BusinessMirror November 16, 2020 by BusinessMirror

PHL TRADE CHIEF UPBEAT AS 15 NATIONS SIGN RCEP

Monday, November 16, 2020 Vol. 16 No. 39

CLEAR skies greet two girls sharing an umbrella as they take in the view of Laguna Lake in C6, Taguig, while anglers cast their fishing rods into the swollen floodway in Pasig City, days after Typhoon Ulysses battered Metro Manila, Calabarzon and Central Luzon, bringing torrential rain that left neighborhoods submerged, while flooding a huge part of Northern Luzon as officials released water from Magat Dam. Stories on pages A2 and A8. NONIE REYES/BERNARD TESTA

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VIRUS WOES EXPAND 9-MONTH BUDGET GAP TO 6.9% OF GDP—DOF By Bernadette D. Nicolas

By Elijah Felice E. Rosales @alyasjah and the Associated Press

HE Philippines’s joining the Regional Comprehensive Economic Partnership (RCEP) will bring local exporters opportunities to double their shipments while protecting sensitive products such as agricultural goods, the country’s trade chief Ramon M. Lopez said on Sunday.

China and 14 other countries agreed on Sunday to set up the world’s largest trading bloc, encompassing nearly a third of all economic activity, in a deal many in Asia are hoping will help hasten

a recovery from the shocks of the pandemic. The Regional Comprehensive Economic Partnership, or RCEP, was signed virtually on Sunday on the sidelines of the annual sum-

mit of the 10-nation Association of Southeast Asian Nations. “I am delighted to say that after eight years of hard work, as of today, we have officially brought RCEP negotiations to a conclusion for signing,” said host country Vietnam’s Prime Minister Nguyen Xuan Phuc. “The conclusion of RCEP negotiation, the largest free trade agreement in the world, w ill send a strong message that affirms Asean’s leading role in supporting the multilateral trading system, creating a new trading structure in the region, enabling sustainable trade facilitation, revitalizing the supply chains disrupted by Covid-19 and assisting the post pandemic recovery,”

Phuc said. The accord will take already low tariffs on trade between membercountries still lower, over time, and is less comprehensive than an 11-nation trans-Pacific trade deal that President Donald Trump pulled out of shortly after taking office. The RCEP is expected to boost multilateral exchange among the 15 trading partners at a time the global economy is recovering from the impact of the Covid-19 pandemic. With 15 countries as initial signatories, RCEP covers more than a third of the world population and roughly a third as well of the global GDP and international trade. Continued on A4

@BNicolasBM

HE national government’s (NG) budget deficit for the first three quarters of the year ballooned to 6.9 percent of GDP from only 2.1 percent of GDP in the same period a year ago as pandemicresponse expenditures swelled, according to the Department of Finance. This, as the Bureau of the Treasury earlier reported that the January to September budget gap widened to P879.2 billion this year from only P299 billion in the comparable period in 2019. In an economic bulletin, Finance Undersecretary and Chief Economist Gil Beltran attributed the higher national government deficit in the nine-month period this year to the growth in expenditures as the country battled the Covid-19 pandemic. “The growth in expenditures led to a higher NG deficit which settled at 6.9 percent of GDP,”

Beltran said. The projected NG deficit for the period is P1.298 trillion, equivalent to 10.1 percent of GDP. A budget deficit occurs when expenditures exceed revenues. The Finance official noted that nominal GDP for January to September dropped by 8.6 percent to P12.809 trillion this year from P14.009 trillion in 2019. He also pointed out expenditure effort rose to 23.6 percent, or 4.8 percentage points higher than the 18.8 percent recorded in the same period last year. Government’s expenditures in the nine-month period went up by 15.1 percent to P3.023 trillion this year from P2.627 trillion in the same period in 2019 as the government spent to support its programs to counter the pandemic, including the Social Amelioration Program and subsidies to the Philippine Health Insurance Corp. and National Housing Authority. See “Virus,” A2

BSP not seen to resume monetary policy easing yet

D SM CITY BUTUAN, THE 75TH Great shopping, leisure and entertainment goes to northeastern Mindanao with the opening of SM City Butuan in Agusan del Norte, SM Prime Holdings’ 75th mall. Photo shows Agusan Del Norte Governor Dale Corvera (2nd from right), Butuan City Mayor Ronnie Vicente Lagnada (third from left), Butuan City Vice Mayor Jose Aquino II (2nd from left), with SM Supermalls SVP for Operations Bien Mateo (left) and Vice President for Operations Oliver Tiu (right) with Reverend Fr. Chito Butardo (third from right). Story in Companies, page B1.

PESO EXCHANGE RATES n US 48.2910

ESPITE the stable inflation and the double-digit economic contraction in the third quarter, the Bangko Sentral ng Pilipinas (BSP) is not projected to resume its monetary policy easing in their upcoming meeting, economists said. In a recent analysis from ING Bank Manila, senior economist Nicholas Antonio Mapa said the base case for next week’s policy

meeting would be for the BSP to maintain its stance with real policy rates in the red (-0.25) and with the market already flush with liquidity. “We’ve seen how despite sweeping moves by the BSP, bank lending continues its steady march lower, posting single-digit growth for a 4th straight month now, grinding to roughly 2 percent in September,” Mapa said.

n JAPAN 0.4594 n UK 63.3481 n HK 6.2277 n CHINA 7.3041 n SINGAPORE 35.7923 n AUSTRALIA 34.9192 n EU 57.0220 n SAUDI ARABIA 12.8762

See “BSP,” A2

Source: BSP (November 13, 2020)

News

BusinessMirror

A2 Monday, November 16, 2020

House keen on approving AMLA tweaks, Internet law

HE House of Representatives is looking to meet the pre-Christmas timetable for approval by both chambers of the P4.506-trillion national budget for 2021 as well as several pieces of priority legislation, including the bill strengthening the Anti-Money Laundering Act as it resumes session today (November 16). “We are looking forward to the bicameral conference on the 2021 GAB [General Appropriations Bill] and hopefully, we will be able to ratify the bicam report before Congress adjourns for the holidays,” House Speaker Lord Allan Velasco said in a statement on Sunday. Velasco said the record-high budget is the government’s “singlemost powerful tool” to fight Covid-19 and help the economy and the people recover from the devastating impacts of the pandemic. He vowed lawmakers would work double time to fast-track the remaining priority measures of the Duterte administration with the remaining four weeks of session. Congress adjourns on December 19 for a monthlong Christmas break. “We need to hit the ground running and make full use of this year’s remaining sessions to tackle and pass the priority measures, especially those that have been certified urgent by President Rodrigo Duterte,” he said. Velasco said high on the House agenda for approval are the bills strengthening Republic Act 9160 or the AMLA, the proposed In-

ternet Transactions Act, and the proposed Magna Carta of Barangay Workers. House Bill 6174 that seeks to amend AMLA was certified earlier as urgent by President Duterte. Velasco said the bill would help in avoiding “adverse finding against the country, which could lead to higher cost of doing financial transactions of overseas Filipino workers and the local business sector.” The bill is now up for second reading approval after it was approved by the House Committee on Banks and Financial Intermediaries last month. “The swift passage of the proposed Internet Transactions Act was necessary to protect consumers, especially with the increase in online transactions in the wake of the coronavirus pandemic,” Velasco said. The measure was approved by the House Committee on Trade and Industry during the recess. Other priority measures identified by Velasco are the proposed Coconut Lev y Fund; National Land Use Act; Rightsizing the National Government Act; Right to Adequate Food, Anti-Ethnic, Racial and Religious Discrimination Act; and On-Site, In-City, Near City Local Government Resettlement Program. Velasco also vowed to ensure the immediate passage of economic bills that will “jumpstart the economy and help the country rise above the devastating effects of the pandemic.” Jasper Emmanuel Y. Arcalas

www.businessmirror.com.ph

NDRRM fund replenished, but Binay flags LGUs’ plight

By Samuel P. Medenilla

@sam_medenilla

N additional P1.5-billion augmentation fund will soon be made available for areas devastated by the recent typhoons.

The Department of Budget and Management (DBM) said it will be sourcing the regular National Disaster Risk Reduction and Management (NDRRM) fund. Budget Assistant Secretary Kim Robert de Leon said the additional budget will be given to areas in Calabarzon, Mimaropa and the Bicol Region, which will be placed under state of national calamity after being hit by typhoons Quinta [international name: Molave] and Rolly [international name: Goni]. “This is equivalent to 1 percent of their IRA [Internal Revenue Allotment] and takes into consideration the estimated amount of damage, the actual number of affected population based from the reports of OCD [Office of Civil Defense] and DSWD [Department of Social Welfare and Development], respectively,” De Leon said during the situation briefing of President Duterte in Camarines Sur on Sunday. He explained the budget will be released as soon as it is approved by the Office of the President. Duterte said he wants the said

funds to be released as soon as possible to give the necessary government relief to typhoon victims. A similar additional funding is now also being considered for the provinces of the Cagayan Valley Region, which suffered extensive damage also after Ulysses (international name: Vamco) spawned considerable rainfall, prompting the release of dam waters. De Leon said DBM made the proposal in consideration of the diminished or already depleted calamity funds of the typhoonaffected LGUs as they struggled the past eight months to respond to their constituents’ needs during the Covid-19 pandemic. In anticipation of the possible additional budgetary needs of areas devastated by Typhoon Ulysses and other typhoons that may hit the country before year-end, the budget official said they opted to infuse the NDRRM fund with P10 billion for the second time this year. The government now has P11.774 billion available in NDRRM funds following the replenishment.

BSP…

The concerned LGUs may tap the fund by requesting it through these agencies: Department of Agriculture; Department of Health; Department of Education; OCD; Department of Public Works and Highways; Department of Social Welfare and Development; and National Irrigation Authority. De Leon gave assurances of quick action “as soon as we receive requests from these agencies for replenishment of their QRF [quick response funds]...so they could continue providing the services to our people, who are affected by the typhoons.”

Binay: LGUs drained

STRESSING that their resources and manpower have been “stretched to the limits,” former Vice President Jejomar C. Binay on Sunday called on the national government to immediately augment the calamity funds of LGUs in the areas affected by Supertyphoon Rolly and Typhoon Ulysses. “ T he nationa l gover nment should immediately act to augment the calamity funds of LGUs. [The funds are almost depleted because of the aid they extended during the Covid-19 lockdown and the typhoons],” he said. Binay, a former Makati city mayor, noted that while the DBM said it will release P1.9 billion to the affected areas, the amount will be disbursed to national government agencies. Continued on A4

Continued from A1

This shows, he said, “that the current malaise in lending activity is linked more to a lack of demand rather than an absence of supply, with additional rate cuts by the BSP not expected to help move the needle in the right direction.” In its week ahead economic preview, IHS Markit also said it expects no change from the BSP’s upcoming monetary policy meeting. Their expectations of a monetary policy easing pause is shared with Indonesia and Thailand who are also scheduled to hold their monetary policy meetings in the coming week too. Fitch Solutions economists also believe that the BSP will keep rates steady. “The Bangko Sentral Ng Pilipinas [BSP] will keep rates on hold till late in the year, allowing credit growth to recover and incentivizing banks to ease lending conditions,”Fitch Solutions said in its recent analysis on the Philippine economy. The BSP has been aggressive in easing policy rates to support the economy, cutting its rates four times already during this year. In February, their first meeting of the year, they cut their rates by 25 basis points as the threat of Covid-19 emerges in other countries. In March, just days after the first implementation of community quarantine in Luzon, the BSP cut

Virus…

its interest rates by 50 basis points. This was supplemented by another 50-basispoint cut in an off-schedule monetary board meeting in April, and another 50-basis-point cut in June. However, in their last two meetings, the BSP moved to keep all interest rates unchanged. While the economy is still in double-digit contraction, further cuts are deemed unnecessary and ineffective at this point for the Philippines. “We would rather, however, have BSP pause next week and take a page out of the playbook of the Fed and call for a more vigorous fiscal response to the ongoing pandemic rather than offloading more stimulus to an already bloated financial system with liquidity all dressed up with nowhere to go,” Mapa said. However, the economist assigns an “off chance” possibility that BSP Governor Benjamin Diokno will decide to ease monetary rates if he feels they are being “backed into a corner.” Mapa said the “recent spate of bad weather all but assures that fourth quarter gross domestic product [GDP] will likely deteriorate from the third quarter showing, could this be enough for Diokno to do a double take on his decision.?”

Bianca Cuaresma

Continued from A1

Beltran added that “prudent debt management” has led to P15 billion in savings from interest payments that rose to P313 billion, 4.6 percent below the original program of P328 billion for the first three quarters. On the other hand, revenue effort for the nine-month period inched up by 0.1 percentage point to 16.7 percent this year from 16.6 percent in 2019. For the first three quarters, government revenues dropped by 7.9 percent to P2.144 trillion this year from P2.328 trillion a year ago. Tax effort, however, dropped by 0.4 percentage point, from 14.9 percent last year to 14.5 percent this year due to lower collections from the Bureau of Internal Revenue, Bureau of Customs and other offices. Government’s tax revenues from January to September also slid by 11.3

percent to P1.855 trillion this year from P2.091 trillion last year. “The fiscal reforms adopted by the Duterte administration, including tax reforms and the utilization of idle savings in the public sector, boosted the revenue effort to the highest first three quarters’level in history. These reforms have made the country one of the six strongest emerging economies to meet the challenges of the pandemic,” he said. “The country should continue to adopt fiscal reforms, particularly tax reforms still pending in Congress, to sustain these fiscal gains.” As tax collections are down amid the pandemic, the Development Budget Coordination Committee (DBCC) is projecting the country’s budget deficit to more than double to 9.6 percent of GDP or P1.815 trillion this year from only 3.4 percent of GDP or P660.2 billion last year.

SBGC loan applications from tourism firms sluggish By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

NLY 426 tourism enterprises have applied for working capital loans so far with the Small Business Guarantee Corp. (SB Corp.). In an interview with the BusinessMirror, Tourism Congress of the Philippines president Jose C. Clemente III disclosed that of the total number of applications, only“160 enterprises have complete documents,” covering P100 million. Under the Bayanihan Act 2, SB Corp. was allocated P6 billion for working capital loans to the tourism sector. Asked why applications seem sluggish, he said, “I think there is a need to further disseminate information on the loan procedures.” The Department of Tourism (DOT) is expected to hold more webinars for various regions to better explain the loan program to more local tourism stakeholders. SB Corp. is providing zero-interest, nocollateral loans for micro, small, and medium enterprises (MSMEs) in the tourism sector, under its Covid-19 Assistance to Restart Enterprises for Tourism Rehabilitation and Vitalization of Enterprises and Livelihood (CARES for Travel) program. In two recent webinars, the government financial institution under the Department of Trade and Industry (DTI) spelled out the requirements and procedures for tourism MSMEs to be able to tap said lending window. For instance, companies which filed their financial statements in 2018 or 2019 with the Bureau of Internal Revenue (BIR) and have no bad credit track record, are automatically eligible to apply for a working capital loan. The initial loan amount granted to MSME applicants will be based on the submitted BIR-filed FS: not more than P1 million for medium enterprises; not more than P500,000 for small enterprises; and not more than P200,000 for micro-enterprises. Applications for a higher loan amount may be approved by the SB Corp., provided that the enterprises submit their written plan on how to restart or improve their business models. For MSME applicants which have not filed financial statements with the BIR, SB Corp. requires a Mayor‘s Business Permit in 2019, for loan requests exceeding P50,000; and a Barangay Business Permit in 2019 for loans less than P50,000. Likewise, enterprises must submit pictures and videos of inventories, equipment, and assets to SB Corp. and “have no major unresolved negative credit dealings.” Tourism Secretary Bernadette Romulo Puyat urged MSMEs to access the CARES for Travel Program to help them sustain their businesses and keep their workers amid the ongoing pandemic. “The CARES for Travel program primarily seeks to assist tourism MSMEs. The support we give them now will [go] a long way in ensuring their survival in the coming days as we embark on slowly resuming tourism. The DOT is thrilled to share the news that enterprises may submit their loan applications online, while we are awaiting the download of funds to SB Corp.,” she said in a news statement. Under the CARES for Travel loan program, loans extended to tourism MSMEs will have a loan term period of up to four years, including a grace period of up to one year.The borrower need only pay a one-time service fee to the SB Corp., depending on the loan term, i.e., 4 percent for a one-year loan; 6 percent for two years; 7.5 percent for three years; and 8 percent for four years. SB Corp. will evaluate and process all loan applications of DOT-accredited MSMEs and local government (LGU)-accredited small-scale tourism-oriented enterprises to ensure their eligibility, and will determine the loanable amount and terms, in accordance with the loan program guidelines. Romulo Puyat and Trade Secretary Ramon Lopez signed a memorandum of agreement on October 12 that seeks to disburse the P6-billion budget allocated to the SB Corp.’s CARES program under Bayanihan 2, directing the GFI to expand its loan programs to include the tourism sector, and “to administer loans for DOT but subject to guidelines from the DOT.” The DOT chief said, ”It was through our consultations with our stakeholders that we were able to pinpoint working capital loans as one—if not the most pressing need of tourism enterprises. Realizing the important role that MSMEs hold in the recovery of the tourism industry, the DOT shall see to it that the allocation for the CARES for Travel program is dispersed fairly to qualified applicants.” Tourism enterprises may access the SB Corp’s CARES Bayanihan 2 Borrower Registration System at https://brs.sbgfc.org.ph

News BusinessMirror

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Editor: Vittorio V. Vitug • Monday, November 16, 2020 A3

DOJ to still investigate Sinas’s alleged flouting of IATF rules By Joel R. San Juan @jrsanjuan1573

HE Department of Justice (DOJ) said it will continue its preliminary investigation into Philippine National Police (PNP) Chief Maj. Gen. Debold Sinas and several other policemen who allegedly violated quarantine rules during his 55th birthday celebration. This was the assurance made by Justice Secretary Menardo I. Gue-

varra despite President Duterte’s pronouncement that he is ready to absolve Sinas if it would be established that he had violated any law. Guevarra said the prosecutors would have to complete the preliminary investigation process; until then there is no ground for the President to exercise his right to grant executive clemency. “The DOJ/prosecutor has to complete the process of preliminary investigation; executive clemency may

come only after a finding of guilt,” Guevarra said. “If there’s no finding of guilt, there’s no room for the application of executive clemency.” The Justice Secretary also expressed the belief that Duterte’s saying he would absolve Sinas “if he has” committed any offense only indicates the President is willing to wait for a finding of fault or guilt after a proper proceeding, whether administrative or criminal.“The President is very much aware that a case is still

pending and he is merely indicating his intent to act with liberality, in consideration of Sinas’s overall performance as a career police officer,” Guevarra said. It can be recalled that the President earlier said with regard to Sinas: “If he has [committed] any offence, he is pardoned already. I do not see any wrongdoing with moral implications and malice. “ Sinas, along with 18 other officers, including five generals, have

been charged before the Taguig City Prosecutor’s Office for violating City Ordinance 12, or the mandatory wearing of face masks in public and stringent physical distancing, and the Mandatory Reporting of Notifiable Diseases and Health Events of Public Health Concern Act, or Republic Act 11332. The case was filed after several police officials and officers held a “mañanita,” the traditional dawn serenade for a senior PNP

37 crew changes at Subic hub in 2 months By Henry Empeño Correspondent

UBIC BAY FREEPORT—A total of 37 ships had successfully changed their crew in the Subic Bay Freeport in the last two months after the government activated its crew-change program here to enable stranded seafarers to either take badly needed rest or renew work aboard commercial vessels. Subic Bay Metropolitan Authority (SBMA) Chairman and Administrator Wilma T. Eisma said more than 500 mostly Filipino seafarers had already benefited from program since Subic began operating as a crewchange hub last September 10. The first crew change involved the arrival here of five Filipino seafarers who were stranded for about three months aboard MV Dapeng Star, a liquefied natural gas (LNG) tanker based in Hong Kong. Since then, One Stop Shop (OSS) Subic, the inter-agency task force, which manages the Subic crewchange operations, has recorded a total of 260 “off-signers,” or inbound ship crew, and 255 “on-

signers,” or outbound seafarers, as of November 9. Of the total 515 seafarers who either arrived or departed in Subic under the program, only 24—or 12 on-signers and 12 off-signers—were foreigners. “Considering that around 80,000 Filipino seafarers with lapsed contracts are stranded aboard their ships, there is a lot to be done to ensure movement among seafarers, especially Filipinos, during this humanitarian and economic crisis,” Eisma noted. She added that joining the program was “Subic’s direct response to President Duterte’s call that no one should be left behind in government efforts to ensure the safety of all Filipinos and provide assistance to vulnerable groups in face of the Covid-19 pandemic.” According to the SBMA Seaport Department, ships of all shapes and sizes have arrived here under the crew-change program. These included the following: MV RTM Cook, a Singapore-flagged bulk carrier that took in seven Filipino on-signers and disembarked11

off-signers; MV Mindoro, a Panamaflagged vehicles carrier with three outbound and two inbound Filipino crew; MT Jason, a chemical tanker from Marshall Islands with 12 Filipino on-signers and one Croatian and 13 Filipino off-signers; MT Euro Integrity, a Liberian-flagged crude oil tanker with 15 outbound and 16 inbound Filipino seafarers; and, MV Nine Eagle, a Panama-flagged livestock carrier with five on-signers and five off-signers, all Filipino. SBMA Seaport Manager Jerome M. Martinez stressed that OSS-Subic has laid out strict health and safety protocols for the program, with all outbound and inbound seafarers undergoing RT-PCR testing. “In case an on-signer tests positive, he is brought back point-topoint to Manila where he was swabtested. Meanwhile, off-signers are brought directly to the Subic-OSS for swab testing; after which they are transported to an isolation facility in Manila,” Martinez explained. He added that in the two months that crew-change has been undertaken in Subic, only one positive case among seafarers has been recorded.

official on his birthday, last May 8, without complying to existing health protocols. Sinas and the other police officers were highly criticized for conducting the event without regard to health and safety protocols, which are being strictly implemented on ordinary people. Thousands of people were even arrested and charged for violation of strict quarantine and health protocols.

RIVER CLEANUP

RESCUE volunteers use power hoses to flush out mud and debris left after Typhoon Ulysses (international name: Vamco) caused severe flooding at Barangay Barangka in Marikina over the weekend. ROY DOMINGO

MMDA to resume road-clearing ops

HE Metropolitan Manila Development Authority (MMDA) announced last Saturday it shall resume road-clearing operations on November 16 in coordination with 17 local government units (LGUs) in the National Capital Region (NCR). The MMDA suspended its road-clearing

operations for almost eight months after the national government imposed a lockdown on the NCR. Chairman Danilo D. Lim said members of the Task Force Special Operations (TFSO) will assist the LGUs in their operations against obstructions to help alleviate traffic and bring order on the streets

of Metro Manila. “Metro local chief executives have asked for our assistance in reclaiming public roads and clearing areas in their jurisdiction from all kinds of obstruction. We appeal for the cooperation of everyone as we aim for accessible roads free from illegal obstructions,” Lim said.

