BusinessMirror October 19, 2020 by BusinessMirror

Monday, October 19, 2020 Vol. 16 No. 11

SENATE PROBES CO-OPS’ USE BY RICE IMPORTERS w

P25.00 nationwide | 2 sections 16 pages |

GO-AHEAD FOR WPS OIL ACTIVITY GOOD FOR PHL—DOE, SFA, WIN By Recto Mercene @rectomercene

& Butch Fernandez

A SHOPPER, wearing a face mask and face shield to protect herself against the coronavirus, will not let the Covid-19 Grinch steal Christmas as she picks out holiday décor at the SM Megamall in Mandaluyong City. The retail industry is seeing long-standing holiday shopping traditions being tested by the pandemic, as stores close and consumers shift to online shopping. BERNARD TESTA

By Jasper Emmanuel Y. Arcalas

@jearcalas

EN. Cynthia A. Villar, the principal author of the rice trade liberalization law, has filed a resolution to investigate the farmers’ cooperatives and associations involvement in the “dummy-for-traders” scheme in the rice importation business. Villar filed Senate Resolution No. 536 on October 7, more than a week before Agriculture Secretary William D. Dar declared in a hear-

ing presided by Villar that he will bar farmers’ cooperatives and associations from importing rice. (Related story: https://business-

mirror.com.ph/2020/10/16/ agri-chief-dar-to-bar-farmerco-ops-f rom-importing-riceamid-dummy-for-traders-issues/) However, in the run-up to that hearing, Villar has been nudging Dar and the Department of Agriculture (DA) to closely watch farmers’ groups importing rice as they could be dummies or fronts for unscrupulous traders. (Related story here: https://businessmirror.com.ph/2020/10/13/villarto-da-watch-farmer-co-ops-inrice-importations/) In the Senate resolution, Villar noted the Cooperative Development Authority’s (CDA) statement that there is a “need to overhaul

the country’s rice importation system to prevent unscrupulous traders from using cooperatives as dummies so they can take advantage of the coops’ tax exemption privileges.” The CDA’s statement was published in an exclusive BusinessMirror story last February. It was a follow-up to a series of stories run by this newspaper about the continued use of unscr upu lous t raders by fa r mers’ groups as their fronts in rice importation. (Read stor y here: https://businessmirror.com.ph/2020/02/14/cdapresses-overhaul-of-rice-import-scheme/)

@butchfBM

WO Cabinet secretaries and the Senate Energy committee head are confident that the lifting of the five-year-old moratorium on oil exploration in the West Philippine Sea will boost efforts to secure new sources of oil and gas, amid critics’ fears it would give China the upper hand in negotiations. Foreign Affairs Secretary Teodoro Locsin Jr., sought for reaction to President Duterte’s late Thursday order lifting the suspension of petroleum activities in the WPS, quelled fears of Chinese control over any activities, noting two things: one, the lifting allows for participation by any country and company in joint activities with the Philippines; two, the existence of a Joint Memorandum of Understanding (MOU) with Beijing is crafted in such a way that it “protects Philippine interest” at every turn. “That has been my insistence. The lifting of the moratorium is a welcome development because it is the last obstacle to actual development under the MOU on Oil and Gas,” Locsin tweeted in reply to a query from the BusinessMirror. He said he had previously opposed a suggestion that would lift the moratorium only for projects with Chinese companies. “I shot that down as an acknowledgment that China decides what projects are acceptable in disputed waters, thereby conceding that China

has the last word.” But with the order issued last week, “he [Duterte] has quite rightly come up with a universal lifting,” Locsin said. He revealed he had earlier offered the same MOU to the US, “but a US undersecretary of energy in a face-to-face meeting with me, said that the estimated reserves are too small to merit serious offers from big US oil companies and that we should try the small ones in Texas. But she stressed that the MOU was brilliantly crafted and fully protected Philippine sovereign rights.” Duterte signed the MOU on joint exploration with China during Chinese President Xi Jinping’s 2018 visit to the Philippines, considered a high point in the country’s relationship with Beijing. Former President Benigno Aquino III initiated the ban after his government took China to arbitral court for encroachments in the West Philippine Sea, which is said to be rich in oil and gas but is part of the Philippines’s Exclusive Economic Zone. The policy meant that the service contracts for oil resource development in the West Philippine Sea could not be pursued by the corporations that won them.

Gatchalian, Cusi upbeat

DUTERTE critics, including detained Sen. Leila de Lima and Sen. Risa Hontiveros, warned at the weekend that the order lifting the moratorium on oil exploration in the WPS strengthens China’s hand given the existing MOU between Manila and Beijing. Continued on A2

Continued on A5

BOI prods investors to venture in Covid-19 critical goods T

HE Board of Investments (BOI) has invited investors to venture in the production of Covid-19 critical goods and avail themselves of fiscal incentives stipulated under Bayanihan 2. In a statement last week, Trade Undersecretary and BOI Managing Head Ceferino S. Rodolfo called on manufacturers to invest in making personal protective equipment (PPE), among other Covid-19 essentials. He said a range of incentives are now avail-

able for them as provided by the second Bayanihan to Recover as One Act. Under the law, manufacturers can carry over any operating loss in financial years 2020 to 2021 as a tax deduction from gross income over the next five taxable years. Further, qualified investors are exempted from paying business taxes, import dues, as well as relevant fees on a range of products. This exemption is most applicable to producers of PPEs,

PESO EXCHANGE RATES n US 48.6200

face masks and other Covid-19 goods, including raw materials needed in manufacturing these products. Moreover, the same relief measures can be obtained by investors who will produce equipment for waste management, including waste segregation, storage, collection, sorting, treatment and disposal services. “We know that Covid-19 is still having a significant impact on the operations of manufacturers across

the Philippines, and we at BOI are doing all we can to help him,” Rodolfo said. “I urge businesses to visit our resource hub web site and book an appointment with BOI today via our Facebook page.” “Our dedicated specialists can help businesses understand more about how they can take advantage of the incentives and support in the Bayanihan 2 Act,” he added. Based on BOI data, there are now 22 face mask manufacturers in the Philippines—from only two

prior to the pandemic—nine of which produce medical grade N88 and KN95. Firms which fabricate face masks for medical use can now put out 60.6 million pieces per month. Moreover, there are now 17 firms engaged in the production of PPE coveralls, isolation gowns and medical aprons, whereas the Philippines had zero capacity to make such items before the health crisis. At present, the Philippines can

tailor 3.5 million pieces of PPE per month. This is expected to go up once members of the Confederation of Philippine Manufacturers of PPE (CPMP) ramp up their investments on factory repurposing. As a collective, the CPMP invested a total of $35 million in additional capital for the purchase of new equipment, retrofitting of factories and training of workers, resulting in the retention of jobs of at least 7,450 employees.

n JAPAN 0.4614 n UK 62.7636 n HK 6.2735 n CHINA 7.2297 n SINGAPORE 35.7552 n AUSTRALIA 34.4862 n EU 56.9437 n SAUDI ARABIA 12.9622

Elijah Felice E. Rosales Source: BSP (October 16, 2020)

News

BusinessMirror

A2 Monday, October 19, 2020

‘Cyber-security infra not enough to address human security risks’

By Rizal Raoul S. Reyes @brownindio

HE country’s cyber-security infrastructure is not yet adequate to meet the needs of Filipinos as it lacks the components to address the threats to human security.

In his recent talk on “Digital Risks in the New Normal: A Human Centric View,” Dr. Sherwin Ona, department chairman of the political science department of De La Salle University-Manila, said the country right now is adopting a state-centric approach to cyber security whose main goal is the protection of the citizens and the society. “This is not enough to address the threats to human security,” Ona said. Ona also said the current cyber-

security setup has a military and law enforcement orientation. This led to a situation, he said, where cyberspace is treated “as a warfare domain and a venue for propaganda and censorship.”Ona gave his presentation in a forum organized by the Stratbase Albert Del Rosario Institute. The Duterte administration recently lashed out at social-media giant Facebook for taking down accounts that supported the current administration. Facebook said it

shut down two accounts—one in the Philippines and one in China each over fake accounts. “There is also the risk of violation of existing laws and possible attacks from state and non-state actors,” Ona said. Nevertheless, Ona said other countries around the world are also experiencing the militarization of cyberspace. To have a human-centric view on cyber security, Ona said it must first protect the people and ensure the conditions necessary to achieve development goals are preserved. “It also underscores the importance of safeguarding human rights such as freedom from fear, violence, hunger, having privacy rights freedom of expression and freedom for unjustifiable sharing of personal data,” Ona explained. Being an “empowering domain,” Ona said cyberspace can further boost innovation through collaboration and participation; support good governance and further advance democratic values. In a human-centric approach to cyber security, Ona said the gov-

ernment must protect the people from digital risks and threats from a rights-based perspective. “It must ensure access to online services and information; freedom of expression and from misinformation and freedom from unlawful surveillance and cyber bullying.” Ona said a human-centric approach also advocates cyber governance. It calls for the creation of a regime of policies, structures and practices that can examine and integrate these risks. In his talk, Ona also questioned the country’s readiness towards digital transformation. At present, the Philippines is still considered an analog economy where 60 percent of Philippine households lack access to the Internet and are constrained by low broadband penetration. Moreover, the download speed for the 3G and 4G networks in the Philippines is 7Mbps while average is at 13.26 Mbps. It also has the fourth-highest cost of mobile broadband at $6.30 per month.

Duque prods public: Make sure kids gets vaccines vs measles, polio, rubella

EALTH Secretary Francisco T. Duque III on Sunday encouraged the public to take part in the immunization from vaccine-preventable diseases through its upcoming Measles, Rubella and

Oral Poliomyelitis Vaccine (MROPV) campaign from October 26 to November 25 in several regions. “We should be vigilant about other diseases that can affect some of our most vulnerable like infants

and children, even during the Covid-19 pandemic. The child’s first five years are very formative to his or her health. The illnesses we are vaccinating them against can be very damaging and will have repercus-

sions on their growth and maturity. That is why we are urging parents not to take these conditions lightly, but must vaccinate their children as soon as possible,” Duque said. Duque also assured the public that health protocols will be strictly enforced during this campaign to prevent any inadvertent transmission of Covid-19. “We understand their fears of getting infected with Covid-19 if they go to our clinics to have their children vaccinated,” he explained. “But we have committed ourselves to safety and the clinics will be making sure that health protocols are followed by health-care workers and patients alike,” he said. The DOH chief stressed that the protection of children against measles, polio, and rubella are equally important during the time of pandemic. The vaccines used to counter measles, rubella, and polio have been proven safe for the past decades. “No child should have to suffer because of them, especially because the vaccines are free,” he added. Region 5 and Region 4B will be the first locations for the program’s implementation because of the need of the children in those areas to be vaccinated from these diseases. The DOH is also setting the stage for the campaign’s first phase which will cover Regions 1, 2, 4B, 5, the Cordillera Administrative Region, and all of Mindanao. Safe and high-quality measlesrubella vaccine (MR) and bivalent oral poliovirus vaccine (bOPV) will be distributed for free, following safety measures. Children from 9-59 months old will be given the MR vaccine while those who are 0-59 months old will receive the bOPV. The United Nations Children’s Fund (Unicef), which is dedicated to improving the lives of children and their families, also lent its support for the immunization program such as in the acquisition of 19.2-million doses of MR vaccine and 10-million doses of OPV. Unicef’s consultants will also help ensure that the local government units (LGU) have the necessary resources and instruction to succeed in the campaign. Syringes, safety collector boxes, surgical masks and face shields will be allotted for the vaccination teams and supervisors. Indelible inks for marking and reporting and recording forms—essential to the campaign’s operations—will also be rolled out to the different regions. Duque has asked for the public’s participation for the vaccination campaigns for MROPV. Claudeth Mocon-Ciriaco

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GO-AHEAD FOR WPS OIL ACTIVITY GOOD FOR PHL–DOE, SFA, WIN Continued from A1

But Senator Sherwin Gatchalian, the Senate Energy Committee chairman, thinks good bilateral relations with Beijing preclude the possibility of the latter’s undue interference in oil and gas drillings in the area. Guesting at DWIZ on Saturday, Senator Gatchalian reiterated his initial reaction when Energy Secretary Alfonso Cusi announced late Thursday the President’s order lifting the moratorium. Given the dwindling supply from the Malampaya gas field, which accounts for 20 percent of power supply of the country and almost 30 percent in Luzon, Gatchalian sees reopening the gateway to oil and gas exploration in the West Philippine Sea is “most timely.” “It will augur well in ensuring the country to be energy-sufficient if there are potential sources within the exclusive economic zones [EEZ] which could secure our energy supply in the coming years,” the senator had said after Cusi made the announcement. With the lifting of the moratorium, Gatchalian expects “the stalled exploration and appraisal activities in Service Contracts 59, 72 and 75 can now resume and these could be new sources of oil and gas which can secure, if not contribute to stabilizing, the country’s energy supply.” This, he added, “could also open up the area to prospective investors under the Philippine Conventional Energy Contracting Program which is designed primarily to attract investors to explore indigenous energy resources.” Before the moratorium was imposed, the Pangilinan-led PXP Energy was in negotiations with state-owned China National Offshore Oil Corp. (CNOOC), but several other players have expressed interest in the area as well. Critics insisted, however, that the lifting of the moratorium was only meant to favor China, noting Duterte’s soft stance toward the Asian giant. In his DWIZ radio interview, Gatchalian noted that, as 99 percent of oil supply in the Philippines is imported, there is urgency in developing local sources. The DOE has flagged the dwindling of the Malampaya gas field in Palawan, with supply seen to run out in a few years.

‘Resume-to-work’

IN announcing the lifting of the moratorium on Thursday, Cusi said a “Resume-to-Work” notice was issued by the DOE to the Service Contractors doing petroleum-related activities in the areas of SC 59, 72, and 75 in the West Philippine Sea. The activities there were suspended on the ground “Force Majeure” due to the WPS dispute. SCs 59 and 72 are operated by the Philippine National Oil Co.Exploration Corp. (PNOC-EC) and Forum Ltd., respectively. Meanwhile, PXP Energy Corp. operates SC 75. The lifting of the suspension will infuse the economy with fresh foreign direct investments and generates high-skills jobs, both of which are needed in order to boost economic recovery amid the Covid-19 pandemic, Cusi pointed out.. “The lifting of the suspension places the service contractors under legal obligation to put capital into the contract areas and hire Filipino engineers and technical workers to resume ex-

ploration,” he said.

De Lima: China favored

IN the view of Senator de Lima, however, the lifting favors only Beijing. “When Duterte said before the UN that the Hague ruling is beyond compromise, he must have meant: unless China says otherwise. Because here he is now taking a step closer to the realization of his joint exploration deal with his BFF [best friend forever],” de Lima said in a statement on Sunday. “That is the Duterte legacy: squeeze the wealth and interest of the country to make it a paradise for the China he serves,” de Lima added, in Filipino.

Risa: China must heed ruling

SENATOR Hontiveros is cautiously optimistic. Despite the welcome development, the senator asserted that joint oil exploration should only begin after China acknowledges and abides by the 2016 Permanent Arbitration Court ruling recognizing the Philippines’s exclusive sovereign rights over its EEZ in the WPS. “Until China recognizes our victory in the Hague ruling, no negotiation on joint exploration will be productive. We should keep asserting that only the Philippines can undertake exploration in our EEZ. The requirements of the Constitution should be met and our sovereign ownership over the resources in our continental shelf must be recognized. Oil and gas reserves are abundant in the West Philippine Sea, that’s why they want to take it,” the senator said. Hontiveros noted some estimates that the WPS contains as much as 130 billion barrels of oil, which experts say follows Saudi Arabia in terms of wealth of oil reserves. Retired Senior Associate Justice Antonio Carpio also said in his e-book “The South China Sea Dispute” that the WPS may be rich in methanol, a biofuel that could “fuel China’s economy for 130 years.” Hontiveros said, “We must not easily grant China access to our seas, not only because of her rejection of the 2016 ruling but also because we need to safeguard money and resources that can get us through this pandemic. Let us give priority to our own welfare,” the senator said.

Insider trading

MEANWHILE, Locsin said he had warned an early disclosure of the lifting to prevent insider trading. “I warned against any premature disclosure of proposed ventures to guard against insider trading. Why I don’t talk about ongoing MOU negotiations. Warning extends to any announcing alleged progress in negotiations including development as a way to jack up stock prices and sell out.” The three-term lawmaker said the joint exploration is covered by the MOU on Oil and Gas Development that “I crafted which does not sacrifice an iota of our sovereign rights when the area is in disputed waters.” “DFA [Department of Foreign Affairs] will continue to enforce the MOU to ensure that all projects follow a template that protects our sovereign rights and will denounce as a sellout any project that falls short of DFA’s very stringent requirements,” Locsin added.

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Preparations for BARMM’s 1st region-wide polls under way By Samuel P. Medenilla @sam_medenilla

REPARATIONS for the first ever region-wide elections in 2022 in the newly created Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) are now under way. This after the Commission on Elections (Comelec) issued Resolution 10680 creating the Bangsamoro Registration and Accreditation Committee (BRAC). “For this purpose, the BRAC of the Bangsamoro Election Office (BEO), composed of the regional election director, assistant regional election director and provincial election supervisor of the Province of Maguindanao is hereby created,” the Comelec en banc said in its new issuance. The BRAC will handle the accreditation of the regional political parties, as approved by Comelec, and the registration of qualified political parties to be prescribed by the

Bangsamoro Electoral Code (BEC). It will be under the jurisdiction of the BEO, the previous Office of the Regional Election Director in the Autonomous Region in Muslim Mindanao (ARMM) of Comelec. Despite getting its new name, the BEO will still remain under the supervision and control of Comelec and retains its previous functions as the Office of the Regional Election Director of ARMM. “Based on the Resolution [10680], there is no deadline of BEO being under the control and supervision of Comelec,” Comelec spokesman James Jimenez said in a SMS. Until the BEC is enacted, Comelec said BEO should consider the 63 barangays and municipalities of Aleosan, Carmen, Kabacan, Midsayap, Pikit, Pigkawayan, all of North Cotabato, will still be considered part of the municipalities and province where they belong before the ratification of the BARMM Organic Law (Republic Act 10054) in January last year.

ADB expert urges states to invest vs ‘ghost gear’

NNOVATIONS, including investing in green ports, will help prevent “ghost gear” from endangering marine life and polluting the world’s oceans, according to an ADB expert. In an Asian Development Blog, ADB Environmental Policy Specialist Rocky Guzman said lost and/or discarded fishing gear, termed as “ghost gear,” has endangered marine life and polluted the world’s oceans. Guzman said some 640,000 tons of abandoned gear are projected to enter the seas every year. It contributes to 10 percent of total marine debris. In 2018, some 300 sea turtles were entangled in this debris. “Abandoned fishing gear not only kills an incalculable amount of sea life, it also forms a large part of global marine plastic pollution,” Guzman said. “We need to act swiftly, or else, the ghosts of the oceans will continue to haunt us,” he added. Gu zma n recommended t hat countries adopt fishing gear marking and tracking, similar to what is being done in Indonesia for smallscale fishermen. This will help discourage discarding and promotes better gear recovery. He said countries can also invest in low-cost technology for gear tracking. In countries like Vanuatu, fishing gear is equipped with tracking devices needed for speedy retrieval. Apart from this, Guzman said investing in green ports are necessary.

The lack of adequate disposal facilities in ports is among the major challenges in fishing gear management. Countries like the Republic of Korea has implemented a waste fishing gear buy-back project. Under this program, the government purchases fishing gear returned to the port, preventing this debris from polluting oceans. Guzman said countries can also adopt the establishment of zoning schemes which allocate zones in oceans to operate and avoid gear conflict. Adopting a circular economy approach will also help countries. Guzman said in countries like Thailand, ghost gear is being re-processed by coastal villages as face shields. “Clear reporting systems, recovery operations, and local recycling initiatives go hand in hand to reduce gear waste,” Guzman said. “The goal is to make the business model profitable to benefit local residents; then make it scalable across the region.” To maximize gains, these measures should be pursued in the context of conservation and management measures for fisheries and improved monitoring as well as waste management and education. Aside from developing plans and regulations, market-based instruments such as eco-labeling programs and economic incentives for proper disposal may also help address the issue. Cai U. Ordinario

Editor: Vittorio V. Vitug • Monday, October 19, 2020 A3

Govt spending vs Covid-19 to hike health expenditures By Cai U. Ordinario @caiordinario

HE increase in the government’s spending to respond to the Covid-19 pandemic would continue the double-digit growth in the country’s current health expenditure, according to the Philippine Statistics Authority (PSA). PSA Assistant National Statistician of the Macroeconomic Accounts Service (MAS) Vivian R. Ilarina told the BusinessMirror this is likely given the current trend in health expenditures. Based on the Philippine National Health Accounts (PNHA), the country’s current health expenditure reached P792.6 billion in 2019, a 10.9-percent growth from P714.8 billion in 2018. “Yes, it is likely that the current health expenditures would register a double-digit increase for 2020 considering the Covid-19 pandemic, where the government pooled a huge

amount and even incurred loans to address this,” Ilarina said. However, Ilarina noted that social insurance payments made through PhilHealth will help lessen the burden of health expenses made by households. Last year the bulk of current health expenditures were sourced from household out-of-pocket payment (OOP) which accounted for 47.9 percent and reached P379.7 billion in 2019. The share of OOP to current health expenditures has fallen below 50 percent in 2019. In the past five years, the share of OOP has fallen from 52.4 percent in 2014 to 51 percent in 2018 before reaching 47.9 percent in 2019. “It should be noted that the average growth rate [of current hea lt h e x pend it u res] is now around 10.1 percent from 2014 to 2019,” Ilarina noted. Hea lt h spend ing f ina nced through government schemes and

compulsory contributory healthcare financing schemes came in second at P332.8 billion with a 42-percent share. Health financing from government schemes and compulsory contributions to health has been increasing in terms of share to current health expenditures. The 42percent share recorded in 2019 was the highest share recorded in the past five years. Other sources of current health expenditures were voluntary healthcare payment schemes, which contributed P80 billion or a 10.1 percent share. This is the highest since 2014 when it composed 11.3 percent of current health expenditures. Finance Secretary Carlos G. Dominguez III recently told senators that the total financing secured by the government for its Covid-19 efforts reached $9.9 billion (or roughly over P480 billion) as of September 15. Finance Undersecretary Mark Dennis Y.C. Joven told the Business-

Mirror the updated list already included the recently secured $458.95 million or 50-billion yen Post-Disaster Standby Loan Phase 2 from Japan International Cooperation Agency (Jica) and the $500-million disaster standby facility loan from Asian Development Bank (ADB). Earlier, the PhilHealth reported that it has released 46 percent or P6.9 billion allocation for its interim reimbursement mechanism. These funds have been “liquidated by health-care facilities in line with strict government accounting and auditing rules.” The top 10 hospitals that received the highest reimbursements together accounted for P1.998 billion of the amount. The hospitals include the Southern Philippines Medical Center worth P326 million; Philippine General Hospital, P263 million; Davao Regional Medical Center, P209 million; and, Vicente Sotto Memorial Medical Center, P204 million.

