death of her brother and not any anti-American sentiment. At the close of the film, when Corazon approaches the scene of an accident and discovers the victim to be a young American, she does not go down on her knees to assist the man. Instead, there is that slight turn of her thin lips—a smile? Or revenge or a delectation? It does not matter really. That very moment, we all were ready to give up our American dreams and the desire for green cards but when the screen blacked out, we knew we would give up everything just to be an American. As for Corazon, we would pity her for that bad decision. The ellipses and complexity of Nora’s expression in that movie is for a film book. Those films and other films were all managed by fine filmmakers and, with crew and assistants ready to create another world. On May 21, however, there was no luxury of sets or location or assistants. And yet, at 6 pm, there was Nora online, on the screen of our laptops or mobile phones. Gone was the celluloid or silver screen. A different sheen had taken the vast

LJ REYES

expanse of the telon: it was the treasured burnish of a thespian out to grapple with the new technology and the new viewer. The limited screen size of the mobile phone or tablet referred only to a physical manifestation. Something big was happening and this was the dimension of the actor’s performance. The monovlog is called Lola Doc, a reference to a grandmother who is a doctor, a frontliner. Her husband has passed on and she decides to stay in the hospital to help. You could say, she is self-quarantining because she is anxious about unknowingly passing on the virus to her grandchildren, who are at different spaces. The three—one boy, a young girl of about eight, and a slightly older girl—are reacting to their grandmother, who is in the hospital. In that space, we have an actor locked down within a small frame. No special lighting is trained on the face of the lola. No makeup flatters face of Nora Aunor. The technology in its urgency has attempted nothing with that face. No attempt is necessary. Nora is Nora. She seems to face us but the finer editing by Chuck Gutierrez of Voyage Studios has conjured a conversation with three grandchildren. The grandmother explains why they still cannot see each other, why she has opted to remain in the hospital. We see the reactions of the three child actors. As their faces appear within the small space, their emotions are heightened over and over. Nora’s Lola Doc, all throughout, remains in control, as all doctors are expected to be. A slight touch underneath the eyes is the only giveaway that tears have perhaps fallen. Then it is over. Then we are jolted, shocked, amazed.

VANESS DEL MORAL

In that short time and space, we know where the grandmother is. What will happen or not happen to her, we ask. We seem to recognize her. We feel her. Nora in her age-old skills has created a person— but more than that, she has provided us with the autobiography of the pains and anxieties, the hope and faith of that character. The Lola Doc monovlog is part of Tanghalang Pilipino’s “PangsamanTanghalan,” their own subversion of alternative space. When Nora’s monovlog ended last May 21, the Noranians and other admirers knew where to go: to the YouTube Channel of Andy Bais, an ardent fan. Andy happens to be a professional stage and film actor. Out there in Dumaguete, Andy was staging his own birthday tribute to Nora Aunor. For weeks now, he has been rehearsing the songs popularized by Nora. It is a labor of love. It is also an achievement of online technology. Minutes before 8 in the evening, the site was already open. A chair was placed against the window with Nora Aunor memorabilia. Songs of Nora from the 1970s wafted from the living room. At 8 pm, Andy was singing the songs that have endeared Nora to the fans and to history. Greetings from fans— from west and east and from north and south of this Earth—came up as the music played. After many decades, the fans of Nora Aunor remember her. After many years, the fans have remained relevant. After many decades, Nora Aunor has become the star for all time, overriding seasons and technologies, outgrowing even that admiring honorific, that most daunting word: SUPERSTAR. n

LUCHO AYALA

GMA Artist Center treats audiences with series of online shows THE talents of GMA Artist Center (GMAAC) continue to interact with their fans and bring them the fun they’re missing via a series of online shows, under the umbrella #ArtistHideout: “Just In,” “E-Date Mo Si Idol” and “Quiz Beh!” #ArtistHideout proudly offers “PareKuys,” “Wednesday Coolitan” and “Yummy Thursdays,” all hosted by GMA comedian Tetay. Every Tuesday, “PareKuys” features the handsome GMA hunks from the Philippine adaptation of the hit Korean drama series Descendants of the Sun—Rocco Nacino, Paul Salas, Jon Lucas, Prince

Clemente and Lucho Ayala. They take on various challenges including the “Totropahin o Jojowain” and “Roleta” challenges where they reveal interesting personal experiences. Meanwhile, meaningful Parenting 101 discussions happen at “Wednesday Coolitan.” Celebrity guests Max Collins, Chynna Ortaleza and Dion Ignacio talk about what it’s like to raise children with their busy schedules as showbiz personalities. Actress LJ Reyes also shares her story in one of the episodes. Pretty foodie Arra San Agustin

gives viewers an exciting time when she whips up quick and easy recipes that anyone can do during the quarantine period in her online cooking show “Yummy Thursdays.” Make sure to watch out for more updates and content from Arra on her own YouTube channel soon. In GMAAC’s newest online talk show “Just In: An Online Kumustahan with Your Favorite TV Personalities,” catch your favorite TV personalities every Wednesday, 8 pm. Paolo Contis and Vaness del Moral alternate as hosts. Vaness was

joined by GMA News anchor Arnold Clavio on May 27. And then there is “E-Date Mo si Idol,” GMAAC’s exciting online dating game show. No quarantine pass? No problem! Date your favorite GMA star right from the comforts of your homes and share memorable moments with your idol. Recently, heartthrob David Licauco and sexy actress Faye Lorenzo spent time getting to know the searchees. On May 28, it was Ruru Madrid’s turn to make a fan’s dream come true. For those who wish to join, just comment on