Agriculture/Commodities

A4 Monday, November 16, 2020 • Editor: Jennifer A. Ng

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Ulysses hikes losses incurred by farmers, fishers By Jasper Emmanuel Y. Arcalas @jearcalas

HE Department of Agriculture (DA) said farmers and fishermen incurred more losses as Typhoon Ulysses (international name Vamco) had damaged crops and other agricultural products valued at P2.107 billion. Ulysses affected over 62,500 farmers and fishermen in 6 regions, days after Typhoon Quinta (international name Molave) and Supertyphoon Rolly (international name Goni) battered their farms and fishing grounds. In its latest damage assessment report, the DA said Ulysses struck 58,320 hectares of farms and caused a combined production loss of 93,219 metric tons (MT). “The affected commodities include rice, corn, high value crops, fisheries, and livestock. [It also affected] irrigation facilities, machineries and equipment, and agricultural infrastructure in Cordillera Administrative Region [CAR], Ilocos Region, Cagayan Valley, Central Luzon, Calabarazon and Bicol Region,” it said on Sunday. Of the reported damage, the rice sector accounted for 42.3 percent. Ulysses affected 37,360 hectares of farms and 63,805 MT of rice valued at P890 million, according to the DA. This was followed by high value crops at an initial damage estimate

of P513 million as Ulysses struck 7,845 hectares with an estimated output 24,588 MT, the DA added. The damage to the corn sector is initially pegged at P109 million. The typhoon affected 13,114 hectares and 4,827 MT of corn. Cagayan Valley, which suffered its worst flooding in four decades due to the successive typhoons that struck the Philippines, is the country’s second largest rice-producing region and accounts for 14 percent of national output. It is also the country’s top corn producer as it accounts for 23 percent of annual production. The National Irrigation Administration-Magat River Integrated Irrigation System said as of November 15, Magat Dam continues to release water as its reservoir remains at critical level. NIA said, however, it has opened only one spillway gate at two meters wide. The NIA-MARIIS said it has advised the residents of Isabela and Cagayan provinces as early as November 9—about two days before Ulysses made its first landfall inPatnanungan, Quezon—that the agency will start releasing water to ease pressure on the water level of the dam. Last week, the DA said about 106,540 Filipino farmers and fishermen have incurred combined losses of P8.4 billion after Typhoons Quinta and Rolly struck the Philippines. The DA said Quinta and Rolly affected 223,772 hectares of agri-

FISHERMAN Jun Pagal moors his boat to safety in Cavite as the weather bureau enforces a no-sail restriction due to very rough seas brought by fast-moving Typhoon Quinta. Signal No. 3 was raised in various Luzon areas and classes were suspended in Metro Manila. NONIE REYES

cultural areas in CAR, Regions 1, 2, 3, Calabarzon, Mimaropa, Regions 5, 6, and 8. Volume of production loss was pegged at 326,566 MT, which cov-

ers rice, corn, high value crops, fisheries and livestock, according to the DA. It added that it also recorded damage to irrigation and agricultural facilities.

Rolly, the strongest typhoon so far this year, damaged crops and other agricultural products valued at P5.79 billion. It affected 48,682 farmers and 127,928 hectares of

PHL trade chief upbeat as 15 nations sign RCEP

Lopez: Beyond usual trade deals

IN a statement, Trade Secretary Lopez described the RCEP as a more modern and high-quality free trade agreement (FTA) that contains not only the traditional trade deal provisions, but terms geared toward the age of digital exchange. Besides the usual conditions on goods and ser vices trade, the RCEP provides a framework for how its signatories should handle the technical issues of intellectual property, e-commerce, as well as micro, small and medium enter prises. “This is a more modern and high-quality FTA agreement which includes other economic technical topics, [such as] MSMEs, IP or Intellectual Property, e-commerce and other new topics, not only trade access, as well as areas of trade in products and services and investments,” Lopez explained. Lopez argued that signing the Philippines into the RCEP will allow local exporters a chance to boost shipments. Likewise, the Asia-Pacific agreement maintains a provision protecting the sensitive products of each signatory—in the Philippines’s

case, agricultural goods. “RCEP countries account for more than 50 percent of our export market. RCEP has improved levels of market access among each other, but still respects exclusion list for sensitive products mostly for agriculture products,” the trade chief added. With the signing of the RCEP, this side of the AsiaPacific region can now compete with the trade deal forged by Western nations with economies in the Southeast Asia, named the Comprehensive and Progressive Trans-Pacific Partnership. However, the RCEP negotiators are keeping their fingers crossed that India would rejoin the trade deal after withdrawing from talks last year. Delhi bowed out of the RCEP negotiations on fears that the trade deal and its consequential reduction of tariffs would hurt its domestic industries. It also sees the RCEP as a way for China to enlarge its trade surplus against economic partners involved in the package.

Asean 10 plus 5

APART from the 10-member Association of Southeast Asian Nations, RCEP includes China,

Japan, South Korea, Australia and New Zealand, but not the United States. Officials said the accord leaves the door open for India. It is not expected to go as far as the European Union in integrating member economies but does build on existing free trade arrangements. The deal has powerful symbolic ramifications, showing that nearly four years after Trump launched his “America First” policy of forging trade deals with individual countries, Asia remains committed to multination efforts toward freer trade that are seen as a formula for future prosperity. Ahead of Sunday’s RCEP “special summit” meeting, Japanese Prime Minister Yoshihide Suga said he would firmly convey his government’s support for “broadening a free and fair economic zone, including a possibility of India’s future return to the deal, and hope to gain support from the other countries.” The accord is also a coup for China, by far the biggest market in the region with more than 1.3 billion people, allowing Beijing to cast itself as a “champion of globalization and multilateral cooperation” and giving it greater influence

over rules governing regional trade, Gareth Leather, senior Asian economist for Capital Economics, said in a report. China’s official Xinhua News Agency quoted Premier Li Keqiang hailing the agreement as a victory against protectionism, in remarks delivered via a video link. “The signing of the RCEP is not only a landmark achievement of East Asian regional cooperation, but also a victory of multilateralism and free trade,” Li said. Now that Trump’s opponent Joe Biden has been declared presidentelect, the region is watching to see how US policy on trade and other issues will evolve. Analysts are skeptical Biden will push hard to rejoin the trans-Pacific trade pact or to roll back many of the US trade sanctions imposed on China by the Trump administration given widespread frustration with Beijing’s trade and human rights records and accusations of spying and technology theft. Critics of free trade agreements say they tend to encourage companies to move manufacturing jobs overseas. So, having won over disaffected rust-belt voters in Michigan and western Pennsylvania in the

NDRRM fund replenished, but Binay flags LGUs’ plight

Likewise, he said the balance of P1.7 billion from the remaining P3.6-billion NDRRM Fund may not be enough, considering the extent of damage caused by the typhoons throughout Luzon. “The national government should give immediate aid to those who provide aid. They are tired but they continue to serve,” he added, partly in Filipino. The former Vice President said it would be difficult for these LGUs, whose resources are stretched to almost breaking point, to endure the expected arrival of more typhoons. Their problems are aggravated by the Covid-19 pandemic and the high risk of infection in evacuation centers and in communities, he added. Binay added that the national government should work to facilitate

the release of these badly-needed funds directly to the LGUs, and avoid the bureaucratic bottlenecks that delayed the release of funds to government agencies dealing with the pandemic. “The unconscionable delays in the release of the Bayanihan 2 funds should not be repeated in dispensing funding assistance to these alreadydistressed LGUs,” he said. Earlier, the DBM released only P3.545 billion of the P140-billion emergency pandemic response under Bayanihan 2.

Customers in the dark

ALSO on Sunday, the Manila Electric Co. (Meralco) reported that 170,000 of its customers remain without electricity. From a high of 3.8 million custom-

ers at the height of Typhoon Ulysses, the affected customer count has gone down to 170,303 as of 5 a.m. of November 15 in areas that include parts of Metro Manila, Bulacan, Cavite, Rizal, Laguna, Pampanga, Batangas and Quezon Province. The number represents 2.53 percent of Meralco’s total customer count. Restoration is taking a little longer for areas with severe flooding and where Meralco’s distribution facilities sustained heavy damages such as toppled poles, downed wires and damaged transformers. “Rest assured, our line crews will continue with the restoration works. We appeal for everyone’s continuous understanding and patience, as our crews work to bring back power service at the soonest possible time,” Meralco spokesman

continued from a2

Joe Zaldarriaga said. Meanwhile, the National Electrification Administration (NEA) said electricity has been fully restored to 168 out of 427 cities and municipalities spread over the coverage areas of 40 electric cooperatives (ECs) in 24 provinces in Regions I, II, III, Calabarzon, Mimaropa, Bicol and the Cordillera Administrative Region (CAR). The initial cost of damage to power facilities of affected ECs due to the typhoon has reached P70.794 million. Meanwhile, seven transmission lines are still unavailable as of November 15. The National Grid Corporation of the Philippines (NGCP) has deployed its line crews and is conducting aerial and foot patrols to assess the damage to its facilities. With Claudeth Mocon-Ciriaco and Lenie Lectura

continued from a1

November 3 election, Biden is “not going to squander that by going back into TPP,” Michael Jonathan Green of the Center for Strategic and International Studies said in a web seminar. But given concerns over China’s growing influence, Biden is likely to seek much more engagement with Southeast Asia to protect US interests, he said. The fast-growing and increasingly affluent Southeast Asian market of 650 million people has been hit hard by the pandemic and is urgently seeking fresh drivers for growth. RCEP originally would have included about 3.6 billion people and encompassed about a third of world trade and global GDP. Minus India, it still covers more than 2 billion people and close to a third of all trade and business activity. The United States-MexicoCanada Agreement, or USMCA, the retooled version of the North American Free Trade Agreement under Trump, covers slightly less economic activity but less than a tenth of the world’s population. The EU and Comprehensive and Progressive Trans-Pacific Partnership, the revised version of the deal Trump rejected, also are smaller. RCEP includes six of the 11 remaining CPTPP members.

farms and caused an estimated output loss of 177,091 MT. Quinta destroyed P2.6 billion worth of crops and affected 57,858 farmers and fishermen and 96,474 hectares of agricultural areas, according to the DA. “The affected commodities include rice, corn, high value crops, livestock and agri-facilities in CAR, Central Luzon, Calabarzon, Mimaropa, Bicol Region and Eastern Visayas,” the DA said. In the rice sector alone, both Quinta and Rolly caused the loss of 176,249 MT of palay, or about 2.1 percent of the projected 8.4 million MT output in the fourth quarter. “The damaged palay production areas from both TY ‘QUINTA’ and STY ‘ROLLY’ is at 106,833 hectares wherein 76.44 percent [81,663 ha] of these areas were planted this 2020 wet season cropping, while the remaining 23.56 percent [25,170 ha] were planted for the 2020-2021 dry season cropping,” the DA said. The DA said it has prepared a P400-million quick response fund for the rehabilitation of the areas affected by Rolly, while the Philippine Crop Insurance Corp. has a P1-billion indemnification fund. The DA said it has released assistance worth some P200 million to farmers and fishermen in typhoonhit Bicol region, including Catanduanes province which suffered the brunt of Rolly.

Urgent rehab of dams cited as water swamps N. Luzon continued from a8

She warned that “the cycle of calamity, panic and suffering will continue unless we improve our water infrastructure.” The senator said she will file remedial legislation to upgrade the country’s water facilities and resources and, at the same time, “reorganize their management amid the challenges of population growth and climate change.” Marcos foresees “the water crisis will be the crisis of coming decades: flooding, shortages, the need for rainharvest infra, management. It’s urgent we grapple with the challenges ASAP.” With a population of about 12 million and still growing, Metro Manila will be needing “a water supply larger than what the 52-year-old Angat Dam can provide,” she added. Apart from upgrading existing dams, the senator is keen to revive flood control projects, citing “the unfinished Parañaque Spillway conceived in the 70s and the dredging of Laguna Lake aborted in 2011, both of which could mitigate flooding in Metro Manila and neighboring provinces.”

Bills amending 1940 Immigration Law pitched for priority continued from a8 In his House Bill 4103, House Committee on Constitutional Amendments Chairman Rodriguez is also pushing for the modernization of the bureau. “Despite numerous developments in technology and communication, there are several antiquated laws in our statute books which are no longer relevant to modem times. One of them is Commonwealth Act 613, otherwise known as the Philippine Immigration Act of 1940,” he said. However, he said events of recent years have disclosed that many aliens in the country have been involved, at one time or another, in organized crime like illegal recruitment, prostitution,

drug trafficking, terrorism, human smuggling and the like, all of which created the general impression of both Filipinos and foreigners alike that some aliens have fueled the rise of criminality in the country. Rodriguez’s bill also seeks the expansion of BI’s organizational structure and upgrades the existing positions of immigration personnel and administrative staff to adequately meet the country’s rapidly increasing immigration services. It also seeks to sharpen the border and migration control expertise of immigration personnel while expanding, rationalizing and professionalizing the bureau.

The World BusinessMirror

Editor: Angel R. Calso

Monday, November 16, 2020

More countries clamp down as Covid-19 flare-ups worsen

he flaring virus is shutting down more of the globe. Austria announced tighter lockdown measures, while Greece canceled school and Moscow closed bars and restaurants. Tehran will close nonessential businesses. Istanbul’s mayor called for a shutdown of two to three weeks. US infections break record again on Friday, according to data compiled by Johns Hopkins University and Bloomberg. The tally was 190,059, and Friday was the ninth consecutive day with more than 100,000 cases. Deaths increased to 2,238, the most since late June. Key developments:

Italy cases slow as curb widens

Italy reported 37,255 new coronavirus infections on Saturday, a slight decrease from 40,902 the day before, and 544 deaths. The country widened the number of regions subject to its toughest restrictions to include the areas of Florence and Naples. Silvio Brusaferro, head of the ISS public health institute, said in a press conference Saturday that Italy remains in an emergency situation with a very high pressure on hospitals and intensive care units. While about

half of the people who test positive do not show symptoms, he said, the average age of the new cases is rising.

UK cases, deaths outpace previous 7 days

The UK reported new cases and deaths on Saturday that were above the seven-day average. Another 26,860 cases were reported, compared to the weekly average of 24,430, and 462 fatalities compared with 404 over the previous seven days. New infections have stayed above 25,000 for three straight days.

Austria toughens lockdown as soft measures fail

Austria will shut down schools, most stores and services such as hairdressers starting Tuesday, Chancellor Sebastian Kurz said, after attempts to rely on self-discipline and moderate restrictions failed to slow the coronavirus pandemic. The new measures come two weeks after a soft lockdown similar to Germany’s was imposed that left large parts of the economy and society open. With Austria’s infections spiking, Kurz said he hoped to end the latest measures on December 6 to allow some sort

of Christmas celebrations. “Don’t meet anybody,” Kurz said at a news conference from the chancellery in Vienna on Saturday. “Every social contact is one too many.”

swathes of activity, the Swiss government is pursuing a targeted approach to avoid shutting down the economy.

Istanbul mayor calls for shutdown

Greece decided to close all schools that remained open for two weeks beginning Monday, except for those educating special-needs children. Secondary and high schools were closed on November 9. The government has already put in place a national lockdown and a night curfew through November.

A shutdown of two to three weeks should be implemented in Istanbul as the city accounts for more than 50% of the coronavirus cases in Turkey, Mayor Ekrem Imamoglu said. Imamoglu, who recently recovered from coronavirus, said that the city’s Science Advisory Board is recommending a shutdown followed by a controlled re-opening. The mayor’s call comes after Turkey reported 3,045 new Covid-19 patients and 93 deaths, both the highest since the end of April.

Switzerland advised to close bars, restaurants

Switzerland’s academic expert group recommended the federal government close bars and restaurants, among other measures. The body said steps taken so far hadn’t caused a trend reversal in infections. While the city of Geneva has shuttered

Greece closes schools for two weeks

Iran to close nonessential businesses in Tehran

Iran will close all non-essential businesses in the capital Tehran and some 100 other highinfection cities for two weeks. The mandate takes effect next Saturday. Schools and universities in red zones will also be shut, religious gatherings will be banned and staff at workplaces will be reduced to one-third. Separately, Iran has started the human trial of two homegrown vaccines for Covid-19, the semi-official Fars news agency reported.

Italy extends ‘red zone’ to Florence, Naples

Russia posts record number of new cases

Hong Kong tightens restrictions

Belgium hospitalizations rise

The country extended its soft lockdown to the regions of Florence and Naples as new cases continued soaring across the country. Health minister Roberto Speranza wrote in a Facebook post Friday evening that Campania and Tuscany will become “red zones,” where bars and restaurants are closed, and leaving home is only allowed for essential reasons. The three-tier regional lockdown system will likely continue for the entire winter, the deputy health minister said Friday. New cases jumped 8 percent to a record 40,902 Friday. The Hong Kong government will tighten social-distancing restrictions and introduce mandatory testing for some groups after locally transmitted Covid-19 cases rose in the past week. The new measures, which mostly affect bars and restaurants, will be in place from Monday until November 26, the city’s Food and Health Secretary, Sophia Chan, said at a press conference.

Russia reported a record 22,702 new Covid-19 infections in the past day, as Moscow closed bars and restaurants overnight to slow the spread of the virus. Nightlife venues were ordered to shut down from 11 p.m. to 6 a.m. starting Friday until mid-January. Moscow, the pandemic’s epicenter in Russia, has moved students to online lessons and told employers to keep most workers at home. Still, the authorities have resisted a lockdown like the one put in place during the initial wave in the spring. Russia has recorded the fifth-most cases worldwide, with 1.9 million. Belgium reported more deaths from the coronavirus, bringing the total to 14,106. Another 513 people were admitted to hospital, up from 399 the day before. The number of patients in intensive care rose to 1,457, an increase of 5. The 14-day virus incidence rate has been falling since the introduction of lockdown measures last month, down to 1,104 per 100,000. Bloomberg News

Trump supporters’ protests turn into violent hostilities W

ASHINGTON—Several thousand supporters of President Donald Trump in Washington protested election results and then hailed Trump's passing motorcade before nighttime clashes with counterdemonstrators sparked fistfights, at least one stabbing and at least 20 arrests. Several other cities on Saturday also saw gatherings of Trump supporters unwilling to accept Democrat Joe Biden's Electoral College

and popular vote victory as legitimate. Cries of “Stop the Steal” and “Count Every Vote” continued in spite of a lack of evidence of voter fraud or other problems that could reverse the result. After night fell, the relatively peaceful demonstrations in Washington turned from tense to violent. Videos posted on social media showed fistfights, projectiles and clubs as Trump supporters clashed with those demanding they take their MAGA hats and banners and

leave. The tensions extended to Sunday morning. A variety of charges, including assault and weapons possession, were filed against those arrested, officials said. Two police officers were injured and police recovered several firearms. Trump himself had given an approving nod to the gathering Saturday morning by dispatching his motorcade through streets lined with supporters before rolling on to his Virginia golf club. People chanted “USA, USA” and “four more

years,” and many carried American flags and signs to show their displeasure with the vote tally and insistence that, as Trump has baselessly asserted, fraud was the reason. "I just want to keep up his spirits and let him know we support him," said one loyalist, Anthony Whittaker of Winchester, Virginia. He was outside the Supreme Court, where a few thousand assembled after a march along Pennsylvania Avenue from Freedom Plaza, near

the White House. A broad coalition of top government and industry officials has declared that the Nov. 3 voting and the following count unfolded smoothly with no more than the usual minor hiccups—“the most secure in American history,” they said, repudiating Trump’s efforts to undermine the integrity of the contest. In Delray Beach, Florida, several hundred people marched, some carrying signs read-

ing, "Count every vote" and "We cannot live under a Marxist government." In Lansing, Michigan, protesters gathered at the Capitol to hear speakers cast doubt on results that showed Biden winning the state by more than 140,000 votes. Phoenix police estimated 1,500 people gathered outside the Arizona Capitol to protest Biden's narrow victory in the state. Protesters in Salem, Oregon, gathered at the Capitol. AP

Monday, November 16, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Why Covid is winning in the US and Europe

hile governments around the world spend billions in taxpayers’ money and write thousands of regulations to absolutely curtail civil liberties in their attempt to control the Covid-19 pandemic, Covid is still “winning.” As of the most recent data, 1,318,044 have died globally. However, while each death is a personal tragedy, the economic consequences are a universal disaster. Estimates vary widely about the first year economic impact of the Covid pandemic on the global economy. The problem is that the economic experts, just like many in the medical community, enjoy their “gloomand-doom” overacting so that people will read their “scientific” studies. One constantly cited—by the mainstream media/press—scholarly paper estimated that the economic impact of the 2003 SARS outbreak would cost the global economy $40 billion. That expert estimate was 1,000 percent too high and the initial economic losses were regained within 12 months. Some experts are now estimating Covid has cost the global economy $20 trillion in 2020. The more realistic number based on actual economic results in the past 10 months is $7 trillion. However, even this figure would mean the loss of an average of $1,000 in household income per capita. Note that the global median income is $2,920. That is why there is the strong potential for 30 million people falling below the extreme poverty line in 2020. The harsh reality is that the illness itself is not causing the economic problems. Unlike during the Black Plague of the 1300s, 1.3 million deaths are not causing labor and production shortages. Even with nearly 55 million total Covid cases, that’s still only 0.78 percent of the global population. The governments’ response to the pandemic is directly and indirectly damaging the global economy. Global deaths first peaked on July 22nd as the number of daily new cases went flat about the same time. Then about September 30th, both started increasing dramatically on a global basis, particularly in Europe and the United States. Ordinary people who are not experts have been thinking that maybe weather and temperature have something to do with the virus. Even your great-grandmother knew there was a “flu season.” During periods of cooler temperature, influenza cases increase roughly tenfold or more. Goldman Sachs, the global investment banking firm, has been actively studying the pandemic with both inside and outside experts. People with “blood and treasure”—especially treasure based on how some people drive their cars—in the game are serious about understanding current conditions. Goldman reported to its clients that the temperatures drop in both the US and Europe showed an extreme surge in Covid cases. Then Goldman researchers stripped out other factors to isolate and expose the influence of temperature on case growth. Here’s the conclusion: “The analysis found that no matter the difference in statewide policies and enforcement, cases appeared to wax and wane along with changes in temperature, appearing to resist most efforts to control the virus.” A statistical analysis of the number of influenza cases in the US and Europe by month over the past five seasons matches the trend of the current Covid cases. Now, for the treasure part. Goldman projects the fourth quarter 2020 and first quarter 2021 economic output in the US and Europe will slow down significantly before turning higher when the spring season warmer weather comes.

Is it too late to save the Marikina watershed? Atty. Jose Ferdinand M. Rojas II

RISING SUN

he late flooding that happened in Cagayan last Friday evening is totally heartbreaking. The governor said it was unprecedented and mentioned that environmental degradation led to this. May it serve as a lesson to all concerned—the environment needs to be prioritized because as it is, we are not even sure if the damage can still be reversed.

In 1904, the Marikina watershed—as part of the Sierra Madre— was declared a protected area. Through land conversion, this protected area became smaller and smaller as the years went by. There is talk of land grabbing, illegal logging and quarrying activities in the area. When an area that is not supposed to be inhabited is now heavily populated, one would expect that danger is imminent, especially now that the world is dealing with climate change. Should we expect that flooding

would get worse in the years to come? The mountains are already bare but the illegal activities still continue. This answers the question, I think. So, unless this government and the next one will do something that the past governments failed to do, which was to prioritize environment protection, we already know what the expected outcome will be. Experts say that if something was done to restore the forests 10 years ago, we could have had a secondary forest and healthier soil to avert the

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Thomas M. Orbos

STREET TALK

yphoon Ulysses created havoc as it breezed through our nation’s area of responsibility, unleashing destructive winds and floods that caught many people off-guard. But in truth, we had been forewarned many years ago of the worsening weather systems— with Milenyo, Ondoy and Yolanda. And it will not get better.

Jennifer A. Ng Vittorio V. Vitug Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso

disasters. With Ulysses, the Sierra Madre could not absorb the rainwater any longer. It was still saturated with the rains of Rolly. However, it is too late for that now. We can only look back and learn our lessons the hard way. Nobody can say that they did not know about the dangers. The former secretary of the DENR, the late Gina Lopez, sounded the alarm before she died. Her message was to protect and rehabilitate the Marikina watershed to avoid future calamities. She fought too to get the message across that protecting our trees, our water, and

our land is of prime importance. Ordinary citizens like us can become eco-warriors and manifest our dreams and advocacy into solid action. Engage in conversations, make sure your voices are heard, participate in environment restoration activities like tree/mangrove planting and cleanup events (community, river, coastal, etc.). Join the millions of people around the world who are demanding action on climate change issues. The government should look into the quarrying operations that are preventing reforestation work in Masungi and the Upper Marikina River Basin Protected Landscape. It should initiate programs to promote the restoration of the ecosystem and the setting up of smart infrastructure. It should strengthen its disaster management programs and funnel funding into environment conservation activities. It should cancel quarrying permits and stop logging activities and other related problems like land grabbing, corruption, and gross negligence by those who should be responsible. The government must do all this and more; and it must do it now. There is really no time to lose.

