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BoP SWELLS TO $10.3B, TOPS NEW PROJECTION www.businessmirror.com.ph

Friday, November 27, 2020 Vol. 16 No. 50

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SENATE OKAYS CREATE BILL, DOMINGUEZ EYES NEW TAX REFORM LAW BY YEAREND By Butch Fernandez & Tyrone Jasper C. Piad

HE Senate, voting 20-1, passed on third and final reading on Thursday the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill providing reforms in corporate taxes and incentives, with Sen. Richard Gordon casting the lone negative vote. The House of Representatives, where the counterpart bill had undergone two incarnations before CREATE and which had passed the measure nine months ago, sent word it would adopt the Senate version, thus averting the need to convene a bicameral conference committee. Nonetheless, certain senators will be spending the upcoming session break—from November 27 to December 7—deep in work in the bicameral conference committee for the P4.5-trillion national budget for 2021, which the Senate also approved on final reading. Story on page A12. Earlier billed as the Corporate Income Tax Reform and Incentives Reform Act (Citira), CREATE—or Senate bill 1357—went through lengthy floor deliberations, with Sen. Pia Cayetano, its main sponsor, patiently negotiating disputes between the Executive and the senators on contentious measures—mostly on the bill’s second plank, on the rationalization of incentives. The senators were able to vote on second and third reading in quick succession on Thursday because President Duterte had earlier certified it as an urgent, indispensable cog in the tax reform program. CREATE reduces corporate income tax rates to 25 percent from the current 30 percent upon effectivity, with the rate going further down at 1 percent annually by year 2027 to 20 percent. In voting against the measure, Gordon griped he was having misgivings over a provision in the bill granting the authority to approve or reject tax incentives to an existing Fiscal Incentives Review Board (FIRB), admitting that he was “really bothered” over the role of the interagency committee chaired by the Finance department. Gordon had earlier sought to exempt existing freeport zones, including the Subic Bay Metropolitan Authority (SBMA) which he once chaired, from the CREATE law’s coverage, but the main sponsor of the bill, Senator Cayetano, rejected the amendment. Cayetano clarified that the CREATE bill was crafted in order to make existing investment promotion agencies (IPAs) “accountable” through the FIRB.

By Bianca Cuaresma

HE surplus from the country’s dollar transactions against the rest of the world in the first 10 months of 2020 surpassed the already revised projection for the year despite the economic disruptions brought by the pandemic.

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno told reporters on Thursday that the country’s balance of payments (BoP) for the January to October period yielded a surplus of $10.3 billion.

The BoP is usually considered an important economic indicator in an economy as it shows the level of earnings or expenses of the Philippines with its transactions Continued on A2

Before the year ends PUBLIC Works Secretary Mark Villar (top photo, second left), along with NLEX Corp. VP for Tollway Development and Engineering Nemesio Castillo, NLEX Corp. COO Raul Ignacio, and DPWH Region 3 Director Roseller Tolentino, inspects the ongoing construction of a new tunnel along the Subic Bay Freeport Expressway on Wednesday, November 25. The expressway expansion project, which is due for completion early next year, is expected to boost economic activities in and around the Subic Bay Freeport. (Above) Workers assemble steel structures at the MRT-7 construction site at the corner of Edsa and North Avenue in Quezon City. The 22-km MRT-7 will run from the North Avenue Station in Quezon City to San Jose del Monte, Bulacan. HENRY EMPEÑO/NONOY LACZA

FINANCE Secretary Carlos Dominguez III, meanwhile, said he was optimistic that the long-overdue CREATE bill will be passed before the Philippines welcomes a new year. See “CREATE,” A2

Gov’t to borrow ₧120B from debt market T

HE national government has programmed a total of P120billion borrowings from the local debt market in December, which is lower compared to what was set for this month. The Bureau of the Treasury (BTr) is set to auction off a total of P60 billion in Treasury bills (T-bills) and P60 billion in Treasury bonds (T-bonds) next month. The BTr memorandum on Thursday showed that P20 billion worth of T-bills with 91-day, 182-day and 364day tenors are up for sale on December 1, December 7 and December 14. Meanwhile, P30 billion in 3-year T-bonds will be offered on

December 2 and another P30-billion worth of 7-year T-bonds will be sold on December 15. National Treasurer Rosalia V. de Leon told reporters that the 7-year T-bonds were reissued, noting that the remaining life of the bonds ranges from three to four years only. Comparing December’s borrowing to this month, it is lower by P20 billion. In November, the government set its borrowings from the debt market at P140 billion. This is composed of P80-billion T-bills and P60-billion T-bonds. “With the year winding down, the BTr opted for a smaller borrowing plan with disbursement and

PESO EXCHANGE RATES n US 48.1100

expenditures expected to fall with authorities looking to limit the size of its budget deficit,” ING Bank Manila Economist Nicholas Antonio T. Mapa said. In the first 10 months, the government’s budget gap grew by almost threefold to P940.6 billion from P348.3 billion in the same period last year as expenditures surpassed revenues. “Government officials have been adamant to protect their fiscal metrics and we can expect this trend of modest spending and deficit financing via the [Central Bank] to continue with moderately sized See “Debt,” A2

MAPA: “Government officials have been adamant to protect their fiscal metrics and we can expect this trend of modest spending and deficit financing via the [Central Bank] to continue with moderately sized borrowing plans to fund the republic.”

n JAPAN 0.4606 n UK 64.4000 n HK 6.2072 n CHINA 7.3116 n SINGAPORE 35.9110 n AUSTRALIA 35.4234 n EU 57.3279 n SAUDI ARABIA 12.8293

Source: BSP (November 26, 2020)

News BusinessMirror

A2 Friday, November 27, 2020

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Hot money breaks 7-mo negative streak, Oct net inflows at $439M

By Bianca Cuaresma

OR the first time since the onset of the pandemic and lockdowns, foreign portfolio investments (FPIs) to the country reverted to net inflows in October, signalling a positive sentiment to the country’s short-term economic prospects.

The Bangko Sentral ng Pilipinas (BSP) reported on Thursday that FPIs to the country hit

$439 million after seven consecutive months of net outflows starting March of this year.

This resulted as gross inflows of $1.4 billion outpaced the $913-million gross outflows for the month. This is also a reversal of the recorded net outflows of $494 million in September. FPIs are known as “hot” or “speculative” money because they are easily pulled in and out of the local platforms in the slight change of global and local sentiment. This type of foreign investment is usually a measure of the global economy’s investing sentiment to the Philippines in shortterm prospects for yields, in contrast to foreign direct investments (FDI), which are investments placed in the Philippines

in search for long-term yield. About 78.8 percent of investments registered were in listed securities, which pertain mainly to information technology firms, banks, holding firms, property companies and food, beverage and tobacco firms, while the remaining 21.2 percent went to investments in Peso government securities. Improvements were seen in both total outflows and total inflows during the month. The total outflows for October at $913 million were lower compared to the level recorded for September at $1.1 billion by 16 percent. The US received 64.6 percent of total outflows.

The total placements also improved to $1.35 billion during the month from the previous month’s $594 million. In terms of country source, the United Kingdom, the United States, Singapore, Luxembourg and Hong Kong were the top five investor countries for the month, with combined share to total at 80.9 percent. The positive development during the month pushed the cumulative January to October net outflows to $3.9 billion resulting from the $12.9-billion gross outflows and $9-billion gross inflows for the said period.

MORE JOBS OUT AS SUBIC FIRMS REBOUND FROM PANDEMIC By Henry Empeño

UBIC BAY FREEPORT— More job openings are being offered in the Subic Bay Freeport as businesses begin to bounce back from the effects of the Covid-19 pandemic, bringing relief to unemployed workers and residents sidelined by quarantine lockdowns and the resulting business slowdown. Subic Bay Metropolitan Authority (SBMA) Chairman and Administrator Wilma T. Eisma said a total of 185 work positions were opened by various companies during the second SBMA virtual job fair conducted here on Tuesday as part of the agency’s 28th founding anniversary program. She said a total of 2,139 jobseekers applied for the 185 positions offered during the job fair, conducted through video conference. The firms that attracted the most applicants were cooling and power systems manufacturer Sanyo Denki, with 180 applicants for the 10 job openings it offered; vehicle trader United Auctioneers, with 154 applications for four job openings; and BPO firm Uptimised Corporation, which received 82 applications for its eight openings. “This is proof that a lot of our kababayan needed jobs desperately under the circumstances,

and I’d like to say that both the SBMA and the business locators here are stepping up to meet this rising demand,” Eisma said. “Subic is definitely back on track—although not on full speed as yet, but we are getting there, as you could see from the new job openings being offered,” she added. The job-generation program, Eisma said, is a combined publicprivate effort, with SBMA and Subic companies putting out new projects to take in more workers as much as possible. In the November 24 job fair organized by the SBMA Labor Department, 11 Subic-registered companies offered a total of 54 job positions. These included Sanyo Denki Philippines Inc. and Subic Bay Freeport Grain Terminal Services Inc., which both listed 10 job openings; Uptimised Corporation, with 8; DBA Global Shared Services Inc. and Subic Bay International Terminal Corp., with 5 openings each; Sams Group of Companies, Toyota Subic Inc., and United Auctioneers Inc., with 4 new positions each; Advanced Composite Systems Inc., with 2; and Subic Consolidated Projects Inc. and S-Corp Phils., with 1 opening each. On the other hand, 21 other companies elsewhere filed for re-

Continued from A1

trade deficit and inflows from foreign direct investments (FDI), remittances and trade in services also contributed to the surplus. Latest data show that on average in the first eight months of the year, the total level of FDIs is still 5.6 percent lower at $4.4 billion compared to the $4.7 billion last year. Meanwhile, latest data on cash remittances show that Filipino migrant workers sent $21.89-billion remittances in the first nine months of the year. This is 1.4 percent lower than the total money they sent in January to September last year. In October alone, the country’s BoP surplus hit $3.4 billion, up from the previous month’s $2.1-billion surplus.

Good or bad?

JUST last week, the BSP governor said the country’s external accounts—which is largely covered by a country’s BoP data—is a strong positive indicator that the Philippines is on its way to recovery. “As we monitor the impact of the pandemic on the external accounts, it can be observed that the effects were mostly felt during the second quarter of 2020, particu-

Continued from A1

SALCEDA: “Though it has evolved over time, the principles of a performancebased, targeted, time-bound and transparent tax incentive system has always been my advocacy. I am heartened that it is finally here.”

“We see light at the end of the tunnel, and we expect this to be done by the end of this year,” Dominguez said in a recent webinar hosted by the Philippine Embassy in Washington, D.C. The Finance chief described CREATE as the biggest stimulus package for the businesses currently in slump amid the coronavirus pandemic. In 2021 and 2022, the forgone revenues arising from lower CIT are estimated at P97.2 billion and P107.6 billion, respectively, according to the Finance department. The tax reduction is seen helping companies to channel more funds into their operations and to retain employees.

House adopts Senate version

MORE companies in the Subic Bay Freeport take in workers as business begins to pick up, nine months into the pandemic. HENRY EMPEÑO

quest for recruitment assistance (RRA) with the SBMA with a total of 131 job offerings, said SBMA labor manager Melvin Varias. Varias also noted that of the 2,139 applicants for various positions, 56.2 percent were from Olongapo City; 28 percent from Zambales; and 13.9 percent were from Bataan. The rest were applicants from Pampanga and the

National Capital Region. He added that male applicants slightly outnumbered the females at 52.2 percent of the total compared to 47.8 percent. The SBMA anniversary job fair was the second to be held virtually by the Subic agency, which launched the innovation in a three-day series in September. SBMA’s first virtual job fair

BoP swells to $10.3B, tops new projection with the world. A surplus means that the country made more dollar earnings than its expenses during the period. The 10-month BoP surpassed the $8.1-billion target by the end of 2020. That was just readjusted and announced last month. It also surpassed the total BoP surplus for the entire 2019. Last year’s BoP surplus for the first 10 months of the year was at $5.7 billion. The BSP attributed the current BoP surplus to the higher foreign borrowings made by the national government to support the economy during the pandemic. Aside from the borrowings, the BSP said lower merchandise

CREATE…

larly during the months of April and May, as stricter lockdown measures were imposed by the government as part of its efforts to fight the spread of the virus,” Diokno earlier said. “As we entered into the third quarter of the year, preliminary data from July to September suggest that the worst is over,’’ he added, citing the strong BoP surplus in the first nine months of the year. However, former BSP Deputy Governor Diwa Guinigundo, in a recent forum, warned of premature statements like “the worst is over” as it poses dangers to the economy. “The balance of payments surplus position actually reflects the weakness of the Philippine economy. It reflects the lower demand for imports—which is bad rather than strong exports of both goods and services—as well as the huge availment of foreign loans by the government and the private sector,” he said. Unionbank chief economist Ruben Carlo Asuncion said that the important indicator is whether the BoP gains make their way to the real economy. “In terms of BoP accounting, the important thing that I look for

GUINIGUNDO: “The balance of payments surplus position actually reflects the weakness of the Philippine economy. It reflects the lower demand for imports— which is bad rather than strong exports of both goods and services—as well as the huge availment of foreign loans by the government and the private sector.”

is the translation of these numbers into meaningful and relevant economic activity. Does the level, even if it is a deficit and a growing one, provide jobs and increase individual incomes of the population?” he said in a response to BusinessMirror’s query. “For me, it doesn’t really matter whether it is a surplus or a deficit, as long as it works through the real economy and makes people feel better about themselves in general,” he added.

generated 695 job openings from 16 Subic Bay Freeport locators and 18 other companies, for which a total of 2,609 jobseekers applied. The online job fair is increasingly used for recruitment by companies here to avoid risky face-to-face interaction during the Covid-19 pandemic, Eisma said.

Debt… Continued from A1

borrowing plans to fund the republic,” he added. Meanwhile, RCBC Chief Economist Michael L. Ricafort said that with the easing lockdown measures, the government is expected to have better tax revenue collections. “As the economy further reopens from the Covid-19 lockdowns, government tax revenue collections also continued to pick up gradually from the worst/lowest levels during the height of the lockdowns, thereby fundamentally reducing the need for more government borrowings, especially in view of the Christmas spending season when tax revenues also correspondingly increase,” he explained. In October, government tax revenue collection improved to P228.2 billion from P212.4 billion in the previous month. Still, revenue collections dropped by 8.41 percent to P2.37 trillion from January to October. The national government’s gross borrowings reached P2.56 trillion as of end-September. This is more than 85 percent of the all-time-high nominal P3-trillion borrowing program set by the Development Budget Coordination Committee for 2020. In 2021, the government is also set to borrow another P3 trillion. Tyrone Jasper C. Piad

THE House Committee on Ways and Means said it adopted the Senate version of CREATE on Thursday. Albay Rep. Joey Sarte Salceda, principal author and sponsor of the bill, said it was a “historic leap forward” for the country’s fiscal incentives, as the reform was pending for nearly three decades. “Though it has evolved over time, the principles of a performance-based, targeted, timebound and transparent tax incentive system has always been my advocacy. I am heartened that it is finally here,” he said. Before adopting the Senate’s version, Salceda said the House bicameral contingent was reviewing its fiscal sustainability, but apparently changed his mind later. “There are some provisions that I have reservations with, especially with the riders that the Senate adopted. As much as possible, I would have wanted a lean and efficient reform,” Salceda said. “I made a commitment that if the final output is fiscally acceptable, I will take it. So, that’s what we’re studying now. The fiscal sustainability of the Senate version,” he added. The House said it was pushing for a reform ensuring that the benefits of tax incentives will be given directly to the economy, workers and businesses. Salceda said the committee was looking into the value-added tax (VAT) provisions and potential transfer pricing loopholes in the bill. With this, the Albay representative said he would like the tax exemptions on medicines to be given through a voucher system, and not to the pharmaceutical firms, under the VAT provisions. “Of course whatever the Senate gives, I must recoup as House tax chair. Tax policy comes from my committee, so if the fiscal implication is too bad, I must either find new revenue sources somewhere else, or try to mitigate their impact in CREATE,” he added. At the same time, Salceda said that the micro, small and medium enterprises (MSMEs) and the countryside locators will enjoy tax provisions as well. “I was the first member of either House to push for large CIT [corporate income tax] cuts to mitigate Covid-19’s economic impacts. So I support the sizable cuts to CIT for MSMEs. That is what made the pre-Covid US economy so strong,” Salceda explained. Meanwhile, Salceda also welcomed the adoption of provisions to “help the country tailor-fit incentives to large and highly beneficial investors.”

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Murder charges filed vs 9 suspects in ambush-slay of Palawan lawyer By Rene Acosta @reneacostaBM

HE Philippine National Police (PNP) filed on Wednesday supplemental murder charges against nine suspects believed to be involved in the ambush-slay a week ago of lawyer Eric Jay Magcamit in Narra, Palawan. Among those indicted was Police Senior M/Sgt. Ariel Pareja, who is now under restrictive custody at the Palawan Police Provincial Office. Also named respondents before the Palawan Provincial Prosecutor’s Office were Jazer del Rosario, Marcelino Quioyo and six other John Does. In his report to PNP chief Gen. Debold Sinas, Mimaropa police director Brig. Gen. Pascual Muñoz said Pareja has been moonlighting as a bodyguard for Quioyo, who is involved in a court case over a land dispute where Magcamit is representing the other party. Muñoz said administrative charges are also being prepared against Pareja based on his indictment in the murder case. Magcamit was on his way to attend a court hearing in the town of Quezon, Palawan, on November 17 when he was gunned down by gunmen

riding a motorcycle. The Integrated Bar of the Philippines earlier called on the police to investigate the murder and arrest those who are responsible. Meanwhile, a senior police sergeant was arrested by the PNP anti-corruption unit for charging P20,000 for the release of a car that was involved in an accident. Police Chief M/Sgt. Mendy Gutierrez of Taguig Police Station 1 Vehicular Traffic Investigation Section was arrested by agents of the Integrity Monitoring and Enforcement Group (IMEG) and operatives of the Highway Patrol Group (HPG) in an entrapment operation after he received P20,000 in exchange for the release of an impounded car that was involved in accident. Acting on the complaint of a foreigner who was involved in the crash incident, HPG and IMEG operatives initiated the entrapment operation against Gutierrez. The complainant said he was earlier forced to pay P500,000 to purportedly settle the medical expenses of the car crash victim. Later, the complainant was again coerced to pay P20,000 for alleged traffic “fines” and penalties related to the incident.

Editor: Vittorio V. Vitug • Friday, November 27, 2020 A3

Locsin to Asean: Finalize Code of Conduct in South China Sea By Recto Mercene @rectomercene

OREIGN Affairs Secretary Teodoro Locsin Jr., suggested on Thursday that Asean should finalize the much-awaited code of conduct (COC), a set of rules to define the responsibilities, or proper behavior, of countries with conflicting claims in the South China Sea (SCS). “It’d help if Asean took seriously crafting a Code of Conduct—that doesn’t exclude non-regional powers—but directs how clashes and conflicts should be avoided & resolve them,” Locsin tweeted. “Right now COC negotiation is ball dribbling. At least pandemic stopped expensive travels to talks,” the DFA chief continued. However, Locsin’s inclusion of “non-regional powers,” which could be interpreted as the Western nations led by the United States, would surely raise objection from China, which prefers bilateral instead of a multilateral negotiation among the claimant nations in the strategic waters. Aside from China, these includes the Philippines, Vietnam, Malaysia, Taiwan and Brunei. In late 2018, during the ChinaAsean summit in Singapore, Chinese Premier Li Keqiang proposed to finish the COC in three years. However, the onset of Covid-19 early this year

had become a major hindrance for the talks to proceed as the parties were unable to meet physically to complete the instrument. As countries lock their borders and strict physical distancing measures took effect around the world to prevent Covid-19 from spreading further, restrictions on international travel and face-to-face contact have led many to carry out diplomacy virtually. However, diplomats from the region have invariably complained about the security concerns that come with exercising diplomacy under virtual settings. Many countries have insisted on using their own preferred “meeting” methods, while an Indonesian official has even said it would be very difficult to negotiate the COC text virtually. Locsin’s concern for Asean to finalize the COC was triggered by Defense Secretary Delfin Lorenzana’s worries that a confrontation between the United States and China would also invite the Philippines into the fray. He said this could be avoided if only Southeast Asian countries took a united stand to influence the status quo. “The Association of Southeast Asian Nations was caught up in the battle for regional influence but it could do more to ensure stability and should take a common approach,”

Lorenzana told a security forum. “Where is the Asean in this superpower rivalry? Despite its avowed Asean centrality, it is anything but,” Lorenzana said. Lorenzana said the issue was front and center during discussions since May with counterparts in Japan, China, Australia, France and the United States. China claims historical sovereignty over the SCS defined by its ninedash line which has been invalidated by the 2016 ruling of the Permanent Court of Arbitration in The Hague. Lorenzana said Asean could not act as one because of their conflicting interests. “The 10 Asean nations could not even agree to a common communique several years ago. Complicating the matter is China’s preference for bilateral dialogue as against multilateral one.” In this connection, a member of the board of American-Australian Council said the election of Biden as the new US president would continue to highlight the need for multilateral dialogue to resolve the issue over SCS. “Expect the Biden administration to reinvest in Asian architecture, particularly Asean-based architecture and structures for economic security and cooperation such as the East Asia Summit, the Asean-US Summit and related fora which are not necessarily Asean-centric, like Apec [Asia-Pacific

Economic Cooperation],” said Ernest Bower, president and CEO of Bower Group Asia. “If the Philippines is willing, now or after 2022, Biden and the US will look for chances to expand investment in security cooperation, economic partnership, and deepening our strong ties across sectors,” Bower added. Bower said this would include the preservation of the Visiting Forces Agreement with the Philippines. He said that soon a new American ambassador would be sent to Manila “along the lines of the traditional highly experienced career officers, or a well-connected pro to succeed former Ambassador to Manila Sum King, who has been moved to Jakarta.” “I expect the Biden administration to be less aggressive on Taiwan, more forward-leaning on Hong Kong, Uighurs, Zhenjiang, continuity on tough policy in the South China Sea with much more emphasis on Asean, and a return to a much higher level of engagement with treaty allies,” he said. Stratbase ADR Institute President Prof. Dindo Manhit said, “Middlepower countries should realize that even if the US presence in the IndoPacific is crucial to ensure a rulesbased order, the region’s future should not be dictated by or charted under a unipolar hegemony.

A4 Friday, November 27, 2020 • Editor: Vittorio V. Vitug

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Hog growers heed DA’s call to slash live swine farm-gate price to ₧180/kg By Jasper Emmanuel Y. Arcalas @jearcalas

OG raisers are heeding the call of the Department of Agriculture (DA) to lower their farm-gate prices of live hogs from P200 per kilogram to P180 per kilogram, or even lower, in order to bring down retail prices of pork below P300 per kilogram. Both the Pork Producers Federation of the Philippines Inc. (ProPork) and the National Federation of Hog Farmers Inc. (NFHFI) confirmed to the BusinessMirror that their members have started to lower their farm-gate prices to the level of P180 per kilogram to P185 per kilogram. The action was made following a call by the DA’s Consumer Affairs Office, headed by Undersecretary Ernesto Gonzales, to local hog producers to lower their farm-gate prices to make pork more available to consumers. Gonzales recently met with local pork producers, including officials

from ProPork and NFHFI, to discuss the matter following a series of price spikes on pork products, such as liempo and kasim, in wet markets due to lack of supply in Luzon. With the reduction in the farmgate prices of live hogs, retail pork prices are expected to be within the DA’s suggested retail price level of P260 per kilogram for pork kasim/ pigue and P290 per kilogram for pork belly/liempo. “We already did lower the price average from a high of P200 per kilogram, weeks or months back, down to P180 per kg to P185 per kg as of this time. The purpose is to lower the wet market price from P300 per kg-P330 per kg to P260 per kg-P290 per kg,” NFHFI President Chester Warren Y. Tan told the BusinessMirror via SMS. ProPork President Edwin G. Chen also told the BusinessMirror that pork prices in wet markets should not reach P300 per kilogram anymore, especially in Metro Manila, following the reduction in the farm-gate

DOLE advisory orders employers to settle workers’ unpaid holiday pay by Dec. 31 By Samuel P. Medenilla @sam_medenilla

MPLOYEES should receive all their unpaid holiday pay during the novel coronavirus disease (Covid-19) pandemic by next month under a new issuance from the Department of Labor and Employment (DOLE). In his Labor Advisory (LA) No. 31, Series of 2020, Labor Secretary Silvestre H. Bello III gave employers only until December 31, 2020, to release the unsettled holiday pay of workers. “Employers, who were allowed to defer payment of their holiday pay of their employees as referred herein are required to pay all covered employees of the deferred holiday pay equivalent to 100 percent of their daily wage,” Bello said. Since the government started

enforcing stringent quarantine protocols to contain the pandemic last March, DOLE issued seven LAs from April to November, which allowed firms to postpone the payment of the holiday pay of their workers. These were LA No. 13-A (Maundy Thursday); LA No. 15 (Labor Day); LA No. 20 (Eid’l Fitr); LA No. 22 (Independence Day); LA No. 25 (Eid’l Adha); LA No. 27 (Ninoy Aquino Day and National Heroes Day); and LA No. 29 (All Saints’ Day, All Souls’ Day and Bonifacio Day). The policy aims to allow companies to cope with the disruptions caused by the pandemic on their operations and revenues. However, during the second half of the year, many establishments were able to resume their operations on a limited scale as the government started relaxing quarantine restrictions.

FILE photo shows hogs grown in one of the biggest swine farm in the Soccsksargen region. Two groups of hog raisers have heeded the call of the Department of Agriculture’s Consumer Affairs Office to cut the price of hog farm-gate price. PHOTO COURTESY OF DEPARTMENT OF AGRICULTURE REGION 12

prices of live hogs. Chen said his members have started lowering their farm-gate prices as a sign of support to the DA’s initiative. “We welcome the cooperation with the DA. We are now calling on

our pork producers to lower their prices. Some of our members are already at the level of P185 per kilogram since last week,” he said. Chen said they are hoping to be able to maintain that farm-gate price level so that price spikes at the retail

level would not happen again. He added that the DA should send teams in wet markets to monitor if pork retail prices reflected the downward movement at the farm-gate level. Latest price monitoring report by the DA showed that the prevailing pork belly prices as of November 25 in Metro Manila wet markets was at P320 per kilogram while pork ham averaged P300 per kilogram. Pork prices in Metro Manila wet markets climbed beyond P300 per kilogram last month due to lack of supply in Luzon as 40 percent of the sow population nationwide is gone due to African swine fever (ASF)related actions. (Related story here: https://businessmirror.com. ph/2020/10/26/as-pork-pricesrise-da-probes-groups-weigh-in/) The country’s hog output from January to September fell by 2.5 percent to 1.118 million metric tons from 1.147 MMT recorded in the same period of last year, latest Philippine Statistics Authority (PSA) data showed.

Dry palay price drops to ₧15.36/kg in 4th week of Oct, PSA data show

HE average farm-gate price of dry palay as of fourth week of October dropped to P15.36 per kilogram, its lowest level in nearly three months, amid peak harvest, latest Philippine Statistics Authority (PSA) data showed. Preliminary PSA data showed average quotation for dry palay during the reference period fell by 0.39 percent from previous week’s P15.42 per kg average price level. Likewise, the latest price survey was 1.39 percent lower than last year’s P15.58 per kg of dry palay, based on PSA data. Historical PSA data showed that this is now the lowest average dry palay prices for the 11th consecutive week as domestic rice harvest peaked. Furthermore, PSA data indicated that this is the third straight

week that farm-gate prices of dry palay are lower than last year’s average quotations. Meanwhile, PSA data showed that wholesale and retail prices of well-milled and regular-milled rice showed mixed trends during the reference period. The wholesale and retail prices of well-milled rice picked up during the fourth week of October while the wholesale price of regular-milled rice increased but its retail price declined. “The average wholesale price of well-milled rice inched up to P37.57 per kilogram or by 0.2 percent during the week, compared with its previous week’s level of P37.48 per kg. It also rose at an annual rate of 0.4 percent from its average price of P37.43 per kg during the same period of the

previous year,” the PSA said in its weekly price report. “Relative to its level of P41.42 per kg in the previous week, the average retail price of well-milled rice increased to P41.48 per kg, or by 0.1 percent this week. However, it went down at an annual rate of 0.4 percent from its price level of P41.65 per kg in the same week of the previous year,” it added. PSA data showed that the wholesale price of regular-milled rice slightly grew to P33.47 per kg from its previous week’s P33.45 per kg and P33.45 per kg recorded last year. However, the retail price of regular-milled rice fell to P36.58 per kg from P36.67 per kg and P36.59 per kg recorded price levels in the previous week and year, respectively, based on PSA data. Jasper Emmanuel Y. Arcalas

DOLE may lift WSO slapped against Skyway Extension project contractor soon

HREE days following its issuance, the work stoppage order (WSO) handed down by the Department of Labor and Employment (DOLE) against the contractor of the Skyway Extension project may soon be lifted. In an interview with PTV on Thursday, Labor Secretary Silvestre H. Bello III said he has already

received the recommendation from DOLE-National Capital Region (DOLE-NCR) Director Sarah S. Mirasol to lift the WSO of EEI Corp. This after EEI managed to address the Occupational Safety and Health Standards (OSHS) violations, particularly the supposed lack of warning signs on the construction site, as well as the alleged non-certification

of subcontractors from the Technical Education and Skills Development Authority. “I’m inclined to follow the recommendation of our regional director,” Bello said. As of this writing on Thursday, DOLE has yet to release an order for the lifting of the WSO. Last Monday, DOLE-NCR issued

a WSO against EEI Corp. after its crane tilted and hit a steel girder causing it to fall and hit several passing vehicles along East Service Road in Barangay Cupang, Muntinlupa City during the weekend. The incident killed one and injured six others. The WSO initially covered the entire Skyway Extension Project, Sucat

Palace: PITC keeping ₧492M only, as Drilon dumps alibi “Under the law, if they spend the money held in trust for any other purpose, they can be charged with estafa,” Roque explained. In a Senate hearing last week, Trade Secretary Ramon M. Lopez said the budget given to PITC for procurement is held in escrow. The fund, he said, will be immediately returned to the national treasury, if the bidding for the said procurement fails.

Drilon presses return of funds

MEANWHILE, Drilon said on Thursday the Department of Finance is supporting his suggestion to compel agencies that parked billions in the PITC to return it to the National Treasury so this can be used for urgent public needs, such as Covid-19 vaccines. Dr ilon disclosed he was informed in a phone call that Finance Secretary Carlos Dominguez had asked Budget Secretary Wendel Avisado to expedite an Executive Or-

der that will have President Duterte direct such agencies to return the multibillion fund before year-end. “No excuses, just return the money,” Drilon declared even as he thanked Dominguez for acting swiftly, adding that “with the return of the P33.3 billion, we now have half of the P73.2 billion needed for the procurement of Covid-19 vaccines.” The minority leader earlier exposed that P7.04 billion worth of undelivered itemstothePhilippineArmy—coatsand ties, jackets, boots and tires—comprise part of the billions in money from other agencies that are sitting idle in PITC. The senator added that in a letter, Dominguez reminded Avisado: “Following our discussion, we would like to request for the endorsement to the President by the Department of Budget and Management [DBM] for the return to the Bureau of the Treasury [BTr] of the various fund transfers to PITC by certain government agencies, pursuant to DBM’s guidelines on the matter.”

Drilon stressed the Duterte government should “immediately ask for the immediate return of the huge cash sitting idly in the coffers of PITC while the government is having difficulties raising funds” due to the drop in revenues due to the pandemic. He recalled that as of October 31, 2020, “the P32.6 billion remained in the hands of PITC, according to the letter and 80 of which represents fund transfers from Philippine Army, P7.04 billion; Bureau of Fire Protection, P3.25 billion; Department of Information and Communications Technology, P3.23 billion; Technical Education and Skills Development Authority, P3.04 billion; Bureau of Customs, P2.44 billion; Department of Health, P2.11 billion; Philippine Navy, P1.74 billion; University of the Philippines Systems, P1.47 billion; Research Institute of Tropical Medicine, P1.16 billion; and Philippine General Hospital, P991.24 million. “I am glad that the DOF listens and swiftly acts on issues we raised

continued from a12

concerning this huge sum of money parked in the PITC,” said Drilon. He stressed that “we need P73.2 billion to fund the procurement of vaccines,” adding that “we need P30 billion annually to address our 6.5 million housing backlogs. We also need to feed 5.5 million hungry Filipino families and support the 4.6 million unemployed Filipinos.” “If these funds have been there, sitting idly for more than a decade, in the PITC accounts, it means the government agencies have no immediate and paramount need for these projects. It is only right and just that it be returned to the national coffers immediately,” said Drilon. Moreover, the Senate Minority Leader called out PITC for not prioritizing its principal function of being a trading company, lamenting that “instead, PITC is focused on managing and growing its funds and the billions of pesos transferred to the agency by almost the entire government.”

Alabang Viaduct, but was later restricted to the site of the accident. Bello explained they opted ease the scope of the WSO since the Sky Extension is part of the priority infrastructure project of the government. He also noted that the large-scale WSO would have affected the employment of 900 workers of EEI.