DPWH says hurrying completion of hospital for severe Covid cases

UBLIC Works and Highways Secretary and Isolation Czar Mark A. Villar announced that the construction of additional modular hospital inside the Lung Center of the Philippines (LCP) compound in Quezon City is now being fast-tracked to augment hospitalbed capacity for moderate to severe cases of Covid-19. Villar was quoted in the statement issued by the Department of Public Works and Highways (DPWH) as saying that the additional modular hospital being implemented at LCP is aimed for a November completion. “Our goal [is] to complete a fully functional hospital facility, capable of accommodating severe cases of the virus, by early November.” During the inspection held last October 17, DPWH Undersecretary Emil K. Sadain said that the project covers the construction of eight rooms with two beds each or a total of 16 additional bed capacity. “The additional 16-bed capacity offsite-modular hospital will hopefully bring relief to LCP which is already overwhelmed with moderate to severe Covid-19 cases,” according to Sadain who heads the DPWH Task Force to Facilitate Augmentation of Local and National Health Facilities.

MEN work on building the modular hospital, funded through the Department of Public Works and Highways (DPWH), inside the Lung Center of the Philippines compound in Quezon City. The DPWH said it is hastening the completion of the hospital for patients with severe cases of Covid-19. COURTESY DPWH

DENR donates tablet computers to PUP in ‘ambassador’ project By Jonathan L. Mayuga @jonlmayuga

HE Department of Environment and Natural Resources (DENR) said it donated last October 14 about a hundred units of tablet computers to the Polytechnic University of

the Philippines (PUP). “Behavior change is difficult to achieve so we need the assistance of the education sector to help us effect change in the minds of the students and the youth, and to change their practices,” Environment Secretary Roy A. Cimatu was quoted in a statement as saying.

According to the DENR, the donation was part of an agreement signed last August 19 by DENRNational Capital Region (NCR) Director Jacqueline A. Caancan and PUP President Manuel M. Muhi for a project that seeks to make “DENR Ambassadors” out of select students.

The students will be used by the DENR to advance its advocacy agenda, including one for the Manila Bay. The DENR has been under fire for spending millions of taxpayers’ money to primp up Manila Bay. “As ‘ambassadors,’ they shall teach other students on

environmental issues that concern the region including pollution, resource degradation and climate change,” the DENR said. “They shall also mobilize youth support in the cleanup, rehabilitation and protection of Manila Bay.” The DENR said it will train

the students to be its “partners in the protection and conservation of the environment and natural resources.” The DENR said it will also “provide appropriate resources for use in their environmental advocacies and to expedite their communication and coordination” with the government agency.

Agriculture/Commodities

A4 Monday, October 19, 2020 • Editor: Jennifer A. Ng

BusinessMirror

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Farm-gate price of broiler rises again–report By Jasper Emmanuel Y. Arcalas @jearcalas

HE average farm-gate price of broilers continued to recover as it rose for the third consecutive week and inched closer to P90 per kilogram, latest industry survey data showed. Data from the United Broiler Raisers Association (Ubra) showed that as of October 16 the average farmgate price of regular-sized broilers (1.5 kg to 1.69 kg) was at P88.5 per kg, slightly higher than the previous week’s P87.33 per kg. Ubra data showed that regularsized broilers in Tarlac were still being sold for P89 per kg while those in Batangas rose to P88 per kg from last week’s P85 per kg. The average farm-gate price of off-sized broilers (1.34 kg to 1.49 kg) remained at P85 per kg while primesized broilers (1.7 kg and above) were sold for an average of P91.22 per kg, P2.89 higher than last week’s P88.33 per kg, Ubra data showed.

BusinessMirror file photo

The farm-gate price of broilers broke the P85-per-kg barrier last week as local raisers “ involuntarily” cut output due to anemic domestic demand, Ubra told the BusinessMirror. Raisers have been grappling

with a glut in chicken supply due to a high local inventory of local and imported poultry and the reduction in demand. Ubra President Elias Jose Inciong told the BusinessMirror the recovery in prices could be at-

tributed to the decision of raisers to implement production cuts. “ The industry has involuntarily followed the desires of DABAI [Department of AgricultureBureau of Animal Industry] to ‘self-regulate.’ We have reduced

production because of losses in the face of cheap imports,” he said. Inciong said local broiler output has been slashed by 30 percent to 40 percent to achieve a “supplydemand equilibrium where producers can earn some income and not suffer losses.” “We lost the HRI [hotel, restaurant and institutional] market during the lockdown which [accounts for] 30 percent. Assume that 10 percent is back so [we’re missing] 20 percent for HRI,” he said. “Household demand also contracted because of income loss as a result of Covid-19 quarantines.” The country’s dressed chicken inventory as of October 5 rose by 8.4 percent to 85,470.06 metric tons (MT) from the previous week’s 78,834.10 MT, National Meat Inspection Service (NMIS) data showed. Latest NMIS data showed that more than half of the dressed chick-

en inventory, or 46,901.45 MT, in local cold storage facilities were imported. The remaining 38,568.61 MT were locally produced chicken meat, based on NMIS data. The total dressed chicken inventory during the period was 21.34 percent higher than the 70,436.9 MT recorded on September 7. The volume was also triple the 27,942.55 MT dressed chicken inventory recorded on September 30, 2019, NMIS data showed. The agency attached to the DA said the data did not include fresh chilled chicken and mechanically deboned meat of chicken. Local chicken meat output this year is projected to decline by almost 14 percent to 1.25 million metric tons (MMT), from last year’s recordhigh 1.45 MMT due to anticipated production cuts by raisers, the United States Department of Agriculture (USDA) projected. The USDA expects output to recover next year and rise by 10 percent to 1.375 MMT.

Farmers urged to register, join WFP’s roster of rice suppliers F ARMERS and farmers’ cooperatives and organizations should register to be part of the United Nations World Food Programme’s (WFP) rice supplier in Mindanao, according to Sen. Francis Pangilinan.

“We support the call of the UN World Food Programme to expand its current vendor roster of qualified rice suppliers in Mindanao. Aside from the fact that it is easier to buy local, this will boost the income of our farmers,” Pangilinan

said in a statement. “[The WFP scheme] is a welcome initiative as this means that there is a sure buyer for their crop which will be purchased at a fair price. Local farmers will also help WFP in their peace-building initiatives.”

UN WFP on Tuesday published a call on Facebook for rice vendors, saying that it is looking to diversify its vendor roster of rice suppliers in Mindanao. This is in partnership with the UN Development Programme’s Support to Peacebuilding and Normalization (SPAN) Programme. “When we were appointed food security chief and chairperson of the National Food Authority [NFA] in the last administration, WFP procured rice from the NFA to provide food aid to select communities in Mindanao. Ngayong mababa ang bilihan ng palay sa ilang mga lugar sa bansa partikular na sa Mindanao, lalong makakatulong ang pagpasok ng isa pang organisasyon na bibili sa kanila ng patas,” Pangilinan said. The senator, whose daughter

KC Concepcion has been UN WFP Philippines Ambassador Against Hunger since 2008, also congratulated UN WFP and its officials and staff for winning the Nobel Peace Prize. “Congratulations to the WFP. We bore witness to their efforts through the years, and we are happy to see that they continue to support local rice farmers,” Pangilinan said. The UN WFP has been awarded the Nobel Peace Prize for 2020 in recognition of its efforts in combating hunger, as well as for its contributions to peace-building efforts to eliminate hunger as a weapon of war and conflict. Interested rice suppliers may access this for m to reg ister: https://drive.google.com/drive/fol ders/1WQu99AijOX7dWj8o6P23s

cBxzDw1geph. Data from the Philippine Statistics Authority (PSA) showed that the average farm-gate price of dry palay fell to a five-week low in the second week of September, as farmers have started harvesting their crop. The average quotation of P17.12 per kilogram for unmilled rice during the period was 3 percent lower than the figure recorded in the previous week. However, the price was 5.81 percent higher than last year’s P16.18 per kg, based on PSA data. PSA data showed that during the reference period only the regions of Cagayan Valley, Central Luzon, Calabarzon, Central Visayas, and Eastern Visayas posted an average dry palay quotation that is higher than P17 per kg.

Alcoa investors focus on the future with green dominating agenda

NALYSTS and investors are pressing Alcoa Corp. to make good on its promise of a greener

future. The biggest aluminum maker in the United States spent a good chunk of its quarterly earnings call on Wednesday fielding questions over efforts on environmental, social and corporate governance issues—in particular its pledge to cut greenhouse-gas emissions. Metal producers including Alcoa are working to improve their environmental standing, with investor interest in ESG on the rise and customers such as automakers demanding lesspolluting supply chains. Even as Alcoa grapples with fallout from the virus pandemic that has battered demand, Chief Executive Officer Roy Harvey seized the chance to explain plans for “green aluminum,” saying customers will increasingly shift attention to the carbon impact of raw materials. “Investors like us are looking at these companies to do better, and we are rating them on it and including that into our decision-making process,” said Michelle Dunstan, the global head of responsible investing at AllianceBernstein Holding LP, which manages $631 billion in assets. “Investors are learning more about how capital flows can shape action and consequences for the world and we’re seeing more and more asset owners question the process and strategy.” While aluminum is recyclable and l ighter t han steel—which mea ns it m a kes f uel- ef f ic ient cars—it needs huge amounts of power to produce, and accounts for an estimated 1 percent of greenhouse-gas emissions by the industrial sector. Coal is used to

A CRANE moves an aluminum coil across the floor of the Arconic Inc. manufacturing facility in Alcoa, Tennessee on January 24, 2017. Arconic Inc. is scheduled to release earnings figures on January 31. PHOTOGRAPHER: LUKE SHARRETT/BLOOMBERG

make much of the metal in China and other global suppliers. Alcoa and competitors such as Rio Tinto Group and United Co. Rusal are beginning to brand some of their aluminum as low-carbon because, in part, they use hydroelectricity as the power source. Last month, Pittsburgh-based Alcoa said the raw material it uses to make aluminum will emit half the industry’s average carbon dioxide. Alcoa, which saw its shares slide on Thursday after it projected a disappointing fourth-quarter outlook, may give investors a potential bullish case with its increasing focus on “green aluminum,” according to analysts including those at Citigroup Inc. and Berenberg Capital Markets LLC. AllianceBernstein’s Dunstan said

ESG-minded investors need to do a lot of research to see if companies are following through on steps that will lower carbon footprints, improve working conditions, develop local communities and enhance company governance. She also said investments can’t be limited to a handful of companies with good track records, as that could cause overcrowding and is unlikely to drive overall positive change across sectors. “We actually need these producers in the world to survive, and rather than ignoring them our philosophy is engaging them, we want to force them or make them to do better,” Dunstan said. “Those are the ones we want invest in— because we can actually demonstrate that improvement on ESG issues leads to outperformance.” Bloomberg News

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Monday, October 19, 2020 A5

‘Safeguard duties better than direct cash aid’

HE Federation of Free Farmers (FFF) on Sunday said the imposition of safeguard duties on rice imports could have been a “more cost-effective approach” for the government in helping farmers incur lesser losses instead of a direct cash assistance.

excess of the P10 billion collected from rice imports collected in 2019 and 2020 as direct cash assistance to farmers tilling 1 hectare and below. Villar said the cash assistance would benefit at least 600,000 rice farmers. Dar said about 1.1 million rice farmers are planting on 1 hectare and less.

Customs collection

BASED on Customs preliminary report, the total rice tariff collected from rice imports this year has reached P13.681 billion as of end-September, Villar said. Excess tariffs collected last year reached P2.1 billion. This means that at least P5.781 billion would be given as cash assistance to the target rice farmers next year. The DA earlier planned to use the P2.1billion excess rice tariffs from last year to bankroll its crop diversification and expanded crop insurance programs for rice farmers. The FFF said the proposed cash assistance is measly compared to the losses incurred by rice farmers in the ongoing cropping season which has averaged at P10,000 per hectare. “The subsidy would fall to about P2,700 if the actual number of qualified farmers is raised to 1.1 million, as reportedly claimed by DA,” it said,

The group made the statement after senators approved last week a resolution that would allow the use of all tariffs—in excess of P10 billion from rice imports—as cash assistance to help farmers cope with the impact of declining palay prices and the Covid-19 pandemic. “The government allowed unlimited rice imports, resulting in low palay prices. Now it will spend P3 billion to partially offset farmers’ losses,” FFF said. “If it had instead imposed additional duties on imports, palay prices would not have dropped too much, there would have been no need for cash aid to farmers and the government might have even earned extra revenues from the safeguard duties,” FFF added. The use of the safeguard measures was considered by the Department of

Agriculture (DA) last year in light of the sudden influx of rice imports following the enactment of Republic Act 11203 which liberalized the rice industry, allowing easier importation of the staple. However, the safeguards investigation was terminated on the grounds that using such trade remedy has “potential inflationary effects,” and giving cash assistance to affected farmers was more apt last year. “Safeguard duties will not be inflationary as claimed by the DA, because they will be applied only when there is already a proven oversupply in the market. They can removed once the situation stabilizes,” FFF said. During the hearing on October 16, the agriculture committee approved Senate Joint Resolution 12, introduced by Sen. Cynthia A. Villar, to use all tariffs in

AFP mourns ex-Sulu gov, MNLF leader Yusop Jikiri

Restoration of power, water in Marawi underway–DHSUD

HE military extended its condolences to the family and members of the Moro National Liberation Front over the death of MNLF leader and former government official Yusop Jikiri. “The AFP joins every peace-loving Filipino in mourning the passing away of Yusop Jikiri, the beloved chairman of the Moro National Liberation Front [MNLF],” the military said in a statement through spokesman Major Gen. Edgard Arevalo. Jikiri died on Saturday in Pasil, Indanan, Sulu reportedly due to a bone ailment. Reports said he was 69. Although Jikiri has been recognized as the chairman of the MNLF, the main group of the MNLF led by its founding chairman Nur Misuari, however, considered him as representing only a faction of the former secessionist group. Before becoming the chairman of a supposedly breakaway group of the MNLF, Jikiri was a member of the House of Representatives and had also served as a governor of Sulu. “His work with the MNLF and in Sulu as one of its former Governors and Congressional representatives were instrumental in the forging of a strong partnership between the AFP and the MNLF in the quest for peace that culminated in the realization of the GPH-MNLF Peace Agreement,” Arevalo said. Arevalo said the former governor was a prime mover of peace between the government and the Moros. “He is one of the strong pillars who advocated trust and respect as key to achieving lasting peace and development not only in the Province of Sulu but of the Bangsamoro,” Arevalo

said. Rene Acosta

By Cai U. Ordinario

@caiordinario

HE Department of Human Settlements and Urban Development (DHSUD) said the restoration of power and water services in Marawi will boost efforts to complete the rehabilitation of the war-torn city. In a statement over the weekend, DHSUD Secretary Eduardo D. del Rosario said the restoration of utilities in Marawi was part of the projects needed to rehabilitate the city. With this, around 20 projects would be completed by the end of December 2021 while two others would be fully completed by March 2022. “This is a manifestation of the instruction of the President. [He hopes to] soon see Marawi City rise again. We commit ourselves [to the task and] we will comply,” del Rosario said. Del Rosario said the Local Water Utilities Administration (LWUA) already received funding to set up a pumping station for the water connection project in the Most Affected Area (MAA). He added that funding has also been secured for the Lanao del Sur Electric Cooperative (Lasureco) for the construction of a power substation. Del Rosario added the government already provided power to “Sector 1, 2, and 3” in the MAA even before the construction of the power substation.

Meanwhile, the construction of permanent housing being undertaken through the National Housing Authority (NHA) will be completed by December 2021. The project is being done by the NHA in partnership with the Social Finance Housing Corporation (SHFC) and the United Nations Habitat. A report from CNN Philippines in August quoted the Office of Civil Defense as saying P20.8 billion was allocated to rebuild Marawi. The amount included a P3.8-billion augmentation fund in 2017, P10 billion in 2018, and P3.5 billion each for 2019 and 2020. The report added that there’s an unreleased balance of P150.84 million while the remaining P717.63 million from 2018 was returned to the Treasury after it was not used within the prescribed period. Last year, the National Economic and Development Authority (Neda) said estimates from the ground revealed the government needs P12 billion to rehabilitate Marawi. Navarro said the amount is based on over P6-billion requirement for 2019 of the MAA and over P6 billion in total amount of programs, projects and activities. The estimated cost is nearly three times the P3.5 billion allocated for the rehabilitation of the municipality included in the budget of the National Disaster Risk Reduction and Management Council last year.

SENATE PROBES CO-OPS’ USE BY RICE IMPORTERS Continued from A1

The BusinessMirror broke the story last year that unscrupulous traders continue to use farmers cooperatives’ and associations as their fronts and dummies even after the rice industry was liberalized. (Read the award-winning story here: https://businessmirror.com.ph/2019/10/31/preand-post-rice-trade-liberalization-law-bigtraders-gaming-farmer-groups/) Villar pointed out that the use of farmers’ cooperatives by unscrupulous traders is punishable under Republic Act 10845 or the Large Scale Agricultural Smuggling as Economic Sabotage Act of 2016. Under RA 10845, economic sabotage is committed when persons use import permits that are named under (others}; selling, lending, leasing, assigning, consenting, or allowing the use of import permits of corporations, non-government organizations, associations, cooperatives by other persons; using dummy organizations and cooperatives for the purpose of acquiring import permits. “Dummy arrangements between rice traders

and farmer co-ops and associations seem to still exist,” Villar said. Villar said the malpractice “led to the hoarding of rice stocks since the traders were in control of the imported volume.” (Related story here: https:// businessmirror .com. ph/2019/11/21/farmer-groups-top-rice-importers-are-they/) “If we consider the costs of importation, it is wise for the government to validate the credentials and capabilities of farmers’ organizations, multipurpose cooperatives and irrigators’associations. In order to distinguish between those who are legitimate and those that are suspicious,” she added. Villar proposed that the Bureau of Plant Industry (BPI), the mandated agency under RTL law to oversee rice importation, conduct “detailed” verification of the capacity of rice importers to venture into such business. Villar added that the CDA, among other government agencies, should also be involved in screening of rice importers, particularly farmers cooperatives, “to prove their worthiness to be

involved in rice trading.” Villar said, “the government has to scrutinize rice importation players, including farmers’cooperatives, to fully realize the benefits of the Rice Tariffication Law.” She underscored the importance of ensuring “proper rice tariff collection, correct tax remittance, possible collusion between unscrupulous traders and cooperatives, and competition issues in the rice industry, among others.”

FFF’s call

IN a related development, the Federation of Free Farmers (FFF) called on the government to tighten its rice importation guidelines to weed out the use of “proxy” groups by unscrupulous traders and make the process difficult and costly for them to undervalue their shipments. “These importers will simply look for other proxy groups. What is needed is to tighten the accreditation of importers and make it difficult and costly for them to undervalue their shipments,” FFF said in a statement on Sunday.

adding that the proposal is also “unfair” to affected rice farmers tilling larger areas. Instead of cash aid, the FFF proposed that existing funds from the Rice Competitiveness Enhancement Fund (RCEF) and extra tariff collections could be refocused to address current problems of the farmers. “The P5-billion annual fund for mechanization is not moving well, and it might be more practical at this time to preserve job opportunities for farm laborers instead

of displacing them with machines,” the group said. “Moreover, the P1-billion budget for extension and training could be realigned, considering that farmers cannot attend training activities due to Covid-related restrictions. The P1 billion for credit could be better used for interest rate subsidies or loan programs, instead of direct loans which will benefit only 20,000 farmers,” it added. Jasper Emmanuel Y. Arcalas

Monday, October 19, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

Corruption or incompetence?

merican science fiction author Robert A. Heinlein wrote a novella in 1941 titled Logic of Empire. One character, “Doc,” described the “devil theory” fallacy, explaining: “You have attributed conditions to villainy that simply result from stupidity.” By 1990, this idea was formalized in a book of slang terms used by computer programmers called the Jargon File as “Hanlon’s Razor.” Never attribut e to malice that which is adequately explained by stupidity. It is a take on the idea of the 14th century Franciscan Friar William of Ockham who—in justifying the concept of Divine intervention—said that the simplest or easiest explanation was probably the correct one. “The ISO 9000 quality management systems are a set of standards that helps organizations ensure they meet their needs within regulatory requirements related to a product or service.” These standards were designed to provide tailored procedures for a specific company that did not depend on special skills of individual employees. A new employee could take over a particular job more competently by just following the manual. The simple idea was that an organization could either rely on The People or rely on The System. In practical application though, any “System” requires people to operate it, just like a piece of machinery, and people fail. That brings us back to addressing the cause of many problems: malice—the intention to do evil—or stupidity and incompetence. They obviously figure into the equation. We try to limit the “work of the devils” through procedures that attempt to find these people and punish them if they get caught. Quantifying success is difficult. It is like law enforcement knows that they seize only a small portion of the total drugs smuggled into a country. A comprehensive 2002 study found that 90 percent of all major public works projects globally suffered from significant cost overruns. While most severe in developing countries, studies identified some 40 different reasons for over-runs in the United Kingdom, including incorrect planning, poor financial control on site, inexperience in managing contracts, bad materials cost estimates, and conflict between project parties. Corruption or incompetence? Conventional wisdom says that the simplest answer is corruption. It is easy to say the system is great but there is nothing we can do about corrupt people. Not our fault. But being incompetent has its own rewards to the extent we have institutionalized it. When an employee is fired for being crooked, it is the fault of that individual. But who gets fired for hiring an incompetent employee? Broadly speaking, self-interest is all that matters, and that requires that the institution/organization protect itself from incompetence. Institutions protect their insiders because every insider must hide the self-interest and the general failure of the institution. Incompetent people and institutions run on the CYA principle— Cover Your “Appearances.” Success has many parents, failure is an orphan. Except, failure from incompetence has many Titas and Titos. We call them excuses. Failure brought about by corruption is attributed to “human frailties.” Failure brought about by incompetence is covered by “reasons.” Since 2005

The virus is still around Atty. Jose Ferdinand M. Rojas II

RISING SUN

N recent days, there have been some changes in policy surrounding the movement of people within the country, in relation to the ongoing pandemic. The Inter-Agency Task Force (IATF) has released new policies to ease travel restrictions. The government is opening up the economy slowly to hasten recovery, and one of the ways it is doing that is by reviving the country’s tourism industry. Certain areas and tourist spots are now open, like Las Casas Filipinas de Acuzar, Clark Freeport Zone, Anilao in Batangas, Tagaytay Highlands, Boracay Island, and others. Ilocos Norte and Baguio are just two of the tourist destinations that are accepting visitors from specific areas: Ilocos Norte for residents of Luzon, and Baguio for visitors from several areas in Luzon, including Metro Manila. The web site philippines.travel/ safeph lists all of the country’s 81 provinces and tourist spots that are now open to the public. Other areas listed on the web site accept travelers

Sleeping with the enemy

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Thomas M. Orbos

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within their respective cities, provinces or regions. Tourism establishments, however, are being ordered to implement the health and safety standards set by the IATF. And travelers should prepare certain requirements stated by local government units (LGU) before they visit—this information can also be found on the web site. Safety marshals will be on patrol in the beaches and resorts to make sure physical distancing is being implemented. Mass gatherings and group events including sports competitions, youth camps, and other

hat happened last week? In one fell swoop, the government relaxed a series of mobility restrictions. The move was seen pushing the economy along a long road to recovery. On the other hand, naysayers are worried that such a move might result in worsening the already precarious number of infections, especially in the metropolis. Although our numbers are going down, the country is still posting high infection rates. This can worsen anytime, negating whatever gains made in the past months. Indeed, the balancing act of saving the economy against saving lives is a difficult one. The question is, do we honestly have a choice? If this is the bitter pill we need to swallow, we do what we need to do. But we should not come out worse than where we are right now. Among the new measures were the new distance provisions between passengers on public transport. From the former “one-meter” apart rule imposed on mostly road-based vehicles as well as rail transport, this has been modified to making passengers occupy a seat apart. Earlier last week, the LTFRB announced the resumption of additional provincial routes to and from Metro Manila, as well as the operations of additional jeepney routes, a thorny issue just a few months ago. Meanwhile, travel age restrictions were also relaxed to 15 to 65 years old. Moreover, a few local tourist destinations are now be-

ing allowed to accept select groups of visitors, but still with a strict entry protocol. And just before the weekend, visitors from Luzon, including Metro Manila, will now be allowed to enter Baguio City. Lastly, nonessential outbound travel overseas was finally being resumed; definitely good news for our overseas Filipino workers who needed to resume their employment. Behind all these is the push for economic activity to spur recovery. The country has been hard hit in this pandemic with almost half of the working population losing their jobs. Meanwhile, government

It is easy to let our guard down as we see these developments happening around us. Some may even be led to think that conditions are better now. The virus is still around, we must never forget this. There is still no cure and no vaccine, so the best protection is still to follow health and safety measures like wearing mask and face shield, frequent washing of hands and social distancing. activities that gather crowds must comply with the health and safety protocols of the LGU and the IATF. Noncontact outdoor sports and exercises like swimming, surfing, running, and walking are allowed in these areas as long as the protocols are observed. People who are not classified as authorized persons outside of residence are now allowed to travel between areas under general community quarantine (GCQ) and modified general community quarantine (MGCQ). And from 21 to 60 years old, the age group of people allowed outdoors has been adjusted to 15 to 65 years old.

