BusinessMirror October 23, 2020

Bicol, NCR, Davao fastest-growing regions

By Cai U. Ordinario

T

HE Bicol, Metro Manila and Davao regions were considered the fastest growing nationwide last year, according to the Gross Regional Domestic Product (GRDP) data released by the Philippine Statistics Authority (PSA).

The PSA said the Bicol region posted the fastest growth at 7.4 percent in 2019, followed by the National Capital Region (NCR) at 7.2 percent and Davao Region at 7 percent.

ROWS of lechon [roasted pig], a regular fare at Philippine festivities, especially Christmas, are displayed in La Loma, Quezon City. Aside from the falling consumption pattern since the lockdowns in March to stem the pandemic, sellers reckon with the impact on hog supply of the African swine fever, which recently infected hog farms in five Mindanao provinces. NONOY LACZA

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Other regions that posted high GRDP growth were Ilocos Region at 6.9 percent, Cagayan Valley at 6.7 percent and Western Visayas at 6.4 percent.

Meanwhile, real per capita GDP in 2019 reached 4.5 percent.

Bicol Region topped the regional economies with 6.2 percent per capita growth followed by Ilocos Region at 5.9 percent, NCR at 5.8 percent, and Cagayan Valley at 5.5 percent.

“In terms of per capita index

relative to the national levels, NCR posted the highest per capita index at 253.2 in 2019. All other regions posted lower indices than the national average,” PSA, however, said.

In terms of production, services grew the fastest at 7.5 percent followed by industry at 4.7 percent and agriculture, 1.2 percent in 2019.

Regions that registered the fastest growth in services were Caraga Region at 11 percent, followed by Bicol Region at 10 percent

and Eastern Visayas and Cagayan Valley, both at 9.1 percent.

In terms of share, PSA data showed NCR registered the biggest share of 42.7 percent in services in 2019 followed by Calabarzon at 10.6 percent.

Meanwhile, the regions with the highest growth in industry were recorded in BARMM at 10.2 percent, followed by Davao Region and NCR at 9.6 percent and 7.5 percent, respectively.

See “Regions,” A2

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Friday, October 23, 2020 Vol. 16 No. 15

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RICE IMPORTS REFORMS .5-M OFWs affected by pandemic, says Bello

By Jasper Emmanuel Y. Arcalas & Cai U. Ordinario

T

HE Cooperatives Development Authority (CDA) opposed a blanket ban on the participation of cooperatives in rice importation as it may discriminate against legitimate groups, but lawmakers and government officials maintained that the move is a done deal.

By Samuel P. Medenilla

T

HE employment of at least half a million overseas Filipino workers (OFWs) was affected by the Covid-19 crisis, according to the Department of Labor and Employment (DOLE).

As of Wednesday, Labor and Employment Secretary Silvestre H. Bello III disclosed 505,837 OFWs were already “affected” by the pandemic.

Of these figures, he said 9,402 became infected with the disease.

The remaining 496,435 workers became displaced, when they permanently lost their jobs or are momentarily not able to return to work.

Senators and the Department of Agriculture (DA) have already agreed to only allow traders and corporations to import rice during certain months of the year to avoid having this overlap with local harvest, a situation that could lead to glut and plunging prices.

During a Senate hearing on the dummy-for-traders scheme in the rice importation business on Thursday, Agriculture Undersecretary Rodolfo V. Vicerra said they are now Continued on A2

‘PHL HAS 3 OPTIONS ON RICE IMPORTS WITHOUT BREACHING WTO RULES’

Repatriation efforts

BELLO said 104,000 of these OFWs still refused to come home despite having no employment in their host countries.

Most or 260,575 of the displaced workers have already been repatriated and are now in their hometowns.

Another 131,047 OFWs are scheduled to be brought home by the government before the end of the year. “They will be repatriated at an average of 1,005 to 3,000 per day,” Bello said.

The labor chief reiterated his hopes the payment issue between the Philippine Health Insurance Corporation (PhilHealth) and the Philippine Red Cross (PRC) is resolved soon to ensure the swift processing of these home-bound OFWs.

T

HE Duterte administration has three options to regulate rice importation without violating existing rules of the World Trade Organization and the Rice Tariffication Law, the head of the Senate’s Economic Affairs committee said.

Sen. Imee Marcos made the assurance at the Senate joint hearing of the Agriculture, Agrarian Reform and Ways and Means committees, convened to tackle Senate Resolution 536 seeking to improve rice importation procedures.

“There are non-trade measures that are recognized by WTO [World Trade Organization], so we should not use as excuse that we will be in breach of WTO,” the senator pointed out, speaking partly in Filipino.

For instance, Marcos cited their request for a 90-day prohibition on imports before harvest, to protect local farmers from a glut that could trigger a plunge in prices. She said this could be presented as a “specific seasonal ban that we need to develop and support depressed rural communities whose main income derives form rice.” When it is “this specific, the WTO cannot have an issue with that. That’s not NTB [non-tariff barrier],” she explained.

“Kaya wag tayong papa-andaran ng kung sino na bawal ‘yan. Hindi ‘yan bawal. Ilalagay natin na very specific for the protection and development of rural [communities]. Maga­ ling po kayo dyan, kayang-kaya [Let’s not be dissuaded by socalled experts; that’s not prohibited. You’re good at presenting that].”

See “Rice,” A2

PESO EXCHANGE RATES n US 48.5890

Lower deployment OVERSEAS Filipino workers from the United Arab Emirates arrive on Wednesday at the Ninoy Aquino International Airport in Pasay City. Thousands more arrived later in the afternoon from the Middle East as part of the continuing repatriation program of the government. Authorities scrambled to have more Covid-19 testing facilities marshalled for the returnees after the Philippine Red Cross stopped conducting tests on the failure of the Philippine Health Insurance Corp. to pay a P930-million debt. NONIE REYES

BELLO noted the pandemic also impacted the deployment of OFWs, declining 60 percent from January to September this year compared to the same period in 2019.

See “OFWs,” A2

n JAPAN 0.4648 n UK 63.8751 n HK 6.2695 n CHINA 7.3064 n SINGAPORE 35.8802 n AUSTRALIA 34.5565 n EU 57.6363 n SAUDI ARABIA 12.9557

Source: BSP (October 22, 2020)

News BusinessMirror

A2 Friday, October 23, 2020

In pandemic, hospitals’ 2021 budget cut ₧2B Continued from A8

HONTIVEROS: “We’ve crippled funding for prevention, and we are further crippling the budget for treatment.” PNA

The country’s 3.31-percent average critical case rate translated to around 588 people hospitalized every week. And yet, she noted, the top three hospitals that suffered the biggest cuts were major Covid referral centers in cities with the highest number of cases in their regions.

For instance, Quirino Memorial Medical Center (QMMC) in Quezon City, which has “the highest number of cases in the whole Philippines,” is currently at “warning level” status at 67.2-percent bed occupancy, Hontiveros pointed out. Despite this, it was refused P305.48 million for optimal operations.

Hontiveros also cited Southern Philippines Medical Center in Davao, which incurred a P699.2-million budget cut, even as it is currently at full capacity for Covid-19 patients, and is filled at 97-percent general ward occupancy. Corazon Locsin Montelibano Memorial Hospital was “also denied P242.19 million, despite being a major Covid-19 testing center in Bacolod City.”

Most of these hospitals, the senator said, “are in emerging, if not current, hotspot areas. Shouldn’t common sense tell us that when the threat is rising, we provide reinforcement? We don’t know when this pandemic will end, so our hospitals have to be ever-ready to deal with the influx of patients.”

In what may well be the most serious health emergency in decades, Hontiveros said, “We have no choice but to give these hospitals what they need. The consequences could prove fatal. Many might die because they were refused care when they needed it the most. This can be prevented if we channel funds wisely.”

Alongside reduced hospital operation funds, the budget for Prevention and Control of Communicable and Non-Communicable Diseases was also refused a “massive” P10 billion, Hontiveros said, adding: “we’ve crippled funding for prevention, and we are further crippling the budget for treatment.”

Health officials concerned cannot treat this as “business as usual,” she said. “Our hospitals need to be extremely fortified to deal with the rising number of cases.”

Meanwhile, she said, “We also need to take into account non-Covid patients who need attention,” she said. “Other diseases didn’t disappear with Covid-19 so we should boost the budget in this major battle.”

The senator earlier pressed for an additional P48.7 billion in the DOH’s total budget to prepare the country to transition to the new normal in 2021, stressing that “our current budget pretends that we aren’t in the biggest health crisis of our lifetimes. Let’s show that we care for Filipinos by ensuring that the taxes we pay go straight to our health and well-being.”

Butch Fernandez

www.businessmirror.com.ph

PHL banks lend the least to MSMEs among Asean-5

M

By Bianca Cuaresma

ICRO, small and medium enterprises (MSMEs) in the Philippines receive the least volume of bank loans compared to their counterparts in peer nations, a recent study from the Asian Development Bank (ADB) showed.

ABD’s recent study entitled Asia Small and Medium Sized Enterprise Monitor 2020 shows that Philippine banks only lent $11.6 billion to MSMEs in 2019. This is the smallest MSME bank loan total in 2019 among the Association of Southeast Asian Nations (Asean)-5. The Asean-5 comprises Indonesia, Thailand, Malaysia, Philippines and Singapore.

For 2019, the Philippines’s $11.6-billion MSME bank loan pales in comparison with Thailand’s $218.2 billion, Indonesia’s $79.9 billion, Malaysia’s $68.1 billion and Singapore’s $56.85 billion (as of end-June).

Data also shows that the Philippine MSME bank lending

has been consistently lagging among its peers since available data starting 2011. This is despite the passage of Republic Act 9501 in 2008, mandating banks to allocate 10 percent of their total loan portfolio to MSMEs. The law expired in 2018.

“Access to finance is a chronic problem blocking MSME survival and growth [in the Philippines].

The share of MSME credit to total bank credit has been falling to a single-digit percentage share since 2013,” the ADB said in its report.

Vital role

MSMEs have been playing a critical role in driving the national economy, accounting for 99.5 per-

cent of total enterprises and 63.2 percent of the total employed labor force.

Data showed that the percentage of Philippine MSME nonperforming bank loans to the total MSME loan portfolio of banks was the highest in the region. Nonperforming loans are more popularly known as “bad” or “soured” loans as they are unpaid loans way beyond their due date.

Philippine MSMEs top the list with 5.8 percent NPLs to total MSME loan portfolio, followed by Thailand’s 4.7 percent, Singapore’s 4.2 percent and Malaysia’s 3.7 percent. Indonesia has the lowest value of NPL with only 3.6 percent of its banks’ MSME loan portfolio.

Just this year, the Bangko Sentral ng Pilipinas (BSP) moved to encourage banks to lend more to the MSME sector by expanding the set of eligible instruments as compliance with the BSP’s reserve requirement to include newly granted loans to MSMEs They also issued time-bound and targeted regulatory and operational relief measures to encourage BSP-supervised financial institutions to continue their support to the economy, particularly the MSME sector.

These measures include: extension of financial relief to bor-

rowers, incentivized lending, promotion of continued access to financial services, support for continued financial services delivery, and support for sufficient level of domestic liquidity and economic activity.

BSP Governor Benjamin E. Diokno said for this year, as of end-August, bank loans to MSMEs were at P527 billion or roughly $10.8 billion.

ADB data showed that the main business sector for MSMEs in the country is services, accounting for 86.8 percent in 2018, with wholesale and retail trade (including the repair of motor vehicles and motorcycles) holding the largest share (46.3 percent and rising), followed by other services (40.5 percent)—which include accommodation and food services (14.5 percent), other personal services (6.6 percent), and financial services (4.6 percent). Manufacturing’s share was 11.7 percent and is decreasing.

Also, in 2018, by region, 20.4 percent of MSMEs operate in Metro Manila with the remaining 79.6 percent spread across the country—Calabarzon with 14.8 percent of the total, Central Luzon with 11.6 percent, Central Visayas with 7.1 percent, Western Visayas with 6.2 percent, and other regions account for 39.9 percent.

CONSENSUS REACHED ON

RICE IMPORTS REFORMS Continued from A1

preparing an administrative order (AO) to formalize the removal of cooperatives and irrigators’ associations from the list of eligible rice importers.

Vicerra said based on their understanding of existing laws covering cooperatives, only transport cooperatives are allowed to import for fuel and spare parts.

“All other types of cooperatives do not have that as a primary mission of forming as cooperatives,” he said. “In our recommendation, even if importation is not their primary mission they will be removed as eligible rice importers,” he added.

The pronouncement was welcomed by Sen. Cynthia A. Villar, the principal author of the rice trade liberalization (RTL) law that deregulated the industry and the head of the Senate Committee on Agriculture, Food and Agrarian Reform that conducted the investigation on Thursday.

“The DA has promised us to remove the cooperatives and irrigators’ associations from the list of those organizations that can import rice. They will just allow legitimate rice traders,” Villar said.

CDA opposition

HOWEVER, in the latter part of the hearing, CDA Chairman Orlando Ravanera expressed opposition to totally banning cooperatives from importing rice.

But Villar interjected, cutting off Ravanera who was about to explain why he opposes the measure.

He was told by the senator not to bring up the issue anymore.

“Iyong magagaling na co-ops hindi naman nag-i-import. Tigilan na iyan. Napag-usapan na iyan. Ang allowed lang mag-import ay transport co-op. Leave [rice importation] to the traders. Pinag-usapan na iyan. [The good co-ops don’t import. Stop that. That has been settled. The only ones allowed to import are transport co-ops],” Villar said, adding that CDA should blacklist all the dummy cooperatives of unscrupulous rice traders.

In an exclusive interview with

the BusinessMirror a few minutes after the probe, Ravanera explained that imposing a total ban on cooperatives is discriminatory against medium and large cooperatives that have sufficient capitalization to venture into rice business and importation.

Medium cooperatives have a capitalization of P15 million to P100 million, while large ones have over P100 million, Ravanera said.

Only micro co-ops

HE said only those micro cooperatives are being used as dummies by unscrupulous traders.

Ravanera said removing the cooperatives’ right to import rice would lessen market competition especially in the provinces, since financially and technically capable ones could really venture into the rice business.

He explained that instead of legitimate and financially and technically capable cooperatives being able to import rice and sell them straight to their localities, consumers in their area would have no choice but to buy from retailers being supplied by traders, Ravanera said.

Furthermore, Ravanera said it is the right of cooperatives to import rice in times of shortage in local harvest for them to be able to supply their needs, especially their members’ families.

Ravanera appealed to authorities to give them a chance again to be part of the rice import system and he assured senators and the public that dummy cooperatives would be weeded out of the importation business.

Reinstate CDA as filter

THE CDA official appealed to the government to reinstate the agency as part of the rice system since they have the capability to filter cooperatives that would want to import rice.

“As CDA Chairman I am assuring them that cooperativism will not be used as dummy if they give the CDA that authority again to issue CGS [certificate of good standing] for those qualified to import,” Ravanera said.

“I guarantee Senator Villar, supposing that cooperatives will be used as dummies again after bringing back our participation in the import system, then I will tender my resignation,” Ravanera added.

Prior to 2015, he said the CDA was a vital part of the rice importation system as farmers’ cooperatives seeking to purchase rice from abroad must secure a CGS from the agency.