Climate change and green transport: Now or never

Since 2005

✝ Ambassador Antonio L. Cabangon Chua

Should we expect that flooding would get worse in the years to come? The mountains are already bare but the illegal activities still continue. This answers the question, I think. So, unless this government and the next one will do something that the past governments failed to do, which was to prioritize environment protection, we already know what the expected outcome will be.

This is the result of climate change; and these natural disturbances will be more frequent and destructive. As much as we hate to admit it, this is our own doing—with our neglect of the environment, from the denudation of our forests, the wanton abuse of our watersheds, and the harmful carbon emissions from human activities. Of these harmful emissions, 30 percent comes from transport, more than that coming from other sources; affecting not just our environment, but also our state of health, with respiratory illness as the third cause of deaths in our country. We can only blame ourselves. But we can also be the ones to change the course. To move in our desired direction, urgently implementing a national program on green mobility is necessary. The legal basis is there with the Clean Air Act, a law created some 20 years ago. But up to recently, we have seen only minor adherence to

this law. Higher fuel standard compliance had been delayed and importation of second hand vehicles, especially heavy haul transport, continues; both mainly for our business sector considerations. There were promising initiatives moving into this administration beginning with the public transport modernization program and the will to implement a more encompassing roadworthiness testing for all vehicles. But unfortunately, this is not enough. While we need to do catch up with our Asian neighbors, most especially with China who has given itself a zero-carbon emission challenge on their transport in 30 years, we still have to pass the laws on the promotion of low carbon transport and the support for its needed ecosystem. The current pandemic presents a unique opportunity for such a catch up. Covid-19 attacks the respiratory system. And carbon emissions weaken it. Carbon reduction

Global warming is here. Weather disturbances will be more frequent, violent and harder to predict. And this won’t be the last of a global pandemic. Mother nature is speaking and we as her children need to listen. We need to reduce drastically these harmful emissions in order for us to secure a life for future generations. Again—we can only blame ourselves for the mess we are in. And we can only be the ones to change its course.

therefore makes sense, not just for a cleaner environment but also for us to be better equipped for respiratory related pandemics. Now is a good time to fast track such legislation on green mobility. Moreover, the majority of the populace now appreciates the low-carbon mindset. Commuters, fearful of infection on public transport or because simply none were available, have pivoted to walking and use of bicycles. The government can respond to this with pedestrian and bike-friendly infrastructure that is cheap, fast and easy to construct. We can just look at other mega-cities such as New York and London, having converted existing roads (with present car usage less anyway) into exclusive lanes to accommodate human powered form of mobility. There are many other public sector green mobility initiatives

that can be undertaken—and definitely not the “dolomite” kind. But more than government, the key to real change is us, the private sector. Collectively and individually. Conglomerates need to actively pursue green mobility such as the bike-for-employee program of San Miguel Corp. And individually, the green mobility mindset needs to be internalized by everyone. And it doesn’t have to be just having electric vehicles or bicycles. It has to be a mobility mindset that inculcates “less and only necessary trips” are better. And if you do need to take that trip, then the hierarchy of mobility follows, heralding pedestrians on top and motorists at the bottom. Just think of the effect if everyone practices this simple mindset. We should not kid ourselves. Global warming is here. Weather disturbances will be more frequent, violent and harder to predict. And this won’t be the last of a global pandemic. Mother nature is speaking and we as her children need to listen. We need to reduce drastically these harmful emissions in order for us to secure a life for future generations. Again— we can only blame ourselves for the mess we are in. And we can only be the ones to change its course. Thomas “Tim” Orbos was formerly with the DOTr and the MMDA. He has completed his graduate studies at the McCourt School of Public Policy of Georgetown University and is an alumnus of the MIT Sloan School of Management. He can be reached via e-mail at thomas_orbos@sloan.mit.edu

Opinion BusinessMirror

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Regulatory compliance ecosystem

The bigger picture Siegfred Bueno Mison, Esq.

THE PATRIOT

Joel L. Tan-Torres

DEBIT CREDIT Sixth of a series

o appreciate the regulatory compliance ecosystem in the Philippines, it is best to recall the major developments over the past 15 years in this area. Focus shall be on one of the most important concerns of business enterprises engaging with the government regulators—the aspect of cutting red tape in government towards ease of doing business. Republic Act 9485 or the Anti RedTape Act was passed in 2007. This law intended to effect an efficient delivery of government services and the prevention of graft and corruption. While the Implementing Rules and Regulations were passed in October 2008, it took some time to jump-start the law. It was only in 2013, when Administrative Order 38 was issued to create the Ease of Doing Business Task Force to move forward the anti-red tape law. This inter-agency group was mandated to implement and review the Game Plan for Competitiveness (Plan) designed by the National Competitiveness Council (NCC). The plan identified regulatory reforms that would ease the process of doing business. The NCC was also tasked to implement policy improvement processes to bring about local and international competitiveness. This Plan formulated a national broadband plan; institutionalized a quality regulatory management system; and removed unnecessary regulatory burden through Project Repeal. The Plan provided recommendations to simplify the rules and regulations on business registration and licensing, entry and exit, paying taxes, and access to finance. Several projects have been initiated primarily by the Department of Trade and Industry and coordinated by NCC, as well as other government agencies: The DTI, Department of the Interior and Local Government and Department of Information and Communications Technology all formulated the Streamlining Business Permits and Licensing System (BPLS). This system provided the revised standards in processing business permits and licenses. The BPLS prescribes a unified form, processing time (maximum of 2 days), number of procedures (3 steps), and number of signatories (2) for BPLS. In 2016, Project Repeal was launched by the NCC. This initiative provided a systematic way of deliberately reviewing rules and regulations that are no longer relevant and have proven burdensome especially for businesses and consumers. Government agencies submit issuances and legislation for review which ends up being: (i) consolidated with other similar regulations, (ii) amended by certain specific provision, (iii) delisted from the agency’s web site and active records, (iv) retained if still necessary, and lastly (v) repealed if rendered irrelevant. The government made it easier for business companies to pay taxes and make other payroll-related payments by implementing online options. These included the following

The government made it easier for business companies to pay taxes and make other payroll-related payments by implementing online options. These included the following government agencies: Pag-IBIG’s Online Payment Facility; PhilHealth’s Electronic Premium Remittance System; Bureau of Internal Revenue’s electronic tax filing and e-payment system, and the Social Security System’s online payment scheme. government agencies: Pag-IBIG’s Online Payment Facility; PhilHealth’s Electronic Premium Remittance System; Bureau of Internal Revenue’s electronic tax filing and e-payment system, and the Social Security System’s online payment scheme. On May 28, 2018, President Duterte signed Republic Act 11032, or the Ease of Doing Business (EODB) and Efficient Government Service Delivery Act of 2018. The Implementing Rules and Regulations were passed on July 2019. RA 11032 establishes the Anti-Red Tape Authority to implement and oversee a national policy on anti-red tape and ease of doing business. Section 17 of the law provides for the creation of the Anti-Red Tape Authority, the government agency mandated to administer and implement the said law and its IRR, and to monitor and ensure compliance with the national policy on anti-red tape and ease of doing business in the country. An Ease of Doing Business and Anti-Red Tape Advisory Council was created to act as the policy and advisory body to the ARTA, and shall plan, draft and propose the national policy. The ARTA replaced the Ease of Doing Business Task Force while the council replaced the NCC. With the establishments of these two government offices, a notable milestone has been attained in institutionalizing and strengthening the structures for the oversight of the business regulatory compliance ecosystem. (To be continued) Joel L. Tan-Torres is the Dean of the University of the Philippines Virata School of Business. Previously, he was the Commissioner of the Bureau of Internal Revenue, the chairman of the Professional Regulatory Board of Accountancy and partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of May 1979. This column accepts contributions from the business community. Articles not exceeding 600 words can be e-mailed to boa.secretariat.@gmail.com.

sk anyone who has gone through a church wedding and they’ll tell you that tying the knot involves so many moving parts—and includes so many people, each with a different role. A bride normally has a right hand and a “second pair of eyes” in her Maid/Matron of Honor (though “she” can be a “he,” as guys can be a man of honor too!). The groom, of course, wouldn’t be left behind and has his best man who acts as his personal aide, advisor and chief of his groomsmen brigade. Though essential, the maid of honor and the best man should not outshine the bride and groom, and should remain in the background. Other tasks belong to the ring-bearer, candle lighter, ushers, readers, and a list of other hard-working people who carry out their roles out of love, excitement and support for the husband-and-wife-to-be. The so-called Pages or Trainbearers perform the function of carrying the bride’s extra-long wedding gown train, a job that may seem ordinary or dull but is actually significant and crucial. Nobody delights seeing a bride trip over that lengthy fabric behind her gown as she walks down the aisle, unless perhaps you happen to be the groom’s bitter exgirlfriend. Those without official roles need to participate as well to make the reception lively, memorable, and picture-perfect. The end product or the bigger picture, in this case a beautifully orchestrated wedding, entails a lot of hands and minds all working together under the baton of what we now know as the event planner. In the context of having a wellexecuted national strategy, there are countless moving parts under the baton of competent leaders in government. In the aftermath of

the recent typhoons, for example, the collective and immediate aim is to ensure that those gravely affected can begin to rebuild their lives. Thus the love offerings from people who donate money, clothes or food supplies; the actual physical assistance from the braver ones who swim through murky flood waters to rescue an elderly or a child; and the prayers from ‘kababayans’ who lift their hands up in supplication for protection and provision for everyone. Any pair of hands, penniless or prosperous, for as long as they take root from a generous heart, is vital and noteworthy. Some may proffer a seemingly inconsequential contribution but every little effort adds up and is crucial to help achieve that goal of saving lives. The same can be said about our role as citizens of this country, particularly those without official titles. A successful government, desirous of creating an orderly and thriving society, needs all the help it can get, where the effort of every constituent can be likened to ants lining up to pass on a crumb for storage and consumption of the whole colony. Each party’s conscientious energy and undertaking, no matter how small or ostensibly trivial, can power up that vision of nation building. Some

protracted delays in releasing final tallies in contested battlegrounds are no mere inconvenience. At a time of heightened mistrust, they risk inflaming passions needlessly. In 2020, they’ve given the losing candidate an opening to claim he didn’t lose. Systems that are unimpeachably prompt and accurate are needed to maintain public confidence. Leaders of both parties have a mutual interest in improving them. This year, mail-in voting posed the main challenge. Due to the pandemic, the number of Americans who voted by mail nearly doubled over 2016, to almost half of all ballots cast. This greater volume raised concerns

of us, though, prefer to “stay longer in the science classroom,” placing government officials and activities under a microscope, on the look out for a flaw in order to embellish it with vicious criticism. These “students” eventually graduate with a master’s degree in destructive condemnation, trailing a pastime in gossip, failing to do any thing for the greater good. Truly, each one of us should look in the mirror and ask ourselves—what have “I” done thus far to contribute to the much bigger picture of harmony among citizens, of a cleaner air, of a prolific economy, and of a medically safer environment? Instead of conveying an uplifting and relatable message in social media, have “I” immersed myself instead in throwing trash in black and white? It may appear to be an inconsequential post on Facebook or Twitter, but it speaks a lot about this nation’s character in its citizenry. Let us not forget that we form part of a whole, playing different roles for the unit’s functionality and triumph. If you happen to be in the government, perchance your task is predicated on keeping the coffers, or passing a bill into law, or making an inventory of the criminal case folders for a trial court. Your duties may likewise reach international lands, should you be carrying out a position as Consul, or maybe you are a high official at the Office of the Solicitor General—the “tribune of the people,” so called. Whatever one’s position of leadership may be, selfless leaders need to simply remember that they form part of a Filipino corps, completing a distinctive task in this much bigger picture called humankind. And we are all leaders, even without titles, in our homes, at work, in our communities. The key concept here is analogous to the body of Christ, as is so written in the Bible, particularly in Romans 12:5, viz.: “So in Christ we, though many, form one body, and

Reinsurance–A viable protection in lieu of increasing capitalization of insurers By Reynaldo A. De Dios

he recent decision of the Department of Finance (DOF) not to cap the minimum net worth requirement of insurers at P900 million will likely cause a further reduction of the Filipino-owned insurers. The next increase of capital is mandated at P1.3 billion, which means an additional infusion of P400 million to meet the final requirement of Republic Act 10607. In other words, all insurers are given two years to comply before December 31, 2022. The Insurance Commission report of 2019 disclosed that only 48 of the 58 non-life insurers were Filipino-owned. The report also clearly shows that 28 Filipino insurers could not meet the capital increase of P900 million. On the life sector composed of 30 insurers, only two Filipino companies did not meet the P900-million requirement. Another revelation was that of the 57 insurers, only 26 non-life insurers produced more than P900 million in

premium whilst 31 Filipino-owned companies made much less. The impact of the Covid-19 pandemic has caused a slowdown of business opportunities such that the insurers will have a difficult time in raising the P400 million to meet the P1.3 billion paid up capital. It is therefore expected that there may be again a reduction in the number of Filipino insurers. With the foregoing as a background, we reiterate the appeal of Filipino insurers for the DOF to appreciate their situation, as there are other ways to create “virtual capital” to expand protection of clients and the insurer, using a reinsurance facility to share risk exposures with reputable and global reinsurance companies.

America’s voting system is underperforming

he administration of the 2020 election wasn’t the calamity some had feared. Warnings of armed violence and voter intimidation came to nothing. Polling sites were sufficiently staffed, the system coped with the Covid-related surge in mail-in ballots, and Election Day lines remained manageable even in historically underserved areas. With few exceptions, voting equipment functioned properly. In the most encouraging sign of the electorate’s resilience, turnout is expected to exceed 66 percent of eligible voters, the highest in more than a century. Those achievements are certainly worth celebrating. Nonetheless, the

Monday, November 16, 2020

that millions of votes might go uncounted, due to higher rates of voter error and likely delivery problems in the United States Postal Service. As it turned out, the share of ballots disqualified due to voter error was lower than expected. Planned staffing cuts at the USPS would have jeopardized on-time delivery of ballots, but these were abandoned thanks to congressional scrutiny. At least 150,000 completed mail-in ballots arrived after Election Day, too late to be counted in some states. That’s disappointing, but it could have been worse. The capacity to sort and process these votes, however, wasn’t always

adequate. Vote counts were unduly prolonged in states such as Pennsylvania. The most straightforward remedy would be for states to let election officials begin counting mail-in and early votes before Election Day. In Florida, the country’s third-largest state by population, votes can be processed more than three weeks before the election. Its results were known within hours of the state’s polls closing. Having tried the alternatives this time, more voters will want to avoid voting lines in future. States should set clear and realistic deadlines for returning absentee ballots, provide more ballot drop boxes, and put them

We would advocate that local insurers can continue to offer protection for their valued clients by leveraging the reinsurance partnership—like a “virtual capital” to enhance their financial stability.

The insurers have access to reinsurance facility support to cover the risk beyond their planned retention, which is limited to 20 percent of their capitalization. This reinsurance support allows insurers to protect much bigger risks for their valued clients. Based on their past portfolio, insurers can also negotiate with reinsurers for an annual reinsurance treaty for automatic sharing of risks. They can also secure reinsurance support on a caseby-case basis, a facultative support for one big client at a time. Further, insurers can secure an Excess of Loss protection for their annual retained risks, with a manageable deductible share for each and

where they can be easily found. They should use more high-speed scanners to sort ballots. And wider adoption of electronic poll books, currently used in one-quarter of jurisdictions, would cut waiting times, speed counting and reduce the potential for fraud. Administering US elections rests with the states, but Congress can help. Lawmakers should support a multi-year program to upgrade election infrastructure, rather than making one-time outlays, as they did earlier this year. Washington should create an innovation fund to encourage states to modernize their systems, and boost support for the Election Assistance Commission, the

each member belongs to all the others.” In essence, not one component is in fact unimportant. And whatever is initially ordinary ends up actually valuable. If we are conscious of being a piece, a branch, a section of one bigger picture, we shall then have an inner conviction to play our roles with sensibility, consistency and eagerness. It will naturally reflect in what we do on a day-to-day basis, whether crossing the street by observing pedestrian rules or sending encouraging words via social media, or falling in line properly in a fastfood chain or grocery—all because we are cognizant that our behavior affects others and a greater whole. By way of accentuating this piece, which started out with the kind of love that rings a wedding bell (and not one that prunes a guest list), it may be truly worthy of everyone’s while to note that Ephesians 4:1516 of the Bible leads us in this manner, being a part of a bigger picture: “Rather, speaking the truth in love, we are to grow up in every way into him who is the head, into Christ, from whom the whole body, joined and held together by every joint with which it is equipped, when each part is working properly, makes the body grow so that it builds itself up in love.” Whether we are in government or not, let us perform our mundane yet crucial roles, having in mind the grand plan, the bigger picture, as shared by our Event Planner, the most selfless leader who lived on Earth! A former infantry and intelligence officer in the Army, Siegfred Mison showcased his servant leadership philosophy in organizations such as the Integrated Bar of the Philippines, Malcolm Law Offices, Infogix Inc., University of the East, Bureau of Immigration, and Philippine Airlines. He is a graduate of West Point in New York, Ateneo Law School, and University of Southern California. A corporate lawyer by profession, he is an inspirational teacher and a Spirit-filled writer with a mission. For questions and comments, please e-mail me at sbmison@gmail.com.

every event loss. This XOL reinsurance facility protects the insurers from excess of loss from their annual aggregate risk exposure. The proper management of these reinsurance support expands the capability of insurers to protect bigger portfolio of their valued clients by sharing the bigger risk exposures with reinsurance partners. These global reinsurers also provide innovative reinsurance solutions. These reinsurance treaties are reviewed and monitored by the Insurance Commission. Our National Reinsurance Corporation provides this local reinsurance support. All other reinsurance companies must be registered locally with a local representative agent. In this respect, we would advocate that local insurers can continue to offer protection for their valued clients by leveraging the reinsurance partnership—like a “virtual capital” to enhance their financial stability. The author is Editor of Insurance Philippines.

federal agency charged with certifying election-security measures whose budget has been nearly halved over the last decade. In the past, Republicans in Congress and some statehouses have resisted such steps, fearing that making it easier to vote would hurt the GOP. This year’s election suggests that fear is misplaced. Amid historic turnout, the party made gains in the House and outperformed expectations in the Senate. Sustaining voter enthusiasm and confidence in the voting process is critical to both parties’ future prospects—and to the vitality of American democracy. Bloomberg Opinion

A8 Monday, November 16, 2020

BILLS AMENDING 1940 IMMIGRATION LAW PITCHED FOR PRIORITY By Jovee Marie N. dela Cruz @joveemarie

ITH the fast-paced development in information and communications technology and amid corruption issues affecting the bureau, lawmakers are asking the leadership of Congress to make their priority 12 bills seeking to modernize the Bureau of Immigration (BI) when session resumes on Monday (November 16). South Cotabato Rep. Ferdinand Hernandez and Cagayan de Oro Rep. Rufus Rodriguez are among those who filed bills amending the Philippine Immigration Act (PIA) of 1940 to make it more responsive to the times. The measures are all pending before the House Committee on Justice. The Department of Justice (DOJ) and its attached agency, the BI, have been pushing for the passage of these bills. Justice Secretary Menardo Guevarra and BI Commissioner Jaime Morente, in a BusinessMirror report at the weekend, said they have always believed that the current low salaries of immigration personnel are a key factor making them vulnerable to bribery and to committing other illegal acts. Moreover, Hernandez said recent

developments point to the need for BI’s modernization. “One need only look at the news to see the increase in crimes committed by aliens, such as human trafficking, drug manufacturing and selling and child prostitution. Meanwhile, the salary structure of the Bureau of Immigration needs to become more competitive, as the myriad problems mentioned necessitate the recruitment and maintenance of high quality immigration personnel, for the enforcement of our immigration laws,” he added. Hernandez’s House Bill 4791 or the Bureau of Immigration Modernization Act seeks to amend the PIA by providing clearer boundaries between offices in order to lessen red tape, updating the data gathering, compiling an analysis system of the bureau, sharpening the competencies of immigration officials and professionalizing them. It also creates new classifications of undesirable aliens to provide for new problems and situations; increases the types of visas to make immigration more flexible to draw in more investment, reorganizing the bureau, and making the BI salary structure more competitive in order to attract the best talents available. Continued on A4

Urgent rehab of dams cited as water swamps N.Luzon C

By Butch Fernandez

@butchfBM

ITING decades of neglect of the country’s dams and other vital water infrastructure that have been blamed for severe flash floods that engulfed Cagayan and Isabela over the weekend, Senator Imee Marcos pressed Congress to frontload passage of a law to promptly upgrade State-run water supply facilities and resources.

Marcos said Sunday the wrath of the latest Typhoon Ulysses that hit the country on November 12 “brought back the horror of the 2009 Typhoon Ondoy,” noting that the government agencies concerned may have learned to prepare in advance “but fell short of the magnitude of disaster.” As the senator pitched legislation for upgrading dams, authorities parried accusations of untimely releases of water from dams in northern and central Luzon, so that the dam water compounded the floodwaters spawned by heavy, nonstop rains from Ulysses; and before that, five other weather disturbances. The National Irrigation Admin-

istration-Magat River Integrated Irrigation System (NIA-Mariis) insisted on Sunday it had advised residents of the Provinces of Isabela and Cagayan in Region II “of its water release from the Magat Reservoir to maintain safe water level of the Magat Dam on Monday, November 9, 2020, two days before Typhoon Ulysses (Vamco) made its first landfall in Patnanungan, Quezon, at 10:30 p.m. of November 11, 2020.” The agency said, however, that “the heavy downpour brought by Typhoon Ulysses that [triggered] massive flooding in many parts of the country...also pushed the water level of Magat Dam beyond normal.” The massive flooding in parts

of Cagayan and Isabela caused devastation not seen in 45 years, according to Cagayan Gov. Manuel Mamba, as President Duterte visited the area. An update as of 6 a.m. Sunday (November 15) by the NIA-MariisDRD Flood Forecasting and Early Warning Dam Operations showed the Magat Dam reservoir water level “is now at 192.15 meters, which is 0.85 meters close to its spilling level of 193 meters above mean sea level.” The reservoir inflow is at 1,020 cubic meters per second (cms) and outflow at 834 cubic meters per second (cms) with one spillway gate opened at two meters, the agency added. The NIA-Mariis affirmed there has been policy to make pre-releases of calibrated opening of dam gates “before the occurrence of typhoon or unusual weather disturbances” in order “to minimize, if not to avoid large Magat Dam discharges before spilling level will be reached.” It noted that before Typhoon Ulysses, five typhoons had affected Isabela and Cagayan Valley and almost the entire Luzon, causing continuous rain for almost two months. During this period, it added, “two gates opened or an equivalent of four meters were opened to

reduce water containment at the Magat Reservoir. However, as water inflow from our Magat watersheds continually increases, additional gates must be gradually opened to maintain the safe level of the Magat Reservoir. The continuous rains upstream of Magat Dam contributed to high inflows, while rivers along the Cagayan River had also reached its maximum capacity, causing river overflows, not only to the Cagayan River but its adjacent areas.” However, Infrawatch PH convenor Terry Ridon claimed that, per its review of dam openings in two weeks before Ulysses, “Magat did not make sufficient water drawdown 2-3 days prior to Ulysses, as mandated by its protocol, because its gates were not even open 3-4 days prior landfall.”