Opening up avenues of normalcy does not mean everything is back to normal. At the end of the day, we are on our own. Though we hope for that day that the light of normalcy shines once more, we need to remember that the virus remains. We are still sleeping with the enemy. resources are nearing depletion with foreign borrowing going to pandemic expenses more than for development spending. But this situation is not confined to the Philippines alone. The draining of fiscal resources in many countries is also pushing them to open up their economies. Moreover, countries have to commonly deal with a weary populace locked down in social isolation these past months. Talks of a vaccine just around the corner also encouraged people to believe that things will soon normalize. Understandable then is the move of the government to normalize and provide the avenues for the public to move on their own road to recovery. The virus cannot cure hunger. Besides, in all these moves to normalcy, government health protocols are strictly being required. Even in the new relaxed schemes, transport authorities emphasized the adherence to the so-called “7 commandments” of transport sanitation, which is basi-

Outbound travel for non-essential trips are also allowed starting October 21 as long as travelers undergo health protocols or requirements, including negative antigen test results no more than 24 hours before departure. Tourists from outside the country, however, are still not being allowed into the country. Malls are now allowed to conduct sales and promotional events, and travel agencies, tour operators and reservation activities in GCQ and MGCQ areas are also allowed to open, provided that they follow the mandatory health standards and protocols. Metro Manila itself may soon be placed under a more relaxed quarantine status if the daily cases and death figures from Covid-19 continue to decrease. It is easy to let our guard down as we see these developments happening around us. Some may even be led to think that conditions are better now. The virus is still around, we must never forget this. There is still no cure and no vaccine, so the best protection is still to follow health and safety measures like wearing mask and face shield, frequent washing of hands, and social distancing.

cally a summation of personal safety protocols. And tourist destinations like Baguio City still require strict entry protocols. But the real worry is that the populace will take this whole seemingly relaxed scenario as a coming-out event and take it the wrong way. Human as we are, we have the capability to convince ourselves what we want to believe. More and more, people are crawling out of their forced hibernation and carelessly mingling with one another—and the virus. It does not help that a senior health official casually mentions that we are possibly nearing herd immunity. Nice to hear that, and good to believe. But that’s far from the truth. The virus is still there. People still die and get sick. Decisions to live blindly to the danger that exists or live with the virus are ours to make, not the government’s. Opening up avenues of normalcy does not mean everything is back to normal. At the end of the day, we are on our own. Though we hope for that day that the light of normalcy shines once more, we need to remember that the virus remains. We are still sleeping with the enemy. Thomas “Tim” Orbos was formerly with the DOTr and the MMDA. He has completed his graduate studies at the McCourt School of Public Policy of Georgetown University and is an alumnus of the MIT Sloan School of Management. He can be reached via e-mail at thomas_orbos@sloan.mit.edu

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An overview of the insurance industry performance in 2019

The Thor Hammer Siegfred Bueno Mison, Esq.

THE PATRIOT

By Reynaldo A. De Dios

n the basis of the reports released by the Insurance Commission, there are at present 31 life insurance companies with total assets of P1,424,092.3 million and total liabilities of P1,182,097 million resulting in a net worth of P241,994.7 million. The total paid up capital amounted to P23,477 million, a slight improvement of 2.32 percent over its 2018 figure of P226,612 million.

The premium income generated by the life sector totaled P233,916,013,115 and the breakdown is as follows: First Year Premium Income Traditional Variable Sub-Total Single Premium Traditional Variable Sub-Total Renewal Traditional Variable Sub-Total Total Traditional Total Variable GRAND TOTAL

P17,590,606,912 P34,587,191,905 P52,177,798,817 P3,685,273,086 P50,105,840,788 P53,791,113,874

P42,507,500,135 P85,439,600,288 P127,947,100,423 P63,783,380,133 P170,132,632,982 P233,916,013,115

The life sector paid out benefits total- The Insurance Commission aling P57,556.9 million which was higher lowed non-life insurers to sell by 10.64 percent over the previous year’s their products online, using payment of P52,024 million. Overall, the life insurers realized a net information and communicaincome of P36,127.4 million compared tion technology. Those insurers to their last year’s figure of P28,727.9 who are not prepared in ICT million. In other words, 2019 was a will definitely sustain producgood year. tivity loss. The life insurance industry is dominated by foreign life insurance companies. Out of the grand total of premiums written of P233,916,013.115 billion, 8 foreign insurers accounted for P142,816,841.54 billion or 61 percent of the market while the 23 domestic insurers wrote the balance of P91,099,171.57 billion. For the first quarter of 2020 (before the pandemic lockdown), the 31 life insurers generated a premium income of P78.15 billion, an encouraging improvement of 10.5 percent compared to the P70.71 billion earned in 2019. But with the lockdown, the industry is having great difficulty in their marketing efforts as the sales force had to forego face-to-face meeting with their clients and potential prospects. The insurers had to work from home and so with their agents. This development will certainly have an impact on the sale of life insurance. It is also noted that traditional life insurance products posted an overall increase of 4.28 percent. In order to assist the life insurance companies, the Insurance Commission has allowed them to utilize all forms of technology to sell their life insurance products. In addition, the Commission has permitted the online recruitment and the licensing of new agents. Furthermore, policyholders were also given a grace period of 60 days to meet their premiums due. The non-life insurance industry comprising of 64 insurers and 34 mutual benefit associations performed rather well in 2019. Total assets of non-life insurance companies in 2019 reached P259,575.9 million as against liabilities of P161,435.3 million, a growth of 10.2 percent. For the mutual benefit associations, total assets reached P101,055.2 in 2019 while their liabilities amounted to P59,604. Total paid-up capital of non-life insurers in 2019 was P34,975.5 million, compared to P31,766.5 million, a rise of 10.10 percent, whilst the Guaranty Fund of MBAs totaled P1,067.6 million. The total gross premium generated by 57 non-life insurers was P100,517,315,001 whilst net premiums written totaled P55,456,877,692. Net income earned by this sector totaled P3,283,757,858. The sole domestic reinsurer grossed total premium of P4,338,535,455 while its net premium was in the sum of P3,274,289,553. However, the net income earned was only P156, 664.189. Unlike the life sector, the 57 domestic non-life insurers controlled the bulk of gross premiums written. All in all, 2019 was also a good year for the non-life insurance industry. However, for the first quarter of 2020, the year of Covid-19 and lockdowns, this sector performed creditably well as net premiums written increased by 7 percent to P14.4 billion compared to P13.46 billion in the same period of 2019. The non-life sector also saw increase in both assets and net worth of 15.7 percent and 21.2 percent, respectively. But the enhanced community quarantine that took effect on March 15, 2020 will most certainly impact on the industry’s growth in 2020. The Insurance Commission allowed non-life insurers to sell their products online, using information and communication technology. Those insurers who are not prepared in ICT will definitely sustain productivity loss.

uscular hydrostats are animal organs that are composed almost entirely of muscle, examples of which include the mammalian tongue, octopus tentacles, elephant trunks and the medicinal leech. The human tongue has eight muscles, which are supposedly some of the strongest ones due to constant use and “exercise.” I met Benny Antiporda years before he became undersecretary of DENR. Being in the media industry before, Benny usually talks with a combination of wit and gab in a manner that can be humorous and entertaining at times. With his boyish and toothy grin coupled with his well-exercised tongue, Benny can be very amiable and engaging to most, while outright offensive or obnoxious to others. As such, when Benny uttered the phrase “Bayaran Kayo,” it was like the Hammer of Thor in the Avengers movie that hit the University of the Philippines last week. Practically berating the entire institution, the phrase operated like a thunder weapon—fast and furious! The Thor Hammer, “Bayaran Kayo,” was in response to the suggestion proffered by the UP Institute of Biology to place mangroves instead of crushed dolomite in Manila Bay. Some friends were behooved to watch the full televised footage of Antiporda’s interview as he uttered a tirade that went past the naiveté of a simple remark: “Hindi nyo karapatang batikusin ito dahil bayaran kayo. ’Yun lang po ang masasabi ko sa UP. Uulitin ko, bayaran kayo.” To intensify the Thor Hammer effect, he further ranted about the half-abillion-peso fees being paid by the

Department of Environment and Natural Resources to the University experts since the year 2016 for mere consultation, no infrastructure, “no nothing” (“walang lahat”). Driven more by his gift of gab rather than wit, Antiporda chastised the university’s scholars and even called on the Commission on Audit to conduct an assessment against UP, especially its Marine Science Institute, in reaction to the somewhat polite proposition anent putting mangroves in place of dolomite. Such utterances, said impulsively, can be a natural muscular hydrostatic exercise. I too had my share of reckless statements during my stressful moments in public service. Understandably, Antiporda apologized by ratiocinating that he was just “carried away” by his emotions. We all somehow make mistakes in the heat of passion and make tantrums in the process. In contrast, Director Laura David of the UP MSI was magnanimous enough to accept Antiporda’s act of contrition. Dra. David explained that Antiporda must have misunderstood the contract between UP and the DENR by stating that UP-MSI is under a service contract and not a mere consultancy agreement. Dra. David defended the bulk of the funds from the Depart-

Bloomberg Opinion

he story of Taiwan Semiconductor Manufacturing Co.’s industry dominance steamed ahead unabated on Thursday, with record earnings on the back of booming demand for chips used in smartphones and servers. Yet one figure highlights just how much power the company now has as rivals fall by the wayside. Net income climbed 36 percent to $4.8 billion, higher than even the most

bullish of estimates, while the madeto-order chipmaker raised its full-year revenue outlook to growth of more than 30 percent, in US dollar terms. There’s another figure worth examining. Average price per wafer isn’t a closely followed metric in the foundry industry; indeed, most investors don’t even bother to calculate it. Instead, the focus is usually on more obvious numbers like gross margin—an indicator of how much profit can be squeezed out after subtracting costs, which includes depreciation on assets.

ment as being employed for research, field work and laboratory undertakings so the Institute can best address environmental concerns. In deference to Benny Antiporda, who used to be the president of the National Press Club, as well as to others who made impolite commentaries and unnecessary public outbursts, he must have overlooked one important principle in communication that says “words are containers.” The speech that we deliver with our tongues holds either positive or negative implications, hence the adage “your tongue has power, be careful what you say.” Otherwise stated, what we verbalize has the Thor Hammer effect—it builds/ creates or destroys—be it encouragement or discord, profit or loss, death and life. Perhaps in a state of obfuscation, Antiporda neglected to first reflect and analyze before “building” his supposed responsible comment to the interview question. I can only surmise that minutes after he threw his Thor Hammer, Antiporda must have realized that the words he used created unnecessary friction. It has been said that a wise man must sit down and calculate first before building anything. In the Bible, Luke 14:28-31 tells us, “Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it? For if you lay the foundation and are not able to finish it, everyone who sees it will ridicule you, saying, ‘This person began to build and wasn’t able to finish.’ Or suppose a king is about to go to war against another king. Won’t he first sit down and consider whether he is able with ten thousand men to oppose the one coming against him with twenty thousand?” This biblical principle simply reminds us that we need to plan out before we unleash our Thor Hammer—in words or in

Transformation through diversity Joel L. Tan-Torres

DEBIT CREDIT Part 1

was appointed Dean of my alma mater, the University of the Philippines Virata School of Business on October 11, 2019. It has been a little over a year since my appointment. A lot have transpired since my assumption of my work as Dean. Notable among these is the influx of Covid-19 pandemic and its many disruptive effects. The entire University of the Philippines and our College had to confront immediately the many ill effects of the pandemic. The school’s response to the crisis is amplified in my welcome talk entitled “Transformation through disruptions” to the VSB returning students during a virtual assembly on the first week of classes in September. Most of my term as dean of the VSB has been under the dark clouds of the Covid crisis. But being the ever-optimistic person that I am, I have been actively engaged in the school affairs pursuing my “Looking in, Reaching out” vision and plans. This LIRO has been my selfimposed mandate in transforming the UP School of Business through all these disruptions…Covid related and otherwise. LIRO is focused on looking in the requirements of the

school and tapping the internal resources and talent; while reaching out to and engaging with the various communities and stakeholders outside the school. I am proud to report the results of the LIRO initiatives to date, after a year of my deanship. First order of the day was to address the needs of the various stakeholders of the schools amid the Covid pandemic. This essentially involves ensuring the successful

TSMC’s dominance highlighted in one single number By Tim Culpan

Monday, October 19, 2020

In the third quarter, TSMC charged a record $3,747 per 12-inch equivalent wafer. That’s 9 percent more than in the same quarter of 2019, and 23 percent higher than three years ago. Rising prices aren’t a given in the foundry industry: In the five years to 2018, TSMC raised prices only an average 1.6 percent annually. It must balance numerous factors, including costs, capacity and demand before deciding how much to charge. But things started changing last year, coinciding with some important

shifts in both the industry and the global political economy. Once neckand-neck with Samsung Electronics Co., TSMC has now pulled ahead at the leading edge, while Intel Corp., formerly the world’s most-advanced chipmaker, has fallen further behind. The Hsinchu-based company now commands around 54 percent of the chip foundry market, according to researcher TrendForce. At the same time, the rollout of 5G mobile technology and artificial intelligence ran smack into the tech Cold

action. Before we utter any word, particularly bold ones, we have to carefully assess first whether we shall use the power of our tongues to build or destroy. Remember, the tongue is a muscular hydrostatic organ like the octopus tentacles. Meaning, it is a strong, flexible biological structure that contains a horde of muscle fibers. We must think first before we speak, lest we stir a war we cannot win. Most public servants variably utilize the power of speech in the discharge of their functions. In their zeal, some can go overboard—positively or negatively. As seen in his campaign to demand justice for those in media who were killed in the socalled Maguindanao massacre, Antiporda managed to produce positive results as his noise barrage in media kept the justice system on its toes. Whenever we exercise prudence for indulgent sympathies with a deliberate thought process, we end up winning the relationship instead of winning the verbal war. In the Bible, Proverbs 18: 21 tells us, “The tongue has the power of life and death, those who love it will eat its fruit.” So instead of using our tongue to cause offense or hatred, let’s use it to bring forth a vibrant and positive energy for those around us. In her response to a careless remark, David did her part. In his subsequent apology, and after some reflection, Antiporda did just the same. A former infantry and intelligence officer in the Army, Siegfred Mison showcased his servant leadership philosophy in organizations such as the Integrated Bar of the Philippines, Malcolm Law Offices, Infogix Inc., University of the East, Bureau of Immigration, and Philippine Airlines. He is a graduate of West Point in New York, Ateneo Law School, and University of Southern California. A corporate lawyer by profession, he is an inspirational teacher and a Spirit-filled writer with a mission. For questions and comments, please e-mail me at sbmison@gmail.com.

implementation of the shift from the face to face classroom interaction to the remote learning. The all-out effort for this required the transformation of mindsets and methodologies, instituting changes in work and study patterns, and putting in place the countless details to have the appropriate infrastructure and operating and academic systems effectively working in time for the school opening in September. These activities required a digital transformation, where the various members of the VSB ecosystem had to be converted to become netizens of the digital world, attuned to on-line engagements and using the various technology applications of Learning Management System, Zoom meetings, virtual interactions, digital library and references, and a revamped Course Packs prepared and distributed to the work from home students. Specific initiative in the college include the VSB links, a service of providing links to daily online news that are e-mailed to the subscribers; assignment of a focal person to handle the Remote Learning resources for use by students and faculty alike; the enhancement of the digital collections and services of the VSB library, and facilitating the online classes of a number of our students in a leading French business school during the summer.

We also focused on the welfare and requirements of the students even if they are still in study from home mode. I instituted a “We Empathize” initiative providing student-centered services, including mental health and psycho social referral and consultation services. We are closely coordinating with the student leaders of the 17 college-based organizations and the Student Council to discuss how we can address the various concerns of the students, including extracurricular engagements. A recent survey that we conducted showed that 77 percent of our undergraduate students still want to pursue extra-curricular activities during these times. There are so many things to do and to accomplish to have a transformation through the disruptions.

War (which includes the US effectively banning TSMC from selling to China’s champion, Huawei Technologies Co.). This meant that the queue of companies wanting the best chip manufacturing in the world—such as Apple Inc., Qualcomm Inc. and Huawei—kept growing, while the supply of foundries able to meet their needs faces continued congestion. This seems to have emboldened management to keep raising prices. Clients appear undeterred. Chips are generally the most important item in

a device—be it a flashy new iPhone or high-end server—and the higher cost is far outweighed by the greater power and efficiency that superior components provide. I’ve warned before that TSMC ought to be careful. Regulators, clients and governments may worry that the company is becoming too powerful. Signs that it’s leveraging its power to raise prices could add those to concerns. Right now, though, everybody still needs TSMC. That’s a nice position to be in, while it lasts.

(To be continued) Joel L. Tan-Torres is the Dean of the University of the Philippines Virata School of Business. Previously, he was the Commissioner of the Bureau of Internal Revenue, the chairman of the Professional Regulatory Board of Accountancy and partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of May 1979. This column accepts contributions from the business community. Articles not exceeding 600 words can be e-mailed to boa.secretariat.@gmail.com.

A8 Monday, October 19, 2020

Vacation abroad, but with lots of caution By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

ITH nonessential outbound travel now allowed, Filipinos will be able to go on vacation in seven countries that have no travel restrictions against them. According to the Department of Foreign Affairs’ travel advisory, as of October 11, 2020, these countries are Haiti, Mexico, Andorra, Montenegro, New Macedonia, Serbia, and Zambia.

Countries like the United States, Azerbaijan, and Somalia allow Filipinos to enter their countries, “subject to flight availability and other special arrangements/commercial flights.” The Philippines’s nearest neighbors and usual vacation destinations like Hong Kong and Japan for instance, allow the entry of Filipinos subject to Covid-19 screening, and government visa regulations in the case of Japan. (https://bit.ly/3j9bb67) Ritchie Tuaño, president of the Philippine Travel Agencies Association (PTAA), told the BusinessMirror, “We don’t expect an immediate spike

in international outbound travel since most of the international borders, our neighboring countries in particular, have not opened up yet.” In the case of Singapore, noncitizens are subject to a 14-day quarantine at a facility of the government’s choosing. He added, “There is a significant amount of interest but the willingness to immediately travel is still wrapped with anxiety or fear of being infected. It will likely take a while for traveler confidence to get back but this is still good to start it.” Under the Inter-Agency Task Force for Emerging Infectious Diseases (IATF-EID) conditions, nonessential outbound travel is allowed starting October 21, with only a negative antigen test 24 hours before departure to be presented. In contrast, an RTPCR test is needed when traveling to domestic destinations. Also, outbound travelers need to have confirmed roundtrip tickets, travel and health insurance, and sign a declaration before departure that they know of the risks involved in traveling abroad. “Allowing it [nonessential outbound travel] throws the blame of frustration on the Filipino-banning country,” said Foreign Affairs Secretary Teodoro L. Locsin Jr. in a Viber message. “That also means, Pinoys must get RT-PCR just in case the destination is strict. I have told foreign countries to accept only Red Cross testing.” He added partly in jest, “The initiative [to allow nonessential outbound travel] is mine because I am a sucker for romance and letting nurses go where they are appreciated.” The DFA chief was referring to the #LoveNotTourism appeals by foreigners and their Filipino fiancees to allow inbound travel so they could get married. The DFA, however, does not issue fiancee visas. With the lifting of nonessential outbound travel, the fiancees here can leave to reunite with their beaus abroad. Otherwise, they can “get married online or have a kid with acknowledgement of dad’s paternity with inheritance rights, then Constitution on family unity kicks in,” he explained, and only then can the foreigner be allowed to travel to the Philippines. Locsin had also championed early on the move to allow Filipino nurses to leave and work abroad. Meanwhile, travel agencies also expressed wariness over the IATF-EID decision last week to allow travel agencies to reopen at 50 percent capacity, after travel and tourism-related companies were moved to Category 3 from Category 4. PTAA’s Tuaño said his members “welcomed with caution the decision...allowing the resumption of travel agency operations. With domestic travel bubbles being created along with the resumption of international leisure travel, we see travel agencies being a vital component in again reestablishing tourism as a key component of the Philippine economy.” But he added, his members “might be initially cautious and only resume operations when there is already a reasonable demand for travel among Filipinos that will allow them to sufficiently cover overhead costs of their operations.” He implored “the public’s understanding that financial liquidity is still a big concern for travel agencies. The PTAA is still in the process of assisting its members gain access to the financial packages and soft loans provided in Bayanihan 2 and get airline refunds that have dated for more than six months.” Tuaño acknowledges there are “a few travel agencies which also want to open. [But] no, not yet many are inclined. The immediate expected revenue cannot cover the monthly overhead.”