Samuel P. Medenilla

IPOPHL to craft stringent IP rules amid sharp hike in complaints By Elijah Felice E. Rosales @alyasjah

HE Intellectual Property Office of the Philippines (IPOPHL) is eyeing to impose new rules on IP rights protection online, as the number of complaints received by the agency for the year has now exceeded the total from 2015 to 2019. The IPOPHL said its IP Rights Enforcement Office (IEO) received a total of 135 complaints from consumers between January and September. This now surpassed the 129 total accumulated from 2015 to 2019. Of the 135, the IEO has disposed of 108 of them, or 80 percent of the total, and is validating the cases of the remaining 27. According to IPOPHL records, 84 of the complaints involve counterfeiting and piracy of IP materials, of which majority were committed in digital platforms. On the other hand, 51 of the reports filed before the IEO are related IP infringement matters, such as the use of similar marks or unauthorized use of copyrighted works. Among those committed online, majority, or 53, were done on Facebook, while the rest were scattered among Shopee, Lazada, Youtube, Carousell, Instagram and Vidyard. IPOPHL Director General Rowel S. Barba said it is urgent for the government to implement new rules on IP rights protection that cover the digital space, especially at the rise of complaints during the Covid-19 pandemic. He disclosed the IEO is crafting proposed updates to the 2013 Rules and Regulations on Enforcement. “IEO will soon forward to me the draft on its proposed updates to the 2013 Rules and Regulations on Enforcement; we will finalize and issue the new rules as soon as practicable,” Barba revealed. Barba explained the main objective of the change in rules and regulations is to add disruptive functions by which the agency can act against counterfeiting and piracy online. It will also improve the coordination with the National Telecommunications Commission in the taking down of offending posts, as well as monitoring the digital market places. Likewise, the IPOPHL is trying to strike an agreement with e-commerce platforms to impose a protocol for the takedown of posts when illicit content, or products, are being sold in their sites. “Specifically, through the agreement, a notice and takedown system and procedure will be developed by online platforms to more swiftly address reports on counterfeit goods and pirated materials being sold online. We hope it will be signed soon this year once the remaining issues are resolved,” Barba said.

Senate okays ₧4.5-trillion 2021 budget before break continued from a12 Senate President Vicente Sotto III designated him to head the Senate contingent in the bicameral conference committee, which will be working on the measure during the session break that ends on December 7. Also named to sit in the bicameral panel were: Senators Pia Cayetano, Cynthia Villar, Panfilo Lacson Joel Villanueva, Sherwin Gatchalian, Richard J. Gordon, Christopher Lawrence Go, Imee Marcos, Risa Hontiveros, Grace Poe and Francis Pangilinan. Named as alternates were: Senators Emmanuel Pacquiao, Ronald dela Rosa, Maria Lourdes Nancy S. Binay and Ramon Revilla Jr. Among the key provisions in the approvedSenateversionoftheannualmoney measure include: P8-billion funding under the Department of Health-Office oftheSecretary;P54billionunderunprogrammedappropriationforthepurchase of Covid-19 vaccines, mass immunization, and for the storage, transportation

and distribution of vaccines, as well as additional funding for the Research Institute for Tropical Medicine. Lawmakers likewise included provisions increasing the allocation for DOH regional hospitals and other health-care institutions so they can ramp up their bed capacity and upgrade equipment and facilities, as well as P21-billion allocation for calamities and disaster response to augment the funding for the National Disaster Risk Reduction and Management Fund. Moreover, senators raised the teachers’ allowance from P3,500 to P5,000 under the annual budget bill, as Angara gave assurances that “the amendments we proposed demonstrate that we are doubling down on our commitment to respond more effectively to the pandemic, our motivation to help more of our people struck by calamity and our single-minded focus on restarting the economy.” Butch Fernandez

News BusinessMirror

www.businessmirror.com.ph

Mayor Abby prods Makati biz owners to avail of P2.5-B MASB program

AKATI Mayor Abby Binay urged business owners in the city on Thursday to apply for the P100,000 cash grant offered by the city government through the Makati Assistance and Support for Businesses (MASB) program ahead of the December 31 deadline. The mayor said over the past two weeks, around 5,000 applications have been received online via the designated web site, www.proudmakatizen.com, and are being processed with expediency to provide funding for the salaries of workers and payments to suppliers. “The MASB Program aims to provide recovery funds to businesses, boost the local economy, and promote the employment of Makatizens, especially those affected by the Covid-19 pandemic,” she said. Mayor Abby explained that only businesses operating in the city, including Makati-registered branches with head offices outside Makati, and those with a valid business permit for this year with no tax obligations, are qualified to apply for the program. The financial assistance will be released directly to registered and accredited Makati-based suppliers as payment for goods and services, as well as to employees for their salaries and allowances through drawdowns. Under the MASB Program, qualified businesses will be entitled to grants ranging from P10,000 to P100,000, depending on the type of business and the number of Makatizens employed by the business. The guidelines define a “Makatizen” as any person at least 18 years of age who is a resident within the territory of Makati City or in cityrun relocation areas in Calauan, Laguna and San Jose del Monte City, Bulacan. He or she must also be any of the following: a Makatizen Card holder, a beneficiary of the Makati Health Plus program (Yellow Card), or a registered voter in Makati. For small and medium enterprises (SMEs) with special business permits (capital of P50,000 or less), the amount of grant will be as follows: 100 percent owned by a Makatizen, with no Makatizen employee, P10,000; not owned by a Makatizen but with one to two Makatizen employees, P10,000; 100 percent owned by a Makatizen with one to two employees, P15,000; owned or not owned by a Makatizen with more than two Makatizen employees, P20,000. All other SMEs and businesses that are 100 percent owned by a Makatizen with no Makatizen employee can get P15,000. Regardless of ownership, businesses with one to three Makatizen employees can receive P20,000; with four to six Makatizen employees, P40,000; with seven to nine Makatizen employees, P60,000; with 10 to 12 Makatizen employees, P80,000; and with more than 12 Makatizen employees, P100,000. According to Mayor Abby, there is no minimum period that the qualified business must be operating prior to the submission of the application for the P100,000 MASB Program. However, after the grant is released, businesses must strictly comply with three conditions for the next two years: 1) They continue to operate; 2) They will not lay off any of the Makatizen employees, and 3) They will comply with the city’s ordinances and safety guidelines. If a grant recipient violates any of the MASB Program conditions, Mayor Abby said the business is required to repay the amount in full within 30 days. Failure to comply within the said period will result in the cancellation of business permit, and the license will only be renewed upon full payment of the drawdowns. Applications for the MASB program via www.proudmakatizen. com will be accepted until December 31, 2020.

Friday, November 27, 2020 A5

LLDA Board endorses ₧609-B BOO scheme for rehab of Laguna de Bay By Jonathan L. Mayuga @jonlmayuga

HE Laguna Lake Development Authority (LLDA) has endorsed an unsolicited proposal from a private consortium to rehabilitate and develop Laguna de Bay, the country’s largest lake and biggest aquaculture hub. In a news statement, LLDA General Manager Jaime “Joey” Medina disclosed that the agency’s Board of Directors has approved the proposed P609-billion Laguna Lake Development and Rehabilitation Project “after months of review and evaluation.” The unsolicited proposal will be undertaken through a BuildOw n- Operate (BOO) scheme, which means that the proponent will finance, construct, operate, maintain and own facility and can collect fees and charges to recover their investment. The government, on the other hand, will provide the authorization and assistance in securing the BOO contract and has the option to buy the output, or service provided by the operator. The consortium is led by Taguig Lake City Development Corp. (TLCDC), with two big foreign companies as partners that have the ex-

perience, expertise and track record in undertaking such a project. Medina said the endorsement comes on the heels of successive strong tropical cyclones, the latest of which is Typhoon Ulysses that triggered massive flooding in Metro Manila, Rizal province and other areas. “This is a welcome opportunity as this will truly aid in addressing the Laguna Lake’s continual problems in siltation, industrial pollution, sedimentation, and lakeshore flooding,” Medina said. Medina said the project proponent has been issued “original proponent status,” or OPS, and the project is now under review by the National Economic and Development Authority (Neda), through its Public-Private Partnership Center. The LLDA endorsement will be eventually evaluated by Neda’s Investment Coordination Committee to determine the reasonable rate of return and other parameters for negotiation. The Neda Board would either approve, or deny, the proposal as the case may be. The consortium, after being granted the OPS, now has the authority to match better offers submitted by other rivals when a Swiss chal-

FISHERMEN traverse one of the narrow tributaries of the heavily silted Laguna de Bay. NONIE REYES

lenge is undertaken for the project, the LLDA chief said. The rehabilitation project will run in a span of five years to 10 years. It includes the dredging of approximately 800 million cubic meters of silt and mud. It also involves an assistance program to affected fisherfolk and other stakeholders, as well as silt transfer and development of pre-identified catchment area to be done in phases as the dredging process progresses. The said project also includes soil

treatment, ground improvement and development, construction of a water treatment facility and the introduction of a soil improvement technology called the high vacuum densification method (HVDM). Sometime in December 2019, the LLDA sent a briefer, through a memorandum to the Office of the President, on the urgent need to rehabilitate the waters of Laguna Lake to sustain and enhance aquatic life therein; the need to increase and improve the holding capacity and

water quality of the Laguna Lake in order to viably and effectively access the lake as a domestic water source; and the potential of Laguna Lake and its outlying areas to significantly enhance water quality and boost socioeconomic growth in the region and in the country. The memorandum also stated the request of LLDA to seek President Duterte’s favorable endorsement and approval of the project and its project objectives for purposes of urgent and speedy implementation. The Laguna de Bay is the largest lake in the Philippines, with around 100 rivers and streams draining into it, making it prone to siltation and flooding. The Napindan Channel, through the Pasig River, drains the lake waters to Manila Bay. During the onslaught of Typhoon Ulysses, the Laguna Lake overflowed causing severe flooding and affecting thousands of residents in several municipalities and cities in Laguna, such as Famy, Sta Cruz, Calamba, and San Pedro. Due to strong winds and currents, fish pens in Laguna de Bay were wiped out and unleashed some 2.2 million kilograms of bangus, or milkfish, estimated to cost P115 million in losses to fish operators of Laguna during Typhoon Rolly.

Venture into multitrillion-dollar halal biz, DTI chief tells exporters By Elijah Felice E. Rosales @alyasjah

HE Department of Trade and Industry (DTI) is asking exporters to venture into multitrillion-dollar business of halal, as it remains to be one of the least affected sectors in the time of Covid-19. In a speech on Tuesday, Trade Secretary Ramon M. Lopez said his agency is working on programs and projects to promote the country’s halal products to Islamic nations. Under the new normal, he argued people will be looking for healthy food alternatives, and halal may be one of the bright prospects in that category. As such, he called on micro, small and medium enterprises (MSMEs) to consider entering the halal industry, which grew over 5 percent last year to $2.2 trillion on strong demand from the 1.8 billion Muslim consumers worldwide.

Citing a report from Indonesian Inventure Knowledge, a consultancy firm, Lopez said concerns over the risks of contracting the virus have resulted in buyers patronizing halal food items. He added the United Kingdom-based Halal Monitoring Committee reported an increase in demand for halal meat at the heat of the Covid-19 pandemic. “It’s also important to note that the halal food sector was one of the sectors least affected by the health crisis, alongside halal pharmaceutical and media sectors,” Lopez explained. According to Lopez, the DTI is working on possible cooperation with Indonesia and Malaysia for the export of Philippine halal products. Likewise, the agency is making an interactive mobile application to increase the awareness of consumers about the halal readiness of stores and restaurants in the country. Emulating the progress made by

Malaysia, Indonesia, Singapore and Thailand, the Philippines may have its own software that can be downloaded on the phone by which users can identify if a store or restaurant is certified as halal, making it easier especially for Muslim tourists to navigate the archipelago. The trade chief also disclosed the DTI is reviewing applications to expand the network of halal certifying bodies in the Philippines. At present, the country has 10 halal certification groups that are permitted to assess products and particularly food. “That’s why we need to develop and expand the reach of Philippine halal certified products for major Islamic markets by training

CL’s new top cop vows to intensify drug war, renewed drive vs rebels By Ashley Manabat | Correspondent

LARK FREEPORT—Newly appointed Central Luzon police director, Brig. Gen. Valeriano T. de Leon, is set to leave his mark as the region’s top cop. De Leon, former chief of the Philippine National Police Regional Office 7 (PRO-7) in Central Visayas and former head of the Firearms and Explosives Office (FEO), said his marching orders are to intensify the war on drugs and renew the campaign against communist-led insurgents. At the Balitaan media forum organized by the Capampangan in Media Inc., in cooperation with the Clark Development Corp. at the Bale Balita here last Thursday, de Leon also explained that he wants “intelligence driven information and results and not reactive reactions.” De Leon described Central Luzon as a “very challenging” assignment, adding he intends to raise his monitoring activities. He recalled that just recently, the Bureau of Customs (BOC) conducted a “controlled delivery operations” in Cabanatuan City where a shipment was found to contain 240 packs of methamphetamine hydrochloride, or shabu worth P1.6 billion. That means, he said, Nueva Ecija has evolved into a hub for illegal drugs “that is why we have to work on this,” he said. De Leon said he recently visited Zambales where

he personally sworn the allegiance of nine rebels to the government. De Leon also said he manages his personnel by empowering them. “I try to empower my people. Bahala kayo sa buhay n’yo [Your life is totally up to you] because you will be answerable to me,” de Leon recalled telling his 12,476 men under his command. De Leon said he is not new in Central Luzon, saying he was the former provincial director of Nueva Ecija. He was also provincial chief of the then Criminal Investigation Service (CIS), now Criminal Investigation Detection Group (CIDG), in Bulacan where he was recognized as “Best Junior Officer” in the Philippines. De Leon was also the former Pampanga provincial director of CIDG. De Leon’s stint as chief of the Regional Mobile Group (RMG) got him the “Best RMG” award. “I believe in two core competence of the PNP— operations and investigation,” he said. “These two things talk about prevention of crimes,” he added. As chief of the FEO, de Leon said he had instituted reforms in the office which has benefited gun owners all over the country by making applications for License To Own and Possess Firearms (LTOPF) online. “I made LTOPF application online for the benefit of gun owners even way before the pandemic,” de Leon said.

our halal certification bodies on applicable ISO standard and market requirements,” Lopez said. “This will ensure producers, manufacturers and providers of halal products, processes and services are compliant with national

as well as international standards. Ultimately, this will push our MSMEs to become competitive and export ready producers, manufacturers and providers of halal certified products and services,” he added.

BusinessMirror

A6 Friday, November 27, 2020

ESTABLISHMENT / ADDRESS NO.

FOREIGN NATIONAL / NATIONALITY

ESTABLISHMENT / ADDRESS POSITION

8 STONE BUSINESS OUTSOURCING OPC 5-10/f Tower 1 Pitx Kennedy Road Tambo Parañaque City

NO.

FOREIGN NATIONAL / NATIONALITY

ESTABLISHMENT / ADDRESS POSITION

BRENMEDIA INTERNATIONAL INC. 10/f Unit Q Cyber Building Eastwood Cyberpark City Bagumbayan 3 Quezon City

DING, LI Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

GAN, JUJING Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

CAPSLOCK INC. 7th & 8th Flr. Y Tower Bldg. Coral Way Drive Cor. Macapagal Brgy. 076 Pasay City 41.

CAO, JIAJUN Chinese

CHINESE IT SUPPORT SPECIALIST

42.

FANG, CHENG Chinese

CHINESE IT SUPPORT SPECIALIST

SUN, YONG Chinese

CHINESE IT SUPPORT SPECIALIST

XIE, QIANG Chinese

CHINESE IT SUPPORT SPECIALIST

YU, CAIHUA Chinese

CHINESE IT SUPPORT SPECIALIST

YU, LIN Chinese

CHINESE IT SUPPORT SPECIALIST

GOH WAI CHUN Malaysian

IT SUPPORT SPECIALIST

LU, JIHAO Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

LYU, YANGCE Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

WANG, LUYANG Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

YAN, LINGJUN Chinese

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YANG, PENGJIE Chinese

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YU, DONGXIAN Chinese

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ZHANG, QIANG Chinese

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ACCENTURE, INC. 7f Robinsons Cybergate Tower 1 Pioneer St Mandaluyong City 10.

GHOSH, ROHON Indian

MANAGER

ALL OUT MULTI-MEDIA SOLUTIONS CORP. Unit 2302-a West Tower Pse Centre, Exchange Road Ortigas Center, San Antonio Pasig City 11.

JUN, YOUNG South Korean

ADMINISTRATIVE OFFICER (KOREAN SPEAKING)

AMUSETECH BUSINESS OUTSOURCING 2/f Rivergreen Residences 2217 Pedro Gil St. 096, Bgy 880 Santa Ana Manila 12.

LONG, CHAOJUN Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

BAOLONG TECHNOLOGY INDUSTRY GROUP LIMITED INC. 20-29th/f Century Diamond Tower Kalayaan Ave. Cor. Salamanca St. Poblacion Makati City 13.

CHE, CHENGLONG Chinese

MANDARIN CUSTOMER SERVICE REPRESENTATIVE

14.

LIU, GUOCHENG Chinese

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MA, YINGQIN Chinese

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OU, WEI Chinese

MANDARIN CUSTOMER SERVICE REPRESENTATIVE

SU, JIE Chinese

MANDARIN CUSTOMER SERVICE REPRESENTATIVE

WU, CHAO Chinese

15. 16.

40.

43. 44. 45. 46. 47.

WU JIASHI Singaporean

IT CONSULTANT

CLASSIC CHARACTER INC .(C.C.I) INC. 38 Sta.ana Drive Sun Valley Subd. Sun Valley Parañaque City 48.

WADHWANI, MAYURI SHAM Indian

PROCESSOR

COLDSTREAM MARKETING SOLUTION INC. 603-4 Eastfield Ctr. Moa Comp. Macapagal Ave. Brgy. 076 Pasay City 49.

CHAN KIEN LOON Malaysian

CUSTOMER SERVICE REPRESENTATIVE

COLLABERA TECHNOLOGIES PRIVATE LIMITED, INC. U-40 A-d 40/f Rufino Pacific Tower, 6784 Ayala Ave. San Lorenzo Makati City 50.

KANG, DONG-CHEOL Canadian

KOREAN SERVICE DESK

ECU WORLDWIDE (PHILIPPINES) INC. U-804-805 Scape Bldg. D Macapagal Blvd. Brgy. 076 Pasay City 51.

AMIN, SUDARSHAN Indian

COUNTRY MANAGER

FINEST GW CONSULTANCY SERVICE INC. Unit-a Paseo View 16/f Ba Lepanto Bldg. 8747 Paseo De Roxas Bel-air Makati City 52.

DAVID Indonesian

CHINESE SPEAKING ADMIN ASSOCIATE

FUXINGYING CAIYUN HENTONG, CORP. 7th, 8th, 9th, 10th Floor Eton Ewestpod Chino Roces Avenue Cor. Yakal & Malugay Streets San Antonio Makati City 53.

YET YEE PHAIN Myanmari

CUSTOMER SERVICE REPRESENTATIVE - MANDARIN SPEAKING

GLOBALLGA BUSINESS PROCESS OUTSOURCING Ground Level, Level 2-5 Floor Silver City 4, Ortigas East Ugong Pasig City 54.

DONG, LINLIN Chinese

CHINESE IT SUPPORT

MANDARIN CUSTOMER SERVICE REPRESENTATIVE

55.

HU, XIAOLE Chinese

CHINESE IT SUPPORT

YANG, DUJIANG Chinese

MANDARIN CUSTOMER SERVICE REPRESENTATIVE

56.

JIN, DA Chinese

CHINESE IT SUPPORT

YANG, BANGHUI Chinese

MANDARIN CUSTOMER SERVICE REPRESENTATIVE

57.

LIANG, BAOJUN Chinese

CHINESE IT SUPPORT

YE, MEILING Chinese

MANDARIN CUSTOMER SERVICE REPRESENTATIVE

58.

MU, XIMING Chinese

CHINESE IT SUPPORT

ZHAO, HUI Chinese

MANDARIN CUSTOMER SERVICE REPRESENTATIVE

59.

YOU, WEIJUN Chinese

CHINESE IT SUPPORT

23.

ZOU, LIANG Chinese

MANDARIN CUSTOMER SERVICE REPRESENTATIVE

60.

GAO, WEILONG Chinese

24.

ZOU, YI Chinese

MANDARIN CUSTOMER SERVICE REPRESENTATIVE

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

61.

GUAN, LANLAN Chinese

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62.

HUANG, WEN Chinese

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HUANG, YU Chinese

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64.

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TAO, CHENQING Chinese

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WANG, BAODING Chinese

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ZHOU, JIALI Chinese

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17. 18. 19. 20. 21. 22.

BAYVIEW TECHNOLOGIES, INC. 43/f Yuchengco Tower Rcbc Plaza Ayala Ave. Cor. Sen. Gil Puyat Ave. Bel-air Makati City 25.

KIM, MUNSUNG South Korean

CS ASSISTANT MANAGER

26.

CHUMJIT, ACHIRAYA Thai

CUSTOMER SUPPORT (MULTILINGUAL)

27.

HUANG, YUELAN Chinese

CUSTOMER SUPPORT (MULTILINGUAL)

28.

KAMUTTHAMAT, USARAT Thai

CUSTOMER SUPPORT (MULTILINGUAL)

29.

LIN, XIAOTING Chinese

CUSTOMER SUPPORT (MULTILINGUAL)

30.

VISHNU MOHAN Indian

CUSTOMER SUPPORT (MULTILINGUAL)

31.

ZHANG, CHUNHUA Chinese

CUSTOMER SUPPORT (MULTILINGUAL)

32.

RANGGA BIMANTARA Indonesian

MARKETING EXECUTIVE (MULTI-LINGUAL)

BESTRADE-KR INC. 719 Civic Place Bldg. Civic Dr., Fcc Alabang Muntinlupa City 33.

LEE, JONG SOO South Korean

OPERATIONS MANAGER

BIG EMPEROR TECHNOLOGY CORP. Eastfield Center Cbp1, Macapagal Blvd. Brgy. 076 Pasay City CAO, XIJIA Chinese

MANDARIN CUSTOMER SERVICE

FAN, SHIJIE Chinese

MANDARIN CUSTOMER SERVICE

36.

PAN, SHENGKUAI Chinese

MANDARIN CUSTOMER SERVICE

37.

YANG, KAIHAI Chinese

38. 39.

34. 35.

65. 66. 67.

HECTECHURE CORP. Units A&b 20/f Rufino Pacific Tower 6784 Ayala Ave. Cor. V.a. Rufino St. San Lorenzo Makati City 68.

SU, ZHU Chinese

MANDARIN IT PROJECT MANAGER

INFOSYS BPM LIMITED - PHILIPPINE BRANCH 19th-23rd Flr. Bgc Corporate Center 11th Ave. Corner 30th Sts. Taguig City 69.

NAMBIAR, PRASHANT KANNATHAL Indian

SENIOR QUALITY LEAD

INFOVINE INC. 9/f Y Tower, Moa Complex Coral Way Drive Cor. Macapagal Brgy. 076 Pasay City 70.

LIU, XING Chinese

CHINESE SPEAKING CUSTOMER SERVICE REPRESENTATIVE

MANDARIN CUSTOMER SERVICE

71.

MENG, YUCHEN Chinese

CHINESE SPEAKING GRAPHIC DESIGNER

ZHAN, LIANZHU Chinese

MANDARIN CUSTOMER SERVICE

INTERCOMP LINK SOLUTIONS INC. 12th Floor Filinvest Three Bldg. Northgate Cyberzone Fcc Alabang Muntinlupa City

LI, ZONGPU Chinese

MANDARIN CUSTOMER SERVICE

72.

SHENG, LEI Chinese

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116.

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INSTALLATION SUPERVISOR

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WU, DE Chinese

INSTALLATION SUPERVISOR

118.

XU, JIGUO Chinese

MATERIALS COST CONTROL SUPERVISOR

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JIANG, XINXIN Chinese

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SONG, CHAO Chinese

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122.

WANG, CHAO Chinese

REINFORCING IRON & REBAR SUPERVISOR

JIU ZHOU TECHNOLOGIES INTERNATIONAL, INC. 16/f Tower 11 Rcbc Plaza, 6819 Ayala Ave. Bel-air Makati City 74.

YU, HUI-LUN Taiwanese

CHINESE MANDARIN CUSTOMER SERVICE REPRESENTATIVE

LOGICALSOURCE1 CALL CENTER INC. 8/f Sultan Cityland Central Brgy. Highway Hills Mandaluyong City 75.

CAI, YINGJIE Chinese

CUSTOMER SERVICE REPRESENTATIVE

76.

HUANG, CHENGBIN Chinese

CUSTOMER SERVICE REPRESENTATIVE

77.

LIU DAN Vietnamese

CUSTOMER SERVICE REPRESENTATIVE

78.

SHAO, PINGPING Chinese

CUSTOMER SERVICE REPRESENTATIVE

79.

SHI, NENGJING Chinese

CUSTOMER SERVICE REPRESENTATIVE

80.

SONG, ZHIGAO Chinese

CUSTOMER SERVICE REPRESENTATIVE

LUCKY365 CONSULTING LIMITED CORP. U/18a 18/f 18/f Trafalgar Plaza 105 H.v. Dela Costa St. Bel-air Makati City 81.

LI, WEI Chinese

MANDARIN SPEAKING MARKETING SPECIALIST

MARKETROLE ASIA PACIFIC SERVICES, INC. 26/f, 27/f, 28/f The Enterprise Center Tower 1 6766 Ayala Ave. Cor. Paseo De Roxas San Lorenzo Makati City

FOREIGN NATIONAL / NATIONALITY

POSITION

NEW ORIENTAL CLUB88 CORPORATION 1331 Pearl Plaza Bldg. Quirino Ave. Tambo Parañaque City 123.

AN, YONGKANG Chinese

CHINESE CUSTOMER SERVICE

124.

AN, QINGYUN Chinese

CHINESE CUSTOMER SERVICE

125.

BAI, DONGXUE Chinese

CHINESE CUSTOMER SERVICE

126.

CHEN, JING Chinese

CHINESE CUSTOMER SERVICE

127.

CHEN, HONGMEI Chinese

CHINESE CUSTOMER SERVICE

128.

CHEN, YUECHUN Chinese

CHINESE CUSTOMER SERVICE

82.

ALFRED CHEN KOYIK Malaysian

CHINESE SPEAKING CUSTOMER SERVICE STAFF

129.

CHEN, SHUAI Chinese

CHINESE CUSTOMER SERVICE

83.

BI, SHAN Chinese

CHINESE SPEAKING CUSTOMER SERVICE STAFF

130.

CHEN, JUNHUA Chinese

CHINESE CUSTOMER SERVICE

84.

DENG, BIXIA Chinese

CHINESE SPEAKING CUSTOMER SERVICE STAFF

131.

DENG, YANG Chinese

CHINESE CUSTOMER SERVICE

85.

FENG, LAN Chinese

CHINESE SPEAKING CUSTOMER SERVICE STAFF

132.

DENG, JINGJING Chinese

CHINESE CUSTOMER SERVICE

86.

HE, MINZHOU Chinese

CHINESE SPEAKING CUSTOMER SERVICE STAFF

133.

FAN, XIAOYUN Chinese

CHINESE CUSTOMER SERVICE

87.

HUANG, XIAOYAN Chinese

CHINESE SPEAKING CUSTOMER SERVICE STAFF

134.

FENG, SHAOKUN Chinese

CHINESE CUSTOMER SERVICE

88.

HUANG, SHULI Chinese

CHINESE SPEAKING CUSTOMER SERVICE STAFF

135.

FENG, JIANGJIANG Chinese

CHINESE CUSTOMER SERVICE

89.

JIANG, BIN Chinese

CHINESE SPEAKING CUSTOMER SERVICE STAFF

136.

FENG, JINQUAN Chinese

CHINESE CUSTOMER SERVICE

90.

LI, KE Chinese

CHINESE SPEAKING CUSTOMER SERVICE STAFF

137.

FU, YUESEN Chinese

CHINESE CUSTOMER SERVICE

91.

LIU, CHUANYUAN Chinese

CHINESE SPEAKING CUSTOMER SERVICE STAFF

138.

FU, YUNFENG Chinese

CHINESE CUSTOMER SERVICE

92.

MO, JIANQIANG Chinese

CHINESE SPEAKING CUSTOMER SERVICE STAFF

139.

GAO, YANG Chinese

CHINESE CUSTOMER SERVICE

93.

PENG, YI Chinese

CHINESE SPEAKING CUSTOMER SERVICE STAFF

140.

GAO, JIAN Chinese

CHINESE CUSTOMER SERVICE

94.

PENG, SHUAI Chinese

CHINESE SPEAKING CUSTOMER SERVICE STAFF

141.

GUAN, HONGBO Chinese

CHINESE CUSTOMER SERVICE

95.

SUN, XINTONG Chinese

CHINESE SPEAKING CUSTOMER SERVICE STAFF

142.

GUO, YULIANG Chinese

CHINESE CUSTOMER SERVICE

96.

TAN, ENLIANG Chinese

CHINESE SPEAKING CUSTOMER SERVICE STAFF

143.

HAN, XIAODONG Chinese

CHINESE CUSTOMER SERVICE

97.

TANG, TING Chinese

CHINESE SPEAKING CUSTOMER SERVICE STAFF

144.

HE, MIN Chinese

CHINESE CUSTOMER SERVICE

98.

WANG, JIN Chinese

CHINESE SPEAKING CUSTOMER SERVICE STAFF

145.

HE, GUOZU Chinese

CHINESE CUSTOMER SERVICE

99.

XI, HUAYU Chinese

CHINESE SPEAKING CUSTOMER SERVICE STAFF

146.

HONG, PENG Chinese

CHINESE CUSTOMER SERVICE

100.

XU, MINGHAO Chinese

CHINESE SPEAKING CUSTOMER SERVICE STAFF

147.

HU, TIEJIANG Chinese

CHINESE CUSTOMER SERVICE

101.

YIN, KAIYING Chinese

CHINESE SPEAKING CUSTOMER SERVICE STAFF

148.

HU, JIABAO Chinese

CHINESE CUSTOMER SERVICE

102.

YUKKI OOI KANG YI Malaysian

CHINESE SPEAKING CUSTOMER SERVICE STAFF

149.

HUANG, SHITAO Chinese

CHINESE CUSTOMER SERVICE

103.

ZENG, CHUYONG Chinese

CHINESE SPEAKING CUSTOMER SERVICE STAFF

150.

HUANG, WEIJIANG Chinese

CHINESE CUSTOMER SERVICE

104.

ZENG, XINGLONG Chinese

CHINESE SPEAKING CUSTOMER SERVICE STAFF

151.

HUANG, QIANNAN Chinese

CHINESE CUSTOMER SERVICE

105.

ZHANG, LIWEN Chinese

CHINESE SPEAKING CUSTOMER SERVICE STAFF

152.

HUANG, JIAXIANG Chinese

CHINESE CUSTOMER SERVICE

106.

ZHANG, XIAOLIN Chinese

CHINESE SPEAKING CUSTOMER SERVICE STAFF

153.

HUANG, JIANWEI Chinese

CHINESE CUSTOMER SERVICE

154.

HUANG, WEIBIN Chinese

CHINESE CUSTOMER SERVICE

155.

HUANG, GUOFANG Chinese

CHINESE CUSTOMER SERVICE

156.

HUANG, WEIXIN Chinese

CHINESE CUSTOMER SERVICE

157.

HUANG, YAQING Chinese

CHINESE CUSTOMER SERVICE

158.

HUANG, JIANGTAO Chinese

CHINESE CUSTOMER SERVICE

159.

HUANG, JINJING Chinese

CHINESE CUSTOMER SERVICE

160.

HUANG, MING Chinese

CHINESE CUSTOMER SERVICE

161.

HUANG, HAIZHONG Chinese

CHINESE CUSTOMER SERVICE

162.

HUANG, XINGXING Chinese

CHINESE CUSTOMER SERVICE

163.

HUO, LIN Chinese

CHINESE CUSTOMER SERVICE

164.

HUO, WENQIANG Chinese

CHINESE CUSTOMER SERVICE

165.

HUO, XIAOYU Chinese

CHINESE CUSTOMER SERVICE

166.

HUO, DONGYU Chinese

CHINESE CUSTOMER SERVICE

167.

JIANG, RONGRONG Chinese

CHINESE CUSTOMER SERVICE

MEGA-WEB TECHNOLOGIES INC. 6,7,8,9,10,11/f Met Live Bldg. Edsa Cor. Macapagal Blvd. Brgy. 076 Pasay City 107.

TAN KHIM SHEN Malaysian

MALAYSIAN SPEAKING CUSTOMER SERVICE REPRESENTATIVE

108.

CHENG, YUN Chinese

MANDARIN SPEAKING CUSTOMER RELATIONS SERVICE PROVIDER

109.

CHEN, HUAYAN Chinese

MANDARIN SPEAKING CUSTOMER RELATIONS SERVICE PROVIDER

110.

TANG, HUAQUN Chinese

MANDARIN SPEAKING CUSTOMER RELATIONS SERVICE PROVIDER

111.

DAM THI THU HOAI Vietnamese

VIETNAMESE SPEAKING CUSTOMER RELATIONS SERVICE PROVIDER

112.

HA THI UYEN Vietnamese

VIETNAMESE SPEAKING CUSTOMER RELATIONS SERVICE PROVIDER

NEPC POWER CONSTRUCTION CORP. 15/f Cyber One Bldg. Eastwood Cyberpark City Bagumbayan 3 Quezon City 113.

LIU, SHENGBIAO Chinese

INSTALLATION SUPERVISOR

114.

GAO, SHIRUI Chinese

INSTALLATION SUPERVISOR

115.

LIU, QINGYANG Chinese

INSTALLATION SUPERVISOR

BusinessMirror

www.businessmirror.com.ph ESTABLISHMENT / ADDRESS NO.

