BSP may cut rates anew if M3 growth below 10% By Tyrone Jasper C. Piad
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PUBLIC Works Secretary Mark Villar inspects the Cavite-Laguna Expressway (Calax) Subsection 5, from Santa Rosa Laguna to Silang Cavite East Interchange, construction of which is now in full swing. Once completed, this section provides an additional 6 kilometers to the already operational 10-km Laguna segment. The expressway’s projected full length is 42 kilometers and the entire stretch is targeted to open in 2022. ROY DOMINGO
@Tyronepiad
FTER hitting pause on monetary policy easing twice, the Bangko Sentral ng Pilipinas (BSP) may cut the key interest rates again should domestic liquidity growth slip below 10 percent, according to MUFG Bank Ltd. “In terms of M3 [domestic liquidity] growth, I guess the BSP’s
comfort level could be anything below 10 percent with regards to M3 growth. Then, they can be comfortable with another rate cut,” MUFG Global Markets Research Analyst Sophia Ng said in a briefing on Thursday. The Central Bank said that domestic liquidity rose by 14.2 percent to P13.6 trillion in August yearon-year, driven by the demand for credit. Meanwhile, the overnight re-
verse repurchase facility is currently at 2.5 percent after it was cut by a total of 175 basis points (bps) so far. Overnight deposit and lending rates stood at 1.75 percent and 2.75 percent, respectively. Ng said the BSP has maintained the interest rates because the financial system remains flooded with liquidity. “The BSP clearly refrained from cutting rates in the past two meetings due to the splash of liquidity
in the system, equivalent to 7.3 percent of GDP [gross domestic products],” she explained. “If M3 [domestic liquidity] growth remains elevated until year end...it is likely to push back the timing of the next rate cut.” Still, Ng said that the BSP’s monetary policy is seen to be accommodative in the next two years as the economy struggles amid the pandemic. See “BSP,” A2
PCCI TO GOVT: BIZ NEEDS HELP, NOT TAX PERKS CUT
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n Friday, October 9, 2020 Vol. 16 No. 01
P25.00 nationwide | 2 sections 16 pages |
LUIS ANTONIO G. CARDINAL TAGLE visited the Philippine Red Cross Molecular Lab in Mandaluyong City to have his swab test, together with PRC Chairman and CEO Richard Gordon. He ended his visit by blessing the laboratory facility and expressing his appreciation of the hardwork of the Philippine Red Cross volunteers and staff in fighting this global pandemic. Cardinal Tagle has just recovered from a Covid-19 infection, which was detected days after he flew in from Rome last month. PHOTO COURTESY OF PHIL. RED CROSS
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By Elijah Felice E. Rosales
@alyasjah
HE country’s largest business network has called on the government to extend long-term fiscal and nonfiscal incentives to investors as finance bureaucrats and lawmakers are pushing to rationalize tax perks. The Philippine Chamber of Commerce and Industry (PCCI) on Thursday asked the government to provide incentives to private firms
to revive their activity that got disrupted by the Covid-19 pandemic. Granting them incentives will boost their chances of recovering
losses and retaining their workers, the group argued. The PCCI appealed with the Department of Labor and Employment to sustain its wage subsidy program for as long as employers need assistance in paying their employees. It also pleaded with the Bangko Sentral ng Pilipinas (BSP) and financial institutions to suspend loan amortization without penalties. Either this, or they can restructure loans without additional interest and postpone mortgage foreclosures for defaulting borrowers, it added. Likewise, the PCCI petitioned the BSP and state and private
banks to extend for more than six months the amortization of outstanding loans availed of by micro, small and medium enterprises (MSMEs) to give them time to survive the pandemic and recoup losses after. The PCCI also sought to lower assessment fees and lighten the conditions in getting business permits. It also demanded that state agencies, including local government units, refrain from imposing new requirements both to corporations and individuals until the economy resets to its performance prior the health crisis. Continued on A2
ADB: Worst over for PHL economy, but recovery slow By Cai U. Ordinario
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@caiordinario
HE worst may already be over for the Philippine economy but the recovery will remain slow, according to the Asian Development Bank (ADB). In a statement at the signing of the North-South Commuter Railway (NSCR) project on Thursday, ADB Southeast Asia Department Director General Ramesh Subramaniam said indicators point to a recovery for the Philippine economy. Subramaniam said encouraging data on cement and vehicle sales as well as the purchasers manufacturing index signal the possibility that the Philippine economy is already
on the mend. “Recent microeconomic data we are seeing such as cement and vehicle sales, exports of goods, and the purchasers manufacturing index show that the worst is over, and that is fantastic news, although we expect a slow recovery for the rest of the year as the economy opens up further,” Subramaniam said. Subramaniam said the Philippine economy, along with the entire Asia-Pacific region, was significantly affected by the ongoing pandemic. The Philippine economy contracted 9 percent in the first semester of the year. In the first quarter, the economy contracted 0.7 percent and in the second quarter, plunged 16.5 percent.
PESO EXCHANGE RATES n US 48.4440
Millions of Filipinos suffered from the pandemic, and these included not only those who were infected but also those rendered jobless when the government i mposed loc kdow ns st a r t i ng March. As of April, around 5 million Filipinos lost their jobs, bringing the total number of unemployed Filipinos to 7.25 million. However, there was a slight reduction in the unemployed to around 4.57 million in July. This represented a 2.68-million drop from those reported jobless in April. Neda and other economists cited the gradual reopening of the economy as one reason for this. The government also highlighted the efforts of its development partners
in helping the country weather the pandemic. “ADB is fully committed to supporting the Philippines through this health crisis and for the economy to come out stronger after we find the vaccine,” Subramaniam said. Subramaniam said ADB approved close to $1.8 billion in assistance to the Philippines between April and May. T his was fol lowed by t he $125-million health sector loan called the HEAL project in August, to help the Department of Health scale up its Covid-19 response. He added that ADB also approved a Disaster Financing Facility for $500 million to provide fiscal support in the event of further natural and health disasters.
DUTERTE MAY CERTIFY BUDGET BILL; SENATE, HOUSE TRADE BARBS By Jovee Marie N. dela Cruz @joveemarie
& Butch Fernandez @butchfBM
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RESIDENT Duterte is seen to certify as urgent the 2021 budget bill, which got snagged amid the leadership row at the House of Representatives, and became the subject of a word war between Speaker Alan Peter Cayetano and senators, whom he said would bear the blame if the money measure is not passed by December. The option for the President to certify it as urgent—to preclude having a reenacted budget—was floated by Sen. Christopher “Bong” Go, even as Duterte said, in a Wednesday night address, that he did not relish being dragged into messy political intramurals. He signaled deep disappointment at how the speakership battle could deteriorate so quickly. L a t e We d n e s d a y, S e n a t e President Vicente Sotto III said he accepted the apology of Cayetano, who had said on Tuesday night that if the budget bill is delayed, it would be the fault of the Senate. He insisted that his controversial move on Mon-
day to “railroad” second-reading approval and abruptly suspend sessions until November 16 had only caused the Senate a loss of “one day” in its own timetable. Senators, however, said the Cayetano gambit—widely seen as meant to forestall an October 14 vote to seal the turnover of the speakership to Marinduque Rep. Lord Allan Velasco—had wiped off a full month in their tight timetable for reviewing and approving their budget version after the House transmits it to them in late November. Cayetano said, “I called Senator Sotto and asked him if he can extend to the whole Senate that I apologize that my statement was taken out of context and [appeared] that I am passing the blame to the Senate if there is a delay in the budget,” he added. Before Cayetano apologized, though, Sotto had angrily reacted “the nerve!” to Cayetano’s remark that any budget delay would be on the Senate’s head, not his. Sen. Panfilo Lacson and Minority Leader Franklin M. Drilon were also angered by Cayetano’s insistence that his gambit shed off a mere one day from the budget timetable. See “Budget,” A2
n JAPAN 0.4572 n UK 62.5654 n HK 6.2508 n CHINA 7.1085 n SINGAPORE 35.6442 n AUSTRALIA 34.5745 n EU 57.0089 n SAUDI ARABIA 12.9153
Source: BSP (October 8, 2020)
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A2 Friday, October 9, 2020
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PCCI TO GOVT: BIZ NEEDS HELP, NOT TAX PERKS CUT Continued from A1
The push to incentivize private sector activity clashes with the government’s plan to reduce the number of privileges awarded to investors. Under the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) bill, corporate income tax (CIT) will be brought down to 25 percent, from 30 percent. In exchange, incentives granted to
Budget… Continued from A1
Reopen debates AT the House, lawmakers on Thursday called on the leadership to reopen and resume plenary debates on the proposed P4.5-trillion national budget for 2021. Buhay Rep. Lito Atienza, Deputy Senior Minority Leader and Bayan Muna Rep. Carlos Zarate and Albay Rep. Edcel Lagman demanded the immediate resumption of plenary sessions. The House terminated the deliberations on the budget by approving it on second reading last Tuesday. It said all amendments from lawmakers will be accepted by a small committee until November 5. “We vehemently urge the Speaker to immediately reopen the plenary discussion on the 2021 national budget, so we can scrutinize and properly allocate the budget of every sector and government agencies pursuant to the process provided for in the Constitution,” Atienza said.
firms operating in economic zones will be rationalized. As part of the rationalization, locators will no longer be permitted to pay 5-percent tax on gross income earned in lieu of local and national taxes, as they will be required by the CREATE bill to relinquish the incentive and shift to paying 25-percent CIT. In a statement on Monday, local and foreign investors asked
He said the Constitution tasks Congress and more specifically, the House of Representatives, with the “power of the purse” giving it the authority to screen, review and scrutinize the nation’s budget and pass the General Appropriations Act (GAA). But Atienza and several other lawmakers complained they were muted during the Zoom proceedings, which ended in Cayetano suspending the plenary session until November 16. For his part, Zarate said the Makabayan bloc is calling for the resumption of the abruptly terminated budget deliberations so the people’s call for health, education, jobs, and aid can be prioritized. “Those trying to block the budget deliberations are obviously the ones who will stand to gain, disregarding the people’s call for a national budget more attuned to the Filipino people’s current need during this time of the Covid pandemic,” the bloc said. For his part, Lagman said “the provisions on cloture and closure of debates have been indiscriminately invoked even as the proposed budgets of numerous departments, offices and agencies have not been taken up.”
President Duterte and legislators to consider the impact of the pandemic on business operations before approving the CREATE bill. They argued that the cost of doing business will increase if the measure is passed into law, at a time when they have to trim expenses due to the health crisis. Apart from the grant of longterm tax perks, the PCCI asked
Minority bloc THE minority bloc in the House on Thursday said it will proceed with its own deliberations on the budget bill. A joint statement signed by 19 members of the bloc said they were concerned about the impact of the ongoing speakership row on the budget, seen crucial in the continuing response to help sectors affected by the pandemic. “Our worst fears have come to pass and we are compelled to speak out as we find the termination of the plenary debates on the budget premature and inconsistent with the regular processes adopted and practiced by the House in the consideration of a general appropriations measure,” it added. The bloc also said the decision of current leadership has effectively denied the members of the Minority the right to scrutinize the budgets of the government’s line departments as part of our duty to fiscalize public funds that have been used and will be spent for government programs and projects.
Timetable disputed CAYETANO had said the leadership is
the government to hasten the shift of procedures to digital methods, as well as incentivize firms who automate operations and reskill workers. The PCCI pleaded with the Department of Agriculture (DA) to strengthen technical and funding support to farmers in the countryside. It said agriculture production should be improved for the country to maintain food
eyeing to approve the budget on final reading when session resumes on November 16 and transmit it to the Senate on November 17. Senate Minority Leader Drilon disputed as “baseless” Cayetano’s attempt to pin fault on the senators if timely passage of the P4.5-trillion budget bill is delayed, saying: “The claim of the Speaker has absolutely no basis.” Lacson likewise also disputed Cayetano’s claim of a “one-day difference” in the House transmittal of the budget bill to the Senate, to ensure its timely approval before the yearend to avoid a reenacted budget scenario. “Between October 12 and 14 when the Senate is originally scheduled to receive the transmittal of the General Appropriations Bill from the House of Representatives, and November 17 when the Speaker said they will be able to transmit the same to us, is definitely not a one-day difference as claimed by Speaker Cayetano,” Lacson pointed out. With that said, Lacson added, “I have just suggested to the Speaker if it’s possible for him to resume their session, which is merely suspended and not adjourned, before All Saints’ Day just to
supply for all seasons, especially in trying times. The DA was also asked to allocate at least 40 percent of Agri-Agra credit facilities for start-ups and MSMEs whose ventures multiply the income of fishermen. The policy recommendations made by the PCCI were packaged in its resolutions for this year’s Philippine Business Conference & Expo. Every year, the group files to
approve on third and final reading the House version of the budget measure and thereafter transmit the same to us.” Lacson likewise reminded Cayetano that senators would “need at least one week” to go over the details of the House-approved version of the voluminous budget bill. “I also told him [Speaker Cayetano] that the senators, especially the finance committee vice chairpersons, need at least one week to study the House version and submit to the mother committee our reports,” the senator said. “Another week will be needed for the finance committee to consolidate everything and file its committee report.” In so doing, Lacson said “we can start floor debates immediately after we resume session on Nov. 16, or even before that.” “That is the only way we can ensure the timely passage of the budget measure,” he said, asserting that “we cannot afford an impasse involving the most important piece of legislation that Congress has to pass: the national budget, which I have consistently regarded as the lifeblood of our economy, if not our country.”
the government a list of proposals geared toward enhancing the country’s investment environment. The 46th Philippine Business Conference & Expo, themed innovation@ph, hosted some of the country’s state leaders, including the President and Vice President, and private sector figures in a series of sessions on how firms can weather the Covid-19 storm.
BSP…
Continued from A1
“This is an indication of further rate cuts to come,” she said, noting this covers both key policy rates and reserve requirements. The MUFG analyst said that with M3 growth seen to be moderate next year, an interest rate cut may be possible as early as the first half of 2021. However, Ng stressed that the BSP is only likely to trim the policy rates by 25 bps because of “limited scope” owing to the low inflation forecast. Slashing interest rates will expand the negative spread between the inflation and interest rates. Ng said MUFG expects inflation to average at 2.5 percent this year and at 2.7 percent in 2021. BSP, meanwhile, earlier shared that its forecast for the year is 2.3 percent and for 2021 is 2.8 percent. The Philippine Statistics Authority recently reported that inflation decelerated to 2.4 percent in August from 2.7 percent a month earlier, bringing the year-to-date figure to 2.5 percent. The drop in inflation was attributed to lower prices of food and non-alcoholic beverages. “Demand side inflationary forces are likely to remain weak, but transport and food prices could be higher on year-on-year basis amid a gradual increase in oil prices,” she said.
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UN body’s reso spares PHL from rights probe, PNP says
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HE Philippine National Police welcomed on Thursday a resolution by the United Nations Human Rights Council (UNHRC), which, the PNP declared, “spared the Philippines from international probe into alleged human-rights abuses.” “We acknowledge this manifestation of the UNHRC’s recognition of the Philippine government’s initiatives to review and reevaluate all allegations of human-rights violations in the implementation of the national anti-illegal drugs campaign,” the PNP said in a statement issued through its spokesman Col. Ysmael Yu. The PNP’s issued its reaction following the UNHRC’s resolution that was adopted in Geneva on Wednesday, wherein the council called for technical assistance and capacitybuilding support to the Philippines’s human-rights effort, instead of moving to investigate the country on its human-rights record. The UNHRC resolution was ad-
opted two months after a report, also by the UN, declared that the Duterte administration’s war on drugs has resulted in “systematic violations, including killings, arbitrary detentions, and vilification of dissent.” The PNP said the support in the area of human rights will strengthen its effort in protecting human rights, especially in its operations. “The proposed technical cooperation and capacity-building for the promotion and protection of human rights in the Philippines offers more opportunities for the PNP to further promote our own advocacy to protect, respect and fulfill human rights in all aspects of police operation,” Yu said. “This will further strengthen the PNP’s firm commitment to uphold the rule of law, through strict adherence to the PNP Operational Procedures or Rules of Engagement that emphasizes highly on respect for human rights and international humanitarian law,” he added. Rene Acosta
Editor: Vittorio V. Vitug • Friday, October 9, 2020 A3
Covid-19 officials back resumption of motorbike taxis to boost business By Lorenz S. Marasigan @lorenzmarasigan
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HE resumption of operations of motorcycle taxis will help augment the crippling transport sector in the Philippines, according to the chief implementer of the National Policy Against Covid-19, and will greatly help in the recovery of the Philippine economy. Carlito Galvez Jr., chief implementer of the National Policy Against Covid-19, said on Thursday companies like Angkas can help accommodate the over 400,000 workers who need public transport to go to and from their places of work. As such, Galvez plans to talk to Congress to have the pilot study for motorcycle taxi operations resumed. “Part of the plan is to increase
capacity of mass transport, and part of the plan is to increase the number of public vehicles, especially the ride-hailing motorcycle taxi, which can increase the capacity to provide services to more than 400,000 workers,” he said in a news briefing. He said this endorsement comes after finding that there were no recorded Covid-19 transmissions during the time when Angkas offered its services to health-care workers for free in the last few months, a move that was approved by the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF). “We are doing this to ensure that we have adequate mass transportation for our workers and the general public as we continue to open up more
of our economy. This is in line [with our goal to] empower our citizens to regain their livelihood and earn sustainable incomes,” he said. Aside from Galvez, Presidential spokesman Harry Roque and Chief Testing Czar Vince Dizon also supported the resumption of the operations of motorcycle taxi operations. “The IATF has endorsed that Angkas...be allowed to operate because this is the reality: We need to improved transportation. We welcome Angkas’ contribution in improving transportation,” Roque said. Angkas Chief Transport Advocate George Royeca said his group is “grateful and humbled by the government’s approval for Angkas to operate again and provide safe and efficient transportation to our riding public.”
“We are ready and eager to serve, especially our commuters who are required to go back to work but are faced with a critical shortage in public transportation. Angkas would be pleased to fill that gap so that we could safely ferry our passengers to their destinations,” he said. Royeca added that the resumption of Angkas’ motorcycle taxi operations will ensure the livelihood of 20,000 riders. The motorcycle taxi pilot study ended in March and was not extended due to the pandemic. It was meant to evaluate the economic viability and safety of motorcycle taxis as a form of public transport. Aside from Angkas, two other motorcycle taxi operators were previously allowed by the government to operate provisionally.
CA affirms decision extending Forbes Park privilege to Fabian Ver’s partner
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HE Court of Appeals (CA) has affirmed its decision that effectively allowed Edna Camcam, longtime partner of the late Armed Forces of the Philippines (AFP) Chief of Staff Fabian Ver, to remain in the controversial Forbes mansion property, which is now subject of a legal dispute. In a two-page resolution issued on
September 30, 2020, the CA’s Second Division upheld its February 21, 2017 said it found no valid ground to reverse, modify, or set aside its own ruling. The appellate court, in the said ruling, set aside the decision issued by the Regional Trial Court (RTC) Branch 66 of Makati City on February 10, 2014, which declared Dr. Daniel Vasquez as the right-
ful possessor of the subject property and directed Camcam to vacate the property. The trial court also ordered C a mca m to pay P250,0 0 0 per month from her receipt of demand to vacate up to the time that the subject property is actually vacated. The CA ruled it is the Metropolitan Trial Court which has jurisdiction over
the said property being an unlawful detainer case, thus, the RTC should not have decided on the merits of the case. It also directed that the case be remanded to the MTC for further proceedings. Prior to the controversy, Vasquez claimed that Ver asked him to provide Camcam and her children a
home as they were returning to the Philippines from exile. Being Ver’s longtime friend, Vasquez offered the Forbes Park mansion, which was acquired from the United Coconut Planter Bank through Benjamin Bitanga. On September 27, 1994, Bitanga executed a Sale with Right of Repurchase
over the property in favor of Vasquez. Camcam on the same day issued the guaranty declaring Vasquez as the owner. In their quest to wrest control of the property, Camcam and Bitanga questioned the original sale of the property from UCPB to Bitanga and later to Vasquez. Joel R. San Juan
A4 Friday, October 9, 2020 • Editor: Vittorio V. Vitug
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Poll: 56% of EU investors may expand biz despite PHL’s ‘dismal’ pandemic response By Elijah Felice E. Rosales @alyasjah
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UROPEAN investors in Southeast Asia are least satisfied with the Philippine government on how it responded to the Covid-19 pandemic, according to a survey. Based on the 2020 EU-Asean Business Sentiment Survey, the Philippines recorded the lowest satisfaction rating at 12 percent on Covid-19 response among Southeast Asian countries. The score was so dismal it missed the regional average of 32 percent. Even worse, a third of European investors in the Philippines reported they are dissatisfied with the actions taken by authorities to contain the
transmission of the virus. On the contrar y, European firms are most satisfied with the Covid-19 response of Vietnam, 63 percent; Thailand, 59 percent; Singapore, 58 percent; and Malaysia, 46 percent. Further, Hanoi had none of its investors dissatisfied with its pandemic measures. In terms of business plans, 56 percent of European investors said they may expand operations here, while 10 percent admitted they look to reduce business activities. Among Southeast Asian nations, Indonesia, Vietnam and Thailand received the highest level of intent to expand from European firms. In Indonesia, 74 percent of respondents disclosed they plan to improve operations, while it’s 72
percent in Vietnam and 65 percent in Thailand. Further, a third of European firms in the Philippines lamented they were never consulted by the policymakers on how to address the challenges of doing business here. They explained communication with state officials may be difficult to maintain, as they may be focused on dealing with the health and economic damages of the pandemic. Still, they argued much work needs to be done to improve the exchange. Moreover, only 1 in 10 investors said there is sufficient engagement between the European Union and the Philippine government in a proof of the growing divide between the two parties clashing over human-rights issues.
In September the European Parliament adopted a resolution to withdraw the trade privileges of the Philippines. Aside from the reported killings in the war on drugs, EU legislators raised issue against the nonrenewal of ABS-CBN’s franchise and the cyber libel conviction of Rappler CEO Maria Ressa. The Philippines is a beneficiary of the EU’s General Scheme of Preferences Plus that allows its exporters to ship at least 6,274 products to Europe at zero tariff rate. About 25 percent of exports to the EU are covered by the trade incentive. Last year shipments to the economic bloc amounted to $8.28 billion; therefore, some $2.07 billion worth of products benefited from the EU grant.