Atienza hails DND plan to deploy radar to monitor PHL Rise

HE Department of National Defense’s (DND) plan to deploy a fixed surveillance radar for “optimal airspace monitoring” over Philippine Rise would help the country “enforce” its exclusive rights over the territory, Buhay Rep. Lito A. Atienza said at the weekend. “We understand that the Department of National Defense is positioning over Benham one of the three long-range surveillance radar systems that the Philippine Air Force recently acquired from Japan,” Atienza said in a statement on Sunday. “This should help the Philippines enforce its exclusive rights over Benham,” Atienza said. In August, the DND signed a contract agreement and notice to proceed for the Horizon 2 Air Surveillance Radar System (ASRS) acquisition project of the Philippine Air Force, under a negotiated government-to-government procurement with Japan. The ASRS sites will cover large areas of the Philippine Rise, Southern Areas of the country, and the Southern portion of the West Philippine Sea, according to a DND statement. “Operations from these strategically vital locations will enable the Philippine Air Force to provide optimal airspace monitoring, aircraft control, perform its Air Defense mission and enhance the security in Areas of Interest identified by the DND,” it said. The DND said the ASRS will help them to “detect, identify, and correlate any threats and intrusions within the Philippine exclusive economic zone [EEZ] and deliver radar images to decision-makers and relevant operating units.” “We must stress that nobody can explore Benham without the express consent of the Philippine government,” Atienza said. “And only the Philippine government may authorize and regulate offshore drilling in Benham for all purposes,” Atienza added. Atienza recalled that when he was Secretary of Environment and Natural Resources during the Arroyo administration, he ordered the survey and delineation of the Philippine Rise to support the government’s claim that the 13-million-hectare underwater territory is within the outer limits of the country’s continental shelf. “As a result of the successful claim, the United Nations in 2012 awarded Benham to the Philippines as an extension of its continental shelf,” he said. “We have to safeguard the rich natural resources of Benham for the enjoyment of future generations of Filipinos,” Atienza added. Jasper Emmanuel Y. Arcalas

www.businessmirror.com.ph

Companies BusinessMirror

Monday, October 19, 2020

ERC wants Meralco to roll out smart meter scheme in phases By Lenie Lectura

@llectura

he Energy Regulatory Commission (ERC) wants the Manila Electric Co. (Meralco) to gradually implement its Advanced Metering Infrastructure (AMI) program to minimize the impact on consumers who will eventually shoulder the cost. “We made a suggestion and ask them if phasing is possible to avoid incurring huge costs as this may be passed on to consumers. At the end of the line, it will be the consumers” ERC Chairperson and CEO Agnes VST Devanadera said in a mix of English and Filipino. AMI is an integrated system of smart meters, communication networks and data management systems that enables two-way communication between utilities and customers. The smart meters can handle prepaid and postpaid electricity ser-

vices. Subscribers with smart meters can manage their electricity usage and budget through consumption information, alerts and notifications. Meralco filed its application for approval of its AMI project with the ERC three years ago. It has been pending with the ERC since March 2017. While the ERC applauded Meralco for its initiative to introduce stateof-the-art technologies that will help consumers manage their electricity consumption, Devanadera said it is up to the ERC to see to it that the installation of AMI will not adversely affect the consumers in terms of pay-

ing higher electricity rates. Devanadera said this is ERC's main reason for not immediately acting on Meralco's application. “We estimate that Meralco’s proposal will cost around P7.7 billion and this was filed under their capex [capital expenditure]. In our assessment, the cost is huge. Will efficiency justify the cost of putting this kind of infrastructure? The bigger and more sophisticated infrastructure is something now under consideration by the ERC,” said Devanadera. She added that the agency is seeking the technical expertise of the Department of Information and Communications Technology (DICT) on the matter. “We already touched base with DICT because they may be able to come up with a software or program that can act and help us out on the technical side. We are also in touch with Meralco to stress the fact the cost-benefit analysis is very important,” said the ERC chief. Based on initial calculations, the ERC said in the past that an average rate adjustment of P0.2309/kWh will be added to the customers’ electric bill if the smart meters will be

shared by all Meralco customers. If it will be charged only to Meralco bulk customers, the average rate adjustment is P0.3972/kWh. Meralco filed its application for approval of its AMI project with the ERC in accordance with the “Rules to Govern the Implementation of Advanced Metering Infrastructure (AMI) by Distribution Utilities and other ERC-Authorized Entities.” The pending application involves one million smart meters. In connection with its AMI application, Meralco included the smart meters and other devices and systems necessary to implement its AMI project in its application for capital expenditures in April 2017. The subject Rules, which was promulgated in May 2016, requires ERC approval prior to the implementation of any AMI project. Furthermore, it provides that the cost of all meters, devices, hardware, software and processes necessary to implement the approved AMI project, whether offering basic and/or supplemental services, may be passed on to consumers subject to the applicable ERC rules and regulations on capital and operational expenditure approvals.

BDO: Cash Agad partners to get half of fees By VG Cabuag @villygc

DO Unibank Inc., the country’s largest lender, said it is giving at least half of the fees to its partners for a new service that allows its account holders to withdraw money from key establishments even in far-flung areas. Jim Nasol, BDO senior vice president for consumer banking group, said it is giving half of the fees that it charges to its customers to its partners in its new service called Cash Agad and up to 60 percent for establishments in far-flung areas. “The smallest split that we give [to the partner] is 50 percent, the others we give 60 percent. And they don’t pay anything for the equipment. That's our help to the

Shell PHL bags global biz awards

HELL Companies in the Philippines has won seven Asia-Pacific Stevie Awards (Apsa) at the 2020 International Business Awards (IBAs), most notably of which is “Company of the Year” under the energy category for its Shell Philippines Exploration B.V (Spex) arm. “At Shell, it’s not enough for us to be a global market leader in oil and gas. Our true legacy as a company is measured through the positive impact we make on the communities we serve and operate in,” said Don Paulino, managing director and general manager of Spex. “We’re happy that our work is being recognized, and we hope this will help set the standard for how industries go about their operations. Let’s all strive to make a meaningful difference for consumers, stakeholders, and society as a whole,” he added. Paulino was given the Gold Stevie Award in Innovative Management for leading the Spex team to pave the way for the birth of the natural gas industry in the country since he took the helm of the Malampaya project in 2016. A joint venture with the Department of Energy, Chevron Malampaya LLC and the Philippine National Oil Company-Exploration Corp., the Malampaya Deep-water gas-to-power platform has been supplying up to 20 percent of the entire power requirements of the Philippines for nearly 20 years. By maximizing the indigenous natural gas from the West Philippine Sea, the operations of Spex have generated over $11 billion in revenue for the Philippine government. Roderick L. Abad

community,” Nasol said. The Cash Agad partner agents’ network is comprised of small and medium businesses from which a BDO account holder may withdraw their money, including overseas remittances. These may include water refilling stations, hardware store or even sari-sari stores as long as they have a business permit. The new service currently has about 8,000 partners in the country. BDO rolled it out early this year. The bank provides out point-ofsale device which its partners can use in transacting with customers. The establishment can either use their sales money whenever someone withdraws. They can replenish their cash when they go to the bank for the reconciliation of their accounts. This service aims to provide ready

access to cash for distant communities, especially those who are not so easily reached by public transportation without going to the ATM, the company said. The said service, however, is not new. As early as 2017 an Irish company called Fexco Philippines introduced EasyDebit in December 2017, marketed as a MicroATM to augment the lack of ATMs in the country. The said system works exactly the same way as BDO’s service as it also uses the point-of-sale device. BDO said the pandemic has trained the spotlight on its new service, which was used by local government units to deliver financial aid beneficiaries of the Pantawid Pamilyang Pilipino Program (4Ps). “For example, the beneficiaries of 4Ps withdraw their monthly cash as-

sistance from Cash Agad. Even the IPs or members of the indigenous people’s communities are able to get their financial aid through Cash Agad,” it said. Fees range from P15 to P30 for within-the-city transactions and P30 to P50 for those outside the city. “Our partners prepare at least one day before say, every pay day. They go to our branch. If they needed more cash we help them by calling the branch to inform them that one of our partners will withdraw this amount of cash because we need to support the partners,” Nasol said. “This pandemic, we consider them as heroes. Because they were the ones who go to the city to get cash replenishment to serve the communities that needed the cash the most.”

Ayala CEO: Cooperate rather than compete

ith the pandemic presenting novel challenges that shake companies and governments, Ayala Corp. Chairman and CEO Jaime Augusto Zobel de Ayala shares his thoughts on leadership that can withstand the changing times. Zobel, a graduate of Harvard Business School, said in a webcast hosted by ATR Asset Management that no specific leadership style could work in all types of crisis. But surely, he said, people need a leader who has a point of view. “You need to have a sense of what the future will look like. You need to have a sense of how things should be run,” he said. According to Zobel, good leaders should also be able to connect the dots, bringing together different ideas and facts and using them to create a holistic road map to a future that is far from the status quo. They must be authentic and bold, willing to take risks and go out of their comfort zones to look for the best solutions to a problem. In addition, all leaders should have empathy and be comfortable listening, understanding, and connecting to people. “Empathy is underrated. Showing empathy in this day and age is important—understanding people, listening to them, having a sense of what’s important to them,” he said.

Zobel

All leaders should also be sensitive to the changing needs of every generation. Zobel, who joined Ayala in 1981 as a fresh graduate, said he spent a lot of time working with nonprofit organizations that gave him a view of the different social and environmental pain points faced by the country. As the first business leader from the Philippines and Southeast Asia to be recognized by the United Nations for championing sustainability, he spearheaded the creation of a framework that is far more inclusive and engaged in addressing different social and environmental pain points. This framework is called the Ayala Sustainability Blueprint, which assigns specific UN sustainable development goals to each business unit. “I was very happy to integrate it

to Ayala because people could see that the role of a corporation goes far beyond its financial impact,” he said. “Corporations are part and parcel of the very progressive fabric of an economy. This sustainability blueprint shows the different roles we play in a society.” Finally, Zobel highlights the importance of prioritizing cooperation rather than competition in this time of crisis. The Ayala group of companies have been actively working with the national and local governments in building facilities and setting up equipment to expand the country’s testing, tracing, and treatment capacity through Taskforce T3. The Ayala group is also working with other private companies to safely reopen the economy. “It’s cooperation that has led to significant successes in this pandemic,” said Zobel, who is among the founding partners of the TaskForce T3. “It is a time for all of us to learn to cooperate rather than be at odds with each other.” For Zobel, the new normal should see private companies and the government working together to address the many pain points that the pandemic may bring. "We either succeed together or not. It is a time for all of us, particularly the private and the public sectors, to learn to cooperate rather than be at odds with each other.”

Acciona: Cebu-Cordova Bridge is halfway done By Roderick L. Abad @rodrik_28 Contributor

espite the disr pution caused by the lockdown restrictions to stop the spread of Covid-19, Spanish company Acciona said the P19-billion Cebu-Cordova Link Expressway construction is already 50 percent complete. This project is being constructed by Cebu Link Joint Venture (CLJV)— the consortium of Acciona, First Balfour Inc., and DM Consunji Inc. Once finished, it will become the longest cable-stayed bridge in the country. “By connecting Cebu City to Mactan Island, the expressway will alleviate traffic congestion on the existing bridges and provide a faster connection between Cebu’s industrial zone, Mactan International Airport, and Cordova’s new urban developments, which will further boost the local economy,” said Ruben Camba, country manager for the Philippines and Southeast Asia at Acciona. Led by personnel from Acciona’s Roads and Bridges specialized business unit, more than 2,500 people are now working on this expressway. This is the firm’s second-biggest contract in the Philippines, next to the $127 Putatan II drinking water treatment plant for its client, Maynilad Water Services Inc. The Cebu-Cordova Bridge repre-

sents another step in the company’s strategy in Southeast Asia, a region with vast infrastructure development growth potential. Cebu Cordova Link Expressway Corp., a subsidiary of Metro Pacific Tollways Corp., awarded the project to CLJV in 2017 to design and build the 650-meter cable-stayed bridge as the principal structure, with a span of 390 meters between tower pylons. The project includes several viaducts as well as a section of the highway on a 5.2-kilometer length embankment. Acciona has been operating in the country since 2016, following the award of its contract for the design, construction, operation and one-year maintenance of the water treatment facility in Muntinlupa that will cater to nearly 1.5 million people. The global provider of sustainable solutions for infrastructure and renewable energy projects opened its commercial office in Manila in April 2019. Apart from the ongoing construction of the Cebu-Cordova bridge, it bagged another Maynilad contract to put up a water treatment plant in the Laguna Lake area. Together with its local partner EEI, Acciona will build one of the sections of the P19-billion MalolosClark Railway Project of the Department of Transportation.

SB Capital bags 2 wins at Asian Banking and Finance Awards

ecurity Bank Corp.’s investment arm, SB Capital Investment Corp. (SB Capital) has recently been awarded the Syndicated Loan of the Year and the Project Infrastructure Finance Deal of the year by the Asian Banking and Finance organization. During the first virtual Asian Bank ing and Finance awards night, SB Capital was commended for its remarkable milestone projects, which resulted in effective and highly impactful projects for Filipinos. The investment house’s initiative with HC Consumer Finance Philippines, Inc. (HCPH), which is part of the Home Credit Group, earned the Syndicated Loan of the Year award for the Philippines by providing affordable products to underserved borrowers. “Through SB Capital's partnership with the Home Credit Group, Filipinos who have limited access to credit can avail of a wide range of products in a safe, convenient, and affordable way,” said Virgilio Chua, SB Capital President. For HCPH, the recognition manifests and reinforces the continued confidence of the local banking industry in the business model of the consumer finance company. Since its entry into the Philippine Market in 2013, HCPH and SB Capital have continuously worked together to reach more Filipinos. SB Capital also earned the Project Infrastructure Finance Deal of the Year award for its project with PrimeWater Infrastructure Corporation (PrimeWater). With the help of SB Capital, a stimulus was given to PrimeWater which allowed the water utility company to achieve its financing requirements that allowed for access to clean and potable water to

Chua

underserved communities in the countryside before the lockdown measures were implemented. “Financing the requirements of utility companies such as PrimeWater creates not only economic impact but also provides social impact to the communities it serves. It was a race to achieve this deal, especially with the looming water crisis in the Philippines and the pandemic. Despite these challenges, we were able to sign up with two new international lenders to finance this project,” Chua said. Security Bank, through its investment house, SB Capital has exhibited its expertise in both foreign and domestic markets and continues to strongly position itself as a powerhouse group thorough its extensive knowledge and experience, and strategic alliances with companies across different industries. Security Bank Corporation— Corporate Banking Group acted as lenders to both HCPH and PrimeWater, while Security Bank Corporation—Trust and Asset Management Group participated as Facility Agent, Registrar and Paying Agent and Collateral Agent in the PrimeWater transaction. Over a hundred banks from 30 countries globally were recognized during the award-giving ceremony.

Companies BusinessMirror

Monday, October 19, 2020

PSE STOCK QUOTATIONS

October 16, 2020

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

ASIA UNITED BDO UNIBANK BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK 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

44.5 87.45 66.6 21.6 9.12 40.9 9.02 24.1 51.1 95.8 16.9 93.7 54.4 0.76 27.2 0.52 3.25 1.13 0.315 0.58 156.6

45 87.5 66.7 21.65 9.15 40.95 9.41 24.15 51.45 96 17.1 93.8 54.8 0.8 27.3 0.58 3.37 1.14 0.32 0.59 156.8

45 87.5 66.45 21.7 9.15 41.8 9.4 24.45 51 96 16.9 93.2 54.4 0.75 27.2 0.52 3.36 1.14 0.32 0.59 156.8

45 88.4 66.8 21.75 9.2 41.95 9.42 24.45 51.6 96 17.1 94 54.4 0.75 27.4 0.58 3.37 1.14 0.33 0.59 156.8

45 87.5 66.05 21.6 9.06 40.5 9.4 24.1 50.9 96 16.9 93.1 54.2 0.75 26.6 0.52 3.36 1.13 0.31 0.55 156.8

45 87.5 66.7 21.65 9.12 40.9 9.41 24.15 51.45 96 17.1 93.8 54.4 0.75 27.3 0.58 3.37 1.13 0.315 0.58 156.8

2600 2234900 726780 138600 818100 4738100 10800 418400 520 300 600 188590 83120 11000 4500 2000 32000 19000 1110000 346000 50

117000 195991112.5 48334588 3003285 7465646 195229095 101631 10113160 26591.5 28800 10220 17687617 4508588.5 8250 121900 1100 107710 21600 350050 194280 7840

INDUSTRIAL

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

3.48 1.25 26 0.172 25.5 59.95 291 14.12 3.01 3.42 10.92 16.02 10.64 7.62 2.85 17.74 4.88 5.46 9.83 65.05 0.63 1.17 45 146.6 7.52 4.95 0.14 5.81 1.22 4.64 132.5 0.76 2.23 50.6 51.4 1.56 4.5 14.32 7.23 5.43 6.95 8.03 0.7 0.75 1.99 1.86 4.34 4.2 4.2 19.7 2.39 5.64 0.95 4.65 1.39 5.28

3.49 1.26 26.1 0.173 25.55 60.2 292 14.14 3.02 3.6 11.1 16.1 10.66 7.65 2.86 17.86 4.9 5.48 9.84 65.5 0.64 1.18 45.95 147 7.92 4.96 0.143 5.82 1.23 4.8 132.8 0.78 2.3 51.5 53.95 1.57 4.54 14.4 7.28 5.45 6.97 8.3 0.71 0.76 2 1.88 4.66 4.29 4.28 20.1 2.4 5.7 0.96 4.9 1.4 5.29

3.48 1.25 26.2 0.169 25.1 60.2 285.4 14.06 3.01 4 11.1 15.98 10.66 7.4 2.74 17.6 4.66 5.4 9.81 66.2 0.62 1.17 45.3 146 7.93 4.98 0.144 5.95 1.24 4.61 132 0.77 2.2 51 51.3 1.6 4.32 14.56 7.35 5.38 7.02 8.44 0.71 0.7 2.01 1.87 4.67 4.29 4.18 20.15 2.43 5.52 0.95 4.8 1.36 5.28

3.54 1.27 26.2 0.178 25.5 60.2 293.8 14.24 3.05 4.38 11.14 16.16 10.7 7.7 2.87 17.86 4.9 5.52 9.84 66.2 0.64 1.18 46 147 7.93 4.98 0.144 5.95 1.24 4.94 133.5 0.78 2.3 51 53.95 1.63 4.54 14.56 7.35 5.51 7.02 8.45 0.71 0.75 2.13 1.88 4.67 4.29 4.78 20.45 2.43 5.7 0.98 4.99 1.4 5.34

3.42 1.22 25.95 0.169 25 59.95 285.4 14.04 3 3.5 10.88 15.98 10.6 7.39 2.74 17.6 4.66 5.36 9.81 65.05 0.62 1.15 45 145.4 7.93 4.94 0.14 5.8 1.21 4.61 132 0.76 2.2 51 51.3 1.56 4.32 14 7.19 5.3 6.88 8.44 0.69 0.7 1.99 1.83 4.67 4.2 4.18 19.58 2.39 5.51 0.95 4.65 1.36 5.25

3.48 1.25 26 0.173 25.5 59.95 292 14.12 3.02 3.5 11.1 16.1 10.66 7.65 2.86 17.74 4.9 5.48 9.84 65.5 0.63 1.18 45.95 147 7.93 4.95 0.143 5.81 1.23 4.93 132.5 0.78 2.3 51 53.95 1.57 4.53 14.4 7.23 5.45 6.95 8.45 0.71 0.75 2 1.88 4.67 4.2 4.2 19.7 2.4 5.64 0.95 4.9 1.4 5.29

26966000 784000 395100 9710000 1211600 40940 528560 690200 1466000 1341000 81300 189400 219600 555600 3380000 1196800 43000 6839700 347000 266040 380000 7623000 28900 380910 100 186000 110000 258800 4215000 7000 682330 1939000 14000 730 200 32300000 157000 128700 144900 1259200 1239600 4000 195000 1246000 971000 307000 2000 9000 534000 13800 5007000 205700 396000 25000 830000 3002900

108000 -48922827 8946875 -321140 -3740286 43809500 -4485425 8509.9998 4119510 -615542.5 -40599.9997 -

94362600 971860 10281115 1668830 30686040 2455116.5 153624444 9766174 4429190 5292640 901452 3047968 2342290 4222527 9570610 21100810 207710 37370292 3412548 17428211.5 236580 8858950 1303290 55743968 793 920990 15710 1515001 5171330 33040 90529888 1485510 30900 37230 10392.5 51373030 693620 1840220 1053059 6827516 8606043 33769 136750 910720 1991890 569490 9340 37890 2326820 274826 12040120 1158313 378590 117279 1145240 15905764

25598590 -4281125 -110750 -3142085 -708922.5 1167704 -3023928 -2563940 -375532 -1045288 5350 69039 -19140 1608196 -33450 -25715774 -291959 -735994 13920 -9000 8418036 49460 221345 -756520 -10606005 -76000 -1611000 -21570 37576 23256 -1044734 70000 -4140 20790 1128250 -84814 -180 176242

HOLDING & FRIMS ABACORE CAPITAL 0.46 0.465 0.465 0.465 0.46 0.46 6940000 3209150 ASIABEST GROUP 7.27 7.39 7.45 7.47 7.25 7.26 4400 32074 690 693 696.5 697 690 690 146760 101423315 AYALA CORP ABOITIZ EQUITY 42.9 42.95 44.7 44.8 42.95 42.95 641100 27884395 ALLIANCE GLOBAL 7.26 7.27 7.4 7.41 7.26 7.27 4758400 34745303 2.6 2.62 2.51 2.63 2.48 2.62 4376000 11363710 AYALA LAND LOG ANSCOR 6.42 6.56 6.42 6.56 6.42 6.42 2100 13524 ANGLO PHIL HLDG 0.6 0.61 0.56 0.62 0.56 0.6 2157000 1301310 0.74 0.75 0.7 0.74 0.7 0.74 8458000 6102000 ATN HLDG A ATN HLDG B 0.74 0.75 0.7 0.74 0.7 0.74 481000 349400 5.1 5.11 5.13 5.17 5.04 5.1 3444600 17717442 COSCO CAPITAL 4.26 4.27 4.25 4.32 4.2 4.27 7897000 33692570 DMCI HLDG FILINVEST DEV 8.55 8.72 8.73 8.73 8.55 8.55 41800 358806 3.23 3.8 3.8 3.8 3.79 3.79 2000 7590 FJ PRINCE A FORUM PACIFIC 0.223 0.225 0.207 0.225 0.205 0.223 1660000 363630 GT CAPITAL 387.4 388 399 399 387.4 387.4 152440 59567134 3.16 3.24 3.16 3.16 3.16 3.16 6000 18960 HOUSE OF INV JG SUMMIT 59.7 61.3 62 62.05 59.7 59.7 411390 24684943.5 LODESTAR 0.61 0.63 0.64 0.64 0.61 0.62 97000 59280 2.6 2.61 2.6 2.62 2.55 2.6 1312000 3374930 LOPEZ HLDG LT GROUP 10.24 10.4 10.04 10.4 9.96 10.4 1130600 11551997 MABUHAY HLDG 0.48 0.5 0.485 0.485 0.485 0.485 10000 4850 4 4.01 3.92 4.01 3.87 4.01 74540000 297459700 METRO PAC INV PACIFICA HLDG 3.01 3.17 3.01 3.01 3.01 3.01 5000 15050 PRIME MEDIA 0.8 0.81 0.79 0.83 0.79 0.83 95000 76430 2.59 2.6 2.42 2.59 2.41 2.59 10000 24870 REPUBLIC GLASS SYNERGY GRID 152 159 153 153 153 153 20 3060 SM INVESTMENTS 864 869.5 865 875 864 864 85410 73982060 99.85 99.9 100 100.1 99 99.9 165470 16500176.5 SAN MIGUEL CORP SOC RESOURCES 0.67 0.68 0.63 0.72 0.63 0.68 2022000 1390920 SEAFRONT RES 1.82 1.99 1.82 1.82 1.82 1.82 5000 9100 120 125 120 120 120 120 80 9600 TOP FRONTIER WELLEX INDUS 0.19 0.198 0.198 0.198 0.198 0.198 300000 59400 0.142 0.144 0.135 0.145 0.135 0.145 1400000 195510 ZEUS HLDG

-126300 -73505200 -7025 -11541929 3279640 60389.9997 424596 -18550060 -75476 -39245244 -21178657.5 267750 3924015.9997 -178322250 16000 -59487395 -2017394.5 4760 -2400 -