FOREIGN NATIONAL / NATIONALITY

ESTABLISHMENT / ADDRESS POSITION

NO.

FOREIGN NATIONAL / NATIONALITY

ESTABLISHMENT / ADDRESS POSITION

168.

JIN, YAO Chinese

CHINESE CUSTOMER SERVICE

230.

XIN, YONG Chinese

CHINESE CUSTOMER SERVICE

169.

KANG, BO Chinese

CHINESE CUSTOMER SERVICE

231.

XING, ZHIWEI Chinese

CHINESE CUSTOMER SERVICE

170.

KE, JUN Chinese

CHINESE CUSTOMER SERVICE

232.

XU, JINGHUA Chinese

CHINESE CUSTOMER SERVICE

171.

LI, WEIGUO Chinese

CHINESE CUSTOMER SERVICE

233.

XU, XIN Chinese

CHINESE CUSTOMER SERVICE

172.

LIAO, YULAN Chinese

CHINESE CUSTOMER SERVICE

234.

XU, YANG Chinese

CHINESE CUSTOMER SERVICE

173.

MA, SIYI Chinese

CHINESE CUSTOMER SERVICE

235.

XU, XIAOTONG Chinese

CHINESE CUSTOMER SERVICE

174.

MENG, WEIWEI Chinese

236.

XU, ZHONGWEI Chinese

CHINESE CUSTOMER SERVICE

175.

MENG, YI Chinese

CHINESE CUSTOMER SERVICE

237.

XUE, KUI Chinese

CHINESE CUSTOMER SERVICE

176.

MIN, WEI Chinese

CHINESE CUSTOMER SERVICE

238.

YAN, ZEXIU Chinese

CHINESE CUSTOMER SERVICE

177.

MIN, XI Chinese

239.

YANG, YU Chinese

CHINESE CUSTOMER SERVICE

178.

MO, LUYONG Chinese

CHINESE CUSTOMER SERVICE

240.

YANG, CHI Chinese

CHINESE CUSTOMER SERVICE

179.

NI, CHUNWEI Chinese

CHINESE CUSTOMER SERVICE

241.

YANG, TAO Chinese

CHINESE CUSTOMER SERVICE

180.

PEI, ZHIJUN Chinese

CHINESE CUSTOMER SERVICE

242.

YANG, YONGJIE Chinese

CHINESE CUSTOMER SERVICE

181.

PENG, JIHUI Chinese

CHINESE CUSTOMER SERVICE

243.

YANG, CHENG Chinese

CHINESE CUSTOMER SERVICE

182.

QIAO, MU Chinese

CHINESE CUSTOMER SERVICE

244.

YE, SHAORONG Chinese

CHINESE CUSTOMER SERVICE

183.

QIN, JIE Chinese

CHINESE CUSTOMER SERVICE

245.

YI, XIANG Chinese

CHINESE CUSTOMER SERVICE

184.

QIN, GUOCHUAN Chinese

CHINESE CUSTOMER SERVICE

246.

YING, CAIDONG Chinese

CHINESE CUSTOMER SERVICE

185.

QIN, TAO Chinese

CHINESE CUSTOMER SERVICE

247.

YING, ZONGCHAO Chinese

CHINESE CUSTOMER SERVICE

186.

QIN, XIAOFEI Chinese

CHINESE CUSTOMER SERVICE

248.

YOU, JINFENG Chinese

CHINESE CUSTOMER SERVICE

187.

QIN, ZHENJIE Chinese

CHINESE CUSTOMER SERVICE

249.

YOU, JINCHENG Chinese

CHINESE CUSTOMER SERVICE

188.

QING, SHAOPENG Chinese

CHINESE CUSTOMER SERVICE

250.

YU, YANG Chinese

189.

QIU, SHANDE Chinese

CHINESE CUSTOMER SERVICE

251.

YU, QIFENG Chinese

CHINESE CUSTOMER SERVICE

Friday, November 27, 2020 A7

NO.

FOREIGN NATIONAL / NATIONALITY

ESTABLISHMENT / ADDRESS POSITION

291.

WIN KYAW THU Myanmari

MYANMARI CUSTOMER SERVICE

292.

CHEN (A.K.A. AARON CHEN), CHIH-CHI Taiwanese

TAIWANESE CUSTOMER SERVICE

293.

HO TIEN DUNG Vietnamese

VIETNAMESE CUSTOMER SERVICE

294.

NGUYEN GIA NAM Vietnamese

VIETNAMESE CUSTOMER SERVICE

295.

NGUYEN THI NGA Vietnamese

VIETNAMESE CUSTOMER SERVICE

296.

NGUYEN TRONG TRANG Vietnamese

VIETNAMESE CUSTOMER SERVICE

297.

NGUYEN VAN MAN Vietnamese

VIETNAMESE CUSTOMER SERVICE

298.

NGUYEN VAN THUY Vietnamese

VIETNAMESE CUSTOMER SERVICE

299.

PHAM DINH TU DUYEN Vietnamese

VIETNAMESE CUSTOMER SERVICE

300.

VONG KIM CHAU Vietnamese

VIETNAMESE CUSTOMER SERVICE

PLDT INC. Ramon Cojuangco Bldg. Makati Avenue San Lorenzo Makati City 301.

CARDENAS ZAVALETA, FIORELLA ESTEFANIA Peruvian

CUSTOMER EXPERIENCE TECHNOLOGIES ADVISOR

POSCO E AND C BRANCH OFFICE 9/f Philamlife Tower 8767 Paseo De Roxas Bel-air Makati City

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

SUMITOMO MITSUI BANKING CORPORATION - MANILA BRANCH 21/f Tower One & Exchange Plaza Ayala Ave., Cor. Paseo De Roxas Bel-air Makati City 346.

INOSE, YUSUKE Japanese

HEAD OF PLANNING DEPARTMENT

347.

OKUMURA, TORU Japanese

SENIOR VICE PRESIDENT OF CORPORATE BANKING JAPANESE DEPARTMENT

THE JAPANESE ASSOCIATION, MANILA, INC. 21/f-23/f Trident Tower 312 Sen. Gil Puyat Avenue Bel-air Makati City 348.

KUWAHARA, YUKA Japanese

JAPAN DESK OFFICER

TIANYU TECHNOLOGY INC. 27/f Pbcom Tower Ayala Avenue Cor. Rufino Street Bel-air Makati City 349.

DENG, XINGJUN Chinese

CHINESE IT SUPPORT SPECIALIST

350.

HUANG, FANPU Chinese

CHINESE IT SUPPORT SPECIALIST

351.

MA, YU Chinese

CHINESE IT SUPPORT SPECIALIST

352.

QING, LIZHI Chinese

CHINESE IT SUPPORT SPECIALIST

353.

WANG, XIAOLONG Chinese

CHINESE IT SUPPORT SPECIALIST

LEE, SANGYEOB South Korean

PROJECT MANAGER

355.

ZHANG, YANG Chinese

CHINESE IT SUPPORT SPECIALIST

356.

ZHOU, CAIYONG Chinese

CHINESE IT SUPPORT SPECIALIST

357.

ZHUANG, DAHAI Chinese

CHINESE IT SUPPORT SPECIALIST

RAPOO PRO TECHNOLOGY CORPORATION Unit 8 Robinsons Cybergate Plaza Pioneer Brgy. Barangka Mandaluyong City 304.

HO KIN YUEN Malaysian

CHINESE SPEAKING CUSTOMER SERVICE REPRESENTATIVE

305.

KUAN CHEE YANG Malaysian

CHINESE SPEAKING CUSTOMER SERVICE REPRESENTATIVE

358.

CHINESE CUSTOMER SERVICE

306.

LUO, YING Chinese

CHINESE SPEAKING DATA ENTRY CLERK

CHINESE CUSTOMER SERVICE

307.

LYU, TINGLU Chinese

CHINESE SPEAKING DATA ENTRY CLERK

TOTAL GLOBAL SERVICES PHILIPPINES, INC. 9f World Plaza, Block 5, Lot 4 Crescent Park West, 5th Ave. Bonifacio Global City Taguig City

MA, YUANYUAN Chinese

CHINESE SPEAKING GRAPHIC DESIGNER

191.

QU, JINBAO Chinese

CHINESE CUSTOMER SERVICE

253.

YUAN, WANGWANG Chinese

CHINESE CUSTOMER SERVICE

SKY DRAGON GLOBAL TECHNOLOGIES CORP. # 103 Mezzanine Floor Edsa Mandaluyong City

192.

SHAO, SONGTAO Chinese

254.

YUE, YUNHENG Chinese

CHINESE CUSTOMER SERVICE

309.

193.

SHEN, YANXIA Chinese

255.

ZENG, GUANGRUI Chinese

CHINESE CUSTOMER SERVICE

SOMI UNLIMITED SOLUTIONS, INC. 6/f Filinvest Cyberzone Bldg. Cbp1 Bay City Brgy. 076 Pasay City

194.

SHI, WENQIANG Chinese

256.

ZENG, ZHIYU Chinese

CHINESE CUSTOMER SERVICE

195.

SONG, YANFENG Chinese

CHINESE CUSTOMER SERVICE

257.

ZHAN, XINGYU Chinese

CHINESE CUSTOMER SERVICE

196.

SONG, NANNAN Chinese

CHINESE CUSTOMER SERVICE

258.

ZHANG, QIANG Chinese

CHINESE CUSTOMER SERVICE

197.

SU, LINGZHEN Chinese

CHINESE CUSTOMER SERVICE

259.

ZHANG, XUANTONG Chinese

CHINESE CUSTOMER SERVICE

198.

TANG, GUANGXU Chinese

CHINESE CUSTOMER SERVICE

260.

ZHANG, BAOLONG Chinese

CHINESE CUSTOMER SERVICE

199.

TIAN, XI Chinese

CHINESE CUSTOMER SERVICE

261.

ZHENG, ZEPENG Chinese

CHINESE CUSTOMER SERVICE

262.

TRUONG VAN NHAN Vietnamese

303.

308.

CHINESE CUSTOMER SERVICE

345.

CHINESE IT SUPPORT SPECIALIST

CHINESE CUSTOMER SERVICE

200.

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

WANG, BING Chinese

YU, YONGGANG Chinese

ZHOU, SHITAO Chinese

TRIEU HOANG TUAN Vietnamese

354.

252.

TU, ZEHE Chinese

344.

PROJECT CONTROL MANAGER

CHINESE CUSTOMER SERVICE

POSITION

KIM, JEONGHO South Korean

QU, XIAOTING Chinese

CHINESE CUSTOMER SERVICE

FOREIGN NATIONAL / NATIONALITY

302.

190.

CHINESE CUSTOMER SERVICE

NO.

CHINESE CUSTOMER SERVICE

ZHANG, YONG Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

310.

CHANPUANHAN, NARUEMON Thai

THAI CUSTOMER SERVICE REPRESENTATIVE

311.

CHUMKUN, CHANON Thai

THAI CUSTOMER SERVICE REPRESENTATIVE

312.

HAMEWIPUT, SAIMAI Thai

THAI CUSTOMER SERVICE REPRESENTATIVE

313.

JAMSANG, MANUSSAWEE Thai

THAI CUSTOMER SERVICE REPRESENTATIVE

314.

KAEWCHAWNA, NUTCHA Thai

THAI CUSTOMER SERVICE REPRESENTATIVE

315.

KOTIRAM, NAMFON Thai

THAI CUSTOMER SERVICE REPRESENTATIVE

316.

NAKSOMBUN, NUENAN Thai

THAI CUSTOMER SERVICE REPRESENTATIVE

201.

WANG, SHUIQUAN Chinese

CHINESE CUSTOMER SERVICE

263.

ZHOU, JIXIANG Chinese

CHINESE CUSTOMER SERVICE

202.

WANG, XIAODONG Chinese

CHINESE CUSTOMER SERVICE

264.

ZHUANG, YINGJUN Chinese

CHINESE CUSTOMER SERVICE

317.

NUCHJAENGBONG, THIDARAT Thai

THAI CUSTOMER SERVICE REPRESENTATIVE

203.

WANG, PENG Chinese

CHINESE CUSTOMER SERVICE

265.

DING, HAIYANG Chinese

CUSTOMER SERVICE REPRESENTATIVE

318.

RAIPUTTA, MAYUREE Thai

THAI CUSTOMER SERVICE REPRESENTATIVE

204.

WANG, CHENG Chinese

CHINESE CUSTOMER SERVICE

266.

HU, LING Chinese

CUSTOMER SERVICE REPRESENTATIVE

319.

SAE CHANG, JIRAPORN Thai

THAI CUSTOMER SERVICE REPRESENTATIVE

205.

WANG, HONG Chinese

CHINESE CUSTOMER SERVICE

267.

LI, HAI Chinese

CUSTOMER SERVICE REPRESENTATIVE

320.

CHINESE CUSTOMER SERVICE

268.

SEO, HANDONG South Korean

THAI CUSTOMER SERVICE REPRESENTATIVE

206.

WANG, JIANPING Chinese

KOREAN CUSTOMER SERVICE

SANGUANYAT, DUANGHATAI Thai

207.

WANG, JUNJIE Chinese

CHINESE CUSTOMER SERVICE

269.

CHEAN WEI KEN Malaysian

MALAYSIAN CUSTOMER SERVICE

321.

SINGNGO, SIRICHAI Thai

CHINESE CUSTOMER SERVICE

270.

CHONG CHUN YAP Malaysian

MALAYSIAN CUSTOMER SERVICE

322.

208.

WANG, PENG Chinese

209.

WANG, YIPAN Chinese

CHINESE CUSTOMER SERVICE

271.

KAREN YAP SHEUE WOEI Malaysian

MALAYSIAN CUSTOMER SERVICE

210.

WANG, JIUSHENG Chinese

CHINESE CUSTOMER SERVICE

272.

LIM KEAN CHUNG Malaysian

MALAYSIAN CUSTOMER SERVICE

211.

WANG, BOWEI Chinese

CHINESE CUSTOMER SERVICE

273.

LOW KOK MAN Malaysian

MALAYSIAN CUSTOMER SERVICE

212.

WANG, MIN Chinese

CHINESE CUSTOMER SERVICE

274.

MALAYSIAN CUSTOMER SERVICE

213.

WANG, YAN Chinese

CHINESE CUSTOMER SERVICE

VINCENT TAN WING HONG Malaysian

214.

WANG, YUE Chinese

275.

CHINESE CUSTOMER SERVICE

WONG CHOW LEONG Malaysian

MALAYSIAN CUSTOMER SERVICE

276.

215.

WANG, ZHENGKUN Chinese

CHINESE CUSTOMER SERVICE

WONG VUI KEE Malaysian

MALAYSIAN CUSTOMER SERVICE

216.

WANG, KAI Chinese

277.

CHINESE CUSTOMER SERVICE

YAU SUO KWAN Malaysian

MALAYSIAN CUSTOMER SERVICE

278.

217.

WANG, BIN Chinese

CHINESE CUSTOMER SERVICE

AIKE KYAE Myanmari

MYANMARI CUSTOMER SERVICE

218.

WANG, XUE Chinese

279.

CHINESE CUSTOMER SERVICE

EAIN CHWAE Myanmari

MYANMARI CUSTOMER SERVICE

219.

WANG, CHUNLING Chinese

280.

CHINESE CUSTOMER SERVICE

HAW FU SHOE Myanmari

MYANMARI CUSTOMER SERVICE

220.

WEI, SHANSHAN Chinese

281.

CHINESE CUSTOMER SERVICE

HAW LI KYING Myanmari

MYANMARI CUSTOMER SERVICE

221.

WEI, YUKE Chinese

282.

CHINESE CUSTOMER SERVICE

KYIN KAW Myanmari

MYANMARI CUSTOMER SERVICE

222.

WEN, TINGTING Chinese

283.

CHINESE CUSTOMER SERVICE

SAI TUN MYINT Myanmari

MYANMARI CUSTOMER SERVICE

284.

223.

WENG, JINPENG Chinese

CHINESE CUSTOMER SERVICE

SAIN AUNG NAING OO Myanmari

MYANMARI CUSTOMER SERVICE

224.

WU, YIDE Chinese

285.

CHINESE CUSTOMER SERVICE

SHAUK CHIN Myanmari

MYANMARI CUSTOMER SERVICE

WU, FEI Chinese

286.

225.

CHINESE CUSTOMER SERVICE

SOE KYAW THU Myanmari

MYANMARI CUSTOMER SERVICE

287.

226.

WU, CHONGWEI Chinese

CHINESE CUSTOMER SERVICE

TAIN SWE Myanmari

MYANMARI CUSTOMER SERVICE

288.

227.

WU, GENFA Chinese

CHINESE CUSTOMER SERVICE

TWAN YAN MYINT Myanmari

228.

WU, XIAOFANG Chinese

CHINESE CUSTOMER SERVICE

289.

229.

XIA, MIN Chinese

CHINESE CUSTOMER SERVICE

290.

TOPRATED SOLUTION CONSULTANCY INC. Unit 25d Zeta Ii Bldg. 191 Salcedo St. San Lorenzo Makati City

359.

ZHANG, PAN Chinese

CHINESE SPEAKING BUSINESS DEVELOPMENT ASSOCIATE

YUH, LEO NDITOH Cameroonian

GL ANALYST

TRIVES TECHNOLOGY CORPORATION Tower 4, Bayfort West Naia Garden Residence, Naia Road Tambo ParaÃ±aque City 360.

LIANG, MAOLIAN Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

361.

LIANG, ZHILING Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

362.

SU, LING Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

363.

ZHANG, YING Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

UBIQUITY GLOBAL SERVICES PHILIPPINES INC. 10th Floor Bench Tower 3rd Ave. Cor. Rizal Drive Fort Bonifacio Taguig City 364.

LAU, POK YU ANTHONY Chinese

BILINGUAL TEAM LEADER (ENGLISH-MANDARIN)

VAN GOGH BUSINESS PROCESS OUTSOURCING INC. 5/f Ayala Circuit Bpo-1 Bldg. Theater Drive Circuit Makati Carmona Makati City 365.

JIAO, LANXIU Chinese

I.T TECHNICAL MANDARIN

WANFANG TECHNOLOGY MANAGEMENT, INC. 6-9/f Double Dragon Plaza Edsa Cor. Macapagal Ave. Brgy. 076 Pasay City 366.

BUI DUC THUAN Vietnamese

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

367.

DO VU ANH Vietnamese

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

368.

HOANG DUC VIET Vietnamese

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

369.

HUYNH GIA HUY Vietnamese

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

370.

THAI CUSTOMER SERVICE REPRESENTATIVE

NGO QUOC VUONG Vietnamese

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

371.

SUEPHROM, WUTTINUN Thai

THAI CUSTOMER SERVICE REPRESENTATIVE

NGUYEN MINH HAO Vietnamese

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

372.

THAI CUSTOMER SERVICE REPRESENTATIVE

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

323.

TAENGDAENG, SUPITCHA Thai

NGUYEN THI HIEN Vietnamese

373.

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

324.

TAENKHUNTOD, SUPAPORN Thai

NGUYEN THI THU TRANG Vietnamese

THAI CUSTOMER SERVICE REPRESENTATIVE

374.

NGUYEN TRONG THANG Vietnamese

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

325.

DINH VAN TUAN Vietnamese

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

375.

NGUYEN VIET PHUC Vietnamese

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

326.

DINH VIET DAO Vietnamese

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

376.

PHAM TIEN DUNG Vietnamese

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

327.

DUONG THI TRA GIANG Vietnamese

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377.

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378.

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329.

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379.

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330.

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331.

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332.

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333.

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334.

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335.

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336.

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338.

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339.

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340.

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341.

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380.

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YFT DOCUMENT FACILITATION SERVICES Room No. C-06 23/f Tower 6789 6789 Ayala Ave. Bel-air Makati City 381.

CHEN, QIAN Chinese

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YONDU INC. 7/f Panorama Bldg. 34th St. Cor. Lane Abgc Fort Bonifacio Taguig City 382.

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Friday, November 27, 2020

The World BusinessMirror

AstraZeneca manufacturing error clouds Covid vaccine study results B

Editor: Angel R. Calso

European Union says first Covid-19 vaccinations possible by Christmas

ONDON—AstraZeneca and Oxford University on Wednesday acknowledged a manufacturing error that is raising questions about preliminary results of their experimental Covid-19 vaccine. A statement describing the error came days after the company and the university described the shots as “highly effective” and made no mention of why some study participants didn’t receive as much vaccine in the first of two shots as expected. In a surprise, the group of volunteers that got a lower dose seemed to be much better protected than the volunteers who got two full doses. In the low-dose group, AstraZeneca said, the vaccine appeared to be 90 percent effective. In the group that got two full doses, the vaccine appeared to be 62 percent effective. Combined, the drugmakers said the vaccine appeared to be 70 percent effective. But the way in which the results were arrived at and reported by the companies has led to pointed questions from experts. The partial results announced Monday are from large ongoing studies in the UK and Brazil designed to determine the optimal dose of vaccine, as well as examine safety and effectiveness. Multiple combinations and doses were tried in the volunteers. They were compared to others who were given a meningitis vaccine or a saline shot.

Did researchers mean to give a half dose?

Before they begin their research, scientists spell out all the steps they are taking, and how they will

analyze the results. Any deviation from that protocol can put the results in question. In a statement on Wednesday, Oxford University said some of the vials used in the trial didn’t have the right concentration of vaccine so some volunteers got a half dose. The university said that it discussed the problem with regulators, and agreed to complete the late stage trial with two groups. The manufacturing problem has been corrected, according to the statement.

What about the results themselves?

Experts say the relatively small number of people in the low dose group makes it difficult to know if the effectiveness seen in the group is real or a statistical quirk. Some 2,741 people received a half dose of the vaccine followed by a full dose, AstraZeneca said. A total of 8,895 people received two full doses. Another factor: none of the people in the low-dose group were over 55 years old. Younger people tend to mount a stronger immune response than older people, so it could be that the youth of the participants in the low-dose group is why it looked more effective, not the size of the dose. Another point of confusion comes from a decision to pool results from two groups of participants who received different dos-

In this undated file photo issued by the University of Oxford on November 23, a researcher in a laboratory at the Jenner Institute in Oxford, England, works on the coronavirus vaccine developed by AstraZeneca and Oxford University. With major Covid-19 vaccines showing high levels of protection, British officials are cautiously—and they stress cautiously—optimistic that life may start returning to normal by early April. Even before regulators have approved a single vaccine, the UK and countries across Europe are moving quickly to organize the distribution and delivery systems needed to inoculate millions of citizens. University of Oxford/John Cairns via AP

ing levels to reach an average 70 percent effectiveness, said David Salisbury, and associate fellow of the global health program at the Chatham House think tank. “You’ve taken two studies for which different doses were used and come up with a composite that doesn’t represent either of the doses,” he said of the figure. “I think many people are having trouble with that.”

Why would a smaller first dose be more effective?

Oxford researchers say they aren’t certain and they are working to uncover the reason. Sarah Gilbert, one of the Oxford scientists leading the research, said the answer is probably related to providing exactly the right amount of vaccine to trigger the best immune response. “It’s the Goldilocks amount that you want, I think, not too little and not too much. Too much could give you a poor quality response

as well,’’ she said. “So you want just the right amount and it’s a bit hit and miss when you’re trying to go quickly to get that perfect first time.”

What are the next steps?

Details of the trial results will be published in medical journals and provided to UK regulators so they can decide whether to authorize distribution of the vaccine. Those reports will include a detailed breakdown that includes demographic and other information about who got sick in each group, and give a more complete picture of how effective the vaccine is. Moncef Slaoui, who leads the US coronavirus vaccine program Operation Warp Speed, said Tuesday in a call with reporters that US officials are trying to determine what immune response the vaccine produced, and may decide to modify the AstraZeneca study in the US to include a half dose. “But we want it to be based on data and science,” he said. AP

RUSSELS —Vacc inat ions against the coronav irus could start in the 27 European Union nations by Christmas and member countries must urgently prepare their logistical chains to cope with the rollout of hundreds of millions of doses of the vaccines, according to a top EU official. Hailing the likelihood that “there’s finally light at the end of the tunnel,” European Commission President Ursula von der Leyen told EU lawmakers on Wednesday that “the first European citizens might already be vaccinated before the end of December.” The commission, the EU’s executive arm, has agreements with six potential vaccine suppliers and is working on a seventh contract. The deals allow it to purchase over 1.2 billion doses, more than double the population of the bloc, which stands at around 460 million people. Some vaccines would require two doses to be effective. On Tuesday, Brussels said it would sign a contract for up to 160 million doses of the experimental coronavirus vaccine developed by Moderna, which the company says appears to be 94.5 percent effective, according to its preliminary data. But von der Leyen said that while vaccines are important, “what counts are vaccinations.” “Member states must get ready now. We’re talking about millions of syringes, we’re talking about cold chains, we’re talking about organizing vaccination centers, we’re talking about trained personnel that are there. You name it. All this has to be prepared,” she warned. At Brussels Airport, Koen Gouweloose, the CEO of Swissport Cargo Services, told The Associated Press during a tour of his company’s facilities that “what we expect is that there will be a huge volume coming through.”

Vaccine doses, from companies within Europe and from outside, will be temporarily stored in a refrigerated warehouse, and if necessary packed in dry ice, before they’re shipped out by road, rail or air. “We are in the middle of Europe and we have connections to many parts of the world,” said Gouweloose, whose facility routinely handles vaccines and was set up three years ago to help manage an Ebola virus outbreak. “We are prepared, everything is done, tested.” Brussels Airport is also a major transport hub for Africa, and while von der Leyen has said the commission’s aim is to secure vaccines for European citizens, she said it has helped to raise almost 16 billion euros ($19 billion) for tests, treatment and vaccines worldwide. Despite the cautious optimism as outbreaks in a number of European countries start to plateau, Von der Leyen urged citizens to continue respecting restrictions, even as the measures harm businesses, further damage coronavirus-ravaged economies and put people through social and mental hardship. “With nearly 3,000 deaths a day, Covid-19 was the number one cause of death in the EU last week. Hospitals remain under stress, and in some regions some intensive care units are overwhelmed,” she said. “We must learn from the summer and not repeat the same mistakes. Relaxing too much is a risk for a third wave after Christmas,” von der Leyen said, adding that “this Christmas will be different, and yes, it will be quieter.” Given its location in western Europe, bordering four EU countries, and that it’s host to a number of big pharmaceutical companies, Belgium is set to become a hub for distributing the vaccines across the continent, but also into Africa. AP

UK cuts global aid after worst Americans risk traveling over Thanksgiving despite warnings recession in over 300 years

illions of Americans took to the skies and the highways ahead of Thanksgiving at the risk of pouring gasoline on the coronavirus fire, disregarding increasingly dire warnings that they stay home and limit their holiday gatherings to members of their own household. Those who are flying witnessed a distinctly 2020 landscape at the nation’s airports: plexiglass barriers in front of the ID stations, rapid virus testing sites inside terminals, masks in check-in areas and on board planes, and paperwork asking passengers to quarantine on arrival at their destination. While the number of Americans traveling by air over the past several days was down dramatically from the same time last year, many pressed ahead with their holiday plans amid skyrocketing deaths, hospitalizations and confirmed infections across the US. Some were tired of more than eight months of social distancing and determined to spend time with loved ones. “I think with the holidays and everything, it’s so important right now, especially because people are so bummed out because of the whole pandemic,” said 25-year-old Cassidy Zerkle of Phoenix, who flew to Kansas City, Missouri, to visit family during what is traditionally one of the busiest travel periods of the year. She brought snacks and her own hand sanitizer and said the flight was half full. She had a row of seats to herself. “As long as you’re maintaining your distance, you’re not touching stuff and you’re sanitizing your hands, people should see their families right now,” she said. The US has recorded more than 12.7 million coronavirus infections and over 262,000 deaths. The country is still missing about eight infections for every one counted, according to a new government report Wednesday. Many people don’t get tests, especially if they don’t have symptoms.

Holiday travelers crowd the ticketing area of terminal one Wednesday, Nov. 25, 2020, at MSP in Minneapolis. Millions of Americans took to the skies and the highways ahead of Thanksgiving at the risk of pouring gasoline on the coronavirus fire, disregarding increasingly dire warnings that they stay home and limit their holiday gatherings to members of their own household. David Joles/Star Tribune via AP

More than 88,000 people in the US—an alltime high—were in the hospital with Covid-19 as of Tuesday, pushing the health care system in many places to the breaking point, and new cases of the virus have been setting records, soaring to an average of over 174,000 per day. Deaths have surged to more than 1,600 per day, a mark last seen in May, when the crisis in the New York area was easing. The Centers for Disease Control and Prevention and state and local authorities have begged people not to travel and urged them to keep their Thanksgiving celebrations small. “That’ll make sure that your extended family are around to celebrate Christmas and to celebrate the holidays next year,” Kentucky Gov. Andy Beshear said. But even Denver Mayor Michael Hancock flew to Mississippi to spend Thanksgiving with his wife and youngest daughter despite sending messages on social media and to city staff asking them to avoid traveling for the holiday. He apologized, acknowledging that he went against his own public guidance. “I made my decision as a husband and father,

and for those who are angry and disappointed, I humbly ask you to forgive decisions that are borne of my heart and not my head,” Hancock said. About 900,000 to 1 million people per day passed through US airport checkpoints from Friday through Tuesday, a drop-off of around 60 percent from the same time a year ago. Still, those were some of the biggest crowds since the Covid-19 crisis took hold in the US in March. Last year, a record 26 million passengers and crew passed through US airport screening in the 11-day period around Thanksgiving. More Americans drive than fly during the holiday, and AAA has projected those numbers are also likely to be lower this year. How much lower the auto club has not said. Many states and cities have adopted precautions. Travelers to Los Angeles, either by plane or train, were required to fill out an online form acknowledging California’s request that people quarantine for two weeks after arrival in the state. Thea Zunick, 40, boarded a flight from Newark, New Jersey, to Florida to see her 90-year-old grandmother and her parents.