PMFTC undertakes transformation Petro inventory slightly dips to 2.73-B liters in H1–DOE to deliver ‘smoke-free’ products to 16-million Filipino smokers T
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MFTC Inc., the Philippine affiliate of Philip Morris International (PMI), is in the process of transformation to someday replace conventional cigarettes with smoke-free products and help Filipino smokers switch to these better alternatives, according to its top executive. “We are going smoke-free because it is the right thing to do, and our resources allow for it. With the support of top-in-class scientists, engineers, technicians and a state-of-the-art R&D, our bold vision is to transform our business, to replace cigarettes at the soonest possible time, to take the smoke out of smoking,” PMFTC President Denis Gorkun said during the DigiCon Omni 2020 virtual conference organized by the Internet and Mobile Marketing Association of the Philippines (IMMAP) on October 5, 2020. “We are doing our best to bring smoke-free products within the reach of Filipino adult smokers who would otherwise continue to smoke and bring us closer to our dream of a smoke-free Philippines,” Gorkun said. PMFTC, a joint venture of PMI and Fortune Tobacco Corp. of the Lucio Tan Group, is a major tobacco leaf buyer, taxpayer and a partner to law enforcement whose traditional business supports 2 million Filipinos who depend on tobacco for their livelihood. Gorkun said PMFTC’s transformation is in line with PMI’s vision for a smoke-free future. “The reality is that the moment we light anything on fire, we open up a chemical factory. This applies to the tobacco in a cigarette. The fuel in a car. Or the wood in a stove. And this is why there is a movement across sectors to reduce and eliminate combustion, or burning,” he said. “The cold hard reality is that there are still 16 million smokers in the Philippines. And with a cold turkey quit rate of just 4 percent, it isn’t any wonder that the World Health Organization estimates that there will still be more than 1 billion smokers worldwide in 2030,” he said. “For our company, the answer is clear: we need to innovate, and innovate responsibly. By doing something that sounds easy in theory but is much more difficult in practice. And that is to take the smoke out of smoking,” said Gorkun. He said PMI has developed and continues to develop a range of smoke-free products that do not burn and do not produce smoke but deliver the same tobacco experience that people, who would otherwise continue to smoke, desire. He said PMI invested $7 billion in R&D and hired more than 400 scientific experts as a testament to its commitment to put science at the
GORKUN
forefront of its business. Its flagship product, a heated tobacco product under the brand IQOS, has been recognized by the US Food and Drug Administration as a fundamentally different product than combustible cigarettes. IQOS is an electronic tobacco heating system, a new patented technology, whose components include a pocket charger and heating device. The heating device is used only with a tobacco stick called HEETS that is designed to be heated and not burned, thus producing a vapor. IQOS heats real tobacco, and produces no smoke, no fire and no ash. Gorkun said that globally, IQOS is now available in 57 countries with 15 million users, 72 percent of whom have converted fully to IQOS. “We’re excited by the fact that our research tells us 59 percent of Filipino smokers are open to trying smoke-free alternatives as long as they are commercially available and subject to certain product safety standards,” he said. PMFTC brought IQOS to the Philippines in the second quarter of 2020 to reach out to as many legal-age adult smokers who would otherwise continue using cigarettes as possible and provide them with the right information to make a better choice. Gorkun said that amid the Covid-19 pandemic, PMFTC became the first affiliate of PMI to have a digitalonly IQOS launch when it went live with e-commerce platform, IQOS. com in June this year. “In a matter of a few months, we have built a major operation both offline by opening the first five IQOS stores in Manila and online. Our pilot area covers Metro Manila only but plans are in place to scale up to major cities all over the archipelago. On the digital platform, we ran different consumer programs we originally intended for the omnichannel launch. Our promotions, programs, customer care and even out guided trials were done virtually,” said Gorkun. Gorkun clarified that IQOS would not be sold to non-smokers and minors. “Nicotine, although not the primary cause of smoking related disease, is addictive and minors—those 20 years old and below—should not vape or use smoke-free alternatives,” he said.
HE country’s petroleum inventory in the first half of the year stood at 2.73 billion liters, slightly lower from the 2.754 billion liters recorded in the same period a year ago. “Total crude oil and finished product available days supply is 61.2 days equivalent to 2.730 billion liters,” the Department of Energy (DOE) said in a report. The report added that crude oil inventory stood at 974 million liters, which equivalent to 21.8 days of supply. Finished products reflected a 39.3 days of supply, equivalent to 1.756 billion liters with an average daily demand of 44.6 million liters. The government ensures that the minimum inventory requirement (MIR) for refiners and bulk oil suppliers and LPG importers is complied with. The MIR for oil refiners is 30 days, while non-refiners must maintain 15 days of supply of finished products. Majority of crude oil imports were
sourced from the Middle East with a share of 60 percent. Of which, 41.9 percent came from Saudi Arabia, the country’s top exporter of crude oil. Russia was next with a 20-percent share, followed by Kuwait, with an 18.5-percent share. Petron Corp. remains the country’s oil refiner after Pilipinas Shell Petroleum Corp. ceased its refinery operations. Prior to Shell’s announcement, the two oil refiners were on temporary plant shutdown because of the pandemic. This resulted in a decrease in volume of crude processed at the refinery by 18.8 percent from 4.89 billion liters last year to 3.97 billion liters this year. Their refinery production output was also lower by 19 percent in the first half of the year to 3.878 billion liters. “This is consistent with the observed decrease in demand in the liquid fuels retail outlets with the implementation of the enhanced community quarantine,” said the DOE. Lenie Lectura
FREE WI-FI IN BIÑAN
Led by Mayor Arman Dimaguila (sixth from Left), the city government of Biñan launched this week its free Wi-fi system for all its 24 barangays. A tieup with Philippine Long Distance Telephone (PLDT) and Converge ICT Solutions Inc., the project provides free Wi-fi connectivity to all Biñan City National High Schools and Senior High Schools. The project aims to support the implementation of the Department of Education’s (DepEd) blended learning program in response to the Covid-19 pandemic.
NEA extends ₧364.54-M loans to ECs in September
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HE National Electrification Administration (NEA) has extended P364.54 million worth of loans to electric cooperatives (ECs) at the end of September this year. Of the amount, P261.462 million was utilized finance capital expenditure (capex) projects and working capital requirements of 11 ECs. The remaining P103.080 million was recorded as calamity loan availed by 12 ECs. The state agency said P189.059 million was lent to 10 ECs for their respective capex projects. These ECs are Cagayan Electric Cooperative II, Camarines Sur Electric Cooperative I and III (CASURECO), Davao del Norte Electric Cooperative, Masbate Electric Cooperative (MASELCO), Misamis Oriental Rural Electric Cooperative I (MO-
RESCO I), Sulu Electric Cooperative, Surigao del Sur Electric Cooperative I, Ticao Island Electric Cooperative and Quezon Electric Cooperative I (TIELCO). About P38.762 million went to MORESCO I for the procurement of modular generator sets and P33.641 million to the Occidental Mindoro Electric Cooperative Inc. (OMECO) as working capital. The ECs that availed of calamity loans were CASURECO III, Iloilo Electric Cooperative III, Lubang Electric Cooperative, Marinduque Electric Cooperative, MASELCO, Northern Samar Electric Cooperative, Occidental Mindoro Electric Cooperative, Oriental Mindoro Electric Cooperative, Sorsogon Electric Cooperative I and II, Tabas Island Electric Cooperative and TIELCO. Lenie Lectura
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UN chief presses bigger investment in universal health-care coverage By Cai U. Ordinario @caiordinario
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NVESTING in universal healthcare ensures that future health crises will not lead to economic fallouts, as seen in the economic impact of the pandemic this year, according to the UN. In a policy brief, UN SecretaryGeneral Antonio Guterres said there can be no doubt now that there is a link between health and economy. Guterres said the pandemic is already costing the global economy $375 billion a month and 500 million jobs since the pandemic began. He added that Covid-19 could also push 70 million to 100 million people to extreme poverty this year. “The pandemic has revealed utterly inadequate health systems, yawning gaps in social protection, and major structural inequalities within and between countries,” Guterres said in a news statement. “We must all draw the hard lessons of this crisis. One of those lessons is that under-investment in health can have a devastating impact on societies and economies,” he added. Guterres said that while all countries committed to work toward Universal Health Coverage (UHC) as part of the 2030 Agenda for Sustainable Development, the world cannot wait for 10 more years. He said human development is already going into reverse for the first time since the UN started measuring it in 1990. Data also showed that at least half of the world’s population do not have full coverage of essential health services and over 800 million people spend at least 10 percent of their household budgets to pay for health services. Based on the 2018 Philippine National Health Accounts (PNHA), household-out-of-pocket payment (OOP) in the country reached P413 billion, which is more than half or 53.9 percent of Current Health Expenditures (CHE) in 2018. More than half of OOP, or 50.1 percent worth about P206.7 billion, was spent on pharmacies. Hospitals received the second-largest amount of OOP, at P148.8 billion. The bulk of hospital expenditures went to private general hospitals, at P108 billion; followed by providers of ambulatory health care at P55.7 billion, or 13.5 percent and providers of ancillary services at P1.7 billion or less than 1 percent.
“Universal Health Coverage comes at a cost. But the price is cheap, when we consider the alternative,” Guterres said. “I urge all to speed up and scale up investment in Universal Health Coverage and in stronger health systems, starting immediately.” Guterres said Covid-19 is a “human tragedy” but also represented a “generational opportunity” to build a sustainable and more equitable world. In terms of health, he said this means strengthening national health systems to ensure outbreak preparedness and response, as well as enable sustained progress toward universal health coverage. He added there is a need to update national health plans in light of Covid-19 to ensure that preparedness and response capacities are integrated into health systems support. The policy brief also stated that steps must be taken to protect the delivery of other essential health services during the pandemic. This means ensuring access to mental health services and sexual and reproductive health programs. Earlier, the Department of Health (DOH) brushed aside worries over the UHC, saying anti-corruption measures in the scandalridden Philippine Health Insurance Corp. (PhilHealth) are in place for its implementation. The UHC, according to DOH, intends to improve health financing and make health care more accessible. On August 4, PhilHealth senior vice president, Nerissa Santiago said during a Senate inquiry that PhilHealth may go “bankrupt” in two years due to lack of funds. Santiago said that PhilHealth has incurred P90 billion of net operating loss due to high payouts and decreased collections. Meanwhile, former PhilHealth anti-fraud legal officer Thorrsson Montes Keith said that a “mafia” in the agency’s executive committee has allegedly pocketed some P15 billion using different fraudulent schemes. The Senate convened as a Committee of the Whole and investigated alleged continuing corruption at PhilHealth. The inquiry focused on issues involving: the interim reimbursement mechanism; the information technology purchases; and the alleged manipulation of financial statements.
PMA Class ’83 puts up ₧1-M reward for arrest of killers of slain PCSO corporate lawyer
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EMBERS of the Philippine Military Academy “Matikas Class” of 1983 have put up a P1-million cash reward for anybody who could provide information that would lead to the arrest of persons responsible in the ambushslaying of Philippine Charity Sweepstakes Office (PCSO) corporate lawyer Wesley Barayuga in Mandaluyong City on July 30 this year. The Matikas Class offered the reward after his case had gone cold despite efforts by investigators from the special investigation task force (SITG) created by PNP Eastern Police District and the National Bureau of Investigation to identify, arrest and prosecute Barayuga’s killers. Barayuga, a member of the PMA Class 1983, was on his way home from his office at Shaw Boulevard when he was shot four times by a gunman aboard a motorbike at about 3:36 pm last July 30 at the corner of Calbayog and Malinao Streets in Barangay Highway Hills, Mandaluyong City while traffic was at a standstill.
In a news statement, the Matikas Class said: “Any person having any information related to the crime is requested to call the PMA Matikas Class of 1983 at telephone numbers 0921-6540715 [Smart] or 0967-3155108.” “The information given that leads to the determination of the identity and apprehension of any person, or persons, will be given the reward no later than one month after his/their arrest. All reward claims must be in writing and shall be received in person,” the statement added. It added that the reward money may be apportioned among various persons and/or paid for the various persons “as the circumstances fairly dictate.” The money claim could be made at the PMA Alumni Center at Camp Aguinaldo, Quezon City. Barayuga, appointed as PCSO corporate secretary on January 24, 2018, had been instrumental in cleansing the roster of small-town lottery operators that replaced the illegal numbers game of “jueteng” in Central Luzon and masiao in the Visayas.
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Trump calls case a ‘blessing from God,’ hails treatment
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r e s i d e n t D onald J. Trump credited R e g e n e r o n P h a r m a c e u t i c a l I n c .’s experimental monoclonal antibody treatment with his apparent recovery from the coronavirus, and announced on Wednesday his intention to authorize emergency use of the therapeutic and provide it free to Americans. “I want everybody to be given the same treatment as your president, because I feel great,” Trump said in a video posted on Twitter Wednesday evening. “To me it wasn’t therapeutic, it just made me better, O.K.?” he said. “I call that a cure.” Trump added that he believed his brush with the virus was “a blessing from God” because it gave him first-hand experience with the Regeneron monoclonal antibodies, which he described as “key” to his recovery. Trump took the experimental treatment alongside remdesivir, the Gilead Sciences antiviral therapy, as well as the steroid dexamethasone. But the president said he specifically asked doctors to give him the Regeneron treatment. Regeneron shares jumped 2.7 percent in late trading on the president’s remarks. Eli Lilly & Co., which makes a competing antibody treatment also mentioned by Trump, jumped 1.7 percent. Trump asserted once again that he believed the US would have a vaccine “very, very shortly” but said for the first time that it was not likely to come until after the Nov. 3 presidential election. The president blamed “politics” after the Food and Drug Administration on Tuesday released new standards that could delay authorization of a coronavirus vaccine until after the election. Trump also claimed in the video, shot on the South Lawn of the White House, that he did
not believe he needed to be hospitalized over the weekend at Walter Reed National Military Medical Center, but that doctors insisted because of his office. “I walked in, I didn’t feel good,” Trump said. “A short 24 hours later, I was feeling great I wanted to get out of the hospital. And that’s what I want for everybody.” Trump’s doctors said Wednesday they were able to detect antibodies in his bloodstream in a test taken on Monday. Regeneron said in an e-mail that its drug is probably responsible for the antibodies, rather than Trump producing them on his own. The company said Wednesday night that it had made a formal request to the FDA for an emergency use authorization. The company added that if the authorization were approved, it had doses available for about 50,000 patients at no cost. Yet it’s impossible to know whether he’s feeling better because of that drug, Trump’s course of remdesivir or the dexamethasone. It’s also unclear whether he’s “cured,” since people with the virus sometimes take a turn for the worse a week or more after first showing symptoms. Democratic nominee Joe Biden appeared to react with skepticism to Trump’s decision to proclaim the antibody treatment a “cure,” telling a reporter who asked about the declaration, “I hope you stay healthy.” Biden also criticized Trump for calling his brush with coronavirus a blessing. “I think it’s a tragedy the president deals with Covid like it is something not to be worried about when already 210,000 people have died,” the former vice president told reporters in Wilmington. “I think it’s a tragedy.” Bloomberg News
Race to WTO leadership down to final 2 candidates
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o rl d Trade Organization members selected two final candidates—Nigeria’s Ngozi Okonjo-Iweala and South Korea’s Yoo Myung-hee—to advance to the final round in the race to lead the Geneva-based trade body, according to people familiar with the matter. By advancing two women to the final round of the selection process, the WTO will likely have the first female director general in its 25-year history. Okonjo-Iweala served two stints as Nigeria’s finance minister and one term as foreign affairs minister. She has experience working at international governance bodies as a former managing director of the World Bank and as a chairman at the Global Alliance for Vaccines and Immunization. Yoo is South Korea’s trade minister. During her 25-year career in government, she has helped expand her country’s trade network through bilateral accords with China, the UK and the US. WTO General Council Chairman David Walker plans to formally announce the results to the institution’s delegates on Thursday morning in Geneva. “They’re both very well qualified, it’s going to be a fight,” said William Reinsch, a trade official in the Clinton administration and senior adviser at the Center for Strategic and International Studies. The top challenge will be “restoring the organization to full strength and viability, and restoring its reputation. You need members to have confidence that the WTO is capable of solving problems. I think right now that confidence is eroded.” Yoo told Bloomberg TV last month that she wanted the WTO to offer a meaningful platform for the US and China to discuss their trade disputes. She vowed to play the role of mediator, if chosen to lead the organization and to work as a force for multilateralism. She said having a woman at the helm of the WTO would better foster an “inclusive, diverse, and resilient work place culture.” The UK’s Liam Fox, Kenya’s Amina Chawahir Mohamed Jibril and Saudi Arabia’s Mohammad Maziad Al-Tuwaijri didn’t secure enough support in the second round of consultations, according to people familiar with the matter. The third and
final phase of the consultation process will begin later this month and run until November 6, after which the WTO will endeavor to name a consensus winner of the race. Clouding the outlook for the selection process is the US presidential election on Nov. 3. The WTO makes decisions on a consensus basis, and a lack of American support for any of the finalists could mean delays in picking the new director-general. “I don’t see how you could conclude that either candidate would be unacceptable, from a US point of view,” Reinsch said, citing standards mentioned by US Trade Representative Robert Lighthizer. “Lighthizer was asked for criteria for the selection and I think he mentioned three: committed to reform, no whiff of anti-Americanism, and taking on countries that flout the rules. I think they certainly meet his criteria.” If WTO members are unable to select a leader by consensus, a vote requiring a qualified majority could be held as a last resort, which would be an unprecedented development for the organization. The campaign to lead the WTO during the most turbulent period of its 25-year existence is playing out against the backdrop of the pandemic, a worldwide recession, the US-China battle for trade supremacy and the American election. President Donald Trump has blasted the WTO as the worst trade deal in US history and pledges to overhaul it to better suit the country’s interests. The vacancy for the top WTO job arose when Brazil’s Roberto Azevedo decided to step down at the end of August, a year before his term was due to end. WTO members view the race as an opportunity to reshape the organization, whose mission of economic integration is under threat from protectionist policies around the globe. Without reform, it risks being sidelined during the biggest economic crisis in a century. “South Korea rose from a poor country to a developed one through trade and exports, and as such, I think a Korean being WTO leader would give hope to other developing nations,” said Bark Tae-ho, a former South Korean trade minister, who also sought WTO leadership in 2013. Bloomberg News
BusinessMirror
around 93,000 in India. More than 1.1 million samples have been tested daily on an average so far in October, according to the Health Ministry. Other developments:
Sri Lanka closes key state offices as virus outbreak surges
CO LO M B O, S r i L a n k a —A u t h o r i t i e s i n S r i Lanka have closed key government offices and further expanded a curfew to contain a surging coronavirus outbreak. The foreign ministry closed the consular affairs office for the week and suspended all services to
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WB: Up to 150 million people could slip into extreme poverty
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OHANNESBURG—Up to 150 million people could slip into extreme poverty, living on less than $1.90 a day, by late next year depending on how badly economies shrink during the Covid-19 pandemic, the World Bank said on Wednesday in an outlook grimmer than before. Middle income-countries are expected to have 82 percent of the new extreme poor, including India, Nigeria and Indonesia. Many of the new extreme poor will be more educated urban residents, meaning cities will see an increase in the kind of poverty traditionally rooted in rural areas. Most of the new extreme poor, more than 110 million even by the World Bank ’s baseline estimate, will be in South Asia and sub-Saharan Africa. The pandemic has abruptly halted years of progress against global extreme poverty, expected to rise this year for the first time in over two decades. It also threatens to worsen global inequality and make it “ harder for countries to return to inclusive
growth,” World Bank President David Malpass said. Global economic growth is expected to fall by 5.2 percent this year, more than in the past eight decades. Almost a quarter of the world’s population lives below $3.20 a day, a massive number of people vulnerable to the kind of economic shocks that this year have come in waves. Unemployment is rising, and those who scraped together savings have watched them disappear. Families are eating less. Many children, who account for half of the world’s poor, miss out on distance learning. “Many of the new poor are likely to be engaged in informal services, construction and manufacturing—the sectors in which
economic activity is most affected by lockdowns and other mobility restrictions,” the report says, citing phone surveys in countries around the world. Recovery, experts say, could take a decade—a shattering blow to people who had pulled themselves from poverty and saw a better life ahead. Developing countries are seeking more assistance from the World Bank, other financial institutions and richer governments to free up resources to fight the pandemic. They want an extension of the debt moratorium by Group of 20 nations beyond the end of this year, and they call for outright debt cancellation. They also want the issue of special drawing rights by the International Monetary Fund, but Washington has opposed it. “If the global response fails the world’s poor and vulnerable people now, the losses they have experienced to date may be dwarfed by what lies ahead,” the report says. “We must not fail.” The extreme poor are disadvantaged even before birth, the report warns: “Their mothers are less likely to receive adequate nutrition and antenatal care; at birth, their very existence is often not officially registered.” Escaping such poverty becomes a huge challenge. But in Africa, some countries
had made “impressive strides” against poverty and several had some of the world’s fastest-growing economies before the pandemic. Now Africa’s 54 countries say they need $100 billion per year over the next three years to fight Covid-19 and its economic and social effects. Roughly a third of the newly extreme poor are expected to be in sub-Saharan Africa, between 26 million and 40 million. South Asia, however, will see the largest share, between 49 million and 57 million. The addition of up to 150 million extremely poor people threatens to rupture governments’ already fraying safety nets. The World Bank estimates between 88 million and 115 million people could slip into extreme poverty this year, with another 23 million to 35 million in 2021. And climate change could drive another 100 million people into poverty by 2030, the report says, with sub-Saharan Africa seeing some of the “most destructive impacts” of global warming. The report “offers no simple answers to these major challenges currently confronting the world, because there are not any,” the World Bank authors write. “The world can rise to the occasion—or succumb.” AP
2 scientists win Nobel chemistry prize for gene-editing technology
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TOCKHOLM—The Nobel Prize in chemistry went to two researchers on Wednesday for a gene-editing tool that has revolutionized science by providing a way to alter DNA, the code of life—technology already being used to try to cure a host of diseases and raise better crops and livestock. Emmanuelle Charpentier of France and Jennifer A. Doudna of the United States won for developing CRISPR- cas9, a ver y simple technique for cutting a gene at a specific spot, allowing scientists to operate on flaws that are the root cause of many diseases. “There is enormous power in this genetic tool,” said Claes Gustafsson, chair of the Nobel Committee for Chemistry. More than 100 clinical trials are underway to study using CRISPR to treat inherited diseases, and “many are very promising,” according to Victor Dzau, president of the National Academy of Medicine. “My greatest hope is that it’s used for good, to uncover new mysteries in biology and to benefit humankind,” said Doudna, who is affiliated with the University of California, Berkeley, and is paid by the Howard Hughes Medical Institute, which also supports The Associated Press’ Health and Science Department. The prize-winning work has opened the door to some thorny ethical issues: When editing is done after birth, the alterations are confined to that person. Scientists fear CRISPR will be misused to make “designer babies” by altering eggs, embryos or sperm—changes that can be passed on to future generations. Much of the world became aware of CRISPR in 2018, when Chinese scientist He Jiankui revealed he had helped make the world’s first gene-edited babies, to try to engineer resistance to infection with the AIDS virus. His work was denounced as unsafe human experimentation, and he has been sentenced to prison in China. In September, an international panel of experts
issued a report saying it is too soon to try such experiments because the science isn’t advanced enough to ensure safety. “Being able to selectively edit genes means that you are playing God in a way,” said American Chemistry Society President Luis Echegoyen, a chemistry professor at the University of Texas El Paso. Dr. George Daley, dean of Harvard Medical School, said: “New technology often presents this dichotomy—there is immense potential for human benefit, especially for disease treatment, but also the risk of misapplication.” However, scientists universally praised the great potential that gene editing has for patients now. “There’s no aspect of biomedical research that hasn’t been touched by CRISPR,” which has been used to engineer better crops and to try to cure human diseases including sickle cell, HIV infection and inherited forms of blindness, said Dr. Kiran Musunuru, a genetics expert at the University of Pennsylvania who is researching it for heart disease. Doudna said CRISPR also has the potential to be used to engineer plants to store more carbon or to withstand extremes of climate change, giving researchers a chance to “address urgent problems humanity is facing.” It’s the fourth time in the 119-year history of the prizes that a Nobel in the sciences was given exclusively to women. Charpentier, the 51-year-old leader of the Max Planck Unit for the Science of Pathogens in Berlin, said that while she considers herself first and foremost a scientist, “it’s reflective of the fact that science becomes more modern and involves more female leaders.” “I do hope that it will remain and even develop more in this direction,” she said, adding that it is “more cumbersome to be a woman in science than to be a man in science.” Three times a woman has won a Nobel in the sciences by herself; this is the first time an allfemale team won a science prize. In 1911, Marie
India reports 78,000 new coronavirus infections N
EW DELHI—India has registered 78,524 new coronavirus cases in the past 24 hours, driving the country’s total since the pandemic began to 6.8 million. The Health Ministry on Thursday also reported 971 deaths in the past 24 hours, taking the death toll to 1,05,526. India has witnessed a steady drop of confirmed coronavirus cases for three consecutive weeks now—from recording more than 86,000 daily cases in the last two weeks of September to an average of more than 70,000 cases daily so far this month. The numbers have also fallen sharply from earlier in September when daily cases averaged
Friday, October 9, 2020
prevent the public from congregating. The ministry said Thursday it would only accept queries and documentation assistance related to deaths of Sri Lankans overseas, strictly by appointment. Other departments providing services related to revenue, immigration, pensions, vehicle license and registrations also closed for the week, and a state-sponsored exhibition was canceled. The outbreak that surfaced this week has grown to 1,034 cases with more than 2,000 others asked to quarantine at home.