(Read story here: https://businessmirror. com.ph/2020/02/14/cda-presses-overhaul-ofrice-import-scheme/)

The CGS, he said, determines if a cooperative is indeed capable of importing rice in terms of its financial status and whether it has the requisite warehouses.

Prior to issuing the certificate, the CDA physically inspects the coop’s office and warehouses to verify their capability to import rice. The CDA will not issue the CGS if it deems the co-op incapable of importing the staple.

However, Ravanera said the National Food Authority (NFA) removed this requirement for participation in the private-sector importation program in 2015. The NFA did not say why it removed the CGS.

The CDA’s participation in the private-sector importation was limited to verifying to the NFA that the cooperatives submitted the same financial documents to the food agency.

However, Ravanera said the agency puts in a disclaimer in every certification of a co-op’s financial statements that the CDA is not vouching for the co-op’s capacity to import.

Importation restricted

DURING the hearing, senators and the DA agreed that rice importers nationwide will only be allowed to import the commodity for a total five months in a year.

Importers will only be issued Sanitary and Phytosanitary Import Clearance (SPSIC) during the months of November, December, January, May and June.

With this, the Bureau of Plant Industry (BPI) will not be issuing

SPSICs during the months of February, March, April, July, August, September and October. “[What we talked about here is], one, DA will issue an Executive Order that they won’t allow co-op and irrigators’ associations to import and then, you will not allow BPI to issue import permit during harvest, before and during harvest season,” Committee chief Villar said as a summary of the hearing proceedings on Thursday.

Villar consulted the DA on the harvest season for rice and determined that the months of February, March, April, July, August, September and October were the best times to prevent importation.

SPSICs for rice import are only valid for 60 days upon issuance.

DA Undersecretary Vicerra said the target is to see the arrival of imported rice during the lean months of January, February, July and August.

Rice…

Continued from A1

Marcos also cited an issue raised by committee chairwoman Cynthia A. Villar on “phytosanitary invocation” by other countries as a move to restrict Philippine exports.

“Our neighbors are so good at this.

That’s why there’s what people call diplomatic terrorism or trade terrorism . . . That was done with our banana, our pineapple.

Why can’t we do it with rice [imports]? Anyway, we know some of the rice exported here had defects. We’ve seen how some shipments looked,” Marcos added.

Moreover, Marcos brought up the issue on “technical barriers to trade,” or TBT, that involved methods like product testing and certification procedures applied to assess that an exported product meets foreign regulations.

“We can always invoke that, those technical barriers to trade, na hindi pwede kasi di makapasok, may bagyo, may transport issues [that some shipments can’t be allowed because of weather or transport issues],” she said, adding: “Some countries are good at invoking that. Why then are we so open, we’ve not invoked TBT even once?”

The senator stressed these are the three issues the Duterte government trade representatives can invoke, adding that the seasonal prohibition on rice im-

OFWs… Continued from A1

OLALIA: “Almost all countries and foreign employers want to hire our nurses.” PIA

In the first nine months of 2019, Bello said they were able to deploy 1.720 million OFWs. This year, he said they were able to deploy 682,008 from January to September due to existing travel restrictions here and abroad.

New trends

PHILIPPINE Overseas Employment Administration (POEA) Administrator Bernard Olalia expects the decrease in deployment of OFWs to persist in the coming years.

However, he noted a spike in demand for OFWs in some job categories, particularly household service workers, Filipino seafarers and health care workers (HCWs).

“Recently, we analyzed our deployment and it has become a healthcare-driven economy. There is now a high demand for nurses.

Almost all countries and foreign employers want to hire our nurses,” Olalia said.

To recall, POEA imposed a temporary deployment ban for HCWs to ensure the country will have a sufficient pool of for its healthcare system during the pandemic.

Bello said they are now considering lifting the deployment ban, but still limit the number of deployed HCWs per year.

Regions…

Continued from A1

In terms of the share of each region to the whole industry, Cala­barzon constituted the largest share at 24.4 percent, trailed

by NCR, 20.9 percent, and Central Luzon, 15.9 percent.

For agriculture, the regions with the fastest growth in the sector were Cagayan Valley at 7.2 percent, followed by Mimaropa and Bicol Region both at 4.7 percent, and Cordillera Administrative Region at 4.2 percent.

In terms of the share of regional economies in agriculture, Central Luzon topped the share at 15 percent followed

by Northern Mindanao at 9.9 percent, and Calabarzon at 8.7 percent.

The PSA data also showed that in terms of expenditure, the Zamboanga Peninsula posted the highest growth in household spending at 7.3 percent in 2019.

This was followed by Cagayan Valley, NCR and BARMM at 7 percent, 6.5 percent and 6.2 percent, respectively.

Government spending, meanwhile, was the highest in Northern Mindanao at 19.2 percent followed by Bicol Region with 13.4 percent, Caraga Region with 11.4 percent, and NCR with 10.3 percent. The rest of the regions had growth lower than the national growth of 9.6 percent. ports, which prevents importation for five months, is not in breach of the WTO and is allowed under the rice tariffication law.

Villar earlier consulted the DA on the harvest season for rice and determined that the months of February, March, April, July, August, September and October were the best times to prevent importation.

SPSICs for rice import are only valid for 60 days upon issuance.

Vicera said the target is to see the arrival of imported rice during the lean months of January, February, July and August.

Earlier, economists expressed concern regarding seasonal importation with some saying that these could become Technical Barriers to Trade (TBT) or NonTariff Barriers (NTBs) rather than Non-Tariff Measures (NTMs).

Former University of the Philippines School of Economics Dean Ramon L. Clarete explained that NTMs have valid reasons for using them. But NTBs may appear as NTMs but without valid reason for using them.

“We are going to manage rather than stop. We are going to manage the importation,” DA Undersecretary Rodolfo Vicerra said.

Last Monday, senators manifested not to import commodities during their main harvest season of local output. This includes rice, corn, feed wheat, and whole chicken.

Butch Fernandez, Cai Ordinario

A4 Friday, October 23, 2020 • Editor: Vittorio V. Vitug

News

BusinessMirror

BOC probes deeper into suspected waste imports in the Port of Subic

By Henry Empeño

Correspondent

S

UBIC BAY FREEPORT—The Bureau of Customs in the Port of Subic (BOC-Subic) will conduct further investigation of container vans suspected to contain waste materials from the United States following confirmation of the illegal cargoes here early this week.

Subic Customs Collector Marites Martin said on Thursday that all 30 container vans comprising two shipments of waste materials will be inspected to determine the volume and actual contents.

Martin and Environment Undersecretary Benny Antiporda inspected five container vans at the New Container Terminal here on Thursday afternoon and presented plastic and hazardous waste materials that were found in the shipment declared as old corrugated cartons for re-pulping.

The opened containers revealed what could be bales of waste materials held together by cardboard and bound with plastic twine. Bits of plastic wrap, aluminum container, and paper, however, could be seen sticking out of the baled materials.

The materials also emitted some foul odor.

Antiporda said the unsegregated waste matters found in the container vans, including some face masks, were enough proof that the shipments were in violation of the law.

The Subic Customs office raised an alert over the two shipments on Saturday, October 17, based on information from the Department of Environment and Natural Resources (DENR) that said shipments were suspected to be in violation of Customs law in relation to DENR Administrative Order 201322, or the Revised Procedures and Standards for the Management of

ENVIRONMENT Undersecretary Benny Antiporda explains why the shipment was flagged during an inspection of five container vans with Subic Customs Collector Marites Martin. HENRY EMPEÑO

Hazardous Wastes.

The shipments consisting of 30 container vans said to be filled with old corrugated cartons for re-pulping, were transported from the United States via the container ship Ever Lyric and consigned to Bataan 2020 Inc., a paper manufacturer with a mill in Samal, Bataan.

Initial examination of five container vans led BOC-Subic to declare that the shipment contained “prohibited waste materials which were illegally imported.”

BOC-Subic then said it will undertake further inventory “to

ascertain the volume and actual contents of the shipment.”

The recent discovery of waste materials in import shipments here elicited a flashback to a similar situation years ago, Subic Bay Metropolitan Authority (SBMA) Chairman and Administrator Wilma T. Eisma said in a news statement on Thursday.

“It was just last year — on May 31, 2019—that we successfully banished from our shores 69 garbageladen containers from Canada, of which 67 had stayed here in Subic in their putrid condition for several

years,” Eisma recalled.

“We don’t want that sordid chapter in our history to happen again,” she added.

Eisma said that as manager of the Subic Bay Freeport Zone, the SBMA “vehemently denounces this apparent attempt to smuggle waste materials into the country and likewise deplores the use of the Subic Bay Freeport as a transit point for this illegal trade.”

“We cannot, and should not, condone the dumping of wastes from any country into our shores,” Eisma added.

Bill to tap Malampaya funds for health care gets DOH support

I

N response to the World Health Organization’s (WHO) forecast that the Covid-19 pandemic might linger for a prolonged period, the Department of Health (DOH) has supported the immediate passage of a bill providing additional sources of funding to enhance the country’s pandemic response next year.

Health Undersecretary Maria Rosario Vergeire told lawmakers that the DOH is supporting the passage of House Bill 7800, or the Public Health Infrastructure Act, as “there are many inadequacies in our health-care sector, especially when it comes to facilities.”

“We feel the effects, especially in provincial regions that have limited hospitals and testing laboratories.

With this bill, we can increase our budget and put up more facilities. It can fill critical gaps in the system,” Vergeire said during the “Funding the PH Health-care System amid Covid” media forum.

House Committee on Labor Chairman Rep. Eric Pineda, House

Committee on Micro, Small and Medium Enterprise Development Chairman Virgilio Lacson and Deputy Speaker Michael Romero said they filed House Bill 7800 to improve the health-care infrastructure in the country.

The measure seeks to amend Presidential Decree 910 to allow Congress to appropriate a portion of the Malampaya funds and other possible sources of funding to improve the state of public health care.

Pineda, noting the UP Covid-19 Pandemic Response Team’s assessment, said the country has only 3.7 doctors for every 10,000 persons, far below WHO’s prescribed ratio of 10 doctors per 10,000 persons.

He said WHO prescribes one hospital bed for every 500 people but “there is no region in the country that has reached this recommended ratio.”

Pineda said DOH has set a “modest” target of one hospital bed for every 800 people, which has only been reached so far by the National

Capital Region (NCR).

The authors of the bill said the Philippines currently has 88,394 hospital beds out of the total target of 131,235, or a shortage of 42,856 hospital beds in the country, while the Bangsamoro Autonomous Region has only 0.8 doctor per 10,000 people.

“The Covid-19 pandemic underscores the need to infuse adequate funds to public health infrastructure. However, considering that the government debt has stacked up to P8.6 trillion in April alone to support a comprehensive recovery from the plunge of the national and global economy, it is imperative to look into alternative sources of funding for public health,” Pineda added.

The lawmaker said authors of the bill will ask Speaker Lord Allan Velasco to include the proposal as one of the priority measures of the lower chamber.

Pineda said they will also meet their Senate counterparts for the

immediate passage of the measure as they are targeting the approval of the bill before the end of the year.

While private sector funding eclipses government health expenditure, Lacson, for his part, said even the private health sector buckled under the enormous weight of Covid-19 cases.

He said Malampaya has generated over $11 billion in revenues for the government. Its scale of remittance has ranged from $800 million to $1.1 billion annually. Lacson said a portion of the revenue may be tapped to augment the needs of the public health-care sector, through an amendment of PD 910.

Without an amendment to PD 910, the Malampaya fund may only be used to finance further energy development programs of the government.

The amendments will include the phrase “as well as, to finance public health infrastructure projects of the government, as may be appropriated

by Congress.” Jovee Marie N. Dela Cruz

www.businessmirror.com.ph

Pepito agri, infra damage breach ₧121-million mark

By Rene Acosta @reneacostaBM

& Jasper Emmanuel Y. Arcalas @jearcalas

T

ROPICAL Storm Pepito destroyed P121,697,633 worth of crops and government infrastructures in three regions, the National Disaster Risk Reduction and Management Council (NDRRMC) reported on Thursday as it assesses the destruction left by the typhoon.

At least 5,555 families, or 25,268 individuals, were also affected in 111 barangays in Regions 2 and 3 and in Calabarzon, NDRRMC spokesman Mark Timbal said, adding 5,428 families, or 24,816 persons, were served inside, or outside government-run evacuation centers.

Timbal said that despite the figure, they have yet to receive any report of any casualty, or even a missing person.

“So far, we do not have casualties still and even missing,” he said.

Based on the official report of the NDRRMC as of 8 a.m., Pepito, which has already veered out of the country’s area of responsibility, triggered floodings in some areas in Cagayan, Pampanga, Bulacan, Zambales and Quezon as a result of the heavy rain that it induced.

In Pampanga and Bulacan alone, at least 32 barangays were flooded.

Heavy rains brought by Pepito also triggered landslides in Cagayan, Nueva Vizcaya, Quezon, Benguet, Ifugao and Mt. Province.

The Department of Agriculture

(DA), meanwhile, said about 6,000 farmers have incurred losses of over P67 million from the damage caused by Typhoon Pepito in the agriculture sector.

In a news statement on Thursday, the DA said the initial damage and losses brought about by Pepito in Cagayan Valley, Central Luzon and Calabarzon amounted to P67.57 million with a production loss of 4,672 metric tons (MT).

The DA added that Pepito affected 7,704 hectares of rice, corn, high-value crops, and livestock and poultry.

“The DA Regional Field Offices in the affected regions have available 91,067 bags of rice, 3,825 bags of corn, and 384 kgs of assorted vegetable seed reserves to be distributed to the affected farmers who are ready to replant,” it said.

“The agriculture secretary assures that the department will fast-track the delivery of interventions to affected farmers,” it added.

The DA said it has prepared the required quick response fund for the rehabilitation of areas to be affected by the tropical cyclone. It added that it has also prepared seed reserves from Regions 2, 3 and 4A. The DA said farmers could tap the Survival and Recovery Program of Agricultural Credit Policy Council and available funds from Philippine Crop Insurance Corp. to indemnify affected farmers. “ T he monitor ing and field validation of the affected areas is currently being conducted by the concerned DA RFOs [regional field offices],” it said.

Envoy calls for ‘stable’ Manila-Washington ties

By Rizal Raoul S. Reyes @brownindio

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FORMER American envoy to the Philippines on Wednesday urged Manila to develop consistency in its diplomatic and political ties with Washington.

“I have to say to my friends in the Philippines who I adore that you’ve gotta be careful. You’ve been ambivalent about the way you approach your defense relationships with the United States and with your international engagements and policies towards China,” said Ambassador Frank Wisner in an online forum on “The South China Sea: Geopolitical and Environmental Crisis” organized by the I(x) Investments and co-hosted by the Philippines Foundation.

Wisner said there is a lesson to be learned in dealing with China as he recalled former President Gloria Arroyo did some “fancy footwork in Beijing” but did not succeed. He did not elaborate.

Right now, Wisner said the most important agenda is to give high priority to the military and security cooperation between the two countries. “We need stability between Washington and Manila if we are going to send a consistent signal to our friends in China,” he pointed out.

Wisner said the US and its allies must send a clear message to China that they are taking a multilateral

approach on the South China Sea (West Philippine Sea) issue and, at the same time, build an alliance of nations in the region to ensure a strong partnership.