“We’ve all kind of decided like it’s worth the risk,” Zunick said. “But I wanted to make sure that all the efforts that I’ve made to stay healthy isn’t undone by other people’s carelessness. And absolutely, I know that I’m taking a risk by flying. I know that, but sometimes it’s necessary.” She isolated at home for days before the trip, got a Covid-19 test that came back negative and made sure to choose an early and direct flight. She also masked up and layered a face shield on top. “I felt like an astronaut, to be honest,” Zunick said. Once at the airport, Zunick said, she saw poor adherence to mask-wearing, loose enforcement of rules, long lines to check baggage and a disregard for social distancing in security lines. Once she boarded her completely full flight, with middle seats occupied, she watched passengers eat and drink with their masks pulled down and sat next to a passenger wearing a loose bandanna, prompting her to call over a flight attendant, she said. “I said to the stewardess, ‘Hey, the person next to me, is that permitted? Because it’s making me uncomfortable.’They’re like, ‘Oh, yeah, that’s fine.’ But it’s not,” Zunick said. “The bottom of it was open. And it was tied so loosely that it kept falling down throughout the flight and he kept messing with it and trying to make it tighter and pull it up.” Anne Moore, a 60-year-old woman from Chicago, flew to Albany, New York, to be with her daughter for the holiday. Her daughter is a senior at Dartmouth College, and Moore and her husband were worried about her driving back to Illinois by herself. Before the spike, the family had planned to hold a Thanksgiving gathering of fewer than 10 people. But instead it will be just Moore, her husband and her daughter. “I have friends who are alone. And I’m not inviting them. And I feel badly about that,” she said. “We’ll take a walk or something instead. But yeah, the three of us are isolating.” AP

ONDON—The British government faced fury on Wednesday after ditching its longstanding target for overseas aid in the wake of what it described as the deepest recession in over three centuries. In a statement to lawmakers, Treasury chief Rishi Sunak said the target to allocate 0.7 percent of national income to overseas aid will be cut to 0.5 percent. The move is expected to free up 4 billion pounds ($5.3 billion) for the Conservative government to use elsewhere, money that critics say could be used to save tens of thousands of lives in the poorest parts of the world. While expressing “great respect to those who have argued passionately to retain this target,” Sunak said “sticking rigidly” to it “is difficult to justify”to people at a time when the economy has been so battered by the coronavirus pandemic. “At a time of unprecedented crisis, government must make tough choices,” he said. Without giving a timetable, he said that the government aims to return to the target first laid out by the Labour government of Tony Blair in 2004. And he said that even with the new target, the UK will still be the second biggest aid spender among the Group of Seven leading industrial nations. The decision goes against the government’s promise last year to maintain the aid target and drew sharp criticism from across the political spectrum, including within Prime Minister Boris Johnson’s own Conservative Party. Liz Sugg, a junior minister at the Foreign Office, quit in the wake of the decision, arguing that it “will diminish our power to influence other nations to do what is right.” She said it undermines Johnson’s efforts to promote a “Global Britain” in the wake of the country’s departure from the European Union earlier this year. The UK is considered one of the world’s leaders in development issues so the cut was met with dismay from anti-poverty campaigners. “Cutting the UK’s lifeline to the world’s poorest communities in the midst of a global pandemic will lead to tens of thousands of otherwise preventable deaths,” said Oxfam Chief Executive Danny Sriskandarajah. Save the Children Chief Executive Kevin

Watkins said the decision had “broken Britain’s reputation for leadership on the world stage” ahead of its hosting of the 2021 United Nations Climate Change Conference. The Archbishop of Canterbury Justin Welby joined the chorus of disapproval, describing the cut as “shameful and wrong” and urging lawmakers “to reject it for the good of the poorest, and the UK’s own reputation and interest.” In a sobering assessment that provided the backdrop to the cut, Sunak sought to balance ongoing support for the economy with a longerterm commitment to heal public finances after a stark deterioration. “Our health emergency is not yet over and our economic emergency has only just begun,” he said. Sunak said the government’s independent economic forecasters are predicting that the British economy will shrink 11.3 percent this year, the “largest fall in output for more than 300 years.” The Office for Budget Responsibility expects the economy to grow again next year as coronavirus restrictions are eased and hopedfor vaccines come on stream, though it warned that a failure to agree a post-Brexit trade deal with the EU would wipe 2 percentage points off growth next year. Assuming a trade deal is secured by the year-end deadline, the agency is predicting growth of 5.5 percent in 2021 and 6.6 percent the following year. As a result the output lost during the pandemic won’t have been recouped until the final quarter of 2022. Sunak warned that the pandemic’s cost will create long-term “scarring,” with the economy 3 percent smaller in 2025 than predicted in March, before the spring lockdown. The massive fall in output this year has led to a huge increase in public borrowing as the government sought to cushion the blow and tax revenues fell. Sunak said the government has pumped 280 billion pounds into the economy to get through the pandemic. Public borrowing this fiscal year is set to hit 394 billion pounds, or 19 percent of national income, “the highest recorded level of borrowing in our peacetime history.” He warned that underlying public debt is rising towards 100 percent of annual GDP. AP

The World BusinessMirror

www.businessmirror.com.ph

Global push to end domestic violence that Covid worsened

RUSSELS—In a global push to end violence against women, activists held rallies Wednesday and world leaders called for action to stop the abuse, which has worsened because of the coronavirus pandemic this year. Protests from France to Ukraine were held on the International Day for the Elimination of Violence against Women to draw attention to domestic violence in what is an uphill struggle to protect millions of women killed or abused every year by their partners and close relatives. In Rome, the office of the prime minister was being lit in red and red banners tumbled from trade union offices in Florence to demand an end to violence against women. Italy was a hotbed for Covid-19 infections this year, forcing the government to impose lockdowns to keep the virus out. In an unintended consequence, domestic violence cases began to grow. “Because of the restrictions, we involuntarily created profound distress,” that led to increased episodes of domestic violence and femicide, Prime Minister Giuseppe Conte told a parliamentary discussion on Italy’s long-standing problem with violence against women. The Italian Health Ministry, citing data from national statistics agency ISTAT, said calls to domestic violence hotlines shot up during the lockdown, registering a 75 percent increase compared to the same period in 2019. Between March and June, calls and text messages to the anti-violence number more than doubled during the same period, to 119.6 percent Together with Spanish Prime Minister Pedro Sánchez, Conte signed a joint declaration vowing to accelerate measures to stamp out violence against women, which they called “an invisible pandemic.” Even if detailed statistics were hard to come by, organizations and countries, from the United Nations to the European Union, France and Britain, all said that the pandemic had so far been an additional source for men to mistreat women. In Ukraine, the Femen feminist activist group staged a protest outside the president’s office with a brief topless protest. “We want to illustrate the situation with women’s rights in Ukrainian society—unprotected from any violence. We think the violence against women is a human rights violation, Femen activist Anya Alian said. UN agency UNAIDS said that “evidence shows that the Covid-19 pandemic has resulted in significant increases in gender-based violence in nearly all countries,” especially for women trapped at home with their abuser. “Men’s violence against women is also a pandemic—one that pre-dates the virus and will outlive it,” said Phumzile Mlambo-Ngcuka, executive director of the UN Women agency. “Last year alone, 243 million women and girls experienced sexual or physical violence from their partner. This year, reports of increased domestic violence, cyberbullying, child marriages, sexual harassment and sexual violence have flooded in,” she said. In Turkey, where at least 234 women were killed since the start of the year, according to government figures, riot police in Istanbul blocked a small group of demonstrators from marching to the city’s iconic Taksim Square to denounce violence against women. The government has declared the square off-bounds for demonstrations. Elsewhere in Istanbul, some 2,000 other women staged a peaceful demonstration calling on President Recep Tayyip Erdogan’s government to remain committed to a European treaty on combatting violence against women. Earlier this year, some officials from Erdogan’s Islam-oriented party had spoken in favor of reviewing the agreement to adapt it to Turkey’s more conservative family values. Pope Francis marked the day by tweeting: “Too often women are offended, mistreated, raped and forced to prostitute themselves ... If we want a better world, a home of peace and not a courtyard of war, we all must do much more for the dignity of each woman.” France’s government sealed a deal with TikTok to encourage young people to report abuse through the social network. World soccer governing body FIFA announced an awareness campaign. France’s deal with TikTok is among multiple measures it has taken since a national reckoning over domestic violence last year prompted by an unusually high number of women killed by their husbands, boyfriends or former partners. Activists say more needs to be done. France’s minister for equal rights, Elisabeth Moreno, said that reports of domestic violence registered with the government rose 42 percent during France’s first virus lockdown in the spring, and have risen 15 percent since a new lockdown was imposed nearly a month ago. Given that most people don’t report such abuse, the real rise is believed to be higher. In Britain, The Office for National Statistics said police recorded 259,324 domestic abuse offenses between March and June, an increase of 18 percent compared to the same period in 2018. The charity Refuge said the number of people calling its domestic abuse hotline were 65 percent higher between April and June than in the first three months of the year, before lockdown. “These appalling statistics show endemic levels of domestic abuse,” Labour Party crime spokesman Nick Thomas-Symonds said. “The Covid crisis didn’t create this scar on our society, but it has made the situation even worse.” Europe largest human rights organization, the 47-nation Council of Europe, called on legislators throughout Europe to better protect women and girls. “The Covid-19 pandemic has shown how fragile the protective safety-net for victims of violence really is, especially when it comes to domestic violence,” said Petra Bayr (SOC, Austria), Chair of the Committee on Equality and Non-Discrimination of the Council of Europe Parliamentary Assembly (PACE). “The increase in violence during lockdown has been a shocking revelation in almost all our societies; it has put a magnifying glass on the harmful mindsets that still prevail.” AP

Friday, November 27, 2020

Xi seeks to advance ‘healthy and stable’ relationship as he congratulates Biden

hina’s President Xi Jinping broke his silence on Joe Biden’s election victory, sending the US president-elect a message that he hopes to “manage differences” and focus on cooperation between the world’s two largest economies.

The congratulatory note, reported by the official Xinhua News Agency, said China wants to advance a “healthy and stable” relationship and uphold the principles of “no conflict” and “no confrontation.” Biden appreciates the congratulations he’s receiving from world leaders, including Xi, a spokesman for the president-elect’s transition office said. China’s r u l ing Communist Party leaders had held off on offering extended comments as President Donald Trump pursued

unfounded claims of fraud in an effort to overturn the November 3 election. An earlier Foreign Ministry statement sent congratulations and said China respected the American people’s choice. Trump has ratcheted up tensions with Beijing over the course of his administration, hitting China with tariffs in continuing trade disputes, blaming it for the coronavirus pandemic and condemning its treatment of ethnic Uighurs in the Xinjiang region and its crackdown on freedoms in Hong Kong.

China—and look past some of its violations of human rights, intellectual property threats and regional expansion—is over.

Trump’s rift

President-elect Joe Biden speaks at The Queen Theater on Wednesday, Nov. 25, 2020, in Wilmington, Delaware. Chinese President Xi Jinping congratulated US President-elect Joe Biden on Wednesday and expressed hope for “win-win cooperation” amid conflicts over trade, technology and security that have plunged Sino-American relations to their lowest level in decades. AP/Carolyn Kaster

As Biden prepares to take office, the world is watching to see how he handles the relationship between Washington and Beijing, after a campaign in which he faced few questions about how he would handle Beijing more effectively than Trump. Officials have

suggested the president-elect would take a less confrontational approach to China than Trump, cooperating on issues such as arms control and climate change. Biden’s team has acknowledged that the Obama-era effort to work more closely with

Still, the new administration will inherit—and be forced to navigate—the Trump-era rift between the US and China. Trump is planning more hardline moves against Beijing in the remaining weeks of his term, Bloomberg reported earlier this month, potentially escalating tensions as the Biden administration takes over. Actions being considered include countering illegal fishing and more sanctions against party officials or institutions causing harm in Hong Kong or Xinjiang, Bloomberg reported. The Trump administration is close to issuing a list of 89 Chinese aerospace and other firms that would be unable to access US technology exports because of military ties, Reuters reported this week, a move that could escalate tensions as the Biden administration prepares to take over. Bloomberg News

seeks to unify US as Trump Thai protesters push on despite Biden stokes fading embers of campaign charges of royal defamation W

ANGKOK—Pro-democracy demonstrators in Thailand took to the streets of the c a p i t a l a g a i n o n We d n e s d ay a s t h e government escalated its legal battle against them, reviving the use of a harsh law against defaming the monarchy. Their rally was peaceful, but less than two hours after it was declared over and many in the crowd were lingering, a man was shot and wounded, according to initial reports of emergency ser vice personnel and witnesses’ accounts and photos posted on social media. Although it wasn’t clear whether the attack involved a personal dispute or politics, it was a reminder that the threat of violence is attached to the passions involved in the protests. On Tuesday, police issued summonses for 12 protest leaders to answer charges of lese majeste, or defaming or insulting key members of the royal family. The offense is punishable by up to 15 years in prison per incident. Most of the protest leaders are already facing various other charges ranging from blocking traffic to sedition. The lese majeste law is controversial because anyone—not just royals or authorities—can lodge a complaint, and it has been used in the past as a weapon in political vendettas. But it has not been employed for the past three years after King Maha Vajiralongkorn informed the government that he did not wish to see its use. The king has not publicly commented on the law since then. The protesters want the monarchy reformed to make it more accountable. They also want Prime Minister Prayuth Chan- ocha and his government to step down and for the militaryimplemented constitution to be amended to make it more democratic. S e ve ral o f the leaders wanted by the police were present Wednesday as protesters gathered in a carnival-like atmosphere next to the headquarters of a bank controlled by the country’s royal family. About 3,000 had joined by the time the rally was declared over shortly after 9 p.m., with the crowd singing and dancing. Many in the monthslong protest movement, spearheaded by students, believe the monarchy holds too much power for a constitutional monarchy. Their challenge is fiercely opposed by royalists, including many in the army, who consider the royal institution an untouchable bedrock of national identity. Food and souvenir vendors set up tables on a long stretch of sidewalk along the rim of a park-like compound occupied by the Siam Commercial Bank. Items featuring the image of a yellow rubber duck, a movement icon, could be seen almost everywhere. One protest leader gave a fiery speech from a truck-bed stage while wearing a duck costume. The ducks became a symbol of resistance

Inflatable yellow ducks, which have become a good-humored symbol of resistance during anti-government rallies, are held by a protester during a rally on Wednesday, Nov. 25, 2020 in Bangkok, Thailand. Pro-democracy demonstrators in Thailand on Wednesday again took to the streets of the capital, even as the government escalated its legal battle against them, reviving the use of a harsh law against defaming the monarchy. AP/Wason Wanichakorn last week when human-size inflatable ducks were brought to a rally outside Parliament and satirically dubbed the protesters’ navy. When police turned water cannons on them, the ducks served as makeshift shields. At a ceremony at a park in another part of Bangkok, at least 600-700 supporters of the monarchy gathered for an appearance by the king, dressed in a white formal uniform. He and Queen Suthida took part in a wreath-laying ceremony to commemorate the 1925 death of King Vajiravudh, whose statue is in front of Lumphini Park. In the past month, the royal couple have been making similar appearances where members of the public can see them face to face, an evident attempt to shore up support for the royal institution. The site of Wednesday’s pro-democracy rally was changed late Tuesday night by the protesters. It was earlier announced that it would be held outside the offices of the Crown Property Bureau, which manages the fortune controlled by the king, estimated to be worth more than $40 billion. The target was switched to the Siam Commercial Bank, a publicly held company in which the king is the biggest shareholder. The bank’s headquarters are in a different area of Bangkok, far from the district hosting the Crown Property Bureau and other royal and government offices. The protest movement announced that the change of venue was to avoid a confrontation with police and royalist counter demonstrators, which it feared could trigger a declaration of martial law or a coup by the military. Barbed wire had already been installed around the Crown Property Bureau offices and

the government had declared a no-go zone of 150 meters (500 feet) around the property. Massive shipping containers were deployed by cranes to block off streets. A protest rally outside Parliament last week turned chaotic as police fired water cannons and tear gas at the protesters. At least 55 people were hurt, including six reported to have had gunshot wounds. Police denied firing live rounds or rubber bullets. The next day, several thousand demonstrators gathered outside the national headquarters of the police in central Bangkok to protest the force used against them. That rally was nonviolent but fueled royalist outrage at the protest movement as demonstrators defaced the “Royal Thai Police” sign outside its headquar ters and scrawled graffiti and chanted slogans that could be considered derogatory of King Vajiralongkorn. Protest leaders remained defiant even after being told they were facing lese majeste charges. They declared they would have four more days of rallies to pressure the government. One of them, Parit “Penguin” Chiwarak, posted his response to his summons on Twitter, saying: “I am not afraid anymore. The ceiling (of our demands) is destroyed. Nobody can stop us now.” A statement issued Wednesday by Free Youth, the driving force in the coalition of protest groups, called Thailand a failed state whose people “are ruled by capitalists, military and feudalists.” “And under this state, the ruling class oppress the people who are the true founders and heirs of this country,” said the statement, the most strident issued so far in the name of the group. AP

ILMINGTON, Del.—On a day of grace and grievance, President-elect Joe Biden summoned Americans to join in common purpose against the coronavirus pandemic and their political divisions while the man he will replace stoked the fading embers of his campaign to “turn the election over.” Biden, in a Thanksgiving-eve address to the nation, put the surging pandemic front and center, pledging to tap the “vast powers” of the federal government and to “change the course of the disease” once in office. But for that to work, he said, Americans must step up for their own safety and that of their fellow citizens. “I know the country has grown weary of the fight,” Biden said Wednesday. “We need to remember we’re at war with the virus, not with one another. Not with each other.” President Donald Trump, who has scarcely mentioned the pandemic in recent days even as it has achieved record heights, remained fixated on his election defeat. He sent his lawyer Rudy Giuliani and other members of his legal team to meet Pennsylvania Republican state senators in Gettysburg. Inside a hotel near the hallowed battlefields of civil war, they again aired complaints about the election and repeated allegations of Democratic malfeasance that have already disintegrated under examination by courts. “We have to turn the election over,” Trump said from the Oval Office, where he joined the meeting by speakerphone. “This was an election that we won easily,” he said. “We won it by a lot.” In fact, the election gave Biden a clear mandate, and no systemic fraud has been uncovered. Judge after judge has dismissed the Trump campaign’s accusations as baseless, and the transition to Biden’s presidency is fully underway. Nevertheless, Trump repeated: “This election has to be turned around.” Trump had been expected to appear in person in Gettysburg, but did not after another member of his legal team tested positive for the coronavirus. Few at the meeting wore masks. A l t o g e t h e r, t h e f o r u m h e a r d — a n d cheered—yet another declaration from a U.S. president seeking to reverse a democratic election and the voters’ will because he wants to stay in power. The setting was about a mile from the scene of Pickett’s Charge, where Union troops repelled a desperate Confederate attack in July 1863 and helped turn the tide of the Civil War. The president followed up by pardoning former national security adviser Michael Flynn, the second Trump associate convicted in the Russia probe to be granted clemency by Trump. The pardon was part of a broader effort to undo the results of an investigation that for years has shadowed Trump’s administration and yielded criminal charges against a half dozen associates. The pardon voids the criminal case against Flynn just as a federal judge was deciding whether to grant a Justice Department request to dismiss the prosecution despite Flynn’s own guilty plea to lying to the FBI about his Russia contacts.

For his part, Biden has largely projected s e re n i t y a s t h e n e ce s s a r y e l e m e nt s o f a presidential transition—money, access to office space and more—were held at bay for nearly three weeks by Trump’s machinations and a delayed ascertainment by the General Services Administration that he had won the election. On Wednesday, he addressed Trump’s raw tactics only in passing. “Our democracy was tested this year,” Biden said, “but the people of this nation are up to the task.” “In America, we have full and fair and free elections, and then we honor the results,” he said. “The people of this nation and the laws of the land won’t stand for anything else.” And he offered an optimistic vision, calling on Americans to “dream again” and predicting that “the 21st century is going to be an American century.” Biden pledged more virus testing, more p ro te c t i ve g e a r a n d c l e a re r g u i d a n ce f o r b u s i n e s s e s a n d s c h o o l s t o re o p e n w h e n he becomes president. Until vaccines are distributed, he said, masks, social distancing and limits in the size of gatherings “are our most effective tools to combat the virus.” Biden’s remarks came as COVID-19 cases a re s u rgi n g n at i o nw i d e. Ho s p i t a l i z at i o n s, deaths and the testing positivit y rate were also up sharply as the nation headed into Th a n k s g i v i n g, a n d p u b l i c h e a l t h e x p e r t s have warned that the large family gatherings expec ted for the holiday are likely to ex tend and exacerbate the surge. He has formed a coronavirus advisory board of scientists, doctors and public health experts, and plans to establish a COVID-19 coordinator in the White House to lead his administration’s response. This week, however, Biden focused beyond the crisis stateside and unveiled his national s e c u r i t y t e a m o n Tu e s d a y, i n c l u d i n g h i s nominees for secretar y of state, director of national intelligence and U.S. ambassador to the United Nations. Drawing implicit contrasts with Trump, Biden said the team “reflects the fact that America is back, ready to lead the world, not retreat from it.” He’s also expected to name Janet Yellen as treasury secretary in the coming weeks. In urging Americans to be vigilant in their Thanksgiving plans, Biden said Wednesday he was taking precautions of his own, eschewing his traditional large family gathering and spending the holiday instead with just his wife, daughter and son-in-law. He’s traveling with his wife, Jill, to Rehoboth Beach, the small Delaware beach town where the two have a vacation home. That’s where they’ll host their family for Thanksgiving dinner. Biden is expected to stay through the weekend in Rehoboth before returning to Wilmington for further work on the transition. Trump will forgo his usual plans to celebrate Thanksgiving at his private club in Florida and will instead remain at the White House. AP

A10 Friday, November 27, 2020 • Editor: Angel R. Calso

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editorial

La Niña is here

eather has obviously been one of the most important drivers of human civilization since the beginning of recorded history. Cyclical weather patterns have created human migration, affected the health of humanity through food production, and made some nations wealthier over time and some continuously poorer. Countries on the Pacific Ocean have been subjected to the recurring periods of the warming El Niño–Southern Oscillation and its opposite La Niña periodic cooling of ocean surface temperatures in the equatorial band of the Pacific. Evidence is strong for El Niño events during the early Holocene epoch 10,000 years ago. Great global economic effects can be illustrated in the nearly 500 percent increase in the price of soybeans between 1970 and mid-1973. The supply of fishmeal used in animal feed sourced from the western coast of South America began to be disrupted with the strong El Niño in 1965. Another El Niño episode in 1972 delivered a devastating blow, and soy prices skyrocketed. This came about despite the fact that from the early 1970s, Latin America, led by Brazil, began to emerge as a major soybean producing area. In 1974, Brazil’s production passed that of China, and in 1975 Latin America’s total production—major producers being Brazil and Argentina—passed that of Asia. The weather pattern created a global economic change. In 1972, approximately 30 million tons of soy was used as animal feed. Today it is 180 million tons. In 1980, 77 percent of fishmeal production was used for feeding pigs and chickens. That percentage is now 40 percent. El Niño events occur at two- to seven-year intervals with varying strengths and with different effects on the east and west of the Pacific Ocean. This leads to intense storms in some places and droughts in others. On our side on the world, El Niño causes cooler ocean surface temperatures. As warm water spreads from the western Pacific to the eastern Pacific, it takes the rain with it and can cause extensive drought in the western Pacific and rainfall in the normally dry eastern Pacific. La Niña occurs as strong winds blow warm water at the ocean’s surface away from South America, across the Pacific Ocean towards Asia. In March 2008, La Niña caused heavy rains over Malaysia, the Philippines, and Indonesia. PAGASA (Philippine Atmospheric, Geophysical and Astronomical Services Administration) has been monitoring the formation of a La Niña since July and at that time said “there is more than 50 percent chance that a weak La Niña will develop in either late October or November 2020.” On October 29th, the World Meteorological Organization of the United Nations said, “La Niña has developed and is expected to last into next year. The latest seasonal forecasts indicate normal rainfall in Southeast Asia. La Niña is often associated with wet conditions across large parts of Southeast Asia, Australia and the latest seasonal outlook is consistent with historical La Niña conditions.” PAGASA confirmed that also in October with “Rainfall forecast from October 2020 to March 2021 suggests that most parts of the country will likely receive near to above normal rainfall conditions. In addition, five to eight tropical cyclones, most of which are landfalling TCs, are expected to enter/develop in the Philippine Area of Responsibility.” Now, PAGASA says: “These meteorological conditions indicate the onset of Northeast Monsoon [Amihan] season in the country.” It is going to be a “wet-not-white Christmas.” Since 2005

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Resiliency, or concealing the shortcomings of our leaders? Rev. Fr. Antonio Cecilio T. Pascual

SERVANT LEADER

rothers and sisters, it is said in the book of Timothy 6:18, “Command them to do good, to be rich in good deeds, and to be generous and willing to share.”

The past few weeks may not have been easy for many Filipinos because of the damage caused by succeeding typhoons, yet our spirit of unity and cooperation as Filipinos still prevailed. Many people remained unshaken by the current pandemic in order to address our fellowmen’s needs. Different private individuals and organizations took action and leadership in the organizing of donation drives, fundraising, and relief operations, even through the use of social media. There was also one PWD commended for giving financial help to the victims of Typhoon Ulysses from his savings, which came from alms. Unity and camaraderie truly arise when we see suffering people amid crises and calamities. In the

recent television reports, as sorrowful as the experience many of our fellowmen have endured, we saw that there were some victims who managed to wave their hands and smile even if floods submerged their homes and possessions. As someone said, “The Filipino spirit is waterproof.” Whenever a typhoon hits the Philippines, the resilient attitude of Filipinos is always praised. Now we are beginning to rebuild destroyed homes, to clean the streets, gather anything that can still be useful, and eventually will come back to normal. It seems that many of us got used to taking action and rising to the occasion without depending on any help from others, including the government. While Filipinos are admired for

being strong with good resolve in standing again after a calamity, this attitude stands out amid the lack of action by the government. In the Catholic social teaching Pacem in Terris, Pope John XXIII said that society will not improve if there aren’t any leaders that take action and work for the interests and welfare of their constituents. It is important for our leaders in government to recognize, respect, care for, and assert the rights of the citizens. And this is why it is not enough to place the responsibility to rebuild and stand up at the shoulders of the people every time we face calamities and crises like typhoons. If being resilient means to endure inhumane situations and suffering; if calamities act as obstacles for the people to be made aware of injustice; and if this will be the reason for leaders to become complacent and just rely on the belief that the people severely affected will overcome their struggles, must we truly admire resiliency? Doesn’t this conceal the shortcomings of the institutions we trust to elevate the well-being of all? If corruption, loss of justice, and the irresponsibility of the government become rampant, Filipinos will continue to suffer. Resilience isn’t

enough for Filipinos victimized by crisis and calamity, if many elected leaders do not fulfill their duties. As admirable as the spirit and positive disposition of the Filipino may be, the accountability of our leaders in government, from the highest to the lowest position, must not be set aside from our discussion. It is not right to use Filipino resiliency to cover up and compensate the lack of action from our leaders in government; leaders who have great responsibilities and duties to address the damage caused by calamities and help those they have sworn to serve. Brothers and sisters, along with our cheers for the spirit of camaraderie and resiliency of the Filipinos, let us be vigilant toward our leaders, and demand from them to make an effort in the performance of their mandates. The need for us Filipinos to sacrifice our lives and livelihoods each time there is a calamity is not right. Our leaders in government must do their job to ease the pain among our people.

Make it a habit to listen to Radio Veritas 846 Ang Radyo ng Simbahan in the AM band, or through live streaming at www.veritas846.ph, and follow its Twitter and Instagram accounts @veritasph, and YouTube at veritas846.ph. For your comments, e-mail veritas846pr@gmail.com.

Coronavirus is helping African economies compete By Matthew A. Winkler | Bloomberg Opinion

hen all is said and done in 2020, African economies will probably have outperformed the rest of the world during the coronavirus pandemic. Africa’s 54 countries now include seven of the globe’s 10 fastest-growing economies, in part because the lethal virus may have improved their competitive advantage as they accelerated their decade-long transformation from exporters of natural resources to hubs of wireless, remotely engaged commerce. The transition to technologydriven, 21st-century business in a region where people are younger than anywhere else is reflected in the changing landscape of the 1,300 publicly traded companies that make up corporate Africa. Communications firms have become a robust presence, making up 29 percent of the total market capitalization of the continent in 2020 compared to 13 percent a decade earlier, according to data compiled by Bloomberg. Materials and energy, the region’s benchmarks since colonial times, declined to 23 percent from 34 percent during the same period. Africa has held off the Covid-19 assault better than many developing regions. The coronavirus had receded by mid-November in some of the continent’s largest countries—South Africa, Nigeria and Ethiopia—to their lowest levels since April or May, according to

data compiled by the Johns Hopkins Bloomberg School of Public Health. In contrast, Mexico earlier this month became the fourth country to exceed 100,000 confirmed Covid-19 deaths behind the US (257,929), Brazil (169,485) and India (134,218) amid a recent global virus resurgence. South Africa, Africa’s sixth-most populous country, suffered 20,968 deaths among its 767,759 Covid-19 cases. The economies of Ethiopia, Uganda, Ivory Coast, Egypt, Ghana, Rwanda and Kenya withstood the economic impact of the pandemic so successfully that they were among the world’s 10 fastest-growing in 2020. At least five of them are expected to remain in that elite growth club through 2022, according to forecasts by economists compiled by Bloomberg during the past three months. Two years ago, Africa included only three of the best performers and in 2015 it had four.

Shares of sub-Saharan Africa’s 200 largest public companies have appreciated 13 percent this year as the comparable emerging-market index gained 12 percent and the more risky frontier-market benchmark lost 3 percent, according to data compiled by Bloomberg. Corporate Africa advanced 78 percent during the past two years as the emerging market advanced 33 percent and the frontier market gained 12 percent. The same 200 African firms appreciated 324 percent over five years as the emerging market rallied 67 percent and the frontier market rose 27 percent. Africa’s commodity-related companies led all industries with a 188 percent two-year total return (income plus appreciation) that dwarfed the 37 percent of global peers, and its nascent technology sector returned 123 percent when the comparable global benchmark climbed 92 percent. The tech stars include Cartrack Holdings Limited, the Johannesburg-based software maker that collects vehicle data transmitted while driving, giving users safety and performance intelligence; its share price has risen 76 percent so far in 2020. CBZ Holdings Limited, the Harare, Zimbabwe-based bank with a burgeoning digital business, was 11 times more valuable this year than last. MTN Nigeria Commu-

nications PLC, the Lagos, Nigeriabased telecommunications service benefiting especially from Covid-19 lockdowns, has rallied 58 percent in 2020; the rest of global telecom was down 1 percent. Nigeria has had the world’s bestperforming shares this year. Among the world’s 93 major equity markets, the Nigerian Stock Exchange All Share Index of 153 companies was No. 1 with a 27 percent total return, according to data compiled by Bloomberg. Communications, accounting for 28 percent of the index this year, up from less than 1 percent in 2015, gained 68 percent, surpassing No. 2 health care. That’s a taste of the best likely to come for investors in African companies. Global X MSCI Nigeria, the largest exchange-traded fund in assets invested in the country, has the greatest discount of 32 percent, which is a record since the fund’s inception in 2013. Translation: More than 20 Nigerian companies in this ETF appreciated much faster than their global peers, to the point where they are grossly undervalued. Just as investors snapped up the US companies enabling people to work and play remotely, a similar trend is unfolding across the Atlantic. The global pandemic is everyone’s problem. It’s proving to be a profit opportunity in Africa.

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Friday, November 27, 2020 A11

Impact of extreme rainfall days The last good year on the well-being of households in the formal and informal sectors Tito Genova Valiente Majah-Leah V. Ravago, Gerald Gracius Pascua, Loubill Dayne Aceron, Emilio Gozo, Faye Cruz and Gemma Narisma

EAGLE WATCH

he Philippines is among the most vulnerable countries to extreme weather events in the world. The geographical location of the country makes it highly exposed to extreme weather events such as typhoons, storm surges, intense flooding, among others. The World Risk Report has consistently ranked the Philippines among the top 3 countries in the world at high disaster risk, along with Vanuatu and Tonga. Poorer households, especially those in rural areas, are more likely to suffer from disasters and are thus more vulnerable. Households from low socioeconomic backgrounds often face greater disaster risks, but are also the least prepared for disaster events due to several factors including housing affordability, low income, low literacy levels, among others. Informal households— where most of the urban and rural poor belong—tend to be located in hazardous areas, increasing their disaster risk profiles. Disasters increase the vulnerability of informal workers to remain informal, while also increasing the risk that formal workers will fall into informality. For the Philippines, which has a large informal sector, the adverse effects of extreme weather events are not negligible, and potentially irreversible in this sector of the economy. Using data from the Labor Force Surveys and the Family Income and Expenditure Surveys of the Philippine Statistics Authority (PSA) from 2006 to 2015, we estimate that rural households consist about 60 percent of all households. The proportion of the non-poor is 41 percent and poor 18 percent in 2006. This has improved to 46 percent and 14 percent, respectively in 2015. The PSA does not issue official statistical counts of formal and informal households in the country. Nonetheless, using the PSA definition, we segregated the households into formal and informal sector. We found that 5,330 households are classified as informal in 2006 and has increased to 5,615 household in 2015. Among the rural poor, the informal sector was 59 percent in 2006 and falling into 48 percent by 2015. For the non-poor, the percentage has likewise fallen from 49 percent in 2006 to 41 percent in 2015. While the percentage shares have fallen, the absolute number of informal households remain as the most vulnerable to remaining informal and also potentially adding formal households in rural areas. We then defined extreme rainfall day as a day with rainfall exceeding the 95th percentile over the 19982018 period in each year per location. Municipalities where the households live are categorized under “extreme” if the annual number of extreme rainfall days during the preceding year of the survey exceeds the 75th percentile of the annual number of extreme rainfall days across the 1998-2018 period. We utilized satellite-derived daily rainfall from the Tropical Rainfall Measuring Mission (TRMM) Multi-satellite Precipitation Analysis (3B42) dataset for the years from 1998 to 2018. We disaggregated average per capita income of the rural households into agriculture and non-agriculture and per capita expenditure into food, non-food, health, and education for the period 2006-2015 during normal and extreme rainfall conditions. We found that during normal rainfall conditions, real incomes and expenditures of informal households are significantly lower relative to formal households living in the same area. Specifically, the income of the informal households are 14 percent lower than formal households. In terms of expenditures, it is 17 percent lower. However, during extreme rainfall

conditions, real income and expenditures of both formal and informal households fall significantly. The income of formal households fall by 14 percent and informal households by 11 percent. As for expenditures, formal households fall by 12 percent and 10 percent for informal households. We estimate an economic model of household income, production, earnings, and expenditure with households’ characteristics in the presence of a weather shock, i.e., extreme rainfall days. To assess and differentiate the impact of extreme rainfall days on the welfare of the formal and informal sectors, we first address the selectivity associated with the households being in the formal and informal sectors. The difference in the net benefits determines the sector of choice. We test the hypothesis that extreme rainfall days depress earnings of households and therefore lower their income and consumption. Using both income and expenditure as welfare indicators, being poor significantly increases the likelihood of being in the informal sector. Living in a largely urban municipality, on the other hand, decreases the likelihood of households being in the informal sector. Implementing the impact of extreme rainfall days, we find that both sectors are affected negatively but the impact is bigger for the formal sector. Households in the formal sector have larger incomes and have more to lose than the households in the informal sector. Thus, there is a potential for households in both sectors to slide into poverty when they are affected by extreme weather events. We also find that the formal sector recovers faster than the informal sector. However, the adverse impact to the informal households may be irreversible given their weak capability to recover and their limited ability to smooth out consumption even during days with normal rainfall. In addition, using a counterfactual analysis of whether a household is formal or informal, we found that there are other factors that explain why income of informal households are lower than the households in the formal sector regardless of the presence of weather shock. To address these complexities, policies should be targeted social protection coverage to households near the poverty line to help soften the blow of weather shocks. Improving access of the poor informal sector to opportunities that allow them smooth consumption in times of disaster is warranted. This may include access to credit and insurance, whether formal or informal, to help households in this sector recover faster from the negative impact of weather shocks. In addition, intensified education campaign about the adverse impact of disasters can provide appropriate nudging to alter people’s behavior towards taking the necessary precautions to mitigate damage and losses. Ravago, Pascua and Aceron from Department of Economics, Ateneo de Manila University. Gozo, Cruz and Narisma from Regional Climate Systems Laboratory, Manila Observatory. This research was supported by Coastal Cities at Risk in the Philippines: Investing in Climate and Resilience Project.

annotations

ovember is a tentative month. That explains its grayness, a color already captured by a poet. The early chill it brings has no finality; December deserves that privilege.