GMA Artist Center’s Instagram page and share reasons why you believe the GMA star will have a good time on an e-date with you. Last, watch out for more GMA stars as they gather online for a quick playtime, hoping to give you smile and spread good vibes during these trying times via “Quiz Beh!” beginning today, May 29. This will be hosted by GMA actor, singer and comedian Betong Sumaya. These online shows and more can be viewed on the Facebook page and YouTube channel of GMA Artist Center.

B6 Friday, May 29, 2020

SM Foundation provides safety gear for Marawi frontliners

First Metro goes digital to boost employees’ financial and physiological wellness

HE COVID-19pandemichas disrupted the lives of people all over the world and has forced organizations to rethink and change the ways in which they operate and do business. Much of this change involves the shift to digital channels as people are forced to work from home. First Metro Investment Corporation, the investment banking arm of the Metrobank Group, recognizes this ‘new normal’, with majority of its employees fulfilling office duties in their respective residences. Together with subsidiaries First Metro Securities & Brokerage Corporation (FirstMetroSec) and First Metro Asset Management, Inc. (FAMI), First Metro has gone digital to bridge the physical distancing that is required by quarantine or lockdown regulations, to keep in-touch with their personnel. The Group packaged financial literacy modules – which they regularly conduct for their clients – into online webinars that would allow for continued implementation of mentoring and guidance programs that are much needed, especially under the present economic conditions.

“Many of our employees have understandably been anxious since the pandemic started. Now more than ever, they need to know that their company is behind them,” said First Metro president Rabboni Francis Arjonillo. “As a financial services company, we feel that these webinars will allow them, as well as members of their families, to boost their financial literacy while they are away from the office.” FirstMetroSec, for instance, has contributed helpful web sessions on Leading by Example: How to teach kids good money habits, Not All Utangs are Created Equal, and Why You Should Consider Long-term Investing in Equities, FAMI meanwhile conducts webinars on Retirement Planning: How to plan for your own retirement and meet your retirement goals and Budgeting for Your Future. “These topics resonate louder amid the current backdrop,” said Mr. Arjonillo. “They provide practical pointers to prepare for their futures and to be able to financially manage situations like what we are experiencing today.” Recognizing the stress that comes with being quarantined at home, and with the

inability to do the things one is used to doing, First Metro has also partnered with healthcare experts to assist staff with their physical and mental health. Wellness speaker and primary care psychiatrist Dr. Anna Margarita Cruz talked about the science of stress and emotions and provided coping strategies and self-care tips through the webinar Managing Stress and Anxiety during Times of Crisis. Dr. Jan Dipasupil, a lifestyle medicine physician and researcher, furthermore offered practical strategies towards healthier lives and boost the body’s immune system. His web session included a COVID-19 overview, its high risk factors for severe illness, and lifestyle plan such as nutrition, hydration, physical activity, and healthy habits to effect healthier changes. “The coronavirus pandemic does not only affect a person economically, but also impacts the physical and mental wellbeing of a person. Just recently, the United Nations warned that coronavirus pandemic could cause a global mental health crisis. This is why we designed the series of web seminars to be holistic,” said Mr. Arjonillo. Even during a time that feels like a downward spiral, First Metro Group will always ensure the well-being of its employees. “They are our most valued assets, our version of frontliners, and we will continue to develop programs, online or otherwise, with their overall welfare in mind,” Mr. Arjonillo added.

Health for Juan & Juana forum calls for innovation & collaboration amidst the COVID-19 pandemic

HOUGHT leaders and experts in the field of healthcare and the economy, from both public and private sectors, will gather in the annual Health for Juan and Juana Forum, to put spotlight on innovation and collaboration as the way forward in the country’s strategy to contain the COVID-19 pandemic. With theme “The Innovation Imperative,” the webinar forum will zero in on innovation and collaboration to address urgent and lingering health challenges and draw insights on how Filipinos can benefit from them. The Innovation Imperative Forum shall feature speakers who will share the national aspiration of transforming the Philippines into a country which values, promotes, incentivizes and applies innovation for the Filipino people at the backdrop of the global pandemic and other major health needs. “We are proud to be co-organizing this forum because innovation is the heart and mission of research-based biopharmaceutical companies. In this forum, we will not only share the latest research and development initiatives on vaccines, treatments and testing on COVID-19 and other public health concerns, but also share insights on how collaborative efforts can contribute to building a more resilient nation,” said PHAP executive director Teodoro Padilla. Dr. Jaime Montoya, Executive Director of the Department of Science & Technology-Philippine Council for Health Research and Development (DOST-PCHRD), will speak about the topic “Fostering a Health Innovation Country,” citing efforts to move towards providing a world class scientific, technological and innovative solutions for better quality of life for Filipinos. The Geneva-based International Federation of Pharmaceutical Manufacturers Associations (IFPMA) Director General Mr. Thomas Cueni, meanwhile, will tackle “Speeding up the search for safe and effective therapies and vaccines for COVID and beyond.” With a global and most updated information and insights, Mr. Cueni will narrate what goes on in R&D labs, clinical trials and global collaborations among governments and international stakeholders towards ensuring access to medicines, vaccines and diagnostics for COVID-19 and other diseases. Ms Fatima Lorenzo, President of