“We need a stable basis for the treaty. And it does not behoove to move in and out of the security ties with the Philippines to send a steady signal,” he said.

Although the US is thousands of miles away from the South China Sea, Wisner said it is a direct party to the area because of the defense treaty arrangements with the Philippines. “It is not just a super global balance of power but that’s an issue if the US does not carry out its obligations under the treaty arrangements,” he said.

Wisner said he hopes a new administration after the US presidential polls on November 3 will craft a new policy and strategies in dealing with China which would allow the US to face the totality of the problem and set benchmarks.

At the moment, Wisner said he favors stalwart protection of the status quo and tell “China that we don’t accept Chinese sovereignty.”

He said the US will also insist on the right of passage and the right of overflight must continue.

He added the US also wants to preserve the internationalization of the South China Sea. “We need to involve other allies in the pursuit of the objective,” he said.

DHSUD chief says Marawi may emerge as one most prosperous cities in 10 years

By Cai U. Ordinario @caiordinario

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HE reconstruction and rehabilitation of Marawi City could turn it into one of the most prosperous cities in the Philippines in the next 10 years, according to the Department of Human Settlements and Urban Development (DHSUD).

In a news statement, DHSUD Secretary Eduardo del Rosario said the completion of the rehabilitation and reconstruction of the

city will pave the way for greater economic opportunities.

Based on the Small Area Estimates (SAE) released by the Philippine Statistics Authority (PSA), poverty level in Marawi City worsened to 60 percent in 2012 and 54.6 percent in 2015 from 34.5 percent in 2009.

“I won’t be surprised that after the rehabilitation, after 10 years maybe, Marawi City will bloom economically and be very competitive,” del Rosario said.

Based on the 2017 Cities and

Municipalities Competitiveness Index (CMCI) developed by the National Competitiveness Council (NCC), he said Marawi City was the least competitive city in the Philippines with an overall score of 7.0489, five times lower than the average.

The annual index measures four areas to gauge a city’s competitiveness: economic dynamism, government efficiency, infrastructure and resiliency. Prior to the siege, Marawi ranked the lowest in terms of resiliency and govern-

ment efficiency. It also ranked low on economic dynamism (95th) and infrastructure (143rd).

“Before the siege, out of 145 cities in the whole country, in terms of competitiveness, Marawi City was 145th. It’s the last city because there is no sound business environment to speak of, and because of that we would like this rehabilitation to trigger economic development and sustainability,” del Rosario said.

As the Task Force Bangon Marawi (TFBM) chairman, del Rosario said

he sees the rehabilitation as a clean slate and opportunity for the Islamic city to become a prosperous city and promised to complete all infrastructure projects within the current term.

Earlier, 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 other projects would be fully completed

by March 2022.

Del Rosario said the Local Water Utilities Administration (LWUA) already received funding for the construction of 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 for the construction of a power substation.

Del Rosario added the government has already provided power to “Sector 1, 2, and 3” in the MAA even before the construction of the power substation.

www.businessmirror.com.ph • Editor: Angel R. Calso

The World BusinessMirror

Asia defies dire prediction of corporate bankruptcies

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feared wave of corporate bankruptcies has yet to materialize in Asia, due to a lot of help from policy-makers.

If anything, the number of companies going out of business has decreased from last year in countries such as Japan and Singapore. That suggests that official measures to prevent corporate failures, in tandem with global stimulus of some $12 trillion, may be bearing fruit.

Lockdowns worldwide prompted by the coronavirus outbreak have wrecked economic growth and led to bankruptcies of firms from Brooks Brothers Group Inc. to Hertz Global Holdings Inc. and Virgin Australia Holdings Ltd. But while Covid-19 has devastated profits and forced some firms to lay off staff, funding provisions and other assistance from policy-makers appear to have prevented many struggling companies from closing down for good.

That’s happening elsewhere in the world too. In the US, Goldman Sachs Group Inc. says the number of bankruptcy filings has been lower than expected due in part to federal relief. In Europe, corporate failures declined in the UK and Sweden in the third quarter, though Germany is bracing for an increase in insolvencies after a moratorium to help companies survive the outbreak ended.

Here are key developments across Asia:

Japan

Bankruptcies declined in the six months through September to the lowest since 1990, as government and central bank measures helped support troubled firms. The number of cases fell 9.4 percent versus the same period last year to 3,858 cases, according to data from Tokyo Shoko Research.

Still, restaurants and hotels have been hit hard.

And the virus-related policy measures will eventually expire, with the government’s ramped-up furlough program running through the end of the year, while the Bank of Japan’s loan facility program is set to last through March.

India

The government suspended bankruptcy filings from the end of March. Only 76 cases filed before the moratorium began were admitted into the resolution process in the April-June period, compared with around 300 to 600 usually in a quarter. Unprecedented stimulus steps including a 21 trillion rupee ($285 billion) rescue package have helped borrowers stay afloat.

But struggling small businesses need to repay mounting debt after a loan holiday ended in August.

And unemployment presents a serious challenge: more than 4 million young Indians have lost their jobs due to Covid-19, mostly in the construction and farm sectors, according to a report by the International Labor Organization and the Asian Development Bank.

China

The nation’s corporate default figures suggest a turnaround in companies’ financial health: missed

debt payments in the domestic market have decreased nearly 18 percent so far in 2020, after two straight years of record defaults.

That was partly a result of market interest-rate cuts and provision of abundant cash by authorities, as well as their encouraging distressed borrowers to take steps such as delaying bond repayments and debt swaps to avoid defaults. The world’s second-largest economy continued to recover in the third quarter with consumer spending accelerating in September.

Hong Kong

The government has embarked on relief spending of more than HK$310 billion ($40 billion), to fight what economists surveyed by Bloomberg expect to be a record economic contraction this year. That’s helped prevent worse fallout, even as many companies in the retail and service-dependent economy have stumbled.

Corporate failures are usually handled through an insolvency process. Petitions for compulsory winding-up of firms peaked at 68 in May, the most for any month since 2009, according to official statistics.

Such filings this year through August total 275, the most since the same period in 2016.

Singapore

Lenders have been providing payment deferrals since April for small- to medium-size businesses. They’ll extend debt relief beyond the initially scheduled year-end with the time periods depending on how much help industries need, according to the Monetary Authority of Singapore.

The efforts appear to be paying off. Applications filed for corporate liquidations fell to just four in August, the lowest since at least 2015, according to official data. Individual bankruptcy filings are also decreasing, hitting a record-low 43 in May after jumping to 462 in March. The number in August was 131, below the average of 257 since 2004.

Indonesia

Bankruptcy filings this year in the Central Jakarta district court, one of the nation’s main venues for those matters, have been in line with 2019 figures, at 378.

Indonesia unveiled $10 billion in financial support to a dozen state-owned companies in May, and the government has pledged to inject additional capital of around 37 trillion rupiah ($2.5 billion) for several other companies next year.

South Korea

Bankruptcies in 2020 also largely stayed around their levels a year earlier, at 1,492 through September compared with 1,423, according to court data.

The country created a 40 trillion won ($35 billion) fund in May to prevent companies from collapsing in key industries including aviation and shipbuilding. The central bank has kept interest rates at a record low but has steered clear of full-scale quantitative easing after recent export and inflation data suggested the economy has passed the worst of the slump.

Bloomberg News

State Department approves $1.8-B new arms for Taiwan

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he State Department approved $1.8 billion in new arms for Taiwan and submitted the package to Congress on Wednesday for a final review in a move aimed at improving the island’s self-defense capabilities against a long-threatened invasion by China.

The package includes 135 SLAM-extended-range land attack missiles from Boeing Co. valued at $1 billion if the entire sale goes through, $436 million for Himars mobile artillery rocket systems made by Lockheed Martin Corp. and $367 million in surveillance and reconnaissance sensors from Raytheon Technologies Corp. to be mounted on aircraft.

The submission to Congress for a 30-day review, which is unlikely to draw opposition, comes two months after the US and Taiwan completed the sale of 66 new model F-16 Block 70 aircraft from Lockheed.

China’s Foreign Ministry spokesman Geng Shuang criticized the sale as“severe interference in China’s internal affairs” that would “undermine China’s sovereignty and security interests.” He vowed retaliation including sanctions against the US companies involved.

Taiwan’s presidential office on Thursday thanked the US for the sale.

“By providing us with these defensive weapons, the US is not only helping Taiwan strengthen and modernize our national defense capabilities, it is also increasing our asymmetric capabilities, making Taiwan more capable and confident of maintaining peace and stability in the Taiwan Strait and the region,” spokesman Chang Tun-han said in a statement on the Presidential Office web site.

Taiwan’s Defense Minister Yen De-fa told lawmakers there would be more US arms sales to come, according to the Taipei-based United Daily News newspaper.

US pushback Tensions between Taiwan and China are rising following Beijing’s increasingly tough approach toward Hong Kong. China’s Communist Party— which claims democratically-run Taiwan as part of its territory—has steadily increased its diplomatic and military pressure on Taiwan. In recent weeks, the People’s Liberation Army, or PLA, has stepped up incursions into the air-defense-identification zone around the island.

The land-attack missiles in particular “will improve the recipient’s capability to meet current and future threats as it provides all-weather, day and night, precision attack capabilities against both moving and stationary targets,” according to the State Department.

The US has sought to push back on the Chinese pressure. Two senior US officials, including Undersecretary of State Keith Krach, have visited Taiwan since August in a show of support.

“The US government has long shrunk from selling Taiwan weapons that could strike PRC territory from Taiwan proper,” said Ian Easton, senior director at the Arlington-based Project 2049 Institute. “These new missiles will hold major PLA amphibious assault bases at risk and significantly complicate their offensive plans.”

Secretary of State Michael Pompeo said in an Oct. 9 interview on the Hugh Hewitt show that the “administration has been relentless in the work that we have done to make sure that the understandings that we’ve had between ourselves and China as they relate to Taiwan are delivered upon.”

“We are going to make sure that we live up to all of the obligations we have to Taiwan,” Pompeo added.

Bloomberg News

Friday, October 23, 2020

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Regulators, experts take up thorny vaccine study issues

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ASHINGTON—The US regulators who will decide the fate of Covid-19 vaccines are taking an unusual step: Asking outside scientists if their standards are high enough.

The Food and Drug Administration may have to decide by year’s end whether to allow use of the first vaccines against the virus. On Thursday, a federal advisory committee pulls back the curtain on that decision process, debating whether the guidelines FDA has set for vaccine developers are rigorous enough.

“We will not cut corners, and we will only use science and data to make that determination,” FDA Commissioner Stephen Hahn pledged at a meeting of the Milken Institute on Wednesday.

Exactly how much data his agency needs to be sure a vaccine is safe and effective is a key question for the advisers. An even bigger one: If the FDA allows emergency use of a vaccine before final testing is finished, will that destroy chances of ever learning just how well that shot—and maybe competitors still being studied—really work?

“We can’t lose sight of the fact that it is in our societal interest to see these trials to completion,” said Dr. Luciana Borio, a former FDA acting chief scientist who will be watching the advisers’ debate.

Plus, multiple vaccines are being studied—shots made with different technologies that each have pros and cons.

“The first vaccine is not necessarily the best vaccine,” cautioned Dr. M. Miles Braun, a former FDA scientist now with Georgetown University

School of Medicine. If the trials aren’t allowed to finish, it may be difficult or impossible to ever know for sure.

It’s a critical moment in FDA’s 114year history. The government has spent billions to race a vaccine through a research process that usually takes years, and FDA faces unprecedented pressure from the Trump administration, fueling public skepticism that politics could overrule science.

Interest is so high, FDA is airing the meeting on YouTube. Here are some key issues the committee will discuss:

How much evidence is needed?

FDA is requiring manufacturers to do studies of at least 30,000 people to prove if a vaccine protects and how safe it is. Those studies must include adequate numbers of people at highest risk from Covid-19—older adults, minorities and anyone with underlying health problems.

FDA has made clear that any vaccine must be at least 50 percent effective. And while the studies are designed to run for two years, companies may get enough evidence the shots are protective—in at least some people—to stop the trials early and seek what’s called an “emergency use authorization” for wider vaccinations.

Despite White House objections, the FDA told vaccine makers earlier this month not to seek that speedier review until they’ve tracked at least half their trial participants for two months. With other vaccines, that’s

about the amount of time when major side effects crop up.

That’s not long enough, said the head of the non-profit ECRI Institute, which reviews medical technology for hospitals and insurers. In comments submitted to the advisory committee, ECRI’s Dr. Marcus Schabacker said FDA should require six months of follow-up.

“Doing any less would simply risk too much, and the consequences may be severe,” he wrote. “A weak vaccine that loses public trust could poison the well for epidemic control for many years.”

Would emergency use derail full answers about vaccines?

Normally when a study ends because of evidence that a vaccine is working, the participants who got dummy shots are offered the real thing.

But if FDA allows emergency use of a Covid-19 vaccine, that’s not the same as having full proof the shot works, Borio cautioned.

And if the participants in the placebo group are immediately offered the real shot, researchers may not be able to get answers about all the high-risk groups in the study—or tell how long the vaccine’s protection lasts, a process expected to take many more months.

But Pfizer Inc., which with Germany’s BioNTech is developing one of the leading candidates, told FDA that if it’s granted emergency use authorization, it “would have an ethical obligation” to alert study participants who got a placebo and allow them vaccine access.

The company wants FDA to look into “other scientifically and statistically sound methods” to determine longterm safety and effectiveness.

Pfizer’s stance is likely to face pushback. The Infectious Diseases Society of A merica states that FDA’s pa ne l i st s “shou ld i n si st ”

that vaccine developers “present a compelling case” for how they w ill complete their trials if FDA grants early authorization of their vaccine.

Clearing a vaccine based on premature or faulty data “could cause more harm” by “further eroding public confidence in all vaccines,” the group said.

It’s an unprecedented dilemma.

The FDA has previously allowed emergency use of only one vaccine, a decades-old shot that in 2005 was authorized to prevent anthrax poisoning.

This time around, multiple Covid-19 vaccines are in the pipeline.

Pfizer competitor Johnson & Johnson cautioned that early FDA clearance of one vaccine could “ jeopardize integrity” of other ongoing trials if patients decide to drop out to seek the first cleared shot instead.

The company asked regulators to explain what options are available to ensure completion of all ongoing Covid-19 vaccine trials.

What about long-term safety monitoring?

Even a study of 30,000 people cannot spot a side effect that only strikes 1 in 100,000. So the government is planning extra scrutiny of every Covid-19 vaccine to hit the market.

At first there will be limited doses given to just certain high-risk people— and those early recipients are to get text messages daily for the first week after vaccination, and then weekly out to six weeks, asking how they’re feeling.

FDA also will be checking databases of electronic health records and insurance claims, looking for any red flags.

“There’s a kind of tracking that has to take place here on a massive basis that hasn’t taken place before,” said Dr. Jesse Goodman of Georgetown University, a former director of the FDA’s vaccine and biologics center. AP

Protesters in Thailand reject PM’s olive branch, give fresh ultimatum

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hai protesters gave Prime Minister Prayuth Chan-Ocha three days to resign and meet other key demands that include reforming the monarchy, appearing to reject an olive branch he offered in a televised address.