I wake up at 5 in the morning and the cold is there. It is a good cold because it does not make you shiver. It is a morning cold that has earned the courage to urge the temperature to go down. But it is the only certainty that the month of November possesses. It does not own a climate but rather provides a clearing house for the shift in the way the sun shines. November allows a light to go through the small window of the kitchen. The tall bushes with tiny flowers are bent by the wind this month nurtures. Have the birds migrated? I have not seen the two birds partaking always of the tiny fruits of the wild papaya, which have sprouted from the ground outside my mother’s room. There is no politics in the month of November. No empty promises, no broken vows. No corruption. There is only clean, crisp air. If there are no mighty storms to broker an engagement with hope and hopelessness, November is really about casual and consensual agreement with what is good about the universe, and what is real about life on Earth. This perception and the doubt that the world is running good can be done only in the month of November because nothing eventful takes place during this time. This is the

last month before confronting December, the month that terminates the year, the season for joy and happiness and all other words to denote smiles, laughter, and merriment. And it is the month that does not require justification for any kind of surplus or excess. December is the festive season. It offers goodness as created and constructed by the minds of men and women. Here in this month, trees are crafted into figures that blaze. The technology of taste has produced for household lights that blink following a rhythm we take to be a sign of peace and love and harmony. Even the stars that we place on top of the magical tree assume a hard-core meaning of goodwill to men. If there is a month that senses, it is November. We are in this month that should have felt for us the impending gloom of the pandemic. It should have given us a warning. The landscape, in hindsight, was littered by proofs that we had committed crimes against our surroundings. Storms were occurring in regions bringing about too much water while other zones were dying with drought. Fires burnt down forests and hordes of locusts swarmed over wide areas planted to staple food. By the month of Novem-

ber last year, it was obvious there were deaths happening in various parts of the globe. In 2019, there were no evangelists to declare that God was dead; there were no seers to proclaim that Man was alive but killing the Earth. Sparing nothing, the forces that emanated from oceans and those that erupted from mountains once declared dead grew wilder. People who grew tired of repeated lessons got weary of any notions of climate change, or anything that warned or predicted troubles in the future. The geomancer could not be stopped from his trick and treat. The land always related to how we positioned our shelter. The air or the direction of the energy could always be mastered by the cunning ways of builders—staircases were cured of curlicues and windows and doors were reoriented to the north and south and east and west, depending on the propitiousness of the four winds. Many persisted in vending amulets or charms that could ward off evil intentions; some manufac-

tured objects and breathed into them potencies of silent gods. We look back to 2019 and stop with November, not with December. Christmas defaulted the grace for December while the month before it, with its problem of commitment, is the guilty party for the unthinking humanity. As we gathered our capability to face the end of the year, no one ever asked the most natural question about perishability. No one talks of death in December. For all its terminal position in the calendar, it is the month that leads the beginning of the next year. November, therefore, is the easy month for deeper introspection, for demanding accountability. We were thinking small. It was not our personal demise that mattered. We should have pondered big and asked: what if this was the last good year? What if the world—its aspects of the normal, the regular, and the virtue of the everyday—was coming to an end?

E-mail: titovaliente@yahoo.com

The enduring legacies of Insular Life, Ayala Corporation and Aboitiz Equity Ventures Manny F. Dooc

TELLTALES

hat happens when the chairpersons of three corporate giants with a combined history of 396 years are interviewed together about the secrets of their longevity and success? The leaders of the century-old Filipino institutions, Insular Life, Ayala Corporation and Aboitiz Equity Ventures, widely recognized as 3 of the best-managed companies in the country, guested in a forum last week dubbed “Enduring Legacies: The Power of Purpose” hosted by David Celdran. The webinar was part of the series of high-powered activities sponsored by InLife, which is celebrating its 110th Founding Anniversary this year. The accomplished panelists not only demonstrated that they have learned from their historic past but they can also hold their own against the present crisis. Admittedly, Covid-19 is the elephant in the room, which no company can ignore. No business has been spared from this scourge. Many enterprises have been shattered by the pandemic. Thus, Celdran believes that 2020 is perhaps the most challenging year for all business organizations. How did the coronavirus impact the three companies, which have confronted several challenges many times in the past? Jaime Zobel de Ayala (JAZA), Chairman and Chief Executive Officer of the Ayala Corporation, remarked: “There are advantages and disadvantages to seeing things from the lens of a company with some longevity… There had been world wars, there had been shifts and changes in the Philippine political atmosphere. After the Second World War, Ayala Corporation had very little liquidity... to get itself back on its feet. So many have gone through in many ways, far worse, but I don’t think I’ve seen a situation where all revenues not only in the Philippines, but across the world, just ground to a halt as a massive pandemic hit globally. I think it’s unprecedented in history.” He added that a company that has undergone similar cycles before knows that there are ways of getting through it. A company should be imaginative enough to reinvent itself in the midst of a crisis. One should not dwell much on

past successes but develop the capacity for reinvention of the organization. A pandemic is a crisis that needs to be managed more efficiently. Erramon Aboitiz (Monchu), Chairman of Aboitiz Equity Ventures, agreed with JAZA that Covid-19 has been unprecedented, which has adversely affected the companies’ revenues. Monchu asked: “Will experience really help you here? One could lose hope, feel defeated and give up. With experience, you learned that things are never as bad as they look, never as bad as they are.” He further said that experience gives you the confidence that you can overcome the crisis. Monchu also cited the benefit of company diversification, which has allowed businesses that are doing well and more resilient to keep the entire organization going. Nina Aguas (Nina), Chief Executive Officer and Executive Chairman of InLife, the oldest and largest Filipino life insurance company in the country, acknowledged that its long history and legacy transmitted by its forebears have served as inspiration to the current management. She recalled what the company had suffered during the last war when premiums were paid with Mickey Mouse money. InLife was reeling financially and was almost bankrupt after liberation if not for the survival skills of her pre-

decessors. Nina credits the financial strength of the company as the major factor in successfully grappling with the current crisis. “What was very critical for us during this pandemic is the strength of our reserve position, as well as our capital.” With a total members’ equity of P1.5 billion, InLife is the highest capitalized Filipino insurance company and is in the best position to serve the public as a strong and dependable partner in planning their financial security. Even Celdran, the unflappable host, was awed by the collective history of his subjects when he gushed: “It’s great to have that perspective of history. It’s difficult to take the helm of a company as large as Ayala or Aboitiz with over a century of history plus the heavy burden of carrying your family name on it. How does one handle that weight of responsibility?” Building enterprises that are built to last for centuries is never a walk in the park. Several generations of Ayalas and Aboitizes have served their own company, which carry their illustrious names. InLife used to be a part of the Ayala conglomerate but it became mutualized in 1987, and it has become a continuing challenge to its professional managers to keep its leadership status in the insurance industry. JAZA declared that “it is important to have a sense of the future and the sense of making the company continuously relevant.” To be relevant, one has to address the climate-related issues, sustainability issues, and the social related issues that JAZA has described as “pain points.” Monchu believes that diversification and reinventing the company are critical keys to long life. Aboitiz was earlier known as an abaca trading firm and later as an inter-island shipping company. JAZA exclaimed how Aboitiz transformed into a leading power company and a top player in many other business lines after abandoning the traditional fields that it previously led. Its resiliency is built on a strong foundation founded on trust, quality, fairness and integrity. Monchu stressed that as businessmen, the Aboitizes are just stewards of capital. This philosophy has been ingrained in them from one generation to the next.

This is reflected in the group’s purpose —to drive change for a better world by advancing business and communities. Nina shares this view by stating: “For us at InLife, the starting point is always our sense of purpose and stewardship. Generating profit is of course important… but our purpose does not end there. Quite the contrary, our focus is on the difference we make in the broader society.” On longevity, Nina said: “Even before the pandemic struck, the average lifespan of US S&P companies has gone down from 67 to 15 years, with 76 percent of the top 100 companies disappearing in 30 years.” Nina admitted that the coronavirus has imposed new ways of doing things and they pose “daunting challenges to corporate longevity…. It is perhaps apocryphal to say that the days of centennial corporations are numbered” and as their stories have shown, centennial companies are better positioned to thrive for the next 100 years. These industry champions are unanimous in saying that an organization needs a purpose, which should be clearly articulated to all stakeholders. Nina chimed in: “Without purpose, you lose the heart and the soul of the corporation.” The intense and determined pursuit of purpose spells the difference. This separates the winners from the losers. And those who survive, leave a trail of legacy that enriches the lives of our people. Nina speaks for the group when she concluded: “As a centennial corporation, we care equally about legacy—leaving behind an organization, and a society, in a much better place.” Keeping that legacy alive is a daunting task. And Zobel de Ayala said it matter-of-factly: “The challenge with an institution that has longevity is to make sure that you are not the last on the line. It would be tragic if the company disappears during your watch.” I’m certain that the Aboitizes are nodding in full agreement having trained many generations of their clan to preserve their company’s heritage. With these assuring words from these respected thought leaders that have ably defended their turf against past upheavals, we can look forward to a sustainable resilient growth ahead.

A12 Friday, November 27, 2020

PHL won’t accept WTO fisheries deal without an ‘IUUF’ provision

By Jasper Emmanuel Y. Arcalas

@jearcalas

ANILA maintains its stance to refuse supporting any fisheries subsidies deal at the World Trade Organization (WTO) that excludes a provision on “illegal, unreported and unregulated fishing, or IUUF, infringements” in disputed waters. The Philippines had earlier proposed a new mechanism that would allow WTO member-countries to determine IUUF infringements in waters being claimed by two or more nations. But several countries, including China, which claims jurisdiction over the West Philippine Sea, opposed the proposal. Beijing argues that IUUF determination in disputed waters is not within the purview of the WTO. “We would like to remind Members that the Philippines do not have sufficient political basis to support any proposal [in law or in fact] that carves out [or affords a carte blanche exemption to] Members’ IUUF infringements that are taking place in disputed jurisdictions—under the guise and tutelage of ‘political sensitivities,’” Manila said in a two-

page statement dated November 12. The Philippines pointed out that the second paragraph of Article 11.2 (b) of the Committee on Negotiating Group on Rules Chair’s revised text “would not simply work” for the country. A draft revised text seen by the BusinessMirror indicates that Article 11.2 (b) stipulates that a dispute settlement panel “shall not entertain any claim that would require it to address any issues of territoriality or delimitation of maritime jurisdiction that is contested by a party or a third party.” The Philippines emphasized that its 2017 proposal seeking to prohibit subsidies to fishing in disputed jurisdictions or jointly agree to subsidize “remains on the table.” Manila argued that member-

countries “must continue to consider as it offers a more straightforward solution” as it is aligned with Sustainable Development Goal (SDG) 14.6 to prohibit subsidies and “more politically correct than permanently shielding infringements in disputed jurisdictions.” (Related story: https://businessmirror. com.ph/2018/12/19/phl-presses-no-subsidy-rule-for-fisheries-in-wto/) SDG target 14.6 sets a deadline of 2020 for eliminating IUU subsidies and for prohibiting certain forms of fisheries subsidies that contribute to overcapacity and overfishing, with special and differential treatment for developing and least-developed countries.

New proposal

In a separate three-page document, the Philippines proposed a new provision to the draft text on the fisheries subsidies agreement regarding dispute settlement involving territoriality. The Philippine proposed that IUU determinations in disputed waters shall be upheld and that it would trigger a subsidy prohibition. The Philippines added that a territorial or maritime dispute

“regarding the waters in which the relevant vessel was found to engage in IUUF shall be one that is not frivolous and that is properly substantiated under the relevant rules of international.” Furthermore, the proposal points out that “any WTO determination regarding an IUU determination involving disputed waters would have no legal consequences for the territoriality issue.” “This newest proposal from us seeks to strike the needed balance between: [a] the Members’ objective of not changing the status quo with respect to the legal standings of Members’ territorial or maritime disputes; and[ii] the leaders mandate to prohibit/ eliminate subsidies that contribute to IUU fishing—which could be legally evaded through carving out IUU fishing from the subsidies prohibition,” Manila said. “The marching order to us was to preserve our arbitral gains at all costs because it is now part of international law,” said Drusila Esther Bayate, who is also a Bureau of Fisheries and Aquatic Resources Assistant Director. “The international tribunal declined all the claims of China; it does not have entitlement over the terri-

tory. It means there’s no obstruction in our 200-nautical mile exclusive economic zone [EEZ],” she added.

Opposition

A Geneva-based source said China opposed the Philippines’s proposal during the November 24 meeting of the WTO Negotiating Group on Rules-Fisheries Subsidies “reasoning that maritime jurisdiction is an extremely sensitive issue for them.” The source added that Beijing maintained that the “WTO mandate is for sustainability and not to settle disputes over maritime jurisdiction.” Other WTO member-countries also opposed the Philippine proposal. Senegal, representing the African group, argued that IUU determinations “should not be made for waters not in one’s jurisdiction” while South Africa, speaking in behalf of the ACP group, pointed out that “disputed IUU determination would not be a final determination and thus would not come before a WTO panel,” the source said. The source said Argentina, Chinese Taipei, Indonesia, Mauritius, Sri Lanka, and the Russian Federation also expressed opposition to Manila’s new proposal.

SENATE OKAYS P4.5-TRILLION 2021 BUDGET BEFORE BREAK

HE Senate, voting 22-0, passed on third and final reading on Thursday the P4.506-trillion national budget for 2021. This paves the way for bicameral talks to hammer out a reconciled Senate-House final version for signing into law before the year-end to avert government operating on a reenacted budget by January. Senators gave their unanimous approval in a hybrid plenary session that allowed lawmakers, including those outside the session hall, to cast their votes online. As proposed, the Senate approved House Bill No. 7727 (General Appropriations Act of 2021) that willl fund government operations next year, and bankroll the Department of Health’s efforts to effectively contain the Covid-19

pandemic, as well as provide timely assistance to victims of calamities,even as it supports economic recovery efforts. This, as the sponsoring Senate Finance committee chairman Sen. Juan Edgardo Angara, credited his fellow Senators for their key roles in crafting the proposed final version of the budget bill. “I thank the leadership, our colleagues, of course, our staff for even though we were recently bombarded with serious challenges including typhoons, floods, power outages, connectivity problems, and of course, the existing global pandemic, the Senate was still able to scrutinize the 2021 general appropriations bill and stay on schedule towards its timely enactment,” Angara added. Continued on A4

Palace: PITC keeping ₧492M only, as Drilon dumps alibi By Samuel P. Medenilla @sam_medenilla

& Butch Fernandez

@butchfBM

ALACAÑANG on Thursday defended Philippine International Trading Corp. (PITC) against allegation it is being used by government agencies to avoid returning billions of unused funds to the national treasury. Citing data from PITC, Presidential spokesman Harry Roque noted that PITC, an attached agency of the Department of Trade and Industry (DTI), only has P492,594,000 worth of government funds meant for its outstanding procurement for other government offices. Of which, P468 million was allocated for projects under active procurement, while the remaining P24.5 million are allocated for projects expected to be awarded and implemented by the end of the year, Roque said. PITC, he also said, had completed P627,319,000 million worth of projects.

Completed transactions

The Palace official made the remark in response to the allegation of Senate Minority leader Franklin M. Drilon, later backed by Senator Francis Pangilinan, that P33.4 billion of public funds are “parked” with PITC based on the report of the Commission on Audit (COA) as of December 31, 2019. Pangilinan and Drilon called on the agencies and PITC to return all of the unused public funds to the Treasury, as the Executive scrounges for money for the continuing response to Covid-19 pandemic, particularly the need to purchase vaccines. Roque explained COA may have come out with the said amount since PITC was still completing the requested procurement from other government agencies at that time. “This has since then gone down after PITC was already able to importation [of the items for other government agencies].” Roque said.

In trust

Roque also assured the public that all of the funds given to PITC are held in trust, which prevents it from using the funds other than what it is intended for. Continued on A4

BSP okays PHL digital banking framework By Bianca Cuaresma

@BcuaresmaBM

HE Bangko Sentral ng Pilipinas (BSP) on Thursday announced that it has approved the Philippines’s digital banking framework. The framework aims to recognize digital banks as a new bank category separate and distinct from the existing bank classifications. Digital bank is defined as a bank that offers financial products and services that are processed endto-end through a digital platform and/or electronic channels with no physical branches. “Digital banks will play an important role in the digital financial ecosystem. We see these banks as additional partners in further promoting market efficiencies and expanding access of Filipinos to a broad range of financial services, bringing us closer to the realization of our target that at least 50 percent of total retail payment transactions have shifted to digital, and 70 percent of adult Filipinos have transaction accounts by year 2023,” BSP Governor Benjamin Diokno said in a statement. Under the new framework, digi-

tal banking applicants are expected to have sound digital governance, robust, secure and resilient technology infrastructure, and effective data management strategy and practices. “The BSP recognizes that digital banks are exposed to the same financial risks faced by conventional banks with potential elevated exposure to cybersecurity and money laundering risks. As such, digital banks would be subject to the same prudential requirements applicable to other types of banks with recalibration to be commensurate to their business model and risk profile,” the BSP said in a statement. BSP data shows that during the pandemic, some 4.6 million in basic deposit accounts were opened, with aggregate value of deposits at P4 billion. Diokno said they are expecting more transaction accounts to be opened as more online providers, as well as the government, are growing more and more digital as catalyzed by the restrictions in movement and travel. “It is our long-term goal to see more digital-savvy Pinoys, such that it becomes second nature for them to perform routine financial

transactions online—making payments and fund transfers, or availing of credit, insurance, and investments,” Diokno said in a separate speaking engagement. Other provisions under the framework include the authorization of digital banks to tap cash agents and other qualified service providers subject to existing regulations to complement the innovative delivery of financial services. They are also expected to maintain a principal place of business in the Philippines to house the offices of management and other support operations and serve as the main hub for customer concerns handling and point of contact for stakeholders, including the BSP and other regulators. In light of this, the BSP said they may limit the number of digital banks that may be established considering the total number of applications received and the assessment of the overall banking situation. “Essentially, the BSP is looking to attract players with strong value proposition, sufficient financial strength, technical expertise of management and effective risk management,” Governor Diokno said.

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Dyson to set up software R&D laboratory in Alabang

By VG Cabuag

@villygc

YSON, known for its fans, hand dryers and hair care products, said it will open a new laboratory in the Philippines to develop software for a new generation of intelligent machines. In an online media briefing on Thursday, the company said the new research and development (R&D) center will be on top its existing advanced motors manufacturing facility in Carmelray Industrial Park II in Calamba, Laguna. The company, which is privatelyheld, did not state its investment figures but Scott Maguire, Dyson’s COO said, said the new facility will hire 400 people mostly in software engineering and development over the next three years. The company said its new dedicated software research and development facility will be set up

in Alabang. Maguire noted that the country has a healthy pool of talents since there are many technical universities in the Philippines. “The Philippines is home to bright, young engineers who share Dyson’s ambition to develop technologies for the future. Dyson has been growing in the Philippines for this reason and it is a nation that clearly celebrates both engineers and technology. We already have a brilliant team of engineers here and have manufactured over 20 million Dyson Hyperdymium™ motors from our advanced manu-

facturing facility in Calamba,” Maguire said. “We will continue to invest in the Philippines and look forward to having more highly skilled Filipino engineers join our ranks to develop and manufacture exciting new technologies for the future, which will be used all around the world." The new laboratory is part of the company's investment of 2.75 billion pounds in future technology. Its Calamba facility builds mostly motors and are being shipped somewhere else for assembly. It employs about 600 people. The new software lab reflects Dyson’s ambitions to double its portfolio of products and enter entirely new fields by 2025, as it accelerates research and development into robotics, software, artificial intelligence and machine learning. The software lab in the Philippines will form part of Dyson’s global research, design and development team, which it also has in the United States, United Kingdom, Shanghai in China, Singapore and Malaysia. Roles in the software lab will include embedded software engineers,

automation test engineers, scrum masters, product owners, program managers, release train engineers and team leaders. “PEZA [Philippine Economic Zone Authority] lauds Dyson for its continuous good performance since the start of its registration with the Authority in 2016. Dyson significantly contributes to investment, export-income generation as well as jobs creation and we note that it received the PEZA ‘Outstanding Exporters Award’ in 2018 and 2019. As we promote Filipino-driven industrialization, we look forward to Dyson recruiting more Filipino engineers to be a part of Dyson’s software innovations,”Charito B. Plaza, PEZA director general said. “Dyson’s planned software lab reflects the company’s long-term commitment to the Philippines, and is a validation of the skills and talents that our engineering workforce holds. This will create exciting career opportunities for the brightest of our engineers who wish to design and develop software for a renowned and fast-growing global technology company.”

PLDT sets sights on expanding capacity By Lorenz S. Marasigan @lorenzmarasigan

LDT Inc. and subsidiary Smart Communications Inc. are ramping up their capacities to meet the growing demand for Internet connectivity, with their chief honcho saying the group will prioritize 5G and the addition of more cable landing stations to increase capacity. Manuel V. Pangilinan, who chairs both companies, said the two firms are considered an “integrated network” that are able to “invest in international connectivity like nobody else can.” These, he explained, include investments in fiber submarine cables and 5G technology. Currently, the PLDT Group is part of 16 international cable systems, which help provide greater capacity and capability for its networks to sustain the increase in Internet usage

Delta US flights from Manila to resume in Jan

ITH the easing of travel restrictions following the lifting of lockdowns, Delta Air Lines said it is set to resume service between the Philippines and the United States on January 2, 2021. The flights from Manila to Seattle and Atlanta will be operated via Seoul-Incheon, the American airline’s trans-Pacific hub with its joint venture partner Korean Air. The Manila-Incheon route will be operated with Delta's latest Airbus A330-900neo. This widebody aircraft offers premium products and services, including all its four seat products: Delta One Suites, Delta Premium Select, Delta Comfort+, and Main Cabin. Meanwhile, the Incheon-Atlanta route continues to be operated with the airline’s international flagship aircraft, Airbus A350-900. It first introduced Delta One Suites and Delta Premium Select to the trans-Pacific market in October 2017. “Since Covid-19 began, Delta has focused on offering customers the safest and cleanest experience possible,” said Patricia Celis, country manager for the Philippines at Delta Air Lines. “We are confident to welcome and serve our customers again via our industry-leading trans-Pacific hub in Seoul with our joint venture partner Korean Air.” Roderick L. Abad

in the country due to the pandemic. “We are investing in more. We already have three cable landing stations and at least 2 more coming up next year. I think that's something a single fixed broadband operator cannot do. In particular, when they have to grow outside of the big main post, it becomes very costly to lay all the fiber in the country. We can do that because we are using fiber not only for fiber-to-the-home but also for mobile and for enterprise customers,” Pangilinan said. As of end-September, PLDT has a digital transport network that spans 395,000 kilometers across the country. The ongoing expansion of its network will add another 81,000 kilometers this year, and another 50,000 kilometers next year. Its backbone network currently has a capacity of 55 terabits per second, and with ongoing works, PLDT will be able to increase this

by another 37 terabits per second. This increased capacity will help the telco group meet the demand for services such as 4G, 5G, and fiberto-the-home. “One of the benefits of an integrated operator is that we can leverage the entire network. For example, our fiber network can be leveraged multiple times for fiber-to-the-home where the cost is very skewed toward the last mile. Meanwhile, we leverage on the very same network for enterprise businesses,” he said. He added that the fiber expansion will complement the group’s 5G initiative. “5G without fiber will not work, and therefore we have a high synergy between the various networks. In the last couple of years, we have deployed the strategy called ‘follow the fiber.’ Wherever there is fiber, we can connect any business, fiber-to-the-

home, fiber-to-the-enterprise, and fiber-to-the-base-station,” he said. PLDT Group’s entire network ecosystem currently includes the following: 9,892 cell sites, 56,799 base stations, 3.81 million ports for outside plant facilities, and 25 core data centers. Alfredo S. Panlilio, who sits as chief revenue officer at PLDT and is also the president of Smart, said the group will continue investing in new technologies moving forward. For 2020, PLDT has earmarked P70 billion in capital expenditures to further modernize its fixed and wireless networks. “The changing Philippine economic landscape has inspired us to reframe our business objectives and strategies. In fact, a big part of our capex is being allocated to improve our services so that these may be accessible and relevant to more Filipinos,” Panlilio said.

‘Infra push to boost sales of ATN’

TN Holdings Inc. on Thursday said it has set a sales target of P1 billion in 2021 and 2022 as the government’s infrastructure program is expected to go into high gear during the remaining years of the Duterte government. Arsenio T. Ng, the company's chairman and CEO, said sales will be derived from a combination of rock aggregates, pre-mixed concrete and boulders. “Our finished products meet the stringent criteria of quadruple A-rated contractors after passing rigorous multiple testing standards with specific gravity of 2.7 and above, for its premium basalt rocks as conducted by international technical experts on rock quality,” Ng said. “The government’s 'Build, Build, Build' program has been tagged as a key strategic driver

of economic recovery. Infrastructure spending carries massive multiplier effect in terms of jobs generation, commerce, trade, logistics and direct investments. All of which will allow us to strengthen our ability to withstand the prolonged impact of Covid-19, despite three positive vaccine development from the United States and Europe.” Among the identified projects include the P350-billion Metro Manila Subway (phase 1), the P23-billion NLEX-SLEX Connector Road, the P735-billion international airport in Bulacan and the planned P100-billion reclamation initiatives in Luzon. ATN earlier said it commenced delivery of topquality rock aggregates for the Tutuban-Malolos segment of the P628-billion North-South Commuter Railway Extension, which will link New

Clark City to Laguna. Based on industry research, demand for construction materials specifically rock aggregates is forecasted to remain bullish in the long term. Given its existing massive finished goods stockpile of at least 1 million tons, ATN believes it is in a strong position to immediately cater to a significant portion of the market. Aside from reported rock reserves of more than 200 million tons to sustain a 30-year market demand, and hollow blocks for a housing backlog of 5 million units, ATN is currently operating a crushing facility with an hourly capacity of 500 tons. ATN recently commissioned its batching plant featuring a mixing efficiency of 60-cubic meters per hour to manufacture pre-mixed concrete products. VG Cabuag

Jollibee CEO named Entrepreneur of the Year

ECOGNIZED as a world-class leader of a global organization, Jollibee Group President and CEO Ernesto Tanmantiong was named the Entrepreneur of the Year by Asia Leaders Awards (ALA) during its recently held awarding ceremony at the Makati Shangri-la Hotel in Makati City. “I am deeply honored to be recognized with this Entrepreneur of the Year award from Asia Leaders Awards. I receive this on behalf of our

Jollibee Group family. More than just a title for one individual, this is actually a testament to the collective contributions of all the men and women of the Jollibee Group—both past and present—who have helped make the company what it is today,” said Tanmantiong. Asia Leaders Awards, which focuses on Global Excellence of the awardees, is the culmination of the different Asia Leaders Forums held nationwide. Its Entrepreneur of the Year

award highlighted the leadership and entrepreneurial skills of Tanmantiong, which has steered the year-on-year growth of the Jollibee Group. Under his helm, the conglomerate has expanded beyond the Philippines with 16 brands that have over 5,800 stores across 36 countries and territories. He has also led the company’s global transformation strategy as a response to the impact of the pandemic to the business.

Friday, November 27, 2020

Exec: AirAsia's Teleport ready to deliver Covid-19 vaccines By Recto L. Mercene @rectomercene

ELEPORT, the logistics venture of AirAsia Digital, said it is ready and committed to focusing its operations to support the distribution of Covid-19 vaccines in the region. AirAsia has the largest network in Southeast Asia covering 125 cities. Since the start of the pandemic early this year, Teleport was among the first to charter cargo-only flights to deliver medical aid and protective equipment to hospitals and frontliners in major cities even when international borders were closed for travelers and AirAsia’s flight went into hibernation. Teleport CEO Pete Chareonwongsak said, “Distributing vaccines is a global imperative that can bring back a global economic recovery as well as the revival of demand in the aviation and travel industry. “That’s why we’re focused on putting together our collective resources, technology and infrastructure for regional supply chains and essential services. We will work closely with the governments and

PHOTO FROM WWW.AIRASIA.COM

our partners to ensure that the vaccines reach our healthcare frontliners who are braving the pandemic.” As a technology logistics company, Teleport has also developed robust technology integration, digital issuance of AWBs, integrated technologies with cargo terminals at its partner’s Ground Team Red, a joint venture between AirAsia and SATS hubs in major markets and first mile and last mile technology applications. Teleport is able to fulfill 24 hours door-to-door delivery services which include air freight, customs declaration, and first and last-mile delivery in ASEAN and the Asia-Pacific region. "Teleport has accomplished this consistently and this is a continuation of its emphasis on supporting essential healthcare services.”

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Friday, November 27, 2020

PSE STOCK QUOTATIONS

November 26, 2020

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

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

44.9 45.9 45.15 45.15 44.9 44.9 11,800 531,105 -17,975 106.3 106.5 107.7 107.7 104.7 106.5 7,068,760 747,557,588 208,618,618 87.5 88 88 88.25 86.5 88 12,360,330 1,082,927,163 177,601,786 25.65 25.7 25.5 25.7 25.5 25.7 212,800 5,452,480 2,565,000 6.02 8.09 8.09 8.09 8.09 8.09 1,400 11,326 11.5 11.54 11.62 11.62 11.32 11.54 383,200 4,388,986 230,620.00 46.75 46.8 48 48.05 46.55 46.75 9,719,400 455,991,375 -175,937,010 9.38 9.87 9.62 9.87 9.5 9.87 59,600 569,901 19.76 22 19.74 20 19.74 20 1,000 19,870 30.4 30.5 31.85 31.85 30.2 30.4 731,400 22,410,530 -3,603,695 53.05 53.3 53.35 53.35 53.2 53.3 1,140 60,762 18.7 19 18.92 19 18.5 18.7 115,200 2,148,556 52,364 121 121.4 124.4 124.5 119 121 1,456,940 176,029,019 -39,325,814 66.6 66.9 66.95 66.95 66.05 66.6 33,410 2,221,759.50 -11,322.00 0.9 0.93 0.9 0.93 0.87 0.9 23,000 20,720 27.65 28 27.25 28.35 27.25 28 79,300 2,215,715 -434,915 0.56 0.67 0.65 0.67 0.65 0.67 30,000 20,000 3.91 4 4 4.14 3.9 4 136,000 553,070 1.28 1.38 1.3 1.32 1.27 1.32 121,000 158,190 0.34 0.36 0.36 0.36 0.34 0.36 520,000 177,700 731 800 800 800 730 800 170 132,500 48,000 0.63 0.65 0.64 0.66 0.62 0.65 183,000 115,380 14,520 158 159.9 160 160 158 158.1 1,310 207,597 -71,325 2,000 2,050 2,000 2,000 2,000 2,000 65 130,000 130,000 1.06 1.1 1.05 1.05 1.05 1.05 57,000 59,850 -