Dams not upgraded

MEANWHILE, Senator Marcos pointed out that “the 38-year-old Magat Dam and other old dams have not been upgraded in decades, their surrounding watershed forests have been denuded, and hence Magat would have collapsed under the deluge of Typhoon Ulysses if water was not released.” Continued on A4

www.businessmirror.com.ph

Companies BusinessMirror

Monday, November 16, 2020

LT Group profit in Jan-Sept gets boost from tobacco By VG Cabuag

@villygc

T Group Inc., the holding firm of tycoon Lucio Tan, said its income in January to September grew 9 percent to P16.1 billion from last year’s P14.72 billion, with tobacco lifting the company’s profits. Philippine National Bank (PNB) contributed P2.24 billion or 14 percent of total attributable income, while the tobacco business accounted for P12.12 billion or 75 percent. Tanduay Distillers Inc. added P1.09 billion or 7 percent, Eton Properties Philippines Inc. accounted for P630 million or about 4 percent, Asia Brewery Inc. contributed P4 million or less than 1 percent. LT Group’s 30.9-percent stake in Victorias Milling Company Inc. accounted for P148 million, also less than 1 percent of its earnings. PNB’s net income under the pooling method was P4 billion for the first three quarters of the year, 39 percent

lower than the P6.52 billion last year. The lower net income was primarily due to the P9.03-billion provision for credit losses that the bank booked for the same period, significantly higher compared to P1.43 billion last year, largely due to the ongoing pandemic that has resulted in a downturn in the economy. The income of its tobacco business, meanwhile, rose 27 percent to P12.17 billion from the previous year, despite the industry-wide volume decline. “The higher income is attributed to the higher share of premium Marlboro with customers shifting from mid-priced Fortune, as well as the price increases implemented in late

August 2019 to pass on higher excise taxes,” the company said. The industry’s volume is estimated to have declined by 11 percent for the 9-month period due to the August 2019 price increase, coupled with the impact of the enhanced community quarantine implemented in Luzon starting March 17 and in other select cities thereafter up to end-May. Volume of PMFTC Inc., the combined company of Tan's Fortune Tobacco and Philip Morris Philippines, fell 14 percent compared to last year, the company said. Illicit activities have also been on the rise, the company claimed, as a total of 150 machines were seized from illegal factories, 70 more than the 80 machines seized last year. The 150 machines can form 24 lines, with each line estimated to produce as much as 3 million sticks per day. Liquor maker Tanduay's net income for the period doubled to P1.09 billion from last year’s P518 million due to the higher volume of liquor sales and a 36-percent decrease in selling and marketing expenses to P725 million from P1.14 billion. Revenues from liquor were 29 percent higher on the back of volume growth and price increases in Janu-

ary to pass on the higher excise taxes. Revenues from bioethanol were 28 percent lower as higher prices were able to partially offset the drop in volume. As of end-September, Tanduay's nationwide market share for distilled spirits was at 25.8 percent, compared to last year's 29 percent. In the Visayas and Mindanao regions where most of its sales are generated, market share was at 62.2 percent and 77.6 percent, respectively, down from last year's 64.7 percent and 72.6 percent, respectively. Property developer Eton, meanwhile, recorded an income of P633 million during the period, P4 million higher than the previous year due to the increase in rental income. Eton had a leasing portfolio of approximately 181,000 square meters of office space and over 43,000 square meters of retail space. Asia Brewery, meanwhile, had a net income drop of 98 percent to just P4 million for the period, due to lower volumes across all products as the series of lockdowns that started in May affected sales in sari-sari and convenience stores as well as in supermarkets. Revenues were 17 percent lower, the company said.

‘Meralco CSP attracts more firms’ By Lenie Lectura @llectura

ore firms have indicated their interest to join the competitive auction for the Manila Electric Co.’s (Meralco) power requirement of 1,800megawatts (MW). “Additional companies submitted expressions of intent as the deadline approached,” said Meralco utility economics head Lawrence Fernandez. The deadline for the submission of Expression of Interest was moved to November 13 from November 12 due to inclement weather and its effects brought about by Typhoon Ulysses (international name Vamco).

Fortune Life appoints new acting EVP-GM

nfolding the last quarter of the year, Fortune Life announced the appointment of its new acting executive vice president and general Abad manager (EVP-GM), Emma M. Abad, effective October 1. With more than three decades of service with the company, Abad made significant contributions in streamlining financial operations and managing Marketing and Sales activities. Having risen through the ranks, her story of dedication and passion for excellence continues to inspire employees and agents, boosting their morale knowing that one’s hard work truly pays off. As the new acting EVP-GM, Abad aims to grow the company’s operations, and ensure that Fortune Life continues to uphold its commitment of excellent service to its stakeholders.

He did not say the total number of interested firms that have submitted their Expression of Interest last Friday because some of the bidders’ participation fees have yet to be cleared by the banks. Only then, he said, can Meralco declare that the submissions are final. “We will wait for bank clearance of participation fees of some interested bidders, so we’ll know the final line-up after that. We also need to present first to the TPBAC [Third Party Bids and Awards Committee] before we disclose information,” said Fernandez. “We are scheduled to present to TPBAC this week the final list of bidders and preparations for the pre-bid conference in December, which will

include formally inviting the DOE [Department of Energy] and ERC [Energy Regulatory Commission] to send observers to the pre-bid.” Last month, TPBAC received Expressions of Interest from several firms with offered capacities totaling 3,600megawatts (MW), utilizing a variety of technologies. The identities of the 9 interested bidders were not revealed, citing non-disclosure agreements. “We are not at liberty to disclose the names of companies who expressed interest. There are around nine generating companies,” said Meralco head of Regulatory Affairs Jose Ronald Valles. "It’s a total of 3,600MW. Some submitted 600MW while some submitted a minimum of 150MW.”

Among those that have declared they will join the auction are Atimonan One Energy, Inc. (A1E), a wholly-owned subsidiary of Meralco PowerGen Corp. (MGen); San Miguel Corp.’s power unit; AC Energy, the power arm of Ayala Corp.; and Consunji-led Semirara Mining and Power Corp. (SMPC); and Aboitiz Power Corp. The winning bidders will secure a 20-year power supply agreement with Meralco. A pre-bid conference is scheduled on December 17, with bid submission deadline set on January 25, 2021. The bids will be opened on the same day. Meralco’s preferred price will only be revealed to the bidders during the opening of the bid prices.

Happy Skin founder bags PCCI’s Injap Sia award for young entreps

llure Asia, Inc. (Happy Skin) Founder and CEO Jacqueline Y. Gutierrez bested 59 other nominees in bagging the Philippine Chamber of Commerce and Industry (PCCI)’s 2020 Injap Sia Outstanding Young Entrepreneur Award (ISOYEA), which recognizes the invaluable role of young entrepreneurs in nation-building. Gutierrez was cited for the innovations that she introduced to her company, allowing her to build a P250-million brand (combined Allure Asia and Happy Maven Retail Inc.-retail arm of Happy Skin) and a sustainable business that is continuously giving jobs to Filipinos at a young age of 35. She has paved the way for local brands to have a voice in the beauty industry where previously only international players thrive. The award was presented by PCCI President Amb. Benedicto V. Yujuico, PCCI director for innovation and the award’s benefactor Edgar “Injap”J. Sia II, PCCI honorary chairman and treasurer Sergio R. Ortiz-Luis Jr., PCCI director for SME Development Apolinar E. Aure, PCCI Philippine- US Business Council chair and 46th Philippine Business

FDC 9-month income up on cost-control measures

ilinvest Development Corp. (FDC), the holding firm of the Gotianun family, said its attributable net income in January to September grew 3 percent to P8.9 billion from P8.6 billion last year, as it was able to control its cost. Revenues fell 9 percent for the period to P57.1 billion, the company said. “Our banking and sugar businesses covered the gap caused by the hospitality and real estate businesses which are the most affected by the pandemic-related government restrictions. We are, however, encouraged by improvements in the quarter-on-quarter performance of residential revenues which saw a jump of 47 percent in the third quarter compared to the second quarter of 2020,” FDC President and CEO L. Josephine G. Yap said. “Together with the V-shape recovery in option sales, this signifies a turnaround as government restrictions have started to ease. Our power subsidiary has also been stable and gradually picking up to pre-pandemic levels. Overall, we are confident that our balanced portfolio can withstand the current crisis and we are prepared to take advantage of opportunities when the current situation turns around." East West Bank delivered a net income contribution to the group of P5.8 billion for the period, 32 percent higher than the same period last year, driven by better margins from its core lending and deposit-taking businesses, and higher trading gains. Filinvest Land Inc. and Filinvest Alabang Inc. contributed P5.1 billion in net income to the group, lower by 15 percent from last year's figure as the firms were affected by lower sales take-up and completion delays resulting from the construction

SM opens 75th supermall in Butuan City By Manuel T. Cayon

D The Philippine Chamber of Commerce and Industry (PCCI), the country's largest business organization formally presented to Allure Asia Inc. (Happy Skin) Founder and CEO Jacqueline Y. Gutierrez (3rd from right) the 2020 Injap Sia Outstanding Young Entrepreneur Award (ISOYEA), which recognizes the invaluable role of young entrepreneurs in nation-building. Photo shows PCCI director for innovation and the award’s benefactor Edgar “Injap” J. Sia II (center) presenting the award to Gutierrez with PCCI president Ambassador Benedicto Yujuico (2nd from right), PCCI honorary chair and treasurer Sergio Ortiz Luis, Jr. (right), PCCI deputy secretary general for regional and international affairs Edwin Glindro (left), PCCI director for SME Development and ISOYEA TWG chair Apolinar Aure (2nd from left), and 46th Philippine Business Conference & Expo chair Enunina Mangio (3rd from left) at the awarding rites last November 9 at the DD Meridian Plaza in Pasay City. Contributed Photo

Conference & Expo chair Enunina V. Mangio, and PCCI deputy secretary General for Regional and International Affairs Edwin R. Glindro.

The PCCI named the award after Sia, one of the most successful and respected young entrepreneurs in the country.

halt in mid-March. It also blamed the grace period granted to the homebuyers during the lockdown period for the payment of their purchases which delayed real estate sales recognition. As expected, sales revenues of lots, condominium and residential units slowed down during the period by 55 percent to P7.2 billion. Power unit FDC Utilities Inc. registered a net income of P1.8 billion, a 3-percent increase from last year. Revenues declined by 17 percent to P6.4 billion as volume contracted by 19 percent following lower demand from its customers during the lockdown periods. The situation has improved with the easing of lockdowns in Misamis Oriental in Mindanao where its 405-megawatt clean coal plant is located. The lower volume was offset by the reduction in operating expenses by 29 percent to P1.516 billion and the 3-percent increase in average price. Hotel operations under Filinvest Hospitality Corp. was the most affected by the pandemic. It posted a revenue decline of 59 percent to P981 million as occupancy rates dropped across the properties. It recorded a net loss of P487 million for the period from a net income of P266 million last year. It said 5 out of the 6 hotels and resorts under the Filinvest group’s portfolio remained in operation during the lockdown but on very limited basis while Crimson Boracay temporarily ceased operations while the entire island of Boracay was on lockdown. Crimson Boracay and Crimson Mactan are now experiencing some improvement coming from domestic tourism in the fourth quarter. Quest Clark is currently blocked for the “PBA Bubble,” the Philippine Basketball Association's games that are held in the area. VG Cabuag

Mindanao Bureau Chief @awimailbox

avao City—The SM chain of stores opened on Friday its 75th supermall in Mindanao’s fifth-richest city, offering “great shopping, leisure, and entertainment” in the northeastern Mindanao region. The retail chain said SM City Butuan is “SM Prime Holdings’ 75th supermall, the sixth in Mindanao, and the first in the Caraga Region.” It is located in a 37,233-square-meter property along JC Aquino Avenue, some 6 kilometers west of downtown, to serve shoppers in Agusan del Norte, as well as those in the nearby provinces of Agusan del Sur, Surigao del Norte, Surigao del Sur, and Dinagat Islands. These are the areas that composed the Caraga Region. The multilevel mall area totals 48,278 square meters and has an origami-inspired facade. Its architects said the mall’s “innovative design concepts highlight the interiors, the Cyberzone’s biophilic theme is inspired by nature’s tangible features that mimic plant vegetation’s orienta-

tion, the natural pattern of days and seasons and the earth stones of the environment”. SM City Butuan would also have 4 state-ofthe-art cinemas and the largest mall-based event center in the Caraga region, it said in a statement. It also has a total of 734 parking slots including 543 for regular cars, 175 for motorcycles, 8 for PWD vehicles and 8 for senior citizens. It also has a helipad and a transport bay. The SM Store and SM Supermarket are SM City Butuan’s major anchors, along with SM mainstays like SM Appliance Center, ACE Hardware, Watsons, Surplus, Our Home, and Sports Central, Uniqlo, The Body Shop, Crocs and Miniso. It will also have fashion boutiques, jewelry stores, bookstores; as well as a Cyberzone and service and wellness outlets. Eating out options include local and international food chains, as well as specialty restaurants like Shakey’s, Sunnies Café, Hukad, Bigby’s, Samgyeopsal House, Wildwings, Ribshack, Choobi Choobi, and coffee and milk tea outlets like Bo’s Coffee, Chatime, Macao Imperial Tea, and Gongcha, SM said. Continued on B2

Companies BusinessMirror

Monday, November 16, 2020

PSE STOCK QUOTATIONS

November 13, 2020

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

ASIA UNITED BDO UNIBANK BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PHIL NATL BANK PSBANK PHILTRUST RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FERRONOUX HLDG FILIPINO FUND IREMIT MEDCO HLDG MANULIFE NTL REINSURANCE PHIL STOCK EXCH SUN LIFE

44.15 93 81.7 24.4 10.38 44.5 9.55 28.7 53 96 17.72 105.5 60.9 0.86 27.2 3.41 6.88 1.22 0.3 760 0.59 161 2050

45.15 93.25 82 24.5 10.42 44.6 9.79 28.8 53.4 100.9 17.74 105.9 61 0.93 27.8 3.58 7.69 1.23 0.315 800 0.61 162 2100

44.6 95 83.5 24.45 10.3 45 9.56 28.45 53.5 96 17.96 106.9 62 0.93 28 3.34 6.88 1.16 0.3 777 0.61 162 2050

45.2 95 84 24.5 10.46 45.1 9.56 29.2 53.5 96 17.96 107.4 62 0.95 28 3.58 6.88 1.25 0.3 777 0.61 162 2080

44.1 92.2 81.1 24.1 10.2 44 9.55 28.45 53.4 96 17.7 105 60 0.85 27.15 3.34 6.88 1.16 0.3 777 0.58 161 2050

44.15 93 81.7 24.5 10.38 44.5 9.55 28.8 53.4 96 17.72 105.5 60.9 0.93 27.2 3.58 6.88 1.22 0.3 777 0.61 161 2080

5000 10494460 9859450 80200 1047800 4717600 6300 667600 1510 260 1857700 2167630 37520 254000 7300 16000 500 923000 130000 200 86000 510 415

221495 983775050.5 805420734 1950640 10882070 210897570 60174 19325920 80715 24960 32929338 229422403 2279515 232510 200055 57040 3440 1116000 39000 155400 51350 82540 850900

-10 -263998302 -161663080.5 -100 -528708 -115410340 -4612800 -16050 -836506 39452523 -1099804.5 -6830.0001 6100 1610 840500

INDUSTRIAL AC ENERGY 4.17 4.18 3.94 4.29 3.93 4.18 82255000 339702840 ALSONS CONS 1.45 1.48 1.46 1.48 1.42 1.48 3128000 4573080 27.1 27.45 27.1 27.9 27 27.1 2328700 63759525 ABOITIZ POWER BASIC ENERGY 0.216 0.22 0.22 0.22 0.216 0.22 1200000 261050 29.2 29.35 29 29.4 28.85 29.35 1738300 50771465 FIRST GEN FIRST PHIL HLDG 66.4 66.6 66 66.4 65 66.4 78720 5214396 303 304 309.6 309.6 300 303 150510 45979808 MERALCO MANILA WATER 15.04 15.06 14.22 15.24 14.22 15.04 6560200 97231130 3.15 3.17 3.2 3.22 3.15 3.15 3179000 10124210 PETRON PETROENERGY 3.38 3.54 3.31 3.54 3.31 3.54 41000 140400 12.88 13 13.02 13.02 12.9 13 82000 1064540 PHX PETROLEUM PILIPINAS SHELL 16.52 16.58 16.64 16.64 16.42 16.52 4582400 75651682 10.72 10.8 10.7 10.98 10.7 10.8 212100 2292426 SPC POWER VIVANT 13.52 13.98 13.98 13.98 13.96 13.98 4700 65666 8.19 8.2 8.17 8.29 8.15 8.2 829800 6823960 AGRINURTURE AXELUM 2.95 2.97 2.92 2.99 2.91 2.97 2432000 7189690 70.7 76.9 70.35 70.45 70.35 70.45 50 3520.5 BOGO MEDELLIN CNTRL AZUCARERA 22.6 22.8 19.2 23.8 19.1 22.8 391900 8363260 17.08 17.1 17.4 17.4 17.02 17.1 2159700 36962528 CENTURY FOOD DEL MONTE 5.09 5.14 5.08 5.14 5.06 5.1 168000 858657 7.08 7.09 7 7.11 6.87 7.08 2800800 19665395 DNL INDUS EMPERADOR 9.9 9.99 9.9 10 9.88 9.9 391000 3880444 63.2 63.5 63.8 64 63 63.2 270970 17163383 SMC FOODANDBEV ALLIANCE SELECT 0.64 0.66 0.64 0.66 0.63 0.64 924000 595560 1.44 1.45 1.38 1.47 1.38 1.45 33025000 47323200 FRUITAS HLDG GINEBRA 47.75 47.8 46.4 48 46.4 47.75 132900 6338175 193.2 193.4 196 196.1 192.8 193.2 1097780 212900779 JOLLIBEE LIBERTY FLOUR 38.85 50 44.95 44.95 44.7 44.7 600 26895 7.62 8.17 7.7 7.7 7.7 7.7 4700 36190 MACAY HLDG MAXS GROUP 6.71 6.75 6.68 6.76 6.59 6.75 615600 4131259 0.145 0.148 0.145 0.145 0.145 0.145 220000 31900 MG HLDG SHAKEYS PIZZA 8.4 8.43 8.1 8.48 7.9 8.4 719800 5975287 ROXAS AND CO 1.21 1.22 1.21 1.21 1.19 1.21 923000 1112650 1.72 1.89 1.88 1.88 1.88 1.88 3000 5640 ROXAS HLDG SWIFT FOODS 0.111 0.117 0.119 0.119 0.118 0.118 90000 10650 150 150.3 150 154 148.1 150.3 1550220 234533602 UNIV ROBINA VITARICH 0.87 0.88 0.83 0.88 0.83 0.87 17044000 14672400 52.95 53 53 53 52.95 52.95 1690 89563 CONCRETE A CONCRETE B 52.25 55.8 54 55.9 51.65 55.8 540 28931 1.63 1.64 1.6 1.64 1.6 1.64 13901000 22614090 CEMEX HLDG DAVINCI CAPITAL 4.69 4.7 4.36 4.75 4.36 4.69 135000 619160 16 16.04 16.1 16.1 15.5 16 2166200 34640718 EAGLE CEMENT EEI CORP 7.65 7.66 7.8 7.8 7.5 7.65 221800 1695260 6.16 6.17 5.86 6.19 5.86 6.17 4450500 26903688 HOLCIM MEGAWIDE 8.74 8.75 8.4 8.94 8.22 8.75 21865600 189632195 8.11 8.35 8.38 8.39 8.38 8.38 4000 33522 PHINMA TKC METALS 0.8 0.83 0.8 0.83 0.79 0.82 1408000 1130740 0.84 0.87 0.81 0.88 0.81 0.87 2584000 2182810 VULCAN INDL CROWN ASIA 1.94 1.95 1.95 1.95 1.94 1.94 12000 23380 2.09 2.1 1.97 2.1 1.95 2.1 3868000 7941490 EUROMED MABUHAY VINYL 4.34 4.4 4.4 4.4 4.4 4.4 3000 13200 4.25 4.3 4.37 4.38 4.3 4.3 97000 422230 PRYCE CORP CONCEPCION 21.3 21.5 21.05 21.8 20.2 21.5 653200 13959960 2.6 2.62 2.6 2.65 2.57 2.62 7146000 18570950 GREENERGY INTEGRATED MICR 7.15 7.18 7.28 7.28 7.12 7.15 542100 3883274 1.06 1.07 1.06 1.08 1.04 1.07 963000 1014970 IONICS PANASONIC 5.09 5.5 5.5 5.5 5.5 5.5 1200 6600 1.69 1.7 1.7 1.71 1.64 1.69 2199000 3689250 SFA SEMICON CIRTEK HLDG 6.58 6.59 6.5 6.79 6.45 6.58 9660900 64003813

5579100 -14650 -1511865 2410615 -65167 -14722166 -1839822 -3705860 -3548116 -428472 -1885548 -439490 33000 108728 -173518 6439264 -1020962 -15756822.5 47650 -3291650 -76830848 154139 1431799 48400 2380 24147784 484080 -717890.0003 -24219132 29200 -923281 -62960985 9240 -182099.9999 4400 -182540 -520915 -1770640 -557893 11240 -577038

HOLDING & FRIMS ABACORE CAPITAL 0.54 0.55 0.51 0.57 0.5 0.54 70054000 37514000 ASIABEST GROUP 8.46 8.9 8.57 8.9 8.23 8.46 39000 343354 844 845 835 854.5 831 844 388260 327013470 AYALA CORP ABOITIZ EQUITY 47.1 47.25 48.4 48.5 47.25 47.25 1176000 56002655 8.91 8.92 8.8 9.05 8.8 8.92 16354200 145817069 ALLIANCE GLOBAL AYALA LAND LOG 2.76 2.77 2.79 2.79 2.75 2.76 2530000 6983030 6.31 6.49 6.4 6.4 6.3 6.4 6300 39820 ANSCOR ANGLO PHIL HLDG 0.65 0.67 0.68 0.68 0.65 0.67 41000 26880 0.9 0.92 0.91 0.92 0.9 0.92 1945000 1760520 ATN HLDG A ATN HLDG B 0.91 0.94 0.91 0.91 0.91 0.91 1000 910 5.28 5.31 5.38 5.39 5.28 5.28 1613500 8548344 COSCO CAPITAL DMCI HLDG 5.31 5.32 5.25 5.37 5.14 5.31 10786600 57037732 9.14 9.48 9.59 9.59 9.09 9.48 3600 33653 FILINVEST DEV GT CAPITAL 554 561 552 572 550 554 571270 319642370 3.35 3.4 3.4 3.45 3.4 3.45 80000 274500 HOUSE OF INV JG SUMMIT 72 72.9 70.45 74 70.45 72 2748060 199765603 4.96 5.17 4.8 5 4.8 5 6000 29000 KEPPEL HLDG A LODESTAR 0.83 0.84 0.83 0.85 0.82 0.83 659000 548120 2.69 2.7 2.7 2.73 2.68 2.7 1600000 4314020 LOPEZ HLDG LT GROUP 12.4 12.48 12.1 12.5 12.06 12.48 5662700 69907766 0.495 0.52 0.52 0.52 0.495 0.51 45000 22495 MABUHAY HLDG METRO PAC INV 4.17 4.19 4.16 4.24 4.16 4.17 31980000 133666670 4 4.18 4 4.18 4 4.18 119000 493920 PACIFICA HLDG PRIME MEDIA 0.8 0.83 0.84 0.84 0.84 0.84 1000 840 1.04 1.06 1.05 1.06 1.05 1.06 113000 118680 SOLID GROUP SYNERGY GRID 203 210 190 210 190 210 3310 664880 1030 1038 1040 1060 1030 1030 533275 553098450 SM INVESTMENTS SAN MIGUEL CORP 108 108.9 108 109.8 107.5 108 212160 23045520 0.72 0.74 0.72 0.74 0.71 0.74 349000 250470 SOC RESOURCES TOP FRONTIER 126.5 130 129 130 126.5 130 17830 2261328 0.224 0.232 0.221 0.235 0.22 0.23 1480000 338840 WELLEX INDUS ZEUS HLDG 0.148 0.15 0.15 0.151 0.148 0.15 5610000 845380