PROPERTY ARTHALAND CORP 0.59 0.6 0.6 0.61 0.58 0.6 3816000 2307280 AYALA LAND 29.3 29.4 29.4 29.45 29.25 29.3 4961100 145639295 0.98 0.99 0.97 0.98 0.96 0.98 31000 30170 ARANETA PROP AREIT RT 25.7 25.8 25.65 25.85 25.6 25.8 498000 12828585 BELLE CORP 1.36 1.37 1.38 1.38 1.36 1.37 174000 237650 0.83 0.84 0.83 1 0.82 0.83 69548000 62795010 A BROWN CITYLAND DEVT 0.78 0.84 0.84 0.84 0.84 0.84 5000 4200 CROWN EQUITIES 0.13 0.131 0.131 0.131 0.129 0.131 1960000 255330 5.75 5.97 5.7 5.97 5.7 5.97 3900 22379 CEBU HLDG CEB LANDMASTERS 4.68 4.73 4.7 4.8 4.68 4.73 690000 3249430 CENTURY PROP 0.365 0.37 0.37 0.37 0.365 0.365 1130000 413200 0.34 0.35 0.335 0.36 0.335 0.35 1480000 516400 CYBER BAY DOUBLEDRAGON 13.98 14 14 14.02 13.96 14 489000 6842462 5.37 5.4 5.55 5.55 5.4 5.4 25000 135105 DM WENCESLAO EMPIRE EAST 0.265 0.27 0.26 0.27 0.26 0.265 480000 126900 FILINVEST LAND 0.93 0.94 0.94 0.95 0.93 0.94 18144000 16901470 0.75 0.76 0.74 0.76 0.74 0.76 343000 256800 GLOBAL ESTATE 6.55 6.9 6.58 6.9 6.5 6.9 81000 537542 8990 HLDG PHIL INFRADEV 1.39 1.4 1.35 1.41 1.34 1.4 5886000 8092910 2.85 3.34 2.81 2.81 2.81 2.81 3000 8430 KEPPEL PROP CITY AND LAND 0.68 0.7 0.68 0.69 0.66 0.69 115000 78110 MEGAWORLD 2.97 2.98 2.98 2.99 2.96 2.98 6058000 18036080 0.37 0.375 0.37 0.38 0.35 0.37 121670000 44566000 MRC ALLIED PRIMEX CORP 1.15 1.18 1.15 1.17 1.15 1.17 76000 87940 ROBINSONS LAND 14.1 14.2 14.5 14.5 14.02 14.1 4848600 68547194 1.48 1.5 1.46 1.5 1.45 1.49 81000 118890 ROCKWELL SHANG PROP 2.66 2.7 2.7 2.7 2.66 2.66 181000 482180 STA LUCIA LAND 1.9 1.94 1.94 1.94 1.94 1.94 2000 3880 30.4 30.45 30.1 30.5 30 30.45 6776800 205351400 SM PRIME HLDG VISTAMALLS 3.89 3.9 4 4.04 3.89 3.89 198000 788260 SUNTRUST HOME 1.18 1.19 1.18 1.19 1.16 1.18 1590000 1862440 3.4 3.41 3.35 3.43 3.32 3.4 1565000 5276730 VISTA LAND

-84714415 -1207095 -69620 -1294000 -18800 40150 -4218666 -16200 -13806920 -158250 -81700 -3265740 -170400 52886 -13500 3510345 3930 4720 99240

SERVICES ABS CBN 12.2 12.22 12.12 12.28 11.86 12.2 722200 8707470 GMA NETWORK 5.15 5.17 5.11 5.17 5.03 5.17 1066700 5463308 0.395 0.405 0.39 0.405 0.39 0.395 400000 158300 MANILA BULLETIN MLA BRDCASTING 10.5 10.8 10.34 10.8 10.34 10.8 700 7364 GLOBE TELECOM 1992 1994 2022 2036 1992 1992 84550 169261205 1275 1278 1278 1279 1265 1278 132900 168918400 PLDT APOLLO GLOBAL 0.054 0.055 0.056 0.056 0.052 0.054 74700000 3976860 DFNN INC 2.95 3.05 3.2 3.2 2.94 3.05 104000 312150 6.09 6.1 6.01 6.19 6.01 6.1 25637200 156443167 DITO CME HLDG ISLAND INFO 0.091 0.092 0.093 0.093 0.086 0.092 11860000 1061080 JACKSTONES 1.52 1.58 1.53 1.59 1.52 1.58 48000 73340 5.24 5.25 5.25 5.37 5.11 5.25 20090900 105238488 NOW CORP TRANSPACIFIC BR 0.239 0.243 0.243 0.245 0.237 0.243 16660000 4004120 2.65 2.66 2.5 2.7 2.48 2.65 3834000 9980810 PHILWEB 8.4 8.55 8.5 8.7 8.36 8.55 59600 510469 2GO GROUP ASIAN TERMINALS 15.3 15.96 16 16 15.96 15.96 500 7984 5.45 5.46 5.5 5.5 5.43 5.45 3173000 17325714 CHELSEA 38 38.05 37.6 38 36.95 38 648200 24178400 CEBU AIR INTL CONTAINER 118 118.3 117.1 118.9 117.1 118 2145280 253428048 14.06 14.5 14.02 14.5 14.02 14.5 200 2852 LBC EXPRESS LORENZO SHIPPNG 0.88 0.97 0.87 0.96 0.87 0.96 160000 145170 MACROASIA 4.59 4.6 4.45 4.6 4.43 4.6 3704000 16765750 1.89 1.92 1.92 1.92 1.85 1.92 606000 1139670 METROALLIANCE A METROALLIANCE B 1.89 1.95 1.89 1.9 1.89 1.89 45000 85080 PAL HLDG 5.83 5.85 5.85 5.85 5.8 5.85 24300 141838 1.3 1.31 1.25 1.33 1.23 1.31 11339000 14587690 HARBOR STAR BOULEVARD HLDG 0.026 0.027 0.026 0.027 0.025 0.027 29800000 773400 GRAND PLAZA 10.08 10.6 10.08 10.08 10.08 10.08 100 1008 0.405 0.415 0.395 0.415 0.395 0.415 1090000 445000 WATERFRONT IPEOPLE 7.2 7.55 7.2 7.2 7.2 7.2 300 2160 STI HLDG 0.31 0.315 0.315 0.315 0.305 0.315 3610000 1115300 3.11 3.12 3.1 3.14 3.08 3.12 775000 2405450 BERJAYA BLOOMBERRY 7.38 7.4 7.18 7.4 7.1 7.4 6361500 46851629 1.83 1.85 1.83 1.83 1.83 1.83 31000 56730 PACIFIC ONLINE LEISURE AND RES 1.42 1.46 1.43 1.45 1.4 1.42 414000 589910 MANILA JOCKEY 2.05 2.32 2.32 2.32 2.32 2.32 1000 2320 2.6 2.69 2.6 2.7 2.6 2.69 329000 875590 PH RESORTS GRP 0.31 0.315 0.315 0.315 0.305 0.315 12720000 3944200 PREMIUM LEISURE PHIL RACING 7.08 7.89 7.89 7.89 7.89 7.89 100 789 6.08 6.09 6.12 6.17 5.97 6.09 1327600 8038374 ALLHOME 1.37 1.38 1.37 1.38 1.36 1.37 642000 879800 METRO RETAIL PUREGOLD 41.4 41.5 43.9 44.8 41.3 41.4 7254500 305823860 65.5 65.6 66 67 65.5 65.5 617620 40598267 ROBINSONS RTL PHIL SEVEN CORP 112 114.8 113 113.9 112 112 773390 87006593 SSI GROUP 1.13 1.14 1.16 1.16 1.13 1.14 10712000 12,243,330( 15.2 15.3 15.32 15.36 15.26 15.3 328800 5030572 WILCON DEPOT APC GROUP 0.285 0.295 0.3 0.3 0.285 0.285 4190000 1211450 EASYCALL 7.07 7.2 7.04 7.37 7.01 7.2 68700 484891 315.4 330 311 329.8 311 329.8 1120 362798 GOLDEN BRIA IPM HLDG 2.85 3.21 3.12 3.12 3.12 3.12 5000 15600 PRMIERE HORIZON 0.285 0.29 0.28 0.29 0.27 0.29 32710000 9223250 4.12 4.18 4.2 4.2 4.12 4.12 114000 474450 SBS PHIL CORP

-48586760 -63928805 -53000 -228340 4298174 71160 333115 -268310 235610 -18690020 -70487643 -370530 657990 -26000 -20500 1373802 13500 -1039400 1608638 -6800 -174504520 -39155684.5 -61043 2,989,709.9997) -3309880 218400 -

MINING & OIL ATOK 11.54 - 11.54 11.54 11 11.54 907800 10475046 2.08 2.09 2.32 2.32 2 2.09 198650000 434,065,040( 23,187,019.9998) APEX MINING ABRA MINING 0.001 0.0011 0.001 0.0011 0.0009 0.0011 2818000000 2815400 ATLAS MINING 3.95 3.96 3.97 3.99 3.9 3.96 991000 3908170 3960 2.8 2.84 2.84 2.85 2.75 2.84 158000 444660 BENGUET A BENGUET B 2.72 2.88 2.68 2.88 2.68 2.88 9000 24520 COAL ASIA HLDG 0.26 0.265 0.255 0.265 0.255 0.26 670000 172750 2.53 2.54 2.54 2.54 2.54 2.54 45000 114300 76200 CENTURY PEAK DIZON MINES 7.41 7.44 7.36 7.43 7.36 7.43 29000 214683 FERRONICKEL 1.3 1.31 1.28 1.31 1.25 1.3 8483000 10964110 -11810 0.23 0.24 0.229 0.25 0.229 0.239 600000 139620 GEOGRACE LEPANTO A 0.161 0.162 0.154 0.162 0.154 0.162 77000000 12281410 0.161 0.162 0.153 0.162 0.153 0.161 7000000 1102780 -6360 LEPANTO B 0.01 0.011 0.0099 0.011 0.0099 0.01 128000000 1332700 MANILA MINING A MANILA MINING B 0.01 0.011 0.01 0.011 0.01 0.011 13200000 142100 0.96 0.97 0.95 0.97 0.95 0.97 3695000 3552180 109110 MARCVENTURES 2.53 2.54 2.47 2.6 2.43 2.53 879000 2196430 -402670 NIHAO NICKEL ASIA 3.63 3.65 3.55 3.72 3.5 3.63 14344000 51988430 6318470 0.64 0.65 0.63 0.7 0.61 0.65 6642000 4302750 52800 ORNTL PENINSULA 5.7 5.74 5.6 6.5 5.53 5.7 20783000 120969950 -1217410 PX MINING SEMIRARA MINING 11.78 11.8 11.42 11.86 11.42 11.8 4458900 52427486 16531234 0.0051 0.0053 0.0051 0.0053 0.0051 0.0052 52000000 270600 UNITED PARAGON ACE ENEXOR 6.75 6.79 7 8.3 6.5 6.75 5079100 36754776 -93875 ORNTL PETROL A 0.0094 0.0095 0.0088 0.0097 0.0088 0.0095 230000000 2133800 0.0092 0.0094 0.0088 0.0095 0.0088 0.0094 44000000 403600 ORNTL PETROL B PHILODRILL 0.0091 0.0094 0.0087 0.0099 0.0087 0.0091 353000000 3285800 155900 PXP ENERGY 7.72 - 7.72 7.72 7.72 7.72 6116800 47221696 -444672 PREFFERED HOUSE PREF A 100 102.5 101 102.5 101 102.5 19930 2022092 AC PREF B1 515.5 519.5 515.5 515.5 515.5 515.5 200 103100 514 515 515 515 515 515 1050 540750 AC PREF B2R DD PREF 101.1 101.5 101.5 101.5 101.1 101.5 176600 17924700 FGEN PREF G 106.8 107 107 107 107 107 220 23540 1001 1005 1005 1005 1005 1005 5 5025 GTCAP PREF A GTCAP PREF B 1006 1024 1006 1006 1006 1006 5 5030 MWIDE PREF 101.4 101.6 101.5 101.6 101.5 101.6 52350 5318260 100 100.9 100 100 100 100 4360 436000 PNX PREF 3A PNX PREF 3B 100.4 101 101 101 101 101 6110 617110 1010 987 994.5 986 986 986 986 30 29580 PNX PREF 4 PCOR PREF 2B 1030 1040 1030 1030 1030 1030 10 10300 PCOR PREF 3A 1046 1061 1050 1061 1050 1061 19190 20321920 1076 1085 1085 1085 1085 1085 5400 5859000 PCOR PREF 3B SMC PREF 2C 78 78.2 78 78.2 78 78.2 21400 1669470 SMC PREF 2E 75.6 76.7 76 76.7 75.6 76.7 84160 6373401 77.35 77.8 77.2 77.5 77.2 77.5 5000 386491.5 77500 SMC PREF 2F 76 76.5 76 76.5 76 76.5 210 15975 SMC PREF 2G SMC PREF 2H 76.2 77 76.9 77 76.9 77 112400 8654452 76.2 78.9 78.9 78.95 78.9 78.95 148500 11723871.5 SMC PREF 2I PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 11.22 11.7 11.2 11.52 11.16 11.52 33400 374640 -5600 GMA HLDG PDR 4.97 5 4.92 5 4.92 5 351000 1736710 -1697000 WARRANTS LR WARRANT 0.76 0.77 0.76 0.76 0.76 0.76 155000 117800 -48640 SMALL & MEDIUM ENTERPRISES ALTUS PROP 11.66 11.7 10.98 11.88 10.62 11.7 2625200 29490572 -1987326 ITALPINAS 2.58 2.59 2.52 2.58 2.48 2.58 3317000 8372560 180220 5.03 5.16 5.02 5.17 5.02 5.16 51200 260769 KEPWEALTH MAKATI FINANCE 2.28 2.5 2.28 2.3 2.28 2.3 2000 4580 MERRYMART 3.38 3.39 3.39 3.52 3.37 3.39 62435000 214805120 -4460510 EXHANGE TRADE FUNDS FIRST METRO ETF 89.3 90.15 89.95 90 89.3 89.3 13600 1217830 -156626

www.businessmirror.com.ph

Megawide to construct row housing units of Phirst Park

By VG Cabuag

@villygc

egawide Construction Corp. said it secured three new contracts from property developer Century Properties Group Inc. (CPG) for the construction of row housing units in Laguna and Bulacan. The company said CPG’s horizontal unit, Phirst Park Homes Inc., gave them the contract for the construction of over 4,700 row housing units in San Pablo and Calamba in Laguna and Pandi in Bulacan. The units will be developed using Megawide’s precast system, which eliminates the use of traditional building processes and materials by constructing part of the house offsite. The technology allows for better interior flexibility with additional space and offers greater

value and satisfaction to homeowners, Megawide said. “Utilizing precast for our partnership with Phirst Park raises the bar on residential development. Megawide Precast delivers higher standardization and stability compared with conventional construction methodology and traditional concrete. It is highly customizable to the structural specification of clients and reduces construction timelines,” Markus Hennig, Megawide EVP for business units, said. “At Phirst Park, we guarantee

STOCK-MARKET OUTLOOK Last week

Share prices fell last week on choppy trading as several small and mid-capitalized blue chips saw increased volatility compared to the previous weeks. The benchmark Philippine Stock Exchange index (PSEi) fell 33.14 points to close at 5,898.47 points. “The fact that it ended flat tells us that investors are still quite uncertain and are cherry picking opportunities. Substantial gains in small and mid-cap issues were offset by minor losses in the heavily weighted large caps,” Christopher Mangun, research head at AAA Securities Inc., said. Trading was lackluster during the entire trading week as volume of trade returned to normal, reaching an average of P5.06 billion. Foreign investors were still net sellers at P3.63 billion. “The main index has been moving sideways since the beginning of August with its median being right around 5,900, which is where it ended this past week. This shows that the market may have found an equilibrium and may start moving with more stability after the roller coaster ride that it has been on since the beginning of the year,” Mangun said. Other subindices ended mixed. The All Shares index gained 18.06 points to close at 3,581.91, the Financials index rose 18.02 to 1,177.72, the Industrial index added 85.02 to 8,016.56, the Property index was up 42.38 to 2,775.26, the Services index fell 13.67 to 1,442.05 and the Mining and Oil index soared 834.42 points, or close to 13 percent, to close at 7,398.21. Gainers led losers 136 to 90 and 22 shares were unchanged. Top gainers for the week were Atok-Big Wedge Co. Inc., PXP Energy Corp., Apex Mining Co. Inc., Forum Pacific Inc., Filipino Fund Inc. and Harbor Star Shipping Services Inc. Top losers, meanwhile, were ABS-CBN Corp., Puregold Price Club Inc., Imperial Resources Inc., Makati Finance Corp., PH Resorts Group Holdings Inc. and 6 Panasonic Manufacturing Philippines Corp.

This week

Range trading may continue for this week as investors may remain on the sidelines with the budget still being tackled in Congress while many are closly watching the developments on the presidential race in the United States. “We are not yet out of the 'perfect storm' that is 2020, and for those invested in equities, the safest bets would be holding on to safe rafters such as dividend stocks and defensive conglomerates,” broker 2TradeAsia said in its research note. It sees immediate support for the PSEi at 5,700 points and resistance at 6,000 and 6,150 points. Meanwhile, Mangun said the PSEi may move higher this week as investors get a boost of confidence from the easing of restrictive quarantine measures. The government has lifted the ban on non-essential outbound travel starting October 21 and allowed travel agencies and tour operators to reopen in Metro Manila and other areas under general community quarantine with operations capped at 50 percent occupancy. “The recent developments are a major change in the government’s strategy in combatting the pandemic as it focuses on spurring economic growth in the fourth quarter. There is also some talk that public transportation will be increased to support mobility,” he said.

Stock picks

Broker Regina Capital Development Corp. recommended to take profits on the stock of Metropolitan Bank and Trust Co. (MBT) as its winning streak through the past few weeks broke several minor resistance levels. This brought the stock closer to its major resistance at P43.52, its 200-day moving average. “At this point, all indicators point to the stock already being heavily overbought. While there may still be an upturn left, watch out for possible pullbacks once MBT nears the major resistance at P43.52. Nonetheless, MBT is now trading at a 4-month high so investors who had a position prior to the breakout may enjoy significant returns,” it said. Metrobank shares closed Friday at P40.90 apiece. Meanwhile, it gave a buy recommendation during breakout on the stock of International Container Terminal Services Inc. (ICTSI) as the stock is now back to its pre-lockdown levels after posting a slow but stable recovery since hitting its bottom last August. “Indicators are mixed but leaning to an upward bias. It seems like the 120.50 resistance has proven itself to be a tough upper bound to beat, since ICTSI has tried to breach this level multiple times since the start of the week,” it said. ICTSI shares closed last week at P118 apiece. VG Cabuag

quality yet affordable housing to first-time homeowners and families in safe and secured environments. Megawide has been our partner since 2018 and we look forward to more homes engineered with innovation because it adds value to what we both continue to uphold,” Ricky Celis, president of Phirst Park, said. At the moment, Megawide is already supplying and installing precast units in almost 4,700 Phirst Park Homes in Tanza, Cavite and Lipa, Batangas. With these new contracts, Megawide aims to help build more than 9,400 housing units in these five locations starting this September. Megawide earlier said it will expand its precast capacity to accommodate market demands through plants located in key cities of Cebu and Batangas. It will build two more plants in Pandi, Bulacan and in Calamba, Laguna. “Megawide sees precast as the engineering standard for the new normal since materials are prepared, cast, and cured off-site.

mutual funds

Hennig also explained that precast requires less manpower on site and faster construction times, enabling clients and contractors to meet the stringent health and safety protocols mandated by the government, particularly for social distancing,” the company said. Megawide incurred a net loss of P397.9 million in the Januaryto-June period from last year's income of P585.85 million as travel bans hurt its airport operations while construction activities were limited during the lockdown period that started in mid-March. The company said its income fell 23 percent to P6.45 billion from last year's P8.27 billion. It said construction contributed P4.88 billion to its revenues, with airport operations accounting for P888 million and airport merchandising at P69 million. For the April-to-June period alone, its losses were much deeper at P598.85 million as against some P346.6 million in income last year. Revenues fell 69 percent to P1.45 billion from last year's P4.64 billion.

October 16, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 194.86 -22.9% -12.49% -4.92% -22.63% ATRAM Alpha Opportunity Fund, Inc. -a 1.0791 -28.36% -12.74% -2.95% -21.92% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.6386 -32.31% -16.53% -6.92% -28.26% Climbs Share Capital Equity Investment Fund Corp. -a 0.6723 -28.72% -12.64% n.a. -25.13% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6738 -21.46% n.a. n.a. -20.66% First Metro Save and Learn Equity Fund,Inc. -a 4.1833 -22.08% -10.78% -4.93% -21.49% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6526 -24.22% -12.35% n.a. -23.55% MBG Equity Investment Fund, Inc. -a 84.89 -26.25% n.a. n.a. -17.76% PAMI Equity Index Fund, Inc. -a 39.1277 -24.11% -11.17% -3.82% -23.7% Philam Strategic Growth Fund, Inc. -a 419.74 -21.7% -10.52% -4.02% -21.22% Philequity Alpha One Fund, Inc. -a,d,5 0.9055 n.a. n.a. n.a. -12.1% Philequity Dividend Yield Fund, Inc. -a 0.9984 -22.89% -10.58% -3.46% -22.42% Philequity Fund, Inc. -a 29.2778 -23.23% -10.28% -3.12% -22.74% Philequity MSCI Philippine Index Fund, Inc. -a 0.77 -24.86% n.a. n.a. -24.37% Philequity PSE Index Fund Inc. -a 3.9967 -23.73% -10.68% -3.12% -23.49% Philippine Stock Index Fund Corp. -a 668.22 -23.63% -10.62% -3.22% -23.37% Soldivo Strategic Growth Fund, Inc. -a 0.6083 -32.22% -14.17% -7% -28.55% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.0641 -27.86% -12.24% -4.7% -27.2% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.7654 -23.85% -10.89% -3.32% -23.52% United Fund, Inc. -a 2.8053 -23.92% -9.75% -2.98% -23.21% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 89.6289 -23.61% -10.35% -2.48% -23.36% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $1.0835 13.14% 0.06% 3.77% 5.36% Sun Life Prosperity World Voyager Fund, Inc. -a $1.5796 22.62% 8.98% n.a. 14.57% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.5535 -2.9% -5.69% -2.74% -0.6% ATRAM Philippine Balanced Fund, Inc. -a 2.0357 -10.04% -5.91% -1.45% -6.67% First Metro Save and Learn Balanced Fund Inc. -a 2.3833 -9.59% -4.62% -2.87% -9.43% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1807 -22.91% n.a. n.a. -20.92% NCM Mutual Fund of the Phils., Inc. -a 1.8303 -6.43% -2.52% 0.2% -6.69% PAMI Horizon Fund, Inc. -a 3.4436 -8.79% -4.24% -1.04% -9.12% Philam Fund, Inc. -a 15.4012 -8.99% -4.36% -1.11% -9.19% Solidaritas Fund, Inc. -a 1.9034 -11.06% -5.33% -1.22% -10.31% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.2331 -16.41% -6.61% -2.41% -16.32% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9309 -8.19% n.a. n.a. -8.35% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8233 -17.69% n.a. n.a. -17.37% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.8 -19.78% n.a. n.a. -19.45% Sun Life Prosperity Dynamic Fund, Inc. -a 0.7897 -19.48% -7.9% -3.4% -18.99% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03919 2.16% 2.74% 2.09% 2.59% PAMI Asia Balanced Fund, Inc. -b $1.0677 7.9% 0.93% 3.31% 5.5% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.2904 14.5% 6.49% 6.65% 9.71% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.1855 7.22% 3.44% n.a. 5.03% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 368.67 3.84% 3.06% 2.64% 3% ATRAM Corporate Bond Fund, Inc. -a 1.9525 1.72% 0.93% 0.27% 2.66% Cocolife Fixed Income Fund, Inc. -a 3.2041 3.67% 4.75% 4.95% 2.76% Ekklesia Mutual Fund Inc. -a 2.2931 3.75% 2.58% 2.21% 3.13% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.45 4.79% 3.36% 2.13% 3.85% Philam Bond Fund, Inc. -a 4.6364 7.44% 4.18% 2.72% 6.03% Philam Managed Income Fund, Inc. -a,6 1.3118 5.61% 4.34% 2.47% 4.38% Philequity Peso Bond Fund, Inc. -a 3.9582 5.63% 4.27% 2.29% 4.49% Soldivo Bond Fund, Inc. -a 1.0378 9.01% 3.59% 2.06% 7.62% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1826 4.96% 4.64% 2.9% 3.48% Sun Life Prosperity GS Fund, Inc. -a 1.7448 3.95% 3.99% 2.28% 2.57% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $480.88 3.15% 2.63% 2.79% 2.67% ALFM Euro Bond Fund, Inc. -a Є217.68 -1.17% 0.76% 1.2% -0.96% $1.25 ATRAM Total Return Dollar Bond Fund, Inc. -b 3.87% 3.34% 2.65% 3.55% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0265 2.32% 1.96% 1.66% 2.71% PAMI Global Bond Fund, Inc -b $1.0934 -0.52% 0.36% 0.13% -0.02% Philam Dollar Bond Fund, Inc. -a $2.5212 4.46% 3.93% 3.42% 4.9% Philequity Dollar Income Fund Inc. -a $0.0618272 2.56% 2.48% 2.19% 2.53% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.2215 1.48% 2.17% 2.54% 1.46% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 129.27 3.47% 3.32% 2.53% 2.73% 1.9% First Metro Save and Learn Money Market Fund, Inc. -a 1.0458 2.11% n.a. n.a. Sun Life Prosperity Money Market Fund, Inc. -a 1.2917 2.77% 3.02% 2.61% 2.11% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0502 1.59% n.a. n.a. 1.15% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.0513 n.a. n.a. n.a. n.a. Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.95 n.a. n.a. n.a. -4.04% a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. d - in Net Asset Value per Unit (NAVPU). 1 - Launch date is September 28, 2019. 2 - Launch date is November 15, 2019. 3 - Adjusted due to stock dividend issuance last October 9, 2019. 4 - Renaming was approved by the SEC last October 12, 2018 (formerly, One Wealthy Nation Fund, Inc.). 5 - Launch date is December 09, 2019. 6 - Re-classified into a Bond Fund starting February 21, 2020 (Formerly a Money Market Fund). 7 - Launch date is July 6, 2020. "While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www. pifa.com.ph to see the

latest NAVPS/NAVPU."