South Korea reports 69 new cases
SEOUL, South Korea—South Korea has 69 new
confirmed coronavirus cases, most of them in the Seoul region area where health workers are struggling to track transmissions tied to hospitals, churches, schools and an army unit. The figures released by the Korea Disease Control and Prevention Agency on Thursday brought the national total to 24,422 cases, including 427 deaths. Forty-nine of the new cases were repor ted f ro m t h e S e o u l m e t ro p o l i t a n a re a , h o m e to about half of the countr y ’s 51 million people. The region has been at the center of coronavirus resurgence since mid-August. AP
Curie was the sole recipient of the chemistry award, as was Dorothy Crowfoot Hodgkin in 1964. In 1983, Barbara McClintock won the Nobel in medicine. The breakthrough research done by Charpentier and Doudna was published in 2012, making the discovery very recent compared with a lot of other Nobel-winning research, which is often honored only after decades have passed. Dr. Francis Collins, who led the drive to map the human genome, said the technology “has changed everything” about how to approach diseases with a genetic cause. “You can draw a direct line from the success of the human genome project to the power of CRISPRcas to make changes in the instruction book,” said Collins, director of the US National Institutes of Health, which helped fund Doudna’s work. The Broad Institute, jointly run by Harvard and MIT, has been in a court fight with the Nobel winners over patents on CRISPR technology, and many other scientists did important work on it,
but Doudna and Charpentier have been most consistently honored with prizes for turning it into an easily usable tool. Feng Zhang, the Broad scientist most known for that work, made no comment on the awards, but the Broad’s director, Eric Lander, messaged congratulations on Twitter to the winners. Another Broad gene editing scientist, David Liu, noted on Twitter that the winners’ seminal research paper in 2012 has been cited more than 9,500 times, or about once every eight hours. The Nobel comes with a gold medal and 10 million kronor (more than $1.1 million), courtesy of a bequest left more than a century ago by the prize’s creator, Alfred Nobel, the inventor of dynamite. On Monday, the Nobel in medicine was awarded for the discovery of the liver-ravaging hepatitis C virus. Tuesday’s prize in physics honored breakthroughs in understanding black holes. The prizes in literature, peace and economics will be awarded in the coming days. AP
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Friday, October 9, 2020 • Editor: Angel R. Calso
Opinion
BusinessMirror
www.businessmirror.com.ph
editorial
Helping poor countries survive the pandemic
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ithout the Covid-19 pandemic, the Philippines was supposed to graduate from a low-income country to become an upper middle-income nation, having sustained average annual growth of 6.4 percent from 2010 to 2019. Amid uncertainties brought about by the pandemic, the Philippines’s bid to become an upper-middle-income economy got derailed, with the economic recession bringing more gloom. Consider: Adult joblessness in the Philippines surged to 45.5 percent of the labor force in July 2020, according to the results of a Social Weather Stations survey released in August. This means more than 27 million unemployed Filipinos in the middle of the coronavirus pandemic. From the Associated Press: “Up to 150 million people could slip into extreme poverty, living on less than $1.90 a day, by late next year depending on how badly economies shrink during the Covid-19 pandemic, the World Bank said on Wednesday in an outlook grimmer than before. Middle income-countries are expected to have 82 percent of the new extreme poor, including India, Nigeria and Indonesia. Many of the new extreme poor will be more educated urban residents, meaning cities will see an increase in the kind of poverty traditionally rooted in rural areas.” If the World Bank sees “educated urban residents” joining the ranks of the extreme poor, that’s alarming. Here’s more bad news: “Recovery, experts say, could take a decade—a shattering blow to people who had pulled themselves from poverty and saw a better life ahead.” BusinessMirror columnist Rene E. Ofreneo wrote on Thursday: “A growing number of economists are warning: the debt crisis of developing countries is shaping into a global catastrophe. The Covid-19 pandemic has flattened their economies and their capacity to support the survival requirements of their respective populations. It is against this background that the International Monetary Fund set up a Rapid Credit Facility and a Rapid Financing Instrument to meet the emergency financing needs of over 100 least developed countries. Together with the World Bank, the IMF pushed the G-20 countries last April to establish the Debt Service Suspension Initiative. Outcomes from the above initiatives are extremely disappointing. As pointed out in an earlier column, the IMF’s RCF and RFI got a measly $50 million funding, which obviously cannot make a dent on the trillion-dollar plus debt of the developing world.” How then can poor countries survive the economic effects of the pandemic? Sadly, quoting Ofreneo, “the basic lending framework has not changed. Lenders lend money to get more money, be it at the micro farm level involving a distraught farmer or at the global level where the borrowers represent large segments of the world’s working poor.” The International Monetary Fund and the World Bank will have their annual spring conference next week, October 12 to 18, 2020. Let’s hope that the IMF-WB meeting will seriously take into account the extreme difficulties faced by lowincome countries like the Philippines and deliver debt relief to them as quickly as practicable. Since 2005
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Better Days
T
he Senate’s Finance Committee recently had a hearing on the 2021 budgets of the National Commission for Culture and the Arts, and its attached agencies. There, I encouraged the NCCA to coordinate with the Metropolitan Manila Development Authority (MMDA) on an ongoing project to paint murals on the walls and banks along the Pasig River. I also suggested that the project be expanded to murals on the walls of major thoroughfares, like Edsa or even C5.
In the same hearing, when I inquired about how much of our national collections were available online, the National Library of the Philippines shared that only 5 percent were uploaded—which is much too low. From what I heard, there are many opportunities to leverage and maximize our culture and heritage, if NCCA and the cultural agencies attached to it were to collaborate with other government agencies and integrate their plans. Such synergy should be pursued initially for two reasons. The first is for Filipino culture and heritage to be integrated more into our economic strategies as a resource that can be developed. The second is to integrate culture and heritage to our existing goods and services, to give them that texture and flavor that
is singularly Filipino—the “Tatak Pinoy” that we’ve written extensively before. Regionally, some of the counterparts of the NCCA in other countries have their own strategies to leverage culture as an economic resource. In South Korea, for example, the Ministry of Culture, Sports, and Tourism had an overall budget of $4.9 billion for 2020, with the biggest share going to the culture sector. There will also be a large investment in the development of virtual reality content. The Ministry’s aim is to nurture the country’s cultural potential and spread across the globe. Other segments of the budget will be aimed at content creators and support for these creators to expand into overseas markets. For their 2021 budget, they will set aside $548
In the Philippines, we are already taking some steps to develop our culture in this manner. For instance, the Department of Agriculture’s Agricultural Training Institute had programs that centered on the cultural heritage of fiber products, such as abaca weaving, and handmade papermaking.
million to promote what has been termed as the “Korean Wave,” which is the global distribution of some of their pop culture properties like the groups Black Pink and BTS. Japan also has its own version of the NCCA, the Agency of Cultural Affairs, which is under the Ministry of Education, Culture, Sports, Science and Technology. While the Divisions under the Agency are more similar to ours, with many of them concentrating on conservation and restoration, the Agency also has Divisions that handle cultural economy and international affairs, copyrights, and cultural resources utilization—all of which are important to the development of culture into an economic resource. The Agency was, as of 2018, backed up by a $1 billion budget, and it adheres to a basic plan to promote Japanese culture and the arts. In the Philippines, we are already taking some steps to develop our culture in this manner. For instance, the Department of Agriculture’s Agricultural Training Institute had programs that centered on the cul-
Great sacrifice for education
Jennifer A. Ng Vittorio V. Vitug Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso
Chairman of the Board & Ombudsman President Advertising Sales Manager Group Circulation Manager
Sonny M. Angara
Lourdes M. Fernandez
Senior Editors
Creative Director Chief Photographer
Culture as an economic resource
Rev. Fr. Antonio Cecilio T. Pascual
SERVANT LEADER
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rothers and sisters, the first day of classes in our public schools has passed, and the opening of this school year is quite different. It started in October instead of June, which was the usual start of the school year for students. Because of the pandemic, school opening was supposed to be moved to August, but in accordance with President Duterte’s memorandum, the Department of Education changed the date. According to DepEd, the number of enrollees reached almost 25 million for school year 2020-2021; this is equal to 89 percent of those enrolled in the previous school year, which means, the number of students enrolled was less than last school year, although it was expected that more students would enroll this year since the enrolment period was extended. But what is even more different is the way students would study because they would no longer go to school. Because of the Covid-19 pandemic, face-to-face classes are prohibited, and children are still not allowed to leave their homes. DepEd immediately addressed this
challenge by implementing what is called the blended or distance learning with the use of different modalities or processes. There are modules that can be printed or in digital form; there would also be classes to be held online or through television or through radio.
And this new way of learning is truly a great adjustment not just for the students, but also for their parents and teachers. Parents hastily purchased gadgets that their children need for online learning, but many families cannot keep up—children from poor families, and those who live in faraway places without an Internet connection. There are printed modules distributed by DepEd, but the quality of learning would be different among students who use either online learning or those using printed modules. Parents are also expected to guide their children in studying through the use of modules, but this is quite difficult for mothers and fathers that need to work or do house chores. This wouldn’t be any easier for parents that did not go to school. We see now the sacrifice of parents that, as said by Pope Francis in the Amoris Laetitia, their most serious duty is to give their children proper education. This is also a new challenge for our teachers. Their ways of teaching and evaluating the learning of those they teach will be far different
tural heritage of fiber products, such as abaca weaving, and handmade papermaking. Culture can also become a powerful component for tourism. When the 2020 budget of the Department of Tourism was being discussed early last year, I encouraged storytelling as a way to attract tourists. Local culture and heritage can be the center of that narrative aspect, which will be useful in attracting more tourists if travel bubbles will be developed. The NCCA and its attached agencies should coordinate with DTI, other government departments, and stakeholders on hammering out a Creative Economy Roadmap. From formulating policies in support of the creative sector to growing and refining creative goods and services for export; from building special economic zones and having UNESCO-recognized creative cities to integrating culture and creative content into education and tourism destinations—all these should be hallmarks of our creative economy, anchored on Filipino culture and heritage. According to the 2018 UNCTAD Creative Economy Report, the Philippine creative economy was worth P625 billion, or $12 billion, in 2010—accounting for 7 percent of our GDP, and employing 530,000 individuals, excluding freelancers. And yet, as of 2018, our total creative exports were only at $4.151 billion, behind Indonesia ($5.42 billion), Thailand ($6.632 billion), See “Angara,” A7
from before. Some of them have no proper gadgets and fast Internet as well. In other places, teachers need to learn how to teach in front of a camera—they are what we call teacherbroadcasters that will use television and radio in order to teach. In the regions, our teachers need to travel long distances to deliver copies of printed modules to their students. Teachers really are heroes. Brothers and sisters, everyone is making great sacrifices for the sake of education because of the changes brought by this disease that we could have prevented from worsening if our government took timely action. These sacrifices are signs of giving education importance—as said in the book of Proverbs 16:16, “How much better to get wisdom than gold, to get insight rather than silver!” The government must equally give great support and recognize these sacrifices. Make it a habit to listen to Radio Veritas 846 Ang Radyo ng Simbahan in the AM band, or through live streaming at www.veritas846.ph, and follow its Twitter and Instagram accounts @veritasph, and YouTube at veritas846.ph. For your comments, e-mail veritas846pr@gmail.com.
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BusinessMirror
Civility in politics
Un-Happy Teacher’s Day Manny F. Dooc
Tito Genova Valiente
TELLTALES
U
nder the Donald J. Trump administration, Americans live under a poisoned political climate. Partisanship has reached its nadir and every political move taken by one is subjected to a political litmus test by the other side. Every action becomes suspect and any promising leader from the other side of the political fence is marked for political assassination. Every conversation is characterized by insults, prevarications and demagoguery displacing decency, facts and fairness from the public discourse. This sad state was in full display during the first presidential debate between Trump and Biden last week. However, in the long and recent past, we can cite exceptional cases in government and politics where civility and friendship between politicians coming from opposing parties and government officials advocating conflicting ideologies and philosophies had triumphed despite their adversities. The case of former Vice President Joseph Biden and the late senator and former Republican presidential candidate John McCain is a case in point. The close friendship of the two top leaders belonging to different political parties during their long years in the US Senate was the envy of every politician in Washington. The recent endorsement by the widow of McCain, Cindy McCain, of Biden for the US presidency speaks volumes of the closeness and mutual respect between the Bidens and the McCains. While they were political nemesis and stalwarts of their own parties, the two families when Senator McCain was alive displayed extraordinary friendship, which was unheard of in the political jungle of Washington. After heatedly arguing on the Senate floor and respectively championing their parties’ cause, the two senators with their wives Jill Biden and Cindy McCain would have drinks and dinner together, and whenever there was a Senate break, would take trips together. Jill Biden recalled that their husbands would debate and see things under different lights as their parties’ opposing advocates but they remained respectful of each other. Jill Biden and Cindy McCain ruefully missed their old days when “there was true civility in government. And that’s what I think we should return to.” nnn
Such amazing friendship and mutual respect was also displayed by two late Justices of the US Supreme Court, Justice Antolin Scalia and the recently deceased Justice Ruth Bader Ginsburg. Their close personal relationship was widely known inside and outside of the Court. It was not surprising because they shared many things in common despite holding diverse legal philosophies. Ginsburg, at the time of her death, was the acknowledged leader of the liberal wing of the Court while Scalia was a staunch conservative Justice. They disagreed in many decisions taken by the Court, particularly on landmark cases, but this did not affect nor deterred their friendship. Their families celebrated holidays and took trips together. They both loved opera. When Ginsburg’s husband, Marty, died, it was reported that Scalia “wept on the bench.” When Scalia died some years later, Ginsburg declared that “we were best buddies.” It is well to remember Scalia’s advice to others in the judiciary who once said: “[I]f you can’t disagree ardently with your colleagues about some issues of the law and yet personally still be friends, get another job…” nnn
John Adams, the second president of the US, and Thomas Jefferson, the country’s third president, were the country’s fiercest political
Angara. . .
continued from A6
Malaysia ($7.544 billion), and finally Singapore ($11.586 billion). We must combine our culture and economy, so we can leverage on what is uniquely Filipino to positively differentiate, develop, and
Even on their death, the two friends connived and had selected the most historic date of all—the 50th anniversary of the Declaration of American Independence. On that day, Jefferson died 5 hours ahead of Adams but the latter mumbled on his deathbed, not knowing of his friend’s earlier demise, “Thomas Jefferson survives.” His friend, Jefferson, was Adams’ last thoughts. Truly BFF. foes. In the first presidential election after Washington left the presidency, Adams defeated Jefferson by 3 electoral votes. Under the rules at the time, the defeated candidate serves as the winner’s vice president. However, Jefferson dislodged Adams from his office when the latter ran for reelection. Although at some point, they abandoned their friendship due to politics, they revived it and kept it until their death. John Adams’ son and namesake, John Quincy Adams who also served as president of the US denounced Jefferson’s alleged perfidy at the time of his father’s and Jefferson’s intense rivalry. John Quincy bitterly wrote in his diary: Jefferson’s “treatment of my father was double-dealing, treacherous and false beyond all toleration.” John F. Kennedy upon reading this much later wrote that John Quincy “did not comprehend how our complicated Federal system of checks and balances operated, nor did he realize that what he regarded as Jefferson’s machinations was merely a facet of the latter’s genius applied with success to the art and science of government.” And Adams’ and Jefferson’s friendship stood the test of time. Adams unabashedly declared when he was an old man: “I always loved Jefferson, and still love him.” This feeling was not unrequited for Jefferson described Adams in a letter to a friend that Adams “is so amiable, that I pronounce you will love him if you ever become acquainted with him.” These two immortal men kept their friendship, with some interruptions, for 51 years since they met at the Continental Congress where both figured prominently until their deaths, would you believe, on the same day, July 4, 1826. Even on their death, the two friends connived and had selected the most historic date of all—the 50th anniversary of the Declaration of American Independence. On that day, Jefferson died 5 hours ahead of Adams but the latter mumbled on his deathbed, not knowing of his friend’s earlier demise, “Thomas Jefferson survives.” His friend, Jefferson, was Adams’ last thoughts. Truly BFF. refine our goods and services for a global market. Sen. Sonny Angara has been in public service for 16 years—nine years as Representative of the Lone District of Aurora, and seven as Senator. He has authored and sponsored more than 200 laws. He is currently serving his second term in the Senate. E-mail: sensonnyangara@yahoo.com| Facebook, Twitter & Instagram: @sonnyangara
annotations
D
o you buy into this Teacher’s Day? Are you even convinced in your heart that the day is a happy for teachers? Not if you base it on the sense of importance this grandteacher of all teachers, the Secretary of Education, gives to her teachers. She announces the readiness of the country for school opening on Monday. But we know better.
Months back, a former student of mine posted in his Facebook account photos of teachers—mostly young ones—busy preparing in the reproduction of modules. Don’t ask me what modules are. You will have your own definition and the other education officials will have their own. The photos came in a series: a teacher was working on a pile of papers on the table. Another teacher was seated arranging sheaves of papers and dark cardboard that, I thought, would serve as cover for the materials. There were other teachers sorting a heap of files: two were crouched on all fours on the floor. The last photo showed them at the corner of that room eating. A chair served as a table on which two viands were placed. They looked happy. They seemed to enjoy each other’s company. That was a mistake because if I called that scene heartbreaking the apologists for the god-forsaken educational system of this country will tell me I should let them be—happy in their simple life. We know of course that for every school in the barangay, far-flung, isolated or near the central school, there is a coven of education officials feasting on food that is never simple. I should know. Having been invited to workshops, writeshops and consultations for many years, I have my share of the most fabulous reception ever accorded a guest. In this dustbin of memories are kept three tales of woe and embarrassment of riches amid the visible penury of the location. Let it be said that I was part of the embarrassment. I will arrange them according to the level of guilt I felt after I accommodated my gracious host. Two happened in far-off islands and one in a town close to Metro Manila. After we were finished with the lecture, which was followed by a sumptuous lunch, we were informed that we would have a tour of the
place. The guided tour went on for hours in a slow pace. The organizers made sure we would make it back to dinner at dusk, when the needed light and shadow would be perfect for their ceremonial. Upon our return, we could hear distant sounds. Then we saw torches blazing. The ground was on a soft incline and as we descended close to where the buffet table, we passed by boys with their drums and young girls dancing and singing. Two education officials performed a grand duet and we soon were crowned. The second event was more subtle. It was a consultative meeting on peace. We wanted to listen to the school teachers how the lack or presence of peace had an impact on education and on their works as teachers. The speeches of the mayor and other city officials were effusive; they had nothing to do with peace. Lunch came. I looked around and tried to find my space at one of the two long tables. But an official approached me and said we would eat
Friday, October 9, 2020
in another place. We then were asked to climb up the stage to sit at a “presidential table,” laden with the bounty of the sea and other food sources. The elevation of our location was not the only marker of hierarchy: we had a lechon. We would eat looking down upon teachers and their plated lunch. I decided to come down to my embarrassment and the embarrassment of the host. What about that peace consultation? The teachers begged us not to hold the meetings in their place as they feared for their lives. The next consultation was then scheduled in a resort in another town of another province, across the sea. The third was the most fantastic of them all. There were two of us lecturing that morning in what was supposed to be a huge gathering of school officials from a particular region. We were dressed in what is still known as smart casual. When we entered the town, there were men —teachers in barong—posted along the way, giving direction. As our van inched closer to the site, young pupils were there waving the Philippine flag and the flag of our lecture sponsor, an embassy in Manila. We were informed the school was expecting no less than the Ambassador to come. There was no miscommunication; there was an assumption. By the time our van was parking in front of the hall, we knew we were underdressed. Badly underdressed. Outside, we could see two young ladies in their balintawak skirt and kimono top, with garland. We braved the scene and got down. No one was really interested in our talk. The officials were there fin-
A7
ishing their conference; the teachers around were all tired after days of preparation. At the hall, each post had lanzones cluster dripping down from it. Teachers were asked to cut whole branches groaning with the said fruit, and nailed them on the posts. Below the lanzones were other fruits. Lunch was complicated. Huts were built to serve as food booths: one was for noodles and soup; another booth was for freshwater fish cooked in different ways; the third booth was for meat dishes; the biggest booth was, you guessed it, for lechon. The biggest hut was for dessert and drinks. The whole banquet could feed more than a hundred guests. Inside our van, on our way home, the teachers had placed two 5-kilo sacks of special rice for us, and more fruits. My thought that day was about empires and how they depended on slaves. Lesson learned: Forget those bouquets, skip the tacky notes. These teachers do not need the fanciest of blooms and the trite tributes. They just need one thing: Respect. Respect from politicians who always think teachers are not doing enough; respect from government officials who are paid more for doing less; respect from presidents and deans who luxuriate in their air-conditioned towers while their teachers swelter in badly designed learning spaces; and, yes, respect from students and parents who, in the present dispensation, think “online” is a matter of Internet connection. E-mail: titovaliente@yahoo.com
Innovative fintech designed for the most vulnerable in a pandemic By Oyunsaikhan Dendevnorov & Hans Sicat
W
E are witnessing the scale of a pandemic for the first time. Worldwide, the outbreak is claiming lives—and livelihoods—as health systems are overwhelmed, borders close, and families struggle to stay alive. Yet, even as the spread of the virus slows in some countries, its social toll will be felt for many years to come. In many places, it will linger at the expense of the most vulnerable children. The longer economies are shut down, the less likely they are to recover. Families are struggling as breadwinners lose their jobs or sell assets in order to survive, driving more and more families deeper into poverty. In the Philippines, about 17.7 million live below the poverty line—9.3 million of whom are children. As a result, they are at risk of poor health and nutrition, and are afforded less opportunities to education, training, work, and ways to earn a living, plunging them even further into hardship, now and in the future.
Building resilience
AS millions of parents and caregivers struggle to maintain their livelihoods and income, there is a need to scale up social protection measures. Cash transfers, unemployment benefits and skills development are some of the social protection programs that build resilience and connect
families to life-saving health care, nutrition, and education. Aside from immediate emergency response, families will need support over the long haul of recovery and rebuilding. In this area we think there is great potential for innovation in the financial technology space to play a role, if these solutions are built for and with the most disadvantaged users. With millions of Filipinos living in rural and hard-to-reach areas; and with over 52 million adults without bank accounts—how can we ensure that these efforts serve them? Headlines like “Coronavirus Drives 72 percent Rise in Use of Fintech Apps” show the potential of a pandemic or other global stress to separate those who have from those who do not have connectivity—or even some form of a bank account. Extending financial services into new areas and helping more youth and families gain financial compe-
tencies give governments the capacity for cash transfer and social protection through digital networks. That is why ING and United Nations Children’s Fund (Unicef) have partnered to explore fintech through funding an equity-free investment in, and to subsequently mentor, early-stage open source start-ups in the Philippines.
Inclusive digital economies
IN 2019, the UN Secretary-General’s High-level Panel on Digital Cooperation, convened to advance proposals to strengthen cooperation in the digital space among governments, private sector, civil society, international organizations, academic institutions, the technical community, and other stakeholders, set out a report entitled “The Age of Digital Interdependence” wherein five sets of recommendations on how the international community can work together to optimize the use of digital technologies, which includes building an inclusive digital economy and society and promoting digital trust, security, and stability. The UN Secretary-General’s Roadmap for Digital Cooperation sets out envisaged action points on the ways forward for the recommendations. To build an inclusive digital economy and society, it is recommended “that by 2030,
every adult should have affordable access to digital networks, as well as digitally enabled financial and health services…” and it calls on “the private sector, civil society, national governments, multilateral banks, and the UN to adopt specific policies to support full digital inclusion and digital equality for women and traditionally marginalized groups.”