the Philippine Association of Patient Organizations (PAPO), will talk about “What Innovation means to Patients.” The topic is important as innovation has and can continue to fulfil patient needs and expectations for a healthier and improved quality of life. Department of Trade and IndustryCompetitiveness and Innovation Group Undersecretary Rafaelita Aldaba will discuss “Incentivizing Innovation in the Philippines,” outlining trade policies conducive to further health investments in the country. Cabinet Secretary Karlo Nograles will center on the “Administration's Policies to Support Innovation and Revive the Innovation Sector,” a topic which will highlight government initiatives to drive needed innovation in the country. Former health secretary Manuel Dayrit will integrate the discussions and lead a session with health innovation experts. First topic in the panel is on “Opportunities for Partnerships on Health Innovation” which will be expounded by Assistant Secretary Nestor Santiago of the DOH Public Health Services Team. This will be followed by His Excellency Alain Gaschen, Ambassador of Switzerland to the Philippines, on the “Swiss Government Support to Innovation.” Dr. Beaver Tamesis, President of the Pharmaceutical and Healthcare Association of the Philippines, will discuss the topic “Creating an Environment Conducive to Innovation,” drawing experiences from the pharmaceutical industry’s efforts against COVID-19 and previous public health emergencies. Dr. Eduardo Banzon, Senior Health Specialist of the Asian Development Bank, will speak about “The

Place for Innovation in the New Health Normal.” Presidential Spokesperson Harry Roque will focus on the topic “Innovation in the Duterte Health Legacy,” where he shall outline the immense role of innovation in the Administration’s agenda. The Health for Juan and Juana: The Innovation Imperative Forum is being co-organized by the Asian Institute of Management, American Chamber of Commerce, Cancer Coalition Philippines, the Department of Health, European Chamber of Commerce of the Philippines, German-Philippine Chamber of Commerce and Industry, International Federation of Pharmaceutical Industry and Associations, ISPOR Philippines Regional Chapter, Philippine Alliance of Patient Organizations, Pharmaceutical and Healthcare Association of the Philippines, PHAPCares Foundation, University of the Philippines- Universal Healthcare Study Group, US-ASEAN Business Council, Embassy of Switzerland in the Philippines and Zuellig Family Foundation. The forum media partners are ABS-CBN News Channel (ANC), BusinessMirror, BusinessWorld, Inquirer. Net, Malaya Business Insight, The Manila Times, The Philippine Star, and The Daily Tribune. The Innovation Imperative forum webinar will be held on May 27, 2020, 4:00 PM and is expected to draw participants from government, multilateral institutions, diplomatic corps, development organizations, professional and patient groups, and private and business chambers.

HE COVID-19 crisis has been ongoing for several months now globally and across the country. This has been harder for the Marawi residents who are still trying to get back on their feet after the Marawi siege. This residents of the war-torn city exhibited courage and positivity as they stood up after the dark chapter that happened in their city. The COVID-19 pandemic is another challenge that they need to overcome. Since the week that it started admitting suspected COVID-19 cases, Amai Pakpak Medical Center (APMC) in Marawi City has already encountered shortage of personal protective equipment (PPEs) for its frontliners. From the account of Dra. Haifa Racman, the Medical Specialist IV and person in charge of APMC’s Training Office, SM Foundation’s PPE donations arrived just at the time when the hospital needed them most. Racman highlighted that these PPE donations somehow boosted the morale of their frontliners and made them feel safer as they face and try to curb the spread of the coronavirus in their beloved city. “We are all working together as one in fighting this pandemic. We need cooperation from everyone and full support from the government to provide for the needs of our countrymen. And we are grateful that SM

Dr. Haifa Racman holds a box, part of the donation for APMC, from SM Foundation.

Foundation was one of those who heeded our call,” Dra. Racman ended. This effort is part of SM’s Php 270 million donation worth of medical supplies to hospitals nationwide with the aim to curb the spread of COVID-19.