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Banking&Finance BusinessMirror

Budget bill sidetracks ‘complicated’ CREATE By Butch Fernandez @butchfBM

ENATE leaders are set to call a caucus on Tuesday, looking to hammer out a compromise to fast-track passage of two pending pieces of major legislation—the P4.5-trillion 2021 national budget bill and the long-awaited Corporate Recovery and Tax Incentives for Enterprises (Create) before lawmakers adjourn for their traditional yearend holiday recess. In an interview with DWIZ over the weekend, Senate Minority Leader Franklin M. Drilon admitted finding “complicated provisions” in the administration-endorsed Create bill seen to trigger adverse effects on businesses and ultimately, the workforce. “Masalimuot talaga ito dahilan sa maraming manggagawang apektado,” Drilon said. [This is really complicated as many workers will be affected.] He noted that the Duterte administration is looking to reduce incentives in an urgent need to plug revenue loss, especially at a time the cash-strapped government has to continue shelling out huge funds for the Covid-19 response. “The administration wants to reduce the incentives because there’s a lot of forgone revenue from taxes,” he said, partly in Filipino. Drilon recalled that during a Senate hearing on the budget of the Subic Bay Metropolitan Authority, one “compromise” that was proposed is to determine whether to regulate incentives “for all, or distinguish between local manufacturers and exporters.” Moreover, it was noted that a Fiscal Incentives Review Board to be set up under Create will determine what incentives to give, but this would mean taking away that authority

from the governing board, including the Board of Investments. On Friday, the fiscal watchdog Action for Economic Reform assailed senators for even considering what it called a “killer amendment” by way of the “grandfather rule” pitched by Senate President Pro Tempore Ralph G. Recto. Here, Recto proposed that existing investors, especially locators in economic zones, be allowed to keep their incentives, given the need to help businesses recover from the impact of the pandemic. The AER also opposed an amendment to split Create into two, just so the first plank—reducing corporate income tax from 30 percent to 25 percent right after enactment—can be passed right away, since it is not as contentious as the rationalization of incentives. Earlier, Sen. Juan Edgardo M. Angara said “coverage and length of incentives” are among the outstanding issues left unresolved after lengthy interpellations by senators just before going on scheduled break on October 17. Drilon said this was why senators will hold a caucus on Tuesday to quickly consider compromise options on the incentives as the upcoming 2021 budget deliberations is likely to sidetrack CREATE and other bills on the table. “There’s a caucus on Tuesday to see what is the possible compromise. This will likely be overtaken by budget deliberations. It [Create] will likely be tackled in December.” The Senate Minority Leader affirmed that early approval of the national budget bill takes precedence due to the pandemic that requires fresh funding. “We cannot afford to delay this budget,” said Drilon, adding: “All bills must be shelved momentarily for as long as the budget hangs.”

PNB looks into hiking IT budget in next 2 yrs By Tyrone Jasper C. Piad @Tyronepiad

he Philippine National Bank (PNB) is studying to earmark more budget for information technology (IT) projects in the coming years, its chief financial officer (CFO) said. Nelson C. Reyes told reporters in a press briefing last week that digitalization in the banking industry has been proven necessary amid the coronavirus pandemic. For 2020, the Tan-led bank allocated around P2.5 billion of capital expenditures for IT initiatives, which is 15-percent higher than the bank’s budget last year. “I think this [IT budget] would probably increase in the next year and the year after,” Reyes said. The bank, however, is still deciding how much budget increase is needed for its IT allocation. “This will obviously be [a] very big priority so far as our capital expenditures are concerned; for IT budget,” he added. The bank said in support to the call of the Bangko Sentral ng Pilipinas (BSP) for digitalization, it is allocating 30 percent of the IT budget for digital payments and e-wallet, among others.

Traction gains

PNB President Jose Arnulfo A. Veloso said that the bank’s digital channels have been gaining more traction as its customers learn how to use the online services. As of September, the listed bank has around 696,000 users, which is over 30-percent more than the number of its users last year. “Our goal is to get more of our customers into our digital platforms,” Veloso said during the briefing. “While many of our branches are open, PNB is encouraging its customers to use digital platforms so that

less customers will have to go out of their homes to visit the branches and the [automated teller machines].” Meanwhile, the PNB chief also shared that the bank is reviewing a plan to establish an all-digital bank subsidiary. “Clearly, as we get to see ... the regulatory body encouraging a digital-bank participation, we would like to also review that and probably put it in a subsidiary or stand alone,” he explained.

Jacked-up buffer

With a better third quarter economic forecast, the bank is contemplating its next move when it comes to managing the provision levels of potential credit losses. As of end-August, the bank’s loan loss buffer amounted to P9 billion. “For the third quarter, we are already seeing improvements [in economic forecast],” Veloso said. “It is just a question now of finding out whether we keep it for the year, or we start to reinstate.” He said that provisions could be “clawed back” and become part of the bank’s net income, if ever. “The provisioning levels should be better this [third] quarter on the basis of better economic forecast,” Reyes added. The Tan-led bank saw its net earnings plunge by 65 percent to P1.4 billion in the first half from last year’s P4 billion on the back of higher provisions for impairment, credit, and other losses. Total revenues for the period, however, surged by 24 percent to P23.6 billion on the back of growth in lending and trading activities. Capital as of end-June stood at P154.3 billion, which is 13-percent higher than last year’s P136 billion. This brought the bank’s capital adequacy ratio and common equity tier 1 ratio to 15.86 percent and 14.99 percent, respectively.

Monday, October 19, 2020 B3

EXCLUSIVE

Insurance for jobless covers only half of total displaced

This file photo shows overseas Filipino workers filling out forms at the Naia Terminal 2. The Philippine Overseas Employment Administration recently released guidelines for OFWs who are SSS members to avail themselves of unemployment insurance benefits. NONNIE REYES

By Samuel P. Medenilla

@sam_medenilla

nly around half of the over 217,000 permanently displaced workers during the first nine months of the year are currently qualified to apply for unemployment insurance, according to the Department of Labor and Employment (DOLE). Labor Assistant Secretary Dominique R. Tutay told the Business-

Mirror this was based from the consolidated report submitted by

their regional offices. “The current number of issued certificates of involuntary separation from January to September 2020 is 115,305,” Tutay said. The certificate of involuntary separation is a requirement before a worker could avail of unemployment insurance from the Social Security System (SSS). The number of unemployment insurance beneficiaries could still increase before the end of the year since the DOLE registered another 66,229 workers, who lost their jobs in first two weeks of this month. Furthermore, the Philippine

Overseas Employment Administration (POEA) also recently released the guidelines for overseas Filipino workers (OFW), who are SSS members, to avail of the unemployment insurance benefit. In its Memorandum Circular 24, series of 2020, the POEA said qualified OFWs may apply for a certification of unemployment insurance at the POEA Central Office; OneStop Service Center for OFWs (OSSCO), POEA Regional Center, POEA Satellite Office (RSO) or Regional Extension Unit (REU). Among those who may qualify for the said benefit are the 250,000 OFWs who were repatriated by the government after their employment abroad were affected by the business disruptions caused by state measures against novel coronavirus disease (Covid-19) pandemic. The DOLE said it is anticipating another 100,000 OFWs to come home before the end of the year. The SSS said it already released P391.28-million worth of unemployment benefits to 29,413 of its members since the government started implementing community quarantine on March 17 to August 11 to contain the spread of Covid-19. It said it rejected nearly 40,000 applications for unemployment benefits due to “discrepancies and incomplete information of requirements” submitted by the concerned applicants.

DBP to give subsidies to lockdown-hit PUV drivers

he Development Bank of the Philippines (DBP) said it is working on “financial interventions” to help the transportation sector recover from losses due to government’s lockdown measures to contain the spread of Covid-19. DBP President and Chief Executive Officer Emmanuel G. Herbosa said the bank’s assistance to the transport sector includes government subsidies to public utility vehicle (PUV) operators to cover revenue gaps during the period when a temporary ban on PUVs were imposed as

part of lockdown measures. “[The] DBP is one with the DOTr [Department of Transportation] and [the] LTFRB [Land Transportation and Regulatory Board] in finding suitable and sustainable solutions to assist the transport sector as it steadily begins to recover from devastating losses,” Herbosa said in a statement. The state-run bank’s assistance to the transport sector would be implemented through a program that would extend financing support for the rehabilitation efforts of both public and private firms ad-

UnionBank launches 5-year note offering

he remaining balance of Union Bank of the Philippines’s medium-term note program was reduced to $1.2 billion after the Aboitiz-led bank recently launched a 5-year unsecured note offering. UnionBank said that the offering has an aggregate principal amount of $300 million. Each note has a fixed coupon rate of 2.125 percent per annum and is payable semi-annually. Maturity date of the notes is on October 22, 2025. The offering was oversubscribed by 4.3 times, with orders reaching as much as $1.3 billion. Over 110 investors subscribed to the notes, with the majority or 84 percent of them coming from Asia. The notes were priced at 195 basis points over the five-year US Treasury yield, UnionBank said. Proceeds are earmarked to extend term liabilities, expand funding base, and for other general corporate matters. UnionBank tapped Citigroup Inc., MUFG Securities Asia Limited and Standard Chartered Bank as the joint bookrunners of the

transaction. The offering was drawn out from the bank’s recently upsized $2-billion medium-term note program. The program was launched with an original size of $1 billion in November 2017. Of this amount, the Aboitiz-led bank in the same year drew out $500 million when it launched its 3.369-percent senior notes offering due in November 2022. In February, UnionBank raised P6.8 billion from the issuance of Series A unsecured subordinated notes which are eligible as Tier 2 capital. This amount is 36 percent higher than the original issue size of P5 billion. The issuance came from the P20-billion worth of Tier 2 notes program approved by the Bangko Sentral ng Pilipinas in December 2019. The listed bank saw its net earnings slip by 6 percent to P4.5 billion in the first semester from P4.79 billion in the comparable period last year. This translated to a return on equity of 9.2 percent for the period, which was lower than last year’s 11.1 percent. Tyrone Jasper C. Piad

versely affected by calamities such as the latest national public health emergency. As of end-June, DBP has provided a total of P19.16-billion in credit assistance and payment deferment under its “Response” program. The DBP said this program benefitted 606 clients of which 19 clients are from the transport sector. The DBP said it recognizes the essential role of the transport sector in the country’s economic recovery as it caters mostly to workers belonging to the micro, small and medium enterprises (MSMEs), which are

considered the backbone of the local economy. He also urged industry stakeholders to collaborate and muster the needed resources to implement innovative approaches and adapt to new regulations to ensure the health and safety of commuters. “This an opportune time for the public transport sector to examine its future role in the country’s mass transportation system while optimizing available resources to meet the growing demand for cleaner and more efficient modes of transport,” he said. Bernadette D. Nicolas

SSS contribution payment deadline further extended

he Social Security System (SSS) on Tuesday issued Circular 2020-006-d, extending once again its contribution payment deadline “to give its covered employers and members more time to settle their overdue contributions in the past months this year, in consideration of the Covid-19 situation.” The circular states that regular employers may pay their employees’ contributions from February to October 2020 until November 30, 2020, the SSS said in a statement. “Moreover, contribution payments from January to September 2020 of self-employed, voluntary and nonworking spouse (SE/VM/NWS) members and household employers for their employees may also be paid until the said deadline,” the SSS said. “Likewise, employers with SSSapproved installment proposals are given until November 30, 2020, to deposit their post-dated checks, which fall due from March to October [this year],” the SSS added. Contribution payments of employers for the said applicable periods would not incur penalties if paid within the deadline, the SSS said. Since November 30 is a holiday,

payments may be made on the next working day, the SSS added. SSS President and CEO Aurora C. Ignacio was quoted in the statement as saying the extension is also aligned with Republic Act 11494. Through the statement, Ignacio urged SSS-covered employers and members not to wait for the last day to settle their SSS contributions as the extension would give them ample time to pay. “Apart from over-the-counter payment facilities, our bank partners and we have online platforms where employers and members can make their SSS payments in the convenience and safety of their homes or offices,” she added. The SSS said it is reminding SE/ VM/NWS members “that no contributions paid retroactively will be used in determining their eligibility for any benefit claim wherein the date of payment falls within or after the semester of contingency.” “Contribution payment deadlines for the months or quarters, whichever is applicable, succeeding the covered periods of the said extension will follow their regular schedule based on SSS Circular 2019-012,” the SSS said.

Monday, October 19, 2020 • Editor: Gerard S. Ramos

Style

BusinessMirror

A different kind of peach fragrance F

RAGRANCE seems like the last thing we should talk about in a pandemic. Who needs fragrance when people are getting sick and dying, and many have lost their jobs and means of livelihood? But for some people, fragrances bring a sense of comfort and familiarity. I’d like to think of fragrance as an essential part of life. After all, we associate certain fragrances with specific periods in our lives. I remember my mom wearing Joy by Jean Patou when I was a child. It was the only fragrance she wore. I think this is the reason why I like what people call heavy fragrances with floral, musky and dark tones instead of the fruity florals preferred by most. I remember how my late best friend Gianna loved Ptisenbon by Tartine et Chocolat so much. The fragrance’s base notes of oakwood and musk are what I associate most with her. Many of us have high school memories that include the citrusy scents of baby colognes like Nenuco, Denenes and Para Mi Bebe. Even as a woman with a grown daughter, I still love citrusy scents. For me, Tom Ford’s Neroli Portofino is the adult version of Nenuco. With notes of bergamot, mandarin orange, lemon, lavender, bitter lemon, neroli, myrtle, African orange flower and amber, Neroli Portofino is a citrus aromatic that I love to describe as memorable. Every Tom Ford fragrance is memorable. I remember my mom telling me when I was growing up that fragrance defines a person, and that’s why she only wore fine fragrances. She still does to this day. To me, Tom Ford fragrances speak of character. Tom Ford just debuted his latest Private Blend fragrance, Bitter Peach, which is defined as “a voluptuous lure that captures nectar-filled flesh at its bursting, luscious peak, where sweet turns suggestive and addiction is inescapable.” The “intoxicating” fruit-floral opens with Pêche de Vigne and Sicilian Blood Orange Oil, releasing the sweetness of Bitter Peach. Spiked with the lavish spiciness of Cardamom Oil, the impression of explicitly ripe and voluptuous flesh comes to life. A sensual heart reveals itself through the bitterness of Heliotrope fused with Davana Oil—both infused with heady Rum Absolute and Cognac Oil.

Jasmin Absolute Sambac delivers an uninhibited exploration of desire. The final depth ignites as a sumptuous mélange of Sandalwood Absolute, Benzoin Resinoid and Cashmeran erupting into a rich drydown. With a surge of Vanilla, Tonka Bean Absolute and Patchouli Oil Indonesia, the climax prolongs Bitter Peach’s addictive power. The Tom Ford Bitter Peach bottle has been designed with exquisite detail. The 50 ml flacon is designed with an opaque inner lacquering and a tinted translucent outer layer to provide depth and

dimension. The color was inspired by the array of shades at the peach’s luscious center and vintage colored glass. The 250-ml decanter is not a bottle you’d carry in your bag but it would look sublime and elegant on your dresser. The bottle features the same evocative use of peach tones, with a cord tied around the neck of the bottle. This unisex perfume would make a great holiday gift for anyone who loves and appreciates good fragrances. This will be available soon at Rustans. com or Home Delivery Service from Rustan’s Makati, Adora Greenbelt 5, SM Mall of Asia and SM Makati. ■

LVMH bounces back on demand for Louis Vuitton and Dior bags BY ANGELINA RASCOUET Bloomberg News THE owner of Louis Vuitton enjoyed an unexpected rebound in consumers’ appetite for dresses and monogram bags, buoying third-quarter sales. Organic revenue at LVMH’s fashion and leather goods unit jumped 12 percent in the third quarter as the world’s largest luxury company cited strong sales of items like Christian Dior’s $3,000-and-up Bobby bags. Analysts expected a 0.9 percent decline. The shares surged as much as 7.3 percent Friday in Paris, trading at the highest since January, after publishing the results late Thursday. Some consumers are eager to splurge despite a dire economic backdrop. LVMH’s performance shows how its leading brands are helping it weather the pandemic’s destructive economic consequences after lockdowns and travel quarantines sent the luxury industry into a deep slump. China is leading the rebound after it largely eradicated the virus domestically, and wealthy Chinese consumers are seeking comfort in retail therapy given ongoing curbs on international travel. Luxury firms including LVMH, Kering SA and Estee Lauder Cos. reported mid-double digit sales growth in China for the second quarter, while duty-free stores in Hainan recorded a 167 percent jump in sales during the week-long October national holiday. The upbeat report by LVMH, the first of the major European luxury players to report quarterly results, bodes well for others in the sector, said Luca Solca, an analyst at Sanford C. Bernstein. “We expect more players to follow this path—most notably Hermes,” he said in a note. However, some businesses fared worse. LVMH’s selective retailing unit—which includes DFS dutyfree outlets and Sephora cosmetics store networks— saw organic revenue slump 29 percent amid a halt in international tourism. With travel abroad nearly impossible, Chinese consumers who’ve driven the luxury industry’s growth are spending more at home. Pent-up spending desire during Covid-19 lockdowns earlier this year is also now being unleashed in so-called “revenge shopping”. The Louis Vuitton brand returned to growth in China in the third quarter, Chief Financial Officer Jean-Jacques Guiony said on a call. “Many wealthy Chinese consumers are switching their spending from international travel to luxury purchases,” said Amrita Banta, Singapore-based managing director at luxury consultancy Agility Research. “We have seen a lot of interest in more iconic brands and also we have seen people upgrading to the more well-known brands.” Demand should continue to grow in the second half and full-year luxury sales in China are projected to rise as much as 30 percent this year, said the Boston Consulting Group in a September report coauthored with Tencent Holdings Ltd.’s market research unit.

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DANISH BRAND GOES FOR THE CLICK ONE of the few major shoe manufacturers in the world to own and manage every step of the shoemaking process, the iconic Danish shoe brand ECCO is now just a click away as ECCO Philippines launches its online flagship store at Lazada (www. lazada.com.ph/shop/ecco-ph). The global leader for innovative footwear, ECCO combines style and comfort, great design and leather quality and, of course, innovative technology. Here, women can easily and safely shop for comfortable, versatile heels of all kinds, multipurpose sandals that provide stable fit while on the go, athletic yet feminine lightweight sneakers, stylish textile running shoes, and flats for a comfortable walk on

and off the trail. Men, on the other hand, can browse and shop through the vast array of premium leather shoes that mix artisan aesthetics and modern technology, sporty and breathable sneakers, comfortable running shoes, and walking sandals with great support. With stores at SM Megamall and SM Mall of Asia, and also available at The SM Store, ECCO was founded in 1963 in Bredebro, Denmark, by Karl Toosbuy and his wife Birte. Today, its products are sold in over 90 countries at 2,989 shops, and shop-in-shops and 15,000 sales points worldwide. The company is family-owned and the workplace to 21,000 employees.

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The World BusinessMirror

Editor: Angel R. Calso

Monday, October 19, 2020

US reports over 69,000 cases, total deaths top 219,000

S cases increased by 69,276, the fourth consecutive day of rising numbers and the most since July 29, according to data compiled by Johns Hopkins University and Bloomberg. The number, which ref lects Friday data, is 9 percent higher than the previous day’s, underscoring rising Covid-19 cases in most parts of the country less than three weeks before the election. Total US infections as of October 17 topped 8 million, while more than 219,000 people succumbed to Covid-19. Florida reported 4,044 new Covid-19 cases on Saturday, the most since Aug. 22, with the exception of two so-called data dumps that didn’t necessarily reflect current trends. Overall, cases rose to 752,481 over the course of the pandemic, according to the health department. Florida, along with Texas, California and Arizona, was among the hardest hit states in a summer surge of infections in the Sun Belt. Cases have been rising again around the nation, especially in the Midwest. Coronavirus fatalities neared 17,000 in both California and Texas on Saturday. California added 69 deaths and now has 16,899, while 81 more people succumbed to Covid-19 in Texas, for a total of 16,984. California, with 10 million more people than the less densely populated Texas, was among the first states to institute social-distancing guidelines aimed at slowing the infection’s spread. Ohio broke a record for new cases on

Saturday, the fourth straight day reporting more than 2,000 daily infections. Another 2,234 people were infected, the state reported, for a total of 180,225. The Buckeye State has added 30,000 cases in the last three weeks, for an average daily increase of 1,439. Like Wisconsin, Ohio is a swing state hit badly by the virus just before a presidential election in which President Donald Trump’s handling of the outbreak is a central issue. Another 13 people died for a total of 5,067. Indiana broke a record for new infections for the second day in a row, amid an unrelenting surge of cases in the Midwest. The state reported 2,521 cases, and while it said 100 were added old cases, the number still topped the record set Friday of 2,283. Total cases, rising since mid-September, are now 145,977 and deaths 3,685.