Thousands of demonstrators on Wednesday night broke through police barricades and barbed wire to march toward Prayuth’s official office. They gathered near the building, known as Government House, shortly after the prime minister said his government is prepared to withdraw emergency rules banning large gatherings in the capital if the protest remain peaceful.

“We submitted the letter for Prayuth to resign, which is one of our three demands,” Free Youth, one of the main protest organizations, said in a Facebook post on Wednesday night. “If the government doesn’t give an answer within three days, the people will return with higher demands than before.”

Prayuth has struggled to stem the mounting street demonstrations, which have used Hong Kong-style pop-up rallies to avoid police and defy an emergency

decree issued last week. The government has shown no signs of meeting the protester’s demands, which would upend the royalist elite that has maintained power throughout much of Thailand’s history, but it has also sought to avoid bloodshed that could further roil the economy.

“I will make the first move to de-escalate this situation,” Prayuth said in an address to the nation on Wednesday. “I am currently preparing to lift the state of severe emergency in Bangkok and will do so promptly if there are no violent incidents.”

The protests are underpinned by years of sluggish growth now exacerbated by the coronavirus pandemic, which has put the Thai economy on course for its worst performance ever by derailing the two main drivers: tourism and trade. The benchmark SET Index of stocks has lost 23 percent this year.

Thailand’s financial markets will take a wait-andsee approach to the protests and the government’s response, said Tim Leelahaphan, an economist at Standard Chartered Bank Pcl in Bangkok.

“It remains to be seen if the emergency would hurt the government’s plan to gradually reopen tourism to foreign visitors from this month,” Leelahaphan said.

“While the political situation has so far been under control, the lingering protests do not bode well for the Thai economic recovery.”

The demonstrations have shown no signs of letting up, and have even started to spread to other parts of Thailand. They have broken longheld taboos about publicly criticizing the royal family, with demands for the monarch to no longer endorse coups, provide transparency in how funds are spent, and get rid of laws that stifle discussion of the royal family.

Simultaneous rallies by pro-royalist groups in support of King Maha Vajiralongkorn also raised fears of clashes between the rival groups. Past protest movements in Thailand have ended in bloody crackdowns, most recently in 2010.

Prayuth, a former army chief who staged a coup in 2014, urged the protesters to trust the parliamentary

process to address their grievances during a special session next week and said the government and the activists should “each take a step back” and “find solutions to the problems.” The king endorsed the session to be held from Oct. 26, according to a Royal Gazette notification on Wednesday.

The youth-led protesters are also calling for the resignation of Prayuth’s government and a rewriting of the constitution, which was drafted by a militaryappointed panel after the 2014 coup. The activists say the charter was instrumental in helping Prayuth retain power after the 2019 elections.

The prime minister said it was time to break the cycle of government leaders having to face mobs of opposing groups to prevent the country from becoming ungovernable and descending into chaos.

“The only sure way to achieve a sustainable, enduring resolution to the problems is to speak to each other, respect the due process of law, and then let the will of the people be resolved in parliament,” Prayuth said. “That is the only way.” Bloomberg News

Brazil’s Bolsonaro rejects Covid vaccine from China

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ÃO PAULO—Brazilian President Jair Bolsonaro on Wednesday rejected the announced purchase of 46 million doses of a potential vaccine against the coronavirus being developed by a Chinese company and tested in a state governed by a political rival, prompting some to question if he was allowing politics to steer public health decisions.

“The Brazilian people will not be anyone’s guinea pig,” Bolsonaro said on his social media channels, adding that the vaccine has not yet completed testing, which is the case with all potential vaccines for the virus. “My decision is to not purchase such a vaccine.”

Health Minister Eduardo Pazuello had announced the purchase on Tuesday in a meeting with São Paulo Gov. João Doria, a foe of Bolsonaro’s whose state is participating in the vaccine’s development through its Butantan Institute. The cost of the acquisition was estimated at 2 billion reais ($360 million).

“Butantan’s vaccine will be Brazil’s vaccine,” Pazuello said.

A Brazilian Health Ministry document issued Monday and shared by São Paulo’s government

Wednesday confirmed that the ministry had put in writing its intention to buy the doses of the “Butantan Vaccine-Sinovac/Covid-19” for an estimated price of $10.30 each.

The document made explicit the purchase was contingent upon the health regulator’s approval.

Bolsonaro told journalists that protocol will be canceled.

Claudio Couto, a political science professor at Getulio Vargas Foundation, a university, felt the president’s move had little to do with the virus and was more a way to hurt Doria, who is widely cited as a likely challenger to Bolsonaro’s 2022 reelection bid.

“His concern is to be a strong candidate for reelection, and that often means giving trouble to his adversaries,” Couto said.

Bolsonaro and Doria have had an adversarial relationship since the start of the pandemic, with each taking opposite stances regarding stay-athome recommendations and restrictions on activity.

The governor, whose state is Brazil’s most populous,

heeded the counsel of public health experts and adopted such measures, which the president blasted, arguing the economic fallout could kill more than the disease.

Brazil has confirmed more than 153,000 deaths from Covid-19, the second most in the world, behind only the US. The South American nation has also reported 5.2 million confirmed cases of coronavirus infections, the world’s third highest tally.

“It isn’t ideology, it isn’t politics, and it isn’t the electoral process that saves. It is the vaccine,” Doria told reporters in the national capital, Brasilia.

During a brief news conference in the São Paulo countryside, Bolsonaro shot back at Doria, accusing the governor of playing politics by hurrying out a vaccine in an effort to buoy his popularity. The president also accused his adversaries, including Doria, of “promoting a narrative of terrorism since the start of the pandemic.”

Brazil has a long tradition of immunization programs. The South American country has a struggling, but universal public health care system

that has been key to stopping outbreaks of measles, yellow fever and other diseases.

Bolsonaro has said no one will be forced to get a coronavirus vaccine. But his comments Wednesday reflected particular skepticism of the vaccine being developed by Chinese pharmaceutical company Sinovac.

He has often expressed mistrust of the Asian power, which is Brazil’s biggest trading partner, particularly on the campaign trail in 2018. He called China “heartless” and said that under his watch it wouldn’t be allowed to buy up Brazil.

“THE CHINESE VACCINE OF JOÃO DORIA,” Bolsonaro wrote on social media Wednesday. “For my government, any vaccine, before it is made available to the population, must be PROVEN SCIENTIFICALLY.” Despite that nod to scientific rigor, Bolsonaro for months touted the healing powers of hydroxychloroquine even as studies indicated the anti-malarial drug was ineffective against the coronavirus and caused harmful side effects. AP

A6

Friday, October 23, 2020 • Editor: Angel R. Calso

Opinion

BusinessMirror

www.businessmirror.com.ph

editorial

Covid cash

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he Covid-19 pandemic has wreaked havoc on the global economy and no nation has been spared. Of course, some countries have seen more damage than others. The manipulated news would say that all you have to look at is the decline in the GDP over the past two quarters, but that is not a valid measure.

You read headlines like this: “World Bank: Covid-19 to Add as Many as 150 Million Extreme Poor by 2021.” The moment you read “as many as,” you know that it is a guess and even “educated guesses” are just speculation. Then “Eight out of 10 ‘new poor’ will be in middle-income countries.”

Here again is that “low-middle income” or “upper-middle income” or both? The Philippines is number 5 on the list of the lower-middle-income group with a GNI (gross national income) per capita at $3,850. But also in that group is Kyrgyzstan with a $1,240 per capita GNI. And then there is Malaysia in the “uppermiddle income” at $11,200.

Nonetheless, nations including the Philippines have given money to the citizens to help them get through the pandemic.

While funds that the Philippine government has borrowed are well within manageable debt limits, we also would prefer not to see much more loans taken out.

The US has sent money to virtually everyone. “The CARES Act provides for Economic Impact Payments to American households of up to $1,200 per adult for individuals whose income was less than $99,000 (or $198,000 for joint filers) and $500 per child under 17 years old—or up to $3,400 for a family of four.”

In nations where a few billion dollars is a huge amount of the national treasury even with more debt added, charitable groups have come to the table. World Vision, for example, distributed P15 million to 15,000 of the poorest Filipinos.

However, we know that governments have been forced (or forced themselves) to curtail normally expected citizens rights under the banner of controlling the disease and saving lives. Yet, it comes down to the government saying, “You can leave your house when we tell you to leave.” That is honestly a frightening situation. The arbitrary nature of the restrictions in many countries has been challenged in the courts and has been struck down as unconstitutional. At least we do have some safeguards from that sort of “oppression.”

But what happens when government offers “free cash”? Who in their right mind would find that “oppressive”?

The people have very little if any control over taxation policy and the borrowing practices of government. We have even less control over spending. It is noted that some governments—especially local—in the west are using the pandemic to implement some sort of guaranteed income and not just for the poor.

Expressed in many variations by a large assortment of people is the idea that “a government big enough to give you everything you want is a government big enough to take away everything that you have.” “Free stuff” is never free. Further, the excuse now is that financial assistance must continue as long as there is any threat from the pandemic.

Ronald Reagan said: “The nine most terrifying words in the English language are: I’m from the government, and I’m here to help.”

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Better Days

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ny crime, if proven to be true, should be given the proper punishment—such as incarceration—with circumstances in consideration. Sometimes, however, the act of imprisoning someone may prove to be detrimental to the person’s well-being or may even encourage more criminal behavior. This is why we need productive and positive solutions, rather than solely relying on imprisonment for criminal justice.

In 2017, I filed a measure that authorizes the courts to require community service instead of sentencing detention for anyone who commits minor offenses. Thankfully, Senator Richard Gordon, as Chair of the Committee on Justice, acted swiftly on the measure’s passage—consolidating similar measures filed by then Senators Sonny Trillanes and JV Ejercito. President Duterte then signed it into law in August 2019, to be used in courts by November 2 this year. Known as the Community Service Act, or RA 11362, it would make community service an option in cases of minor crimes where punishment would be imprisonment for six months or less.

Community service as a sentence would involve any physical activity that encourages civic consciousness and is for a public work or service.

And according to the guidelines approved by the Supreme Court earlier this month, the community service should be subject to specific terms, and must consider the gravity of the offense. The service rendered should then be under the supervision of a probation officer; similar to Thailand, the offender must undergo counseling under the local government’s involved departments.

Also, the court has full discretion on whether to use community service, and that it can only be availed of once by the offender. And even though

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community service applies only to cases where arresto menor (one to 30 days imprisonment) and arresto mayor (31 days to six months) are the sentences, any violation of the community service terms could lead to serving of the imprisonment period in prison or at the defendant’s house.

Community service as penalty is not a new concept; it is part of what is called restorative justice, where offenders are sentenced to repair harm done to people, relationships, and communities. For example, Singapore uses community service and restorative justice primarily for juvenile offenders. This is embodied in what they call the Community Service Order, which is modeled after the Corrective Work Order for littering. Thailand, on the other hand, has judicial tools based on restorative justice and community service for both juveniles and adults. Australia has a formal listing of community service orders, including Work and Development Orders, and Graffiti Removal Orders.

In the Philippines, one important dimension of the Community Service Act is how it helps alleviate our overcrowded prisons. Community service can, in part, reduce the prison population by offering local courts an alternative option to incarceration that will hopefully have a positive effect on the defendant.

The Philippines is considered to have among the world’s most congested penal systems. As of November 2019, we had 215,000 prisoners in facilities that were only meant to house 40,000 inmates. Worse, as of 2018, about 75 percent of these prisoners—141,422 people—were either awaiting trial or had been remanded back to prison while their trials are ongoing.

This overcrowding takes on an alarming new dimension now that we are going through the Covid-19 pandemic; the fact that community service can lessen the prison population by even a small number is already a blessing. Imagine the danger of 332 inmates having already caught the virus in Cebu City jail a few months back, where 6,000 people are imprisoned in facilities designed for only 1,500.

In the end, the enactment of the Community Service Law and its forthcoming implementation are important stepping-stones toward a more responsive and efficient justice system.

Sen. Sonny Angara has been in public service for 16 years—nine years as Representative of the Lone District of Aurora, and seven as Senator. He has authored and sponsored more than 200 laws. He is currently serving his second term in the Senate.

E-mail: sensonnyangara@yahoo.com| Facebook, Twitter & Instagram: @sonnyangara

The Impact of Covid-19 and the ECQ on Low-income Households in Microenterprises[1]

T. Anthony C. Cabangon

BusinessMirror is published daily by the Philippine Business Daily Mirror

MEMBER OF

Community service as a multilevel solution

Conclusion

Adjustments made and assistance received

H

ow family provided for needs during enhanced community quarantine. To be able to provide for their family during the ECQ, 38 percent of the sample households, as a primary answer, said they either got another job or tapped into other sources of income (such as pension), 27 percent said they spent less, and another 27 percent said they borrowed money.

Receipt of aid. Of all sample households, 89 percent said they received some form of aid during the ECQ, and 11 percent said they did not receive any aid at all. For those who received some form of aid, when asked what kind of aid they received, as a primary answer 73 percent said relief goods (typically rice and canned goods), 17 percent said cash aid from government (DSWD other than 4Ps, DOLE, SSS, LGU, etc.), 9

percent said 4Ps, and one percent said cash aid from other source (relatives, employer, etc.).

Adjustment in livelihood. When asked what adjustments they made to their livelihood during the ECQ, as a primary answer 23 percent said they closed operations, 19 percent said they cut operating hours, 4 percent said they changed livelihood, 4 percent said they added other sources of income, and 2 percent said they

Household and enterprise recovery needs

Amount of capital needed. When asked how much capital they would need to bring their families out of their predicament and back to their pre-ECQ condition, 39 percent said they would need P10,000 or less, 34 percent said they would need more than P10,000 but less than P20,000, 25 percent said they would need more than P20,000.

Overall, the amount of capital the household enterprises said they would need is quite small, possibly reflecting the amount of loans they have historically received from microfinance institutions rather than their actual needs. This merits further examination possibly through a follow-up survey.

Where to source capital. Most of the respondents (86 percent) said they would source capital from borrowing. A much smaller 12 percent said they would use their savings and 3 percent said they would try to get capital from other sources.

Primary hurdles. When asked what they see as the primary hurdle to

maintaining their business post-ECQ, close to three-fourths (74 percent) of the sample households said a decline in sales, 14 percent said a stoppage of production or supply, another 9 percent said lack of capital, and 2 percent said loan and bill payments.

Suppor t needed post-ECQ. When asked what kind of support they will need after the ECQ, as a primary answer 36 percent said they would need a loan at a lower interest rate, another 8 percent said they would need a loan at the same interest rate but for a longer term, 10 percent they would need to restructure or re-schedule their current loan, and 42 percent said they would need to withdraw their savings, including from the microfinance institutions.

LGU registration and access to e-payment

LGU registration. Access to e-payment. Close to one-fifth (19 percent) of respondents said their households were not using any money transfer service. A third of respondents said they did not have any member in their households registered in any LGU office.

See “Eagle Watch,” A7

Opinion

www.businessmirror.com.ph

BusinessMirror

The debt burden

Who are we in this pandemic?