Reimagining financial technologies
WE have a chance, not only to defeat this pandemic, but to build anew and transform the way we nurture and invest in the young generation. We can provide guidance to employers on how to best support working parents. We can design new social protection solutions that ensure the poorest households can access critical funding. We can steer financial technologies into reaching a new frontier of larger social impact, in the Philippines and beyond. Oyunsaikhan Dendevnorov is the Unicef Philippines Representative and Hans Sicat is ING Philippines Country Manager. The ING-Unicef Fintech for Impact initiative will make equity-free investments and engage in yearlong mentorship with start-ups working on fintech solutions that have the potential for greater social impact. Visit www.fintechforimpact.com to subscribe to announcements and progress updates.
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DOLE eyes 13th month deferment, exemption for struggling SMEs
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By Samuel P. Medenilla
@sam_medenilla
ISTRESSED small and medium enterprises (SMEs) which were affected by Covid-19 may be exempted from paying the 13th-month pay of their workers. T he Depa r t ment of L abor and Employment (DOLE) is now studying the possibility of exempting these establishments, which are now left struggling bec au se of bu si ness d i sr up tions caused by the pandemic lockdowns. “It will the subject of tripartite consultation. We will define what is the meaning of distressed [establishments]. The SMEs may be distressed but multibillion companies are not," Labor Secretary Silvestre H. Bello III said in an online press briefing on Thursday. He said they will issue an advisory to determine if a company is distressed and will qualify for the exemption.
Deferred payment
ANOTHER option DOLE considering is just to allow Covid-affected firms to defer payment of 13thmonth pay. "To me, this is a more acceptable formula to address the issue of the 13th-month pay. If they cannot [afford it] this year, maybe they can next year or next month, but not now," Bello said. Employers are required to pay 13th-month pay to their rank and file employees under Presidential Decree No. 851. The Employers Confederation of the Philippines (Ecop) said some of its members, particularly SMEs, may no longer be able afford to pay the 13th-month pay of their employees.
Initial feedback
IN a related development, Bello said they are still waiting for the feedback of employers and labor groups on their plan to extend the si x-month per iod within which companies are allowed to temporarily displace their workers. He said based on initial consultations, the proposal from employers was also supported by labor groups. “Probably, they would rather extend the period instead of being permanently displaced," Bello said. Without the extension, companies which implemented the scheme last March should have rehired their affected workers last month. That would have forced some of them to just let go of their workers for good. Bello suggested extending the six-month period by another three months to give more time for companies to recover from the effects of Covid-19 before they are mandated to rehire their workers. He said he will issue an advisory on the possible extension on Friday or next week depending when he gets the feedback from them employers and labor groups.
PHL PITCHES 6-PT AGENDA FOR FINANCIAL RESILIENCE OF ASEAN VS. FUTURE SHOCK By Cai U. Ordinario @caiordinario
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HE Philippines is pushing a six-point agenda for the Asean to achieve financial resilience against future economic shocks, according to the Department of Finance (DOF). In a statement, Finance Secretary Carlos G. Dominguez III said the plan of action requires the recalibration of Asean’s work plans to enable greater responsiveness to crises such as the Covid-19 pandemic. He also called on Asean members to enhance their cooperation on the research and development (R&D), production and distribution of Covid-19 vaccines to ensure the accessibility of developing countries to these treatments. “Our collective efforts on these proposed actions will enhance each country’s fiscal position to withstand future crises and bolster our economic resilience,” Secretary Dominguez said during the Asean Finance Ministers Meeting (AFMM). Dominguez said Asean members should ensure quick access to disaster risk financing, on the other hand, will help shield the region from future economic shocks. The plan should also include efforts to boost infrastructure in the region given that it is one sector that has a high multiplier effect on economies. Dominguez said this accounts for the country’s increased investments in infrastructure. The government believes these investments will pave the way for the country’s recovery from this pandemic. He also said the plan of action
includes intensifying regional cooperation in preventing tax leakages in cross-border financial transactions, and developing appropriate financial instruments to help member-countries raise funds for health infrastructure and supplement fiscal requirements in times of emergencies. Completing this six-point strategy, Dominguez said, is the need for Asean to step up its information exchange on innovative technologies and expand the digital economy to boost growth and create more employment opportunities for its peoples. “The free flow of goods within the region requires harmonizing our tariff and customs clearance policies. We also need to further harness technology to expand the access of our enterprises to regional and global supply chains,” Dominguez added. The 24th AFMM tackled the finance track priorities of Asean, which focused on enhancing financial connectivity, integration, stability and inclusion in the region The Meeting also discussed regional economic developments, the progress of the Asean financial cooperation and other related initiatives Dominguez also spoke at the recently concluded 6th Asean Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM) The 6th AFMGM was attended by the finance ministers and central bank governors discussed the progress of Asean financial cooperation, the developments on the Asean Economic Community (AEC) Blueprint, and Asean’s Roadmap for Monetary and Financial Integration (RIA-Fin).
‘Computer donations exempt from donor tax’ By Tyrone Jasper C. Piad
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@Tyronepiad
MID the shift to online classes, the Bureau of Internal Revenue (BIR) said that donations of personal computers, laptops, tablets and similar equipment are exempted from the payment of donor’s tax. BIR, in a recently released regulation, said the tax exemption was given as mandated by Sections 101 (A) (2) and (B) (2) of the Tax Code. The revenue regulation corresponds to a section in the Bayanihan to Recover as One Act about the donations of said equipment for use in public schools. The imports of such equipment—should it be a foreign donation—by the Department of Education (DepEd), Commission on Higher Education (CHED) and Technical Education and Skill Development Authority (Tesda) will also be free of value-added tax (VAT). Other importers may avail themselves of VAT-free transactions if they present a deed of donation approved by the mentioned agencies. “In the case of local donation where the personal computers, laptops, tablets, or similar equipment are originally intended for sale or
for use in the course of business by the donor, the same shall not be treated as transaction deemed sale subject to VAT under Section 106 [B] [l] of the Tax Code,” BIR said. “Furthermore, any input tax VAT attributable to the purchase of donated personal computers, laptops, tablets, or similar equipment not previously claimed as input tax shall be creditable against any output tax,” it added. The same rules also apply to donations by economic zone locators to DepEd, CHED and Tesda. The donors of the computers, laptops, tables and similar equipment are entitled to a deduction from their gross income. It shall be availed in the taxable year in which the expenses were incurred. The taxpayer should provide evidence of the donation, such as sales invoice, delivery receipt and other records. These include the amount of spending claimed as deduction and the proof of receipt of the donation by the public school. The valuation of the donated equipment is based on the actual acquisition cost. If the donated items had been used already, the depreciated amount should be considered. The coverage of the regulation is from September 15 to December 19.
Hotels book P14M in sales during promo; Virtus launched By Ma. Stella F. Arnaldo
@akosistellaBM Special to the BusinessMirror
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OTELS across the country generated some P14.1 million in bookings during the September Online Sale of the Hotel Sales and Marketing Association Inc. (HSMA). These sales represent “over a thousand vouchers sold” during the promo period from September 15 to 30, HSMA President Christine Ann U. Ibarreta told the BusinessMirror in a Viber message. HSMA member hotels had offered flexible booking periods up to a year, with a few having no expiration at all. A large chunk of the bookings, at 36.3 percent, were for hotels in Pasay and Manila, indicating the willingness of many Filipinos to leave the confines of their homes for short staycations in Metro Manila accommodation establishments. (See, “‘Work + Study + Play’ trending now,” in the BusinessMirror, September 10, 2020.) Boracay Island was also a hot destination during the sales promo with 13.3 percent in bookings, followed by Makati/Bonifacio Global City at 12.2 percent, Visayas 11.8 percent, south of Metro Manila 8.3 percent, Palawan/Mindanao 8.2 percent, Ortigas/Quezon City 6.3 percent, and north of Metro Manila 3.5 percent. Many of the buyers, said Ibarreta, were based in Metro Manila, but a number of them also were from Cebu City and Davao City. Outside of the Philippines, there were interested buyers from the United States, Singapore, Canada, the United Arab Emirates, Saudi Arabia, Australia, Japan, the United Kingdom, and Hong Kong. HSMA, an organization of sales and marketing officers of 150 accommodation establishments across the country, on Thursday launched its annual Virtus Awards in an online presser. With many hotels and resorts still reeling from the impact of Covid-19, the organization has added two new citations—the Champions of Resilience Awards. These awards will recognize individuals or teams whose extraordinary efforts to address the market difficulties made an impact, said HSMA Chairperson Margarita Munsayac. “It is a timely reminder of the determination, innovation, and commitment of hotel sales and marketing professionals across the country who have been working extremely hard to reopen, to welcome guests back safely, and to continue to provide excellent service,” she explained. As hoteliers deal with the Covid-19 crisis while still providing excellent service at work, the HSMA believes that Virtus Awards is one of the best ways they can show solidarity with their colleagues, according to Ibarreta. “We still wanted to show the industry that whatever crisis we go through, we can weather it with grit and grace. We still have the strength, resolve, and courage to face difficulties head on,” she underscored. Other awards up for grabs this year are for the Outstanding Association, Manager, and Leader Awards; Institutional Marketing Campaign; individual awards in the Sales and Marketing Department (Room Sales, Events Management, Catering, Reservations, Public Relations and Communications, Revenue Management); as well as Outstanding Sales and Marketing Associate; Outstanding Sales and Marketing Manager; and Outstanding Sales and Marketing Leader. One institutional award will be given to an HSMA member-property with the Most Outstanding Marketing Campaign of the Year. The campaign should be built on a single, unified theme, and should use at least two different types of media. Winners will be announced during the live presentation of the 6th Virtus Awards on December 7. The 6th Virtus Awards is presented in partnership with the DOT and its marketing arm, the Tourism Promotions Board, as well as private sector partners Atlantis Systems Asia and Isentia.
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Cebu Pacific to raise funds via sale of bonds, stocks
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By VG Cabuag
@villygc
he board of Cebu Air Inc., the country’s second-largest airline led by the Gokongwei Group, has approved the company’s plan to raise as much as $500 million through the issuance of convertible preferred shares and convertible bond private placement. The company, which operates Cebu Pacific airline, said it will issue the convertible preferred share that will it conduct through stock rights offer, which will be used to transform its business felled by the Covid-19 pandemic. It expects proceeds of some $250 million from the stock rights offer, a measure that allows a shareholder to
buy preferred shares depending on the amount of shares that he holds. There will also be a private placement of convertible bonds with an aggregate subscription price of up to $250 million. The board will seek shareholders’ approval to amend its articles of incorporation to increase its authorized capital stock to P1.74 billion
from P1.34 billion and create a new class of convertible preferred shares with a par value of P1 per share. “The airline industry faces significant challenges as a result of unprecedented events outside the control of the corporation brought by the Covid-19 pandemic. Travel restrictions imposed by various governments, both local and abroad, have led to abrupt reduction in passenger traffic for the corporation and casts uncertainty over the near term prospects of the corporation despite its market leadership,” the company said. “Due to this exceptional change in market conditions and industry dynamics, the corporation saw the urgent need to fast-track its transformation." The airline said it is currently implementing a business transformation exercise that involves the right-sizing of network and fleet to meet new demand, and improvement of operations efficiency through process and policy enhancements and digitalization.
“This places the corporation in a better position to respond to this harsh reality.” The determination of the final terms and conditions of the convertible preferred shares rights issue and the convertible bonds private placement has been delegated to the board of directors. The conversion price of the preferred shares and bonds is expected to be the same and to be set within theP38 to P45 range, representing a conversion premium of 2 percent to 21 percent over the company’s 30day volume weighted average price from August 26 to October 7. “The corporation would also like to highlight that the proposed convertible preferred shares rights issue and convertible bonds private placement would be fair, transparent and equitable to all shareholders. All relevant approvals will be sought from, and appropriate disclosures would be made to, the Securities and Exchange Commission and the Philippine Stock Exchange,” it said.
Friday, October 9, 2020
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SM Markets unveils online grocery stores
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ood retailer SM Markets said it is stepping into the online market game with the launch of its online store on Friday to enable customers to shop for groceries and other essentials in the "new normal." “Officially launching right before the Christmas season, SM Markets wanted to make sure customers are able to conveniently get what they need for themselves and for their loved ones and have a meaningful holiday amid the pandemic,” the company said in a statement. SM Markets is the mother brand of retail formats SM Supermarket, SM Hypermarket and Savemore Market. With an option for pick-up or delivery and cash or card payment, the new e-commerce site https://shop.smmarkets.ph is meant to be a one-stop platform for those who prefer to do their shopping online, it said. The site will have all basic necessities as well as select premium or specialty items. The assortment ranges from fresh meat, poultry, seafood, fruits and vegetables to canned goods, bread, condiments, snacks, and beverages. Customers can also order baby needs, personal care items, household products, pet food, Tesco favorite and house brand
SM Bonus. As the holiday season approaches, SM Markets said it will list more products in the e-commerce site and expand the service to more stores including provincial branches soon. SM Markets online store is currently available in 21 SM Markets branches in Metro Manila, including those in Valenzuela, Fairview, San Mateo, Marikina, Masinag, Antipolo, North Edsa, Megamall, Pasig, Mandaluyong, Makati, Aura, San Lazaro, Mall of Asia, Southmall, Bicutan, Muntinlupa, Sucat and Bacoor. There will be online-exclusive promos and other offers during the launch phase of SM Markets online store including a welcome treat of P100 discount with a minimum P3,000 spend from October 9-15, a one day “10.10 promo” of P100 off on at least P1,010 purchase of participating items and P50 off delivery charge with a minimum spend on select products. “SM Markets remains cognizant of how shopping trends have evolved in the new normal and its entry to e-commerce definitely takes food retailing to a whole new level, making grocery shopping experience more inclusive and diverse for its different market segment,” the company said. VG Cabuag
Govt inks new deals for North-South Commuter Railway he government has signed 3 new contracts for the North-South Commuter Railway System (NSCR) project, which aims to cut travel time between Clark airport and Metro Manila to an hour. During the signing of the NSCR project on Thursday, Transportation Undersecretary Timothy John Batan said the 3 contracts signed on Thursday amounted to P84.9 billion. Batan said Package 1 amounted to P28.4 billion was signed by the Department of Transportation (DOTr) with Hyundai E&C-MegawideDongah Joint Venture; Package 2, P33.7 billion, Acciona-Daelim Joint Venture; and Package 3, P22.8 billion, Italian-Thai Development Public Company Limited. “This project is, by far, the ADB’s [Asian Development Bank] largest ever financing package for a single project, and is the single largest ‘Build, Build, Build’ project to date in the history of the Duterte administration,” said Transportation
Secretary Arthur Tugade. “Be assured that we are focused on our goal to make the Filipino life comfortable, the Filipino life convenient.” The 3 contracts signed on Thursday amounted to P84.9 billion, based on estimates made by the DOTr. This covered the NSCR’s 17 kilometers of elevated rail viaduct spanning Malolos and Calumpit in Bulacan, and Apalit and Minalin in Pampanga worth P28.4 billion. Also signed was the elevated station building, spanning the local government units (LGUs) of Minalin, Sto. Tomas, and San Fernando in Pampanga worth P33.7 billion. The last contract signed covered the elevated station building, spanning the LGUs of San Fernando, Angeles, and Mabalacat in Pampanga worth P22.8 billion. ADB said the first 2 contracts for the NSCR was signed in August and were worth P38 billion. The first contract was signed with the joint venture of Spain’s Acciona Construction Philippines, Inc. and EEI Corporation and the second one, South Korea’s POSCO Engineering and Construction Co., Ltd. “The signing of these contracts means
Aboitiz unit offers small cell network to telcos
Smart gives away tuition money, gadgets, data load
By Cai U. Ordinario @caiordinario
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apitalizing on the huge demand for data amid calls for better telco infrastructure, Aboitiz InfraCapital Inc. is offering its small cell network to telecommunications companies and Internet service providers (ISPs) to boost their coverage and capacity. Rafael Aboitiz, the general manager of Aboitiz InfraCapital’s small cell business, explained that telcos may co-locate in the small cell networks to help fast-track their expansion, while increasing service reliability, reducing costs, and lessening redundant sites. “Consistent with our commitment to help meet the demand for better telecommunication services, we are happy to partner with telcos and other ISPs in accelerating the expansion of their network capacity and coverage throughout the country,” he said. “Our small cell network, which is readily available in high-density urban cities such as Subic, Cebu, and Davao, will surely complement their individual efforts to boost service quality.” A small cell network is a series of small low-powered, short-ranged antennas that provide coverage and capacity, meant to work in conjunction with macro cell towers. Small cells are expected to play a key role in the deployment of 5G, which requires antenna density to deliver larger quantities of data at higher speeds. Telcos are now gunning to expand their 5G services in different areas across the country. Lorenz S. Marasigan
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mart Communications Inc. (Smart), PLDT’s wireless subsidiary, is giving away nearly half a million pesos in cash to defray tuition expenses, as well as free laptops and tablets, and data loads to help Filipino students get on with the new normal of e-learning. This is made possible by the recently launched “Balik Tuition Promo”—an electronic raffle where students using Smart and TNT prepaid SIMs can win cash, gadgets, data loads, and other e-learning tools. “This is an unprecedented time for students as they face the challenge of continuing education using different platforms including the internet,” Jane Basas, SVP and Head of Consumer Wireless Business Group at Smart said in a statement. “As their needs evolve, we're coming up with innovative products to help them adapt to e-learning.” The “Balik Tuition Promo” is open to students enrolled for SY 2020-2021 in Smart and TNT partner schools nationwide. Four winners will receive a cash prize of P100,000 each (tax-free). There will be one grand prize winner from NCR, Luzon, Visayas, and Mindanao. Smart is also giving away 10 laptops and 10 tablets to lucky students. 20 smartphones are also up for grabs, as well as 50 Smart Bro WiFi units. Four partner schools can also take home 50 Smart Bro WiFi devices each. Smart Bro Pocket WiFi is the perfect companion for students and teachers in the shift to blended learning. It is versatile enough that users can connect to the internet anytime, anywhere. As many as 5 gadgets can link up to it sharing the connec-
the Malolos–Clark Railway Project construction will now go on full speed, helping the country’s economic revival over the next 12–24 months,” said ADB Director General for Southeast Asia Ramesh Subramaniam. “When completed by 2025 based on current plans, we expect the project to benefit nearly 350,000 commuters daily.” Batan said the ADB and the Japan International Cooperation Agency extended $7 billion and $6.79 billion in loans, respectively, for the railway. This amounted to a total of $13.79 billion. Given the Philippine Statistics Authority's projected population of 108.77 million as of July, this debt will cost each Filipino $126.78 or P6,338.95, at an exchange rate of P50 to the dollar. Batan said the packages will start construction in November and December this year. The railway is expected to be partially operational by 2023 and completed by 2025. “With grace periods of 7 to 12 years, this means that Filipino taxpayers will already be enjoying the NSCR System’s services, years before we even start
tion with the rest of the family. Surprises await those who will join the program. They can get instant data loads or win one of the thousands of lifestyle vouchers when they play the “Match to Win” game. Customers will receive the game link after reloading their prepaid account with any Giga Study promo. Smart said a student only needs to register once to enter the program. All they have to do is scan the promo QR code or visit https://schoolpromos.smart.com.ph/ Minors are reminded to secure clearance from their parents or guardians before entering the promo. They need to submit this document along with other requirements to ask@mvprewards.com.ph. Once enrolled, customers will receive raffle entries every time they load up with any Giga Study offer. The company said Giga Study 99 is the ideal student load as it comes with 2GB of open access data for 7 days plus 1GB per day for learning tools such as Google, Google Search, Google Plus, Google Hangouts, and Microsoft 365. For those who need more, they can check out other Giga Study offers available on the Smart GigaLife App. Higher denominations of Giga Study include a generous combination of 3GB per day for study apps plus open access data allocation to cover all online activities. The first draw will be on November 13 for winners of Smart Bro Pocket WiFi and smartphones. Laptop and tablet winners will be announced on December 11. The four grand prize winners of P100,000 each will be drawn on January 8, 2021. The promo will run from October 5 to December 31.
paying for the principal of these Official Development Assistance loans,” Batan said. The project is expected to create about 24,000 local construction jobs in the next 3 years. Once completed, the railway system will employ 1,400 people.
The project will also spur larger, indirect employment and economic benefits to local businesses and raw material suppliers and manufacturers. The project is part of the planned 163-km NSCR Project, which aims to reduce road congestion in
Metro Manila and surrounding provinces. It is expected to cut traffic-related economic costs, which total about $18 billion annually in Metro Manila alone. Once completed by 2040, the entire NSCR is projected to transport up to 1 million passengers daily.
B2
Companies BusinessMirror
Friday, October 9, 2020
Del Monte PHL bond float secures approval of SEC
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By VG Cabuag @villygc
he Securities and Exchange Commission (SEC) has approved the P7.5 billion fixed rate bond float of Campos-led fruit canner Del Monte Philippines Inc. The company is offering P5 billion worth of bonds, with an oversubscription option of up to P2.5 billion. Del Monte will issue the bonds at face value, consisting of series A bonds due 2023 and series B bonds due 2025. These will be listed and traded on the Philippine Dealing and Exchange Corp. The company expects to net P7.38 billion in proceeds from the offer, assuming the oversubscription option is fully exercised. Proceeds from the offer will be used to repay the company’s existing debt, which are short-term and unsecured in nature. BDO Capital and Investment
Corp., China Bank Capital Corp., First Metro Investment Corp. and RCBC Capital Corp. were tapped as joint issue managers, joint lead underwriters and joint bookrunners for the offer. Del Monte Pacific Ltd. said it incurred a $3.2-million loss in its fiscal first quarter for 2021 ending July, from last year’s recurring income of $4.2 million mainly on higher financial expenses. Sales for the period reached $413.1 million, higher by 10 percent from last year’s $375.9 million mainly driven by increased US and Philippines sales.
Given the seasonality of the business, the first quarter is historically the lowest quarter of the group, the company said. The US subsidiary, Del Monte Foods Inc. generated $268.2 million or 65 percent of group sales. Its sales rose 11 percent from last year mainly driven by improved volume across almost all categories from the pandemic, partly offset by supply challenges on core vegetables and fruits. The principal categories experienced strong growth as consumer behavior shifted to healthy, shelfstable products in response to covid-19, the company said. Revenues of Del Monte Philippines, meanwhile, grew 22 percent in peso terms and 18 percent in dollar terms to $18.7 million, driven by higher volume, favorable sales mix and buoyed by favorable peso-dollar exchange rate. Faster growth was seen across all categories, especially behind flagship Del Monte brands of Spaghetti Sauce, Quick ‘n Easy Meal Mixes and Pineapple Juice. “The relevance of these iconic Del
Monte brands became magnified in a pandemic environment where consumers turned to healthy food and cooked more meals at home with the company’s culinary products,” it said. “Our strategy is to strengthen the core business, expand the product portfolio, in line with market trends for health and wellness, and grow our branded business while reducing non-strategic business segments." The company said it will return to profitability during its fiscal year 2021, which ends in April. Sales of the S&W branded business declined by 19 percent in the first quarter as higher sales of packaged products, such as canned pineapples, mixed fruits, beans and corn were offset by lower sales of fresh pineapples in China. Fresh pineapples sold through the foodservice channel such as restaurants, hotels and airlines, were impacted though there had been some improvements at the end of the first quarter. “The group expects its ‘Fresh’ business to grow in the remainder of the year,” it said.