INDUSTRIAL AC ENERGY 6.05 6.06 5.85 6.28 5.84 6.05 60,325,800 363,442,406 18,574,732 1.43 1.44 1.43 1.47 1.42 1.44 2,294,000 3,285,940 87,000 ALSONS CONS 26.8 26.95 27.85 27.85 26.6 26.95 2,896,500 77,925,775 -21,252,100 ABOITIZ POWER 0.3 0.305 0.275 0.305 0.26 0.3 129,880,000 37,212,050 -1,206,000.00 BASIC ENERGY 28.1 28.2 28.4 28.85 28 28.1 526,400 14,790,675 -1,735,100 FIRST GEN 65.7 65.9 66 67.5 65.7 65.7 36,170 2,388,621 -992,078.50 FIRST PHIL HLDG 287 289 295 295.4 285 287 302,620 87,296,132 -44,903,132 MERALCO 15.32 15.34 15.72 15.74 15.34 15.34 1,551,900 23,941,220 33,340 MANILA WATER 4 4.01 4.02 4.06 4 4.01 7,481,000 30,112,230 -291,150 PETRON 3.5 3.6 3.7 3.7 3.5 3.5 35,000 123,220 PETROENERGY 12.54 12.84 12.52 12.88 12.52 12.86 11,400 144,662 PHX PETROLEUM 19.36 19.6 19.8 20.1 19.04 19.36 2,813,900 55,325,736 -5,069,472 PILIPINAS SHELL 10.68 10.7 10.64 10.7 10.6 10.7 275,400 2,938,806 -196,956 SPC POWER 13.62 14.4 14 14.4 14 14.4 1,700 24,200 VIVANT 8.39 8.41 8.18 8.47 8.18 8.41 1,867,200 15,581,913 -4,961,192 AGRINURTURE 3.19 3.2 3.4 3.4 3.2 3.2 2,626,000 8,517,020 1,160,040 AXELUM 76.25 84.95 76.25 76.25 76.25 76.25 80 6,100 BOGO MEDELLIN 15.8 15.98 15.6 15.8 15.1 15.8 20,400 313,592 CNTRL AZUCARERA 17.52 17.54 17.94 17.94 17.54 17.54 1,417,000 25,068,304 437,980 CENTURY FOOD 5.51 5.6 5.7 5.7 5.5 5.6 110,500 621,714 DEL MONTE 7.01 7.03 7.15 7.16 7 7.01 2,854,400 20,018,094 4,051,663 DNL INDUS EMPERADOR 10.04 10.06 10.1 10.1 10.02 10.06 579,400 5,825,398 74,444 SMC FOODANDBEV 67.3 67.35 68.25 70.3 67.3 67.35 923,730 63,590,641 -3,063,870.50 ALLIANCE SELECT 0.68 0.69 0.67 0.7 0.67 0.69 311,000 210,800 1.48 1.5 1.57 1.6 1.47 1.5 30,401,000 46,264,320 120,600 FRUITAS HLDG GINEBRA 51.5 51.7 52.6 53 51.5 51.7 40,840 2,125,414.50 294,604.50 JOLLIBEE 189 189.6 191 191.1 188.5 189 693,960 131,544,548 -75,929,026 LIBERTY FLOUR 64 70 46 72 46 67.9 26,620 1,714,496 7.91 8.7 7.91 7.91 7.91 7.91 1,000 7,910 MACAY HLDG 7.17 7.2 7.49 7.49 7.1 7.2 1,260,100 9,057,521 1,762,298 MAXS GROUP MG HLDG 0.175 0.18 0.162 0.181 0.162 0.179 14,470,000 2,537,800 -18,000 SHAKEYS PIZZA 8.01 8.02 8.27 8.27 8 8.01 534,800 4,304,702 -232,936 ROXAS AND CO 1.32 1.33 1.31 1.34 1.29 1.32 14,207,000 18,624,850 -2,690,920 RFM CORP 4.75 4.78 4.78 4.78 4.78 4.78 2,000 9,560 1.86 1.9 1.92 2 1.84 1.89 255,000 499,030 1,860 ROXAS HLDG SWIFT FOODS 0.116 0.12 0.119 0.121 0.114 0.12 430,000 50,990 145 148 145.5 148 140.2 148 2,006,360 287,380,855 33,818,578 UNIV ROBINA VITARICH 0.89 0.9 0.9 0.92 0.88 0.89 7,361,000 6,571,340 17,800 VICTORIAS 2.4 2.52 2.52 2.52 2.52 2.52 5,000 12,600 53.1 54 54.5 54.5 52.1 54 1,430 76,459 CONCRETE A 52 55.3 55 55.3 52 55.3 2,050 110,903 CONCRETE B 1.64 1.65 1.72 1.72 1.63 1.65 17,778,000 29,556,850 -557,510 CEMEX HLDG 5.2 5.5 5.8 5.86 5.3 5.3 98,500 549,309 DAVINCI CAPITAL 14.92 15.18 15.18 15.18 14.92 15.18 144,700 2,186,820 -7,500 EAGLE CEMENT 7.64 7.65 7.47 7.8 7.47 7.64 2,634,000 20,187,561 -15,272,907 EEI CORP 6.6 6.61 6.97 6.97 6.53 6.61 3,888,400 25,933,335 -251,836 HOLCIM 9.25 9.26 9.74 9.75 9.19 9.26 8,616,100 81,063,266 3,600,178 MEGAWIDE 8.8 8.99 8.99 8.99 8.98 8.99 5,700 51,233 PHINMA 0.84 0.87 0.84 0.87 0.84 0.87 135,000 114,160 TKC METALS 1.02 1.03 1.03 1.04 1.01 1.03 3,023,000 3,113,060 VULCAN INDL 1.9 1.93 1.93 1.93 1.9 1.9 27,000 51,550 CROWN ASIA 2.54 2.55 2.61 2.76 2.42 2.54 2,830,000 7,344,520 8,520 EUROMED 4.55 4.7 4.68 4.7 4.68 4.7 18,000 84,430 MABUHAY VINYL 4.8 4.85 4.98 4.98 4.6 4.8 137,000 657,370 94,260 PRYCE CORP 22.7 22.8 23 23.5 22.8 22.8 191,500 4,452,490 -19,070 CONCEPCION 2.61 2.62 2.7 2.7 2.62 2.62 8,020,000 21,257,800 613,730 GREENERGY 7.05 7.06 7.28 7.28 7 7.06 685,800 4,908,428 12,760 INTEGRATED MICR 1.07 1.08 1.1 1.1 1.06 1.07 1,082,000 1,170,970 -53,550 IONICS 5.15 5.26 5.26 5.26 5.15 5.26 3,500 18,088 PANASONIC 1.53 1.54 1.61 1.62 1.52 1.53 2,169,000 3,371,220 10,710 SFA SEMICON CIRTEK HLDG 6.55 6.56 7 7.06 6.4 6.55 9,605,000 64,096,123 1,886,606 HOLDING & FRIMS ABACORE CAPITAL 0.61 0.63 0.66 0.66 0.61 0.62 26,475,000 16,638,530 -24,280 9.14 9.49 9.15 9.54 9.14 9.49 26,100 243,924 ASIABEST GROUP 824.5 830 835 836 821 824.5 240,870 198,895,145 -13,240,760 AYALA CORP 44.05 44.3 45.5 46 44 44.3 2,840,300 125,901,030 -48,224,010 ABOITIZ EQUITY 9.45 9.5 9.69 9.69 9.34 9.5 6,733,600 63,455,234 -9,696,117 ALLIANCE GLOBAL 3.03 3.04 3.09 3.15 3 3.03 4,478,000 13,780,600 340,180 AYALA LAND LOG 6.27 6.38 6.27 6.5 6.27 6.38 32,900 207,141 18,840 ANSCOR 0.68 0.7 0.72 0.72 0.68 0.71 421,000 290,710 ANGLO PHIL HLDG 0.94 0.95 0.95 0.96 0.93 0.95 5,122,000 4,872,330 ATN HLDG A 0.95 0.97 0.98 0.98 0.92 0.97 119,000 110,530 -110,530 ATN HLDG B 5.5 5.51 5.64 5.64 5.47 5.51 1,231,100 6,795,006 -3,696,315 COSCO CAPITAL 5.5 5.51 5.61 5.64 5.43 5.5 14,448,200 79,091,262 13,725,763 DMCI HLDG 9.08 9.46 9.37 9.49 9.35 9.48 12,200 114,502 FILINVEST DEV 573 578 580 586 570 578 331,270 190,772,115 110,010,225 GT CAPITAL 4.01 4.32 4.35 4.4 4 4.15 57,000 237,920 HOUSE OF INV 67 67.15 70.05 70.05 66.75 67 4,127,500 279,011,671.50 -128,657,554 JG SUMMIT 4.41 5.42 4.22 5.45 4.21 5.42 2,900 13,332 JOLLIVILLE HLDG 0.81 0.84 0.84 0.85 0.82 0.84 619,000 511,630 LODESTAR 3.12 3.13 3.14 3.15 3.05 3.13 4,369,000 13,565,620 -829,200 LOPEZ HLDG 13.04 13.4 13.68 13.68 13.02 13.4 2,132,900 28,133,052 -13,139,354 LT GROUP MABUHAY HLDG 0.52 0.54 0.54 0.56 0.52 0.56 913,000 480,620 4,240 METRO PAC INV 4.15 4.19 4.14 4.19 4.11 4.19 24,581,000 101,875,050 11,912,590 PACIFICA HLDG 4.1 4.15 4.3 4.3 4.15 4.15 61,000 254,050 0.91 0.93 0.95 0.98 0.91 0.93 1,054,000 995,480 PRIME MEDIA 1.16 1.2 1.2 1.2 1.16 1.16 38,000 44,550 SOLID GROUP 272.2 280 270 280 270 280 220 60,202 SYNERGY GRID 1,002 1,025 1,016 1,025 992.5 1,025 369,560 371,808,840 -179,276,945 SM INVESTMENTS SAN MIGUEL CORP 127 127.1 127 128.5 126.9 127 419,820 53,355,519 -29,915,507 SOC RESOURCES 0.7 0.71 0.7 0.71 0.7 0.71 33,000 23,130 1.88 2.26 2 2 2 2 110,000 220,000 SEAFRONT RES 141.2 143 149 149 140 141.2 4,410 629,694 -330,402 TOP FRONTIER WELLEX INDUS 0.226 0.232 0.236 0.236 0.226 0.232 670,000 154,640 0.163 0.165 0.17 0.17 0.165 0.165 1,990,000 330,070 ZEUS HLDG PROPERTY ARTHALAND CORP 0.64 0.65 0.67 0.67 0.64 0.65 3,461,000 2,252,980 -31,200 7.82 8.2 8 8.2 7.8 7.8 4,600 36,120 19,500 ANCHOR LAND 37.1 38 37.55 38 36.8 38 14,530,600 540,999,370 -157,738,635 AYALA LAND 1.2 1.24 1.27 1.27 1.19 1.2 482,000 582,530 ARANETA PROP 27.25 27.3 27.45 27.45 27 27.3 887,600 24,201,900 -245,875 AREIT RT 1.58 1.61 1.65 1.65 1.58 1.58 336,000 537,510 -9,530 BELLE CORP 0.86 0.87 0.9 0.9 0.85 0.86 3,079,000 2,678,990 A BROWN 0.79 0.8 0.8 0.8 0.8 0.8 116,000 92,800 CITYLAND DEVT 0.154 0.155 0.155 0.155 0.15 0.155 4,010,000 608,450 CROWN EQUITIES 6.08 6.19 6.3 6.3 6.1 6.1 46,100 282,190 CEBU HLDG 4.92 4.93 5.07 5.15 4.8 4.92 7,911,000 39,716,460 -7,320 CEB LANDMASTERS 0.46 0.465 0.475 0.48 0.455 0.465 22,000,000 10,188,800 -443,450 CENTURY PROP 0.35 0.355 0.365 0.365 0.345 0.355 4,610,000 1,631,150 463,600 CYBER BAY 14.6 14.62 14.9 14.9 14.44 14.62 4,088,600 59,958,714 -12,310,946 DOUBLEDRAGON 5.86 5.88 5.9 5.98 5.85 5.88 386,500 2,274,525 288,080 DM WENCESLAO 0.32 0.33 0.325 0.335 0.315 0.33 3,570,000 1,164,250 3,300 EMPIRE EAST 0.084 0.089 0.085 0.087 0.083 0.085 3,640,000 306,910 EVER GOTESCO 1.1 1.11 1.1 1.1 1.07 1.1 36,475,000 39,846,110 27,279,410 FILINVEST LAND 0.86 0.88 0.91 0.91 0.86 0.86 4,153,000 3,609,980 43,500 GLOBAL ESTATE 8.55 8.89 9.1 9.1 8.52 8.55 102,000 871,840 8,540.00 8990 HLDG PHIL INFRADEV 1.62 1.63 1.68 1.7 1.6 1.63 6,255,000 10,246,510 749,630 CITY AND LAND 0.73 0.74 0.78 0.78 0.73 0.74 119,000 88,550 3.72 3.8 3.87 3.87 3.71 3.8 31,162,000 117,500,780 -25,437,240 MEGAWORLD MRC ALLIED 0.53 0.54 0.56 0.57 0.53 0.54 90,799,000 49,225,300 -3,696,760 PHIL ESTATES 0.38 0.42 0.41 0.42 0.41 0.42 350,000 146,550 -12,450 PRIMEX CORP 1.37 1.38 1.38 1.41 1.33 1.37 1,293,000 1,771,710 17 17.06 17.7 17.9 16.8 17 20,916,300 359,671,224 -133,645,602 ROBINSONS LAND PHIL REALTY 0.275 0.285 0.28 0.29 0.28 0.29 90,000 25,600 1.54 1.55 1.56 1.57 1.54 1.55 526,000 817,840 -160,640 ROCKWELL SHANG PROP 2.72 2.73 2.75 2.75 2.72 2.73 70,000 191,520 -101,150 STA LUCIA LAND 2.03 2.07 2.12 2.15 2 2.07 1,853,000 3,807,000 62,360.00 SM PRIME HLDG 36.5 36.55 37.2 37.4 36.1 36.5 15,411,800 563,256,705 -134,483,630 VISTAMALLS 4.85 4.89 4.85 4.9 4.8 4.85 93,000 448,650 1.72 1.73 1.74 1.77 1.66 1.73 7,773,000 13,438,720 SUNTRUST HOME 4.4 4.41 4.66 4.67 4.38 4.4 7,664,000 34,106,930 343,600.00 VISTA LAND SERVICES ABS CBN 11.88 11.98 12.4 12.46 11.68 11.88 894,600 10,846,792 5.66 5.68 5.7 5.7 5.62 5.66 761,000 4,298,227 GMA NETWORK 110,000 49,500 MANILA BULLETIN 0.435 0.45 0.45 0.45 0.45 0.45 11.5 12.5 12.1 12.1 11.8 12 3,000 35,900 MLA BRDCASTING 2,008 2,014 2,000 2,020 2,000 2,014 117,545 236,275,970 -833,100 GLOBE TELECOM 1,292 1,296 1,323 1,323 1,292 1,292 165,575 214,967,565 -120,765,820 PLDT 0.052 0.053 0.054 0.054 0.052 0.053 31,810,000 1,669,390 8,320 APOLLO GLOBAL 15.78 15.9 16.02 16.3 15.78 15.78 3,904,100 62,217,564 1,957,164 CONVERGE 4.3 4.38 4.48 4.48 4.27 4.3 382,000 1,662,750 -85,120 DFNN INC 6.23 6.24 6.3 6.35 6.21 6.23 12,567,400 78,504,781 1,616,907 DITO CME HLDG 1.37 1.4 1.4 1.4 1.37 1.37 6,000 8,340 IMPERIAL 0.115 0.117 0.117 0.118 0.115 0.117 1,370,000 158,180 ISLAND INFO 1.9 1.95 1.9 2 1.85 1.95 298,000 568,700 JACKSTONES 4.33 4.34 4.34 4.42 4.25 4.34 3,876,000 16,752,170 -443,680 NOW CORP 0.295 0.3 0.295 0.305 0.295 0.3 7,150,000 2,126,300 TRANSPACIFIC BR 2.94 2.96 3.08 3.08 2.86 2.96 4,481,000 13,183,280 -27,300 PHILWEB 9.15 9.21 9.3 9.3 9.12 9.15 145,800 1,343,527 -8,388.00 2GO GROUP 5.37 5.4 5.45 5.47 5.3 5.37 2,628,100 14,196,831 -1,403,360 CHELSEA 48.25 48.35 50 50 48.25 48.25 1,442,750 70,076,884.50 -19,037,308.50 CEBU AIR 116.8 116.9 119.8 119.8 116.2 116.8 3,165,740 371,428,286 -210,516,539 INTL CONTAINER LBC EXPRESS 15.7 15.76 15.98 15.98 15.7 15.7 1,600 25,242 0.98 1.04 0.99 1.03 0.99 1.03 25,000 25,350 LORENZO SHIPPNG 7.67 7.7 8.39 8.39 7.5 7.7 13,970,900 108,802,278 1,168,531 MACROASIA METROALLIANCE A 2.15 2.18 2.29 2.29 2.12 2.14 784,000 1,704,360 2.05 2.47 1.96 2.01 1.96 2.01 10,000 19,800 METROALLIANCE B 7.11 7.19 7.34 7.34 7 7.11 212,600 1,505,492 PAL HLDG 1.63 1.64 1.72 1.72 1.6 1.64 6,198,000 10,153,590 269,070 HARBOR STAR ACESITE HOTEL 1.43 1.49 1.43 1.43 1.42 1.43 492,000 700,560 0.036 0.037 0.036 0.038 0.034 0.037 187,700,000 6,817,000 1,011,600 BOULEVARD HLDG DISCOVERY WORLD 1.71 1.8 1.7 1.85 1.7 1.71 81,000 141,170 0.63 0.65 0.66 0.68 0.63 0.63 19,757,000 12,863,360 -93,600 WATERFRONT IPEOPLE 8.5 9 7.99 9.18 7.99 9.18 23,800 204,769 52,785 STI HLDG 0.405 0.41 0.405 0.41 0.4 0.405 7,390,000 2,994,850 -462,000 BERJAYA 4.57 4.58 4.61 4.74 4.4 4.58 235,000 1,058,360 8.6 8.9 8.75 8.9 8.4 8.9 5,964,400 51,524,333 -20,691,189 BLOOMBERRY PACIFIC ONLINE 2.06 2.1 2.13 2.13 2.02 2.06 157,000 328,190 20,900 LEISURE AND RES 1.85 1.86 2 2.03 1.84 1.86 1,413,000 2,661,890 2.99 3 3.18 3.18 2.89 3 34,607,000 103,503,650 876,930 PH RESORTS GRP PREMIUM LEISURE 0.41 0.415 0.425 0.425 0.405 0.41 29,210,000 12,030,900 266,250 PHIL RACING 6.7 6.99 6.9 6.9 6.7 6.7 4,200 28,660 8 8.09 8.1 8.1 7.92 8.09 1,773,200 14,244,620 10,818,850 ALLHOME 1.56 1.58 1.64 1.64 1.55 1.56 6,536,000 10,321,740 -2,364,960.00 METRO RETAIL 42.3 42.95 42.3 42.95 42 42.95 1,010,700 42,845,080 1,816,265 PUREGOLD 66.1 67.6 68 68.35 66 67.6 326,480 21,898,846 12,259,383 ROBINSONS RTL 109.1 110 109.5 111 109 110 7,360 808,553 33,207 PHIL SEVEN CORP 1.69 1.7 1.81 1.81 1.66 1.7 14,941,000 25,615,700 -3,079,070 SSI GROUP 16.64 16.8 17.5 17.5 16.68 16.8 2,090,600 35,139,344 15,034,708 WILCON DEPOT 0.385 0.39 0.39 0.39 0.37 0.385 5,040,000 1,934,000 -22,800 APC GROUP 7.77 7.89 7.77 7.98 7.65 7.77 78,900 617,805 EASYCALL 414 430 411 430 410 430 290 123,482 GOLDEN BRIA 4.35 4.8 4.25 5 4.25 4.85 27,000 130,050 IPM HLDG 0.69 0.7 0.72 0.75 0.68 0.7 67,781,000 48,552,660 479,100.00 PRMIERE HORIZON 4.94 5.1 5.29 5.3 5.1 5.1 93,000 477,714 -10,200 SBS PHIL CORP MINING & OIL ATOK 9 9.19 9.28 9.28 8.93 9.19 169,500 1,537,650 1.72 1.73 1.69 1.73 1.69 1.73 8,851,000 15,217,520 -11,720 APEX MINING 0.0009 0.001 0.0009 0.001 0.0009 0.001 1,358,000,000 1,303,800 19,800 ABRA MINING 5.4 5.5 5.55 5.55 5.38 5.4 304,400 1,647,084 49,680 ATLAS MINING 3 3.14 3.16 3.16 3 3.14 80,000 249,750 BENGUET A 0.33 0.34 0.28 0.36 0.28 0.33 50,230,000 16,312,050 -15,050 COAL ASIA HLDG 2.46 2.49 2.49 2.49 2.49 2.49 5,000 12,450 CENTURY PEAK 8.35 8.51 8.51 8.51 8.32 8.51 32,200 273,785 DIZON MINES 2 2.04 2.11 2.14 1.93 2 24,460,000 49,408,710 3,360,530 FERRONICKEL 0.25 0.26 0.26 0.265 0.25 0.26 360,000 92,050 15,300 GEOGRACE 0.145 0.146 0.143 0.146 0.141 0.145 19,620,000 2,796,130 LEPANTO A 0.14 0.145 0.145 0.145 0.14 0.14 4,100,000 580,150 LEPANTO B 0.0095 0.0097 0.0095 0.0097 0.0094 0.0097 61,000,000 579,700 MANILA MINING A 0.0099 0.011 0.011 0.011 0.01 0.01 55,000,000 577,000 MANILA MINING B 1.19 1.21 1.28 1.29 1.13 1.2 8,561,000 10,125,240 257,500 MARCVENTURES 2.82 2.83 2.88 2.9 2.81 2.83 778,000 2,212,280 NIHAO 4.55 4.56 4.76 4.8 4.53 4.55 8,462,000 38,718,580 12,259,070 NICKEL ASIA 0.38 0.385 0.385 0.39 0.37 0.385 1,830,000 694,900 -56,950 OMICO CORP 0.68 0.71 0.72 0.75 0.68 0.71 2,392,000 1,712,410 -16,000 ORNTL PENINSULA PX MINING 4.66 4.67 4.8 4.8 4.56 4.66 2,799,000 13,059,340 107,780 SEMIRARA MINING 12.16 12.2 12.68 12.72 12.08 12.16 3,840,900 47,254,322 2,273,054 UNITED PARAGON 0.0051 0.0053 0.0051 0.0052 0.0051 0.0052 25,000,000 128,000 7.85 7.94 8.9 9.09 7.6 7.85 1,323,000 11,103,538 172,200.00 ACE ENEXOR ORNTL PETROL A 0.01 0.011 0.01 0.01 0.01 0.01 72,300,000 723,000 0.0083 0.0085 0.0086 0.0086 0.0082 0.0082 102,000,000 841,100 PHILODRILL 12.14 12.2 12.5 12.56 12 12.2 1,480,400 18,025,442 1,264,066 PXP ENERGY PREFFERED AC PREF B1 512 513 512 513 512 513 2,050 1,049,650 499.4 502 502.5 506 499 499 4,000 1,999,970 499,000 AC PREF B2R 101.5 102 102 102 102 102 8,920 909,840 CPG PREF A 100.7 101 101.2 101.2 101 101 20,680 2,088,850 DD PREF 110.4 113 113 113 113 113 4,000 452,000 FGEN PREF G 506.5 510 510 510 510 510 10 5,100 GLO PREF P 998 1,007 1,000 1,000 1,000 1,000 1,020 1,020,000 GTCAP PREF A 1,029 1,030 1,029 1,029 1,029 1,029 820 843,780 GTCAP PREF B 100.6 100.9 101 101 100.6 100.6 11,700 1,177,552 MWIDE PREF 99.6 100 100 100 100 100 6,600 660,000 PNX PREF 3A 101.5 105.5 105.5 105.5 105.5 105.5 200 21,100 PNX PREF 3B 992 993 991 993 990 993 1,350 1,337,410 PNX PREF 4 1,020 1,030 1,020 1,020 1,010 1,020 850 865,540 PCOR PREF 2B 1,067 1,070 1,065 1,067 1,065 1,067 1,600 1,705,740 PCOR PREF 3A 1,092 1,100 1,091 1,109 1,091 1,109 355 387,395 PCOR PREF 3B 78 78.4 78.35 78.4 78 78 11,970 936,826.50 SMC PREF 2C 75.7 75.9 75.9 75.9 75.9 75.9 28,590 2,169,981 SMC PREF 2E 75.85 76 76 76 76 76 3,220 244,720 SMC PREF 2G 75.85 76.6 76 76.55 75.85 76.55 2,310 175,597.50 14,411.50 SMC PREF 2H 76.8 77.1 76.95 77 76.8 76.8 89,370 6,865,626.50 SMC PREF 2I SMC PREF 2J 76.1 76.3 76.1 76.1 76.1 76.1 3,510 267,111 PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 12 12.2 12 12.1 11.9 12 155,100 1,860,890 1,795,200 5.45 5.5 5.55 5.55 5.45 5.45 11,100 60,505 32,700 GMA HLDG PDR WARRANTS LR WARRANT 1.02 1.03 1.09 1.1 1 1.02 571,000 590,990 -9,500 SMALL & MEDIUM ENTERPRISES ALTUS PROP 14.12 14.14 14.3 15.38 14.12 14.14 2,028,900 29,705,614 413,190 2.92 2.93 3.13 3.13 2.77 2.93 20,653,000 60,547,440 -4,320,880 ITALPINAS 6.1 6.2 6.6 6.6 6.1 6.2 148,500 932,996 KEPWEALTH 2.18 2.46 2.2 2.2 2.2 2.2 1,000 2,200 MAKATI FINANCE 5.8 5.81 5.91 6.23 5.6 5.8 72,763,700 427,702,544 -8,711,226 MERRYMART EXHANGE TRADE FUNDS FIRST METRO ETF 104.8 105 105.6 105.6 103 104.8 35,900 3,734,893 233,937

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Vistamalls: Nearly all malls, offices resume operations

By VG Cabuag

@villygc

ISTAMALLS Inc., the commercial division of Vista Land and Lifescapes Inc., on Thursday said almost all of its shopping malls and offices have resumed operations after the government eased quarantine restrictions. The company, formerly called Starmalls Inc., said some 95 percent of its 101 commercial assets are now operational. These include 31 malls, 63 commercial centers and 7 business process outsourcing (BPO) offices. “Our commercial spaces were designed to operate alongside e-commerce from the beginning by having

anchor tenants that are considered essential such as home improvement stores, supermarkets, and food establishments,” company chairman Manuel B. Villar Jr. said. The strategy “unexpectedly” made its commercial assets “pandemic proof” as well, he said. “During GCQ [general commu-

nity quarantine], 79 percent of our gross floor area [GFA] was already operating and it has increased to 95 percent at present due to the further easing of quarantine restrictions by the government, as most of our tenants are providing essential services during this pandemic,” he said. For January to September, the company generated rental revenues of P4.9 billion or a 10-percent fall from the same period last year. Compared to most of the industry players, the company said its better results are due to the nature of its tenants as well as the captive market it enjoys since 75 percent of its commercial assets are located within the Vista Land communities. The pandemic has greatly affected the leasing economy but BPO office spaces showed a lot of promise and resilience amid the health crisis, it said. “In our case, 15 percent of our GFA is composed of BPO offices with an

occupancy rate of 99 percent. This, in addition to the improving performance of our malls suggests the great potential of doing a real estate investments trust with our current leasing portfolio,” Manuel Paolo A. Villar, Vistamalls president, said. He noted that despite the 10 percent year-on-year decline in the group’s rental revenues in January to September, its performance demonstrates its portfolio’s strong fundamentals and ability to recover once the health crisis is over. “We share in the optimism that despite the current global economic downturn, our economy has the capacity to recover quickly, and the group, in partnership with all its commercial and retail establishments will continually make the necessary adjustments to navigate effectively in the new normal and to be in a better position as the economy improves.”

‘SFEX expansion is 85% complete’ By Lorenz S. Marasigan @lorenzmarasigan

HE P1.6-billion capacity expansion initiative for the Subic Freeport Expressway (SFEX) is 85-percent complete, Nlex Corp. said on Thursday. “Now 85-percent complete, the capacity expansion of the 8.2-kilometer SFEX is aimed at improving traffic safety and easing travel to and from the Subic Bay Freeport Zone. New bridges and a tunnel are being constructed adjacent to the existing ones to increase road capacity from one lane in each direction to two lanes in each direction,” a company statement read. Under the P1.6-billion program, two new lanes—including a tunnel and two bridges—will be built at the expressway to expand its capacity. Aside from these, expressway-

standard LED lights are being installed to enhance motorists’ visibility especially when driving at night. Due to the restrictions imposed earlier this year, Nlex Corp. now targets to complete the project on or before the first quarter of 2021. Its original target completion was for September 2020. The SFEX Capacity Expansion is expected to expedite the delivery of goods, support trade and tourism in Subic, and complement Subic Bay Metropolitan Authority’s infrastructure development initiatives, which include the widening of free port roads and improvement of the airport, seaport, and other logistics facilities. The project is also seen to be “instrumental” in sustaining Subic’s position as a prime business and leisure hub.

CDC, Widus, Pagcor share ‘spirit of bayanihan’ to Metro Clark LGUs

CLARK Development Corp. (CDC) President and CEO Noel F. Manankil (2nd from left) meets with Mayors Crisostomo Garbo of Mabalacat City (extreme right), Jaime Capil of Municipality of Porac (2nd from right), Jose Antonio Feliciano of Bamban, Tarlac (center) during the turn-over of relief goods at the Clark Skills and Training Center. Also in photo is CDC Director Nestor Villaroman Jr. (extreme left). CONTRIBUTED PHOTO

IGHLIGHTING the spirit of bayanihan amid the pandemic, Clark Development Corp. (CDC) in partnership with the Philippine Amusement and Gaming Corp. (Pagcor), Widus Foundation Inc. (WFI), and Clark CSR Association Inc. (CCAI) recently donated packs and boxes of relief goods to various communities near this Freeport. In a simple turn-over ceremony at the Clark Skills and Training Center, local government executives under the Metro Clark Advisory Council (MCAC) received various canned goods, rice, noodles and other food items. MCAC includes Mabalacat City, Angeles City, Municipalities of Porac, Pampanga; Capas, and Bamban, Tarlac. The donations were prepared by employees of CDC-Corporate Social Responsibility and Placement Division, CDC-Estate Preservation and Recovery Division, and volunteers from the Philippine Air Force. CDC President and CEO Noel F. Manankil in

his brief remarks cited local government units (LGUs) belonging to MCAC for their cooperation and support to CDC and Clark locators amidst the enhanced community lockdown. He also thanked Widus and Pagcor for their CSR programs that are “much needed in these difficult times.” Manankil was joined by CDC Director Nestor Villaroman, Jr., CDC Director Ana Liza Peralta, Widus International Leisure Inc. (WILI) Assistant Vice President for Corporate Planning and Compliance Agnes Liwanag, WFI Manager and CCAI President Ronnel Golimlim, CDC Assistant Vice President for External Affairs Rommel Narciso, CDC Assistant Vice President for Administration Zoraida Camello and Noel Tulabut, head of CDC Communications. Also present during the event were Mayors Crisostomo Garbo of Mabalacat City, Jaime Capil of Porac, Jose Antonio Feliciano of Bamban and representatives of Capas, Angeles City and Pagcor.

MUTUAL FUNDS

November 26, 2020

NAV ONE YEAR THREE YEAR FIVE YEAR Y-T-D PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC. -A 223.66 -10.9% -7.92% -2.23% -11.19% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 1.2914 -12.51% -6.67% 1.22% -6.56% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 3.1014 -17.3% -11.5% -3.92% -15.68% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.7887 -11.99% -8.06% N.A. -12.17% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. -A 0.7451 -11.75% N.A. N.A. -12.27% FIRST METRO SAVE AND LEARN EQUITY FUND,INC. -A 4.8593 -8.34% -6.19% -2.12% -8.8% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A,4 0.7531 -11.45% -7.99% N.A. -11.77% MBG EQUITY INVESTMENT FUND, INC. -A 94.67 -12.9% N.A. N.A. -8.29% PAMI EQUITY INDEX FUND, INC. -A 45.9923 -9.92% -5.77% -0.63% -10.31% PHILAM STRATEGIC GROWTH FUND, INC. -A 481.16 -9.49% -5.74% -1.29% -9.69% PHILEQUITY ALPHA ONE FUND, INC. -A,D,5 1.0569 N.A. N.A. N.A. 2.6% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.145 -11.03% -6.06% -0.78% -11.03% PHILEQUITY FUND, INC. -A 33.9701 -10.16% -5.57% -0.2% -10.36% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A 0.8983 -11.11% N.A. N.A. -11.77% PHILEQUITY PSE INDEX FUND INC. -A 4.7018 -9.49% -5.29% 0.09% -9.99% PHILIPPINE STOCK INDEX FUND CORP. -A 786.49 -9.29% -5.18% -0.03% -9.8% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.7158 -17.5% -8.9% -3.89% -15.93% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 3.5626 -15.03% -1.7% -15.36% -7.35% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 0.9006 -9.55% -5.49% -0.13% -10.01% UNITED FUND, INC. -A 3.2571 -10.45% -4.79% 0.35% -10.84% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C 105.6474 -9.14% -4.9% 0.76% -9.67% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ATRAM ASIAPLUS EQUITY FUND, INC. -B $1.1768 20.02% 1.27% 5.43% 14.43% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $1.605 20.41% 8.75% N.A. 16.41% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC. -A 1.6486 5.24% -3.43% -1.24% 5.49% ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.244 1.48% -2.47% 0.59% 2.88% FIRST METRO SAVE AND LEARN BALANCED FUND INC. -A 2.5981 -0.73% -1.73% -1.05% -1.27% FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A,1 0.1965 -14.49% N.A. N.A. -14% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.9519 -0.19% -0.07% 1.62% -0.49% PAMI HORIZON FUND, INC. -A 3.7428 -0.81% -1% 0.8% -1.22% PHILAM FUND, INC. -A 16.7435 -0.79% -1.08% 0.74% -1.28% SOLIDARITAS FUND, INC. -A 2.0696 -2.58% -2.25% 0.51% -2.47% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.5331 -7.99% -3.55% -0.48% -8.55% SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A,D 1.0104 0.16% N.A. N.A. -0.52% SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A,D 0.936 -5.44% N.A. N.A. -6.06% SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A,D 0.9193 -6.86% N.A. N.A. -7.44% SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.8763 -9.68% -4.35% -1.28% -10.1% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES $0.03914 COCOLIFE DOLLAR FUND BUILDER, INC. -A 2.62% 2.66% 1.99% 2.46% PAMI ASIA BALANCED FUND, INC. -B $1.1266 12.74% 1.92% 4.62% 11.32% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $4.3535 13.97% 6.41% 6.75% 11.32% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A,3 $1.1982 7.69% 3.52% N.A. 6.16% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC. -A 369.79 3.78% 3.22% 2.74% 3.31% ATRAM CORPORATE BOND FUND, INC. -A 1.8982 -1.49% 0.08% -0.01% -0.2% COCOLIFE FIXED INCOME FUND, INC. -A 3.2096 3.25% 4.61% 4.86% 2.94% EKKLESIA MUTUAL FUND INC. -A 2.2902 3.54% 2.92% 2.36% 3% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC. -A 2.4489 4.42% 3.39% 2.08% 3.81% PHILAM BOND FUND, INC. -A 4.6249 6.65% 4.5% 3.05% 5.76% PHILAM MANAGED INCOME FUND, INC. -A,6 1.3162 5.33% 4.41% 2.55% 4.73% PHILEQUITY PESO BOND FUND, INC. -A 3.9794 5.98% 4.41% 2.82% 5.05% SOLDIVO BOND FUND, INC. -A 1.0367 8.55% 3.95% 2.45% 7.51% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 3.1899 4.89% 4.7% 3.41% 3.72% SUN LIFE PROSPERITY GS FUND, INC. -A 1.745 3.83% 4% 2.82% 2.58% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. -A $482.24 3.34% 2.7% 2.91% 2.96% ALFM EURO BOND FUND, INC. -A Є218.52 -0.5% 0.79% 1.15% -0.58% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.2669 5.29% 3.74% 2.95% 4.95% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0265 2.71% 1.96% 2.71% 1.75% PAMI GLOBAL BOND FUND, INC -B $1.0913 -0.34% 0.31% 0.83% -0.21% PHILAM DOLLAR BOND FUND, INC. -A $2.5264 5.54% 3.98% 3.62% 5.11% PHILEQUITY DOLLAR INCOME FUND INC. -A $0.0621047 3.04% 2.61% 2.29% 2.99% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $3.2159 1.67% 2.18% 2.62% 1.28% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC. -A 129.53 3.29% 3.33% 2.54% 2.94% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A 1.047 1.79% N.A. N.A. 2.02% SUN LIFE PROSPERITY MONEY MARKET FUND, INC. -A 1.2943 2.65% 3% 2.61% 2.32% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.0515 1.54% 1.72% N.A. 1.27% FEEDER FUNDS PRIMARILY INVESTED IN PESO SECURITIES SUN LIFE PROSPERITY WORLD EQUITY INDEX FEEDER FUND, INC. -A,D,7 1.0932 N.A. N.A. N.A. N.A. PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM GLOBAL MULTI-ASSET INCOME FUND INC. -B,D,2 $0.97 -2.02% N.A. N.A. -2.02% A - NAVPS AS OF THE PREVIOUS BANKING DAY. B - NAVPS AS OF TWO BANKING DAYS AGO. C - LISTED IN THE PSE. D - IN NET ASSET VALUE PER UNIT (NAVPU). 1 - LAUNCH DATE IS SEPTEMBER 28, 2019. 2 - LAUNCH DATE IS NOVEMBER 15, 2019. 3 - ADJUSTED DUE TO STOCK DIVIDEND ISSUANCE LAST OCTOBER 9, 2019. 4 - RENAMING WAS APPROVED BY THE SEC LAST OCTOBER 12, 2018 (FORMERLY, ONE WEALTHY NATION FUND, INC.). 5 - LAUNCH DATE IS DECEMBER 09, 2019. 6 - RE-CLASSIFIED INTO A BOND FUND STARTING FEBRUARY 21, 2020 (FORMERLY A MONEY MARKET FUND). 7 - LAUNCH DATE IS JULY 6, 2020. "While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www. pifa.com.ph to see the

latest NAVPS/NAVPU."