Key developments: Slovaks protest virus restrictions

Coronavirus restrictions triggered the first mass protest in Slovakia, with hundreds of demonstrators opposing mandatory facemasks and other restrictions in the east European Union nation violently clashing with the police.

Police used water cannon and pepper spray to disperse the crowd, which—in violation of a nationwide ban on association of more than six people—gathered in front of the Government Office in the capital, Bratislava. The police whose Facebook video showed protesters throwing stones said “several” people have been detained. After being one of the best countries in handling the first wave of the pandemic, new Covid-19 infections have been on the rise in Slovakia. The country registered 1,968 new cases on Friday, close to the record, and 11 deaths. The government this month banned all public events, closed bars and restaurants and imposed a requirement to wear facemasks outdoors, seeking to drastically limit the movement of people.

France Covid cases hit record

Vatican spokesman Matteo Bruni said on Saturday. All people in contact with the infected person, reportedly asymptomatic, were also moved out of the Casa Santa Marta and placed in isolation, the Catholic New Service reported. Two days ago, the Swiss Guard, which helps protect the pope, announced 11 cases among a total of 135 soldiers.

UK adds 100,000 cases in less than a week

The UK reported another 16,171 cases of coronavirus on Saturday and 150 deaths. The country has added more than 100,000 cases since Sunday, almost 15 percent of the cumulative total of 705,428. London and suburban Essex were among the locations to move to increased restrictions today, with people banned from meeting indoors with people outside their households.

France reported a record 32,427 new coronavirus cases in the past 24 hours as tighter restrictions went into effect in the country’s major cities to try to check the outbreak. The government has put in place a curfew effective Saturday in the Paris region and eight other metropolitan areas, confining people to their homes between 9 p.m. and 6 a.m. for four weeks. The number of new cases surpassed the previous record of 30,621, set Thursday, according to statistics on France’s national health agency website.

Italy breaks record again

Pope’s residence reports positive case

China finds virus on food packaging

A person living in the same Vatican residence as Pope Francis has tested positive, was moved out and placed into isolation,

Italy reported 10,925 new coronavirus cases on Saturday, the most in one day since the outbreak began; 47 people died compared with 55 on Friday. The number of patients in intensive care beds rose by 67 to 705. Italy had over 4,000 people in intensive care units at the peak of the outbreak in April. Italian Prime Minister Giuseppe Conte’s government may approve new restrictions on public life as early Saturday evening, according to government officials, who asked not to be named in line with their policy. China’s Center for Disease Control and Prevention said it found active Covid-19 virus on the outer component of refrigerated

food packaging, adding that it showed the possibility of infection via such contaminated surfaces, according to state broadcaster CCTV. The virus was found on food packaging in the coastal city of Qingdao in Shandong province, the report said, without specifying the origin of the product. Qingdao has reported a dozen new virus cases this month, most linked to a hospital where infected travelers from overseas are being treated.

Netherlands hit new daily record as king cancels holiday

The Netherlands found 8,141 new cases overnight, a new daily record, Dutch news agency ANP reported, citing health agency RIVM. The country’s king and his wife scrapped a vacation trip to Greece after an outcry at home as Dutch people were asked to travel as little as possible.

Belgium’s foreign minister tests positive

Belgian foreign minister and former prime minister Sophie Wilmes said she had tested positive for coronavirus. The infection probably occurred within her family circle, she said in a Tweet. Belgium is one of the countries most affected by the pandemic’s resurgence in Europe. The country’s 14-day running Covid-19 incidence rate is still rising and jumped to 621 per 100,000 population. Prime Minister Alexander de Croo had announced new stricter measures to control the pandemic on Friday evening, introducing a curfew, restricting close contacts further and closing restaurants and cafes for four weeks. Bloomberg News

Ailments in Covid-19 trials raise Opec, allies face growing pressure to change course as ministers meet questions about vaccine method W

wo Covid-19 vaccines stalled by potential side effects have one key feature in common: Both are based on adenoviruses, cold germs that researchers have used in experimental therapies for decades with varying results. Johnson & Johnson said late Monday it would pause its trial to investigate an illness, which it didn’t specify, in a study participant. Meanwhile, AstraZeneca Plc’s US trial of the vaccine it’s developing with the University of Oxford has been halted by regulators for more than a month after neurological symptoms arose in two volunteers. With AstraZeneca in a pit stop, vaccines from Moderna Inc. and the Pfizer Inc.-BioNTech SE partnership have taken the lead in the race to be first out with a shot. Meanwhile, the two paused trials are reviving questions about adenoviral vectors, which have been used in laboratory, animal and human experiments for years. In some cases, the experiments have succeeded, but not always. And this year, with Covid-19 vaccines entering strongly into the politics of the hour, transparency and trust are key to fighting a virus that’s hit more than 39 million people globally and hamstrung economies. If concerns about side effects in experimental vaccines in trials using adenoviruses are validated, it could boost skepticism in the general public and raise questions for other drugmakers. “While it could be a coincidence,” said Sam Fazeli, a Bloomberg Intelligence analyst, in a research note, “there’s still the possibility that adenoviral vector vaccines run a higher risk of rare side effects—such as autoimmune attacks like transverse myelitis—than those of PfizerBioNTech, Moderna or Novavax.” Pauses to investigate side effects aren’t unusual in vaccine trials, which require a high safety bar because they’re taken by healthy people. Oxford has said there’s insufficient evidence to connect the participants’ illnesses to their vaccine. Its human tests in the UK, South Africa and Brazil resumed weeks ago. Adenoviral vectors are well studied, versatile, and shown to be well tolerated, making them good candidates for Covid vaccines, AstraZeneca said in an e-mail. Reactions to the Astra/Oxford vaccine in early studies were comparable to those seen in previous trials of other vaccines using adenoviruses, the company said. Oxford researchers declined to comment. In some cases, experiments using adenoviruses have succeeded. Earlier this year, for instance, a J&J vaccine based partially on an adenovirus was approved to fight Ebola, which has killed thousands in Africa. In other experiments, though, there were disappointing results. In 2008, a vaccine using an adenovirus developed by Merck & Co. to prevent HIV was tied to increased infections among some who received it in a trial. Merck abandoned the shot, and several similar programs fell by the wayside. If investigators in the current trials determine the cause of the episodes is related to the vaccines, they would look for potential links to the adenovirus approach as well as to the spike protein the vaccine is designed to make to prepare the immune system for a real infection, according to Michael Kinch, a vaccine specialist at Washington University in St. Louis. At this point, he said, there’s not enough information to know. “Is this just random chance?” Kinch said. “First and foremost, there’s bad luck. If it turns out there’s a

correlation and a causation, then the conversation very quickly turns.” J&J said it’s still learning about the illness of the participant in its trial. The adenovirus in its experimental Covid shot has been used worldwide in more than 110,000 people, according to Paul Stoffels, the company’s chief scientific officer. “We are building very quickly on a very large safety database of the carrier,” Stoffels said in an interview before the trial was paused.

Switching genes

Discovered in human adenoid glands in 1953, adenoviruses have a number of features that lend themselves to drug delivery. While some infect human cells easily, they cause only mild symptoms in most cases. Strains that appear in different animals, such as cows and chimps, can be adapted to different purposes, such as veterinary vaccines. And best of all, scientists have found it relatively easy to mix and match genes within them, offering a variety of features and properties. “You take out the genes that control the ability of the virus to proliferate,” said Ron Crystal, a researcher at Weill Cornell Medicine in New York who pioneered the use of adenoviruses as vectors, “and put in your genes.” Viruses naturally add their genomes to those of cells, inducing them to make viral proteins. In the 1990s, researchers added genes to an adenovirus to make an enzyme that was missing in a genetic disorder. The idea was that infected cells would make the enzyme, curing the disease. Instead, the first patient to be treated this way died from a severe immune reaction. “We didn’t realize how immunogenic these viruses were,” Crystal said. The tragic death was a setback for gene therapy, which only revived in the past few years as a number of potentially life-saving therapies were approved, and even more are making their way through testing. In the meantime, drug and vaccine developers continued to build vaccines around much smaller doses of adenoviruses. When used in smaller amounts, the immune reaction to adenovirus is “not an issue,” according to Crystal. If anything, vaccine designers see the body’s immune reaction as a potential advantage, he said. “They’re essentially acting as an adjuvant, and that amplifies the immune response” to the vaccine, Crystal said. Pre-existing human immunity to chimpanzee adenoviruses like the one used in the Oxford vaccine is less of a concern, said Lindsey Baden, an infectious disease specialist at Harvard-affiliated Brigham and Women’s Hospital in a podcast sponsored by the New England Journal of Medicine. Still, with such new technologies, “safety is difficult to know,” said Baden, who’s worked in the HIV vaccine field for decades. “If you’ve studied it in 1,000 people, you don’t know a 1-in-10,000 risk; if you’ve studied it in 10,000 people you don’t know a 1 in 100,000, and so on.” If adenoviruses are associated with the side effects that have appeared in Covid vaccines, it may set back development of numerous projects, as it did with HIV and gene therapy. There are more than a dozen Covid vaccines in development based on adenoviruses, according to the World Health Organization. Bloomberg News

hen Opec and its allies met last month, Saudi Arabia’s energy minister dared oil speculators to test his determination to stabilize global markets. Now that a resurgent pandemic is threatening demand once again, the moment of reckoning is getting closer. The coalition of crude producers gathers on Monday to assess the state of the market. No supply decisions are expected until December 1 but leading members Saudi Arabia and Russia are already stepping up diplomacy. President Vladimir Putin and Saudi Arabia Crown Prince Mohammed Bin Salman have spoken twice by phone in a week—the first time the countries’ leaders have done that since the depths of the oil crisis in April, when they were hashing out a deal to cut supply and bring the price war to an end. With oil stuck at around $40, and more supply coming online from Libya, the cartel is now under pressure to revise its plan to ease those output cuts. It has already relaxed them by about 2 million barrels a day, and is due to add another 1.9 million in January. While members are publicly sticking with that plan for now, Opec SecretaryGeneral Mohammad Barkindo acknowledged on Thursday that demand is “anemic” and the cartel will act to prevent a market “relapse.” Its own internal reports points to the risk of a new surplus. And in private, delegates admit they’re open to delaying the increase when a formal decision is taken in six weeks. Influential voices in the market are already telling Opec+ to be wary about the

planned increase. Trading houses like Mercuria Energy Group, banks including JPMorgan Chase & Co. and institutions such as the International Energy Agency are counseling that markets remain too fragile to easily absorb the additional barrels. “Adding oil to the market at such a time is not an advisable gambit,” said Natasha Kaneva, an analyst at JPMorgan in New York. These views may be considered during Monday’s online session of the Joint Ministerial Monitoring Committee, chaired by Saudi Arabian Energy Minister Prince Abdulaziz bin Salman and his Russian counterpart Alexander Novak. The panel won’t decide on next year’s supply, which will be finalized at the larger ministerial meetings on November 30 to December 1. It’s a decision that will have profound implications not just for the Organization of Petroleum Exporting Countries—many of whose member nations need prices significantly above current levels to cover government spending—but also the wider industry, from shale drillers to majors like Exxon Mobil Corp.

Glimmer of hope

There have been glimmers of hope for oil prices recently that producers must take care not to snuff out. Global oil demand has recovered to 94 percent of pre-pandemic levels, depleting the world’s bloated inventories, the International Energy Agency estimates. Buyers in China, the world’s second-biggest consumer, are set to boost purchases after slowing down over the summer. Indian refiners are cranking up operations before the nation’s

two main festivals. Stronger consumption from the two Asian behemoths will play a big part in the final decision in December. Ministers will also consider data from other parts of the world as the virus spreads, and the result of the US presidential elections in early November. But a full return to prior levels of demand will take a couple of years, particularly for jet fuel, trading houses like Vitol Group and Trafigura Group predict. Opec+ also needs to keep whittling away global stockpiles to avoid another glut and a plunge in prices. If the group “adds production as scheduled in January, then we will not draw crude stocks anymore,” Torbjorn Tornqvist, chief executive officer of trading house Gunvor Group Ltd., said in an interview.

Libyan surge

Another reason to postpone the increase has emerged recently as Libya, exempted from the effort to restrain supply, restores output. The Opec nation has boosted production five-fold in just a few weeks after a military commander allowed ports to reopen. It’s now pumping 500,000 barrels a day following the restart of its biggest oilfield, and the IEA estimates another 200,000 a day could be added by the end of the year. An internal report presented at an Opec+ technical committee last week showed the group is aware of the dangers. While its central scenario predicted that global oil stockpiles will decline by 1.9 million barrels a day next year, it cautioned that if Covid-19 hits demand harder than expected and Libya stages a strong recovery, inventories could instead accumulate slightly. Bloomberg News

New Zealand’s Ardern credits virus response for election win

UCKLAND, New Zealand—A day after winning a second term in a landside victory, New Zealand Prime Minister Jacinda Ardern said on Sunday she sees the election result as an endorsement of her government’s efforts to stamp out the coronavirus and reboot the economy. Speaking at a café near her Auckland home, Ardern said she expects to form a new government within three weeks and to prioritize work on the virus response. “We’re cracking on very quickly with the work we need to do as a new team,” Ardern said. Her comments came as health officials reported one new case of community transmission after New Zealand went three weeks without any new infection. Officials said the man works on foreign ships at the ports, and they believe they caught his case early enough to contain the threat of further spread. In the election, Ardern's liberal Labour Party got 49 percent of the vote, crushing the conservative National Party, which got 27 percent. Ardern said the margin of the victory exceeded their expectations. The result will give Labour an outright majority in

New Zealand Prime Minister Jacinda Ardern reacts as she talks with colleagues at a café in Auckland, New Zealand on Sunday, October18, 2020. Ardern has won a second term in office in an election landslide of historic proportions. AP Photo/Mark Baker

Parliament, the first time any party has achieved that since New Zealand implemented a proportional voting system 24 years ago. Typically parties have formed alliances to govern but this time Labour can go it alone. Asked what she would say to those Americans who may draw inspiration from her win ahead of the US elections, Ardern said she hoped people globally could move past the partisan divisions that elections often accentuate. "That can be damaging for democracy, regardless of the side of the House that you sit on," she said. Ardern's popularity soared earlier this year after she led a successful effort to halt the spread of the virus by implementing a strict lockdown in late March. New Zealand has had fewer than 2,000 cases of the virus including 25 deaths. Ardern, 40, won the top job at the 2017 election. The following year, she became only the second world leader to give birth while in office. In 2019, she was praised for her empathetic response to a massacre at two Christchurch mosques in which a gunman killed 51 Muslim worshippers. AP

B6 Monday, October 19, 2020

Team Philippines to compete at GR Supra GT Cup Asia Regional Finals

FTER winning the national finals of GR Supra GT Cup Asia Philippines, Filipino e-Motorsport racers Terence Lallave, Lance Padilla, and Jose Luis Altoveros are now getting ready to represent the country at the regional finals to be held on October 25. The three racers who won Toyota Motor Philippines (TMP)’s first ever virtual racing tournament will compete with 12 formidable players representing India, Malaysia, Singapore, and Thailand - all of whom are top champions in their respective national rounds. The winners were officially introduced during an awarding ceremony led by TMP President Atsuhiro Okamoto. “I would like to congratulate our three winners for pushing their limits and giving their best. Lance, Terrence and Jose, go and make us proud!” said Okamoto.

To increase Team Philippines’chances in the Asian championship, TMP together with Tuason Racing, its official e-motorsport partner for the GR Supra GT Cup Asia Philippines, has been providing necessary support for team’s preparations for regional challenge. TMP also tapped PLDT Enterprise to be the Official Connectivity partner of Team Philippines to ensure fast, seamless, and lag-free Internet connection, while the team races with the challengers from other Asian countries on the virtual tracks of PlayStation's Gran Turismo Sport. “The current landscape has pushed all of us to come up with innovative ways to continue on with how we do things and technology has been a key enabler for many of these initiatives. With this, I would like to commend Toyota Motor Philippines for how they’ve pushed the envelope for racing through a groundbreaking virtual platform.

We are proud to partner with you on such undertaking and we look forward to seeing how this will raise the bar for the local sports industry,” said Jovy Hernandez, ePLDT President & CEO and SVP & Head of PLDT and Smart Enterprise Business Groups. “I think we have a good chance of placing well in the regional finals. We have a strong line up of drivers. We will prepare the drivers and with a bit of luck in the race, possibly get a podium position,” said JP Tuason, President of Tuason Racing. TMP and GR Supra GT Cup Asia Team Philippines look forward to everyone’s support towards the upcoming regional tournament. On the days leading to the October 25 finals, Filipinos may wish to post messages of support by using the hashtag #GRSupraGTCupAsia and #TeamPhilippines on social media. They may also follow the racers' journey through TMP's official Facebook account https://facebook. com/toyotamotorphilippines or via the GR Supra GT Cup platform on One Esports https://www.oneesports.gg/ grsupragtcupasia2020/. Most importantly, supporters may cheer for Team Philippines and post messages of support with the #TeamPhilippines hashtag during the broadcast of the race on October 25, 7:00 pm, via TMP's official Facebook Page. For more information on GR Supra GT Cup Asia in the Philippines, visit www.toyota. com.ph/gtcup.

Foodpanda spreads Christmas spirit with surprises of goodies, giveaways

ORE than the feasts, lights or gifts, it is the Christmas spirit that truly makes the Filipino Christmas uniquely special and beautiful. No challenge can ever dampen the merry that Christmas brings. To usher in the holidays, foodpanda will lighten up the nation with kumukutikuti-TAP: Isang Dosenang Pamaskong Hatid ng foodpanda (12 Surprises of Christmas). For the next 12 weeks starting this October 11, foodpanda will launch weekly surprises for everyone. Kicking off the celebration is foodpanda’s biggest promotion to date. Get a chance to win the hottest gadgets in gaming, entertainment and foodpanda vouchers. Here's how it works: Foodpanda is giving away P500 foodpanda vouchers to 1,200 users weekly. Whether you’re a gamer or just someone who wants to be entertained in style at home, you can count on it that you’ll enjoy what we have in store for you. Here are the other exciting prizes what you can win: Week 1. 12 winners of “Casual Gaming Package” which includes a PS4, PS VR Headset, PS camera, PS move controllers and gift certificates for PS4 games. Week 2. 12 winners will sing happy tunes this Christmas with the “Music

Package” which includes an AirPod Pro and an iPad Pro 128 GB. Grand Draw. 12 winners will celebrate with the “Ultimate Gaming Package”. foodpanda ambassador and celebrity gamer Alodia Gosiengfiao personally picked the gaming rigs included in the set which consists of a whopping collection of monitor, CPU, headset, mouse, and gaming chair. Another 12 winners of an “Ultimate Entertainment Package”, which includes a Samsung 4K 65” TV, a Samsung Soundbar 5.1 Channel, and a Bose Home Bluetooth Speaker. How to join? From October 1131, order in foodpanda restaurants, pick-up or shops with only a minimum order of Php299. Use the voucher code MERRYGALO on checkout. Each order using the voucher code is equivalent to one entry. The more entries, the higher chances of winning. Winners will be randomly drawn for the weekly prizes. All entries from Oct.11-31 are entitled to win in the Grand Draw. Watch out for more surprises from foodpanda through foodpanda's Facebook and Instagram pages.--- Ride on the fun and excitement, download the app today and be a part of foodpanda’s week by week Christmas Season surprises.

public schools in Maasim town. Among the recipients were Rogaya Bajunaid Integrated School in Bgy. Siguil, Datu Abdul Bali Integrated School in Bgy. Tinoto, Mangelen Integrated School and Arcal Elementary School in Bgy. Kamanga,

FDCP promotes unity, solidarity via PPP online

HE Film Development Council of the Philippines (FDCP) stages the fourth edition of its flagship event, the Pista ng Pelikulang Pilipino (PPP). It’s a gathering of almost anything and everything Filipino featuring at least 145 titles — 67 full-length films and 78 short films falling under 14 sections: PPP Short Films, Romance, Youth & Family, Classics, PH Oscar Entries, Genre, Bahaghari, Tribute, From the Regions, Documentaries, PPP Retro, Special Screenings, CineMarya, and PPP Premium Selection. PPP4 will be held from October 31 to November 15 on the FDCPchannel.ph platform. The Early Bird Rate worth PHP 450 for the 16-day Full Run Pass (PHP 599) is available until October 15 only. Other subscription options are the Half Run Pass (PHP 299) for eight days, Day Pass (PHP 99), and Free Pass (for short films and public events). Discounts will be available beginning October 16 for persons with disabilities (PWDs) and senior citizens (20%) and students (30%). "As we face a global pandemic, I believe that the PPP will highlight the importance of coming together to support and keep the film industry alive through the continued appreciation and love of Philippine Cinema by showing classics, indies, and contemporary films,” said FDCP Chairperson and CEO Liza Diño. “Despite the limited budget, FDCP is exhausting all efforts to support Filipino filmmakers in these challenging times by

holding the PPP as a representation of unity and a solidarity event that gives back to the filmmaking community greatly affected by the COVID-19 crisis,” she added. PPP Online 2020 is an FDCP-led omnibus project featuring a curation of films from local film festivals like the Cinemalaya Philippine Independent Film Festival, Sinag Maynila Film Festival, Cinema One Originals Film Festival, CineFilipino Film Festival, ToFarm Film Festival, QCinema International Film Festival, and Metro Manila Film Festival as well as from various producers and regional film festivals, plus FDCP’s PPP, CineMarya Women’s Film Festival, and Sine Kabataan. For more information, visit www. facebook.com/FDCPPPP.

Sterling Bank accepts digital payments through QR code

Alsons donates 1.3 M bond papers to public schools

S part of its corporate social responsibility, Alsons Power Group’s Sarangani Energy Corporation (SEC) recently donated a total of 2,776 reams or some 1,388,000 pieces of bond paper for use in the reproduction of learning modules in

RFID STICKER INSTALLATION. In compliance with Department of Transportation (DOTr) Department Order 2020-12 on cashless and contactless transactions in the expressways effective Nov 02, 2020, the House of Representatives thru Majority Floor Leader Cong. Martin Romualdez (center) supported by Transport Commitee Chairman Cong. Edgar Mary Sarmiento, conducted RFID sticker installation at the House of Representatives Complex. With him are Metro Pacific Tollways Managers Tonie Andulan and Leluck Reyes.

and Malbang Elementary School in Bgy. Malbang. School heads said that the donation has enabled them to reallocate resources allotted for bond paper, to the acquisition of additional printers and printing supplies. SEC operates a 210 mega-watt baseload thermal power plant in Maasim providing power to Sarangani province, Gen. Santos City, South Cotabato, and other areas of Mindanao. It is an active corporate citizen which takes part in the development of communities where they are situated. Alsons Power Group is Mindanao’s first private sector power generator and currently has four power facilities serving over 8 million consumers in 11 provinces.

TERLING Bank of Asia (SBA) continues to strengthen its digitization efforts by improving its online banking platform with the implementation of the Sterling Bank QR Pay. Among the BSP-supervised financial institutions, SBA is one of the first thrift banks that has adopted the National Quick Response Code Standard (QRPh). “The advantage of using QR code is that it facilitates instant payment or fund transfer without the need to manually key in the account details,” said Mr. Cecilio San Pedro, SBA's President and CEO. This lessens the errors and makes fund transfers and payments fast, safe, and convenient. QRPh makes QR codes of different banks and e-wallets interoperable. Through Sterling Bank’s mobile app, the QR Pay is now accessible to clients – offering a convenient alternative to sending funds to, or receiving funds from, other QRPhcompliant local banks and e-wallets.