Manny F. Dooc

Tito Genova Valiente

TELLTALES

R

ecent reports show that our national debt will grow to a whooping P10.16 trillion by the end of 2020. This reflects a hefty increase over our P7.73 trillion outstanding debt recorded in 2019. Our gross domestic borrowings consist mainly of sale of government securities such as treasury bills and bonds. The Bureau of Treasury also plans to avail itself of a P500 billion short term borrowing from the BSP through the repo facility and advances. This will place our country’s debt-to-gross domestic product (GDP) ratio above 50 percent for the first time since 2010.

The ratio is significant since it reflects our country’s capacity to repay our debt obligations. The 53.9 percent ratio by year-end will be significantly higher than the 39.6 percent ratio posted in 2019. Settling this gargantuan debt will be a heavy encumbrance to our people and their children still unborn. The exploding national debt, unless the proceeds thereof are deployed to constructive uses, will only contribute to the downward spiral of our economy. What is repugnant is if portions of which are embezzled and lined up the pockets of corrupt government officials. It is widely acknowledged that there is massive corruption in government. The alleged PhilHealth irregularities and the reported anomalies in DPWH, which gets the lion share of our budget, are truly lamentable. The President has denounced them and our poor President has even threatened to resign out of extreme disgust.

Paying off our burgeoning loans will be the hardest part. Our government has been running a budget deficit and we have no surplus from where we can draw funds to retire our obligations. The government has announced that it has no plan to introduce any new taxes while the economy is recovering from the pandemic. Secretary Carlos Dominguez III has stated that “we are not seriously considering any taxes because taxing our citizens when their incomes are down is not a good idea.” So it is unlikely that the present regime will raise taxes before President Duterte’s term ends. With just 20 months left in office, what will happen is that the government will resort to more borrowings during the remainder of its term to further fund the crisis that we are facing. The other potential source of funds is to sell government assets to raise revenues, including the valuable Philippine properties in Japan, which we acquired as part of the war damage reparations. But we are getting mixed signals whether we are selling them or not. Neither do we have enough savings to fund our economic growth, which will help us finance our loans. The Philippines has one of the lowest savings rates in the Asean. To help reverse our economy driven down by this pandemic, we need to open up our markets and encourage people to invest. But people cannot invest unless they have enough savings.

This is like no other time for our country. Just a year ago, we were on the cusp of emerging as a developing country with a consistent GDP average growth rate of 6 percent for the past several years. Our highest GDP was posted last year at $376.8 billion.

Early last year, before any thought of

Eagle Watch. . . continued from A6

Disproportionate effect on lowest-income microenterprises Statistical analysis using logistic regression, show those earning the lowest income level (P10,000 and below per month), even after controlling for region of residence, were significantly more likely to have experienced eating less than they wanted because of lack of food during the ECQ and significantly more likely to have experienced having no food at all at least

a crippling pandemic has occurred in anyone’s mind, economic forecasters were rosily describing our country’s leap into becoming an upper middleincome economy. It would have been a solid achievement for a regime mired in negative publicity.

And the signs were all over. The government has relentlessly pursued massive infrastructure programs unseen in the past through its ambitious “Build, Build, Build” projects. It has extended comprehensive socioeconomic programs to its citizenry such as free college education in state colleges and universities, free universal health care, increased social security pensions, higher salaries for military and police personnel, etc.. Now our economy is reeling, devastated by the worst crisis that has crippled our country since World War II. The pandemic has shattered businesses and displaced millions of workers from their jobs. We have reopened our economy gradually hoping that such a move will reverse the downward trend of our economy.

But there is no end in sight yet for our woes. Until we get the vaccine, it will be overly optimistic to expect investors’ confidence to be restored.

And the vicious cycle of borrowing to fund our budgetary requirements to meet the socio-economic needs of our suffering people and the financing of our flagship infrastructure projects will continue unmitigated.

Next year, the government intends to borrow another P3.03 trillion to respond to the emergency inflicted by the pandemic. This will be further augmented by another short term borrowing from the BSP projected at additional P1 trillion. Needless to mention, our debt-to-GDP ratio will go up to 58.3 percent based on the latest newspaper report. The question is: when do we stop this borrowing frenzy?

It seems that the onus of settling this debt bomb will be passed on to the next administration, and most probably to the next generation. Our immediate problem now is finding a lender. I can only commiserate with President Duterte whenever he says on national TV: “Nakahanap na ako ng pera.” But I pity my grandchildren who now carry so much debt obligation even before they learn how to count. We are wallowing in debt and each of our 110 million Filipinos bears a debt burden of P92,363, more or less. I agree with our economic managers that we should not default on our loans. We will lose our credibility if we do not honor our obligations and the cost of our borrowing will only go up. As Alan Greenspan, the former revered Chairman of the US Federal Reserve Board has said: “Debt is bad. Pay it down as fast as you can.” once during ECQ.

Recommendations

Given the limited economic activity, the most urgent response is direct support to households. For those in danger of hunger, especially, cash aid for basic food and nonfood needs should be provided. Immediate registration should be undertaken for households (and their enterprises) not registered in any local or national government office to prevent the re-occurrence of what happened when the Luzon ECQ was imposed and cash aid was tied to registration, and so many unregistered house-

annotations

“Events of future history will be of the same nature—or nearly so—as the history of the past, so long as men are men.”—Thucydides

W

hat have we become, after seven months and a few days?

We have become virtual citizens of imagined spaces.

Our characters are not anymore formed by greeting cards and Biblical quotes but by our ability to respond quickly to any statement we read online.

We are individuals present online as teachers and students, tutors and truth-seekers. We have become also sophisticated liars.

In the isolation, we are, to use the proposition of David Attenborough, re-wilding the world. Or maybe this is an exaggeration. We are replanting our porches, backyards, garage, awnings and living rooms. We have become knowledgeable of leaves and shrubs.

We have become re-sellers of vegetation. What could have brought us into the greening of the surroundings? Is it the desire to go back to nature without facing the prospects of the untamed? Or, is it being relevant without the burden of protecting the environment.

Before the lockdown, we were communities of hugging and embracing persons. The winner of talent shows as well as the losers got hugs. We were ants: in encounters we suck each other’s cheek or face. Meetings were incomplete without the embrace. The wealthy turned kissing into acts of graces in place of sincerity. Then the virus came. Maintaining distance was a solution. In deaths, or near deaths where the human bodies were programmed to touch the physical representation of a man slowly passing on, we were told it was best not to be there beside the journey to eternity, or maybe just to the grave.

Presently, the days of ritual and

festive mourning approaches. Presently, we are cautioned not to go to places that memorialize the life of those who died and believed in the after-death. The gates of Hell may be always accommodating to humans but entrances to cemeteries and memorial parks will be closed on those days marked for thinking about death and remembering.

If we are to gaze at graves and reread epitaphs, we shou ld make sure that we are there on regular days, on those slow days when the sun is cool or hot and we do not overthink the shapes of clouds or the early appearance of stars as we offer our prayers to our beloved.

In the absence of allowable open horizon, we go back to where we have become good at: the Internet; in the inescapable technologies that bridge distances we dissect and complicate each day.

Online, our lives are not exactly boring; we sizzle and shine in the Net as we, after some months, have already contoured personalities of who we are to be in the ether. No one

Friday, October 23, 2020

is keen about offline. The battling and the coupling, the war and the peace, are curated by two extremes —blatant display of the inner self or a careful maneuvering of a persona, full of mysteries and sacred dispensations.

The isolation makes us fear one thing—that we may never meet again. Many of us have left the cities and are now in our own towns and birthplaces. This is once more the story of our grandparents when the Great War came, when they fled to the most rural of desolation and to mountains or woodlands.

In the first months of the lockdown, the thought to be kind to each other was the credo of the human population. But our nature always wins over Nature. We soon became mean and cruel to each other. Issues are never about issues but about ourselves. Politics interests us but we really are more interested in the human behind the power or those who grab power or those who abuse power and those who benefit from the grabbing and the abusing.

The news each d ay is more than breaking. A young woman loses her child because she is not allowed to be with t he h ap less infant.

Reason: she has a different ideology. You see, even as the virus rages, we are political animals. This young mother is shackled as she looks at the tiny corpse inside the coffin. When her chains are removed, she raises her hand in protest and the many (or the vociferous few) all scream: See! In a world where inhabitants are falling dead because of infections science has yet to understand, the government is afraid of young women protesting, of the youth not agree-

A7

ing with the incoherent premises of the adults.

A factotum whose claim to fame is a face that has weathered a beauty pageant, and survived it by reporting of queens who passed away due to lack of sleep and beauty, is declared brain dead without her knowing it. A woman senator consistently blames farmers for being dumb to her bright ideas about farmlands being converted to homes and we wonder why beings like her continue to exist above the ground. The mother of education smiles through an ongoing plague of poor teachers printing modules, many using their own money to secure papers in A-4 sizes, and getting blamed for the contents that are misinterpreted because of wrong data and blurred due to bad copying machines. The top health official proves to be not on top of things but stays on as the country sinks into helplessness.

A government has been saying the only way out of the dark and dreary woods is a vaccine. Somewhere in the wealthier human territories, vaccines are about to be released.

The same government promptly responds: we have no money to acquire the health solution.

How will the historians deal with these seven months and few days? As true of histories, the accounts may focus on big names, like those figuring in the internecine conflicts in Congress. Senators, who have been unusually quiet, may not be part of the narrative, or maybe just some of them. A prologue will be devoted to the Dolomite. There will be chapters on migration and how the age of retirement for Chinese has been pegged at 35 years. The church unduly quiet will be in the appendix. There will be a section on webinars, and how everyone, overnight, turned experts on healing and caring. Footnotes on online shopping and online delivery will clutter the document; there shall be a running commentary about death from Covid-19 and more deaths from an infected, sick, dying government.

E-mail: titovaliente@yahoo.com

Holiday ‘Shipageddon’ need not mean doomsday for retail fter months of extreme disruption and challenge, retailers badly need their holiday season to go right. Unfortunately, they might find themselves confounded by a thorny problem borne of pandemic-related safety concerns: A crush of e-commerce orders on a scale the industry has never seen, putting stress on their supply chains and those of their shipping partners. The result could be a multitude of late packages and frustrated customers, a potential mess that has been dubbed “Shipageddon.”

Package carriers FedEx Corp. and United Parcel Service Inc. say they’re prepared for the onslaught. They may not have envisioned the pandemic, but they’ve spent billions over the past few years preparing for a more e-commerce heavy world, including adding expanded weekend service and investing in automation tools. They’re also bulking up their staff: FedEx and UPS plan to hire a combined 170,000 seasonal workers this year. Even so, e-commerce growth is expected to be explosive this holiday season, and it will be especially difficult to predict purchasing rhythms this time around.

The surge in online demand may result in an extra 7 million packages flowing through delivery channels each day, predicts Satish Jindel, president of ShipMatrix. That extra load will pressure the system: ShipMatrix estimates that on-time performance during peak season will drop to 90 percent for FedEx and 92 percent for UPS. That is lower than their on-time performances in both September 2020 and last year’s peak season. So retailers must take pains to ensure they’re not left in a lurch if logistics networks become strained.

One way retailers are girding for this is by starting holiday deals earlier than usual, with some offering Black Fridaylike sales in October. If they succeed at getting people to buy gifts early, it could have the dual benefit of spreading out orders over a longer stretch while allowing sellers to avoid some of the surcharges that carriers have put in place for the peak period. That will only take them so far because many consumers aren’t ready to get into Santa-mode just yet.

But there are other things they can do.

Throughout the season, but especially in the final weeks before Christmas, retailers would do well to steer customers to their curbside and in-store pickup options, in which the shopper effectively does last-mile delivery themselves. That

means highlighting it in their marketing, an especially important step for chains that have added curbside pickup only since the pandemic, such as Macy’s Inc. or Bed Bath & Beyond Inc. They should also nudge people to choose this format at checkout by emphasizing it is often the fastest option. Shoppers should be receptive: Deloitte’s survey found that the reasons consumers are opting for pickup have shifted somewhat since the early days of the Covid-19 outbreak, with the perceived speed and convenience becoming more of a factor.

Many retailers are fulfilling an increasing amount of online orders from stores amid the Covid-19-related drops in foot traffic. For these sellers, teaming up with a delivery partner—the way restaurants and grocery stores do—could be a good way to get purchases through that last mile. Sephora, for example, has started a partnership with Instacart for same-day delivery, while Uber Technologies Inc. has said it’s keen to expand Uber Eats beyond food to other local businesses. Such a setup might not be economical or practical for some chains year-round, but could make sense during the busy season.

There are also behind-the-scenes tactics retailers can employ to keep networks from getting strained while also

potentially helping with their own profitability. Scot Wingo—who introduced the term Shipageddon to my lexicon and is a board member at ChannelAdvisor, a company that helps merchants with online sales—says retailers can plan their deals and promotions with an eye toward consolidating orders. For instance, a store could offer a $10 gift card to shoppers who spend $100, instead of a blanket “10% off” discount, because that format would incentivize building a bigger shopping cart and result in potentially fewer shipments. Retailers also can use inventory analytics and management systems to make sure orders go out in as few boxes as possible, including trying to bundle together multiple orders from the same household that have come in a short time window.

Smart retailers will prioritize communication. Customers will want to be kept informed about expected package arrival times from the time an order is placed through the delivery process, and they’re not going to be thrilled if they don’t get their items on time. But, at least if they have a reliable heads-up about a delivery date, they can make contingency plans—and maybe end up with a little less customer service animus toward either the store or the carrier.

holds either did not get aid or got them very late.

Expert advice should be provided the households, whether by an MFI or a government agency such as the Department Trade and Industry, in assessing the viability of their enterprise in the current environment and moving forward. The assessment will include whether to continue the enterprise or not, how to access new markets and supply sources, and whether and how to move to an alternative enterprise. Capacity building activities could be undertaken to support these enterprises where they are weak. Additionally, microenter-

prises should be provided a guide on business continuity planning to help them establish good occupational safety and health practices and manage potential business risks during the pandemic.

Marketing channels could also be developed in specific areas, such as ARMM and Region 6, where enterprises reported lower sales as primary concern.

Immediate enrollment in an epayment system should be undertaken for households without access to such to facilitate cash aid and help households adjust their enterprises in the new normal. Training in the

use of digital platform for online commerce should also be provided the households.

Soft loans, in the form of lower interest rates or a longer loan term, should be made available to viable microenterprises to help them in their recovery. A reasonable restructuring or re-scheduling of current loans will also help microenterprises. Both of these imply that financial support should be provided to MFIs who are often the primary or the only source of loans for microenterprises.

L. Lanzona, and P. Tuaño. 2020. The Impact of Covid-19 and the ECQ on Low-income Households in Microenterprises: analysis of the ASA Philippines Client Survey. Ateneo de Manila University Department of Economics and Ateneo Center for Economic Research and Development Policy Brief 2020-23. http://ateneo.edu/sites/default/files/downloadable-files/Policy%20Brief%202020-23.pdf Ducanes is a Associate Professor, Ateneo de Manila University Department of Economics. E-mail: gducanes@ateneo.edu Lanzona is a Professor, Ateneo de Manila University Department of Economics. E-mail: llanzona@ateneo.edu Tuaño is a Associate Professor and Department Chair, Ateneo de Manila University Department of Economics. E-mail: ptuano@ateneo.edu

By Sarah Halzack Bloomberg Opinion

A

[1] This is a condensed version of Ducanes, G.,

A8 Friday, October 23, 2020

BOC looking to collect ₧1B more from ’20 undervalued shipments

T

By Bernadette D. Nicolas @BNicolasBM & Cai U. Ordinario @caiordinario

HE Bureau of Customs expects to collect at least an additional P1 billion from undervalued shipments this year, Commissioner Rey Leonardo B. Guerrero said on Thursday.