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Banking&Finance BusinessMirror

Peso tipped for gains on record remittances

he Philippine peso, which lagged behind its peers in Asia this quarter, may get a boost in December with millions of Filipinos abroad set to send record amounts of money home to help families suffering from the pandemic and the recent typhoons. December is seasonally a month of strength for the peso, with the currency gaining in the period in five of the past six years. It is also the month when remittances, which totaled more than $30 billion in 2019, reached their highest levels for the year since 2009. “With increased unemployment as a result of the pandemic and the impact of the typhoons, we expect extra remittances in order to support families at home,” said Wouter van Eijkelenburg, an economist at Rabobank in the Netherlands. “This would support the strength of the peso.” The peso will edge higher to 48.08 per dollar over the next three months, according to Rabobank. It has risen 0.8 percent this quarter to 48.10, lagging behind some Asian currencies.

Rising inflows

Remittances, the nation’s largest source of foreign exchange after exports, unexpectedly climbed 9.3 percent in September from a year earlier, the fastest pace in more than two years. That’s despite the repatriation of more than 300,000 workers

from abroad who’ve lost their jobs due to the pandemic. The overall flow of money from workers abroad to the Philippines are estimated to drop by 5 percent in 2020, taking into consideration of those who have returned to the country, according to the World Bank. Still, as the major year-end holidays approach, coupled with the recent typhoons, it is possible that funds to the country will show resilience, Dilip Ratha, World Bank lead economist on migration and remittances in Washington D.C. said. For some, it’s not as though the Philippine currency has overcome all the headwinds. The peso may continue to lag behind regional peers given the Philippine economy is more domestically-oriented and less sensitive to bouts of risk-on from external factors, said Yanxi Tan, a strategist at Malayan Banking Bhd. in Singapore. It also depends on whether the recent tapering in daily virus cases in the Philippines can be sustained, Tan said. Still, coupled with the remittance support, Terence Wu of OverseaChinese Banking Corp. expects foreign flows to the nation’s stock market will start to pick up as vaccine progress boosts global appetite for risk assets. “These developments should be positive for the peso going into the year-end,” said Wu, a currency strategist at OCBC in Singapore. Bloomberg News

Membership Model: Traditional vs community

he current pandemic has made associations revisit their membership models. With declining revenue streams due to event cancellation, inability of members to pay membership dues because of layoffs, and difficulty finding sponsors and donors, associations struggle to do “business as usual.” A membership model is a business plan an association adopts to map out the design for different membership levels, products and services, marketing activities, and revenue sources. Membership models abound and can be classified into two contrasting categories: the traditional (service provider) membership and the community (platform). In “Reshaping Associations: The Impact of the Pandemic on Membership Models,” a webinar that the Philippine Council of Associations and Association Executives (Pcaae) organized, Belinda Moore, director at Australian-based Strategic Membership Solutions, talked about these two models: Role: In the traditional model, the association is a provider of services to its members and focuses on recruiting, engaging and retaining members. In the community model, the association fosters a community of both paid and free participants and its focus is on nurturing a strong and engaged community. Content: The association tends to create and distribute most content in the traditional model. In the community model, both free and paid community participants create and distribute the majority of content. Any association content is around community facilitation and core activities. Services: In the traditional model, the association wants to own and control the majority or all its products and services. In the community model, the association may retain core activities but also fosters a vibrant marketplace where competing quality suppliers are welcomed (noting that their entitlements likely differ from other participants). Non-members: In the traditional model, the association sees nonmembers as a “lesser” participant, charge them higher fees, and have

Association World Octavio Peralta limited engagement. They are, however, welcome participants and can opt to pay for upgrades and additional benefits in the community model. Managing groups: In the traditional model, there are a few role duplications and this discourages the formation of groups the association is unable to manage. In contrast, the community model has many groups and lots of role duplications, which encourages groups to self-organize. Fees: Annual membership dues are paid in full or in instalments in the traditional model. In the community model, members can opt for a free or paid subscription. A free membership is often a pathway to a paid membership. Revenue: In the traditional model, the association generates income via membership dues, event registrations, sponsorship, and service provision. In the community model, aside from the income from these traditional sources, the association can also leverage new income streams via the platform, e.g., micro-transactions, research, ad targeting. “Associations must ensure that their membership and revenues models align with their purpose and operating landscape. Many are shifting from traditional models to more contemporary community models,” Moore concludes. One good thing that the pandemic has provided is the time for associations to rethink their business model. So, is it time to shift your present membership model from traditional to a community model? The column contributor, Octavio “Bobby” Peralta, is concurrently the secretary-general of the Association of Development Financing Institutions in Asia and the Pacific and the Founder & CEO of the Philippine Council of Associations and Association Executives. PCAAE is holding the Associations Summit 8 on November 25 and 26, 2020 with the theme, “Leading with Agility.” The two-day virtual event is supported by Adfiap, the Tourism Promotions Board and the PICC. E-mail inquiries@adfiap.org for more details on AS8.

Friday, November 27, 2020 B3

Bank exec sees sector primed for role in economic recovery

By Tyrone Jasper C. Piad

@Tyronepiad

bank executive said the Philippine economy can rely on the fundamentally-strong financial sector to remain on track as it clambers from recession.

Security Bank Treasurer Raul Martin A. Pedro said in a webinar on Thursday that the banking sector has maintained a robust capitalization even before the lockdown measures against the pandemic pushed the economy to near atrophy. “Given the very strong capital position of banks, we are in a pretty much very strong position to support the economic recovery as it comes,” he said. As of end-September, the banking sector’s capital stood at P2.41 trillion, which is 6.64-percent higher compared to P2.26 trillion it registered last year for the same period. Pedro said that the industry is well-capitalized, thanks to the regulations mandated by the Bangko Sentral ng Pilipinas (BSP), which included setting minimum capital adequacy ratio of 10 percent. “When the pandemic came in, all Philippine banks are pretty much well-prepared for events like these,” he said. In addition, the bank official said that the BSP has been doing some heavy lifting to provide economic relief via liquidity injection, which has reached P1.6 trillion already.

The Central Bank, to recall, has cut the policy rates by 200 basis points (bps) in total, with overnight reverse repurchase facility currently at 2 percent. “We believe that the policy rates will be kept rather stable over next couple of quarters,” he said, as the economic outlook remains bleak. Security Bank is projecting the economy to contract by 9.9 percent in 2020. MUFG Bank Asean Head of Global Markets Research Leong Sook Mei agreed, saying that “unconventional monetary policies will still be in place for countries like Indonesia, the Philippines and India.” The Central Bank, meanwhile, shaved off 200 bps and 100 bps on the reserve requirement of (RR) the big banks and rural and thrift banks, respectively. Should the BSP further cut the RR by 200 bps, Pedro said that it will release additional P200 billion into the financial system. The BSP also purchased P1-trillion worth of domestic securities, which resulted in its assets growing by 31 percent to P6.76 trillion as of August, Pedro said, noting that the normal asset growth ranges

only from 2.4 percent to P5 percent usually. “Clearly, with additional support that the Central Bank has provided in terms of liquidity, we are able to face the unfolding economic difficulty at this point,” Pedro said.

Tightening access

Amid the economic slowdown, the Security Bank executive noted that clients have been finding it difficult to pay off their loans as revenues dwindled. “We do realize that a number of our citizens and businesses have been affected by the pandemic and to a certain extent, MSMEs [micro, small and medium enterprises] and certain businesses have suffered and to a certain extent some Philippine banks have begun to absorb that as well,” he explained. In response, the banking sector has been beefing up provisioning for potential credit losses, which resulted in lower net income. The industry has an allowance for credit losses of P338.96 billion as of end-September. This, as gross nonperforming loans ratio stood at 3.47 percent in the same period, which is the highest in the last few years. With this, Pedro said that the banks have become “stricter” when it comes to approving loans as they try to reduce exposures to highly affected industries, such as travel and tourism. Preliminary data from the BSP showed that outstanding loans provided by the universal and commercial banks further weakened in September at 2.8 percent from 4.7

percent in August. “But nonetheless, as a bank, our mentality has not changed. SME and consumer sectors have been growing for us quite significantly over the past couple of years,” he said. “And once the economy normalizes, I’m quite certain that it is an area that we would want to be heavily involved with again.”

Cure, recovery

The Philippine economy has seen the worst, Pedro said, noting that more is needed to be done to boost recovery. “Is the worst over? I think we’ve seen it. The recovery needs a lot of more push for us to clearly see it way behind us,” he quipped. With this, the bank official said that economic recovery will be supported by the development and distribution of coronavirus vaccine. Citing Google data, Pedro said that the “mobility in our economy by way of our mobile phone movement, we are still about 40 percent of the pre-pandemic level of activity.” The Philippines has a lot of “catching up to do,” he added. To secure the orders for the vaccine, 2nd District of Marikina City Representative Stella Luz A. Quimbo said that the government should be able to make advance payments as countries are lining up. “Given logistical challenges in mass producing billions of vaccines and distributing it worldwide, along with preorders mostly concentrated in the US and Europe, not all parts of Asia and Japan will be able to inoculate all of the citizens,” Leong warned.

BDO completes buyout in JV with Nomura

DO Unibank Inc. now fully owns BDO Nomura Securities after completing the buyout of the stake held by Nomura Holdings Inc. In a disclosure last Thursday, the Sy-led bank announced that its joint venture with the Japanese firm has been terminated following the acquisition of Nomura’s 49-percent stake by subsidiary BDO Capital & Investment Corp.

BDO shares declined by 1.30 percent, or P1.40, to close at P106.50 each amid the 1.05-percent drop for the benchmark index on Thursday. The bank made the first announcement regarding the buyout on June 23. Following the transaction, BDO Nomura will be merged with BDO Securities Corp. with the latter as the surviving entity. “BDO Securities will be reorga-

nized into a full service brokerage firm with an expanded product offering to include non-equity securities,” the listed bank said. To recall, the original joint venture was approved in January 2016. Operations of the firm began in October the same year. In the first nine months, BDO saw its net income drop by 48 percent to P16.6 billion because of higher provisions for potential credit loss.

Gross nonperforming loans (NPL) ratio stood at 1.97 percent while NPL coverage was P138 percent. Loan loss buffer reached P23.8 billion for the period. The bank has a capital base of P378.6 billion as of end-September, translating to capital adequacy ratio and common equity tier 1 of 14.2 percent and 13.2 percent, respectively. Both are above regulatory minimum. Tyrone Jasper C. Piad

Wirecard auditors face German lawmakers’ ‘doubts’

German parliamentary committee will try to question Wirecard AG’s auditors over their alleged failure to spot fraud at the payments company, as lawmakers continue their probe into who’s to blame for the nation’s biggest-ever accounting scandal. Lawmakers in Berlin have called the auditors, three of whom are still with accounting firm Ernst & Young LLP, which is under fire after it signed off on Wirecard’s books without spotting that some 1.9 billion euros ($2.3 billion) listed among its assets didn’t exist. EY auditors Christian Orth, Stefan Heissner and Martin Dahmen have been ordered to answer questions about what went wrong. The fourth, Andreas Loetscher, left EY in 2018 to become Deutsche Bank AG’s head of accounting. “There are considerable doubts that the auditing was undertaken with due diligence,” lawmaker Fabio de Masi, a member of the opposition Linke party in the parliamentary committee, told Bloomberg ahead of the hearing, scheduled for Thursday afternoon. EY has drawn fierce criticism for not detecting the accounting violations at Wirecard and stands accused of failing in its most fundamental duty as auditor. The firm has called the 1.9 billion euros missing from Wirecard’s balance sheet an “elaborate” fraud that even a very rigorous probe might not have discovered. Wirecard filed for insolvency in June after years of allegations against

A man holds a folder bearing the Wirecard AG name. German lawmakers continuing investigation on the payments company plan to grill auditors on their role in the nation’s biggest-ever accounting scandal.

the company. Its demise has become a corporate and political embarrassment for Germany. Investors have sued EY over the issue and the firm has separately been added as a defendant to a class-action style lawsuit against Wirecard. In a sign of the scandal’s growing impact, Commerzbank and DWS Group have dropped EY as their auditor. State-run KfW, Germany’s third-largest bank by assets, may also drop EY, people familiar with the decision have said. EY said that an auditor can’t answer questions about its work for a company because of client confidentiality rules. While those rules also bind individual auditors, EY said they have to decide on their own whether to answer the questions.

Bjoern Gercke, Orth’s lawyer, said his client is willing to answer questions but he’s bound by legal rules that make him keep auditing matters confidential. The issue of how and by whom that obligation can be lifted is tricky and needs clarification by the courts before Orth will be able answer questions, he said. Tido Park, Dahmen’s lawyer, said he didn’t want to comment before the hearing. Deutsche Bank, Loetscher’s current employer, declined to comment. A lawyer for Heissner didn’t immediately reply to requests for comment. The auditors must appear before the committee and must, in principle, answer questions unless they can invoke a privilege not to. Wirecard’s

bankruptcy administrator and two current board members have said they waive the confidentiality obligations, but not all the board members at the time of the audits have done so. Lawmakers have said they are ready to seek fines in case the individual auditors refuse to cooperate. Such a dispute would likely go to Germany’s top civil court which will have to decide whether the committee can force the auditors to reply. At last week’s parliamentary session, former Wirecard Chief Executive Officer Markus Braun appeared, only to read out a brief statement and then perpetually repeating the same declaration to any question—that he invoked his right as a suspect in a criminal probe to remain silent. KPMG auditor Alexander Geschonneck is also scheduled to appear on Thursday. Wirecard hired KPMG last year to conduct an independent audit of the company in an effort to tackle the growing allegations. KPMG’s revelation in April that it was unable to verify 1 billion euros in transactions hastened Wirecard’s downward spiral. The Wirecard scandal adds to a long list of woes both for EY, and the other members of the so-called Big Four of accounting: KPMG, Deloitte and PricewaterhouseCoopers LLC. All have faced fierce criticism for the perceived conflicts of interests between their consulting arms sometimes advising the same companies they audit, prompting UK regulators to order they split them up by 2024. Bloomberg News

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Friday, November 27 2020 • Editor: Gerard S. Ramos

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Slut-shaming in the age of El Presidente W

HEN two typhoons struck the country recently—first Rolly, then Ulysses—Vice President Leni Robredo quickly went to work. Her office started collecting muchneeded relief goods for the displaced survivors, with the VP herself distributing these. Her packages and boxes were plain, and did not carry any photos or markings that would remind beneficiaries who exactly came to their aid. That has never been the VP’s style, this lady who used to ride the provincial bus to go home to Naga. I don’t know her personally, but I’ve seen the good she has done. She lives simply, tries valiantly to get all her daughters for a meal together at home, and goes around almost with no makeup on. But she works to the bone, especially during calamities, wading through thick mud in her rubber slippers or rough-and-tumble footwear, while moving about homes with their roofs torn off, and comforting families who have been through the worst their villages may have experienced. Basically, Robredo acts like most mothers would—she tries to ease the pain and distress of those in trouble or

GMAKF reached the typhoon-hit areas with the help of the AFP

facing life’s incredible challenges. She is the one who lends a hand, or embraces you, when you are in despair and have no one else to turn to. For all of her excellent work, she is branded a slut. “Ikaw, noong gabi, anong oras ka umuwi? Isang bahay ka lang ba, dalawang bahay? Nagtatanong lang ako. Kay congressman ka. Kaninong bahay ka natagalan?”, asked a very irked El Presidente last week. Why is it any concern of the President where, and in whose house Robredo goes home to? What business is it for him to know these things and comment on them? We’re not talking about a teenager here—the Vice President is a grown-ass woman; she can go home anytime she wants to. And what gall! Spreading unfounded rumors about an alleged liaison with a congressman. I won’t even mention his name here to protect his family. The Office of the President gets a P2.5 billion budget for supposed confidential and intelligence activities…and this is what they spend it on? Trying to find who the Vice President is sleeping with? Of course, lewd and sexist remarks from the head of state aren’t new. He made the same accusation against Sen. Leila de Lima, threatening to show a supposed “Xrated” video of the senator. Which he never did of course. Basically because it never existed. Having long been separated from her own husband, who has since remarried, De Lima was also pilloried by El Presidente and his allies, even linking her boyfriend/ bodyguard in a drug scam they wanted to pin on her. (A few witnesses have since withdrawn their testimonies against her.) But he has always been coarse. Perhaps a reason many were attracted to vote for him. He is their id, as one columnist-friend wrote in 2016. They like him because he says and does things their egos (and proper breeding and

upbringing) would not allow them to do. It’s a sick old world we live in when we allow dirty old men to use intelligent working women as their verbal punching bags for what they feel as imagined slights on their person. Being in power, as head of state, doesn’t give anyone license to tear down a person’s good name just to prove he is working for the country’s benefit. As in most cases, actions speak louder than words. And Robredo showed who was actually doing the job. Proof? After El Presidente’s meltdown on TV, Robredo’s office received P50 million more in aid for typhoon survivors. It’s clear to donors who to trust. I am glad the Vice President has now put on her boxing gloves and has decided to punch back. This is a woman wronged, and will fight back to protect her reputation and her work. "When a President is a misogynist, the conversation goes down to this level,” she tweeted, as the man in Malacañang ranted on TV. “Ito po 'yung ginagawa namin gabi-gabi, nagpupuyat ilang linggo na para araw-araw, may madala lang na tulong sa mga nangangailangan,” while attaching a video of people in her office wrapping and organizing relief goods. In an interview over a radio station this week, she underscored the reason why she decided to speak up against El Presidente’s 20-minute rant against her. “Kung sa pambabastos hahayaan ko iyon, ano iyong mensaheng binibigay ko? Na OK lang iyon? Na OK lang iyon dahil lalaki kayo? Na OK lang iyon dahil Pangulo kayo? Hindi dapat ganoon,” she stressed. The problem with some men (and, yes, some women too unfortunately), the only way they can deal with their own personal incompetence and ineffectivity as a leader is to cut down a woman’s worth by slut-shaming her. Hurling insults at another person is the laziest form of criticism.

Today’s Horoscope By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Alison Pill, 35; Jaleel White, 44; Fisher Stevens, 57; Kathryn Bigelow, 69. Happy Birthday: Pay attention to detail, and be prepared to make adjustments as you move forward this year. How you build your future will determine your success. You’ll have plenty of chances to gain ground if you are receptive to trying something new without discarding something you still need. Balance and integrity will play roles in your progress this year. Your lucky numbers are 7, 18, 20, 23, 26, 38, 43.

ARIES (March 21-April 19): Look at your finances, and sort out what it’s going to cost to get what you want. An investment will change the way you live. Don’t give in to uncertainty. Research and a solid partnership will pay off. HH

TAURUS (April 20-May 20): Dive into something that excites you, and the outcome will be rejuvenating. Take a look at how you can manipulate a situation to improve your position, status or reputation. A meaningful relationship can help you get what you want. HHH

GEMINI (May 21-June 20): Evaluate your relationships, and consider who is right for you. Information you receive will push you to update personal documents and to prepare for upcoming changes you need to make. Physical activities will help alleviate stress. HHH

CANCER (June 21-July 22): Promote what you intend to do, and stand by your word. The moves you make will improve your life and encourage better relationships with people who share your objectives. A romantic gesture will bring you closer to someone you love. HHHH

LEO (July 23-Aug. 22): Don’t feel you have to change how you do things because someone else does; be yourself and do what feels right. Personal improvements will make you feel and look good. Don’t let anyone confuse or mislead you. Focus on personal gain. HH

VIRGO (Aug. 23-Sept. 22): The information you pick up will verify something that you expected all along. Put the changes you want to make in motion, and start a dialogue with someone you love to collaborate with or be around. Romance is favored. HHHHH

GMA Kapuso Foundation keeps ‘bayanihan’ spirit alive Media giant GMA’s socio-civic arm GMA Kapuso Foundation (GMAKF) fulfills the network’s mandate of “Serbisyong Totoo” via its “Operation Bayanihan” relief operations as thousands of Filipinos across the country remain in dire need of help following the onslaught of Super Typhoon Rolly and, most recently, Typhoon Ulysses. Not a few families were only just beginning to recover from a previous typhoon (Quinta) that hit the country when Rolly’s destructive winds and Ulysses’ heavy floods left more families in Luzon with no homes, no livelihood, and more vulnerable to Covid-19. Prior to the onslaught of Rolly, said to be the strongest typhoon to enter the country this year, GMAKF swiftly prepared relief goods for immediate distribution to different parts of Central Luzon and Bicol. The foundation, which was first to distribute aid in Camarines Sur, Albay and Catanduanes, was able to transport the relief packs with the help of the Armed Forces of the Philippines. Operation Bayanihan has been able to provide critical aid to a total of 43,328 individuals who were affected by Rolly from different areas of Camarines Sur, Catanduanes and Albay in Bicol, as well as in Bataan and Bulacan in Central Luzon. Only recently, Typhoon Ulysses further caused devastation in more areas including Metro Manila, Southern Luzon, and Cagayan Valley, the latter of which experienced its worst flooding in decades. GMAKF was first to reach Cagayan as it rushed to the communities, as soon as roads were passable, to give much needed urgent assistance. To date, the foundation has already reached over 21,000 individuals in various barangays in Quezon City, Rodriguez and Tanay in Rizal; Infanta, Quezon; Tuguegarao, Enrile and Solana in Cagayan; and in Ilagan and Tumauini, Isabela. Through donations, the foundation was able to distribute

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LIBRA (Sept. 23-Oct. 22): Finish what you start. If you leave something undone, you’ll have to answer for any delays. Don’t put pressure on others or bend to someone’s whims. Make plans to do what is healthy and best for you. Learn from your mistakes. HHH

SCORPIO (Oct. 23-Nov. 21): You’ll have plenty on your mind. Don’t confuse issues by trying to do everything at once. Structure your day to help you achieve things. Verify the information you receive before you pass it along. Plan something special for you and someone you love. HHH

SAGITTARIUS (Nov. 22-Dec. 21): Stick to home, and make yourself comfortable. Move things around to give yourself the space you need to pursue a project you want to start. Keep your whereabouts, intentions and personal information secret. Be more observant and less demonstrative. HHH

CAPRICORN (Dec. 22-Jan. 19): Take an interest in home, family and building a better life for you and those you love. An open dialogue will give you a better understanding of what others want and how best to maintain balance in meaningful relationships. Romance is featured. HHHHH

relief packs that includes rice, canned goods, safe drinking water, face masks, face shields, blankets and even diapers (to mothers with toddlers and babies) to a total of 64,403 Filipinos who were affected by typhoons Rolly and Ulysses. “Anumang panganib ang ating harapin, mula sa Bicol, NCR, hanggang sa Cagayan, hindi mapipigilan ang paghahatid natin ng tulong sa mga lubos na nangangailangan. At nagawa natin ‘yan sa tulong ng inyong mga donasyon,” said GMAKF Founder and Ambassador Mel Tiangco. Supplementing the continuous Operation Bayanihan drive, GMAKF’s Kapuso Soup Kitchen also provided hot meals to 1,000 evacuees from low lying areas around Barangay

Tatalon, Quezon City, to 500 individuals in Barangays Buenavista and Sirang in Catanduanes, and to 800 individuals in Barangays Tañong, Barangka and Malanday in Marikina. GMA Kapuso Foundation’s Soup Kitchen is personally sponsored by GMA Network Chairman and CEO Felipe L. Gozon. As of this writing, GMAKF is embarking on its second wave of relief distributions in Cagayan and is also heading for San Mateo, Rizal, Polilio Island, Aurora and General Nakar, Quezon. GMA Kapuso Foundation continues to accept cash donations to bring aid to more Filipino families in the hope of helping them get back on their feet. More information is available at gmanetwork.com/kapusofoundation/donate.

AQUARIUS (Jan. 20-Feb. 18): Structure your time carefully. Look for ways to use your attributes to help you get ahead. Your efforts will not go unnoticed. Don’t let a change someone makes at the last minute upset you. Go with the flow, and you’ll gain ground. HH

PISCES (Feb. 19-March 20): A positive change to how you earn your keep will develop. How you express yourself will make an impression on someone who can help you. A unique idea or plan will encourage you to update your skills. Romance is favored. HHHH Birthday Baby: You are goal-oriented, quick-witted and persuasive. You are secretive and unpredictable.

find your sanctuary by DAVID LITMAN The Universal Crossword/Edited by David Steinberg

ACROSS 1 Server overseer, informally 6 24-hr. cash source 9 Cosecant reciprocal 13 Stay at a friend’s place for the night 14 Sonic ___ 16 Windows alternative 17 *Community news source (see letters 3 to 6) 19 Speck of land 20 Attorney’s field 21 Word before “school” or “soul” 22 Adjusts, as one’s laces 24 Winning it may not make you happier long-term 26 Inquired 27 *”This is how it is ...” (3 to 6) 32 Finish by 35 It’s written in the stars 36 Ronda Rousey’s combat sport, for short 37 Libel, e.g. 38 They help you spear asparagus 39 Ideal Rogaine result 40 Laila or Muhammad 41 (Sigh)

2 Crossword-colored animal 4 43 *Be considerate to after arriving early (4 to 7) 47 What illuminated signs mark 48 Certain hosp. physician 51 O 53 “... ___ lack thereof” 55 Jamaican music genre 56 Ditch 57 Spiritual goal, or a hint to the starred answers’ hidden words 61 Blows away 62 Like a giraffe 63 ___ male 64 Stereotypical sources of groaners 65 Red Sox archrival, on scoreboards 66 More cunning DOWN 1 What an athlete may tear, briefly 2 Dryly amusing 3 Chinese gambling destination 4 “Caught you!” 5 Kings’ and Senators’ org. 6 Cain was jealous of him 7 “Sweeney ___” 8 “You’re accusing me?!”

9 Was satisfactory to 10 2006 Spike Lee film featuring a bank robber 11 “Death on the ___” (Agatha Christie novel) 12 People you dated 15 Quagmires 18 Secure to a dock 23 Just manage, with “out” 25 Asian New Year 26 Certify 28 Uses TurboTax, say 29 Capital of Yemen 30 In a group of 31 Tomb raider Croft 32 H’s, on frat row 33 The Big Easy 34 No crash course? 38 “Sense” a win 39 Aggressive pitch 42 “___ favor” 44 Overabundance 45 Be ill 46 Cause of a cold sweat 49 Animal with zebra-striped legs 50 Hidden store

1 Attired 5 52 Ames’ state 53 Lone 54 Lean (on) 58 Palindromic Bobbsey twin 59 Faux ___ 60 Organ often missing from an emoji

Solution to Tuesday’s puzzle:

Show BusinessMirror

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Editor: Gerard S. Ramos

• Friday, November 27, 2020 B5

The critics’ choice THIRD PARTY

So the older star is said to be the third party in the breakup of the hunky actor and the bombshell starlet. Given the actor's history, it is not surprising. He has been known to drop his girlfriends when he's grown tired of them. In this case, he reportedly realized that his relationship with the starlet was too much, too soon. By the time he met the older star, this was already how he felt so it seems as if he cheated on his girlfriend with her. Actually, the older star came at a time when he needed someone to talk to and it turned out to be her. Meanwhile, the bombshell starlet is left to nurse a broken heart and this is not the first time for her to do so.

OUTGROWN

Speaking of breakups, the actor and his beautiful and much younger girlfriend have reportedly broken up and it's not because one of them fell out of love and/or cheated. It just happened that during quarantine, they grew apart and realized they wanted different things out of life. It was the girlfriend, a non-showbiz girl, who reportedly initiated the breakup. The actor pretty much felt the same way but tried to work things out. The former couple remains cordial to each other. The actor has been linked to an actress but it's work-related as the girl is with someone even if she hasn't admitted it yet.

REGRETS

The actress was one of the first to leave the network. That was because she got a very good offer from her mentor. She couldn't refuse him. Also, she was scared for her future. But is she having regrets this early? The actress is reportedly asking friends and former colleagues about the work situation at the network. According to sources, the actress is reportedly saddened by how the network seems to be OK with her gone and how many of the work that was supposed to have been hers have been given to other stars. Will turn actress return to the network? Will they want to have her back? That's something to watch out for.