EasyJet racks up first-ever annual loss E
asyJet Plc. recorded its first-ever annual loss and is reviewing ways to raise more funds after the Covid-19 pandemic wreaked havoc with the budget carrier’s summer schedule. The United Kingdom company lost as much as 845 million pounds ($1.1 billion) in the year through September, according to a statement on Thursday. The airline has about 2.3 billion pounds in cash to survive an extensive slump and called on the state for further support. “Aviation continues to face the most severe threat in its history and the U.K. government urgently needs to step up with a bespoke package of measures to ensure airlines are able to support economic recovery when it comes,” EasyJet said. The company is in talks with the government for additional loans or other financing, Sky reported earlier. Like other airlines, EasyJet has been hard hit by the coronavirus. A resurgence in cases across Europe has resulted in renewed travel restrictions
that have quashed any hopes of a recovery in demand. EasyJet has raised over 2.4 billion pounds in cash since the start of the pandemic, including 419 million pounds from an equity increase and 608 million pounds by selling and leasing back planes. The shares declined 0.2 percent to 522.60 pence as of 8:29 a.m. in London.
‘Managing well’
“The company is expecting a weak winter season but is managing current flying for cash quite well,” Daniel Roeska, an analyst with Sanford C Bernstein, said in a reasearch note. “However cash burn remains quite high.” The low-cost airline scrapped its dividend and will trim back its schedule over the slow winter season, offering only 25 percent of its normal capacity. It said Wednesday that it would temporarily close its Venice and Naples bases, serving the destinations with fewer flights from other hubs. Bloomberg News
Nestlé PHL names new corporate affairs head
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estlé Philippines Chairman and CEO Kais Marzouki has announced the appointment of Arlene Tan - Bantoto as the company’s Head of Corporate Affairs and Communications effective September. In this capacity, she spearheads public affairs including government and industry relations, corporate communications, and leads the sustainability and Creating Shared Value initiatives of Nestlé Philippines. Prior to this appointment, she was the Business Unit Head of Nestlé Infant Nutrition in the country. Bantoto started her career in Nestlé as a management trainee in 1993 and took on roles in sales and brand management. Her assignments have included expatriate
Tan-Bantoto
stints in the Greater China Region (China, Hong Kong and Taiwan) and the Nestlé Headquarters in Vevey, Switzerland. She has also managed the Nestlé Health Science business and was the Chief Innovation Officer for the company in the Philippines. She graduated from the University of the Philippines with a Bachelor of Science degree in Business Economics. Arlene is a professional life and career coach. She is married with two children.
mutual funds
October 8, 2020
www.businessmirror.com.ph
PSE STOCK QUOTATIONS
October 8, 2020
Net Foreign Bid Ask Open High Low Close Volume Value Trade (Peso) Stocks Buy (Sell) FINANCIALs
ASIA UNITED BDO UNIBANK BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PBCOM PHIL NATL BANK PSBANK PHILTRUST RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FIRST ABACUS FERRONOUX HLDG IREMIT MEDCO HLDG NTL REINSURANCE PHIL STOCK EXCH SUN LIFE
44.5 87.85 65 21.65 9 38.85 16.72 23.55 51 98.2 17.12 90.5 54.25 0.78 25.9 0.425 3.22 1.13 0.29 0.56 155.8 1900
45 87.95 65.05 21.7 9.01 39.45 17.36 23.7 51.75 104.6 17.2 90.65 54.3 0.8 26 0.57 3.39 1.21 0.295 0.6 156.8 1910
44.9 88.2 65.9 21.7 9.05 38.55 17.4 23.6 51.25 95.8 17.12 90.75 54.3 0.78 26.8 0.58 3.37 1.13 0.285 0.58 156 1900
44.9 88.5 65.9 21.75 9.05 39.45 17.4 23.9 51.25 98 17.3 91.8 54.3 0.8 26.8 0.58 3.49 1.13 0.29 0.61 156 1900
44.9 87.3 64 21.65 8.86 37.75 17.4 23.45 50.85 95.8 17.12 90.1 54.25 0.78 26 0.58 3.37 1.13 0.28 0.55 156 1900
44.9 87.95 65 21.65 9 39.45 17.4 23.7 51 98 17.2 90.65 54.3 0.8 26 0.58 3.39 1.13 0.29 0.6 156 1900
300 820300 1536700 297400 298000 2967500 2000 187000 800 580 4400 628450 1620 41000 16100 1000 29000 22000 1000000 61000 210 20
13470 71993782.5 99318558 6453980 2674446 114797500 34800 4405030 40772.5 56312 75632 56931617.5 87945.5 32340 422840 580 98340 24860 286700 33990 32760 38000
-12587213.5 -17869494.5 228965 -109515 57984210 -830770 23460 6920 -25388910 28215.5 -3390 38000
INDUSTRIAL AC ENERGY 3.08 3.09 3.05 3.09 3.05 3.09 7464000 22864070 ALSONS CONS 1.2 1.21 1.19 1.22 1.18 1.2 486000 579500 ABOITIZ POWER 25.65 25.9 26.3 26.3 25.6 25.9 2079200 54010795 0.16 0.161 0.162 0.162 0.162 0.162 10000 1620 BASIC ENERGY FIRST GEN 23.75 23.9 23.75 24 23.25 23.9 1278400 30141540 60.2 60.4 61 61 60 60.2 13990 844830.5 FIRST PHIL HLDG MERALCO 271.2 276.6 272.6 276.6 270 276.6 177560 48326436 MANILA WATER 13.74 13.76 14.1 14.14 13.64 13.74 4547400 62945514 2.99 3 3 3.01 2.99 2.99 1250000 3744820 PETRON 3.1 3.19 3.19 3.19 3.1 3.1 58000 180070 PETROENERGY PHX PETROLEUM 10.86 11.1 11.06 11.1 10.84 11.1 91700 1014846 PILIPINAS SHELL 15.2 15.5 15 15.5 14.9 15.2 375600 5637844 SPC POWER 9.91 10 9.88 10 9.88 10 131100 1307281 AGRINURTURE 8.08 8.16 8.37 8.37 8.06 8.16 87900 714559 2.56 2.64 2.63 2.65 2.55 2.64 2495000 6513700 AXELUM 11.52 12.48 11.52 11.52 11.52 11.52 1000 11520 CNTRL AZUCARERA CENTURY FOOD 17.42 17.6 17.24 17.6 17.2 17.6 1209200 21056484 DEL MONTE 4.65 4.7 4.63 4.72 4.63 4.65 20000 93230 DNL INDUS 5.27 5.33 5.2 5.35 5.2 5.27 1797500 9503057 9.85 9.86 9.89 9.89 9.83 9.86 450500 4438075 EMPERADOR 64.1 64.6 64 64.75 64 64.6 22280 1433839 SMC FOODANDBEV 0.63 0.64 0.62 0.63 0.62 0.63 169000 105170 ALLIANCE SELECT FRUITAS HLDG 1.15 1.17 1.17 1.17 1.15 1.17 8547000 9895850 GINEBRA 47.05 47.95 49 49 46.1 47.95 3500 166115 142.4 142.7 138 143.2 138 142.7 846440 120137444 JOLLIBEE 7.46 8 7.44 8 7.44 8 1600 11960 MACAY HLDG MAXS GROUP 4.75 4.8 4.75 4.76 4.71 4.75 249000 1181280 SHAKEYS PIZZA 5.62 5.63 5.62 5.65 5.62 5.62 110000 618536 ROXAS AND CO 1.19 1.2 1.19 1.23 1.18 1.2 11768000 14161880 4.77 4.9 4.77 4.77 4.77 4.77 1000 4770 RFM CORP ROXAS HLDG 1.72 1.76 1.73 1.76 1.73 1.76 45000 78710 UNIV ROBINA 135 137.9 134.7 137.9 133.1 137.9 1314530 176903022 VITARICH 0.76 0.77 0.76 0.77 0.75 0.77 1564000 1194230 VICTORIAS 2.2 2.34 2.34 2.34 2.34 2.34 1000 2340 CONCRETE A 50.4 51.7 51.7 51.7 51.7 51.7 20 1034 51.7 54 54.5 54.5 54 54 150 8150 CONCRETE B CEMEX HLDG 1.57 1.58 1.57 1.6 1.55 1.57 18599000 29308080 DAVINCI CAPITAL 4.88 5 5.2 6.5 4.75 5 4134000 23720380 EAGLE CEMENT 14.7 14.78 14.36 14.78 14.24 14.78 208500 3051410 EEI CORP 7.02 7.04 6.64 7.04 6.64 7.04 645300 4436583 5.21 5.26 5.12 5.26 5.1 5.26 542900 2821654 HOLCIM 6.86 6.9 6.8 6.93 6.8 6.86 754400 5198490 MEGAWIDE 8.11 8.4 8.31 8.45 8 8.41 51900 422932 PHINMA TKC METALS 0.69 0.72 0.72 0.72 0.72 0.72 33000 23760 VULCAN INDL 0.7 0.71 0.69 0.71 0.67 0.71 531000 367770 115.1 135 120 165 110.7 115 120620 16621672 CHEMPHIL EUROMED 1.85 1.87 1.79 1.89 1.79 1.87 973000 1788670 4.34 4.8 4.33 4.33 4.33 4.33 1000 4330 LMG CORP MABUHAY VINYL 4.1 4.36 4.29 4.4 4.29 4.4 5000 21580 PRYCE CORP 4.04 4.06 4.05 4.06 4 4.06 60000 241580 CONCEPCION 19.7 20 20.5 21.3 19.54 19.7 13700 276440 2.31 2.32 2.27 2.32 2.27 2.32 6577000 15098050 GREENERGY 5.73 5.74 5.6 5.78 5.6 5.74 138600 794627 INTEGRATED MICR IONICS 0.96 0.97 0.94 0.96 0.94 0.96 598000 565740 PANASONIC 4.58 5.28 4.58 5.29 4.58 5.28 10900 56685 SFA SEMICON 1.36 1.39 1.4 1.4 1.34 1.39 464000 635310 5.35 5.38 5.08 5.45 5.08 5.38 3659700 19609608 CIRTEK HLDG
12401430 -7362085 -27119840 -578751 -21420682 -20016412 -825610 -406566 -543876 989 -126863 99880 640790 -50 -5711538 -245264 -373901.5 24570 13830 10548143 4750 1671 -1492900 -72883210 343820 -46110 -236918 1432642 74872 -88640 1390 -146630 258770 -34380 154000 787508
HOLDING & FRIMS ABACORE CAPITAL 0.475 0.48 0.455 0.48 0.45 0.475 12050000 5607350 ASIABEST GROUP 6.92 7.5 7.5 7.69 7 7.5 66900 483629 AYALA CORP 710 719 716 719 709 719 153100 109341015 43.95 44 44.55 45.15 43.65 44 3931900 174295240 ABOITIZ EQUITY 7.02 7.03 7.02 7.03 7 7.02 4314100 30225234 ALLIANCE GLOBAL 2.48 2.5 2.41 2.54 2.36 2.5 2590000 6395440 AYALA LAND LOG ANGLO PHIL HLDG 0.54 0.55 0.53 0.55 0.53 0.55 101000 54430 ATN HLDG A 0.59 0.6 0.58 0.59 0.58 0.59 2486000 1450050 0.58 0.59 0.59 0.59 0.58 0.58 301000 177180 ATN HLDG B 5.08 5.13 5.07 5.18 5.07 5.08 2913700 14965811 COSCO CAPITAL 4.13 4.15 4.11 4.23 4.06 4.15 6601000 27483640 DMCI HLDG FORUM PACIFIC 0.18 0.207 0.179 0.179 0.175 0.175 30000 5310 GT CAPITAL 385.6 386.2 385 388 385 386.2 74190 28642540 HOUSE OF INV 3.06 3.25 3.2 3.24 3.2 3.24 10000 32360 62.7 63.8 63 63.8 62 63.8 1336190 84218409.5 JG SUMMIT 0.6 0.63 0.62 0.64 0.59 0.62 187000 114100 LODESTAR LOPEZ HLDG 2.78 2.79 2.9 2.97 2.75 2.78 12747000 36145280 LT GROUP 8.68 8.87 8.67 8.87 8.67 8.87 444300 3889611 MABUHAY HLDG 0.48 0.51 0.49 0.51 0.485 0.51 150000 74550 4.04 4.05 3.91 4.1 3.91 4.04 104208000 418525850 METRO PAC INV 3.07 3.5 2.99 3.84 2.99 3.5 159000 531560 PACIFICA HLDG 0.76 0.78 0.78 0.79 0.75 0.78 159000 120170 PRIME MEDIA SOLID GROUP 0.96 0.98 0.97 0.97 0.96 0.96 140000 134810 SYNERGY GRID 146 159 159 159 159 159 50 7950 888 889 865 888 850 888 15185420 13068896890 SM INVESTMENTS 98.75 99.9 99.8 99.9 98.55 99.9 124320 12285095 SAN MIGUEL CORP 0.6 0.62 0.6 0.6 0.6 0.6 34000 20400 SOC RESOURCES TOP FRONTIER 120.6 121 118 121 118 121 430 51640 WELLEX INDUS 0.188 0.19 0.187 0.188 0.186 0.188 270000 50360 0.129 0.134 0.136 0.138 0.129 0.13 1050000 137110 ZEUS HLDG
-509150 -14692820 -141000050 4673098 -50000 171280 -811830 -2184640 -2289810 14715561 -750120 -423510 -95859220 53970 -16307025 -879061.5 -25380 -
NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds PROPERTY ALFM Growth Fund, Inc. -a 193.27 -22.09% -12.29% -5.27% -23.26% ARTHALAND CORP 0.55 0.57 0.57 0.58 0.56 0.57 2737000 1567530 ANCHOR LAND 7.6 8.18 7.5 8.18 7.5 8.18 2200 16754 ATRAM Alpha Opportunity Fund, Inc. -a 1.0503 -30.41% -13.81% -3.19% -24% AYALA LAND 29.95 30.05 29.9 30.05 29.1 30.05 13218200 388881100 0.94 0.98 0.94 0.98 0.94 0.97 186000 175540 ARANETA PROP ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.6135 -31.99% -16.4% -7.05% -28.95% AREIT RT 25.6 25.65 25.6 25.75 25.5 25.65 539600 13837195 Climbs Share Capital Equity Investment Fund Corp. -a 0.6631 -28.38% -13.05% n.a. -26.16% 1.35 1.36 1.38 1.38 1.36 1.36 288000 394800 BELLE CORP A BROWN 0.76 0.77 0.74 0.77 0.74 0.77 1854000 1405530 First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6626 -21.1% n.a. n.a. -21.98% CITYLAND DEVT 0.77 0.79 0.77 0.77 0.77 0.77 44000 33880 First Metro Save and Learn Equity Fund,Inc. -a 4.1462 -21.38% -10.63% -5.16% -22.19% 0.128 0.129 0.129 0.129 0.129 0.129 110000 14190 CROWN EQUITIES CEB LANDMASTERS 4.77 4.8 4.82 4.82 4.78 4.8 114000 546640 First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6456 -23.56% -12.89% n.a. 0.36 0.365 0.36 0.365 0.355 0.36 2190000 788150 CENTURY PROP CYBER BAY 0.295 0.31 0.295 0.295 0.29 0.29 180000 52950 -24.37% DOUBLEDRAGON 13.92 14 14 14.06 13.92 14 643300 8995502 MBG Equity Investment Fund, Inc. -a 84.5 -26.43% n.a. n.a. -18.14% DM WENCESLAO 5.22 5.24 5.24 5.25 5.2 5.24 56000 293126 0.26 0.27 0.26 0.265 0.26 0.265 600000 156800 EMPIRE EAST PAMI Equity Index Fund, Inc. -a 38.6838 -23.5% -10.99% -4.2% -24.57% FILINVEST LAND 0.92 0.93 0.93 0.93 0.92 0.93 2345000 2164170 Philam Strategic Growth Fund, Inc. -a 416.27 -21% -10.31% -4.27% -21.87% GLOBAL ESTATE 0.75 0.76 0.74 0.76 0.74 0.75 228000 169770 8990 HLDG 6.6 6.75 6.51 6.75 6.51 6.7 30400 202010 Philequity Alpha One Fund, Inc. -a,d,5 0.8889 n.a. n.a. n.a. -13.71% PHIL INFRADEV 1.43 1.44 1.42 1.49 1.38 1.43 11044000 15816150 2.95 2.96 2.9 2.97 2.9 2.95 11148000 32862220 MEGAWORLD Philequity Dividend Yield Fund, Inc. -a 0.9919 -21.95% -10.27% -3.84% -22.92% 0.285 0.29 0.238 0.35 0.236 0.29 745390000 219771260 MRC ALLIED Philequity Fund, Inc. -a 29.0301 -22.55% -10% -3.48% -23.4% 0.29 0.345 0.285 0.345 0.285 0.345 520000 178200 PHIL ESTATES PRIMEX CORP 1.15 1.18 1.15 1.17 1.15 1.16 356000 413050 Philequity MSCI Philippine Index Fund, Inc. -a 0.7645 -23.79% n.a. n.a. -24.91% ROBINSONS LAND 14.18 14.4 14.2 14.4 14 14.4 2534300 35835396 0.208 0.218 0.208 0.208 0.208 0.208 10000 2080 PHIL REALTY Philequity PSE Index Fund Inc. -a 3.951 -23.09% -10.49% -3.51% -24.36% ROCKWELL 1.53 1.56 1.53 1.57 1.53 1.56 239000 372310 Philippine Stock Index Fund Corp. -a 660.54 -22.98% -10.42% -3.63% -24.25% SHANG PROP 2.66 2.69 2.65 2.69 2.65 2.69 53000 140530 STA LUCIA LAND 1.85 1.95 1.95 1.95 1.95 1.95 1000 1950 Soldivo Strategic Growth Fund, Inc. -a 0.6021 -32.04% -14.06% -7.31% -29.28% SM PRIME HLDG 29.5 29.75 29.6 29.8 28.75 29.75 3325100 97136745 Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.0438 -26.85% -11.91% -5% -27.69% 3.59 3.65 3.58 3.58 3.53 3.58 60000 213350 VISTAMALLS SUNTRUST HOME 1.18 1.19 1.16 1.26 1.15 1.19 2827000 3372340 Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.7566 -23.22% -10.71% -3.71% -24.4% 3.23 3.25 3.2 3.27 3.2 3.23 1170000 3782590 VISTA LAND United Fund, Inc. -a 2.7731 -23.49% -9.56% -3.19% -24.09% SERVICES Exchange Traded Fund ABS CBN 14.9 15 13.8 16.86 13.52 15 19184600 290034574 GMA NETWORK 4.93 4.95 4.99 4.99 4.9 4.95 656000 3233200 First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 88.6761 -22.9% -10.13% -2.87% -24.18% MANILA BULLETIN 0.4 0.41 0.45 0.46 0.395 0.4 5750000 2473050 Primarily invested in foreign currency securities 10.54 11 10.5 10.5 10.5 10.5 1600 16800 MLA BRDCASTING GLOBE TELECOM 2030 2052 2040 2070 2010 2052 55150 112169320 ATRAM AsiaPlus Equity Fund, Inc. -b $1.0606 12.29% -0.18% 3.64% 3.13% 1291 1300 1299 1300 1280 1300 248375 320828515 PLDT APOLLO GLOBAL 0.061 0.062 0.061 0.063 0.06 0.062 54240000 3333380 Sun Life Prosperity World Voyager Fund, Inc. -a $1.5253 20.01% 8.08% n.a. 10.63% DFNN INC 2.9 2.99 2.95 3.04 2.86 2.97 40000 118580 Balanced Funds 5.73 5.74 5.5 6.17 5.33 5.74 144259700 830101650 DITO CME HLDG 1.21 1.43 1.21 1.65 1.21 1.43 76000 105880 IMPERIAL Primarily invested in Peso securities 0.078 0.082 0.079 0.082 0.078 0.082 2080000 165890 ISLAND INFO JACKSTONES 1.53 1.56 1.56 1.56 1.51 1.56 37000 57520 ATRAM Dynamic Allocation Fund, Inc. -a 1.534 -3.79% -5.69% -3.08% -1.84% NOW CORP 4.52 4.53 4.15 4.69 4.01 4.52 46029000 201592690 ATRAM Philippine Balanced Fund, Inc. -a 2.0215 -9.92% -5.86% -1.51% -7.32% TRANSPACIFIC BR 0.224 0.225 0.214 0.238 0.205 0.224 42250000 9381970 2.31 2.32 2.3 2.34 2.23 2.31 2110000 4810100 PHILWEB First Metro Save and Learn Balanced Fund Inc. -a 2.3719 -8.98% -4.5% -3.01% -9.87% 8.3 8.6 8.26 8.6 8.22 8.6 42700 353183 2GO GROUP First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1799 -21.13% n.a. n.a. -21.27% CHELSEA 5.32 5.33 5.05 5.5 4.85 5.33 13702700 71849177 CEBU AIR 36.65 37 37.1 37.95 36.5 36.65 175200 6458080 NCM Mutual Fund of the Phils., Inc. -a 1.8231 -6.07% -2.31% 0.1% -7.06% INTL CONTAINER 114 114.1 113.5 115 112.1 114 3184220 363115557 13.62 14.68 13.32 13.62 13.32 13.62 1395900 19011928 LBC EXPRESS PAMI Horizon Fund, Inc. -a 3.4244 -8.33% -4.09% -1.21% -9.62% 0.73 0.79 0.79 0.79 0.78 0.79 39000 30520 LORENZO SHIPPNG Philam Fund, Inc. -a 15.3155 -8.58% -4.21% -1.27% -9.7% MACROASIA 4.48 4.49 4.22 4.6 4.22 4.49 1906000 8489950 METROALLIANCE A 1.88 1.89 1.71 1.98 1.69 1.88 2260000 4234740 -5.15% -1.46% -10.81% Solidaritas Fund, Inc. -a 1.8926 -10.55% METROALLIANCE B 1.8 2.04 1.86 2 1.7 1.7 66000 122450 5.7 5.8 5.75 5.8 5 5.7 69400 364958 PAL HLDG Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.2178 -15.81% -6.37% -2.59% -16.71% 1.03 1.06 1 1.05 1 1.05 1601000 1659360 HARBOR STAR Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9265 -7.59% n.a. n.a. -8.78% BOULEVARD HLDG 0.025 0.027 0.026 0.026 0.025 0.025 92200000 2327000 WATERFRONT 0.38 0.385 0.38 0.39 0.38 0.38 110000 41900 Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8159 -17.21% n.a. n.a. -18.12% FAR EASTERN U 488.2 549.5 550 550 488.2 488.2 90 48882 Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.7923 -19.32% n.a. n.a. -20.23% 0.31 0.315 0.31 0.315 0.305 0.315 2670000 831450 STI HLDG BERJAYA 2.52 2.53 2.6 2.6 2.38 2.52 1779000 4431100 Sun Life Prosperity Dynamic Fund, Inc. -a 0.7872 -18.53% -7.68% -3.56% -19.24% 7.01 7.03 7.03 7.05 6.95 7.03 1783800 12494810 BLOOMBERRY PACIFIC ONLINE 1.8 1.82 1.75 1.8 1.75 1.8 23000 41350 Primarily invested in foreign currency securities LEISURE AND RES 1.42 1.44 1.37 1.44 1.37 1.44 1303000 1846760 Cocolife Dollar Fund Builder, Inc. -a $0.03901 0.49% 2.67% 2.16% 2.12% MANILA JOCKEY 2.05 2.17 2.05 2.05 2.05 2.05 88000 180400 2.8 2.89 2.77 2.94 2.77 2.89 261000 746350 PH RESORTS GRP 3.3% PAMI Asia Balanced Fund, Inc. -b $1.0473 7.13% 0.73% 3.49% PREMIUM LEISURE 0.3 0.305 0.31 0.31 0.3 0.305 6630000 2040450 Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.1742 12.15% 5.78% 6.21% 6.74% ALLHOME 5.93 5.94 5.75 6.05 5.71 5.93 1431200 8378432 METRO RETAIL 1.35 1.36 1.38 1.38 1.3 1.36 976000 1311470 Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.1657 5.48% 2.99% n.a. 3.28% PUREGOLD 44.1 44.25 45 45 43.8 44.1 5535200 245191925 64.3 64.95 63.5 64.95 63.4 64.95 36250 2345175 ROBINSONS RTL Bond Funds 111 114.9 109 115 109 114.8 120920 13424073 PHIL SEVEN CORP Primarily invested in Peso securities 1.07 1.08 1.08 1.1 1.07 1.08 3163000 3420000 SSI GROUP WILCON DEPOT 15.58 15.6 15.7 15.7 15.5 15.6 1020900 15918608 ALFM Peso Bond Fund, Inc. -a 368.41 3.82% 3.05% 2.62% 2.93% APC GROUP 0.3 0.305 0.285 0.315 0.285 0.3 3060000 927800 6.9 7 6.62 7.3 6.62 7 155800 1084557 EASYCALL ATRAM Corporate Bond Fund, Inc. -a 1.9521 1.76% 0.86% 0.34% 2.63% GOLDEN BRIA 290 304.4 295 304.4 295 304.4 170 51560 Cocolife Fixed Income Fund, Inc. -a 3.2027 3.73% 4.77% 4.96% 2.72% IPM HLDG 3.12 3.29 3.15 3.15 3.13 3.13 12000 37720 PRMIERE HORIZON 0.224 0.225 0.22 0.228 0.219 0.225 9180000 2064750 Ekklesia Mutual Fund Inc. -a 2.2916 3.55% 2.6% 2.19% 3.07% SBS PHIL CORP 4.06 4.17 4.14 4.16 4.01 4.16 102000 413760 First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4504 4.81% 3.38% 2.02% 3.87% MINING & OIL Philam Bond Fund, Inc. -a 4.6342 7.49% 2.75% 5.98% 4.12% ATOK 6.81 7.3 7.49 7.75 6.73 7.4 13600 97220 APEX MINING 1.47 1.48 1.46 1.49 1.45 1.48 8451000 12420680 Philam Managed Income Fund, Inc. -a,6 1.3124 5.7% 4.37% 2.48% 4.43% 0.0008 0.0009 0.0008 0.0009 0.0008 0.0008 422000000 345800 ABRA MINING Philequity Peso Bond Fund, Inc. -a 3.9577 5.5% 4.17% 2.36% 4.47% ATLAS MINING 3.79 3.8 3.8 3.82 3.76 3.8 402000 1525370 2.51 2.75 2.54 2.85 2.47 2.75 372000 1003850 BENGUET A Soldivo Bond Fund, Inc. -a 1.0383 9.01% 3.61% 2.09% 7.67% BENGUET B 2.52 2.69 2.48 2.73 2.48 2.69 88000 232970 Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1821 4.73% 4.72% 2.96% 3.46% COAL ASIA HLDG 0.232 0.235 0.237 0.24 0.232 0.235 970000 227540 2.47 2.55 2.49 2.55 2.47 2.55 27000 66910 CENTURY PEAK Sun Life Prosperity GS Fund, Inc. -a 1.746 3.86% 4.08% 2.4% 2.64% DIZON MINES 7.31 7.66 7.51 7.73 7.21 7.66 9100 67715 FERRONICKEL 1.22 1.23 1.27 1.3 1.21 1.22 28589000 36016380 Primarily invested in foreign currency securities GEOGRACE 0.223 0.229 0.229 0.232 0.223 0.228 670000 152590 ALFM Dollar Bond Fund, Inc. -a $479.25 2.81% 2.54% 2.78% 2.33% LEPANTO A 0.133 0.134 0.128 0.136 0.128 0.133 27620000 3648040 LEPANTO B 0.129 0.133 0.13 0.135 0.129 0.133 2020000 269250 ALFM Euro Bond Fund, Inc. -a Є217.23 -1.5% 0.75% 1.19% -1.16% 0.0094 0.0095 0.009 0.0095 0.009 0.0095 34000000 318200 MANILA MINING A MANILA MINING B 0.0092 0.01 0.0099 0.01 0.0092 0.01 7000000 68800 ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2392 2.99% 3.05% 2.51% 2.65% MARCVENTURES 0.91 0.93 0.91 0.98 0.91 0.91 9854000 9293440 First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0264 1.93% 1.83% 1.59% 2.33% NIHAO 2.26 2.27 2.16 2.76 2.11 2.26 3341000 7621070 NICKEL ASIA 3.43 3.45 3.38 3.75 3.38 3.43 76804000 272115630 PAMI Global Bond Fund, Inc -b $1.0859 -1.84% 0.21% 0.2% -0.7% 0.335 0.35 0.33 0.35 0.325 0.35 130000 44200 OMICO CORP Philam Dollar Bond Fund, Inc. -a $2.4995 3.05% 3.71% 3.35% 3.99% ORNTL PENINSULA 0.56 0.57 0.55 0.58 0.55 0.57 1489000 837630 PX MINING 4.25 4.26 4.08 4.29 4.08 4.25 3205000 13560000 Philequity Dollar Income Fund Inc. -a $0.0614875 1.98% 2.31% 2.1% 1.97% SEMIRARA MINING 10.28 10.3 9.92 10.38 9.92 10.28 2737600 27926331 UNITED PARAGON 0.0051 0.0052 0.0053 0.0056 0.0051 0.0052 30000000 161800 Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.183 -0.38% 1.83% 2.36% 0.25% 5.8 5.98 5.7 6 5.7 5.98 229200 1366801 ACE ENEXOR Money Market Funds 0.0078 0.0083 0.0077 0.0083 0.0077 0.0083 22000000 176300 PHILODRILL PXP 4.89 4.91 4.98 4.98 4.83 4.89 2023000 9863320 ENERGY Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 129.22 3.51% 3.32% 2.52% 2.69% PREFFERED DD PREF 101 101.5 101.5 101.5 101 101 20140 2034210 First Metro Save and Learn Money Market Fund, Inc. -a 1.0455 2.1% n.a. n.a. 1.87% GTCAP PREF B 1005 1020 1010 1015 1005 1015 14405 14599025 MWIDE PREF 101.4 102.5 101.5 101.5 101.4 101.4 55310 5613944 Sun Life Prosperity Money Market Fund, Inc. -a 1.2912 2.8% 3.03% 2.62% 2.07% 102.5 102.8 102.5 102.5 102.5 102.5 1040 106600 PNX PREF 3B Primarily invested in foreign currency securities PNX PREF 4 962 978.5 960 976 955 975 1080 1033375 PCOR PREF 2B 1008 1054 1010 1054 1010 1054 3030 3060740 Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0497 1.58% n.a. n.a. 1.1% PCOR PREF 3A 1057 1058 1057 1057 1057 1057 2750 2906750 PCOR PREF 3B 1075 1085 1075 1075 1075 1075 370 397750 Feeder Funds 1.46 1.95 1.44 1.46 1.44 1.46 11000 15860 SFI PREF Primarily invested in Peso securities SMC PREF 2C 77.5 78 78 78 77.5 77.5 13120 1016860 SMC PREF 2E 75.8 76 75.8 76 75.8 76 25500 1937980 Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.0221 n.a. n.a. n.a. n.a. SMC PREF 2F 77.05 77.5 77.6 77.6 77 77.05 71450 5503655 Primarily invested in foreign currency securities SMC PREF 2G 76.1 76.5 76.1 76.1 76.1 76.1 30 2283 PREF 2H 76.7 77 76.8 76.8 76.8 76.8 100 7680 ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.94 n.a. n.a. n.a. -5.05% SMC 76.3 77.9 76.3 76.3 76.3 76.3 210 16023 SMC PREF 2I 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."