-8884950 -31259075 -13729830 35613924 -180700 -31500 4307082 5743115 48437955 -240000 -9398138.5 -1934530 -22126484 -34694610 28000 -50281845 -6971879 -2181046 -

PROPERTY ARTHALAND CORP 0.63 0.64 0.62 0.66 0.62 0.63 7687000 4864790 ANCHOR LAND 7.7 8.19 8.2 8.2 8.2 8.2 100 820 38.95 39.5 37.5 39.5 36.9 39.5 24118700 920053735 AYALA LAND ARANETA PROP 1.05 1.06 1.09 1.09 1.06 1.06 61000 64880 25.95 26 25.95 26 25.85 26 757500 19666365 AREIT RT BELLE CORP 1.58 1.59 1.57 1.6 1.57 1.58 667000 1059660 0.85 0.86 0.82 0.87 0.81 0.85 5371000 4538090 A BROWN CITYLAND DEVT 0.8 0.82 0.83 0.83 0.79 0.82 61000 49000 0.149 0.15 0.147 0.151 0.142 0.149 6080000 888960 CROWN EQUITIES CEBU HLDG 5.8 6 5.99 6 5.99 6 28500 170750 4.68 4.72 4.7 4.7 4.66 4.7 369000 1726080 CEB LANDMASTERS CENTURY PROP 0.39 0.395 0.38 0.4 0.38 0.39 19020000 7405850 0.41 0.42 0.405 0.425 0.405 0.415 3840000 1603450 CYBER BAY DOUBLEDRAGON 14.3 14.44 14.04 14.5 14 14.44 1201300 17253016 5.5 5.6 5.42 5.64 5.4 5.5 807100 4450487 DM WENCESLAO EMPIRE EAST 0.285 0.295 0.295 0.295 0.285 0.295 880000 255350 0.087 0.09 0.085 0.09 0.085 0.09 130000 11650 EVER GOTESCO FILINVEST LAND 1.02 1.03 1.03 1.03 1 1.02 26316000 26743480 0.86 0.87 0.88 0.89 0.84 0.86 2348000 2026610 GLOBAL ESTATE 8990 HLDG 8.18 8.2 8.21 8.24 8.11 8.2 39100 319688 1.6 1.61 1.59 1.61 1.55 1.6 3102000 4933760 PHIL INFRADEV CITY AND LAND 0.7 0.72 0.73 0.73 0.69 0.72 81000 58140 3.5 3.51 3.53 3.59 3.49 3.5 28858000 101673510 MEGAWORLD MRC ALLIED 0.465 0.47 0.43 0.475 0.425 0.47 151600000 69031900 0.38 0.395 0.395 0.395 0.39 0.39 320000 125300 PHIL ESTATES PRIMEX CORP 1.17 1.18 1.17 1.18 1.15 1.17 797000 930330 15.5 15.6 16.02 16.14 15.46 15.5 10077800 158020730 ROBINSONS LAND PHIL REALTY 0.255 0.26 0.25 0.255 0.25 0.255 150000 37950 1.51 1.55 1.51 1.56 1.51 1.55 286000 439060 ROCKWELL SHANG PROP 2.7 2.75 2.7 2.75 2.7 2.75 55000 150890 1.89 1.9 1.88 1.92 1.86 1.89 279000 527290 STA LUCIA LAND SM PRIME HLDG 37.8 38.75 37.2 38.75 37 38.75 10605800 402042550 VISTAMALLS 4.22 4.25 4.17 4.28 4.17 4.22 68000 286280 1.32 1.34 1.3 1.38 1.3 1.33 7946000 10754350 SUNTRUST HOME VISTA LAND 3.78 3.81 3.78 3.81 3.7 3.78 3332000 12531210

40750 350672460 -5465375 -349760 238000 8410.0003 170750 -4700 1544650 -7279338 -2343809 -8574560 26360 312000 -16908320 10273850 -7800 -11699.9998 -65015636 3060 32131235 -3131170 -3418610

SERVICES ABS CBN 11.6 11.64 11.28 12.2 11.28 11.64 1100400 12864718 GMA NETWORK 5.14 5.15 5.11 5.15 5.11 5.15 512500 2631756 0.41 0.415 0.4 0.415 0.4 0.415 490000 197500 MANILA BULLETIN GLOBE TELECOM 1992 1997 2060 2060 1980 1992 175465 352093120 1382 1394 1401 1410 1380 1394 170635 237864710 PLDT APOLLO GLOBAL 0.051 0.052 0.051 0.052 0.051 0.052 12850000 657520 15.1 15.12 15.1 15.2 15.1 15.1 12019900 181778152 CONVERGE DFNN INC 4.27 4.45 4.17 4.5 4.15 4.5 909000 3836800 1.4 1.41 1.4 1.4 1.4 1.4 7000 9800 IMPERIAL ISLAND INFO 0.107 0.109 0.106 0.11 0.105 0.109 7530000 817610 1.65 1.66 1.62 1.67 1.62 1.67 18000 29860 JACKSTONES NOW CORP 4.27 4.29 4.4 4.4 4.25 4.27 6990000 29972090 0.255 0.26 0.255 0.26 0.25 0.26 6670000 1700150 TRANSPACIFIC BR PHILWEB 2.94 2.98 2.94 3.05 2.88 2.94 2290000 6752430 9.21 9.33 9.4 9.49 9.2 9.33 123900 1149159 2GO GROUP ASIAN TERMINALS 15.42 15.98 15.42 15.42 15.42 15.42 100 1542 5.85 5.9 5.99 6.35 5.8 5.85 24800500 148615247 CHELSEA CEBU AIR 42.75 42.9 43.8 43.8 42.55 42.75 983700 42542555 128.6 128.7 129 129 127 128.7 1695350 217790575 INTL CONTAINER LBC EXPRESS 16.02 16.24 16.28 16.3 16.02 16.26 7200 116576 1 1.04 1.03 1.04 1.03 1.04 66000 68210 LORENZO SHIPPNG MACROASIA 7 7.02 6.8 7.15 6.65 7.02 11565400 80621960 2.06 2.07 1.97 2.11 1.94 2.06 3610000 7369740 METROALLIANCE A METROALLIANCE B 2 2.09 1.99 2.1 1.99 2 59000 119950 7.12 7.15 7.12 7.15 7.1 7.15 105500 752520 PAL HLDG HARBOR STAR 1.41 1.42 1.42 1.42 1.4 1.42 3409000 4815530 1.41 1.55 1.55 1.55 1.55 1.55 4000 6200 ACESITE HOTEL BOULEVARD HLDG 0.028 0.029 0.028 0.029 0.028 0.029 31900000 899800 10.3 11.78 10.24 10.24 10.24 10.24 100 1024 GRAND PLAZA WATERFRONT 0.66 0.67 0.63 0.7 0.62 0.66 35783000 23889130 0.35 0.355 0.355 0.355 0.35 0.355 1770000 622400 STI HLDG BERJAYA 4.04 4.05 4.04 4.17 3.95 4.04 878000 3541490 BLOOMBERRY 8.4 8.41 8.6 8.6 8.34 8.4 4137400 34,869,677( 1.91 1.97 1.9 1.97 1.82 1.95 236000 454730 PACIFIC ONLINE LEISURE AND RES 1.61 1.63 1.64 1.64 1.58 1.63 293000 469250 2.26 2.4 2.53 2.53 2.3 2.32 25000 58900 MANILA JOCKEY PH RESORTS GRP 2.78 2.79 2.61 2.82 2.61 2.78 75400000 205978790 0.385 0.39 0.385 0.39 0.375 0.39 23310000 8913750 PREMIUM LEISURE PHIL RACING 6.7 7 6.8 6.8 6.7 6.7 6100 41430 7.72 7.75 7.75 7.81 7.7 7.75 1372100 10627673 ALLHOME METRO RETAIL 1.57 1.58 1.53 1.59 1.53 1.57 5695000 8923080 42.95 43 41.9 43 41.8 43 5514000 234717925 PUREGOLD ROBINSONS RTL 66.9 67 65 67.6 64.75 67 988900 65838044 110.7 111 111 113.5 110.6 111 24010 2665371 PHIL SEVEN CORP SSI GROUP 1.61 1.62 1.6 1.65 1.59 1.62 9654000 15641890 15.56 15.76 15.46 15.8 15.46 15.56 2039000 31782756 WILCON DEPOT APC GROUP 0.365 0.375 0.375 0.375 0.365 0.37 1150000 424300 7.32 7.35 7.49 7.5 7.31 7.32 138700 1026108 EASYCALL GOLDEN BRIA 375 395 367 395 363 395 10530 4009460 3.52 3.77 3.5 3.5 3.49 3.5 21000 73490 IPM HLDG SBS PHIL CORP 4.31 4.4 4.4 4.4 4.31 4.4 34000 147990

-169903835 -27161570 18335024 -445170 -43450 -650020 -25500 79889.9999 1866 -7471481 1678775 18559010 1580946.9997 28400 14500 7,678,528.0001) 29300 -4121450 -1455550 4494411 12480 38952555 -4802635 -2548585 -400750 7241218 -2072356 -

MINING & OIL

ATOK 9.86 9.9 9.94 9.94 9.66 9.94 48400 478569 2.01 2.02 2.03 2.05 1.98 2.02 6372000 12818580 -6650.0002 APEX MINING ABRA MINING 0.0011 0.0012 0.0012 0.0012 0.0011 0.0012 351000000 402200 5.02 5.09 5.01 5.1 4.98 5.01 875700 4384914 43391.9999 ATLAS MINING BENGUET A 3.3 3.38 3.15 3.38 3.07 3.38 3437000 10735280 3.2 3.22 3.01 3.2 3.01 3.2 71000 223880 BENGUET B COAL ASIA HLDG 0.255 0.26 0.27 0.27 0.26 0.26 660000 173500 2.46 2.49 2.49 2.49 2.49 2.49 3000 7470 CENTURY PEAK DIZON MINES 8.13 8.34 8.24 8.34 8.04 8.34 23600 193586 1.66 1.67 1.62 1.66 1.6 1.66 12039000 19625860 1634050 FERRONICKEL GEOGRACE 0.243 0.247 0.247 0.25 0.243 0.246 310000 76170 0.16 0.161 0.16 0.162 0.157 0.161 23160000 3693380 LEPANTO A LEPANTO B 0.16 0.162 0.158 0.163 0.158 0.162 150000 24290 0.0099 0.01 0.01 0.01 0.0099 0.0099 9100000 90350 MANILA MINING A MANILA MINING B 0.01 0.011 0.011 0.011 0.01 0.011 12600000 133600 1.13 1.15 1.05 1.15 1.04 1.15 95902000 105905850 350150 MARCVENTURES NIHAO 2.6 2.64 2.64 2.64 2.6 2.6 345000 899350 4.43 4.44 4.41 4.48 4.39 4.43 7167000 31670240 5729120 NICKEL ASIA OMICO CORP 0.325 0.335 0.32 0.335 0.32 0.335 150000 48900 16000 0.67 0.69 0.7 0.7 0.67 0.7 1977000 1334820 ORNTL PENINSULA PX MINING 5.55 5.59 5.65 5.65 5.45 5.55 1042600 5772910 -265940 11.72 11.74 11.62 11.8 11.62 11.72 2668400 31,250,928( 2,943,690.0003) SEMIRARA MINING UNITED PARAGON 0.0053 0.0055 0.0055 0.0055 0.0055 0.0055 6000000 33000 6.41 6.46 6.46 6.46 6.26 6.41 79700 509607 ACE ENEXOR ORNTL PETROL A 0.01 0.011 0.0099 0.01 0.0099 0.01 49000000 488300 0.01 0.011 0.01 0.01 0.01 0.01 26000000 260000 -240000 ORNTL PETROL B PHILODRILL 0.0085 0.0087 0.0086 0.0088 0.0085 0.0087 79000000 673800 8500 11.7 11.78 12.02 12.02 11.5 11.7 2897400 34020158 1821994 PXP ENERGY PREFFERED HOUSE PREF A 100.2 101.3 101.3 101.3 101.3 101.3 230 23299 AC PREF B1 511 520 511 511 511 511 20 10220 100.1 102 100.1 100.1 100.1 100.1 100 10010 ALCO PREF B AC PREF B2R 510 516 510 510 510 510 1820 928200 101 102.2 101 101 101 101 19800 1999800 CPG PREF A DD PREF 100.8 101 101.5 101.5 101.5 101.5 1700 172550 110 110.5 110.5 110.5 109.5 109.5 4050 444525 FGEN PREF G GTCAP PREF B 1029 1032 1029 1029 1029 1029 6640 6832560 100.5 101 101.5 101.5 101 101 1010 102030 MWIDE PREF PNX PREF 3B 103 105 104.9 104.9 104.9 104.9 1330 139517 1000 1004 1002 1004 1000 1000 4160 4169530 PNX PREF 4 PCOR PREF 2B 1012 1045 1030 1030 1030 1030 2500 2575000 1066 1067 1065 1066 1065 1066 4005 4267325 PCOR PREF 3A PCOR PREF 3B 1100 1104 1100 1100 1095 1100 9610 10563175 78.1 78.4 78.4 78.4 78 78.4 6110 477905 18756 SMC PREF 2C SMC PREF 2E 76 76.2 76.5 76.5 76 76.2 15990 1218578 29718 77.5 78.2 78 78 77.5 77.5 105200 8157574.5 SMC PREF 2F SMC PREF 2G 76.2 77.5 77 77.8 77 77.75 2500 194025 76.35 76.85 76.3 76.9 76.25 76.35 18000 1376197.5 SMC PREF 2H SMC PREF 2I 76.8 77 76.8 77 76.35 77 118300 9052477 38250 76 76.2 76.1 76.15 76 76 14430 1097031 SMC PREF 2J PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 11.1 11.2 11 11.26 11 11.1 10300 114256 GMA HLDG PDR 5 5.09 4.95 5.1 4.95 5.09 276400 1,383,315( 1,051,175.0003) WARRANTS LR WARRANT 0.83 0.85 0.82 0.88 0.81 0.85 140000 115210 SMALL & MEDIUM ENTERPRISES ALTUS PROP 13.54 13.62 13.32 13.7 13.08 13.62 728500 9788658 202984 ITALPINAS 3.27 3.28 3.1 3.3 3.08 3.27 6802000 21784300 1648360 6.05 6.07 5.6 6.16 5.6 6.05 552800 3267342 -8600 KEPWEALTH MERRYMART 4.42 4.43 4.3 4.48 4.21 4.43 29547000 129945910 6246470 EXHANGE TRADE FUNDS FIRST METRO ETF 104.8 105.1 105 105.1 104.1 105.1 41070 4310327 56640

www.businessmirror.com.ph

SMC sets sights on inclusion of road, rail projects in NMIA

By Lorenz S. Marasigan

@lorenzmarasigan

IVERSIFIED conglomerate San Miguel Corp. (SMC) plans to “incorporate” road and rail projects into its P740-billion New Manila International Airport (NMIA) project, as it intends to provide seamless travel to and from the future air hub. Ramon S. Ang, the company’s president, said his group has been granted the original proponent status for some of the projects, noting that these will help spur economic activity beyond the current crisis. “These projects make up the massive infrastructure network that will not only make the airport easily accessible from Metro Manila

and various points of Luzon, but will also further unlock the economic potential of so many of our provinces. Taken together with the airport, travel and trade in Luzon, Visayas, Mindanao and outside the country will be easier and more efficient,” he said. T he food-to-infrastr ucture firm’s airport development plan

includes an 8-kilometer airport toll road that will connect the airport to the North Luzon Expressway and link it to the recently-completed 18-kilometer Skyway Stage 3 going to the South Luzon Expressway (Slex). Ang’s group has also presented several expressway proposals to the local governments in Bulacan. These include the following: the NMIA Airport Expressway, Integrated Airport Toll Expressway NetworkNorthern Access Link, Integrated Airport Toll Expressway NetworkSouthern Access Link, Integrated Airport Toll Expressway NetworkCentral Access Link, East Metro Manila Expressway, Northeast Airport Expressway, Calamba-San Pedro Expressway, Bulacan-Tarlac Expressway (BTEX), Bataan-Bulacan Expressway (BBEX), Skyway Stage 3-R10 NMIA Expressway, MRT 7 Road, and NMIA Expressway MRT 7 (Road Spur Access).

He said the proposed railway transport modes are the MRT7 Katipunan Spur, MRT7 Airport Expressway-North Line, MRT7 Airport Expressway-West Line, MRT7 Extension Project, and MRT7 Airport Expressway Southeast Line, all of which have been granted original proponent status. “These proposed rail and road networks that will form part of a seamless transport system will allow the province to accommodate the millions of passengers who will enter the country through the Bulacan airport every year. It will also allow the smooth delivery of goods and services, particularly coming from the Bulacan Airport City Economic Zone that is expected to attract business locators and provide employment to local residents,” Ang said. “This is part of our commitment to invest more in our country and help our government and our people build back better.”

SM opens 75th supermall in Butuan City Continued from B1

“More than that, it [the supermall] will be a catalyst for employment and business opportunities in the area,” it added. SM described its newest host city as the com-

mercial, industrial, and administrative center of the CARAGA region, and a strategic trading hub in Northern Mindanao, with major roads connecting it other key cities in the island including Davao, Cagayan de Oro, Malaybalay, and Surigao. While Butuan today is highly urbanized, and is

STOCK-MARKET OUTLOOK Last week

Share prices managed to inch higher despite the stormy weather during the week which crippled the country’s main trading centers on Thursday, but volume of trade rose due to the MSCI rebalancing of its index for the Philippines. The benchmark Philippine Stock Exchange index (PSEi) gained 284.19 points to close at 6,969.88 points. The main index could have closed at the 7,000-point level during the week, as it touched the mark as early as Tuesday, when it gained 5 percent despite the disappointing GDP of the country in the third quarter. The economy contracted 11.5 percent in the third quarter, which was beyond many analysts’ expectations of a contraction of about 9.6 percent. The main index remained at the 7,000 level on Wednesday, but trading was suspended on Thursday after Typhoon Ulysses (international name Vamco) devastated Luzon. The PSEi gave up points when trading resumed on Friday. Heavy volume was seen starting Tuesday due to the MSCI Philippines rebalancing, which will take effect before the end of the month, and many investors are also taking the opportunity to make their deals when the market was still up. Average trading value for the week reached P11.29 billion, or double the year-to-date average, while foreign investors were net buyers at P3.19 billion. All other subindices ended in the green, led by the All Shares index that gained 138.83 points to close at 4,083.55 points, the Financials index added 46.40 to 1,326.57, the Industrial index rose 211.86 to 9,072.19, the Holding Firms index surged 173.06 to 7,215.79, the Property index soared 333.31 to 3,528.59, the Services index climbed 28.93 to 1,541.07 and the Mining and Oil index was up 394.93 to 8,298.94. For the week, gainers outnumbered losers 170 to 63 and 17 shares were unchanged. Top gainers were Central Azucarera de Tarlac Inc., PH Resorts Group Holdings Inc., Liberty Flour Mills Inc., DFNN Inc., Macroasia Corp. and Global Ferronickel Holdings Inc. Top losers were Grand Plaza Corp., Bogo-Medelin Milling Co. Inc., Manila Mining Corp. B, Robinsons Land Corp., Vantage Equities Inc. and PXP Energy Corp.

This week

Share prices may go down this week as the market evaluates the economic impact of the successive typhoons that devastated Luzon. Broker 2TradeAsia said investors may have priced in the risk related to the presence of cyclones during this period, but the 5 storms that hit the country in just a span of just 2 weeks, and 3 of those caused devastation to their path, may force them to recalculate its investment plans. “The higher inflation of 2.5 percent for the third quarter will be eclipsed by the expected higher print for November and December, especially for food staples and transport. Unfortunately, the rise is not for demand reasons as is desired by the market,” the broker said. It said there may be investment plays in the market after a calamity, such as rising demand for construction materials and consumer durables. It said, however, that a rebound may not be pronounced as in the past due to the pandemic and poor consumer confidence. “The windows draw close (this) week as far as earnings reporting is concerned, and sights will be set on the imagination of 2021, and in our view, the more important 2022,” it said. The broker sees immediate support for the main index at 6,800 points and resistance at 7,000 points.