Global BPO continues to provide learning, leadership programs during COVID-19

HE Enhanced Community Quarantine and the current COVID-19 pandemic have had a tremendous impact on the business community. However, for leading global customer experience provider, Sitel, the sudden change in business operations and protocols did not mean a shift in priorities when it came to learning and development programs. "We believe in investing in our people through continuous opportunities for growth and learning," explained Francis Biagan, Leadership and Development Director, Sitel Philippines, Australia, and New Zealand. "We strive to help our associates grow their skills within the company and prepare them for expanded roles, more responsibilities, and eventual leadership opportunities." The company offers several programs which were previously conducted through a mix of face-to-face classes and online learning. When the quarantine was implemented, Sitel moved quickly to enhance online learning tools and refresh content to address the changing times. They updated their learning

tools: MyAcademy and Empower Center and opened these to all associates. "It's been a challenging time for everyone but there is also an opportunity for growth. We've seen everyone look for online learning opportunities and we wanted to be able to provide our associates with timely and relevant material that will help them right now," Biagan said. The Max Learn campaign was launched in April and was kicked off by courses such as “A shift to Virtual Leadership”, “Managing your Social Media Brand”, and “SitelBarkadas at Home”. These virtual learning experiences opened up new ways for Sitel associates to learn and hone their skills to adapt to the current business landscape. The Sitel Max (My Associate Experience) program was also strengthened to encourage leveraging the companys collective genius and the sharing of new innovative ideas. With this associates could tell what they want to learn to help them navigate this new work environment and the company develop the content based on their feedback.

Taipan CEO leads in the boardroom and at the frontlines

HE coronavirus disease 2019 (COVID-19) pandemic has hit everyone, from small businesses to big corporations. With the government sanctioning the enhanced community quarantine (ECQ) , now the modified enhanced community quarantine (MECQ), many people have risen up and showed their bayanihan spirit to help those who need help during this challenging period. Help continues to pure in through donations, volunteer work, online charity events, and more creative ways on helping out without leaving your home. Everyone has unified to beat this pandemic together. Each one contributing to progress one way or other, including business tycoons who have become frontliners themselves. For Joeben Tai, founder and president of Grand Taipan Land Development, Inc., the pandemic hasn’t stopped him from helping communities that are in need. From the boardroom to the frontlines, Tai has organized relief drives and personally distributed relief goods to communities across Metro Manila. He also distributed medical supplies and food

packs for the urban poor families all over Metro Manila and the rural poor in the provinces all over the country. Tai has also extended PPEs to police and military frontliners. Tai, a member of the Federation of Filipino Chinese Chambers of Commerce and Industry, Inc. (FFCCCII) volunteered to be on the frontline for the Filipino-Chinese community relief operations. The Filipino Chinese community’s major organizations have formed the Filipino Chinese Community Calamity Fund (FCCCF), raising P270 million in donations in order to undertake charities and civic projects to support medical, police and military frontliners as well as help marginalized people whose livelihoods have been disrupted. While people have been required to stay physically apart from one another, the concept of togetherness has never been more evident. Bayanihan is alive and well. Ironically enough, we are all physically distanced but are socially stronger together during this time of crisis. Together, even with hands apart, we can rise up and beat this pandemic.

Sports BusinessMirror

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

Friday, May 29, 2020

THEY’RE RACING

A man watches as rain falls in the infield before a Nascar Cup Series at Charlotte Motor Speedway on Wednesday as the field takes the first bend at the Addington Raceway in Christchurch where New Zealand’s financially troubled horse racing industry has reopened Thursday after being shuttered for weeks because of the coronavirus outbreak, leading the return of organized sports as the nation moves toward normality. AP

Magtolis-Briones

ramirez

SPORTING GOODS INDUSTRY TEETERS By John Marshall The Associated Press

PSC, DepED AGREE: P.E. STAYS

HE Philippine Sports Commission (PSC) secured an assurance from the Department of Education (DepEd) that Physical Education (PE) would remain in the school curriculum. PSC Chairman William Ramirez said on Thursday that he received a positive feedback from DepEd Secretary Leonor Magtolis-Briones on his call to retain PE in the curriculum of the national education system. Ramirez sent Briones a position paper stressing the importance of PE in the overall education of the Filipino youth and nation building. Briones personally replied to Ramirez and assured the PSC head that she “agrees with his stand and shall fight for the retention of PE in our schools.” “PE is an important part of our children’s education. It is so important that I believe it should become a core subject,” Ramirez said. The PSC and DepEd reaction resulted from a radio interview with a senator that PE and Home Economics risk being scrapped from the curriculum in the new normal that would result from the Covid-19 pandemic. “We have chosen to let the tide of negative criticism pass, believing that the comment was done with the best interest of other matters in mind and was not meant to minimize Physical Education,” Ramirez said in his position paper. Ramirez said that “as head of the government’s sports agency, it is incumbent upon me to present our position on the issue.” Below is the full text of Ramirez’s position paper on PE: A sound mind and body for the future leaders of this nation Mens sana in corpore sano A sound mind in a sound body. These words hang in big, bold letters in the Philippine Sports Commission’s (PSC) gymnasium, reminding everyone how the two are inevitably intertwined. A healthy mind recognizes the benefits of a sound body. A sound body, supports and makes possible a sound mind. A reciprocal and complementary process that produces a well-rounded, healthy human being. And therein anchored is my belief that Physical Education (PE) is important to the holistic education of our children. Its importance is such that I believe it should be a “core subject.” Leading and credible medical authorities and journals agree on this fact, that the lack of physical activity is a major risk factor in chronic diseases. The Centers for Disease Control (CDC) says that “physical activity contributes to normal growth and development, reduces the risk of several chronic diseases, and helps people function better throughout the day and sleep better at night. Even short bouts of physical activity can improve health and wellness.” The Johns Hopkins Medical web site also informs that lack of physical activity can add to feelings of anxiety and depression. A 2008 study published by trusted medical