PHIL. DEPOSITARY RECEIPTS
171000 -253331130 -3722795 -106260 31570 -182600 -14200 -5011396 -14633 -458630 -87750 -41130 12191700 -2489010 -4427390 137840 -903950 24400 -1604300 -6189380 -150557800 25132981 -32400 -2430 4663000 -187910 18150 6091448 -1842970 -267764636 -0 1516820 26837 25000 -15140 1341917 -92980 -17800 522869 38160 -53001390 -694202.5 -0 -1644090 -11581308 3130 4010 -339480 -948880 -375190 -174060 -89400 4591520 1919250 -4701282 -597 573540 -1015 -4393500 -3050200 11640 -
ABS HLDG PDR 12.6 12.96 13.4 14.58 11.52 12.6 1309200 17485946 238410 GMA HLDG PDR 4.85 4.96 4.9 4.9 4.9 4.9 8000 39200 WARRANTS LR WARRANT 0.65 0.66 0.62 0.67 0.62 0.66 530000 345590 -1980 SMALL & MEDIUM ENTERPRISES ALTUS PROP 10 10.1 10.76 10.8 9.56 10 2431200 24629892 -8036970 ITALPINAS 2.38 2.39 2.26 2.43 2.2 2.38 8711000 20189070 -46080 KEPWEALTH 4.96 5.04 4.99 4.99 4.95 4.95 11000 54490 4990 3.03 3.04 3 3.05 2.98 3.04 11335000 34200960 -158320 MERRYMART EXHANGE TRADE FUNDS FIRST METRO ETF 90 90.5 89 90 88.6 90 12240 1094139.5 -
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T.W.E.A.K. for success
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case, reviewing our product- and ’m fond of using abbreviations service-offering portfolio. and acronyms in my column It was an opportune time to articles. I must have started enhance services relevant to this fascination when I was in elementary school and “Roy G. Biv” Association World members and generate revenues, such as our e-newsletter, on(the seven colors of the rainbow Octavio Peralta line learning, survey results and —red, orange, yellow, green, blue, awards program, among others. indigo and violet) comes to mind. At the same time, we want to discard those that This may have to do with memorizing things easare underperforming like printed publications, ily and, in the case of writing, brevity. microsites and training topics already offered by So after watching one of the videos entitled other organizations. “T.W.E.A.K. for Big Wins” (presented to me as “A” is for asking for help or seeking partnership a bonus for attending the virtual introductory for opportunities by looking at and consulting session of Survive! Bootcamp by Convergent Exwith what other associations are doing, as well perience), I tweaked and contextualized it into as reaching out to potential partners and colwhat associations can do to navigate their way laborating with them to fulfill common interests into winning the battle during this Covid-19 and have economies of scale. This resulted in us pandemic. working with same-purposed organizations in “T” is for taking stock of human and financial organizing joint webinars and pursuing inforresources, among others. mation exchanges. In the case of my own association, we first “K” is for keeping on the move and being crelooked into its financial survivability. The first ative and innovative. thing we did was to review our financials, speWe hastened our digitalization project, no matcifically our revenue sources, overhead costs, and ter modest, such as converting our in-person trainreserve funds. ing events into e-learning modules, maximizing Since revenues were down due to the pandemic, the use of our content resources and re-packaging our recourse was to rationalize costs while keeping them for sale using updated technology for video the staff employed. We are constantly monitoring conferencing; and pivoting our printed publicaour reserve funds and, at the same time, developtions into digital formats. ing new revenue sources. The point is to keep working on something and “W” is for weighing current options and alnot being stymied by snags and obstacles. ternatives. I am sure you have many things going on right We undertook a much more proactive cash now in your associations. Keep it up and do some flow management by prudently cutting costs and tweaking here and there to ultimately achieve identifying shifts in income, such as moving to your goals. online events. It was also time to continuously manage our relationship with members, sponsors and supporters. The column contributor, Octavio “Bobby” Peralta, is concurrently the Equally important was to ensure that our staff secretary-general of the Association of Development Financing Institumembers are supported to deliver the planned tions in Asia and the Pacific and the Founder & CEO of the Philippine outcomes in an environment where they are comCouncil of Associations and Association Executives. PCAAE is holding the fortable (e.g., work from home) and to minimize Associations Summit 8 on November 25 and 26, 2020 with the theme, their health risk by automating and streamlining “Leading with Agility.” The two-day virtual event is supported by Adfiap, processes where possible. the Tourism Promotions Board and the PICC. E-mail inquiries@adfiap.org “E” is for eliminating the unnecessary; in our for more details on AS8.
Friday, October 9, 2020 B3
DBP lends ₧5.7B to finance Steel Asia unit’s rolling mill
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By Tyrone Jasper C. Piad
@Tyronepiad
he Development Bank of the Philippines (DBP) is extending a P5.7billion long-term loan agreement so a Cebu-based steel maker can build its facility. The state-owned bank said in a statement issued October 8 that it inked the financing deal with Compostela Steel Inc., a subsidiary of Steel Asia Manufacturing Corp. located in Cebu. DBP President and CEO Emmanuel G. Herbosa said that the credit support to the company would help both the construction industry and steel production in the country. “As the premier infrastructure bank of the country, financing projects that enable the local construction industry to be self-reliant in steel is a developmental priority, as it further improves the country’s infrastructure landscape,”
Herbosa was quoted in the statement as saying. The loan proceeds are earmarked to partially finance Compostela Works Rolling Mill with its parent firm. The rest is being invested to the steel company’s capitalization amounting to a total of P8.3 billion. The mill under construction is Steel Asia’s seventh facility, in addition to its other properties in Batangas, Carcar, Davao, Cagayan de Oro and Bulacan. Herbosa is expecting that the mill will be supplying the growing demands in the Visayas region. This, as the proj-
ect is seen generating up to 3,000 direct and indirect job opportunities. “If we can boost the local production of construction supply materials, the country can lessen its dependence on imports, while stimulating the local economy amid this national public health emergency,” Herbosa said. DBP Executive Vice President for Development Lending Jose Gabino D. Dimayuga said that the project can expand the facility’s capability to manufacture wire-rods. It is a steel product that can support downstream small-scale companies in the manufacturing, energy and construction sectors. At the same time, Dimayuga said it could be a viable import-substitute because the Philippines has been relying on wire-rod imports from Malaysia, Indonesia, Vietnam and China. The industry is spending over $350 million on wire-rod imports annually, he noted. “We hope that through this long-term financing deal, DBP will do its share in enhancing the competitiveness of strategic local industries such as steel manufacturing,” Dimayuga said.
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Friday, October 9, 2020 • Editor: Gerard S. Ramos
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Today’s Horoscope By Eugenia Last
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CELEBRITIES BORN ON THIS DAY: Brandon Routh, 41; Scott Bakula, 66; Tony Shalhoub, 67; Sharon Osbourne, 68. Happy Birthday: Tell it like it is. Don’t mince words or sidestep around issues you need to address. Clearing the air is the way to new beginnings. Let your creative imagination take over, and be innovative as you move into unfamiliar territory. Live up to your expectations, and push for what you want. Keep your life simple and focused, and stay in control. Your numbers are 4, 18, 22, 25, 34, 42, 48.
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HE Tourism Promotions Board (TPB), the marketing arm of the Department of Tourism (DOT), will be making available nationwide a fully integrated digital app for booking flights, hotels and tours. On Tuesday, I spoke with the super-energetic TPB Chief Operating Officer Ma. Anthonette C. VelascoAllones who explained the reason for developing this app. “We want to ensure a seamless contactless and efficient end-to-end travel experience for our tourists,” considering we all now have to contend with travel requirements as well as strict health and safety guidelines to contain the spread of Covid-19. And one of those guidelines, as per the DOT, is to go digital and contactless as much as possible. She added, the app’s opening page “also seeks to provide the traveler with all the updated, consolidated information about the open destinations such as pre-travel requirements, etc.” Like for instance, if we want to go to Boracay, the country’s crown jewel of tourism, all we need to do is hit the app and find out what we have to do before traveling there, e.g., filling up of health declaration forms, taking an RT-PCR test 48 hours before our flight, the list of DOT-accredited hotels, among others. Allones also mentioned the travel app in Tuesday’s online launch of Philippine AirAsia’s ManilaZamboanga flights: “We are so proud that we have supported Baguio City in the Visitor Information and Travel Assistance [Visita] app, and we are doing that across the country.” Visita is also a digital monitor system to keep track of visitor activities, which the TPB funded. But for TPB’s own travel app, Allones said: “[Tourists] can log on to that, and it’s a progressive web app...even without an [Internet] connection you can use it. We envision it to provide the end-to-end experience. So we welcome AirAsia to be a partner because it starts with booking the trip, including also booking the hotels, and we have talked to various associations like the HSMA [Hotel Sales and Marketing Association].” She said the app will also enable tourists to book their land transport and even tours. The TPB is poised to “launch the travel app [this month] and it is capable of integrating the different systems being used by LGUs [local government units],” such as the Visita in Baguio City and the Ultimate
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ARIES (March 21-April 19): Think before taking on something or someone who isn’t your responsibility. Frustration and anger will weigh you down. Pour your energy into nurturing positive relationships and concentrating on projects that will help you grow personally and professionally. HH
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TAURUS (April 20-May 20): You don’t have to stand alone. Discuss your objective with a friend, relative or lover, and you will come up with a workable plan that will bring about positive changes and a healthy, happy life. HHHH
c Bohol Experience (UBE) app in Bohol. Allones said TPB’s still-unnamed travel app will be able to generate a QR code for each tourist, so it has the ability to trace the places he visited and his contacts during his stay, in case he takes ill from Covid. She added the travel app is web-based, “so even non-Android phone users can access it.” A number of tourism stakeholders and LGUs have taken to the digitizing many of their procedures to ensure the safety of their guests and visitors. As I mentioned earlier, Baguio City’s Visita app, for instance, contains a visitor web dashboard for account registration, travel registration, payments, QR coupon reading, and dispensing travel advisories and tourism information; a site portal for the profile registration of tourism establishments, services, and sites. It also hosts the check-in/out mechanism and a centralized contact-tracing database; an admin interface for the real-time monitoring of visitor profiles and sites visited; setting registration requirements and visitor criteria. It also contains data analytics and advisories; as well as a mobile app version that receives real-time notifications, and can be used as a travel guide and for assistance. Bohol’s UBE is actually an accreditation system to ensure the province’s tourism establishments are strictly following health and safety guidelines and other requirements based on DOT’s accreditation system. It also ensures a system for contact-tracing, as well as contactless booking and transactions. The LGU has likewise distributed about 300,000 contacttracing cards, which carries a QR code unique to each individual, thus enabling the government to monitor the movement and location of cardholders.
Earlier, the DOT also launched SafePass, which essentially helps, for example, a restaurant plan the available space for dine-in guests and as such, determine how many people will be allowed inside, and also features a contact-tracing aspect. Customers, on the other hand, can safely book using SafePass, fill out the health declaration form online, and find out what time they can eat at the restaurant following physical-distancing protocols. Created by Talino Ventures, the DOT has made available the app’s express version to its accredited establishments. Even AirAsia has digitized before the pandemic. Over a year ago, it deployed its chatbot to answer customer inquiries and questions. The airline said then that the decision was reached after reviewing the ways in which their customers have been relying more on online, social media and mobile apps for information. The AI-powered Ava (AirAsia Virtual Allstar) speaks 11 languages, and enables customers to fully access the airlines products and services. AirAsia will be mounting its passenger flights between Manila and Zamboanga City for the first time starting October 27, with twice weekly roundtrip flights on Tuesday and Saturday. Prior to this, AirAsia only had cargo flights and mounted repatriation flights for those stranded during the Covid-19 lockdown. The airline will also inaugurate its commercial passenger flights to General Santos on October 28, with twice weekly roundtrip flights, as well every Wednesday and Friday. Digital is power, and data is the most precious currency these days, pandemic or otherwise. n
public awareness of the foundation’s work. The foundation released its first season of Genie TV featuring the various Make-A-Wish volunteers, a quiz night, Star Wars-themed show, baking challenge, and celebrity interviews. The most-awaited release of the second season of Genie TV, on the other hand, will feature the wish-granting itself. In this season, MAW aims to capture the essence of wish-granting and share it with the public. Organizations who wish to help the legacy and be part of the world-renowned wish-granting charity may check makeawish.org.ph/donate. Through Genie TV, the foundation gets to immerse the public in the heart-warming reality of wish-granting. “We don’t want to hold back. The reality is that there are children who are still undergoing their medical and life challenges,” says Marshall. Wish-granting, although overlooked by most, gives the children a sense of hope that their dreams
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CANCER (June 21-July 22): Say what’s on your mind, but do so with compassion, understanding and reasonable alternatives. Getting along will buy you time to put what you want in place and encourage you to make decisions that are beneficial to you and others. HHH
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LEO (July 23-Aug. 22): Let your actions speak for you. Anger will stand between you and what you want to achieve. Channel your energy into getting things done, taking care of responsibilities and following through with your plans. Make home and work efficiency priorities. HHH
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VIRGO (Aug. 23-Sept. 22): Call in favors, show appreciation, discuss and make changes that will encourage better relationships with a friend, relative or lover. Physical improvements will fetch compliments, build confidence and give you the push you need to romance someone you love. HHHH
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LIBRA (Sept. 23-Oct. 22): Play to win, don’t back down, be direct and head in the direction that will bring the highest return. Put an end to taking a back seat to others. Concentrate on getting ahead, not wasting your time following someone’s pursuits. HH
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SCORPIO (Oct. 23-Nov. 21): Slow down and do things right the first time. A conversation will touch on sensitive issues but reveal valuable information that can help you make a significant lifestyle change. HHHHH
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SAGITTARIUS (Nov. 22-Dec. 21): A friend or relative will disappoint you. Don’t lend or borrow money or possessions. Get active and stay fit. Time spent on self-improvement will pay off. A favor granted will help you resolve a debt. HHH
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Wish-granting back for children with critical illnesses During these challenging times, it is an everyday struggle to execute everyday tasks—from doing the groceries to meeting up with friends, there are hindrances along the way. However, as people say, “If there’s a will, there’s a way,” and a team of passionate individuals persevere to grant wishes to children with critical illnesses despite the challenges of the new normal. The Make-A-Wish Foundation Philippines (MAW PH) aims to grant wishes to as many children with critical illnesses as possible. In the hope of sparking joy and instilling courage to help them brave through their everyday struggles, the foundation hears a child’s one true wish and makes it happen. The foundation’s president, Abigail Arcangel, and corporate secretary, Yuri Marshall, aim to increase public awareness to support this cause through an online streaming program, called “Genie TV,” which is designed to increase
GEMINI (May 21-June 20): Assess your life, your immediate prospects and what you intend to accomplish. It’s essential to have a plan in place before you make a move. Don’t risk your health, your emotional well-being or a chance to improve your status quo. HHH
of becoming a princess, having a party, or even completely recovering, may come true. On its 20th anniversary celebration, MAW PH partnered with local YouTube show Street Singing Superstar to grant the wish of hopeful Elaiza to duet with best-selling music artist Regine Velasquez. Fifteen-year-old Elaiza Onan from Tandang Sora, Quezon City, has Chronic Nephrotic Syndrome, a kidney disorder. Joined by MAW volunteers, Graham Caygill, host of the show, surprised Elaiza with Regine’s private concert for her. Together, they sang and laughed together. Children like Elaiza remain hopeful despite this pandemic, and Make-A-Wish believes that with the help of the audience inspired by Genie TV, more kids will be given hopeful smiles. Genie TV will launch Season 2 this October. More information on the Make-A-Wish Foundation Philippines is available on its Facebook and YouTube accounts.
CAPRICORN (Dec. 22-Jan. 19): A disagreement with someone who has a difference of opinion will lead to emotional stress. Keep the peace with a friend or relative. Offer the same conditions you would like in return, and go about your business. HHH
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AQUARIUS (Jan. 20-Feb. 18): A problem will fester if you aren’t open about how you feel. You may not like the change that follows, but it will be beneficial in the end. Keep your money and possessions separate. Avoid joint ventures. HHH
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PISCES (Feb. 19-March 20): Send a message and follow through. Make the changes that will allow you the freedom to do as you please. An emotional plea will help you adjust to a lifestyle that is affordable and satisfying. HHHHH Birthday Baby: You are loyal, convincing and smart. You are willful and sincere.