Stock picks

Broker Regina Capital Development Corp. advised investors to take profit on the stock of SM Investments Corp. (SMIC) as its technical indicators show extreme bullishness on the stock. “Despite forming a bullish candle, investors with desirable positions might start to rake in their profits. Next support level is cemented at P1,050. Meanwhile, resistance can be found around P1,139,” it said. Shares of SMIC closed Friday at P1,030 apiece. The broker recommended to buy the stock of Ayala Land Inc. as the bullishness on the stock may continue this week. “The current market bullishness towards the stock might continue to be spilled over the week. It could be a good opportunity to increase one's position by hopping on the stock around P37.75 and place a stop loss around P35.15,” it said. Ayala Land shares closed last week at P39.50 apiece. VG Cabuag

ranked as the fourth most competitive city and the fifth richest in Mindanao, it also has a fascinating past captured in the famous local expression “before the Philippines, there was Butuan.” “That is because Butuan was already a progressive city centuries before the arrival of the Spaniards.

mutual funds

Historical records show that as early as the 10th century, local people were already engaged in trade and commerce with other nations and cultures like the Vietnamese and the Srivajaya people of Java, Indonesia. And today, Butuan makes history again as SM opens a new mall in the city during these challenging times." November 13, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 226.66 -12.07% -7.83% -1.68% -10% ATRAM Alpha Opportunity Fund, Inc. -a 1.1851 -21.24% -10% -0.79% -14.25% ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.1123 -19.88% -11.75% -3.71% -15.39% Climbs Share Capital Equity Investment Fund Corp. -a 0.7837 -15.96% -8.2% n.a. -12.73% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.733 -15.9% n.a. n.a. -13.69% First Metro Save and Learn Equity Fund,Inc. -a 4.8959 -10.24% -6.13% -1.91% -8.12% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.7641 -12.9% -7.55% n.a. -10.49% MBG Equity Investment Fund, Inc. -a 91.2 -19.28% n.a. n.a. -11.65% PAMI Equity Index Fund, Inc. -a 46.1588 -12.29% -6.07% -0.19% -9.99% Philam Strategic Growth Fund, Inc. -a 487.59 -10.7% -5.75% -0.77% -8.48% Philequity Alpha One Fund, Inc. -a,d,5 1.0521 n.a. n.a. n.a. 2.14% Philequity Dividend Yield Fund, Inc. -a 1.1459 -13.39% -6.38% -0.49% -10.96% Philequity Fund, Inc. -a 34.0555 -12.49% -5.7% 0.18% -10.14% Philequity MSCI Philippine Index Fund, Inc. -a 0.9094 -12.84% n.a. n.a. -10.68% Philequity PSE Index Fund Inc. -a 4.7177 -11.88% -5.53% 0.55% -9.68% Philippine Stock Index Fund Corp. -a 789.13 -11.72% -5.42% 0.46% -9.5% Soldivo Strategic Growth Fund, Inc. -a 0.7123 -20.6% -9.45% -3.75% -16.34% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.5786 -17% -7.52% -1.25% -14.98% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.9038 -11.96% -5.72% 0.35% -9.69% United Fund, Inc. -a 3.2632 -12.75% -5.07% 0.68% -10.68% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 106.0685 -11.5% -5.1% 1.27% -9.31% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $1.1281 13.57% 0.8% 4.58% 9.69% Sun Life Prosperity World Voyager Fund, Inc. -a $1.5655 18.63% 8.25% n.a. 13.55% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.6278 2.42% -4.02% -1.21% 4.16% ATRAM Philippine Balanced Fund, Inc. -a 2.2356 -1.22% -2.83% 0.62% 2.5% First Metro Save and Learn Balanced Fund Inc. -a 2.6066 -2.1% -1.75% -0.96% -0.95% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1976 -16.06% n.a. n.a. -13.52% NCM Mutual Fund of the Phils., Inc. -a 1.9528 -1.16% -0.27% 1.83% -0.45% PAMI Horizon Fund, Inc. -a 3.768 -1.6% -1.06% 1.12% -0.56% Philam Fund, Inc. -a 16.8564 -1.62% -1.17% 1.03% -0.61% 2.0875 Solidaritas Fund, Inc. -a -3.49% -2.2% 0.86% -1.63% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.5372 -9.57% -3.71% -0.27% -8.45% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 1.0115 -1.77% n.a. n.a. -0.41% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.9395 -7.67% n.a. n.a. -5.71% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.923 -9.04% n.a. n.a. -7.07% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8759 -11.66% -4.58% -1.1% -10.15% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03904 3.09% 2.63% 1.94% 2.2% PAMI Asia Balanced Fund, Inc. -b $1.0965 1.38% 4.14% 8.35% 9.05% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.2575 12.32% 5.95% 6.22% 8.87% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.1803 6.72% 3.2% n.a. 4.57% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 369.59 3.82% 3.25% 2.76% 3.25% ATRAM Corporate Bond Fund, Inc. -a 1.8954 -1.52% -0.14% -0.04% -0.35% Cocolife Fixed Income Fund, Inc. -a 3.2072 3.32% 4.65% 4.89% 2.86% Ekklesia Mutual Fund Inc. -a 2.2888 3.39% 2.85% 2.36% 2.94% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4436 4.26% 3.37% 2.04% 3.58% Philam Bond Fund, Inc. -a 4.616 6.5% 4.42% 2.99% 5.56% Philam Managed Income Fund, Inc. -a,6 1.3135 5.42% 4.37% 2.5% 4.52% Philequity Peso Bond Fund, Inc. -a 3.9618 5.52% 4.32% 2.69% 4.58% Soldivo Bond Fund, Inc. -a 1.035 8.51% 3.89% 2.49% 7.33% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1775 4.37% 4.6% 3.39% 3.31% Sun Life Prosperity GS Fund, Inc. -a 1.7389 3.49% 3.91% 2.75% 2.22% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $480.79 3.16% 2.64% 2.87% 2.65% ALFM Euro Bond Fund, Inc. -a Є218.1 -0.62% 0.73% 1.15% -0.77% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.256 4.46% 3.44% 4.04% 2.77% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0265 3.11% 1.96% 1.66% 2.71% PAMI Global Bond Fund, Inc -b $1.0885 -0.27% 0.22% 0.84% -0.47% Philam Dollar Bond Fund, Inc. -a $2.513 5.61% 3.98% 3.51% 4.56% Philequity Dollar Income Fund Inc. -a $0.061929 2.92% 2.51% 2.23% 2.7% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.214 2.59% 2.21% 2.6% 1.22% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 129.44 3.36% 3.35% 2.54% 2.87% First Metro Save and Learn Money Market Fund, Inc. -a 1.0464 1.84% n.a. n.a. 1.96% Sun Life Prosperity Money Market Fund, Inc. -a 1.2934 2.68% 3% 2.61% 2.25% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0511 1.56% 1.71% n.a. 1.23% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.063 n.a. n.a. n.a. n.a. Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.96 n.a. n.a. n.a. -3.03% a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. d - in Net Asset Value per Unit (NAVPU). 1 - Launch date is September 28, 2019. 2 - Launch date is November 15, 2019. 3 - Adjusted due to stock dividend issuance last October 9, 2019. 4 - Renaming was approved by the SEC last October 12, 2018 (formerly, One Wealthy Nation Fund, Inc.). 5 - Launch date is December 09, 2019. 6 - Re-classified into a Bond Fund starting February 21, 2020 (Formerly a Money Market Fund). 7 - Launch date is July 6, 2020. "While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www. pifa.com.ph to see the

latest NAVPS/NAVPU."

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Banking&Finance BusinessMirror

Perspectives

Challenging assumptions around resilience

HE events of this year have fundamentally changed the calculus of technology and cyber resilience planning. The shape of the technology ecosystem has altered; attitudes towards resilience have evolved; and regulators are considering new approaches to supply chain continuity planning. Enterprises preparing themselves for the future should reimagine their approach to understanding, planning and executing resilience efforts, encompassing security teams, the business, and the broader operating ecosystem.

The landscape as we see it

IF there could be a silver lining of this pandemic for security and infrastructure teams, it would be that organizations now understand the degree to which technology underpins business productivity and revenue. In enterprises dominated by remote working and cloud deployments, it’s no longer enough to think of technology as an enabler to business—it is the business. While there’s an increased appreciation for the role of security in resilience, the new reality has opened up a new set of targets and challenges, which require novel approaches. New virtual infrastructure models have changed the priorities of both threat actors—who are now being creative over their use of phishing and malware—and business continuity teams in response to the threat. And the new working models are forcing SecOps (Security + Operations) teams to review their incident playbooks, detective and responsive tooling, and shift patterns. At the board level, some of the fundamental assumptions of business continuity planning have been challenged. Can businesses assume anymore that their network of incident response suppliers, data centers and archive services are working as normal? What does a worst-case scenario really look like in the post-pandemic reality? Organizations need to take a much more holistic view of their technological dependencies and single points of failures—including third parties and off-shore teams. And with an eye over the whole architecture of the business, security needs to play a vital role in outlining and managing the threats. Meanwhile, regulators are paying close attention. With nation states becoming more active in the cyber threat landscape, and cyberattacks on many industries being used to serve economic and geopolitical agendas, governments will be undertaking resilience planning at the sector and nation-state level. Organizations supporting those plans will need to offer unprecedented levels of cooperation, transparency and trust, working with competitors, suppliers, regulators and law enforcement bodies to ensure resilient ecosystems.

What we believe you should do about it

A few key actions can help an organization to refresh their re-

silience planning activities in preparation for the new reality. Start by questioning some of the key assumptions that have been made in the past—did your list of worst case scenarios include the pandemic? What could be the next example? Can you rely on your ecosystem for support, or do you need security resilience skills in house? Think about the mechanics of the first line of defense. What’s changed about security operations in the new reality—can analysts work in the same way they have done? Do you need to offer new routes of access to key security incident and event management tooling to cater to new working modes? Communication pathways need to be updated as well—can you rely on corporate collaboration and conferencing tools? How do you interact with partners such as cloud providers? And how do you manage the containment of malware when you can’t guarantee immediate access to an endpoint, as you would in the office? Rethink how you devise your playbooks. The pandemic will have demonstrated to many businesses that a number of the same threats lead to the same fundamental impact on technology and the business. By reorienting your playbook design from scenariobased to impact-based, it’s possible to cover all bases in a much more efficient way. It also helps the security team to capitalize on the newfound appreciation of business teams for the impact of technology infrastructure. Work with business teams to understand the long-term consequences of the pandemic on their working models. It may be that those models change your priorities by presenting a different threat surface. Ransomware might start targeting VDI solutions rather than databases, holding to ransom business productivity instead of data—ask yourself how to adapt your response and recovery efforts to new operating models. And re-assess your priorities—do you have to worry as much about “loss of building” scenarios as much as you used to, or are “unavailability of personnel” scenarios now a higher likelihood? Finally, start making external connections. As cyber-attacks grow in scale and complexity, we’ll have to start relying on each other. Develop supportive relationships with regulators, law enforcement, industry peers, and up and downstream suppliers. The shape of the technology has changed, both globally and locally, and a good faith culture of transparency and collaboration can help alleviate pressures on critical infrastructure and services. The excerpt was taken from “KPMG Thought Leadership, All hands on deck: Key cyber considerations for a new reality.” © 2020 R.G. Manabat & Co., a Philippine partnership and a member-firm of the KPMG global organization of independent memberfirms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. For more information on KPMG in the Philippines, you may visit www.kpmg.com.ph.

Peza repeats call to exempt locators from disincentives By Elijah Felice E. Rosales

@alyasjah

ith the number of Covid-19 cases zooming past 400,000, the regulator of economic zone locators reiterated a call to exempt exporters from the provisions of the Corporate Recovery and Tax Incentives for Enterprises Act (Create) bill. Philippine Economic Zone Authority (Peza) Chief Charito B. Plaza argued investors should be permitted to keep their current fiscal incentives and, therefore, be exempted from the new tax regime to be introduced by the Create bill.

If enacted, the Create bill will reduce corporate income tax to 25 percent, from 30 percent at present. However, it will also remove incentives granted to exporter firms in its current version. Plaza reiterated her call as invest-

ments registered in economic zones have slumped by over a fourth after lockdown measures against the Covid-19 pandemic brought the economy to near-atrophy. In her speech last Friday, the Peza director general reported investments that flowed from January to October declined by nearly a third (27 percent) to P72.64 billion, from P99.32 billion during the same period last year. Further, the number of new projects that were registered in the country was reduced by nearly half to 248, from 454 new registrees. Employment in economic zones as of September also declined by more than 2 percent to 1.53 million workers, from 1.57 million workers during the same period last year. On the positive side, exports shipped by economic zone firms from

January to September grew close to 1 percent to $40.79 billion (about P1.965 trillion), from $40.54 billion (about P1.953 trillion at $1=P48.18), Plaza disclosed. Resumption of operations in Peza zones is nearing full capacity. At present, Plaza said 87 percent of all Peza firms have reopened their factories in the pandemic, translating to a return to work for 1.2 million workers. However, at least 13 percent of all economic zone locators have yet to restart their plants, resulting in the joblessness of almost 279,000 workers in a time of recession. By sector, 89 percent of manufacturing firms have reopened their factories while 84 percent of business-process outsourcing operators have called their workers back to office.

PNB says continuing efforts to temper bad loan hike By Tyrone Jasper C. Piad @Tyronepiad

S the economic recession continues to negatively impact Philippine National Bank’s (PNB) bottom line, its top official said they are continuing efforts to temper the increasing bad loans. PNB President Jose Arnulfo A. Veloso, in an online media briefing last week, said that the bank is coordinating with borrowers to cushion the adverse impact of the ongoing crisis. “The bank continues to proactively work with its customers and other stakeholders to mitigate the impact of the pandemic to its loan portfolio and other credit exposures,” Veloso

told reporters. The Tan-led bank set aside loan loss reserves of P9 billion in the first nine months, which is six times more than it booked last year for the same period. This resulted in the bank’s net income dipping by around 39 percent to P3.87 billion for the period from last year’s P6.34 billion. Before credit provisions and taxes, PNB’s 9-month operating profits soared by 42 percent to P14.1 billion on the back of robust core businesses. Net interest income spiked 12 percent to P26.2 billion for the period, supported by lower funding costs. Net trading and securities from January to September jumped by

227 percent to P3.4 billion because of favorable market opportunities, the bank said. “Loans and receivables as of endSeptember 2020, however, declined from 2019 year-end level as the Bank focused on strengthening its liquidity position,” the PNB said in a statement. “To remain resilient during the pandemic, the bank fortified its liquidity management and invested most of the available funds in short-term and more liquid placements.” According to PNB’s quarterly report, its loan portfolio dropped by 12.28 percent to P577.1 billion as of end-September from last year’s P657.92 billion.

SSS, GSIS offer aid for Pinoys hit by typhoon

ENSION fund managers recently announced they are offering aid packages to their respective members and pensioners living in areas under state of calamity due to typhoons Rolly, Quinta and Ulysses. The Social Security System (SSS) said in a statement on Sunday it will offer its assistance package starting November 27. The Government Service Insurance System (GSIS), meanwhile, said it is offering an emergency loan to its members and pensioners. Many of our members and retirees have been affected by previous typhoons and we want to ease their situation so we offer them an emergency loan, GSIS President and General Manager Rolando Ledesma Macasaet was quoted as saying in Tagalog. According to Macasaet, members and pensioners may borrow P20,000 under the GSIS emergency loan program. The loan is payable in 36 equal monthly installments at only 6-percent interest rate, he added. The SSS said its assistance package will include a calamity loan assistance program, a 3-month advance pension for social security and employees’ compensation pensioners and the direct house repair and improvement loan. Those who are interested to apply for the SSS package may do so from November 27 until February 26, 2021. Meanwhile, the house repair and improvement loan will be open for a year from the issuance of a corresponding circular. The SSS said the complete guidelines for the said programs would be announced soon. “The SSS commiserates with everyone who was affected by the said typhoons. It hopes that through the assistance package and its regular

benefit programs, it may help its members and pensioners during these difficult times,” the SSS said in a statement. For the GSIS emergency loan, those qualified are members in active service and not on leave of absence without pay; no pending administrative or criminal case; and, have a net take-home pay of not lower than P5,000 after all required monthly obligations have been deducted. Those members with due and demandable loan accounts (have arrears of over six months) are now allowed to renew their previous emergency loan from a different calamity (excluded under the Covid-19 Emergency Loan Program). GSIS also now allows the emergency loan application of members with only three months of paid premiums prior to application date instead of the previous six months. Old-age pensioners and those with disability are also qualified to apply for the emergency loan if their resulting net monthly take-home pension after loan availment is at least 25 percent of their basic monthly pension. Given the lockdowns, the GSIS said members and pensioners must file their applications through contactless methods: via the pension fund’s web-based facility; the electronic GSIS member online; and, through email or via dropboxes located in the lobbies of GSIS offices. All emergency loan applications of active members have to be approved by the agency authorized officers of the members’ employer. Once the loan is approved, the proceeds will be directly credited to the borrower’s unified multi-purpose ID card or temporary eCard account. Bernadette D. Nicolas

Security Bank 9-mo income drops after hedging vs bad loans

ecurity Bank Corp. reported lower net profits of P6.7 billion in the January to September, citing elevated provisions for potential credit losses as cause. The listed bank noted that its 9-month earnings were nearly 13 percent lower compared to P7.7 billion it notched in the same period last year. Still, the bank recorded a 66-percent increase in total revenues for the period at P40.2 billion. Top line figures, excluding the trading gains, soared by 22 percent to P27.9 billion. Pre-provision operating profit as of end-September grew by 120 percent to P28.4 billion. Nine-month interest income picked up

Monday, November 16, 2020 B3

by 24 percent to P23.4 billion year-on-year. This, as securities trading gains ballooned to P12.4 billion in the January-September period from last year’s P1.4 billion. Service charges, fees and commission slipped by 10 percent to P2.6 billion in the first nine months. Security Bank earmarked a loan loss buffer of P21.1 billion in the first nine months, which is markedly higher compared to P1.8 billion in the last year. “While revenues, margins and capital are resilient, the bank has maintained proactive credit provisioning given economic challenges arising from the pandemic,” Security Bank President Sanjiv Vohra said.

With the lockdown and the economic recession making it difficult for borrowers to settle payments, the bank saw its gross nonperforming loan ratio (NPL) reach 4.03 percent for the period. NPL coverage ratio, meanwhile, stood at 122 percent. As of end-September, the bank’s loan portfolio stood at P431 billion, which is 3 percent lower year-on-year. The bank, meanwhile, saw its total deposit liabilities fell by 10 percent to P436 billion in the first nine months. This, as high-cost deposits plunged by 37 percent. The bank registered a 5-percent uptick in its capitalization at P124 billion in the first three quarters. Total assets, however,

declined by 19 percent to P651 billion. Its common equity Tier-1 and capital adequacy ratio stood at 19.1 percent and 19.9 percent, respectively, which are both above the regulatory requirement. “We are prudently supporting our clients, continuing vigilance in managing risks, and investing in initiatives to fortify our services,” Vohra added. Last month, Security Bank finalized its partnership deal with Bank of Ayudhya, which is commonly known as Krungsri. The partnership is aimed at making customercentric digital lending experience available to clients and small business owners. Tyrone Jasper C. Piad

Total deposit liabilities, meanwhile, stood at P738.07 billion in the January-September period, which is 10.65 percent lower than P826.05 billion in the last year. The bank’s capital adequacy ratio and common equity tier 1 stood at 16.40 percent and 15.67 percent, respectively, as of end-September. “For the remaining months of the year, the bank will focus on tactical strategies aimed at strengthening its liquidity and capital positions and improving operational efficiencies to enable the bank to actively participate in reviving the economy and assist its customers in rebuilding their businesses,” Veloso concluded.

Higher credit provision cuts PSBank’s earnings

hilippine Savings Bank (PSBank) remains conservative when it comes to credit provisioning, resulting in a double-digit drop for its ninemonth earnings. The thrift banking arm of the Metrobank Group reported that its net income in the first nine months plunged by almost 39 percent to P1.33 billion from P2.18 billion year-on-year. This as its loan loss reserves grew by threefold to P5.3 billion for the period to mitigate the potential adverse impact of the pandemic. Net non-performing loans ratio stood at 4 percent while total borrowings portfolio reached P150.4 billion in the January-September period, according to the bank. “PSBank continues to take a conservative stance on credit provisioning amid the present business landscape while leveraging on operating efficiencies and focusing on our digital transformation roadmap,” PSBank President Jose Vicente L. Alde said. For the period, the listed thrift bank saw its gross revenues pick up by 23.9 percent to P13.3 billion on the back of 27.6-percent growth of net interest income. Other operating income, inclusive of net service fees and commission income, climbed by 11.9 percent to P2.8 billion, thanks to better trading and securities gains, the bank said. The bank added that as of end-September, its total assets were at P214.7 billion. Capitalization, meanwhile, was at P34.9 billion, translating to capital adequacy ratio and common equity tier 1 of 18.6 percent and 17.7 percent, respectively. In October, PSBank received an issuer credit rating of PRS Aaa with a stable outlook on the back of strong fundamentals from the Philippine Rating Services Corp. (Philratings). PRS Aaa, the highest credit rating, means that the Metrobank Group’s consumer and retail bank arm has a “very strong capacity” to settle its financial obligations. A stable outlook, meanwhile, is assigned if the rating given is likely to be kept in the next 12 months. “We are proud to be rated PRS Aaa (Corp.) by PhilRatings, which signifies a strong and continuous confidence in our institution even during this challenging time,” Alde said. PhilRatings said that the bank’s market position is expected to be stronger as it pushes for digitalization of products, channels and processes to address the changing consumer behavior, improve customer experience and optimize operational efficiency. “PSBank has seen an exponential rise in the use of its digital banking services, and is committed to improve on them given the fast adoption of consumers to non-contact platforms brought about by the pandemic,” the bank said. Tyrone Jasper C. Piad

Monday, November 16, 2020 • Editor: Gerard S. Ramos

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FDCP raises Philippine flag once more in Busan LIZA DIÑO and Oh Seok Geun

Today’s Horoscope By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Kimberly J. Brown, 36; Maggie Gyllenhaal, 43; Lisa Bonet, 53; Marg Helgenberger, 62. HAPPY BIRTHDAY: Protect your health and your rights. Use the experience you have gained to ensure your safety and well-being. Take the path that feels right, not the one others pressure you to take. Make changes that suit your needs, and be passionate about life and what you have to contribute. Stand tall and do what’s right, and you’ll reach your goal. Your numbers are 6, 14, 21, 27, 33, 42, 47.

ARIES (March 21-April 19): Listen to what others say, question if you have doubts and make changes required for you to live life your way. Make peace of mind your objective. Taking pride in and enjoying what you do is essential. Choose love over discord. HHHHH

O doubt the Busan International Film Festival has a special relationship with the Philippine film industry. I remember back in 2018, when life was less worrisome and we could all freely book a flight to showcase the best of Philippine cinema to the world, BIFF chose the Philippines as its country of focus. Now that this unwelcome pandemic has changed the landscape of all aspects of cinema all over the world, our film industry, consistently championed by the Film Development Council of the Philippines (FDCP), continues to be a major player in this wellloved annual festival in Korea. This year, FDCP held a successful virtual Philippine Cinema Night to the delegates from all over the film world, fully supported by our different government agencies. Secretaries Ramon Lopez of the Department of Trade and Industry and Bernadette Romulo Puyat of the Department of Tourism spoke about the big role of Philippine cinema in the development of culture and heritage. “Art is important, it isn’t a luxury, it is a necessity,” said Lopez. For her part, Puyat shared that “the Philippine film industry has long been an important vehicle in promoting our national identity.” She also took pride in sharing FDCP’s Film Philippines Incentives Program, which provides a one-stop shop to foreign productions wishing to shoot in our country. The Philippine Cinema Night introduced the projects that made it to Busan this year: Death of Nintendo by Raya Martin and Cleaners by Karl Glenn Barit, plus outstanding short films How to Die Young in Manila by Petersen Vargas and Kids on Fire by Kyle Nieva in the Asian Short Film Competition of the Wide Angle section. The Asian Project Section also had Mindanao filmmaker Sheron Dayoc’s 6th Finger.

TAURUS (April 20-May 20): Contracts, investments and health concerns will be convoluted. Dig deep, get the facts and be sure before you make a decision that will affect you for years to come. Protect your reputation and position. Avoid joint ventures. HHH

GEMINI (May 21-June 20): Associations with like-minded people will help you gain ground. A partnership with someone trying to enforce the same beliefs will add strength to your objective. Romance is encouraged, but motives must be honorable. HHH

CANCER (June 21-July 22): You’ll be fighting a losing battle if you can’t see all sides of a situation. Look for innovative ways to work with the opposition and make a difference. Take control instead of being controlled. Make wise decisions. HHH

e Korean Film Council Chairman Oh Seok Geun was all praises for Philippine cinema and he lauded the visionary leadership of FDCP Chairman Liza Diño. “I know how much love and passion Liza has for the Philippines’s audiovisual industry and how selflessly she works to promote it. I am very happy that more and more films from the Philippines are pursuing a variety of international collaborations and are garnering much deserved attention from around the world.” Diño excitedly talked up the launch of the Asean Co-Production Fund under the Philippine Incentives Program wherein grants of up to $150,000 will be awarded to feature film collaborations between Southeast Asian and Philippines productions. FDCP also spearheaded a forum, called “Screen Talk: Asian Production Bounces Back.” Screen

International’s Wendy Mitchell was the moderator with Hong Kong-based producer and production director Jacqueline Liu, South Korean producer Kim Hyo-jeong, and Singaporean producer and screenwriter Jeremy Chua, who all joined Diño as panelists and speakers. I attended this webinar and learned a lot about production practices, filming protocols, financing trends, and the coproduction possibilities of different countries in the region especially during these extraordinary times. I just wish that in 2021, when the world finally finds concrete solutions in addressing and containing the virus, we can all attend international film festivals again to raise our Philippine flag higher than ever. And I’m sure that Busan will be a favorite destination like it has always been. n

Keeping up with the latest via Gabbi Garcia on ‘IRL’ LOOKING for a new hub to get the latest updates on everything trending and lit? Global endorser Gabbi Garcia now takes viewers to an ultimate hangout space via GMA Public Affairs’ newest offering: IRL (In Real Life), a youth-oriented reality program airing on GMA News TV every Thursday night where millennials and GenZs can hangout, as it features the latest on travel adventures, music, sports, fashion, gaming, career, love and relationships, and everything else inside and outside of their digital world. Gabbi has proven her charisma among the Filipino audience as she’s currently one of GMA’s prime actresses, a sought-after model and endorser, a talented performer, and a vlogger. She has over 6.7 million followers on Instagram, 8 million on Facebook, 1.7 million on TikTok, and 1.12 million subscribers on YouTube. Off-screen, the so-called Millennial It Girl also enjoys playing ukulele and guitar, swimming, scuba

diving, mountain climbing, and arranging dried followers. Every week in IRL, Gabbi and her featured guests try viral challenges, go on gastronomic adventures, deep dive into fashion trends, and explore exciting things inside and outside the digital world. In the IRL pilot that aired on November 12, Gabbi was joined by her boyfriend and newest GMA actor Khalil Ramos. They went on a road trip to Tagaytay and visited two Instagram-worthy cafés perfect for the young and the young-at-heart. Khalil showed off his barista skills as the coffee enthusiast creates coffee art at Cafe Agapita. A photography enthusiast, Khalil shareed tips on how to level up one’s Instagram feed as they did an impromptu photoshoot on Instagram-worthy spots. Meanwhile, a self-confessed plantita, Gabbi also checked out rare plants at Greenhouse Cafe. Catch more exciting stories on the newest Thursday hangout IRL at 9:15 pm on GMA News TV.