"Now that our customers' financial needs are evolving and transactions are shifting more in favor of e-payments, we want to ensure that our digital platform addresses their banking requirements," added San Pedro. The bank’s online banking facility also allows fund transfers via Instapay and Pesonet. Fees for these transactions, including QR Pay, will remain free until December 31, 2020. In November 2019, BSP and the payment industry participants launched the National Quick Response (QR) Code Standard. With the growing acceptance and use of contactless payments, it is also set to introduce the person-to-merchant (P2M) transactions via QRPh soon to complement the person-to-person (P2P) transactions. For more information and updates about Sterling Bank of Asia, visit www. sterlingbankasia.com and download the Sterling Bank Online App to experience secure and convenient banking.

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Monday, October 19, 2020 B7

AKAP Guro Connected: A timely communications program for the country’s teachers I PR Matters

By Joy Lumawig-Buensalido

T happened nearly three months into 2020. Australia was still reeling from raging bush fires and our own Taal Volcano had just spewed mud and ashes on Cavite and Batangas. When the pandemic hit, it caught world leaders unaware, triggering varied responses and resolutions from governments, much of which were drastic and severe. Here in the Philippines, a country-wide lockdown was enforced and life as we knew it came to a standstill. For months now, circumstances remain fluid and unpredictable and every day is a learning experience. Although many businesses and commercial establishments have resumed operations, travel is still restricted and leisure activities are onhold. Quarantine restrictions remain in place to help contain the virus, and to protect us from the contagion. Because we are still in the grip of this global health crisis, adhering to health protocols is now our daily ritual. With uncertainty written into our future, one thing is keeping us steadfastly rational and hopeful: our ability to reach out to one another. Communication has become even more critical for everyone. We rely every day on advisories and announcements from social media, and check out reliable news platforms for real time information. We are more eager for news. We want to know exactly what is happening, to determine what needs to be done, to call for help and to be of help to those who may need it. Communication, in fact, has been at the heart of everything in this pandemic. And effective communication, undoubtedly, is decidedly the tallest order now, most especially when we await positive action from government and non-government agencies that lead the country’s response to the Covid-19 crisis.

“BIDA Solusyon sa Covid-19”

ONE of the government agencies providing critical communication services is the Department of Health. Apart from regular updates about the virus and the daily bulletins about the statistics on Covid-19, the DOH, on behalf of the IATF(Inter-Agency Task Force for Emerging Infectious Diseases) and in coordination with the Presidential Communications Operations Office, has launched a nationwide communications campaign dubbed “BIDA Solusyon sa Covid 19.” BIDA actually stands for critical actions that are being heavily promoted for strict compliance: B-awal ang walang mask, I-sanitize ang mga kamay at I-was hawak sa mga bagay, D-umistansya ng isang metro, at A-lamin ang totoong impormasyon. The BIDA Solusyon sa Covid-19 communication plan was cleverly executed in computer graphics that tilt the focus of the call for action in favor of a more positive and action-oriented note rather than a depressing or commanding tenor. Considering the current sentiments of the Filipinos, the government must motivate people to comply with protocols and to be hopeful that we can beat the pandemic. It is not an easy task, but the DOH’s BIDA Solusyon has been gaining support from more companies to echo the campaign. Acronyms like BIDA seem to be one effective way of reaching the minds of, and communicating a message to, Filipinos. In a recent online guesting for an AKAP Guro webinar, Dr. Beverly Lorraine Ho, DOH’s Director IV from the Health Promotion and Communication Service Group, explained that the BIDA campaign is a public-private partnership effort to encourage changes in people’s health-seeking behavior and to push for adoption of preventive measures to help us win the fight against Covid-19. She stressed that strict adherence to minimum health standards is not just protection for one’s self but for others as well.

Opportunities in the middle of a pandemic

SPEAKING of communication during the pandemic, my team and I were privileged to be a part of AKAP Guro: Connected, a recent project of Unilab's External Affairs Division, which has been consistently engaging the education sector for the past few months. Still fresh from the monthlong National Teachers Month celebration in September, it is important for us, I believe, to give much-deserved recognition to the almost one million Filipino teachers in the country today. And this is what the AKAP Guro program has been doing since June of this year.

AKAP (short for Alaga sa Kalusugan ng Pamayanan) Guro: CONNECTed is presented by Unilab, Inc., the country’s leading pharmaceutical and health-care company, and RiteMed Tamang Alaga. It gets the education sector involved through a series of webinars that provide information on physical, emotional, and psychological health. The program, launched early this year, was triggered by the Covid-19 pandemic. I personally witnessed what an awesome challenge all teachers faced when they went back to their teaching duties earlier this month. Why launch a new program in the middle of a pandemic, and why choose to engage teachers who are not part of the healthcare system? While many companies have suspended their operations indefinitely, Unilab, through its External Affairs Division, launched AKAP Guro CONNECTed as an immediate and responsive support for the teachers who have had to bear the burden of transforming their curriculum to modular learning to ensure that students will continue to receive quality education—while everyone is on quarantine. Unilab believed that teachers need to have partners who could assist them, most especially during the crucial time of planning for a safe learning environment before the school opening, which was originally scheduled on August 24.

Teachers as frontliners

LIKE medical and health professionals, teachers are now considered frontliners. Given the enormous task of resuming classes at a critical time and transforming decadesold curriculums to modular learning in a short period of time, the teaching community deserves affirmation for its hard work and the unwavering commitment it has been providing not just to students but also to Filipino families. Whether they are fully equipped or not is immaterial; the teachers have responded to the challenge as best as they can. For this reason, Unilab recognized that there was a communication gap that they could fill in as a partner/institution. Aside from transforming their curriculum for online learning, teachers had to plan well to ensure that the school can address the threats of Covid-19. The principals and teachers had to be equipped with the right medical information, and to

come up with a working plan and the capacity to implement it. More importantly, they also needed to know how to take care of themselves for the daily physical, mental, and psychological rigors of the profession. An advisory council composed of six pediatric infectious disease experts was formed to develop learning modules for the teachers. Several webinars were designed to ensure that the information presented are well within the perspective of the teachers’ needs and situationers where they might compromise their safety. Consultation and sharing of best practices were also facilitated so that the principals could be guided in their safety protocols and if they needed enhancements to their existing programs. A lthough many free daily webinars were offered to teachers in the past few months, A K A P Guro focused pr imarily on health-related matters, a niche that Unilab can comfortably take, having been in the health industry for a long time.

AKAP Guro: In the Service of Dedicated Teachers

IT is also interesting to note that Unilab partnered with the Philippine Educational Theatre Association (PETA) in producing creative learning materials that the teachers may use for their students in communicating, among others, the importance of minimum health standards and the value of social connection amid the pandemic. Art, after all, is a powerful medium in cultivating the minds of the young. And being able to influence the health-seeking behavior of the public through art forms could be an excellent case study in communicating with a specific target audience in mind. Perhaps, this is also within the same breadth or scope that can support DOH’s BIDA campaign. When I asked Unilab about the whys and hows behind this program, I was able to see through the wisdom of a 75-year-old company that has stood the test of time. According to Claire de Leon Papa, assistant vice president/head of Unilab's External Affairs Division: “As in any disaster that our country experiences, it comes naturally for our company to think of those who are affected and those who need help the most in this pandemic. We never thought of AKAP Guro CONNECTed as a temporary

program being launched. We thought of it as a service that we can provide to respond to an urgent need. It is an expression of the Filipino values of malasakit and bayanihan. “At the end of the day, if our audience will tell us that they learned a lot and that they will be able to use the information that they have learned, then that’s mission accomplished. “If the teachers or school administrators will tell us that they felt lighter and more secure about the school opening because of the tips that they were given, then that’s a task that we were able to deliver. Now more than ever, the education sector needs the support of everyone so that we can collectively help the teachers, not to mention the parents and the students, in any way that we can. The future of our country lies in the hands of our dedicated teachers. They absolutely deserve our attention, our help, and most especially, our trust and confidence.”

‘Laban lang, teachers’

I HAVE to add that I was particularly moved by a jingle that AKAP Guro used to give a musical tribute video to the teachers. They decided to adapt the lyrics of a very catchy jingle of Unilab entitled “Laban Lang” to “Laban Lang, Teachers” which basically inspired them to be strong, to fight for their profession and for everyone's future. Here's a part of those lyrics: “Laban lang, Sugod lang...Lalaban para sa kinabukasan...” This is certainly a time to rally not only teachers and their students, but all Filipinos to fight the dreaded Covid-19 together. And communicating relevant and timely messages and action such as what AKAP Guro is doing is like embracing them wholeheartedly with the love and support they need. PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premiere association for senior communications professionals around the world. Joy LumawigBuensalido is the president and CEO of Buensalido & Associates Public Relations. PR Matters is devoting a special column each month to answer our readers’ questions about public relations. Please send your questions or comments to askipraphil@gmail.com.

Sports BusinessMirror

B8 Monday, October 19, 2020

SASO

Saso ties for 10th despite final round rally in Chiba tilt

UKA SASO fell short with her final-round rally and settled for joint 10th with a two-under 70 in the Fujitsu Ladies 2020 won by former Korean No. 1 Jiyai Shin in Chiba Prefecture, Japan. Five strokes proved to be too big a deficit to overcome for Saso failed to topple a 5-stroke deficit despite calm conditions at the Tokyu Seven Hundred Club course, missing two birdie chances before closing out her frontside with a bogey-birdie roll. The International Container Terminal Services Inc.-backed power-hitter nailed two birdies against a bogey after six holes at the back then recovered from another bogey mishap on the treacherous par-5 16th with back-to-back birdies for a 34 and a 70. With the strong windup, Saso salvated a Top 10 finish in the 54-hole, ¥100-million event to find herself five shots off the pace with a 214 total, which included an opening 70 and a 74 in the rain-hit second round. She pocketed ¥1.935 million (P900,000). Shin pounced on erstwhile leader Saki Asai’s frontside struggle (37) and took charge with a 35 then flashed vintage form to pull away with three birdies in the first seven holes at the back for a 69209 and a two-stroke victory over compatriot Bae Seon Woo and last year’s champion Ayaka Furue. It was actually Shin’s only third tournament in the pandemic-shortened Japan Ladies Professional Golf Association season although it was the 25th JLPGA title for the 32-year-old, who had racked up 11 LPGA Tour victories, six titles in the Ladies European Tour and 21 championships back home in a checkered pro career. Woo carded a 70 on four birdies against two bogeys while Furue, winner of the Tokai Ladies Classic last month, rallied with a scorching 66 for joint second at 211. Sakura Koiwai finished tied for 12th after a 71 for 215, but in the process remained on top of the Player of the Year race after nine tournaments with 863.86 points with Saso still in second with 808.85 points. Saso, however, kept the money rankings lead with a total of Y68,115,250 with Koiwai in second with ¥56,456,142 and Ayaka Watanabe at third with ¥54,615,500. Over in Florida, Dottie Ardina struggled with a 76 and finished tied for 54th with a 227 in the Mission Inn Resort and Club Championship of the Symetra Tour won by Finnish Matilda Castren (71207) in wire-to-wire fashion Saturday.

Juico expects 16 beach volley squads in Subic

TROLLANO, SUMANG: ELITE GAME CHANGERS T

By Josef Ramos

HE Blackwater Elite are pushovers no more—thanks primarily to the dynamic duo of Celedonio “Don” Trollano and Shej Roi Sumang. “Before, the other teams consider us as ‘a bonus game,’ meaning they get a guaranteed win each time they play us,” Trollano told BusinessMirror from the Quest Hotel inside Philippine Basketball Association’s Clark bubble on Sunday. “But now, we wanted to change that mindset. We’re going to fight and be more competitive. It’s time to change that mentality,” Trollano added. Sumang agreed. “In the previous seasons, Blackwater was always a bonus for the other teams. And we wanted to change that,” Sumang said. “Coach Nash [Racela] is also winner and he doesn’t like to lose.” Blackwater’s two wins in three games were proof of that change in image for the Elite—from whipping boys to winning men in the bubble season. Trollano, 28, has been averaging 19.3 points and 10.3 rebounds, while Sumang, also 28, piled up 14.6 points, 4.6 rebounds and four assists in their first three games. The Elite blasted Northport, 96-89, last Monday before giving Barangay Ginebra San Miguel a scare in a 99-103 loss. They bounced back huge against NLEX last Saturday with a 98-88 victory to give Racela a 2-1 win-loss record. “It’s in the minds of my teammates to change our image,” said Trollano, who stayed in in his hometown in Calamba, Laguna, during the lockdown, keeping his skills to a luster by his lonesome in a makeshift court for almost seven months.

For Sumang, the unique season became a sort of a reunion with his batch of 2012 in the University Athletic Association of the Philippines (UAAP)—he playing for University of the East, Trollano for Adamson University , Paul Desiderio for University of the Philippines, Ed Daquioag for University of Santo Tomas and Mac Belo and Mike Tolomia for Far Eastern University). “Even our coach, Nash Racela, was also part of that batch which were all considered winners during that time. It’s only big brother KG who is not part of that batch,” said Sumang,

referring to Niño “KG” Canaleta who played for UE in 2003. The TNT KaTropa shipped Trollano to the Elite last season in a trade—with Anthony Semerad and a 2021 first round draft pick for Bobby Ray Parks Jr.—that eventually complemented Sumang and the other Elite’s fast-paced game. Trollano was on Head Coach Yeng Guiao’s national team to the 2018 Asian Games had to sit out the tournament after the Indonesian organizers allowed National Basketball Association player Jordan Clarkson to play. TNT Tropang Giga meanwhile, shoots for a commanding 4-0 record when it squares off with fellow undefeated Phoenix Super LPG at 4 p.m. on Monday in the Philippine Cup at the Angeles University Foundation gym in Pampanga.

Roger Pogoy, who booked a career-high 45 points in TNT’s 100-95 win over Alaska, is a doubtful starter for Monday with an ankle injury. But the team still has Bobby Ray Parks Jr., who also made a career-high 40 points in their 112-101 rout of Terrafirma last Tuesday, and John Paul Erram, who recorded a personal best 27 points and 15 rebounds in a 107-88 win over San Miguel Beer last Friday, when they face the Fuel Masters. Phoenix (2-0), which is looking forward to the return of the suspended Calvin Abueva, is coming off a 116-98 win over Meralco and 110105 victory over Northport. San Miguel Beer (1-2), down with a second key man when Terrence Romeo left the bubble for good over the weekend with a dislocated right shoulder, battles Terrafirma (0-2) at 6:45 p.m. June Mar Fajardo is out of the short season as he recovers from a leg injury.

CELEDONIO “DON” TROLLANO, shown battling for the rebound against Ginebra’s Scottie Thompson in a previous game, and Shej Roi Sumang are helping change the Elite’s image.

3x3 LEAGUE TIPS OFF WEDNESDAY I T’S a go for the Chooks-to-Go Pilipinas 3x3 President’s Cup powered by TM on Wednesday after all 58 players from the 12 participating teams—as well team and game officials and staff—tested negative of Covid-19. “Of the 58 players tested for Covid-19, none was confirmed positive,” said the league’s independent medical consultant, Dr.

Rodrigo Angelo “Butch” Ong, on Sunday. Hostilities in the first conference of the country’s first professional 3x3 league endorsed by the International Basketball Federation begins at 1 p.m. on Wednesday. The next three legs are set on October 23, 25 and 27 while the Grand Finals which offers P1 million as the top prize will take place on October 30. The teams took part in a series of scrimmages in preparation for a short preseason tournament on Monday. Also testing negative are the 122 league officials, staff, and essential workers inside the now so-called Calambubble.

Juan Gómez de Liaño, meanwhile, is back to his true love—3x3 basketball. The 6-foot-1 guard, who took a break from his duties with University of the Philippines, will suit up for the Nueva Ecija Rice Vanguards in the President’s Cup alongside Gab Banal, who played for Bataan and Basilan last season, and Tonino Gonzaga and Jai Reyes. For Juan, who holds a special guest license from the Games and Amusements Board, they didn’t join the tournament that begins on October 21 and ends on October 30 to merely participate. They joined to take over. “We joined the tournament with one mindset—to win.”

Lopez upsets Lomachenko

HE Philippine Superliga (PSL) returns to action with the Beach Volleyball Challenge Cup 2020 on November 26 in Subic. PSL Chairman Philip Ella Juico said that the league is now preparing to restart its season after the Inter-Agency Task Force on the Management of Emerging Infectious Disease (IATF) gave the PSL the green light to play. A former chairman of the Philippine Sports Commission, Juico said his team has formed a medical committee that would work with the (IATF and Department of Health (DOH) to make sure that all safety and healthy protocols are met. The PSL, Juico said, would implement min imum protocols, including regular body temperature checks, social distancing and wearing of masks and shields. The league will also designate a single entry and exit point and make sure that packed meals are distributed in orderly manner to avoid contracting the coronavirus. “We’re doing all of these for our fans and supporters who have waited long enough for intense volleyball action,” Juico said. “Restarting the season is not easy. But we are willing to do it for our fans, players, coaches, team owners, league personnel and all stakeholders.” Juico added that the PSL’s host— the Subic Bay Metropolitan Authority (SBMA)—has been supporting the league in crafting all the health and safety protocols. The PSL staged its last tournament in March—featuring imports from from the United States, Serbia, Montenegro and Canada. Juico expects all of the PSL member teams—Petron, F2 Logistics, Cignal, Chery Tiggo, PLDT Home Fibr, Generika-Ayala, Marinerang Pilipina and Sta. Lucia—to field two teams each in the Subic tournament.

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

JUAN GÓMEZ DE LIAÑO takes a break from his duties as a Fighting Maroon to play for the Nueva Ecija Rice Vanguards in the Chooks-to-Go Pilipinas 3x3.

thought he could do—outbox perhaps the best technician in boxing. Lopez (16-0) added the three titles held by Lomachenko (15-2) to the belt he won last year to become the undisputed 135-champion. Lopez was favored 119-109, 117-111 and 116-112 on ringside scorecards in a bout held without fans at the MGM Grand conference center. The Associated Press had Lopez winning 117-111. Lopez proved faster and stronger than the 32-year-old Lomachenko, who won two Olympic gold medals as an amateur and was regarded as one of the top pound-for-pound

BLEACHERS’ BREW RICK OLIVARES bleachersbrew@gmail.com

Podcasting I AM currently doing three podcasts—Cold Brew which is my anything goes podcast about music, sports, lifestyle and travel; Haul of Justice which is a pop culture podcast sponsored by Filbar’s that will debut this Thursday, October 22; and The Boot Room that will appear on Premier Football (Sky Cable channel 265) this Friday, 23 October. I think I am one of the first podcasters in the Philippines having done The Back Four Bums—a Philippine football show I did with my colleagues Bob Guerrero, Cedelf Tupas and Ebong Joson in 2011. Around the same time, I did a comic book podcast with Jiggy Cruz and Chef Edward Bugia called, Level 7. I have done a few more since then. And that leads me to now. While living in the US, I loved listening to late night radio talk shows. Even when I should have been sleeping, I stayed riveted along with thousands of others in the New York-New Jersey area listening to stories of hope, heartbreak and intrigue. And it also reminded me of the film, Sleepless in Seattle, that I loved not only because of Tom Hanks and Meg Ryan, but also because of its romantic late night radio talk shows. When I began listening to ESPN’s various podcasts such as First Take, Pardon the Interruption, Baseball Tonight with Buster Olney, the Bill Simmons’ Podcast and others, I knew what I wanted to do. Although I’ve done television work, it’s a tough job to break into because of favoritism, a barkada system, and well, you don’t easily replace icons, I ventured into podcasting as an alternative venture. In this pandemic, I returned to it with good friend, Ariel Vanguardia, doing a series of Usapang Basketball and Hoops Coach International podcasts. Doing music, sports and pop culture podcasts is fulfilling as they are my passions. Well, there’s travel, but I guess that will resonate better when this pandemic is over. Doing these podcasts brings me back to those late nights in Manhattan with my radio dial tuned to WFAN and other stations. Cold Brew is a solo show and so far, I have interviewed Ateneo Blue Eagles Coach Tab Baldwin, OPM legend Jose Mari Chan, and another local music icon in Raymund Marasigan (of Eraserheads, Sandwich, Pedicab, Assembly Generals, Gaijin, Cambio and Basement Lung fame). I air these when I can and depending on my sked. For Haul of Justice (Thursday 8 p.m. on Filbar’s Facebook page), I am with Jiggy Cruz once more and ABS-CBN’s Nikki de Guzman. In the Boot Room (on Fridays over the Premier Football on Sky Cable Channel 265 and Cignal Channel 271), I will be working with former Azkals Anto Gonzales and Nate Burkey, another former national player in Rely San Agustin, and women’s football player and Coach Simone Jaldon. Here’s hoping you tune to these podcasts and give them a try. And of course, would love to get some feedback so I can do better.

fighters as a pro. The Philippines’s John Vincent Moralde, meanwhile, suffered a stinging firstround technical knockout loss to Mexico’s Jose Enriquez Vivas in an eight-round featherweight undercard of the LomachenkoLopez fight. Vivas connected a series of crisp body shots that sent Moralde to his knees. The referee called the fight off only one minute and 44 seconds into the fight. Moralde fell to 23-4 record with 13 knockouts while Vivas improved to 20-1 with 11 knockouts. AP

AS VEGAS—Teofimo Lopez was brash enough to challenge Vasiliy Lomachenko, and good enough to beat him. Lopez dominated early and finished strong Saturday night to win a unanimous 12-round decision over Lomachenko to unify

the lightweight titles in a fight he demanded even though some thought he wasn’t experienced enough. Lopez took advantage of a slow start by Lomachenko to build up an early lead, then finished the fight with a big 12th round that left Lomachenko bloodied and beaten on the scorecards. The 23-year-old from Brooklyn became the unified lightweight champion and managed to do what few in boxing

Valientes proud Zamboangueños

HE Zamboanga Valientes, the only full all-homegrown team, will be competing in the Chooks-to-Go Pilipinas 3x3 President’s Cup set from October 21 to 30 in a bubble at the Inspire Sports Academy in Calamba, Laguna. “This is a big opportunity for the Valientes to be able to play in the first professional 3x3 in the country, and we want it to be more meaningful because we are the only team that will represent Zamboanga City with all the players born in Zamboanga City,” said Junnie Navarro, son of team co-owner Cory Navarro. The Valientes will be parading exPhilippine Basketball Association (PBA) player Rudy Lingganay, Gino Jumaoas, Darwin Cordero, Das Esa, Arar de Leon, Med Salim and 3x3 veteran Jon Rebollos. “Zamboangueños are very proud of this team because the players are full blooded Zamboangueño,” said Coach Joseph Romarate of the team owned by philanthropist Cory

Navarro and Mike Venezuela. The team is also solidly supported by Zamboanga City Mayor Maria Isabelle “BengZ” Climaco-Salazar, who congratulated the team and Chooks-to-Go Pilipinas 3x3 for pushing through with the league amid the Covid-19 pandemic. The Valientes showed that they are capable of outplaying competitive teams as they pushed Pasig Kings, champions of last season’s Melmac Cup, to their limits.

THE Zamboanga Valientes—(from left) Gino Jumaoas, Med Salim, Rudy Linganay, Arar de Leon and Jonjon Rebollos—are fullblooded Zamboangueños.