‘brush it off’ by adrian kabigting The Universal Crossword/Edited by David Steinberg
ACROSS 1 Endures 6 Clearasil target 10 Award quartet acronym 14 Metal mixture 15 “Hold the phone!” 16 Meditation mentor 17 Dentist’s greeting to a regular? 20 Word after “hot” or “winning” 21 Swerved wildly 22 Morning Edition network 23 Sharpen, as a skill 24 Federal property org. 25 Scatter seeds 28 ___ Paulo 30 Colorful eye part 32 Wipe from a drive, perhaps 34 Made tense? 37 Part of a Facebook feed 40 Dentist’s reaction to shocking news? 43 Connecting point 44 Norwegian capital 45 Lauder of cosmetics 46 Semi-hard Dutch cheese
8 Ariana Grande’s “___ Is a Woman” 4 50 “Let me see...” 51 Thesaurus entry: Abbr. 53 Deli offering 56 Basketball hoop 58 School spirit event 60 ___ Itt of the Addams Family 64 Dentist’s voice mail message while on vacation? 66 1/100 of a euro 67 Width x length, for a rectangle 68 Second chances 69 “Split” hair parts 70 No longer cluttered 71 Perfect places DOWN 1 Chips brand 2 Plenty 3 Speak indistinctly 4 Classic arcade coin 5 Nerve cells’ junctions 6 Reaction to a kitten video 7 Basic ball game 8 “Hello,” in Mandarin
9 Long, long time 10 Bronte heroine Jane 11 Deteriorating 12 Looks like a creep 13 Swinton whose first name sounds like a squiggly mark 18 Bhindi, on Indian menus 19 Animal on a road sign 25 Stitched (up) 26 World’s best-selling cookie 27 Lake associated with Thoreau 29 Beethoven’s Ninth, e.g. 31 Debuts on Wall St. 33 Snow transport 35 WNBA’s Dream, on scoreboards 36 City haze 38 Originate, with “from” 39 “How do you like ___ apples?” 41 Fannie Mae offering 42 So-so at best 47 Amo, amas, ___ 49 Top predator of the oceans 51 Nutmeg, for instance 52 Gulf of Aden nation
54 Clemency actress Woodard 55 Hypercompetitive sort 57 Subtle, as a color 59 Dirt road hazards 61 Fries or hash browns, often 62 Clickable desktop image 63 Famous loch 65 Snitch Solution to Wednesday’s puzzle:
Show BusinessMirror
www.businessmirror.com.ph
Editor: Gerard S. Ramos
• Friday, October 9, 2020
B5
Daniel charts his journey DANIEL PADILLA
H Actor Rick Moranis sucker punched while walking in NYC NEW YORK—Actor Rick Moranis was sucker punched by an unknown assailant while walking on Thursday on a sidewalk near New York’s Central Park, a law-enforcement official told the Associated Press. Surveillance video shows a man wearing a black “I [heart] NY” sweatshirt and a backpack hitting the 67-year-old Ghostbusters star and knocking him to the ground around 7:24 am Thursday. The attack happened just a few blocks from the Central Park West apartment building where Moranis’ character lived in the movie. Moranis took himself to the hospital and later went to a police station to report the incident, according to the official, who was not authorized to speak publicly about the incident and did so on condition of anonymity. Moranis’ representative Troy Bailey said in a written statement on Friday: “Rick Moranis was assaulted on the Upper West Side yesterday. He is fine but grateful for everyone’s thoughts and well wishes.” Police released surveillance video of the assault in seeking the public’s help to find the attacker, but did not say Moranis was the victim because of privacy concerns. Police describe the incident as a “random unprovoked assault.” Moranis was attacked while walking south on Central Park West. The assailant fled northbound. Moranis suffered back, hip, neck and head pain, though the full extent of his injuries was not clear, the official said. Moranis shot to fame in the 1980s as a star of the sketch comedy series Second City Television, before landing roles in blockbuster movies, like Ghostbusters, Spaceballs and Honey I Shrunk the Kids. He put acting aside in the last 1990s to focus on raising his children, but has made occasional appearances since. AP
E is one of the hottest young male stars in showbiz today, and has achieved a lot of things in his young life. But what is fascinating about him is that he remains true to his core. He remains true to his goodness while being imperfect—which is okay. Who am I talking about? He’s none other than Daniel Padilla. Daniel has two exciting projects coming up: The House Arrest of Us, a digital comedy program that reunites him with on-screen and off-screen partner Kathryn Bernardo; and Apollo: A Daniel Padilla Digital Experience happening already this Sunday, October 11. The latter is produced by ABS-CBN’s Star Events and Daniel’s own production house, Johnny Moonlight, and the producers promised that with this event, Daniel will be ready to take his fans to a gig like no other and highlight his exciting evolution as a concert performer throughout the years. Apollo will be Daniel’s first-ever digital show featuring his musical journey from the time he headlined his first solo concert, Daniel: Live!, in 2013 to his last major gig, D4, held in 2018. The journey will be narrated through some of his music, favorite classics, and today’s hottest hits. Joining the “Mabagal” singer as special guest is the band Jose Carlito, led by frontman and Daniel’s brother JC Padilla (who really has grown as a musician from his Park 5 days). What makes Apollo: A Daniel Padilla Digital Experience a special one is the amount of effort that Daniel himself has poured into the project. Daniel had a say from the concept to the repertoire, even the pricing of the tickets (less than P500). He wanted the ticket price to be affordable so that more fans can get to join him virtually because he thinks that this is his way of making people feel better, despite the hardships and negativity brought about by the current pandemic. In fact, Daniel wants the experience to be a holistic one for his fans—that after the concert, they will have a renewed sense of hope and positivity. That even for awhile, they can forget their problems and just enjoy his concert with the company of other people looking for a respite. Apollo: A Daniel Padilla Digital Experience is the first of many exclusive virtual gigs Star Events is coming up with to give ABS-CBN fans extraordinary musical experiences online with their favorite performers in place of live events. The concert is part of ABS-CBN’s latest digital entertainment experience offerings for fans after the successful launch of Kapamilya Online Live. It also follows the feat of previous KTX.ph virtual
events, such as Hello Stranger: The Finale Fancon, Jed Madela’s New Normal, JaMill’s “Tayo Hanggang Dulo,” and K Brosas’s 20k20. Tickets for Apollo are available at www.ktx.ph. ■■■ BESIDES Daniel’s concert, another major event for ABS-CBN fans is happening this weekend. Viewers will be able to enjoy the brand’s teleseryes, movies and live entertainment shows on the newly rebranded A2Z Channel 11 on analog broadcast. It’s Showtime will air live starting October 10 and ASAP Natin ’To on October 11. A2Z will also have a marathon telecast of FPJ’s AngProbinsyano, Ang Sa Iyo ay Akin and Walang Hanggang Paalam also this weekend before it starts its regular prime-time run of their fresh episodes starting Monday, October 12.
In the coming weeks, A2Z Channel 11 will also air public service programs Paano Kita Mapasasalamatan and Iba Yan, as well as morning talk show Magandang Buhay, mystery game show I Can See Your Voice and Asia’s longest running drama anthology MMK. Meanwhile, movies and educational programs have already been airing since October 8. A2Z Channel 11, a result of an agreement with ABS-CBN and Zoe Broadcasting Network Inc., can be seen on analog TV in Metro Manila and nearby provinces. It will also be available on cable and satellite TV operators nationwide. ABS-CBN shows continue to be seen on cable and satellite TV via the Kapamilya Channel, online via IWant TFC and Kapamilya Online Live on YouTube and Facebook, and globally through cable TV and satellite partners. ■
‘Jurassic World’ shoot suspended after Covid-19 positives
‘Magpakailanman’ presents all-new episodes
FILMING on the new Jurassic World movie at Pinewood Studios in the UK has been suspended for two weeks because of Covid-19 cases on set. Director Colin Trevorrow tweeted Wednesday that there were “a few” positive tests for the virus. He added that the individuals tested negative shortly after, but that they would be pausing for two weeks regardless to adhere to safety protocols. A spokesman for Universal Pictures said they were informed of the positive tests last night and that all tested negative this morning. “The safety and well-being of our entire cast and crew is paramount,” the spokesperson added. “Those who initially tested
THIS October, GMA’s award-winning drama anthology Magpakailanman presents five brand-new episodes featuring inspiring stories of bravery, hope, and love for viewers. On Saturday, October 3, Shaira Diaz starred in the first episode, titled “Viral Frontliner: The Lorraine Pingol Story,” which showcased the real-life struggles of a nurse who recently went viral online after helping a street dweller give birth. She was joined by Yayo Aguila, Luis Hontiveros and Anthony Rosaldo. This Saturday, October 10, the award-winning anthology airs “The Lockdown Wife,” another timely story of a battered wife who was stuck at home with an abusive husband during the community quarantine. At first glance, Lorie and Dexter were a happily married couple. To fulfill their dream of having a child, Lorie decided to quit her job and stay home, while Dexter continued to work and provide for their needs. But over time, Dexter began to change and was convinced with the idea that Lorie is his “possession,” one that he could hurt and do anything to. Headlining the episode are Bea Binene and Martin del Rosario, together with James Teng and Maritess Joaquin. “The Lockdown Wife” is directed by Rado Peru. On October 17, love takes on a surprising turn in “Sign Language of Love,” which stars Thea Tolentino and Jeric Gonzales as Jessica and Louie. Jessica is a teacher in a school for the deaf where she meets and falls in love with her student, Louie. More than the communication barriers between them, they will face the unforgiving and discriminating judgment of the people around them. To better portray their roles, both Thea and Jeric underwent a series of workshops to learn sign language. The episode is under the direction of Don Michael Perez. On October 24, Magpakailanman showcases the inspiring story of Lairca Nicdao, a gold medalist at the 2019 World Para Dance Sport Championships held
positive are currently self-isolating, as are those who they have come into contact with.” On Tuesday, Universal said that the release of Jurassic World: Dominion was being delayed a year to June 2022. The franchise starring Chris Pratt was one of the first major Hollywood productions to restart after pandemic-related shutdowns. The New York Times in August wrote about the enhanced safety protocols on the set and a few crewmember cases in Britain and in Malta over the summer. It’s the second significant shoot to be affected by Covid-19. Last month the UK shoot on The Batman, a Warner Bros. film, also halted production because of a positive case. AP
‘Blackpink: Light Up the Sky’ on Netflix SINCE their debut in August 2016, Blackpink has become the highest-charting female K-pop group of all time with their innovative music, eyepopping music videos and Internet-breaking fashion concepts. Blackpink: Light Up the Sky serves up the never-before-seen moments that Blackpink’s global fandom—known as “BLINKs”—have been craving for years. Directed by Caroline Suh (Netflix’s Salt, Heat Fat, Acid, Heat), the
documentary goes deep with each of Blackpink’s four members: Jisoo, the whip-smart unnie (“big sister”) of the group with a quirky sense of humor; Jennie, the rapper whose fierce onstage persona contrasts with her soft-spoken nature; Rosé, the dulcet-voiced Australian coming into her own as a singer-songwriter; and Lisa, the dancing queen whose spark-plug personality never fails to make her bandmates laugh. As Blackpink continues to reach new heights in their career—from headlining sold out world tours to becoming the first female Korean group to perform at Coachella—each member reflects on the ups and downs of fame and the long, often challenging journey that brought them to worldwide success. Blackpink: Light Up the Sky reveals the relatable, unfiltered sides of the foursome who continue to be a leading force in expanding K-pop’s popularity, proving that music knows no borders or language barriers.
in Germany. After surviving cancer, Lairca did not let having a prosthetic leg and being bullied for most of her life hinder her from reaching her dreams and becoming the country’s newest Junior World Para Dance champion. For the final Saturday of the month, a special Halloween presentation will be aired on October 31 with the haunting tale of a woman who grew up being sexually abused in her sleep by a maligno. Since childhood, Mayet has been able to see otherworldly elements, but things get even more frightening for her when the malevolent shadow that she sees follows her into adulthood. Magpakailanman is hosted by GMA News’s multiawarded broadcast journalist Mel Tiangco. The anthology’s all-new episodes this October air every Saturday, 8:15 pm, after The Clash on GMA.
B6 Friday, October 9, 2020
INNOTECH’s teacher motivation research supports DepEd’s initiative on career growth and progression
Christian artist Kristine Lim stages ‘Almost There’ to aid frontliners, displaced workers
AT art exhibit opening, from left: DPWH Secretary Mark Villar, artist Kristine Lim and Manila Hotel President Atty. Joey Lina.
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ILIPINOS are known for being resilient and resourceful. The Coronavirus pandemic has changed the way we view things in life. We are now more careful about our health. Moreover, we are now more patient and we now understand the true meaning of kindness. As such, most of us relied on donations and help from other people. Kristine Lim is no stranger to the current situation. Even before she became a full-fledged Christian, she is already a beautiful woman with a heart. She gives even if she doesn't have to. That's how she is. Demonstrating her true Christian values, she decided to extend help to our front liners and displaced workers through her distinct masterpieces. On October 2, she unveiled her sold-out paintings at the Manila Hotel to her close friends, distinguished guests, and other high-profile art collectors. The event setup was carefully designed by Ariel Atendio, ensuring all involved were safe and secured. The event didn’t start without everyone being swabbed by CypressArk, a team of medical doctors. After which, Kristine's Mentor/Friend Pastor, Ptr. Amir Sali, a known Fashion Designer, officiated and led a Dedication Prayer, thanking The Lord, for all the blessings. A ribbon-cutting ceremony was headed by DPWH Secretary Mark Villar, Manila Hotel President Atty. Joey Lina, her husband, Jaime Jasper Lim, and her proud parents. During the event, Kristine was all smiles and was overflowed with supportive parents beside her. But Kristine was confronted by challenges while putting
up her exhibit. She thought of the worst. However, her faith and her love for the Lord are firm and steadfast. As a result, all of her paintings were sold out even before the event started. High-profile art collectors, as well as, elite members of the society were captivated by Kristine’s works and immediately bought her paintings. The Eagle, for instance, was acquired by Senator Miguel Zubiri. Zubiri was fascinated by Lim’s creation and became keener to purchase when he found out he would also extend help to our front liners and displaced workers. As a Cum Laude of Fine Arts and Visual Communication at the University of the Philippines, Kristine wears many hats. A mom to beautiful three children namely Justine, Judah, and John (+), and a lovely wife to Jasper. But her favorite hat to wear is her “follower of Christ” hat. “I feel like a superwoman. I can do all things I love every time I honor him,” she proudly said. “In everything that I do, I make it a point to do whatever it takes to achieve God’s purpose. Why? because we are here to fulfill what He has called us to do. We were all given skills and talents but it is not for us to boast about ourselves or to boost our ego. We have to make sure that everything we do is for a higher purpose,” she continued.
And who is her favorite artist?
WHILE some of us would have demonstrated appreciation and love for known artists, for Kristine, her favorite artist is God.” If you are pertaining to anyone in the art industry, I’m sorry but I have none. My favorite artist is GOD. His creations are something no
one can copy, nor replicate. No one can completely comprehend. No one is a better artist than Him,” she explained. This exhibit is about a call for action. ‘Almost There’ is about being caught in crossroads. “Are you going to the path where you just give up and take things as it is or the path where you can do something and make a difference? she asked. This 2020, Kristine said she decided to immortalize some of the critically endangered species in the Philippines “as heart-stirring yet thought-provoking mnemonics of who we are, where we stand, and what we are going through during this pandemic and all the dark moments that we have experienced.” “The state of being endangered unlocks the beginning of the end but it is also our light of hope; it is not yet too late. We are here to reflect, change, and act. Perhaps this is the moment why we have been created. We are here because we must and we can turn things around,” she stressed. “In connection to that, it’s also a nudge to be good stewards of God’s creation. I want to achieve awareness. Let’s take a cue from nature. What is it trying to tell us? Just like these animals, we are also on the verge of extinction. We have become selfish creatures. We have deviated from why we were originally created. We are always looking after our own welfare. It is about time to think beyond ourselves, to work towards being of service to others, and the good of the majority. We have interconnected after all,” Kristine concluded. Proceeds from the paintings and the actual Aesca products (where the artworks will be translated and reproduced) will be used to support those in the frontlines of this battle and the displaced workers due to the pandemic through missions of JKL Foundation Inc. This event wouldn’t be possible without the grace of God and the people who believed Kristine said. She will continue to accept commission works through the group that manages her, Christian+ Collective which can be contacted via 0927-5308847. Kristine's masterpieces are currently displayed at the Manila Hotel until October 15 and will be exhibites in October 16 to 22, 2020 at the Diamond Hotel Manila.
Civil service policies support ‘Bayanihan 2’ Act
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ITH the passage of Republic Act No. 11494, also known as the “Bayanihan to Recover as One Act” or “Bayanihan 2”, the Civil Service Commission (CSC) urged government agencies to revisit and apply civil service policies that support the response and recovery measures mandated by the said law. To augment human resources involved in addressing the COVID-19 pandemic, the CSC issued Memorandum Circular No. 14, s. 2020 or the Interim Guidelines on Appointments and Other Human Resource Actions for the Period of State of Calamity Due to COVID-19 Pandemic in July 2020. The interim guidelines allow reassignment, detail, transfer, and designation to augment human resources involved in addressing the pandemic. Human Resources for Health (HRH), such as but not limited to medical and allied medical staff, may be reassigned or detailed to other government hospitals or temporary medical facilities requiring supplemental health workforce during the state of national emergency. Furthermore, licensed professionals, such as but not limited to medical and social workers, who are holding administrative and other positions in the government, may be reassigned, detailed, transferred, or designated to perform additional duties, upon their consent, to healthcare or other government facilities in the exigency of the service. This applies for the duration of the state of national emergency to augment the depleting number of frontliners where their services are necessary, provided that appropriate training is provided prior to deployment. Meanwhile, qualified officials and employees in the career service may be reassigned to stations or posts near their homes or home provinces if within the region, during the imposition by the National Government of Enhanced Community Quarantine (ECQ) and Modified Enhanced Community Quarantine (MECQ). The CSC policy also allows agencies to fill up vacant positions resulting from promotion without awaiting action of the CSC on promotional appointments. This
applies to positions related to health, social service, and similar positions providing essential services in this time of national health emergency. R.A. 11494 mandates the hiring of additional workers to complement or supplement the current health workforce and ensure adequate number of personnel dedicated for COVID-19 testing.
Occupational safety and health
THE provision of personal protective equipment (PPE) to health workers, barangay officials, and other frontliners in the public sector is supported by Joint Circular No. 1, s. 2020 issued by the CSC with the Department of Health and the Department of Labor and Employment. Issued in March this year, the joint circular requires all government agencies to develop and implement an Occupational Safety and Health (OSH) program to protect government employees from the dangers of injury, sickness, or death in the workplace. Government agencies must also establish a Risk Reduction Management System and a Crisis Management Plan and Contingency Program, as well as ensure adequate emergency supplies such as fire extinguishers, medical first aid kits, among others. They must also partner with the nearest government health facility that can respond to accidents and injuries in case of emergencies.
Alternative work arrangements
IN the adoption of work-from-home and other alternative work arrangements (AWA) in government, as authorized by R.A. 11494, government offices may refer to CSC Memorandum Circular No. 10, s. 2020 or the Revised Interim Guidelines for Alternative Work Arrangements and Support Mechanisms for Workers in the Government During the Period of State of National Emergency Due to COVID-19 Pandemic issued last May. Said policy allows agencies to adopt four kinds of AWA, namely, work-from-home arrangement, skeleton workforce, four-day or compressed workweek, and
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N line with the celebration of the National Teachers’ Month, the Southeast Asian Ministers of Education Organization Regional Center for Educational Innovation and Technology (SEAMEO INNOTECH) presented a research study on teachers’ motivation, which supported the Department of Education’s initiative the career progression of teachers. “I believe that we should honor, even as we are honoring now, our former teachers, those who continue to teach, [and those] who teach vocationally…. We may be asking ourselves, ‘Why do people teach at this time?’ (This) study shows that, possibly, [despite] the voice of a small minority, teachers go into formal teaching for the very same reason which our grandparents, mothers, and other relatives to go into teaching,” Secretary Leonor Magtolis Briones said during her keynote address. Senior Specialist and INNOTECH Educational Research Unit Head Dr. Sherlyne Almonte Acosta presented the findings of the study, which showed that one of the motivations for educators in choosing to teach was economic considerations, which led to the push for revisiting the teachers’ career progression. “Nag-apply po sila (teachers) for promotion. In fact, I mentioned that 81% of them succeeded in the applications for promotion. So, nangangahulugan lang na mayroon talagang willingness na umangat ang bawat guro,” Dr. Acosta said. Undersecretary for Planning and Bureau of Human Resource and Organizational Development Jesus Mateo emphasized that the Department has lodged a policy concerning the career progression of teachers. “I am happy to report that we are now almost have completed the policy on career progression, which will be jointly issued by
DBM and (DepEd). Based on the competency standards, one can now progress to the next higher position,” Undersecretary for Planning and Bureau of Human Resource and Organizational Development Jesus Mateo said. Under the proposed policy, the Department will be creating teaching positions namely Teacher III, IV, V, VI, VII, and Master Teacher V, and will institutionalize meritbased promotion anchored on Philippine Professional Standards for Teachers (PPST) Undersecretary for Legislative Affairs Tonisito M.C. Umali, Esq. lauded the efforts of SEAMEO INNOTECH in coming up with a comprehensive study on teacher motivation, which could be supplemental for other policies focusing on teacher welfare. With the theme “Teacher motivation: I teach for a better future”, the National Teachers' Month Forum was also joined by UP College of Education Dean Dr. Jerome Buenviaje, Philippine Normal University Former President Dr. Esther B. Ogena, and DepEd Division of Iloilo City Master Teacher II Dr. Alma Janagap. The annual Teachers Forum was organized by INNOTECH as part of its contributions to the National Teachers Month Coordinating Council (NTMCC). Headed by Center Director and former Undersecretary of the Department of Education Dr. Ramon C. Bacani, INNOTECH is part of a regional intergovernmental organization dedicated to developing solutions to address education development concerns in Southeast Asia. INNOTECH has been hosted by the Philippines since 1976 and serves the region through its service areas of research and innovation, training, and knowledge management.
Sarangani Energy remits P26-M tax to Maasim LGU
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ARANGANI Energy Corporation (SEC), a subsidiary of the Alsons Power Group., recently remitted more than P26-Million to the municipal government of Maasim, Sarangani province representing the 2% special income tax on gross income earned for the second quarter of 2020. Maasim is host to the SEC’s 210-megawatt baseload plant, composed of two 105-mw coal-fired plants opened in April, 2016 and October, 2019. Tagged at about P29 billion, the SEC plant is the single largest power investment in the Soccsksargen Region. It is a joint venture between Alsons Thermal Energy Corp. and Japan-based Toyota Tsusho Corp. Its power facilities are concentrated in Mindanao and play a key role in generating electricity to fuel the island’s growing economy.
Sarangani governor Steve Chiongbian Solon expressed gratitude to the SEC for its commitment to the sustainable development of Maasim and the province. and said that the taxes can be used in the combat against the Covid-19 pandemic. During the lockdown months, the Alcantara Group through its foundation, the Conrado and Ladislawa Alcantara Foundation Inc. (CLAFI), turned over more than 21,000 kilograms of premium rice to 12,999 households, as well as thousands of personal protective equipment (PPEs) to Maasim’s health care and disaster management frontliners. The power firm has also provided sleeping essentials and food to locally stranded individuals and returning overseas Filipinos quarantined in the town’s central isolation facility.
GBP cited for exceptional compliance practices staggered working hours, and requires them to formulate their internal rules and regulations to effectively implement the AWA they adopted. To ensure that public service delivery is not prejudiced during the implementation of AWA, a monitoring mechanism, such as submission of daily or weekly accomplishment reports, must be implemented. To protect government workers’ health and safety, the CSC requires agencies to implement precautionary measures prior to resumption of normal operations, such as disinfection and decontamination activities, conduct of health status check among employees, and modification of workplace layout to ensure observance of physical distancing requirements. Agencies are also mandated to enforce health standard protocol at all times such as wearing of face masks, taking of body temperature, and setting up of sanitation stations. Moreover, support mechanisms, such as health/psychosocial interventions, provision of personal protective equipment (PPE) to employees, and reasonable transportation facilities and housing quarters, should be made available to government workers.