LEO (July 23-Aug. 22): Take action, get things done and follow through with the promises you make. How you conduct personal and professional business will determine what you get in return. Be a leader, not a follower, and the outcome will favor you. Romance is featured. HHHHH

VIRGO (Aug. 23-Sept. 22): Don’t let emotional problems interfere with your job or ability to make the best decisions. Stay focused on what’s essential, and make stability a priority. The changes you bring about will ensure you land on your feet. Fight uncertainty. HH

LIBRA (Sept. 23-Oct. 22): Rely on facts, truth and the people who have never let you down. Refuse to give in to unrealistic demands, a lack of moderation and unruly behavior. Separate yourself from people who don’t share your values. HHHH

SCORPIO (Oct. 23-Nov. 21): Do things your way. Make life decisions that will encourage peace of mind and gratitude for what you have. Do what’s right for you, not what everyone else wants you to do. HHH

SAGITTARIUS (Nov. 22-Dec. 21): The improvements you make will impress someone you love. Discipline will help you reach your goal. Do what’s necessary to outmaneuver anyone trying to take advantage of you. Moderation will be essential to avoid loss. Put the past behind you. HHH

CAPRICORN (Dec. 22-Jan. 19): Follow through with your plans. A change you make at home regarding how you earn your living will give you a new lease on life. Embrace what lies ahead and discard what no longer matters. Live in the moment. HHH

AQUARIUS (Jan. 20-Feb. 18): Evaluate your life, and consider what you can do to improve your situation. Focus on home, family and finances as well as tidying up unfinished business. A romantic gesture will bring you closer to someone you love. HHHH

PISCES (Feb. 19-March 20): Consider what you want and how best to deal with your responsibilities to achieve a stable and prosperous future. Look for reliable people who can contribute to your plans, and use persuasive tactics to get them on board. HH BIRTHDAY BABY: You are curious, ambitious and passionate. You are resourceful and secretive.

‘o+’ BY SARAH KAMPMAN AND BRAD WILBER The Universal Crossword/Edited by David Steinberg

ACROSS 1 Casual shirts 5 Bubba ___ Shrimp Co. 9 Jersey attraction 14 Wheel-connecting bar 15 Common shape for a mirror 16 Jotted down 17 Lecture with superlative flair? 20 As unyielding as rock 21 “Knock it off!” 22 Hog holder 23 Word of affirmation 24 Tigger’s hopping friend 26 Sponge (up), as gravy 28 Sign indicating a water feature is no longer out of order? 34 Hunter visible at night? 37 Apt “evil” anagram 38 National sport of Japan 39 Corp. shake-up 40 ___ at ease 41 Half-hearted 42 Z, to a sorority pledge 43 Yield control of 44 Reason for some mistakes

5 Store with so-so engagement rings? 4 48 Scale step after fa 49 School closing, in an email? 50 “The Eagle ___ landed” 53 ___-com (date movie) 56 Precious stones 59 “Cross my heart!” 61 Needing to return recliners? 64 Brawl 65 Way of walking 66 Fan site focus 67 Inclusive conjunction pair 68 Quaint lodgings 69 Minuscule DOWN 1 Stretchable candy 2 Banish 3 ___ impersonator 4 Witnessed 5 Prankster’s triumphant cry 6 Type of ray that causes tanning 7 Snickers maker 8 Scheme 9 Attach with a click? 10 All the rage

1 Elevator pioneer 1 12 Acquire a tux, usually 13 Avant-garde 18 Undiluted 19 “Riveting” poster icon 25 Being exhibited 27 Pretend to be 28 Sudden offensives 29 Squiggly Spanish diacritic 30 Genetic variant 31 Young dogs 32 Produce, as sound waves 33 Network connection point 34 Ricelike pasta 35 Smell horrible 36 Speck 41 Robin or bluebird 43 Many a talk show guest, informally 46 One may wear a Fitbit 47 Decrees 50 Supermodel Klum 51 “Hammerin’ Hank” of baseball 52 “r u 4 real?” 53 Oblong tomato

4 Luke Wilson’s brother 5 55 Not very spicy 57 Bethlehem gift bearers 58 Review 60 “Not so fast!” 62 Opposite of paleo 63 Family

Solution to Friday’s puzzle:

Style

BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos

• Monday, November 16, 2020

JAPANESE BRAND GOES ONLINE WITH most people still—thankfully!—observing important health protocols, the march of retails brands online continues. Shopping with Miniso is now more fun, safe, and convenient with their multiple online platforms. Buy Miniso’s everyday essentials through their Call & Shop service where customers nationwide can now call the nearest participating Miniso branch to place their orders. Customers can then pay online using debit or credit cards or via Miniso’s partner payments centers and wait for their items to be delivered. List of participating branches and other details can be access through bit.ly/MinisoCallAndShop. Customers can also check out Miniso’s wide variety of creative and affordable finds through Shopee and Lazada. Metro Manila residents, on the other hand, can also maximize the use of Miniso’s Facebook Order Form where they can check out Miniso’s latest offerings and conveniently place their orders. Miniso is also now with foodpanda categorized under the “Shop” section. Manila-based customers can place their orders through the mobile app and get their items delivered fast and easy.

CUTE and cuddly sushi cat plush toy

KEEP your skin clean and glowing with this silicone face cleanser.

STAY fit and active with Miniso’s fitness essentials: yoga mat, yoga ball and badminton rackets.

Pablo Galicia Mendez III: Flipping the fashion switch

HEN the whole world seemed to have stopped, fashion designer Pablo Galicia Mendez III adapted and turned on his rebellious streak by venturing into a new creative territory. “There’s fear and uncertainty all around. We just wanted to bring back the joy of dressing up, and for us, the joy in creating,” Mendez, 44, said of his team at his eponymous house. “I’m coping up with this pandemic by being optimistic and productive, personally and creatively. In a span of five months starting in June, I produced four capsule collections.” A design wunderkind, Mendez was one of the five winners in the 2002 Philippine Fashion Design Competition, ultimately awarded the best Philippine representative at the International Competition for Young Fashion Designers in Paris, France. He won the grand prize at PFDC in 2007. He has dressed beauty queens such as Janine Tugonon, Pia Wurtzbach, Christi McGarry, Patch Magtanong and Katrina Llegado. For his Holiday 2020 collection, Mendez made

three gender-fluid coats, each with a distinct silhouette with looks that can morph depending on your mood and how you wear them. “They can be worn snug and closed up. They can also be loose and slouchy—like the roller coaster of moods we are all going through during this lockdown,” he shared. “We chose bold, happy colors as well as warm and familiar neutrals in the mix.” All three designs were influenced by the ease of putting on a kimono and the craftsmanship that goes into a tailored overcoat. The high-grade micro-fiber designs are called Apricus (P4,150 in saffron, ink stone, steel gray and ecru), Genji (P4,580 in cerulean, magenta, olive and saffron) and Onyx (P4,995 in truffle, white alabaster, saffron and sandstone). The Apricus coat is a take on the European trench coat mixed with a bit of oriental flair. The collar style is Mandarin but mixed with pointy peak lapels. The coat fastens like a kimono robe but with utilitarian cargo pockets and a flared storm patch at the back—a common feature on trench coats. The hem is cut like a classic shirt to give it a casual, everyday-coat kind of vibe. While the squareness of its collar and coat body is taken from the kimono, the Genji coat is a nod to the bold shapes and sleeve cuts of Cristobal Balenciaga in the 1960s. The cut of the collar was designed in such a way that it can be worn high and closed up, or wide and spread out depending on how the robe is fastened using the D-ring belt. The detachable (button-on) shawl/capelet gives this coat a refreshing silhouette and also emphasizes the macaroni shape of the sleeve. The Onyx is the farthest that Mendez pushed the envelope. “We experimented with a threedimensional sleeve cut that resembles the European

leg-of-mutton sleeve and we tried to merge with that the squareness and flatness of the kimono pattern. We kept the seams minimal and we didn’t use any fusible interfacing for the collar. The result was a supple voluminous coat that almost feels like a warm hug,” the Romblon-raised designer explained. “During our fittings in the design process, we always made sure that we had fun wearing the coats and playing with different possible looks per coat. We were also mindful of making designs that people can still wear five or eight years from now, like a classic trench coat but with a bit more spunk,” Mendez said. His loyal clientele was a huge inspiration in the making of the coats. With the new designs, he hopes to entice those who are “strong-willed, who know what they like and what they don’t like. They have colorful personalities, and they have a positive outlook in life. They care about how they present themselves even when going out for basic errands.” Courage, adaptability and light were the driving forces behind his latest collection, Mendez emphasized. “It is called ‘Beyond Hierarchies’ because while there are systems and situations that put us in ranks with limited options, we can start to break free by flipping a switch in our minds.” n

FROM left: Kenneth in Apricus coat (inkstone black), Erla in Genji coat (magenta); Kenneth in Genji coat (olive), Erla in Onyx coat (truffle); Kenneth in Onyx coat (sandstone), Erla in Apricus coat (saffron)

CREDITS: HOUSE OF PABLO MENDEZ “BEYOND HIERARCHIES” HOLIDAY 2020 CAPSULE COLLECTION: ROYCE MARGAUX, EDITORIAL PHOTOGRAPHER; RIZA BULAWAN, HPM CREATIVE DIRECTOR/ EDITORIAL STYLIST; RUM CORVERA, CATALOGUE STYLIST/OVERALL IN CHARGE OF PRODUCTION; PAT R. GURANGO, ASSISTANT STYLIST; CHESTER VELOSO, FASHION VIDEO/BTS; MARCO ALCARIA, CATALOGUE PHOTOGRAPHER; MELJUNE DE LUNA HMUA, HAIR AND MAKEUP; ERLA RAENE GARCIA AND KENNETH STROMSNES, MODELS; SPECIAL THANKS TO MAU DE LEON OF MERCATOR ARTIST AND MODEL MANAGEMENT INC.

A call for help

A DAY after that big online shopping day 11:11, the country was hit by Typhoon Ulysses (international name: Vamco), leaving many communities devastated in a pandemic that has already affected our lives deeply. Lazada is using its digital giving platform LazadaForGood to receive donations to provide aid to affected communities. Through LazadaForGood, we can now contribute to the Ulysses relief efforts and donate hygiene kits, food packs and shelter to their advocacy partners, such as ABS-CBN Foundation, Caritas Manila, Kaya Natin, Project Pearls, Unicef and World Vision. To access LazadaForGood through the Lazada app, simply follow these steps: n Open the Lazada app and click “Load, Bills, and eCoupon” n Click on LazadaForGood n Choose an advocacy partner of choice n Select your donation and click checkout One of the most badly affected provinces is

Cagayan Valley. At press time, the floods in the area have not subsided and the waters are still rising. If you search the #CagayanNeedsHelp hashtag on Twitter and Instagram, you will see what’s happening and also channels through which you can extend your help. If you can help in any way, please do. NEW BEAUTY SHOPPING DESTINATION MY daughter Juliana, who’s not very interested in

beauty, pointed out to me that we now have something that’s like a Sephora. LOOK Philippines is a newly opened multi-brand beauty concept store in Manila and it houses so many products from different brands, including The Ordinary, Laura Mercier, Innisfree, Laneige, Clarins, Aveda, Make Up For Ever, Shiseido and Benefit. Korean beauty brand COSRX has launched its first store in the Philippines at LOOK Philippines. Located at SM Aura Premer, the 1,000-square-

meter. LOOK Philippines commissioned creative agency Malherbe Paris, which has worked with Sephora, L’Occitane and Hera. LOOK Philippines has put together 130 brands, including hard-to-find ones such as Klavuu, Glam Up, Dr. Ceuracle, Jumiso, Son & Park, Acwell, Papa Recipe & Day Mellow and VT Cosmetics. They also carry brands like Shu Uemura, SK-II, YSL, Gucci, Huda Beauty, Fenty, Kylie, Kat Von D and many others. Because everything these days must be experiential, LOOK Philippines has a Special Area line, which features Clean Beauty (Apothecary), Mask World, Colour World for hair brands and the store studio areas. There is a Store Studio with Nespresso coffee. Also, if you’re still afraid of going out of the house, LOOK Philippines has created four playlists (search LOOK Philippines on Spotify) to recreate the feel of how it is to be in the store. LOOK Philippines doesn’t have an online shopping option yet but based on their replies to queries on Instagram (@look.philippines), they plan to have one soon. That’s good news for people like me. A glimpse of LOOK Philippines’s Instagram page gave me the idea why the store would appeal to someone like my daughter. The interiors of the store are very hip and they have activities like a virtual tour via livestream. Even their shopping bags are visually appealing and of course, the brands they carry are those that that are being talked about online. These include Cerave, Summer Fridays, AHC and even Lanolips. Now, will someone please ask them if they could bring in Selena Gomez’s Rare Beauty?

LOOK Philippines is a new beauty shopping destination at SM Aura Premier

B6 Monday, November 16, 2020

Metro Retail, DOH team up for shoppers’ safety

Corteva Agriscience, DA hold forum on Fall Armyworm management

EBU-BASED retailer Metro Retail Stores Group, Inc. (MRSGI) is the newest addition to the private sector companies that have joined Department of Health’s Bida Solusyon sa COVID campaign. All Metro stores now display collaterals that remind shoppers of health and safety protocols. MRSGI and DOH also launched the Metro Community Talks which

provides additional tips to consumers on keeping homes and environment clean and on proper food handling. Over the years, MRSGI has made tangible efforts to make its stores a safe environment for customers, from having received Good Manufacturing Practices (GMP) and Hazard Analysis Critical Control Point (HACCP) certification.

Globe extends more offers, libreng tawag, libreng wifi and relief goods for Typhoon Ulysses victims

LOBAL agriculture leader Corteva Agriscience, in collaboration with the Department of Agriculture (DA), recently held a forum for farmer leaders, agriculture organizations, and industry leaders to help control the growing Fall Armyworm (FAW) infestations across several provinces in the Philippines. Corteva invited agriculture experts to discuss the spread and status of FAW in the country, as well as to offer sustainable solutions and strategies to manage the pest problem. Fall Armyworm feeds on several plant species but is most common in corn crops. It is native to the tropical regions of the western hemisphere from the United States to Argentina and has quickly become prevalent across Southeast Asia since it arrived in the region in 2018. In the Philippines, FAW infestation was first reported in June 2019 in Piat, Cagayan Province. To date, a total of 19,646 hectares of corn crops and 160 hectares of sugarcanes have been infested in almost all regions in the country. “The FAW Forum is a part of our commitment to provide continuous learning and education to Filipino farmers under the Memorandum of Understanding inked with the Department of Agriculture last year. We wanted to stage a cross-sharing on FAW situations in the Philippines to deeply understand the threats and impact it poses to our agriculture sector. At the

same time, it was an avenue to exchange ideas on how to further improve our FAW management strategies. said Arun Mittal, Corteva Agriscience Philippines Country Director. According to the data by the DA, if left unaddressed, FAW infestations can potentially result in an estimated 20% yield loss from 2.5 million hectares of corn fields with an estimated volume loss of 1.6 million metric tons valued at Php 20 billion within corn’s crop year. Despite resources being sometime inadequate, the collective effort of the DA and agriculture leaders helped the sector achieve a decline in cases, as of October 5, 2020. “To fully address our FAW problem, we call on the private sector, the academe, local government units, and other institutions that have both the technical and financial capabilities to collaborate with us. Let’s work together to fight FAW,” said Department of Agriculture Secretary William Dar. Corteva has made integrated and sustainable approaches for FAW management available to Filipino farmers. These strategies include incorporation of insect tolerant traits into superior corn varieties using modern plant breeding and biotechnological tools, as well as conventional crop protection solutions – including both seed applied as well as in-field applied crop protection technologies. The agriculture leader offers superior hybrid corn varieties such

as Pioneer® brand Intrasect® blended refuge products, also popularly known as Pioneer YHR, which provides control for both Asian corn borer and Fall Armyworm. It also provides tolerance to glyphosate herbicide. Intrasect blended refuge products have a biosafety permit from the Bureau of Plant Industry (BPI) and is registered as plant-incorporated protectant (PIP) under the FPA. Other FPA-approved products of Corteva for the control of FAW are Exalt® 60 SC, a foliar insecticide containing spinetoram which is a green chemistry product, and Lumivia®, another insecticide used as seed treatment to protect young seedlings from damage by early pests. With Corteva’s integrated and sustainable approaches that include seed applied technology, crop protection, and seed genetics and traits, farmers will have access to solutions for more effective management of Fall Armyworm and to protect their yield. To learn more about its sustainability efforts, visit <corteva. com/sustainability>. The forum registered 94 online attendees, including select farmerleaders, key stakeholders from the DA national and regional offices, as well as attached agencies like PhilRice, Regional Crop Protection Centers, LGUs – Municipal and Provincial Agriculturists, and PhilMaize. For more information, visit www. corteva.com.

Sen. Villar lauds DENR for efforts to help clean and save Manila Bay via solar-powered Sewage Treatment Plant

ECOGNIZING the importance that Manila Bay serves for Filipinos, Senator Cynthia A. Villar underscored the importance of a Sewerage Treatment Plant (STP) to help clean and save the bay. This was in response to the plan of the Department of Environment and Natural Resources (DENR) to build the solar-powered Sewage Treatment Plant (STP) at Baywalk area in Malate, Manila. The STP, which is capable of catching and treating 500,000 liters of wastewater per day from the drainage outfalls of Padre Faura, Remedios, and Estero de San Antonio Abad, was inaugurated last July 30 by DENR Secretary Frank Cimatu and MMDA Chair Gen. Danilo Lim. DENR plans to install additional solar-powered STPs to handle wastewater from Parañaque River, Tullahan-Tinajeros River, and Las PiñasZapote River. Villar, chair of the Senate Committed on Environment and Natural Resources (DENR),said this is a “welcome development” to improve the waters of Manila Bay.

SEN. Cynthia Villar

“We should all do our part, not just whenever we can, but as much as we can. All over the world, many things are happening due to environmental destruction, degradation and neglect,” said Villar. Also as chairperson of the Committee on Agriculture and Food, Villar said that many fishermen depend on Manila Bay for their livelihood. This is the source of fish supply for the National Capital Region (NCR), Camanava (Caloocan, Malabon, Navotas, Valenzuela) and some parts of Cavite and Bataan. Manila Bay has 1.7 million hectares drainage area with 17 river systems draining into it. Villar made it her advocacy to work with local government units (LGUs) to maintain

the cleanliness of rivers within their municipalities to contribute to Manila Bay’s protection and preservation Villar has been leading clean-up activities along the coastal areas of Manila Bay. Clean activities that the senator spearheaded include activities in Obando, Bulacan; Lubao, Pampanga; Orani, Bataan; Kawit, Cavite; Baseco and the Las Piñas Parañaque Wetland Park. The senator also lauded the increasing number of Manila Bay protectors who have been vigilant. She said these are being led by the 13 socalled “mandamus agencies” directed by the Supreme Court through a writ of continuing mandamus to rehabilitate, restore and conserve Manila Bay. The 13 Mandamus agencies are: DENR, DILG, DepEd, DOH, DA, DPWH, DBM, Philippine Coast Guard (PCG), Philippine National Police-Maritime Group (PNP-MG), Philippine Ports Authority (PPA), MMDA, Metropolitan Waterworks and Sewerage System (MWSS) and Local Water Utilities Administration (LWUA). Almost all of which are also part of the Manila Bay Task Force.

LOBE is supporting its customers especially those affected by Typhoon Ulysses with several assistance packages from free services to relief goods, all designed to help them cope with the aftermath of the typhoon. Globe Telecom is providing free calls, texts, and data service, as well as billing suspension and reversals to its customers. The telco company is likewise sending meal packs to communities and deploying its Dyip Sagip Libreng Tawag, Libreng Charging and Libreng WiFI in areas hit by the typhoon. Globe Business and Globe myBusiness Postpaid mobile customers will be given credit extensions until November 18 so they may continue enjoying mobile services regardless of the status of their accounts. The telco company is also extending free 5GB for 3 days for Globe At Home Postpaid and Prepaid WiFi customers, including those with accounts under Globe Business and Globe myBusiness. Fixed Broadband Postpaid customers will likewise receive bill charge reversals for days with no service connection. Previously the company announced providing free unlimited texts to all networks and free calls for Globe Prepaid and TM customers for three days. For Globe Postpaid, credit action will be put on hold until the end of the week to give customers more time to pay their bills. Affected customers in the following areas will receive these offers: Albay, Aurora, Bataan, Batangas, Benguet, Bulacan, Cagayan, Camarines Norte, Camarines Sur, Catanduanes, Cavite, Laguna, La Union (Southern portion), Masbate (Burias and Ticao Islands), Marinduque, Metro Manila, Nueva Ecija, Nueva Vizcaya (Central and Southern portions), Occidental Mindoro (Northern portion), Oriental

Mindoro (Northern portion), Pampanga, Pangasinan, Quezon, Quirino, Rizal, Sorsogon, Tarlac, and Zambales. Globe’s Jeepney WiFi which provides Libreng Tawag, Libreng Charging, and Libreng WiFi were deployed anew to serve typhoon-hit areas . As of today, five new sites were opened to provide free calls, mobile phone charging and free WiFi in Albay and Catanduanes. Globe will add more Libreng Tawag, Libreng Charging, and Libreng WiFi sites as the need arises. Apart from Globe’s Dyip Sagip, the telco company, is providing meal boxes from Rise Against Hunger to 420 affected families in Baseco barangay hall through the assistance of Ayala Foundation, and 300 families in evacuation centers in Marikina via Manila Water Foundation. Globe ensures the safety of both the volunteers and the public by strictly following government health protocols of observing social distancing and using face masks. For more details and the latest on Globe’s relief operations, visit their FB page at: https://www.facebook.com/GlobeIcon/ photos/a.1575719675979020/275586 4357964540/

The KTM 200 Duke: Ready for the new generation

TM Philippines offers the new generation 200 Duke as the perfect introduction for Filipinos aspiring to own their first KTM. Perfect for riders who want to upgrade to their first KTM motorcycle, the new generation 200 Duke offers a standout look and best-in-class features that will make it the Filipinos’ motorcycle of choice. Dubbed as “The Light Heavyweight”, the 200 Duke now comes out in an incredibly lighter yet hefty package with its fresh frame, enhanced ultra-compact single cylinder engine and Euro 4 emission. Aside from the improvements, the new

KTM 200 Duke retains its defining standard features such as the halogen lamp, LED light, alloy swing arm, light torque and WP suspension. It’s also now equipped with an undetectable ABS system that helps you brake smoothly and keeps your ride safe. And with the SuperMoto mode on, you also have the option to turn off the ABS in the rear tire. User experience also boasts of precise steering coupled with comfortable ergonomics. With the competitive introductory price of P159,000, it comes out in orange and white colors, and is now available at selected KTM authorized dealers nationwide.