journal The Lancet claims that physical inactivity is as bad as smoking. There are so many credible studies which gives us a picture of where physical activity stand in the whole scheme of having a healthy citizenry, and yet we are now at the crossroads of choosing whether to heed it or ignore these altogether. As the privilege of leading the government’s agency on amateur sports rests on my 70-year-old shoulders, I put forward a voice that highlights the importance of physical activity, movement or PE in the holistic growth of our children. Physical Education is a vital part of their well-rounded education. It is a fundamental right of the youth, alongside food, shelter and education. Article 31 of the United Nation’s Convention on the Rights of a Child mentions right to play as one of the fundamental rights of a child. Play and movement helps children develop better mentally, physically, emotionally and academically. If we love our children and value the quality of their future, then we must also recognize that PE is an important part of their education. It is so important that it is part of our constitution and is one of the major moving forces behind Republic Act 6847. The most basic forms of physical activities such as walking, running and jumping require very little to engage in. Let us not use “lack of resources” as a reason to minimize the importance of physical activity in the life of our children or the positive impact of PE in their education. PE should be made a core subject. The Sports strand should become as practical an option as STEM, HUMMS GAS and ABM. Why? n If we have a robust and healthy youth, we will have a more productive citizenry, and more hope for a better country n If PE is a major part of education, then transformation of a child is possible. The push of “enlightened education” recognizes the holistic development of a child, leaving not one aspect of humanity in consideration of a few. n Science has proven that exercise/play/ movement are the best forms of therapy for many diseases. A good consideration especially in this time of Covid-19 n When a person moves the neurotransmitters are activated and improves the brain n We lessen financial compromise since healthy people do not put additional economic strain on the nation, as we are seeing now n Studies have shown the direct correlation of physical activity to good bodily health, a more alert brain, a better deposition which helps to them be more receptive to learning Each child must become PE-literate. If all the reasons above fail to convince us that we must recognize the importance of PE and push for more integration of it in the country’s education system then let us just consider one fact—our children are the future of this country. The nation’s decision-makers must make PE part of its priorities and get a head-start in preparing our future leaders become strong, wise men and women who shall steer the course of an equally strong and secure Philippines.

ILBERT, Arizona—Brian Morris faced a difficult scenario when the coronavirus pandemic started leading to shutdowns across the nation. If Arizona Gov. Doug Ducey opted to include bike shops among the businesses deemed nonessential, Freeride Bike Co., which he owns with his wife Ashleigh, would have to shutter its doors for who knows how long. When Ducey deemed bike shops essential, it turned out to be huge boon for their business as cooped-up Americans sought ways to go outside and get moving. “We’ve seen a huge spike in sales across the board, from beach cruisers all the way up to high-end mountain bikes, road bikes,” Brian Morris said. “A lot of tubes, tires tools as a lot of

people are learning to do home repairs with a lot of shops being overloaded in service. We have seen a major spike and had a hard time keeping up with the demand at times.” The pandemic has had a devastating impact on retail as businesses across the country were forced to close their doors for weeks at a time. In the sporting goods industry, the impact has depended on the focus of the business. Stores that rely on in-store sales have taken a big hit. Dick’s Sporting Goods, one of the largest national sporting goods chains, was forced to close all its stores on March 19 and furloughed a significant number of its 40,000 employees in early April. The company started reopening some stores in recent weeks. Modell’s Sporting Goods filed for Chapter 11 bankruptcy in early March, but a judge approved an emergency request to mothball the case once the pandemic hit.

Stores selling uniforms and equipment for team sports also saw massive revenue declines as sports leagues across the US went dark during the pandemic. Stores connected to sports facilities, like pro shops at hockey rinks, also have struggled. “It’s been pretty difficult, especially with a lot of summer things being canceled people aren’t ordering the baseball uniforms like they normally would have or wear uniforms for other sports that might be going on,” said Marty Maciaszek, director of communications for the National Sporting Goods Association. “So it’s a little more challenging for them.” On the flip side, some sporting goods businesses have flourished. Fitness equipment sales soared after gyms closed, rising 130 percent in all categories, including cardio machines, free weights, home gym weight machines and strength training products, according to retail tracking company NPD Group. Weight benches were among the

STORE Manager Josh Hayden (left) talks with Kay Amey (on the bicycle) and Jackie Gee about a new bicycle at Eddy’s Bike Shop in Willoughby Hills, Ohio.

UFC, boxing back in action in Las Vegas

IXED martial arts (MMA) and boxing are back in business in Nevada. The Nevada Athletic Commission unanimously agreed Wednesday to allow two UFC events and two Top Rank boxing shows in Las Vegas over the next two weeks. The decision ends the moratorium on combat sports that has been in place in Nevada since March 14, when the commission stopped competition amid the coronavirus pandemic.