WAITING

The TV host is wondering why she hasn't been called back by the program where she's supposedly a mainstay. The staff can't give her an answer. They know why she hasn't gotten the call but they know it's not their place to tell her. So what is the reason? Apparently, the TV host posted something which offended someone in power. Until she is forgiven by that person, the TV host's status remains in limbo.

nd so it happened that for the first time, our Gawad Urian was held online on November 10. For the first time, there were no winners to receive their respective trophies, no speeches. One thing did not change though, not from our perspective but from those who have constantly followed our decisions and our articulation of filmic standards—our choices. There were, as usual, surprises. Pleasant surprises. These were rediscoveries in the persons of Janine Gutierrez for Best Actress and Elijah Canlas for Best Actor. Gutierrez would win for her role in Rae Red’s Babae at Baril. The actress is, in the words of Gary Devilles, “an unnamed beleaguered saleslady.” All throughout his critique of the film, Mike Rapatan addresses the character essayed by Gutierrez as the “babae.” She becomes the everywoman, a sad and violated figure that could stand for all women, with or without the gun, raped bodily or abused in spirit. Devilles does not directly talk about the performance of Gutierrez but explicates the complexity of the character of the woman: “In Babae at Baril, the woman and the gun constitute and poetically mirror each other, they are both considered as objects to be manipulated, controlled and dominated. But the woman and the gun have also exceeded their status as objects in the end; they can do things, have sufficient will to make a difference, produce effects, alter the course of their own stories.” The power of the performance of Gutierrez can also be seen in a film that portrays a setting where “state violence is misogynistic, guns are considered phallic, women are always construed as lacking an ‘appendage’

in psychoanalysis.” Indeed, performance, as we in the Manunuri always contend, has to be grounded within the body of the cinema in which the enactment of that person happens. Thus, Rapatan speaks of this year’s recipient of Best Actress by contextualizing the role first: “Janine Gutierrez delivers a nuanced performance that captures the shifting shades of Babae’s turmoil turning into understanding.” The same performance is further elucidated by the other elements of cinema: “The setting of Babae’s daily grind is made palpable by the interplay of Tey Clamor’s atmospheric cinematography and Eero Francisco’s gritty production design. Fatima Nerikka Salim and Immanuel Varona’s musical score intermittently punctuated by punchy percussions mixed with street sounds and sirens likewise projects the rough and tumble rhythm of Babae’s world. With Ilsa Malsi’s deft stitching of the characters’ disparate lives into a thought-provoking whole, Red is thus able to shape a narrative space where women can reclaim their agency in a world burdened and fractured by male privilege. Babae is also this year’s recipient of the Gawad Urian for Best Picture. Rae Red wins the Gawad Urian for Best Director, bannering a year of women in cinema. The winning cinematographer and editor are women. Kalel, 15 is the title of the film but it might as well be the other name of Elijah Canlas. Of the film and the boy, Gigi Javier Alfonso speaks of “the story of Kalel, a young man who is adventurous, undecided and confused” who is “seen in the choices he takes, groping through the strands of poverty or lack of accountability of young reckless passion, the mind and spirit led by the arrogance of ignorance within life’s tapestry enveloped in the constructed murky reality of the people around him.” Alfonso continues: “The film probes into Kalel’s life where no one seems to genuinely care beyond self. Where he sees that people’s survival is achieved by simple moments of pleasure from alcohol, a semblance of repetitive ritual of repentance around money used to lighten the burden of guilt, and the numbing ecstatic feel of drugs and sex. He is fathered by a priest, mothered by a man-hungry woman, has a horny sister. It talks about interpretations of love, lust, danger, anger and survival. A

quick formula that will certainly lead him to an aimless and visionless way to pathetic destruction, or to survive with resilience, ending up with a hard, vengeful, and calloused soul.” Do we really have children like Kalel? Are there mothers like the mother of Kalel, visibly uncaring but disturbing in what appears to be a lack of motherly instinct? For that small role, I became a fan of Jaclyn Jose. Her stoicism on-screen is a form of violence in itself. There are more points I wish to share with readers as to what transpired during our deliberations, but this could wait for another column. I promise also to do a separate discussion of the winning documentary and short film. These are forms that are gaining a following and we consider them as significant cinematic modes. We are happy with what transpired last Sunday, 22, when we had an online conversation with the Gawad Urian winners. It was a first in the history of Philippine cinema when critics created the opportunity to engage the winning filmmakers after they had delivered their acceptance speeches, albeit the event was online and not onstage. The winners for Gawad Urian 2020: n Best Picture: Babae at Baril n Best Director: Rae Red for Babae at Baril n Best Actress: Janine Gutierrez for Babae at Baril n Best Actor: Elijah Canlas for Kalel, 15 n Best Supporting Actress: Yayo Aguila for Metamorphosis n Best Supporting Actor: Kristoffer King for Verdict n Best Screenplay: Jun R. Lana for Kalel, 15 n Best Cinematography: Tey Clamor for Babae at Baril n Best Editing: Ilsa Malsi for Babae at Baril n Best Production Design: Eero Yves Francisco for Babae at Baril n Best Music: Jude Gitamondoc, Cattski and Cindy Velasquez for Huwebes Huwebes n Best Sound: Mikko Quizon and John Michael Perez for Mañanita n Besy Short Film: Carla Pulido Ocampo for Tokwifi n Best Documentary: Miko Revereza for No Data Plan

CINE EUROPA AT SM CINEMA DRIVE-IN AT MOA

This year’s edition of the much-awaited Cine Europa film festival was celebrated in an innovative and creative way— an on-ground launch at the SM Cinema Drive-In at the Mall of Asia, toasts and greetings on screen, and its first-ever offering of virtual screenings. This provided film enthusiasts with a fun, new and safe way to enjoy this year’s lineup of critically acclaimed films amid the pandemic. A joint project of the Delegation of the European Union to the Philippines, the EU Member States and cultural institutions, and the Embassy of Switzerland, together with SM Cinema, Cine Europa can be viewed virtually until November 29. EU Delegation First Counsellor Rafael de Bustamante

and German Ambassador Anke Reiffenstuel led the members of the diplomatic corps and media gathered at the SM Cinema Drive-In to mark the opening of the festival. At the same time, the Ambassadors of the EU Member States sent their virtual greetings and toasts. Guests were also treated to a special screening of the German film, Sweethearts, directed by renowned German actress Karoline Herfurth. The film is a comic-thriller about professional criminal Mel and her easily-panicked hostage Fanny. Forced together by fate and an ill-executed diamond robbery, the couple is trapped in a race against time. Soon pursued by a relentless detective and the greedy Berlin underworld, they are left with no other

Jovani takes aim at the spotlight Long before answering the insistent call of showbiz, Jovani Manansala was already “famous.” After scoring a number of print and TV ads, he gained a massive following online. No thanks to his sexy pictures that features his chiselled body and brooding but charming and handsome face and that winning smile. But like all of us, he faced a daunting choice on whether to jump into the chaotic world of acting, or just remain an enigma as a social-media personality.

choice than to work together. Cine Europa’s lineup of films from 20 countries showcase the range of Europe’s filmmaking excellence, and its diverse and vibrant culture and creative industries. The lineup includes romance, comedy, and thrillers: Commes de Garcons (Let the Girls Play) from France, Ženy v běhu (Women on the Run) from the Czech Republic, the Swedish film And Then We Danced, and Buñuel en el Laberinto de Las Totugas from Spain, King of the Belgians from Belgium, and Bad Poems from Hungary. Now on its 23rd year, Cine Europa is the longest-running flagship film festival in the country. It brings 19 films from 20 European countries and can be accessed for free via

Of course, he chose the former. Otherwise, he wouldn’t take up much column inches here. In a short span of time, and no small thanks to his good looks, Jovani was able to score a number of meaty roles in TV shows like Ipaglaban Mo and Maalala Mo Kaya, and even major ones in indie darlings Mamu, And A Mother Too and Jolly Spirit. But the question remains: Is he just a shredded set of abs plus a handsome face, or is he a genuine talent on the verge of a genuine breakthrough? Mutli-awarded film writer and director Adolfo Alix Jr. (Donsol, Mater Dolorosa, Manila, Death March) thinks Jovani’s got more to offer, and that’s why he cast him in his BL series Happenstance with Kiko Ipapo. Kiko and Jovani play Wade and Jose Manuel, respectively, two people who magically meet although they are living in different periods—one in 1974, the other in 2020. Jose Manuel is grounded after his military father learned of his relationship with Luis, an activist. Wade, on the other hand, is recovering from a recent break up with Eric and while on vacation gets caught up in the Covid-19 lockdown. A super moon appears, and an opportunity opens for these two heartbroken souls to connect across time and find love once again. According to Alix, Jovani possesses the qualities he was looking for in Jose Manuel. That certain loneliness

www.cineeuropaph. com. Interested viewers can simply register online, select the films to watch, and receive links on the day of the film’s scheduled screening. Cine Europa also features films from Festival Scope, the EU’s comprehensive library of quality films, offering viewers an opportunity to watch films from European countries not represented in the Philippines. Cine Europa is presented by the Delegation of the European Union to the Philippines, the EU Member States and cultural institutions Goethe Institut, Instituto Cervantes Manila, Philippine-Italian Association, Embassy of Switzerland, the Film Development Council of the Philippines, and SM Cinema.

and emotionality. He also did wonders in the screen testing with Kiko and the rest of the cast. Hopefully, Happenstance will be the one project that will make people sit up and notice that Jovani is more than just a hunkalicious personality. While his career has a certain scattershot quality to it, you can sense an overall ambition to define himself by testing his boundaries as an actor. It was only a matter of time before Jovani landed a role that would serve as his proper introduction to showbiz and Happenstance could be it. If all goes well, Jovani may become a mainstream actor working in films and TV projects where people can appreciate his talents. In the meantime, there is no harm in still liking his sexy pictures on Instagram or Twitter or Kumu or Tiktok or whatever platform these young ones are into these days. After all, they are indeed likeable, drool-worthy even. But all we can say to him is: “Aim high Jovani. We are rooting for you.” Happenstance will consist of nine episodes to be released weekly starting in late November, exclusively on the LGBTQ+ streaming platform GagaOOLala. Other cast members of Happenstance are Bembol Roco, Rosanna Roces, Alan Paule, Erlinda Villalobos, Shu Calleja, Angeli Bayani, Ken Adnerson and Saviour Ramos.

1. H.E Nicolas Galey, French Ambassador to the Philippines, offers up a virtual toast for the opening of Cine Europa 23. 2. Philippine-Italian Association General Manager Alessandro Milani 3. German Ambassador Anke Reiffenstuel and Instituto Cervantes Director Javier Galvan with SM SVP for Marketing Millie Dizon

B6 Friday, November 27, 2020

Successive typhoons brought P10B loss to agriculture and farming

N October 25, 2020, Typhoon Quinta made five landfalls in central Philippines, particularly in Southern Tagalog and Bicol Region, Regions VI and VII, NCR, Central Luzon, Cordilleras and Northern Luzon. According to reports a total of 115,181 families or 501,289 persons were affected in 2,255 barangays in Regions III, CALABARZON, MIMAROPA, V, VI, VII and VIII. Around P4.6 billion worth of agricultural goods were damaged. On October 31, 2020, Super Typhoon Rolly, another extremely powerful tropical cyclone that made landfall in the Philippines in the province of Catanduanes, and affected the Bicol region and Southern Luzon. It left almost 100,000 homes destroyed including power, water and communication services in Calabarzon, Mimaropa, the Bicol Region, and the Cordilleras. The Bicol Region, one of the worsthit regions estimated the damage to agriculture to be around PHP2.9 billion affecting crops, livestock, fisheries, and agricultural facilities, with a total of 44,712 hectares of agricultural land destroyed. The provinces of Cavite, Catanduanes, and Camarines Sur were declared under the State of Calamity. On November 1, 2020, Typhoon Ulysses, the strongest storm of the year that hit the Philippines, left death and destruction due to landslides, flooding, roads cut-off and heavy damaged to agriculture. The Department of Agriculture estimates that the damage reached Php2.53 Billion, affecting at least 73,000 farmers, with over 71,000 hectares of agricultural land submerged in water. To date, based on initial estimates of the DA, the agricultural damage from

PHOTO shows farmers harvesting rice in La Union.

typhoons Quinta, Rolly, Ulysses reaches P10 billion and even more and it would take time, and a huge infusion of capital to help our farmers recover from the onslaught of these calamities. The Bureau of Customs reported that there is an approximately Php 5 Billion tariff collection in excess of the Php10 Billion collected in 2019 (Php2.3) and in 2020 (Php3.0 as of September 30, 2020) under RA 11203, or the Rice Tariffication Law. The law provided that Congress can allocate this excess collection to the Department of Agriculture to help rice farmers including cash assistance.

Considering that the areas hardest hit are agricultural and are mostly into rice farming, the Senate through a Resolution filed by Senator Cynthia Villar is proposing that 2021 General Appropriations Act include a special provision that the excess amount collected be given as cash assistance to farmers owning one hectare and below to help them recover. The only qualification is that, the farmer beneficiaries should be registered in the Registry System for Basic Sector in Agriculture, or the RSBSA to compensate for the loss of farm income and help them start anew.

Sun Life presents exclusive art exhibit to raise funds for typhoon victims

UN Life Philippines, in cooperation with Salcedo Auctions, is raising funds for the benefit of the recent typhoon victims with a special preview of Betsy Westendorp-Brias’ limited edition Giclée on canvas collection. Select clients viewed the collection on November 23 and purchased the featured works of Betsy at a special rate. They also interacted with the artist herself to ask questions about her masterpieces. “Art has the power to bring people together, and Betsy's inspiring works give us the opportunity to unite and bring hope to those who have been affected by the onslaught of the recent typhoons,” says Benedict Sison, Sun Life CEO and Country head. “This is but one way for Sun Life to express its unwavering commitment to the Filipinos amid these difficult times.” For his part, Salcedo Auctions Managing Director Victor Silvino expressed his appreciation to Sun Life for this alliance. “We are greatly honored by the chance to collaborate with Sun Life and an esteemed artist like Betsy Westendorp-Brias. Through this exhibit, Sun Life clients who are art enthusiasts will have the opportunity to delve deeper into the messages that Betsy conveys through her masterpieces,” Silvino said. Born Isabelle Maria Westendorp, Betsy started painting at a very young age by creating portraits of her family. This passion paved the way for her fame as she connected with influential personalities. At the age of 21, she moved to the Philippines after

marrying her husband Antonio 'Tony' Brias. In one of her trips to Spain, she was invited by then Philippine Ambassador to Spain to represent the Philippines during the Filipino Week of the Instituto de Cultura Hispanica in Madrid, where she wowed the crowd. One milestone of her career as an artist is when Don Juan Carlos, then King of Spain, commissioned her to paint his son, Don Felipe. Betsy's art career continues to flourish as she holds several art galleries here and around the world. Notably, she is one of those few artists in the country to receive cultural distinctions from two nations. “Betsy Westendorp’s Limited Edition Giclee on Canvas Collection” will run 24/7 from November 23 to 27. After which it will be opened for the public. This event is presented by Sun Life Philippines together with Salcedo Auctions. For more updates, visit www.sunlife.com.ph or www.facebook. com/sunlifeph.

SMDC wins big at the 8th PropertyGuru Awards

EAL estate giant SM Development Corporation (SMDC) brought home several awards at the 8th PropertyGuru Awards, including the most coveted Best Developer — a testament to its standards of excellence in real estate development. The awards ceremony was held virtually last night, November 25. The 8th Property Guru Philippines Awards is spearheaded by the PropertyGuru Group, dubbed “Southeast Asia’s pioneering and most trusted property technology company.” The company aims to address pain points when it comes to home ownership, and through Asia Property Awards (under which is the PropertyGuru Philippines

Awards), it aims to recognize, reward, and celebrate the biggest achievers in real estate development in Asia. The event is a much-awaited date in the real estate industry calendar, with key business decision-makers and esteemed trade and consumer media in virtual attendance. SMDC also bagged the Best Lifestyle Developer Award. In the design category, Sail Residences was the runaway winner with Best Landscape and Best Condo Architectural Design awards. Fern at Grass Residences bagged the Best Lifestyle Development Award. Park Residences was named Best Condo Development (Luzon) and Charm

Residences took home the Best MidEnd Condo Development Award for Metro Manila. Several SMDC properties were Highly Commended in several development categories: S Residences (Best High-End Condo Development for Metro Manila); Leaf Residences (Best Mid-End Condo Development for Metro Manila; Bloom Residences, Field Residences and Vine Residences (Best Affordable Condo Development for Metro Manila); Green 2 Residences and Hope Residences (Best Condo Development for Luzon); Smile Residences and Style Residences (Best Condo Development for Visayas); S Residences and Sail Residences (Best Lifestyle Development). In the Design category, the following properties were Highly Commended: S Residences (Best Condo Architectural Design, Best Condo Interior Design and Best Landscape Architectural Design); Sail Residences and Shore 3 Residences (Best Condo Interior Design). SMDC’s The Good Guys community program received a Special Recognition in CSR. “To be recognized by an esteemed organization such as PropertyGuru, to be counted among the best, is already something that we are proud of,” SMDC President Jose Mari Banzon was quoted as saying. “It is a validation that we have indeed turned our vision into reality, that we are contributing to building a nation of homeowners; not just any home, but a home that allows the homeowner to live his best life.” To the PropertyGuru organization, Mr. Banzon has only words of gratitude. “Thank you for giving recognition to the real estate industry’s efforts to give Filipinos the best value for their hard-earned money with homes that provide the best possible living experience.” SMDC will be representing the Philippines at the 2020 Asia Property Awards to be held virtually on December 5.

GBP REMITS ER 1-94 FUND FOR TOLEDO CITY’S COVID-19 RESPONSE. Global Business Power Corporation (GBP) remitted a total of P23.3 million to Toledo City in Cebu to further support and boost the city’s COVID-19 pandemic response. The amount represents the Energy Regulations 1-94 (ER 1-94) fund share of Toledo City from the electricity sales of GBP's subsidiaries, Cebu Energy Development Corporation (CEDC) and Toledo Power Co. (TPC). CEDC and TPC, with a combined generation capacity of 428 MW, facilitated the release of the fund share in order to assist the city in mitigating the effects and consequences of COVID-19. The Department of Energy issued Department Circular (DC) No. 2020-04-00080 to allow the utilization of ER1-94 funds for COVID-19 response to help local government units in their fight against the pandemic, in accordance with the Bayanihan to Heal as One Act. The funds provide LGUs more access to protective personal equipment (PPEs) for frontliners, essentials, and an improved capacity for mass testing. In photo is GBP Cebu Site Head Leah G. Diaz (left) turning over the ER 1-94 checks to Toledo City Mayor Marjorie "Joie" Perales.

166 vie for outstanding government workers award

HE Civil Service Commission (CSC) congratulates the 166 regional winners of the 2020 Search for Outstanding Government Workers. Selected by the Regional Committees on Awards, the regional winners will now vie at the national level for the three award categories of the Search: Presidential Lingkod Bayan, Outstanding Public Officials and Employees or Dangal ng Bayan, and the CSC Pagasa. Having the most number of national qualifiers is Davao Region and Western Visayas with 25 and 20, respectively, followed by the National Capital Region with 16 regional winners. Meanwhile, Ilocos Region, Central Luzon, and the Cordillera Administrative Region named 12 regional winners each. Rounding up the Luzon cluster is Cagayan Valley and Southern Luzon with 11, and Bicol Region with seven national qualifiers. For the Visayas cluster, Central Visayas has seven while Eastern Visayas has awarded six regional winners. For Mindanao, Caraga submitted nine, Northern Mindanao with eight, Bangsamoro Autonomous Region for Muslim Mindanao named five, SOCCSKSARGEN with three, and Zamboanga Peninsula has two national qualifiers. The review and selection of semi-finalists among the national qualifiers is underway at the national level by the Committee on Awards composed of the CSC, members from the Office of the President, among other distinguished members. Those who will be selected will then be subjected to background investigation and validation of

declared accomplishments. The annual Search for Outstanding Government Workers is administered by the CSC’s Honor Awards Program (HAP) Secretariat to recognize exemplary performance and display of integrity in public service. The Presidential Lingkod Bayan award is conferred to an individual or group for exceptional or extraordinary contributions that had nationwide impact. The Dangal ng Bayan is awarded to an individual for performance of extraordinary act or public service and consistent demonstration of exemplary ethical behavior on the basis of adherence to the Code of Conduct and Ethical Standards for Public Officials and Employees. Meanwhile, the CSC Pagasa is given to an individual or group of individuals for outstanding contributions that directly benefit more than one department of the government. For more details on this year’s Search, contact the HAP Secretariat via email at hapsecretariat@csc.gov.ph or hapsecretariat@ gmail.com.

Sports BusinessMirror

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

Friday, November 27, 2020

BAMBOL VS. CLINT By Josef Ramos

H VIGIL FOR DIEGO Fans hold a vigil for Diego Maradona outside the stadium of Argentinos

Juniors club where the soccer legend started as a professional in Buenos Aires, Argentina, on Wednesday. The Argentine great who was among the best players ever and who led his country to the 1986 World Cup died from a heart attack at his home in Buenos Aires. He was 60. AP

PSC awaits funds for training restart

NLY an appropriation from Congress is keeping the Philippine Sports Commission (PSC) from launching the national team training bubble at the Inspire Academy in Calamba, Laguna. PSC Commissioner Ramon Fernandez said that protocols and guidelines have already been drawn and national athletes who still have chances of qualifying for the Tokyo Olympics next year will be collectively training in the facility. “We already asked both House and the Senate for the budget and are awaiting their approval,” Fernandez told the BusinessMirror. The PSC needs P15 million to run the Inspire bubble that would house the training of national athletes in boxing, taekwondo and karatedo, all combat sports.

Sixteen other national sports associations are also recommending their athletes for the bubble but this would entail another set of budget, Fernandez said. PSC Executive Director Atty. Guillermo Iroy guaranteed the bubble is ready to accommodate the athletes anytime. “Both Houses of Congress are supporting the Olympics participation of our athletes, including their training, qualifying and participation,” Iroy said. Marc Velasco, PSC Chief of Staff and National Training Director, on the other hand, said besides the Tokyo Olympics, the agency is also concerned with opening the training of national athletes for the 31st Southeast Asian Games Vietnam is hosting in November 2021.

OW the country’s sports landscape would look like in the next four years will be determined by late afternoon on Friday when the votes are counted in the Philippine Olympic Committee (POC) regular term elections at the East Ocean Palace Restaurant in Parañaque City. It will be a one-on-one battle for each of the 10 positions being contested by two parties with incumbent Rep. Abraham “Bambol” Tolentino fighting it out against archery association head Atty. Clint Aranas for the presidency of the organization that experienced a tumultuous Olympic cycle marred by three elections but salvaged multiple times over by a successful and victorious hosting of the 30th Southeast Asian Games. Tolentino, also the cycling association president, is seeking a full four-year term after having been elected only in July last year when boxing’s Ricky Vargas resigned at the height of the country’s preparations for the SEA Games. In February 2019, Vargas was elected president that ousted president-since-2004 Jose “Peping” Cojuangco in an International Olympic Committeeordered proceeding that made the Olympic cycle for the country look ugly. But it was under Tolentino’s short watch at the helm that reaped tons of sporting pride for the country when his brainchild of a 56-sport, 530-event SEA Games propelled the country to a runaway overall championship, a repeat but miles ahead in comparison to the 2005 Philippine conquest. “The true POC will bring the best that the

POC has to offer,” Tolentino told BusinessMirror in a brief text message after the online POC General Assembly on Thursday that ironed out the remaining TOLENTINO kinks for the elections that would observe strict health and safety protocols as prescribed by the Inter-Agency Task Force on the Management of Emerging Infectious Diseases, Department of Health and the Pasay City local government. “I am looking for a well-run election, free of controversy and may the best man win,” Aranas said. “Everything is up to God this time. Win or lose, we ran a good fight. It’s now up to them [voters].” In Tolentino’s ticket are triathlon’s Tom Carrasco (chairman), basketball’s Al Panlilio (first vice presidential, fencing and modern pentathlon’s Richard Gomez (second vice president), gymnastics’ Cynthia Carrion (treasurer), baseball’s Chito Loyzaga (auditor) and muay’s Pearl Managuelod, judo’s Dave Carter, chess’s Rep. Prospero Pichay and surfing’s Jose Raul Canlas for the board members. Aranas’s team includes handball’s Steve Hontiveros (chairman), athletics’ Philip Ella Juico (first vice president), rugby’s Ada Milby (second vice president), wushu’s Julian Camacho (treasurer), weightlifting’s Monico Puentevella (auditor) and squash’s Robert Bachmann, soft tennis’s Jeff Tamayo and billiards’ Robert Mananquil for board members. It will be a POC elections—or any other

Saso gains on Furue, but Hara wrests lead

UKA SASO carded a 70 to pounce on Ayaka Furue’s late meltdown to gain in their hyped up duel, but Erika Hara wrested the lead with an eagle-spiked 67 in the first round on Thursday of the Japan Ladies Professional Golf Association (JLPGA) Tour Championship Ricoh Cup in Miyazaki Prefecture. Hara flaunted her flair for the majors with a strong start and a stronger finish with her eagle on the par-five No. 2 and three birdies in the last six holes earning her a 34-33 card at the Miyazaki Country Club for a one-stroke lead over Hinako Shibuno in the Y120-million event. Hara’s 22-putt performance was the best in a day where pins were strategically placed to draw the elite cast into attacking the well-kept but unpredictable greens. Most did and were rewarded with birdies that came in aplenty while others struggled setting up scoring opportunities, including Saso, who failed to get going with a two-birdie, two-bogey round at the front. Furue settled for a 36, her birdie on No. 6 negating a bogey on the third as the fancied pair tried to unnerve each other in a grudge match set up by the former’s imposing final round romp over the Filipino-Japanese in last week’s Daio Paper Elleair Ladies Open. Shibuno also laced her 68 with an eagle on No. 9 as the long hitters took advantage of a couple of reachable par-5s although the world No. 15 missed joining Hara on top with a bogey on the 17th. But focus was on the Saso-Furue faceoff in the final pairing of the 37-player field as the pair, disputing not only the tournament title but also the Player of the Year and money list honors in this final event of the pandemic-hit JLPGA season, leveled up their shootout in the last nine holes. Furue, who dislodged the International Container Terminal Services Inc.-backed Saso from the top of the Player of the Year derby on the strength of her back-to-back victories the last two weeks, appeared headed to clipping the latter the way she did in their final round of the Daio Paper tilt with a birdie-eagle feat from No. 12 to go three-under. But just when she thought she had the course all figured out, the local ace lost her touch and rhythm and stumbled with bogeys on the next two holes and settled for pars in the last three holes for a 71. Saso, hard-pressed to put up a strong finish to get into the mix, earlier birdied No. 11 and got some boost from that Furue mishap and birdied No. 15 and parred the rest to preserve a closing 34 for that two-under card.

elections for that matter—like no other. Only 125 individuals—voters, staff, media, among others—will be allowed to enter the venue and each and ARANAS everyone will undergo Antigen tests for Covid-19. Social distancing will be strictly observed and the entire two stories of the venue will be periodically disinfected. There will also be a special sealed ballot reception—a sort of a drive-thru facility— outside of the East Ocean Palace’s main entrance for the four voters who refuse to enter the venue but wanted to personally cast their votes. The timeline, too, was built around an orderly conduct of the elections

and IATF-approved. Registration and testing are set from 10 a.m. to 1:30 p.m., lunch will be from 11:30 a.m. to 1 p.m., followed by the voting proper until 3 p.m., followed by the counting of votes and declaration of winners at 4:30 p.m. A press conference is set at 5 p.m. All 54 voting members—51 national sports associations, IOC Representative to the Philippines Mikee Cojuangco-Jaworski and Athletes Commission representatives Hidilyn Diaz and Jhessie Lacuna. Diaz is currently training in Malaysia and was allowed by the POC election committee to mail her vote, along with four others who will avail themselves of the “drive-thru” facility. The Philippine Lawn Tennis Association (Philta) and Larong Volleyball sa Pilipinas (LVPI), both suspended by their respective international federations, were also allowed to vote.

MERALCO’S Chris Newsome keeps a close watch on Ginebra’s Stanley Pringle in Game 4 on Tuesday.

DO-OR-DIE INSIDE CLARK BUBBLE

T’S win or go home for all four teams left fighting it out in the Clark bubble as the Philippine Cup semifinals of the unique Philippine Basketball Association’s 45th season go the full route with a pair of Game 5s on Friday. Phoenix Super LPG and TNT Tropang Giga take the court first at 3:45 p.m. while Barangay Ginebra San Miguel and Meralco square off at 6:30 p.m. at the Angeles University Foundation gym. Meralco and TNT extended the best-of-five series to the limit with the Bolts beating the Gin Kings, 83-80, and the Tropang Giga halting the Fuel Masters, 102-101, last Wednesday,. The Gin Kings are expected to bounce back as they target their 27th overall Finals appearance—10th in the Philippine Cup—since joining the league in 1979. “It’s a big game tomorrow—a battle of adjustments and executions. We just have to play the game and we are going to execute with the best of our abilities. Our motivation is we have each other’s back,” said Stanley Pringle, who tallied 18 points, seven rebounds and six assists in Ginebra’s Game 4 loss. Grand slam coach Tim Cone is optimistic Game 5 should be a different story coming off a loss.

“Game 5 should be a great one. It will come down simply to execution. I don’t think either team wants to go home yet,” Cone said. Meralco coach Norman Black said transition defense and rebounding would be the key to their bid to make their fourth Finals appearance. “We are up against a Ginebra team that is both talented and experienced in these situations. We will just give everything to get a win,” Black said. Chris Newsome had 16 points, 11 rebounds, six steals and five assists, while Raymund Almazan made a big time play in the final seconds with a crucial block on Pringle. “No hate but only love. Nothing personal here. It’s going to be a tough battle in Game 5 and we’re not going to give in early,” said Almazan, who posted 11 points in Game 4. The Fuel Masters are eyeing their first ever championship appearance since they joined the league in 2016, but they have to contend with a TNT side that saved its season last Wednesday behind Bobby Ray Parks Jr.’s 36 points. The Tropang Giga are eyeing their 20th Finals appearance—seventh in the all-Filipino conference. The best-of-seven Finals start on Sunday. Josef Ramos

Following Maradona RICK OLIVARES bleachersbrew@gmail.com

BLEACHERS’ BREW

HERE’S a reason why I root for Boca Juniors and Napoli. My friends know I am a massive Liverpool fan and have rooted for the club since 1979 as a kid. I do follow other clubs in other leagues. But Boca Juniors (in Argentina) and Napoli (in Italy)? That’s entirely because of Diego Maradona. God rest his soul, Maradona, passed away, Wednesday evening, 25th of November, due to a heart attack. In the pre-internet Manila of the 1980s, I was able to watch Maradona when the FIFA World Cup rolled around because it was always shown on local television (though very few matches). If I wanted more of the Beautiful Game, I had to buy second hand magazines because if you went to bookstores or magazine stands, they were all basketball. At the precursor of Booksale, PDPI, they sold European football magazines. Ditto with National Bookstore Superbranch in Cubao that had all these football books and mags on sale at its top floor. That is where I read more of Maradona’s exploits. So I gravitated towards Boca Juniors although he only played there for one season after which he was sold to Barcelona (he did come back at the twilight of his career). The blue and gold kit of Boca Juniors is one I aspired for. In fact, the shirt is one of my prized jerseys. Watching a match at La Bombonera is in my Bucket List to this day. And of course, there’s Napoli.

The football team of this southern Italian city were massive underdogs as compared to traditional powers Juventus, Milan, and Roma. And Maradona led them to two Scudettos in 198687 and 1989-90, the Coppa Italia in 1986-87, the UEFA Cup trophy in 1988-89, and the Supercoppa Italiana of 1990. Twice his Gli Azzurri, as Napoli was nicknamed, finished second in the league. He was that good. If Pele was for me in the 1970s (I rooted for the New York Cosmos and Brazil), Diego was for me in the 1980s. I am such as huge fan that I went on a Maradona pilgrimage in Naples in June of 2015. It cost me almost 300 Euros but it was well worth it. The docu-series Maradona in Mexico? I absolutely love it. I hope to purchase it on DVD. A friend of mine once asked if I was personality based when it comes to the football teams I root for. The answer is, if you live in a Third World country and far from these clubs, you tend to. My being a fan of Liverpool stemmed first from the Beatles although none of the Fab Four roots for the Reds much less are football fans. For me, Maradona was larger than life. Well, he did have that Hand of God moment in 1986. And I am not sure if that overshadows his Goal of the Century when he dribbled around six English defenders to score an amazing goal. Rest in peace, Diego Maradona. Thanks for the memories.

Motoring BusinessMirror

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

Editor: Tet Andolong

B8 Friday, November 27, 2020

Time to delete that ‘Act of God’ policy tasked to oversee insurance policies took a decisive stand on this issue. Our country being the Earth’s favorite typhoon path—we have an average 20 typhoons a year—it’s but right and logical that that “Act of God” policy be stricken off permanently. God will only be too happy to be freed from the blame game.

Socco speech

HE recent floods in mostly Luzon “Sorry, but we can’t help you,” the reminded us once more about insurer might probably say? insurance policies. Why because “Your vehicle getting submerged in many vehicles, both old and new, fell vicfloods was the result of a typhoon. An tim to the massive inundations caused act of God.” by typhoons Quinta and Rolly Ulysses, Really? Is God that cruel as to inflict whose combined wrath and fury came in harm on its flock wholesale? senseless succession, as in three thugs He uses typhoon to punish us, to ganging up on a hapless chap, mauling send the faithful falling on their knees, him into submission while he was headin the process begging relief from their ing home from work late at night. What a insurers? rage—useless, utterly destructive. Of all the nation’s insurance compa Now comes the poor vehicle-owner nies, I think it is only Standard that does asking help from his insurer. not invoke the “Act of God” line in treating Will he receive aid, financial mostly? its customers? Here’s a glass to that. Or will he get the usual reply? About time the government agency

HERE’S another speech I adore, coming no less from Vince S. Socco, Toyota’s legendary executive without almost an equal. It was delivered during the first “physical event” occasioned by the lunch hosted by Chairman Alfred Ty of Toyota Motor Philippines. Here: “Good afternoon, everyone. I did not want to be the guy standing between you and your lunch but I drew the short straw today. Please allow me a few minutes to share some brief remarks with you. “The pandemic has not disappeared. It’s still with us and is as dangerous as ever. That is the sad truth. What is different now, though, is that after eight months—TO THE DAY—of living with

the virus, we have begun to understand how to reduce the spread of infections. “With this growing understanding and continued compliance with health protocols, the number of new infections has gone down significantly. We pray it stays there. And although we must continue to keep our guard up, we are now better armed to co-exist with the virus and carefully, step-by-step, join the move to rebuild lives and livelihood, to restart business and the economy. “When enhanced community quarantine was announced on March 16, everyone was caught unprepared. But it was immediately apparent to us that we needed to stand with our team members and associates in that most difficult of times. We decided that we would not lay-off any of our employees and that we would sustain their pay even with the suspension of work. We continued to do so even as the two-week ECQ rolled into months. Not many companies could do this but we were deeply committed to the welfare and well-being of our members. “Today, as business starts to recover, we are happy that our team members

stand with us again, as they always have. Last May our factory in Santa Rosa restarted operations on one-shift. Last September, we resumed two-shift operations. “The resumption of full operations in Santa Rosa is very significant for us. It not only means that Toyota has reopened its doors but that it is—together with the rest of the automotive industry— lending its support to the revival of the Philippine economy. “This is the story we would like to talk with you about over lunch today. The need to support economic recovery and the role that the automotive industry plays, particularly. Thank you. “Our operations in Santa Rosa—as with Mitsubishi—have a multiplier effect on the economy and that is why it is a very vital part of the restart of the manufacturing industry. Our entire supply chain of 55,000 Filipinos—factory workers, local suppliers, logistics providers, dealers and business partners—are all depending on the increase in local production and overall sales. “We believe this is an important

story to tell in our partnership with the Philippine government towards rebuilding our nation. While we continue to import vehicles to meet the growing and diverse mobility needs of the country, we have no doubt that producing vehicles locally is an even more essential part of the economic recovery efforts of the government. “So, while we have prepared a hopefully wonderful lunch for everyone, I hope that our conversation about the primacy of local production will also be as meaty and as juicy. We are ready to share our story. “Let us enjoy our lunch.”

PEE STOP Happy birthday to Admiral Louie Fernandez, the best chief of staff that the Armed Forces of the Philippines never had. Not known to many, the retired Philippine Navy chief is a bemedaled wine expert whose appetite for everything good in life is second to none. May you have many more birthdays, Pareng Admiral, so that your friends that are legions may constantly and sweetly share with you a life of lasting joy. Cheers!