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LOBAL Business Power (GBP) subsidiary, Panay Energy Development Corporation (PEDC), topped the list of coal-fired generators with the highest compliance rating by the Philippine Electricity Market Corp. (PEMC). PEDC, which has a combined gross capacity of 314 MW, garnered a rating of 98.72% and was hailed as the best among its peers for exemplary compliance to the Wholesale Electricity Spot Market (WESM) rules and manuals covering the period from June 2019 to June 2020. Another GBP subsidiary, Cebu Energy Development Corporation (CEDC), also ranked high on the list of most compliant generators under the coal-fired category. CEDC, with a capacity of 246 MW, placed sixth and garnered an overall compliance rating of 93.92%. Pursuant to WESM rules, each Scheduled Generator is primarily required to comply with the must-offer rule (MOR) and real-time dispatch (RTD) deviation. Generators with the highest complying marks must also maintain a certain percentage of plant availability and the least number of market rule breaches. The guiding principles of the annual awards for the most compliant generators are the recognition of distinct obligations, commitment to offer the capacity, and embodiment of a culture of compliance. “GBP is grateful to be recognized by PEMC for exemplary compliance. We will strive to continuously attain a high level of compliance in the WESM,” said GBP
President Jaime T. Azurin. The conferment of the said citation was held during the annual WESM Compliance Officers (WCO) Summit Awards held virtually last September 25, 2020. GBP head of commercial and sales Philip D. Dasalla represented the power generation subsidiary as its designated WCO. “We give high importance to this award, as compliance helps optimize efficiency gains through effective resource management with respect to price signals,” he said. The Philippine Electricity Market Corporation (PEMC) governs the Wholesale Electricity Spot Market (WESM). Since 2018, PEMC has served as a governance body under the regulatory oversight of the Department of Energy (DOE) and the Energy Regulatory Commission (ERC), tasked with monitoring compliance by market participants. PEMC advocates for a culture of compliance among the market participants to achieve a self-regulating power bourse that promotes openaccessibility and transparency. Global Business Power Corporation (GBP), with a total gross capacity of 1,091 MW, is a leading independent power producer in the Visayas, with presence in Mindanao and Mindoro islands. Having diversified power generation facilities that are capable of supplying base, intermediate, peak load and ancillary support, GBP is one of the few to offer flexible energy solutions to address the varying requirements of its customers and the nation.
Sports BusinessMirror
mirror_sports@yahoo.com.ph / Editor: Jun Lomibao
PSC EXEC IROY: YES, PHISGOC GOT P1.4B
Saso, Suzuki, Hara fearsome threesome at Stanley Ladies Golf
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UKA SASO gets a shot at redemption but the Filipino-Japanese faces the prospect of a tough battle with multi-titled Ai Suzuki and newly minted major winner Erika Hara in the Stanley Ladies Golf that kicks off on Friday at the Tomei Country Club in Susuno City, Shizuoka Prefecture, in Japan. Saso, Suzuki and Hara are the featured threesome in the 108-player field entered in the 54-hole Y100 million event. Saso, winner of two of the first seven legs in the pandemic-shortened Japan Ladies Professional Golf Association Tour, and Suzuki, owner of seven victories last season but winless this year, wound up tied at 14th in the Japan Women’s Open but never got the chance to send the tournament to a one-on-one duel. They tee off at 8:50 a.m. with Hara, the runaway winner at the Japan Open, at hilly layout in the foothills of Mount Fuji known for its undulating surface, requiring power, precision and mental toughness from the bidders. Saso is raring to check a mini-slump following back-to-back victories at NEC Karuizawa and Nitori Ladies. LPGA Tour veteran Momoko Ueda, sixth placer in this year’s British Women’s Open, hopes to sustain her strong joint third finish in Japan Open as she slugs it out with major winner Saki Nagamine and Player of the Year frontrunner Sakura Koiwai at 8:40 a.m. A shootout is also expected in the 9 a.m. group that features Descante Ladies champion Ayaka Furue, Earth Mondahmin Cup titlist Ayaka Watanabe and Huang Arun of South Korea, who ruled this event reduced to a 27-hole tournament due to bad weather last year. Dottie Ardina and Bianca Pagdanganan, meanwhile, launch their major bids in the LPGA Tour’s KPMG Women’s PGA Championship that features the world’s best, including past winners Hannah Green, Sung Hyun Park, Danielle Kang, Brooke Henderson, Cristie Kerr and Anna Nordqvist. Other major winners in the $4.3 million event which starts Friday in Newport Square, Pennsylvania, are Mirim Lee, Pernilla Lindberg, Lydia Ko, Brittany Lincicome, Ariya Jutanugard, Brittany Lang, In Gee Chun, Angela Stanford, Sophia Popov, Hinako Shibuno and Georgia Hall.
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By Josef Ramos
AIN or Shine Head Coach Carlos Jose “Caloy” Garcia is not bothered about getting claustrophobic inside the bubble in Clark, what worries him is his players’ health. “My biggest concern is how to keep the players healthy and in good shape because here in the bubble, once you get injured, you may not be able to return and play,” Garcia told BusinessMirror on Thursday. With only two days left before the Philippine Basketball Association (PBA) restarts its 45th season with the Philippine Cup in a unique environment on Sunday, Garcia wanted to make sure all his players are physically and mentally in shape. “So I think if we can stay in good shape
Iroy
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PHILIPPINE Sports Commission (PSC) executive confirmed on Thursday that the Philippine Southeast Asian Games Organizing Committee (Phisgoc) did not receive the entire P6 billion government funding for the games hosting but only a fourth of the entire amount. PSC Executive Director Atty. Guillermo Iroy Jr. confirmed Phisgoc’s figures amounting to P1.4 billion in a press release to various media outlets. “The disbursements were straight forward
and paid for [the] expenses they were allocated for,” Iroy said. Iroy said the procurement of equipment and services were made through the Department of Budget and Management Procurement Service, while releases were also made through the Philippine Olympic Committee (POC), which handled the purchase of most sports equipment coming from international and Asian federationaccredited suppliers overseas. The PSC’s direct payments, Iroy said, totaled around P900 million covering payments for accommodation, sports equipment, transportation, catering, allowances of technical officials, freight forwarding services and other expenses as endorsed by the Phisgoc. Phisgoc President and COO Ramon Suzara wrote POC Secretary-General Atty. Edwin Gastanes on Wednesday to clarify that only a
Nesthy couldn’t resist mom’s cooking
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By Annie Abad
HE last time BusinessMirror talked with Nesthy Petecio, she was very happy to be home with her family in Sta. Cruz, Davao del Sur. That was in late July. The women’s world boxing champion was locked down in Baguio City starting in February and was quarantined at the PhilSports in Pasig City in June where she anxiously waited for the next available flight home.
BusinessMirror again got in touch with Petecio this week and she continued to beam with joy. But not entirely. “I really gained weight,” Petecio told a phone interview from her home in Barangay Tuban. “I can’t stop eating, my mom’s the best cook ever.” Her mom Prescilla’s menu is irresistible—pork adobo, pork humba, baked macaroni and spaghetti. “My favorites,” the 28-year-old said. There are no weighing scales at the Petecio household, but she feels some 5 kilos over
COACH CALOY TELLS PAINTERS: AVOID INJURIES INSIDE BUBBLE and compete every game, then we have a better chance,” he said. Rain or Shine started training last Friday at the Angeles University Foundation Gym—also the game venue—and Garcia and the coaching staff are polishing the Elasto Painters’ shooting from all angles as they try to shed off seven months of inactivity during the Covid-19 pandemic. Two-time Most Valuable Player James Yap is the most experienced in the team at 38 and remains as Garcia’s go-to-guy. Although the team is packed with other veterans like big man Beau Belga, many-time national player Gabe Norwood and Ryan Araña, Garcia said the offensive firepower of the seven-time PBA champion Yap remains as lethal as ever.
But Garcia said he’s not putting the pressure on Yap. “James Yap is most probably our go-toguy if you look at our lineup. But I think for you to release the pressure, I think everybody can step up,” said Garcia of the Escalante City, Negros Occidental, native, who averaged 11.4 points in 33 games last season. Limiting the veterans’ playing time is not an option in the bubble, Garcia said. “We will continue doing the same rotation like before. We will try to maximize all 15 players,” said Garcia, adding everyone on the team deserves minutes on the court after all those months of inactivity. The Elasto Painters will battle the defending champion San Miguel Beermen on Tuesday at 4 p.m. RAIN or Shine Head Coach Carlos Jose “Caloy” Garcia hopes no one on his team would get injured inside the bubble.
World champ solos to 2nd Giro stage win
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AMIGLIATELLO SILANO, Italy—World champion Filippo Ganna earned his second stage victory at this year’s Giro d’Italia on Wednesday, and Portuguese rider João Almeida added more than 40 seconds to his overall lead. Ganna—the time trial world champion and winner of the time trial in Stage 1—sat up on his bicycle and punched the air before burying his face in his hands as he crossed the line at the end of the hilly 225-kilometer leg from Mileto to Camigliatello in Calabria in Stage 5. Patrick Konrad beat Almeida in the sprint for second place as they led the peloton over the line, 34 seconds behind Ganna. Ganna, an Italian who rides for Ineos Grenadiers, had been part of the eight-man breakaway and he attacked 16 kilometers from the finish on the first-category climb of the Valico Montescuro. “I shouldn’t even have gone in the break today, I was supposed to just help Salvatore Puccio,” Ganna said. “But after 40 kilometers of attacks, I told him to get on my wheel and we
Friday, October 9, 2020 B7
got away with the others.” It gave Ineos Grenadiers reason to celebrate after team leader and overall favorite Geraint Thomas withdrew from the Giro before Tuesday’s fourth stage after breaking his pelvis in a fall a day earlier. “Last night Geraint told me to go for it and go in the break, and so I did,” Ganna said. “I respect what my captain tells me, even from his house.” The route didn’t have a single patch of flat road. It had two third-category climbs before the Valico Montescuro. Spanish rider Pello Bilbao moved into second place overall, 43 seconds behind Almeida. Jonathan Caicedo had been just two seconds behind Almeida heading into the fifth stage but lost more than 16 minutes on Wednesday. Julian Alaphilippe, meanwhile, made up for an embarrassing blunder last weekend by winning the Brabantse Pijl race also on Wednesday, his first victory since becoming the road world champion. AP
Filippo Ganna rules the hilly 225-kilometer Stage 5. AP
portion of the government funding were given to the organization. It was a response to POC board member Jesus Clint Aranas and athletics chief Dr. Philip Ella Juico’s declaration to media about their intention to file charges against certain POC officials for the Phisgoc’s “failure to provide a financial statement on the SEA Games expenses.” Aranas, meanwhile, said in an e-mailed press release on Thursday that seven of the 13-member POC Executive Board pressed for the immediate submission of Phisgoc’s audited financial statements on the 30th SEA Games—and not on the issue of how the P6 billion was allocated. Aranas’s group stressed that the POC general assembly was focused on the “preparation and [submission] of the required financial statements.” Besides Aranas, the group includes POC chairman Steve Hontiveros, first vice president Jose Romasanta, second vice president Col. (ret.) Antonio
her fighting weight of 57 kgs that won her the featherweight gold medal at the world championships in Ulan-Ude, Russia, in October last year. “Just looking at my face in the mirror, I know I need to scale down on my food intake,” she said. Like any other athlete, working out is second nature, if not the priority, for Petecio. She runs, does extreme stretching and shadow boxing. Along with her national teammates, her coaches at the Association of Boxing Alliances in the Philippines monitors her one hour every day. She also gets hands-on mentoring from her father, Teodoro, who is a former boxer himself. “Ideally, a boxer could go 3 kilos beyond his or
Jeff Tamayo, treasurer Julian Camacho, auditor Jonne Go and board member Robert Mananquil. Besides the e-mailed press release, Aranas also called for a video-linked press conference also attended by Camacho, Go and board member Robert Bachmann. Referring to the same reports quoting Suzara, this is misleading the issue because the tripartite agreement “obligates Phisgoc to submit to the PSC and the POC the financial reports and make available all records and documents related to the SEA Games,” the press statement said. “The majority members of the board likewise clarified and insisted that the request for the Phisgoc report was a ‘collective decision’ of the POC general assembly taken during its online meeting held last September 29,” it added. The group maintained that the Phisgoc was given enough extension—despite the Covid-19
her weight category, because that’s easy to shed,” she said. “In my case, maybe I’ll ask mom not to do her best with her cooking.” Petecio is on stand by for the Tokyo Olympics qualifier which was rescheduled for June or July next year in Paris. Still a lot of time for the champ. “I make sure I stay disciplined and keep my daily routine. I’m hopeful and focused on also qualifying for the Tokyo Olympics,” she said. The Philippines has four Tokyo-bound athletes so far—boxers Eumir Felix Marcial and Irish Magno, world champion gymnast Carlos Yulo and pole vaulter Ernest John “EJ” Obiena.
pandemic— “which was why the general assembly approved a resolution adopting Aranas and Juico’s motion on the issue.” “Our group understands how alarmed the General Assembly is on this matter and the longer this takes, casts doubt on how these funds were utilized,” the group said. “Please note that the call for liquidation and transparency is made by the POC General Assembly as a collective [body]. The sentiments expressed by Messrs. Juico and Aranas [i.e. transparency and accountability of the SEA Games Funds] are sentiments unanimously shared among and expressed by the members of the POC general assembly,” the group added.
THERE’S no place like home as Nesthy Petecio finds time to be with her best friend, Angela Mae Panebio, during a break in training at home in Sta. Cruz, Davao del Sur.
Motoring BusinessMirror
B8 Friday, October 9, 2020
Editor: Tet Andolong
What, another Toyota launch? My beef with Beep
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IGHTY pesos may only be loose change to the rich. But to our poor folk, that’s manna from heaven, so to speak. That’s probably what was on President Duterte’s mind when he scrapped the P80 fee as cost of the Beep card for commuters on the Edsa busway. Additionally, the President also said he was sympathizing with those who had to pay extra fees for the new cashless fare system as he wished to have them similarly expunged for the benefit of the greater majority of our grieving public amid the pandemic. Why, indeed, are many investors
too profit-oriented, almost brushing aside the plight of our marginallyentrenched brethren just to amass more in complete disregard of Christian teachings? Indeed, my beef with the Beep is it is riddled with miscellaneous fees that unnecessarily put more burden
on the already cash-strapped masses of Filipinos dependent on Edsa as their primary artery in keeping their livelihoods. So that here’s a glass, too, to Transportation Secretary Art Tugade for immediately responding to the President’s directives, even as I continue to cheer for our toiling 1-million plus commuters in their enormous contribution to the country’s economic recovery amid the Covid-19 curse. Their sacrifices will not go in vain, by God’s grace.
Toyota launch yet again
THE curtains on its fourth model launch had barely rung down, but here comes another one. Incredibly unbelievable to say the least, owing to the dire times we are all in right now. On October 17, Toyota Motor Philippines (TMP), proving once more that it is the No. 1 carmaker not only in the Philippines but in the entire world as well, will unwrap another model designed yet again to help prop up the industry reeling under the weight of the vicious virus strain. Has Toyota become the new Atlas, if not Hercules, that, seemingly, it has embraced the habit of shouldering the embattled autoworld to heights of hope amid the
global plague? The model’s name is yet to be announced—“secret muna, Sir Al,” pleaded TMP’s Nadinne B. Capistrano—but when it’s finally revealed, it will be Toyota’s fifth launch this year after Wigo, Vios, Corolla Crossover and Hilux. I am speechless. Is this what the “new normal” is all about, doing extraordinary things beyond our wildest imagination? For, simply, it’s just amazing, rolling a total of five models when there are only four commercial quarters every year. So tantalizingly, hyperbolically, close to the Beatles’ song “Eight Days a Week” since there are, well, only seven days a week. I have yet to recall any car company for that matter that will parade its fifth model with the year still almost three months away from bidding adieu. Oh, yeah, October is always a good month to flood the market with new wares—given its proximity to Christmas, the perennial buying season. So, place your orders now, please? And avoid the Yuletide rush.
Coke bottles up fleet
THE virus has not stopped a soda
Peugeot celebrates 210 years of history
company from fleet-buying. Coca-Cola Beverages Philippines Inc. (CCBPI), the bottling arm of Coca-Cola in the Philippines, has just purchased 200 Toyota units in tandem with leasing partner Orix Rental Corp. (ORC). CCBPI’s acquisition of Wigo, Vios and Hilux models, all Euro IV compliant, is also part of the company’s new policy to replace old vehicles with new ones. For the fleet’s upkeep, CCBPI entered into a full operating lease agreement with ORC to facilitate periodic maintenance services, insurance and overall management of the vehicles. The procurement was part of CCBPI’s additional $22-million budget for local operations in its continued commitment to help spur the country’s economic growth. In the fleet’s turnover ceremony, Ronald Tamayo, the CCBPI’s procurement director, said the deal is in pursuit of the company’s paradigm to “assist Filipino entrepreneurs” in the ever-expanding Philippine market. “We serve almost 1 million sarisari stores and over 5,000 business partners nationwide,” Tamayo said. “Therefore, having reliable, safe, and efficient vehicles is crucial for
our sales force. The safety and wellbeing of our personnel have always been a priority. Having Toyota as our fleet management partner is surely a boon to us.” Ma. Cristina Fe Arevalo, first vice president of TMP’s New Mobility Business Division, said, "We, at Toyota, are just too glad to help the country move forward by providing mobility to people and industries, especially now when transportation remains to be a challenge for many. With Toyota's commitment to delivering quality, durability, reliability, and safety, we're confident that our vehicles will further empower CCBPI to deliver products, services, and opportunities to countless families and communities.” Elvin “The Big E” Luciano said that for more details on fleet inquiries, visit www.toyota.com.ph or send an e-mail to customerassistance@ toyota.com.ph.
PEE STOP Isuzu will also unfurl the
much-awaited next generation DMax soon—possibly in early 2021. The two, turbocharged diesel variants are 1.9-liter and 3.0 liter. About time the D-Max is reconfigured as its chief rivals have morphed considerably.
Honda’s 30-year ‘Civic’ duty to Filipinos
The new 508 performance variant. Peugeot France Story by Randy S. Peregrino
The Honda Civic, one of the best-selling and most recognizable nameplates since the 1990s, has long embodied Honda’s commitment to produce vehicles of premium quality.
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INCE 1810, Peugeot, the oldest surviving automotive brand in the world, has been leading the way. Recently, the French automaker celebrated 210 years of daring, passion, and innovation. From the fashion revolution in the 19th century to the mobility revolution, with bicycles and cars, the Peugeot brand has always shaken up the rules to redesign mobility standards. In more than two centuries, the world has dramatically changed. Over the last ten years, daily lives have undergone profound changes. Ever faster: not only digitalization and super-connection, of course, but also new ways of thinking, new consumption patterns, and new mobility methods. Throughout this whole time, Peugeot has stayed at the top while also changing a lot, opening up new ways to move towards more mobility services, offering markets new successful vehicles, and developing electric mobility. To celebrate this anniversary and to honor the partnership of men and women, Peugeot has developed a program of unique and festive events for two months. One is a unique logo dedicated to the 210th anniversary of the Lion Brand created for the occasion. Also, until the end of 2020, an international promotional campaign “2.1.0. Let’s Go,” with historic tradein and financing offers for individual customers on new vehicles, will feature alongside the celebrations of Peugeot's 210th anniversary.
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CTOBER 2020 is the 30th anniversary of Honda Cars Philippines Inc. (HCPI) and alongside this milestone is the equal commemoration of the pearl jubilee year of its highly sought after vehicle in the country, the Honda Civic.
The Peugeot 210th year anniversary logo. Peugeot France
For September and October, an editorial strategy dedicated to social media with the online release of 13 films recounting the brand's most significant moments: the Peugeot 205, Le Mans 1993, Peugeot at the WRC, the Employees, the Peugeot e-Legend Concept, Pikes Peak, the Charlatans at the Indy 500, the Peugeot 404, Armand Peugeot, the Peugeot Type 1, the Peugeot 401 Eclipse, the 6 COTY awards, and the Dakar Rally.
The brand-new Peugeot 508 Sport Engineered (Hybrid)
Chosen by the public as the most iconic vehicle of the last two centuries, two high-performance versions of the 508 sedans and wagon were also presented. Unveiled was the Peugeot Sport Engineered label—the perfect alliance between sportiness and technology. The 508 Peugeot Sport Engineered is an absolute technological showcase and is the quintessential expression of the engineers' expertise. The combined combustion engine and two electric motors (front
Traversing Filipino roads since 1990 The familiar i-Cockpit cabin design. Peugeot France
and rear) generate 360 hp and 520 N-m of maximum torque by astutely combining thermal and electrical energy. This combination makes it possible to achieve zero to 100 km/h in 5.2 seconds with a top speed of 250 km/h (electronically controlled). Engineers have adapted the chassis of the Peugeot 508 to achieve a very high-quality comfort to behavior compromise thru variable threemode shock absorption (Comfort/ Hybrid/Sport), among others. The four-wheel drive transmission ensures optimum traction in all weather conditions. Recharging modes are flexible and adapted to daily situations, in less than seven hours on a standard domestic socket, four hours on a 16-amp reinforced plug, less than two hours on a 32amp Wall Box. The Peugeot Sport Engineered label has created a new type of virtuous performance—the Neo-Performance. It is the perfect union of sportiness and technology
with record CO2 emissions per kilometer of 46 g CO2/km, the equivalent of 2.03 L/100 fuel consumption. The 508 Peugeot Sport Engineered comes with all the driving aids available in the model range such as night vision, adaptive cruise control with Stop & Go function, lane departure warning system, automatic emergency braking, etc. The Peugeot i-Cockpit comes into its own here with a compact steering wheel featuring three Kryptonite claws, distinctive elements of the Peugeot Sport Engineered label and a 100 percent digital head-up display. The i-Cockpit graphic animations and the central 10” HD screen have adopted the label's signature for an even more exclusive feel. The upholstery of the “comfort-fit” seats also has a distinctive look with a mix of leather, 3D mesh, and Alcantara©. The passenger compartment is decorated with double Tramontane grey and Kryptonite stitching.
As the first model that HCPI sold in the country, the Honda Civic has been one of the best-selling and most recognizable nameplates since the 1990s. This is due to its innovative and ever-changing design and features, its sporty characteristics, fair price, and its cultural impact on the Philippine automotive industry. Ask any Filipino motorist or aspiring car owners, and a good number would say that the Civic was a dream car they have aspired and even considered to own. A good number might also reveal that they or someone close to them owned a Civic at one point—maybe even remembering it as their first car. Indeed, the Honda Civic has been a mainstay of Philippine roads. In fact, to date, HCPI recorded a total of 131,067 Honda Civic units sold since its introduction in 1990.
Upholding its commitment to quality
But more than its sporty design, powerful engine, innovative features, and cultural impact, the Hon-
da Civic has long embodied Honda’s commitment to produce vehicles of premium quality. And through the many redesigns, facelifts, and new technologies introduced through each generation—from the 4th generation Honda Civic (the first sold in the Philippines) all the way to the modern 10th generation— this commitment to engineering excellence, elegance, and quality has faithfully and consistently been upheld. With this commitment and the sporty heritage of the Honda Civic— not to mention how well loved it is in the country—HCPI introduced a higher performance version of the Civic in the Honda Civic Type R. The Honda Civic Type R is not only meticulously designed to look and feel like a premium sports car, but is meticulously crafted with quality materials and equipped with a powerful engine, and further bolstered by innovative technological features that ensure a smooth, comfortable, and enjoyable ride. In celebration of HCPI’s 30th anniversary, HCPI is offering the Honda Civic Type R with a P180,000 cash discount bringing down its suggested retail price to P3 million. To know more about the New Civic and the Civic Type R and the latest Honda news and promos, visit the nearest Honda Cars dealership, or Honda Cars Philippines Inc.’s official web site at www.hondaphil.com.