The UFC immediately confirmed its plans to stage a show without fans in attendance Saturday night at the UFC Apex arena on its expansive corporate complex in Las Vegas, followed by the UFC 250 pay-per-view show at the same place June 6. Top Rank is expected to hold fan-free boxing shows at the MGM Grand on June 9 and June 11. Citing the importance of sports to the state’s economy and morale, Nevada Gov.

Steve Sisolak announced Tuesday night that sporting events could return if promoters followed health rules approved by the appropriate authorities. The commission on Wednesday approved stringent coronavirus safety protocols to accompany the return of combat sports to their hometown. The UFC and Top Rank have worked closely with the commission in recent weeks to create the protocols, according to Bob Bennett, the commission’s executive director. “Throughout this process, we’ve been working hand in glove with the UFC,” Bennett

NBA sued for nonpayment of rent in New York store

HE National Basketball Association (NBA) has been sued by the owners of the building that houses the NBA Store, who say the league owes more than $1.2 million after not paying rent in April or May. The league responded by saying it doesn’t believe the suit has merit, because it was

forced to close the New York store due to the coronavirus pandemic. NBA Media Ventures, LLC is required to pay $625,000 of its $7.5 million annual fee on the first day of each month under teams of its lease with 535-545 FEE LLC, according to the suit filed Tuesday in New York.

The NBA entered into the lease agreement for the property at 545 Fifth Ave. in November 2014. Counting other fees such as water, the owners of the building are seeking more than $1.25 million. “Like other retail stores on Fifth Avenue in New York City, the NBA Store was required to close as a result of the coronavirus pandemic. Under those

biggest gainers, increasing 259 percent. Golf net and screen sales are up 144 percent and putting mats 138 percent. Companies selling bikes and cycling equipment have had a hard time keeping up with the demand, with sales of adult leisure bikes up 121 percent in March and children’s and BMX bikes up 56 percent. Kount, a fraud prevention company, tracked a 599-percent increase in sporting goods transactions for the week of April 19 from a year ago among its more than 6,500 clients that do online business. “We might see 5 percent here, 5 percent there, never something like that,” Kount chief customer experience officer Rich Stuppy said. “People are not spending money, they’re not going out to restaurants, so it’s like, what can I do? Maybe I’ll go get that driver I wanted.” Many smaller chains and local sporting goods stores have struggled financially during the pandemic, though the National Sporting Goods Association has yet to see any of its members go out of business. The Amazon effect may have something to do with it. When Amazon first started gaining traction, sporting goods stores—like many other retailers—felt the financial sting as shoppers were lured by the prices and convenience of shopping from home. Many sporting goods stores adapted by providing online options of their own, allowing customers to buy products from their computers and phones or even just check to see if a certain store has what they want. By changing their business models, the stores inadvertently prepared for the pandemic. Instead of having to ramp up quickly or start from scratch, retailers who already have an online presence were able to continue selling while their store doors were shut. “With what has happened with Amazon, people realized that they needed to get up to speed online,” Maciaszek said. “I think it did have an impact in that it did help prepare a lot of the smaller retailers and team dealers out there for something like this as best as they could prepare for it.” said. “I’m aware of their operations plan, and everything is moving forward based on their operations plan and our protocols.” The UFC established a partial blueprint for the safety rules when it staged three shows in Jacksonville, Florida, earlier this month while waiting to get approval from the Nevada commission to return to its hometown. The Nevada commission’s safety protocols include immediate testing and mandated quarantine at a hotel upon all participants’ arrival in Las Vegas, followed by another test and isolation period before the events. circumstances, we don’t believe these claims have any merit,” NBA spokesman Mike Bass said. “We have attempted, and will continue to attempt, to work directly with our landlord to resolve this matter in a manner that is fair to all parties.” The NBA suspended play on March 11 because of the coronavirus pandemic and faces hundreds of millions of dollars in losses this season, even as it works toward trying to resume play in July. AP

Motoring BusinessMirror

B8 Friday, May 29, 2020

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

Editor: Tet Andolong

Fares to increase but not Grab and cabs

ARES for mass transport will soon increase a bit, if they haven't yet. That’s for sure because of, again, this goddamn Covid-19. But there’s a ray of hope, if it’s any consolation. Because while we will soon pay more when riding the train, bus or jeepney due to the physical distancing constraint, it will not be so in the case of both the Grab and the cab. While there’s a minor cabin reconfiguration of both Grab and cab transports as to put physical distancing in its proper perspective, the old fare system in them should remain due to its format of wholesale payment.

You don’t need to be a rocket scientist to understand that, Kulas.

BMW beams on

BMW Philippines owner RSA (Ramon S. Ang) continues to pursue his Covid-19 mission, relentlessly doling out help in easing the strain of the pandemic. This time, he’s training his sights on our farmers, buying 60 million kilos of corn to boost food supply nationwide. Through his San Miguel Corp.