Marketing BusinessMirror

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Monday, November 16, 2020 B7

Photo by master1305 | freepik.com

Using Yammer and Workplace to connect with employees

PR Matters

By Kane Errol C. Choa

OST ING and manag ing content on t he of f icia l s o c i a l - m e d i a a c c o u nt s of a private company has been part of the daily duties of Jesselee Tintiangko, a young millennial who grew up using the Internet, mobile devices, and social media. Accessing social media has become second nature to Jesse. W hen the company launched its corporate social networking account on Yammer, she quickly adapted and regularly visited it to get updated. “Yammer allows me to communicate with my colleagues. These days, I have more time to read the stories and updates,” she said. The use of enterprise social networks, such as Microsoft Yammer and Facebook Workplace, is growing in popularity; however, not everyone is like Jesse. Moving employees to access and participate in the digital platform actively poses a challenge to many internal communication professionals. Yammer and Workplace are internal communication tools that connect and engage employees in an organization who log in using their company e-mail credentials. Those with Facebook accounts will not find it difficult to use Workplace or even Yammer because of the similarities in interface and functions. T hrough these tools, companies can hold virtual town ha l ls, post upd ates, conduct polls, upload videos, hold training, among others, during this pandemic with their employees working from home. Employees are encouraged to post messages, comments, and reactions. Let us look at the experiences of three companies that have successfully launched their corporate social networks before the pandemic. We asked ABS-CBN internal communications manager Cet Lorenzo, Sun Life Philippines corporate communications manager Len Arboleda, and Aboitiz brand, creatives, and corporate communications manager Lorenne Anacta to share information on how they use Yammer and Workplace effectively.

n Campaign Spotlight: Apple celebrates the brilliant minds and honors STEM for students of color CUPERTINO, CALIFORNIA—Iconic and influential minds are headlining Apple’s latest

How did you encourage employees to join your company’s social networking account?

Cet Lorenzo: We anchored Yammer's rollout on the launch of our company-wide weight loss challenge called “Tinimbang Ka Ngunit Sobra” and encouraged them to download the app so they can share their fitness journeys and get updates about the org-wide challenge. We followed it up with the Himig Handog songwriting contest for employees and introduced the “KapamilYAMMERcato” group, where employees engage in buy and sell. These activities spiked up adoption. We also streamlined our e-mail broadcasts and moved them to Yammer.

Len Arboleda: We did an internal campaign sharing the benefits of having a Workplace account so that more would be encouraged to sign up. Later on, we also did live video promos where winners were announced solely on Workplace so employees would be prompted to tune in and explore the platform while at it. Lorenne Anacta: Our business units determined their content champions for AGORA (the internal brand for Aboitiz Group’s Facebook Workplace). These champions spearheaded the migration of all content posted from other internal communication platforms and the creation of official groups. Also, sign-ups were gamified and leaders themselves encouraged the team members to collaborate within AGORA.

How is Yammer/Workplace different from your existing internal communication tools?

Lorenzo: Accessibility, metrics, and interface are the three things that make Yammer different from the rest of the internal comm tools. Yammer can be easily accessed via desktop or mobile and can be accessed anytime and anywhere. It provides metrics for user activity, view count, and device usage. Since it’s similar to Facebook, it’s userfriendly and allows two-way communication. Employees get to be content-creators and not just admins. Posting company announce-

campaign made by TBWA Media Arts Lab. The ad which premiered at Apple‘s “One More Thing” event earlier this week features monochrome images from musicians and filmmakers to authors and activists, to chief executives and company founders. Apple states that the short honors SMASH.org, which is developing the next generation of scientists by providing equal access to STEM for students of color. Set to Take Back The Power by Raury, the film celebrates the brilliant minds making greatness behind the Mac—Kendrick Lamar,

ments on Yammer notifies all members via e-mail, and you can see how many people have seen it.

Arboleda: Workplace allows us to share various types of content, like videos, links, and photos. Uploading is also more convenient, and any employee can do it. There is an opportunity for better engagement since the employees could react and comment on posts. It gives us a chance to assess the content that attracts their attention based on feedback. Workplace also allows us to connect with colleagues from different countries. There are even groups for specific functions and interests, so there’s an opportunity to share ideas and best practices. Anacta: Before AGORA, there was no established platform where all business units can collaborate and house relevant information needed by team members such as policies, services, communities, events, news, KPI dashboard, among others. AGORA revolutionized what it means for an organization to have a social intranet in this digital age.

How has the response been? What kind of engagement do you get?

Lorenzo: At first, employees were a bit hesitant in downloading the app. It’s always a challenge to introduce new technology. After knowing the benefits of being part of the Yammer community and learning that the top management members are also active Yammer users, employees came logging in. Arboleda: The initial response

was slow but steady. Eventually, we did get the entire population to create their accounts. We get a healthy amount of engagement, mostly reactions to posts. I believe employees are still trying to figure out the kind of content they think would be appropriate for posting, given that it is a workrelated platform.

Anacta: The majority of Aboitiz

team members use Facebook, which utilizes the same features as AGORA. Thus, there is minimal

Gloria Steinem, Billie Eilish, RuPaul, Tarana Burke, Spike Lee, Stephen Colbert, Takashi Murakami, and Saul Perlmutter.

n Brand & Business: Lazada urges to help communities recover from Typhoon Ulysses by donating through LazadaForGood MANILA, PHILIPPINES—A week after Supertyphoon Rolly (Goni), considered 2020’s most powerful tropical storm thus far, hit the Philippines, the country was again

need to introduce the platform and how it works. Add to this how the Aboitiz Group has updated its policies in 2016 to enable team members to access social media 24/7, even during work hours.

Based on your experience, what kinds of content work best?

Lorenzo: Exclusive content, employee stories, and posts from the higher management are the ones that get high views. Arboleda: Employees reac t whenever we post about t he achievements of different departments or individuals. Posts about employee engagement activities also get a good reaction, whether it's photos or even just a quick, unedited video clip of an event. Promos, of course, get good engagement. I remember when Sun Life gave its Asia employees a mental wellness day-off at the height of the lockdown and held a promo encouraging us to share photos of how we spent our day—the Philippine employees shared so many creative entries.

How do you deal with negative comments?

Anacta: Since the tool is strictly internal, team members are aware that for all their posts, they should still follow the company guidelines and code of ethics. Thus, negative comments are few. In the few instances that these take place, the team leader or business unit champion should engage and address the said comment either on the post itself or via workplace chat.

What are the changes, if any, in employees’ use of the app during this pandemic when most people work from home?

Lorenzo: Since the work-fromhome setup was implemented, the use of Yammer increased tremendously. Yammer mobile access also grew by 300 percent. Arboleda: During the pandemic, Workplace has been mostly used for work chat since it’s the easiest way to connect with colleagues for a quick discussion or consultation. Anacta: At the onset of Covid-19,

battered by Typhoon Ulysses (Vamco) on November 12, leaving numerous communities homeless and vulnerable amid the pandemic. With the immediate appeals for relief and rescue, Lazada is leveraging its digital giving platform LazadaForGood to receive donations to provide aid to the affected communities. Through LazadaForGood, Filipinos can now contribute to the Ulysses relief efforts and donate hygiene kits, food packs, and shelter to our advocacy partners such as ABS-CBN Foundation, Caritas

AGORA was heavily used by HR and top management in communicating with team members on how to deal with the pandemic. From April to the present, since many team members work from home, AGORA was remolded into the group's main tool for e-learning. Training and certification courses were conducted via AGORA on a very regular basis.

Can you provide three tips to internal comm professionals who want to be successful in using the app?

Lorenzo: Get your leaders to believe and support it. Don’t stop promoting and find ways to engage your community. Collaborate and involve people from different groups in your organization.

Arboleda: Highlight the activities they do outside of their roles. Tap champions in each department to model how to use the platform so others will get a better appreciation of it. Bring your executives closer to the community, especially for those who do not get much opportunity to interact with the bosses. Anacta: Groom content champions and tech experts from the whole organization so that there will be no issues in producing content and addressing concerns. Explore various types of content and experiment with different media forms and popular trends like Tiktok music or challenges. Involve your team leaders because members have more engagement when they see their leaders using it often. PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premiere association for senior communications professionals around the world. Kane Errol Choa is the vice president of Integrated Corporate Communications of ABSCBN Corp. PR Matters is devoting a special column each month to answer our readers’ questions about public relations. Please send your questions or comments to askipraphil@gmail.com.

Manila, Kaya Natin, Project Pearls, UNICEF, and World Vision.

To access LazadaForGood through the Lazada app, simply follow these steps:

n Open the Lazada app and click “Load, Bills, and eCoupon” n Click on LazadaForGood n Choose an advocacy partner of choice n Select your donation and click checkout You can also visit LazadaForGood or any of their advocacy partners to support them and their beneficiaries today.

Sports BusinessMirror

B8 Monday, November 16, 2020

Ancajas wants Franco’s crown

NTERNATIONAL Boxing Federation (IBF) super flyweight champion Jerwin Ancajas wants Joshua Franco’s hide after the American kept his World Boxing Association belt in a controversial fight that lasted only two rounds of a scheduled 12 rounds on Sunday at the MGM Grand bubble in Las Vegas, Nevada. Referee Russell Mora stopped the fight before the start of the third round when he decided Franco could not continue with a swollen eye caused by a Maloney in the opening round. The 28-year-old Panabo City pride Ancajas saw it otherwise. “I didn’t see any headbutt from Moloney. It was jabs that caused the swelling in Franco’s eyes,” Ancajas told BusinessMirror via overseas phone call. “It was Moloney who should’ve won the fight.” Top Rank chief Bob Arum, who promoted the card, and Moloney’s corner hugely criticized the decision that denied the Aussie the chance to regain the belt he lost to Franco via unanimous decision last June. Ancajas, however, still congratulated Franco (17-1-2 win-loss-draw record with eight knockouts) and hoped for a future unification bout. “That’s what we’ve been waiting for,” said Ancajas ((32-1-2 record with 22 knockouts), who is conditioning himself in Los Angeles, California, under the tutelage of his manager and trainer Joven Jimenez and sparring partner Jonas Sultan, while waiting for a fight from Top Rank. Ancajas’s ninth title defense has been tentatively set in early January 2021.

Josef Ramos

DUSTIN JOHNSON matches the 54-hole record at the Masters and builds a four-shot lead to put himself in prime position for another major. AP

UGUSTA, Georgia—Dustin Johnson began his assault on Augusta National with a 5-iron for a tap-in eagle, and he never relented until he matched the 54-hole record at the Masters and built a four-shot lead to put himself in prime position for another major. Johnson has been in this position before, and he plans to lean on his experience. Not from the 82 he shot at Pebble Beach in the 2010 US Open. Not the three-putt from 12 feet on a bumpy 18th green that cost him at Chambers Bay. Not even the one-shot lead he lost three months ago at Harding Park. They were among four times he had at least a share of the 54-hole lead in a major without converting. He’s talking about the last three days at Augusta National. It’s been a masterful performance. “If I can play like I did today, I think it will break that streak,” Johnson said Saturday. “Tomorrow, it’s just 18 holes of golf. I need to go out and play solid. I feel like I’m swinging really well. If I can just continue to give myself a lot of looks at birdie, I think I’ll have a good day.” A third round that began with 10 players

Que, Lascuña join hunt at PGT Riviera ANGELO QUE (right) and Tony Lascuña are reviving their winning acts.

JOHNSON IN CONTROL AT MASTERS

separated by one shot turned into a one-man show. The No. 1 player in the world looked every bit the part with a 7-under 65, pulling away with the eagle and two birdies in the opening four holes, nearly holing a wedge from the seventh fairway, handling the par 5s on the back nine with two-putt birdies and going the last 30 holes without a bogey. He was at 16-under 200, matching the 54-hole record Jordan Spieth set in 2015 when he won the Masters by four shots over Phil Mickelson and Justin Rose. The cast of challengers are not nearly as experienced. Two of them are Masters rookies. Sungjae Im, the supreme ball-striker from South Korea who won his first PGA Tour title two weeks before the Covid-19 pandemic shut down golf in the spring, birdied the last hole for 68. Abraham Ancer of Mexico saved par on the 18th for a 69. Joining them at 12-under 204 was Cameron Smith of Australia, who had 12 straight pars before running off three straight birdies and then closing with three scrambling pars for a 69. “He’s been there before multiple times, and No. 1 in the world,” Ancer said. “I think he’s right

APAN Professional Golfers Association (PGA) Tour campaigner Angelo Que gets the chance to touch base again with the local pros while four-time Order of Merit (OOM) winner Tony Lascuña seeks to re-stamp his class in the Philippine Golf Tour (PGT) restart beginning on Tuesday at Riviera’s Couples course in Silang, Cavite. The fancied pair, along with two-time Philippine Open champion Miguel Tabuena and former Order of Merit winners Jobim Carlos and Jay Bayron headline the stellar cast in the by-invitation only tournament put up by the International Container Terminal Services Inc. to

mark the resumption of the country’s premier circuit disrupted by the coronavirus outbreak mid-March. Que hopes to make

where he wants to be. We know that we have to go low, and that’s it. It’s very simple. If DJ goes out there and plays really solid like today, it’s going to be pretty much impossible to catch him. Whatever has to be done out there has to be pretty special.” Still, there is enormous pressure on Johnson because of his history. He has not converted two 54-hole leads, nor has he won at two majors where he shared the 54-hole lead. His only major was the 2016 US Open when he rallied from four shots behind at Oakmont. “Anyone with a four-shot lead is expected to win,” Smith said. “There’s going to be plenty of boys firing tomorrow.” Attacking flags is what Augusta National has allowed in November, with rain earlier in the week and warm, calm conditions that have kept the turf soft and vulnerable. Justin Thomas and Jon Rahm had their chances only to make untimely mistakes. Rahm nearly topped his second shot on the par-5 eighth, which he attributed to mud on his golf ball, and hit his next one off a tree and into the bushes on his way to a double bogey. Thomas sailed his second shot over the 15th green and into the water, making bogey on a

the most of his rare stint in the circuit after making Japan his base the last couple of years or so, eyeing no less than a victory in new normal setup on a course that could suit up his long game. He placed fourth in The Country Club Invitational, the flagship tournament of each PGT season, and dominated the PGT Asia at home in Manila Southwoods last year. Lascuña, who will turn 50 next month, still feels he still got what it takes to win although he remains wary of his chances, particularly against the circuit’s noted power hitters and the young guns, who are all hungry to slug it out after being kept out of the competitive play the last eight months. “It’s been a long while since we last competed and that should make it doubly exciting. There’s too much excitement, expectations but I hope it turns out well [for me],” said Lascuña, who had kept himself busy and in shape during the break by

Tropang Giga well connected NT Tropang Giga players and staff have been making full use of Smart LTE while inside the Philippine Basketball Association bubble in Clark, Pampanga.

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

“I am able to use FaceTime and Messenger because I have fast LTE here. I can talk to my family and kids during my free time,” Rosario said David Semerad said he could maximize his breaks and catch up with his loved ones. “I use the messaging apps on my Smart LTE phone throughout the day, and usually at

nighttime, even when I’m eating,” he said. Because of the pandemic, players like Rosario and Semerad could only interact with their fans online to avoid the spread of the virus, while the fans themselves vould easily keep up with the team’s updates on the Facebook: https://www. facebook.com/TNTTropangGIGA, @tnttropanggiga and @tnttropanggiga. In the Philippines, Smart has powered the PBA bubble with 5G technology.

par 5 where he was hoping to make up ground. Both bogeyed the 18th hole. Thomas shot 71, Rahm had a 72. Defending champion Tiger Woods will stick around Sunday to present the green jacket, and he’ll have to leave his at Augusta National until he returns. Woods was four under through 10 holes to start the Masters, and he picked up only one more shot over the next 44 holes. He finished off a 71 in the second round Saturday morning, had a 72 in the third round and was 11 shots behind. US Open champion Bryson DeChambeau was more dizzy than sore. He felt so odd on Thursday night that he had another Covid-19 test to be sure—it came back negative—and the betting favorite of this Masters was in the middle of the pack, 13 shots behind. The scoring has been low all week. The 36hole cut Saturday morning was at even-par 144, the lowest in Masters history, another update to the club’s record book. Still in front of Johnson is a chance to set the 72-hole record. All he cares about is a green jacket, and given his past experience, he knows better than to look ahead. AP

teaching at Southwoods. The organizing Pilipinas Golf Tournaments Inc. got the green light from the Games and Amusements Board and the Inter-Agency Task Force on the Management of Emerging Infectious Diseases to resume the circuit with the PGTI coming up with a two-tournament offering, simultaneous with the Ladies PGT, to be conducted under various safety protocols now familiar in other pro sports allowed to restart in new normal. But the opportunity, even one that comes with an entirely new set of rules, to play again is worth savoring. The other PGT and LPGT events will be held December 8 to 11 at the Langer’s course, also at Riviera. For details, visit www.pgt.ph. Bannering the LPGT cast are reigning OOM winner Princess Superal and past champions Chihiro Ikeda, Pauline del Rosario and Cyna Rodriguez, Daniella Uy and brandnew pros Abby Arevalo and Chanelle Avaricio.

“This has paved the way for the use of TV cameras equipped with 5G, helping us capture the on-court action efficiently. There is a 94-foot-wide LED screen beside the court, where the players can see their spectators,” Al Panlilio, PLDT Chief Revenue Officer and Smart President and CEO, said. Smart rolled out an additional 279 5G base stations in the third quarter this year as it accelerates its 5G commercial services nationwide.

Wright puts game in right perspective as Phoenix braces for duel with TNT

MATTHEW WRIGHT is at his best in the Clark bubble.

By Josef Ramos

ATTHEW WRIGHT put things in the right perspective when his Phoenix Super LPG played Magnolia and made the game-winning three-pointer on Saturday night that sent the Fuel Masters into the semifinals of the Philippine Basketball Association Philippine Cup. Right perspective it is that all Wright wanted to do at the moment is relax— perhaps savor that clincher in their 89-88 quarterfinals victory that ousted the Hotshots at the Angeles University Foundation. Ahead of them in the semifinals is a team Wright eagerly wanted to beat. “It’s definitely payback time and we want to play Talk ‘N Text. I feel like they are in trouble

and we are playing all the confidence right now,” Wright told BusinessMirror on Sunday morning. “So it’s going to be tough series for us, but it’s really a tough series for them too.” Wright scored 32 points, grabbed five rebounds and issued nine assists against the Hotshots. He capped his all-around play by evading Mark Barroca for a running winner of a three-pointer with nine seconds remaining. Calvin Abueva secured a crucial rebound on Paul Lee’s missed fadeaway to seal the win for the Fuel Masters. “I’m just lucky. I heard coach [Topex Robinson] was counting down so I just took the shot. Very tiring,” he said. Call it exhausting but the man of the hour for Phoenix has been waxing hot all conference long. The 29-year-old Filipino-Canadian tallied

39.5 statistical points after 11 games in the eliminations to lead the Most Valuable Player race of the unique season. He built his numbers on averages of 22.8 points, 5.4 rebounds, and a second-league best 6.0 assists. Sophomore guard CJ Perez was at No. 2 with 35.7 sps while topping the league in scoring anew with 24.4 points per game and Wright’s Phoenix teammate Jason Perkins ranked third with 35.5 SPs built around averages of 19.1 points, 9.5 rebounds and 2.3 assists. Among the rookies, Terrafirma’s Roosevelt Adams showed the way with 20.3 SPs on norms of 10.3 points and 8.1 rebounds, followed by Meralco guard Aaron Black is with 18.7 sps (7.2 points, 4.1 rebounds and 2.1 assists) and a surprising third, Magnolia big man Aris Dionisio with 17.9 SPs. The Fuel Masters, who carded an 8-3

win-loss record in the eliminations, are bracing for a dogfight with the Tropang Giga, who beat them (91-110) in the eliminations. The race-tothree series begin on Wednesday. “It’s going to be a tough one, but we are very confident. We are playing very well,” Wright said. “When we played them [and lost], Alex and Calvin didn’t play—they are now basically 100 percent in terms of conditioning and timing.” For Robinson, his first semifinals appearance as PBA head coach is nothing less than “magical.” “Wow, it’s magical for us. We are so blessed to be here to grind it out with one of the best teams. Credit to them and coach Chito [Victolero],” he said. “It was a super good experience that we are going to bring as we go along in the semifinals.”

RICK OLIVARES bleachersbrew@gmail.com

BLEACHERS’ BREW

A flood of memories A CROWD of people stood in front of the waters. They stood in an almost parochial silence. The lapping of the waves of water on concrete almost hypnotic. The flood waters from Typhoon Ulysses were almost at Ondoy levels. The entire Olandes area of the Industrial Valley Complex in Marikina was once more under water as were parts of Cinco Hermanos and IVC subdivisions. Nearby Barangka and the Riverbanks commercial area were also under water as were many parts of Marikina and Cainta. I don’t think that even if these disasters occur on a semi-regular basis, it hasn’t numbed anyone to the pain. Personally, I was hard hit by Typhoon Ondoy in September of 2009. I lived in the Quezon City area and though the place I stayed had seen some flooding it was normally ankle deep. Not so during Ondoy. With a creek behind us, the waters rose fast and inside by apartment, the water was a good 5 feet high. When you stepped outside, it was over 6 feet deep. And the water kept rising. I saved what I could but what made it worse was some of my neighbors who weren’t hit by the flooding looted the expensive equipment that I saved. Since that time, whenever, it rains, I quickly head home no matter where I am. Chalk it up to trauma, I get flashbacks. While flooding from some recent bouts with the habagat had caused similar misery for those living in the low lying areas, Ulysses brought back those memories. Barely 24 hours after the rains fell and the lights went out, I found myself out on the streets watching as people from the Olandes area evacuated. They hastily parked their cars along Major Santos Dizon road; the thoroughfare that connects Katipunan Avenue and Marcos Highway. The waters once more flooded the newly renovated Nativity of Our Lady Parish along with the commercial establishments in the area. I recall during one habagat flooding, this man stayed atop the roof of his home in a nearby street and resisted all efforts to save him. I totally get him. It is his only home and although the waters would destroy much of his belongings, he stayed to watch over his home lest people enter and steal what they could. How on Earth people could do take advantage of the situation is beyond me. And the flooding was happening again a day after my birthday. I watched as several barangay tanods and policemen row on some boats to save anyone willing to brave the waters that were 15-20 feet deep in some areas (in other areas of Olandes it was deeper). At the end where the flood water lapped along the corner of Quirino and Aguinaldo Streets, the crowd of less than 40 forlorn people looked on as the waters drowned out their homes. The security guard of my subdivision and who has an apartment in Olandes lamented his leaving his dog behind. He chained his dog atop a car and with the waters at least 20 feet deep in his area, the guard choked at his regret. He found his lifeless dog the next day when the waters receded. One young man held on to his scooter and looked at the waters. It was around 1 a.m. Friday when the evacuation sirens sounded. Unlike Ondoy that happened during the daytime, this was late in the evening and although people expected floods they did not expect another of Ondoy magnitude. He didn’t have enough time to gather much of his family’s belongings. Had he waited a few more minutes, the flood waters would have made it impossible for him to get out with his scooter that was his means of going to work. It was the same horror story for everyone who had to evacuate. Two days after the flooding, police placed a sign at the top of the road from Escopa/Katipunan that clearly said “Do Not Enter except for IVS Residents.” But knowing how hard-headed Filipinos are. They continued their way down except they couldn’t pass because the roads were impassable due to the mud. Now’s there’s a police checkpoint in front of Marcos Street and Major Dizon; one that has been there since the start of the Covid-19 pandemic quarantine last March 11. But since the quarantine was downgraded to MECQ, these policemen have largely sat down and not done anything. All afternoon, they fiddle on their gadgets unmindful of what goes on. Naturally, a massive traffic jam ensued and they did nothing to ease its flow. Last Sunday, three days after the waters subsided, I tried to go down to the Olandes area (where I occasionally go to market or to buy some things). I could not go past Quezon Street (one block after Quirino corner Aguinaldo Streets) as the mud was still at least 2 inches thick. If you wanted to wade across, you had to wear boots. Anything less would be destroyed. I brought some sandwiches and coffee for anyone who needed it. People were grateful for the succor. There was this pained look on their collective faces. Weariness even. For many of them, they have experienced this one too many times. It doesn’t get any easier. They munched the sandwiches, offered their thanks and moved on. Life after all, goes on.