This sum, Guerrero told senators, would be on top of the P1.417 billion it recently charged from undervalued rice shipments of 47 rice importers from March to June last year.

“In our post-audit report we determined that for last year there was P1.4 billion in collectibles, and we issued the demand letters; and this year we are estimating there is P1 billion more in additional [collectibles] based on our collection data in January up to September,” Guerrero said at a hearing of the Senate Committee on Agriculture on Thursday.

In a separate statement on

Thursday, the BOC said 60 rice importers have already been selected for the post-clearance audit, which shall cover their rice importations from January to June 30 this year. This as the bureau intensified its campaign against all forms of smuggling, especially of rice, through a continuous post-clearance audit to protect government revenues as well as local producers of agricultural products.

Asked if there is already a postclearance audit finding for these rice importations this year, Customs Assistant Commissioner and spokesman Vincent Philip C. Maronilla told the BusinessMirror:

“None yet. We have just issued the ANL [Audit Notification Letters].”

Meanwhile, Maronilla also told this paper that the BOC has so far collected P30.908 million out of the P1.4 billion charged from erring rice importers for their “undervalued” shipments from March to June last year. This is equivalent to 2.2 percent of the total amount.

Maronilla said the amount was paid by 24 rice importers, 14 of which are farmers’ cooperatives.

On the other hand, 12 rice importers, all cooperatives, have filed motions for reconsideration to avert paying P914.5 million in total charges.

The remaining P471.77 million out of the P1.4 billion has also yet to be paid by those rice importers that were charged by the BOC but have not yet availed of any legal remedy.

“There are more who moved for reinvestigation,” Maronilla said.

“But based on the amount, the assessment of those that moved to reinvestigate is bigger.”

Earlier, Senator Cynthia A. Villar, head of the agriculture committee, urged Agriculture Secretary

William Dar to closely monitor the farmer cooperatives amid reports that many of them are being used by rice traders and importers to buy from abroad. Besides paying the farmer groups a measly amount in exchange for using their permits, these unscrupulous businessmen also cheat the government by undervaluing their imports, an earlier investigative story by the BusinessMirror had shown.

In the same Senate hearing, Guerrero also admitted that they do not have the expertise to determine the exact quality classification of imported rice, adding that they just rely on the Bureau of Plant Industry (BPI).

“However, as to the exact quality classification of rice, we don’t have expertise there. We only classify lang rice based on its tariff heading when it’s claimed to be milled, whole grain or jasmine rice,” he said.

Senator Francis “Kiko” Pangilinan, former chief of the National Food Authority (NFA), expressed concern with Guerrero’s remark, saying that this technical expertise is crucial for BOC for it to make the proper assessment of customs duties.

“Kung hindi niyo alam presyo, paano niyo papatawan ng tamang customs duties?” Pangilinan asked.

But BPI Director George Y. Culaste said the agency did not have the expertise to determine the quality of rice being imported by the country.

Hearing this, Villar expressed frustration over Culaste’s remark.

Following this, senators recommended the transfer of redundant NFA employees to BPI to boost the capacity of the agency, particularly in importation.

NFA Administrator Judy Carol Dansal said at the hearing that 1,644 employees were considered redundant with the reorganization of the agency under the Rice Trade Liberalization (RTL) law.

Villar recommended that these employees be transferred to the BPI, which is in charge of issuing Sanitary & Phytosanitary Import Clearance (SPS-IC), to provide the agency additional capacity.

“If the BPI is in charge of importation, these employees should be given to BPI. Isn’t that logical?

Why is that hanging if these employees are knowledgeable about importation.

OVER 600K PHL GARMENTS WORKERS MAY LOSE JOBS ON COVID’S IMPACT–ILO

O

VER 600,000 workers in the local garments industry are now at risk of losing their jobs as the Covid-19 pandemic reduces plant production and consumer demand worldwide.

The International Labour Organization (ILO) issued the statement on Thursday after it observed that domestic garment firms have reduced their exports by 40 percent due to temporary or permanent factor closures disruption on the supplies of their raw materials.

It noted that the Philippines together with China, India, and Sri Lanka registered the largest percentage decreases in garments exports.

“Total combined imports to the US, EU and Japan from 10 major apparel and footwear producing countries in Asia also fell significantly between January and June 2020, when compared to the same period in 2019,” ILO said in its “The supply chain ripple effect: How Covid-19 is affecting garment workers and factories in Asia and the Pacific” report.

Downward trajectory

ILO also warned that the “downward trajectory”for garment demand will continue up to 2022, leaving many of its employees vulnerable to mass displacement and poor working conditions.

“The research highlights that major buying countries’ imports from garmentexporting countries in Asia dropped by up to 70 percent in the first half of 2020,” ILO said.

The UN agency said the Asia and the Pacific region is particularly vulnerable to this trend since it is the source of 60 percent

of the world’s total apparel exports.

It noted that 3.4 percent of the 65 million workers in the region are employed in the garment industry. More than half or 35 million of these workers are women.

Poor working conditions

Since the onset of the Covid-19 crisis, ILO Regional Office for Asia and the Pacific labor economist Christian Viegelahn said the garments workers suffered shorter working hours or were permanently displaced.

“The typical garment worker in the region lost out on at least two to four weeks of work and saw only three in five of her coworkers called back to the factory when it reopened,” Viegelahn said in a statement.

“Declines in earnings and delays in wage payments were also common among garment workers still employed in the second quarter of 2020,” he added.

Tripartite approach

In the Philippines, at least 4,000 workers in garments manufacturers in Cebu lost their jobs this year because of the pandemic.

To help these workers, ILO recommended that government conduc t tripar tite consultations so it could provide with the necessary “support for enterprises, as well as the extension of social protection for workers, especially women.”

It hopes this initiative will lead to “structural realignment” through new policies and technological innovation in the garment supply chains to make their operations more sustainable and provide better treatment to their workers. Samuel P. Medenilla

BSP still undecided on digital currencies

By Bianca Cuaresma @BcuaresmaBM

T

HE Bangko Sentral ng Pilipinas (BSP) remains undecided on whether to issue its own central bank digital currency (CBDC) in the future, BSP Governor Benjamin Diokno told journalists on Thursday.

This, after the local Central Bank recently completed its exploratory study on CBDC. The research was carried out by a composite Technical Working Group.

“There is an increasing number of central banks engaged in some form of ground work on CBDC. Many of them are undertaking conceptual research—like we have—while some have progressed to proof-of-concept experiments. A smaller number of central banks have already developed and are in the pilot test stage of their CBDC,” Diokno said.

Just this month, China concluded its pilot program for its own central bankbacked digital currency. The country’s digital currency is expected to help track flow of funds in the economy and address some money laundering risks.

The US Federal Reserve also said they are currently assessing their own financial and economic conditions on how a central bank-backed digital currency can fit into their systems.

“A central bank digital currency fundamentally differs from privately issued digital currencies or cryptocurrencies. Cryptocurrencies do not have any central bank entity to back them up. Moreover, cryptocurrencies cannot be considered as money. Given the volatility of their prices, cryptocurrencies cannot function, either as a medium of exchange or unit of account, and only the least risk averse investors would consider them a store of value,” Diokno said.

“By contrast, a CBDC is a digital form of central bank money that is denominated in a national unit of account and functions as both a medium of exchange, and a store of value. Given the features of CBDC, it is expected that it will be preferred than privately issued digital currencies,” he added.

Lower printing, financial inclusion

Should the BSP decide on issuing its own digital currency, Diokno said this could potentially reduce the printing costs of physical cash and can help promote financial inclusion in the country.

If the BSP decides to issue a retail CBDC, this will most likely result in lower printing of banknotes. This in turn leads to lower cost of painting money for the BSP. The BSP’s decision and the painting of money, changes in a number of factors, primary of which is the demand for physical currency. Currently, cash remains as the preferred means of payment for retail transactions in the Philippines.

Diokno also said it will potentially promote financial inclusion, as it provides another means to perform financial transactions and could encourages innovation in the payments system, as it presents another form of competition with privately issued digital currencies.

The BSP governor, however, noted that despite these developments, very few central banks plan to issue CBDC in the next five years. “This is according to surveys conducted on central banks’ CBDC activities,” he said.

For the BSP, Diokno said they will continue to study and weigh the benefits and risks of CBDCs for the Philippines.

Among the developments they are looking to make in the coming years include added research, capacity building and establishing of more networks.

‘Not within my term’

Asked on whether the BSP will start issuing CBDCs or will show some form of readiness to issue their own digital currencies within his term, Diokno said: “The end of my term is 2023. I don’t think so.

Most central banks say they will not issue CBDC within the next 5 years, so, not within my term.”

In pandemic, hospitals’ 2021 budget cut ₧2B

S

ENATOR Risa Hontiveros on Thursday flagged a whopping P2-billion reduction in the 2021 budget of the Department of Health (DOH) for public hospitals, aghast that this cut happens even while the country copes with the Covid-19 pandemic.

The Palace action was done, “in the face of historic unemployment and hunger, when we are supposed to provide safety nets for people, and yet here we are deepening their misery,” she said partly in Filipino.

Hontiveros said slashing P2.04

billion from the DOH 2021 budget for the operations of accredited public hospitals is ironic, she noted. The allocation is “crucial for government hospitals to cover the costs of regular operations including utilities, medicine, diagnostic procedures, IV fluids and other expenses essential to patient care,” she added.

This would mean higher out-ofpocket expenses for people seeking medical treatment, many of whom have also been impacted economically with jobs lost and businesses

shuttered or in the red from the lockdowns. Hontiveros said, “this is grossly anti-poor and anti-people.”

Reducing the budget for maintenance and other operating expenses (MOOE) of state-run hospitals also means “the income of 33 national and regional government hospitals would be diverted to compensate for this, when it could have gone to procuring more beds and new equipment that we are in dire need of,” Hontiveros added.

Continued on A2

Companies BusinessMirror

www.businessmirror.com.ph

SMC Global raising capital for Batangas LNG terminal

S

By Lenie Lectura

@llectura

MC Global Power Holdings Corp. is raising $400 million from the issuance of senior perpetual capital securities to fund, among others, its entry into the liquefied natural gas (LNG) business.

“The net proceeds of the 2020 Securities will be used for capital expenditures and investments in LNG and related assets, for the refinancing of expiring commitments of the Corporation whether debt of perpetual securities, and for general corporate purposes,” the company’s Chief Information Officer Elenita Go said.

The securities carry an initial rate of 7 percent per annum.

The company has tapped Credit Suisse Ltd., DBS Banl Ltd., Merrill Lynch Pte. Ltd., The Hongkong and Shanghai Banking Corp. Ltd., Mizuho Securities Asia Ltd., Standard Chartered Bank, Deutsche Bank Ag, Singapore Branch and UBS AG Singapore branch, as Joint Lead Managers; DB Trustees Ltd as Trustee; and Deutsche Bank AG, Hong Kong Branch, as Paying Agent.

SMC Global Power earlier said it

will partner with Atlantic Gulf & Pacific (AG&P) for its LNG project in Batangas.

The company’s planned Ilijan LNG Terminal will be developed

by AG&P LNG Terminals and Logistics, with engineering, procurement and construction (EPC) work to be handled by AG&P Construction Solutions.

As of August this year, the company is in advanced stages of executing a binding term sheet on the Terminal Use Agreement with AG&P to provide LNG receiving, storage and regasification services to the Ilijan Power Plant and Ilijan Expansion Project.

The LNG terminal’s commercial operation is targeted in June 2022, in time for the expiration of the Ilijan independent power producer agreement (IPPA).

SMC Global Power, through its subsidiary South Premiere Power Corp., is the IPP administrator of the

output of the 1,200MW Ilijan plant.

Ilijan is among the gas plants fueled by the Malampaya natural gas facility, which is nearing the end of its service contract in early 2024.

The proposed LNG facility is composed of Floating Storage and Regasification Unit (FSRU). The power plant component of the project is capable of handling 3,000 megawatts (MW) of capacity. Of which, 1,200MW is for baseload operations and 1,800MW for mid-merit.

It will utilize hybrid onshore/ offshore solution using modular technology, resulting in a cost effective EPC cost and consequently, a viable terminal use fee for the power plants.

The power firm has negotiated “priority status” for the Ilijan LNG Terminal over all projects of AG&P. “As the foundation customers, SMC’s power plant will also be the priority terminal users for the terminal and its capacity,” it said.

Cargill still bullish on PHL market

By Jasper Emmanuel Y. Arcalas @jearcalas

C

argilL Philippines Inc. (Cargill) on Thursday said it remains committed to investing a total of P12.5 billion in the Philippines until 2023 despite the challenges brought about by the Covid-19 pandemic to its businesses.

Cargill President Sonny Catacutan said the company remains confident in investing in the Philippines due to its young population and its consumer-driven economy.

“It is one of the most attractive markets in Asia alone. We are in the food business and we believe that as the economy grows our relevance to this market and food security becomes more relevant,” Catacutan

PhilCare, Silicon Valley start-up promote mental wellness

P

hilCare, a leading health maintenance organization in the Philippines, upholds it commitment to address Filipinos’ mental health needs by partnering with MyGolana—the most advanced mental wellness platform in the Philippines, developed by a Silicon Valley startup with operations in Manila.

The partnership is timely, as mental wellness concerns have grown amid the Covid-19 pandemic.

MyGolana, which recently won as Best Healthtech Startup at the IGNITE 2020 WILDFIRE Pitch Competition, operates a dynamically responsive mobile and tele-counseling platform developed to address mental health concerns. This has been integrated into PhilCare's pioneering HeyPhil app, which will significantly expand access to mental wellness and counseling services in the country.

The synergy of PhilCare and MyGolana will then be called HeyPhil Mind Care. Now on its soft launch, mental wellness services are made available on the HeyPhil app, wherein PhilCare members will be able to receive a wide range of mental wellness services including online mental health tracking, free reporting, and instant booking of qualified and experienced counselors.

PhilCare members who wish to avail of mental health services under HeyPhil Mind Care would undergo initial intake and assessment. Afterwards, appropriate counselors will be ready to do counselling and/or consultations with their respective patients. Should a more intensive and in-person psychological and psychiatric treatment be required, the member shall be referred to PhilCare's pool of accredited psychologists and psychiatrists.

said in a virtual press briefing.

“Cargill remains committed to continue to invest in the Philippines. What we committed in 2018 regardless of how the market has changed we are still committed [to invest],” he added.

The P12.5-billion, 5-year investment plan is heavily concentrated in Luzon. Part of the plan is intended for the expansion of Cargill's business portfolios in the country in Visayas and Mindanao.

“The vibrance of the economy is all over the Philippines. All the government efforts to improve that economy down South continue to expand businesses there in our feeds and coconut oil businesses,” he said.

In 2018, Cargill said the P12.5billion ($235 million) investment aims to expand its Philippine opera-

tions to meet the growing demand of Filipinos for meat products.