(SMC) where he is president-CEO, RSA ramped up purchases to help farmers that are unable to move their produce due to the Luzonwide quarantine. Purchases already included 92,000 kilos of corn in Pangasinan, and 150,000 kilos from Camarines Sur between May 26 and June 15. More in VisMin are coming. “We expect to purchase more corn from farmers in the coming weeks as we continue to secure agreements with farmers in many corn-producing regions in the country. We thank the Department of Agriculture for giving us the opportunity to help our farmers get a ready market for their products at pre-agreed and guaranteed prices,” Ang said. RSA mobilized vehicles to deliver the food supplies, easing movement of farmers’ produce.

Petron also in the mix

PETRON gas stations in Metro Manila are also being utilized as outlets for farmers’ produce, through the agency’s “Kadiwa ni Ani at Kita” rolling store program. RSA, who also owns Petron, has also been in supply of fresh poultry, meats, and ready-to-eat products for

consumers through his gas stations. This initiative has made locally grown fruits and vegetables accessible at reasonable prices, giving an added ready market for local farmers. RSA said payment for purchases are released promptly so that farmers can have a steady source of income in these trying times. Apart from corn, SMC has also called on farmers of rice, cassava, coconut oil, and other farm products to come forward through the DA.

Volvo online concierge

VOLVO PH has launched the Volvo Concierge, the first client-focused service platform in the country to respond to the car-care needs of local Volvo car owners. “These unprecedented times call for extraordinary measures. Immediately after the ECQ (enhanced community quarantine) was announced, we had created a system that will provide online assistance and support to the vehicle needs of our patrons,” said Alberto B. Arcilla, the lawyer-president and chief executive officer of Volvo Philippines. Aside from regular updates on its social media platforms

regarding the virtues of staying at home, Arcilla assured clients that should they need assistance regarding their Volvo vehicles, a dedicated Volvo Concierge “will be ready and able to assist them.” Volvo Concierge is a one-stopshop that answers queries related to sales and aftersales concerns of Volvo owners. Arcilla said, “Volvo Concierge also makes it possible for customers to buy a new Volvo in the comforts of their own home. While staying at home and social distancing are still largely encouraged, transportation remains to be an essential vehicle to conduct daily chores.” He said vehicle delivery right on your doorstep can be arranged right after the ECQ restrictions are lifted. “Lockdowns all over the world have also seen a difference in air quality,” said Chris Yu, Volvo PHL’s marketing director. “Haze and smog have been significantly reduced with the reduction of traffic. Lately, we also see a trend in buyer interest on cleaner and greener cars, including our range of Plug-in Hybrid vehicles. They want to switch to Volvos that emit low to zero emissions when

they go back to the new normal.” All cars for servicing will also receive complimentary sanitation and disinfection with special attention to high-touch surfaces such as door handles, steering wheel, gear shifters, buttons, knobs, and switches. “Volvo has always been about safety. Now, more than ever, we at Volvo Philippines resolve to fulfill our mission to deliver freedom of movement in a safe, sustainable, and personal way,” Arcilla said. Volvo Concierge can be reached at +63 917 623 6366 (for sales) or at +63 922 859 3216 (for service). PEE STOP Advance birthday greetings to Coach Dayong of San Miguel Beer on Tuesday, June 2. A Toyota diehard since he first bought a Hi Lux in 1997 through a loan from his mother, Coach D now owns a Previa and a Fortuner. Both purchased as second hand, they still run pretty good. “I wish to finally buy a brand-new Toyota but my budget won’t still allow it,” said Coach D, whose three kids are in college. Dreams make us move on. Meanwhile, here’s looking forward next week to feasting on your miki-bihon guisado, Coach!

Hyundai introduces new buying experience right from the comfort and safety of your H.O.M.E.

Isuzu Calapan dealership in Mindoro bearing the newest corporate building design.

Isuzu reopens select provincial & NCR dealerships Story & photo by Randy S. Peregrino

FTER certain regions in the country were placed under General Community Quarantine (GCQ), Isuzu Philippines Corporation (IPC) recently re-opened select dealerships in the Metro, Rizal, and other regions nationwide. While NCR, along with other areas, is still under Modified Enhanced Community Quarantine, the government’s Inter-Agency Task Force on Emerging Infectious Diseases (IATF-EID) gave the green light for resumption of operations. IPC and its network of dealerships will strictly comply with the IATF-EID’s guidelines for businesses within the MECQ and GCQ areas. These dealerships shall strictly enforce health measures and regular disinfection of the showroom and service shop. Likewise, IPC is committed to strictly follow and implement guidelines to minimize the public’s exposure to and spread of, the Coronavirus disease 2019 (Covid-19). Since May 18, the following Isuzu dealerships in NCR and Rizal provinces that resumed operations were Alabang, Commonwealth, Greenhills, Makati, Manila, Pasig, Rizal, and Taytay.