“The company is focused on helping meet the increased domestic demand for chicken and pork, as well as delivering solutions in key areas of the global agricultural supply chain,” Cargill said in a statement in November 2018.

Cargill’s announcement came as the company celebrated its 70th year in the Philippines, its first office in the Southeast Asian region.

“We are proud to have been in the Philippines since we started our business here 70 years ago. Working closely with the government, our customers, partners and the community, we are helping farmers thrive and are bringing safe and nutritious food to Filipino tables,” said Dave MacLennan, chairman

and CEO of Cargill.

“We are grateful for our partnership with the Philippine government as they welcome investments that enable Cargill to grow alongside the Filipino people and the local economy,” MacLennan added.

MacLennan said the $235-million investment would be spread across its local agricultural supplychain portfolio, which include importation of commodities, copra business, animal feeds and aqua feeds business and C-Joy, the firm’s joint venture with Jollibee Foods Corp. to process chicken for domestic consumption.

“In the next five years we want to be bigger. And we want to be bigger in Asia, specifically in Southeast Asia and China,” he said. “That’s our clear intention.”

Scheme to cut plastic waste pushed

By Claudeth Mocon-Ciriaco Correspondent

T

he World Wide Fund for Nature (WWF) is encouraging businesses to adopt the Extended Producer Responsibility (EPR) scheme, a critical policy tool with a track record in holding manufacturers accountable for the endof-life impacts of their plastic products and packaging.

This scheme, according to WWF will also encourage holistic eco-design in the business sector.

However, Czarina Constantino, WWF-Philippines’s National Lead for the No Plastics In Nature Initiative and Project Manager for Plastic Smart Cities, noted that some businesses already advocate EPR. “And some [we] would need to work together. We still need to [push] the EPR scheme in the next few months [to make them understand],” Constantino said in a media forum on October 21.

In a recent study, it has been estimated that about 11 million tons of plastic enter the ocean every year. If no action is made, this can triple by 2040 which is equivalent to 50 kilograms of plastics for every coastline meter worldwide.

The Philippines, based on a 2015 modeling study, has been considered as one of the 10 top countries contributing to plastic pollution, has been continuously challenged with increasing waste generation and the lack of a sound waste management system.

The WWF report, which was undertaken together with cyclos GmbH and

AMH Philippines Inc., highlights EPR as a critical and effective policy tool in holding manufacturers accountable for the end-of-life impacts of their plastic products and packaging.

The proposed EPR scheme was based on the findings of the first Material Flow Analysis of plastic packaging waste in the Philippines.

The report shows that Filipinos consume a yearly average of 20 kg of plastics, from which 15.43kg/cap/year becomes waste. Insufficient recycling capacities for high value recyclables and the high volume of low value plastics including sachets are factors that affect the country’s low plastic recycling rate at 9 percent.

The report further estimates that the Philippines leaks about 35 percent of plastic wastes into the environment.

The study is part of the No Plastic in Nature Initiative—WWF’s global initiative to stop the flow of plastics entering nature by 2030 through elimination of unnecessary plastics, doubling reuse, recycling and recovery, and ensuring remaining plastic is sourced responsibly.

Through this initiative, WWF-Philippines has been working with cities on plastic leakage, policymakers to advocate for a global treaty on plastic pollution, businesses to transition to circular business models, and the general public to campaign and act.

Meanwhile, Nestlé Philippines, called on other stakeholders to support the localized EPR scheme.

“We cannot achieve this alone, we

must work together, to achieve a wastefree future,” said Arlene Tan-Bantoto Nestlé Philippines SVP and head of corporate affairs and communications.

These waste reduction and management conditions shaped the proposed customized EPR scheme in the Philippines.

It proposes a mandatory EPR scheme for all product packaging with a threeyear transition phase for obliged businesses to redesign their product packaging and eliminate unnecessary plastics.

For this customized EPR scheme to work, the report emphasizes that the responsibility of implementing the scheme for building high-quality recycling capacity should be assumed by a non-profit Producer Responsibility Organization, acting as the system operator, with strict monitoring and control systems carried out by the government.

“We in WWF believe that a mandatory EPR system is a way for businesses to be more engaged in eliminating unnecessary plastics through eco-design and strengthening waste management by being responsible for the end of life impacts of their plastic packaging," Constantino said.

“It is a driving mechanism for businesses to transform their models and push for circular solutions to reduce plastic generation including refilling and ultimately to eliminating leakage of plastic in nature. Adopting the EPR scheme in the Philippines is a great driver for us to stop plastic pollution.”

Friday, October 23, 2020

B1

EDC told to woo Japanese firms moving out of China

T

he chairman of the House Committee on Ways and Means has urged the Department of Finance and the Department of Trade and Industry to come up with “proactive strategies” to attract Japanese firms moving out of China.

In letters to Finance Secretary Carlos G. Dominguez and Trade Secretary Ramon M. Lopez, Albay Rep. Joey Sarte Salceda asked the Cabinet members to craft a strategy to capture Japanese investors following Prime Minister Yoshihide Suga’s announcement that the Japanese government will subsidize Japanese companies who move out of China and into the Association of Southeast Asian Nations (Asean).

In his letter to Dominguez, Salceda requested for the Economic Development Cluster's (EDC) strategy to capitalize on this development.

"Please keep us abreast, as well, about potential double taxation agreements [DTAs] that we can undertake with Japan to maximize this policy,” he said in his letter to Dominguez.

“I understand that getting such a strategy carried out quickly by the Executive will require your support.

I recommend that the EDC take this matter up, so that we could form a unified government front on this matter. I assure you that the Speaker also watches this development closely and takes my counsel on this issue. We will take up policy recommendations from the Executive, on this matter, with urgency."

Meanwhile, in his letter to Lopez, Salceda asked for the country’s strategy to maximize this policy pronouncement from the Japanese government.

“Structural weaknesses on this matter that could be addressed by policy, and proposed policy language, if ever; and a menu of nontax incentives that we could offer

potential locators,” he said.

Earlier this month, Salceda proposed a “20-20-20” goal-setting agenda. He said the country should train 20 million highly-skilled workers, attract $20 billion in foreign investments every year, and lower corporate income tax to 20 percent before 2030 comes, to be a globally competitive economic power.

“It’s an evolve-or-die scenario. We either meet those 20-20-20 goals, or we lose our edge as a country. That’s why I’m working with the economic managers to get foreign investments coming in."

To implement the agenda, the lawmaker said the Congress should pass the Corporate Recovery and Tax Incentives for Enterprises (CREATE) and the 3 bills liberalizing the restrictions on foreign investments.

“It is the minimum that we should pass CREATE and the investment liberalization triplets. These are the amendments to the Public Service Act, the Foreign Investments Act, and the Retail Trade Liberalization Act,” he said. “The House has already approved them. All are pending in the Senate. Unless we get all four items passed on time, we will remain among the most investment restrictive economies in the world.”

Salceda said the Organization for Economic Cooperation and Development (OECD) consistently ranks the Philippines as the most FDI-restrictive nation in Asean.

He also said the new House leadership is working to study energy issues to lower manufacturing costs and make the country more attractive for investors. “The biggest challenge to heavy industries in the country is energy. It’s not tax. It’s not labor. It’s energy cost. Under the new Speaker, who has worked for years as chair of the Committee on Energy, we have significant advantage in the area,” Salceda said. Jovee Marie N. Dela Cruz

B2

Companies BusinessMirror

Friday, October 23, 2020

PSE STOCK QUOTATIONS

October 22, 2020

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

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

44.5 95.7 73 21.65 7 9.63 41.75 9.31 16.7 27.3 51.45 17.4 97.35 54.25 0.75 27.5 3.79 1.11 0.3 706 0.59 157.9

44.75 95.75 73.5 21.7 8.19 9.65 41.8 9.69 17.44 27.35 51.9 17.44 97.5 54.5 0.8 27.8 3.8 1.16 0.31 750 0.6 158

44.9 95.6 74.8 21.7 8.19 9.5 42.15 9.5 16.66 27 51.95 17.76 100.8 54.35 0.8 27 3.89 1.17 0.3 748 0.6 157.9

44.9 97.6 74.8 21.75 8.19 9.69 42.35 9.7 16.66 27.95 52 17.82 101.6 54.4 0.8 27.5 3.99 1.17 0.305 748 0.61 157.9

44.8 95.25 72.1 21.65 6.8 9.4 41.5 9.21 16.66 26.75 51.9 17.4 95 54.2 0.8 26 3.61 1.11 0.3 748 0.55 157.9

44.8 95.75 73 21.65 8.19 9.63 41.75 9.31 16.66 27.35 51.9 17.4 97.5 54.2 0.8 27.5 3.8 1.16 0.3 748 0.59 157.9

1300 5361680 4643980 74900 800 744100 8094700 21700 400 1047900 1510 116800 2649350 33960 9000 1105700 72000 342000 250000 20 575000 660

58250 515085056 340570816.5 1625380 6344 7109948 339562985 202600 6664 28435945 78479.5 2050690 259153472 1843120 7200 28775960 272800 382350 75250 14960 326090 104214

212719862 100435271 -691535 147999 -58819905 -3080740 -983278 -53010680 329239 7480 11000 -

INDUSTRIAL AC ENERGY 3.74 3.75 3.65 3.78 3.57 3.74 25765000 94856680 1.27 1.28 1.29 1.29 1.26 1.28 160000 204660 ALSONS CONS ABOITIZ POWER 26.35 26.45 26.7 26.7 26.1 26.45 1656100 43600325 BASIC ENERGY 0.189 0.195 0.197 0.199 0.189 0.195 2630000 509510 26.75 27 26.3 27 26.25 27 2576500 68850530 FIRST GEN 61 61.05 61 61 60.05 61 277020 16883339.5 FIRST PHIL HLDG MERALCO 290 295 284.8 295 281.2 295 801190 234642610 MANILA WATER 14.46 14.6 14.6 14.72 14.46 14.46 2012000 29329438 3.15 3.16 3.15 3.16 3.09 3.15 2539000 7952970 PETRON 3.41 3.48 3.39 3.47 3.39 3.41 82000 281910 PETROENERGY PHX PETROLEUM 13.5 13.72 13.82 13.88 13.2 13.72 501200 6808772 PILIPINAS SHELL 16.22 16.3 16.4 16.5 16.2 16.22 7610200 124402820 10.86 10.92 10.96 10.98 10.86 10.92 223100 2432810 SPC POWER VIVANT 13 14.42 13.02 13.02 13 13 6500 84538 7.62 7.7 7.7 7.7 7.6 7.7 180400 1379966 AGRINURTURE 2.8 2.82 2.83 2.83 2.8 2.82 484000 1360320 AXELUM 11.44 12 11.52 11.52 11.5 11.5 3000 34520 CNTRL AZUCARERA CENTURY FOOD 17.44 17.96 17.42 17.96 17.42 17.96 2579100 45659282 DEL MONTE 4.9 4.93 5.05 5.05 4.93 4.93 139800 696292 5.96 6.05 6.1 6.13 5.91 5.96 2719800 16222369 DNL INDUS 9.97 9.98 10 10 9.95 9.98 5059500 50504236 EMPERADOR SMC FOODANDBEV 64 64.7 65.1 66.5 64 64 577700 37601507.5 ALLIANCE SELECT 0.62 0.63 0.63 0.64 0.63 0.63 145000 91450 1.22 1.23 1.2 1.24 1.19 1.23 16169000 19680660 FRUITAS HLDG GINEBRA 47 47.85 47 47.85 46.8 47 8200 387385 JOLLIBEE 170.5 172 170 177.8 168.5 170.5 2960400 509212455 5.57 5.58 5.73 5.73 5.5 5.58 689500 3863078 MAXS GROUP 0.14 0.143 0.139 0.14 0.139 0.14 770000 107300 MG HLDG SHAKEYS PIZZA 6.33 6.45 6.4 6.5 6.21 6.33 970900 6141617 ROXAS AND CO 1.21 1.22 1.22 1.22 1.19 1.21 3852000 4635770 4.71 4.93 4.93 4.93 4.93 4.93 1000 4930 RFM CORP 1.75 1.8 1.8 1.8 1.8 1.8 3000 5400 ROXAS HLDG SWIFT FOODS 0.105 0.108 0.105 0.108 0.105 0.108 200000 21120 138.4 140 137 140 136.5 140 1378410 191891557 UNIV ROBINA 0.79 0.8 0.8 0.82 0.79 0.79 5163000 4145840 VITARICH CONCRETE A 50.8 51 50.8 51 50.6 51 540 27476 51.15 53.95 53.95 53.95 53.95 53.95 270 14566.5 CONCRETE B 1.61 1.62 1.57 1.62 1.57 1.61 21171000 33815520 CEMEX HLDG 4.48 4.6 4.5 4.65 4.5 4.65 56000 253780 DAVINCI CAPITAL EAGLE CEMENT 14.3 14.64 14.2 14.64 14.2 14.64 2499300 35512444 EEI CORP 7.62 7.69 7.8 7.8 7.55 7.69 154400 1174721 5.82 5.83 5.66 5.83 5.66 5.82 2584500 14929743 HOLCIM 7.43 7.44 7.65 7.65 7.26 7.44 2422500 17993721 MEGAWIDE PHINMA 8.3 8.35 8.35 8.35 8.3 8.3 6500 54090 0.71 0.73 0.71 0.71 0.71 0.71 115000 81650 TKC METALS 0.83 0.84 0.82 0.83 0.82 0.83 2017000 1663410 VULCAN INDL CHEMPHIL 111.1 128 111.1 111.1 111.1 111.1 60 6666 2 2.04 2 2.05 1.99 2.04 214000 427360 CROWN ASIA 1.87 1.89 1.86 1.9 1.85 1.87 305000 573980 EUROMED 4.27 4.41 4.22 4.63 4.21 4.4 11000 48300 LMG CORP MABUHAY VINYL 4.23 4.33 4.22 4.35 4.22 4.35 4000 17140 4.13 4.3 4.18 4.2 4.13 4.13 87000 363150 PRYCE CORP 20.5 21 20.25 21 19.84 21 141200 2841229 CONCEPCION 2.5 2.51 2.51 2.52 2.47 2.51 7514000 18707890 GREENERGY INTEGRATED MICR 6.05 6.1 6.16 6.18 5.9 6.1 566700 3436387 IONICS 0.96 0.97 0.98 0.98 0.95 0.96 56000 54230 1.39 1.4 1.42 1.42 1.39 1.4 491000 688440 SFA SEMICON CIRTEK HLDG 5.51 5.53 5.69 5.69 5.48 5.51 3134700 17351058

27804960 7580 -12332860 -17550 33462955 -7349116 85820278 2672362 -1437030 13800 1116854.0003 54400 22278 92490 16079228 -90910 -6177548 401192 -4988314 -6400 -15220 -110055 48362867 222000 253964 -1113230 22123382 -42830 -3111770 -32489826 92894 1944469 -1570357 -45070 4400 33160 86300 -424890 -107977 386941.0003