YUNDAI Asia Resources, Inc. (HARI) continues to be at the forefront of innovative customer experiences with the launch of its first online store, the Hyundai Online Market Experience (H.O.M.E.). H.O.M.E. is a Eeb-based platform that integrates the car-buying experience. It is a one-stop shop where you can get price quotes on your chosen Hyundai vehicle, choose your preferred dealer based on location, apply and get loan approval from banks, and finally get your dream vehicle delivered to your doorstep. Hari President and CEO Ma. Fe PerezAgudo said: “The great lockdown has radically altered consumer behavior and we want to be in step with this reality through our H.O.M.E. platform. Our homes equate to safety, convenience, and comfort, and our customers treat Hyundai vehicles as their second home. H.O.M.E. is our

proactive solution to keep our customers protected while enjoying the convenience and comforts of home.” Customers can access H.O.M.E. at www.hyundai.ph via desktop and mobile devices. And because buying experience matters, Hyundai makes it even more personal. With a user-friendly digital interface, you can easily choose from the complete Hyundai passenger car

lineup, request a quote from over 40 Hyundai dealerships, and apply for auto loans from leading bank partners. Just fill up the online form, upload necessary documents, hit “Submit” and wait for the valid e-mail confirmation from Hyundai. Once approved and processed, their brand new car will be ready for delivery. Partner banks include BDO, UnionBank, ChinaBank, Robinsons Bank, Maybank

In other regions, meantime, dealerships such as Batangas, Batangas City, Bohol, Bulacan, Butuan, Cabanatuan, Cagayan De Oro, Calapan, Cavite, Dagupan, Davao, Dumaguete, Dipolog, General Santos, Isabela, Iguig, Iloilo, Legazpi, Leyte, Meycauayan, Naga, Pagbilao, Pampanga, Pangasinan, San Pablo, and Zamboanga.

METRO MANILA Kia Mandaluyong Kia Acropolis Kia New Manila Kia Makati Kia Pasig Kia Manila Bay LUZON Kia Carmona

Onsite vehicle servicing and releasing

Physical distancing will be strictly enforced, as well as wearing face masks. Subject vehicles shall also be disinfected before and after service. As for vehicles for pick up, customers are advised to remove all valuables from the vehicle. In terms of releasing brandnew vehicles, there will be thorough cleaning and disinfection. On the other hand, vehicles for servicing will be cleaned and disinfected before entering the service area and before turning over to customers. These operational measures shall be applied to all Isuzu dealerships that resumed operations recently. Isuzu clients are encouraged to contact the dealership’s hotline to book for sales and service appointments for faster transaction.

and UCPB. H.O.M.E. is one of the major programs under Hyundai’s Guidelines for Protection and Safety (GPS)—Hyundai GPS is a comprehensive set of health and safety guidelines covering the entire value chain of HARI—importation, assembly, office operations, vehicle delivery to dealerships, showroom, sales and aftersales operations, customer relations, test drives, and unit release. “This is one of the many ways we are connecting and bringing our customers even closer despite the physical distance. Just as we do with our family and friends, we want to welcome our valued customers home,” Ms. Agudo concluded. Hari aims to continually to upgrade H.O.M.E. by incorporating more features found in full-blown e-commerce sites and integrating it more closely with a CRM platform.

Kia Dasmarias Kia Sta. Rosa*

Kia dealer network resumes operations on select locations

ia Philippines, the Ayala-owned Philippine distributor of Kia vehicles, announces the resumption of sales and after-sales service operations of its 27 dealerships in the countr y beginning on May 18, 2020. This comes after the government transitioned various parts of the country, including Metro Manila, to either, general or modified enhanced community Quarantine. Kia dealerships can now receive customers, albeit under a new set of guidelines. Customers who wish to view a vehicle, take it for a test drive, or have their existing vehicle serviced must first book an appointment with their preferred Kia dealer. Once they arrive at the facility, they will undergo thermal scanning

and required to obser ve sanitation p ro ce d u re s. O n ce i n s i d e, e ve r yo n e i s e n co u ra g e d to o b s e r ve p hy s i c a l distancing measures and practice proper hand hygiene. A no face mask, no entry policy will also be strictly enforced. Clients are assured that they will be safe once inside the dealership as all facilities have been thoroughly cleaned and disinfected prior to the opening. Regular disinfection is also being done on facilities, as well as vehicles to ensure everyone’s health and safety. In line with the reopening, Kia Philippines offers buyers of the Soluto, Picanto, Rio, Forte, Sportage, Sorento, Grand Carnival and K2500 deals under its Deals Designed for You promo. This gives them a choice of purchasing their new Kia

either through all-in low downpayment, or with a huge cash discount. Customers who will reserve a Kia vehicle will also receive a free Safety and Security Package on top of the existing offer. The promo runs from May 1 to 30, 2020. “While we welcome our valued customers to our dealerships, we also care about everyone’s health and safety. This is why we ask for their cooperation in observing the new preventive guidelines,” said Manny Aligada, president of Kia Philippines. “And we’re even offering exciting promos as part of our Promise to Care,” Aligada added. For more information about the dealer reopening and other Kia products and services, log on to https://www.kia. com/ph/main.html

Kia Pampanga Kia Baliwag Kia Pangasinan Kia Isabela Kia Clark Kia La Trinidad** VISAYAS Kia Iloilo Kia Bacolod Kia Cebu Talisay Kia Dumaguete Kia Leyte MINDANAO Kia Zamboanga Kia Cagayan De Oro Kia Iligan Kia Ozamis Kia Davao Kia General Santos Kia Butuan