HOLDING & FRIMS ABACORE CAPITAL 0.485 0.49 0.49 0.495 0.485 0.49 5000000 2451000 7.2 7.49 7.74 7.74 7 7.32 173600 1247181 ASIABEST GROUP AYALA CORP 744 745 735 760 735 744 692440 518745005 ABOITIZ EQUITY 44.25 45.5 45.5 45.55 43.4 45.5 1719500 77296435 7.91 7.92 8.02 8.2 7.77 7.91 8981800 71180804 ALLIANCE GLOBAL 2.87 2.88 2.81 2.9 2.75 2.88 3651000 10319470 AYALA LAND LOG ANSCOR 6.36 6.55 6.56 6.56 6.36 6.36 14600 93896 0.64 0.65 0.65 0.66 0.64 0.65 110000 70860 ANGLO PHIL HLDG 0.8 0.81 0.79 0.82 0.79 0.8 4745000 3805150 ATN HLDG A 0.8 0.82 0.77 0.84 0.77 0.82 181000 148120 ATN HLDG B COSCO CAPITAL 5.15 5.16 5.2 5.25 5.13 5.15 698400 3602135 DMCI HLDG 4.5 4.54 4.67 4.69 4.48 4.5 28622000 129339790 9.4 9.48 9.1 9.5 9.1 9.48 10500 96705 FILINVEST DEV FORUM PACIFIC 0.194 0.215 0.219 0.219 0.217 0.217 120000 26240 436.2 439.2 445 447.8 434.6 436.2 443780 194768228 GT CAPITAL 3.27 3.58 3.58 3.58 3.27 3.58 3000 10430 HOUSE OF INV 63.5 65 67 67 63.5 63.5 2514190 162199899 JG SUMMIT LODESTAR 0.62 0.64 0.64 0.64 0.62 0.63 176000 110640 2.56 2.58 2.59 2.6 2.54 2.56 1529000 3930650 LOPEZ HLDG 11.86 11.96 11.2 12.06 11.2 11.96 15063800 177962450 LT GROUP 0.48 0.5 0.51 0.51 0.475 0.48 176000 84510 MABUHAY HLDG MJC INVESTMENTS 1.75 1.99 2 2 2 2 2000 4000 3.99 4 3.97 4.03 3.97 3.99 79568000 318213310 METRO PAC INV 3.18 3.2 3.18 3.18 3.18 3.18 3000 9540 PACIFICA HLDG PRIME MEDIA 0.79 0.82 0.82 0.82 0.79 0.82 17000 13580 0.98 1 0.98 0.99 0.98 0.99 41000 40380 SOLID GROUP 920 945 934 945 917.5 945 507330 475156635 SM INVESTMENTS 105.6 105.7 104 106.3 103.2 105.7 279740 29451380 SAN MIGUEL CORP TOP FRONTIER 126 126.8 126.8 126.8 125.2 126.8 740 93478 WELLEX INDUS 0.191 0.203 0.203 0.203 0.203 0.203 120000 24360

-675750 37313 126314685 15450085 2601395 1099040 126850 -548898 -44948560 13587780 -56583287.5 -936460 -1767810 -146955300 170079315 -285889 18810 -

PROPERTY ARTHALAND CORP 0.57 0.58 0.6 0.6 0.56 0.58 833000 481140 7.56 8.08 8 8.09 7.5 8.09 5700 44217 ANCHOR LAND AYALA LAND 32.9 33.5 32.5 33.5 31.5 33.5 16365700 534691355 ARANETA PROP 1.02 1.04 1.05 1.05 1.01 1.03 113000 116610 25.65 25.7 25.75 25.8 25.65 25.7 497400 12796560 AREIT RT 1.46 1.47 1.4 1.47 1.39 1.47 669000 952400 BELLE CORP A BROWN 0.8 0.81 0.82 0.82 0.8 0.81 2294000 1853400 0.79 0.83 0.78 0.83 0.78 0.79 74000 59020 CITYLAND DEVT 0.132 0.137 0.136 0.137 0.133 0.137 1190000 158820 CROWN EQUITIES 5.83 5.95 5.95 5.95 5.95 5.95 9300 55335 CEBU HLDG CEB LANDMASTERS 4.61 4.62 4.68 4.7 4.6 4.62 1421000 6624180 CENTURY PROP 0.36 0.365 0.37 0.37 0.36 0.365 8560000 3112200 0.395 0.415 0.435 0.435 0.39 0.395 3380000 1370700 CYBER BAY DOUBLEDRAGON 14.58 14.6 14.8 14.92 14.42 14.6 1015300 14884866 DM WENCESLAO 5.36 5.38 5.55 5.55 5.38 5.38 76900 418540 0.295 0.3 0.285 0.295 0.28 0.295 7990000 2285000 EMPIRE EAST 0.086 0.09 0.085 0.09 0.085 0.09 70000 6250 EVER GOTESCO FILINVEST LAND 0.95 0.97 0.98 1 0.95 0.95 80499000 77535460 GLOBAL ESTATE 0.76 0.79 0.78 0.79 0.76 0.76 248000 192240 7.75 7.94 8.25 8.3 7.5 7.94 146700 1163059 8990 HLDG 1.38 1.4 1.4 1.42 1.38 1.38 1803000 2511260 PHIL INFRADEV KEPPEL PROP 3 3.43 3.45 3.45 3.45 3.45 1000 3450 0.68 0.7 0.68 0.68 0.68 0.68 8000 5440 CITY AND LAND 3.08 3.1 3.14 3.15 3.06 3.08 18180000 56291790 MEGAWORLD MRC ALLIED 0.365 0.37 0.36 0.38 0.35 0.365 98780000 36605500 PHIL ESTATES 0.32 0.34 0.32 0.33 0.32 0.33 280000 91500 1.14 1.19 1.17 1.19 1.14 1.19 461000 532520 PRIMEX CORP 15.7 16.16 15.46 16.16 15.26 16.16 7401000 117169264 ROBINSONS LAND PHIL REALTY 0.223 0.228 0.22 0.228 0.22 0.228 280000 63060 1.52 1.53 1.55 1.55 1.51 1.52 74000 113170 ROCKWELL 2.66 2.7 2.7 2.7 2.7 2.7 3000 8100 SHANG PROP 1.9 1.93 1.9 1.94 1.9 1.94 601000 1141940 STA LUCIA LAND SM PRIME HLDG 32.55 33.5 32.5 33.5 31.7 33.5 12665400 417920160 VISTAMALLS 4.03 4.08 3.98 4.2 3.94 4.08 462000 1871660 1.26 1.27 1.22 1.33 1.2 1.27 10706000 13558220 SUNTRUST HOME VISTA LAND 3.32 3.35 3.55 3.55 3.32 3.32 10266000 34751970

43538320 -4288035 -44940 -27300 -3891420 18300 -8258192 -599199.9999 -39733140 3800 7800 168700 -5440 11745490 637800 -33000 5750 35965170 74445950 -2770 -15600 -22145900

SERVICES ABS CBN 11.92 11.94 11.54 11.92 11.52 11.92 760700 8986804 5.05 5.06 5.05 5.09 5.05 5.06 245900 1243997 GMA NETWORK MANILA BULLETIN 0.405 0.415 0.405 0.405 0.4 0.4 140000 56100 10.4 10.8 10.5 10.5 10.32 10.32 2000 20840 MLA BRDCASTING 2038 2044 2014 2058 2014 2038 87975 179348810 GLOBE TELECOM 1334 1335 1335 1350 1290 1335 261890 348904980 PLDT APOLLO GLOBAL 0.053 0.055 0.055 0.056 0.053 0.054 39070000 2119800 3.06 3.11 3.12 3.15 3.1 3.1 49000 153440 DFNN INC 6.33 6.34 6.2 6.41 6.2 6.33 41836900 264470327 DITO CME HLDG 1.32 1.43 1.32 1.32 1.32 1.32 9000 11880 IMPERIAL ISLAND INFO 0.086 0.088 0.086 0.088 0.085 0.086 5500000 473400 JACKSTONES 1.58 1.63 1.57 1.63 1.57 1.63 59000 95490 4.94 4.95 4.8 5.01 4.8 4.94 7727000 38112060 NOW CORP TRANSPACIFIC BR 0.233 0.234 0.239 0.239 0.229 0.233 6560000 1532490 2.58 2.62 2.64 2.64 2.53 2.58 1614000 4140500 PHILWEB 9.03 9.11 9.3 9.37 8.5 9.03 105900 936141 2GO GROUP 15.52 16.62 16.66 16.66 16.66 16.66 300100 4999666 ASIAN TERMINALS CHELSEA 5.76 5.77 5.75 5.91 5.75 5.76 3874500 22524823 CEBU AIR 40.7 40.95 41 41.95 40.2 40.7 804600 32927195 115.7 115.8 116.2 116.2 114.8 115.8 1985280 230117329 INTL CONTAINER 14.04 14.1 14.2 14.4 14.1 14.1 2400 33950 LBC EXPRESS LORENZO SHIPPNG 0.98 1.02 1.03 1.04 0.96 1 469000 466520 5.25 5.26 5.24 5.37 5.12 5.25 6055300 31,722,823( MACROASIA 1.91 1.93 1.98 1.98 1.9 1.93 483000 936280 METROALLIANCE A METROALLIANCE B 1.92 1.99 1.9 1.9 1.9 1.9 5000 9500 7.02 7.03 7.08 7.08 7 7.02 273900 1922327 PAL HLDG 1.28 1.29 1.32 1.35 1.27 1.28 6382000 8249130 HARBOR STAR 1.12 1.21 1.21 1.22 1.18 1.21 78000 93960 ACESITE HOTEL BOULEVARD HLDG 0.026 0.027 0.027 0.027 0.026 0.027 8100000 218300 DISCOVERY WORLD 1.9 1.93 1.83 2.24 1.8 1.9 1105000 2176340 0.415 0.425 0.435 0.435 0.41 0.42 1530000 645850 WATERFRONT 6.5 6.99 6.5 6.5 6.5 6.5 80000 520000 CENTRO ESCOLAR FAR EASTERN U 495.2 505 500 500 500 500 410 205000 IPEOPLE 7.5 7.6 7.5 7.5 7.5 7.5 600 4500 0.315 0.32 0.315 0.325 0.315 0.32 3040000 971500 STI HLDG BERJAYA 3.34 3.35 3.19 3.35 3.14 3.35 1186000 3878240 BLOOMBERRY 7.38 7.46 7.5 7.65 7.34 7.38 21378400 159608691 1.86 1.9 1.89 1.9 1.85 1.89 71000 132030 PACIFIC ONLINE 1.51 1.54 1.55 1.58 1.51 1.51 558000 863030 LEISURE AND RES MANILA JOCKEY 2.23 2.31 2.2 2.2 2.2 2.2 1000 2200 0.345 0.35 0.335 0.35 0.335 0.345 26980000 9223150 PREMIUM LEISURE 7.09 7.38 7.07 7.38 7.07 7.38 119000 844760 PHIL RACING 6.56 6.57 6.77 6.77 6.51 6.57 1272300 8382705 ALLHOME METRO RETAIL 1.42 1.43 1.45 1.45 1.41 1.43 1068000 1530340 42.7 42.75 43.4 43.5 42.1 42.75 5950800 255027290 PUREGOLD 66.2 67 68 68 66.2 66.2 488880 32454592.5 ROBINSONS RTL PHIL SEVEN CORP 110 113 114.7 114.8 110 110 753770 84026481 SSI GROUP 1.13 1.14 1.15 1.16 1.14 1.14 5346000 6123440 15.22 15.3 15.68 15.76 15.16 15.3 3816900 58445498 WILCON DEPOT 0.3 0.305 0.305 0.305 0.29 0.305 3440000 1028850 APC GROUP EASYCALL 6.91 7.05 6.94 7.09 6.8 7.07 28200 195245 332 340 350 350 340 340 1010 344600 GOLDEN BRIA 3.23 3.79 3.17 3.79 3.17 3.79 44000 154590 IPM HLDG 0.29 0.295 0.285 0.295 0.285 0.295 16250000 4725650 PRMIERE HORIZON SBS PHIL CORP 4.17 4.2 4.17 4.2 4.17 4.2 119000 498770

-24232520 -60061470 -110020 3216661 43000 -419400.0001 20140 -4266 -10415865 -75040514 1420 2,833,660.9997) 7783 29300 -12100 64800 55000 31500 -19140 4307057 -72970 -3098700 1549108 -54943570 -10079236.5 -469393 -3749260 -8383034 6100 -168000

MINING & OIL ATOK 9.6 9.96 10.88 10.88 9.6 9.6 353200 3492415 APEX MINING 1.88 1.89 1.94 1.95 1.87 1.88 17085000 32563980 1700570 ABRA MINING 0.001 0.0011 0.0011 0.0011 0.001 0.0011 160000000 166200 4.2 4.24 4.19 4.24 4.1 4.23 581000 2427110 ATLAS MINING 2.88 2.89 2.73 2.88 2.73 2.88 112000 316070 BENGUET A COAL ASIA HLDG 0.25 0.26 0.25 0.27 0.25 0.25 1160000 298400 -26500 CENTURY PEAK 2.5 2.54 2.46 2.54 2.46 2.54 60000 149560 7.33 7.44 7.44 7.45 7.35 7.45 2300 16924 DIZON MINES 1.3 1.31 1.31 1.32 1.29 1.3 14777000 19202870 1506410 FERRONICKEL GEOGRACE 0.242 0.245 0.249 0.249 0.241 0.242 810000 196320 0.151 0.152 0.15 0.153 0.148 0.151 10180000 1534220 LEPANTO A 0.15 0.152 0.15 0.153 0.15 0.153 270000 40530 LEPANTO B MANILA MINING A 0.0099 0.011 0.011 0.011 0.0097 0.011 22200000 235390 0.01 0.011 0.01 0.01 0.01 0.01 400000 4000 MANILA MINING B 1 1.02 0.98 1.03 0.98 1.01 20061000 20081600 -192590 MARCVENTURES 2.59 2.6 2.63 2.69 2.54 2.59 731000 1876820 -10640 NIHAO NICKEL ASIA 3.81 3.92 3.71 3.92 3.68 3.92 47175000 182794440 71442540 OMICO CORP 0.34 0.35 0.335 0.335 0.33 0.335 500000 166250 0.68 0.69 0.68 0.69 0.66 0.68 932000 621590 ORNTL PENINSULA 5.43 5.48 5.35 5.53 5.3 5.48 2477600 13395588 3943963 PX MINING SEMIRARA MINING 11.52 11.62 11.94 11.96 11.52 11.52 8058800 93444838 -35135316 UNITED PARAGON 0.0052 0.0053 0.0054 0.0054 0.0052 0.0053 11000000 58600 6.29 6.3 6.35 6.37 6.15 6.29 202600 1262479 -139700 ACE ENEXOR ORNTL PETROL A 0.0097 0.0098 0.0097 0.0097 0.0097 0.0097 33000000 320100 0.0097 0.0099 0.0097 0.0097 0.0097 0.0097 1000000 9700 ORNTL PETROL B 0.0087 0.009 0.009 0.0095 0.0087 0.0087 33000000 294100 PHILODRILL 10.98 11 10.98 11.9 10.86 11 8299100 92922044 -1339518 PXP ENERGY

PREFFERED AC PREF B1 515 519.5 515 515 515 515 10 5150 101.2 103.2 103 103 103 103 110 11330 ALCO PREF B DD PREF 101.2 102 101 102 101 102 15130 1538825 106.8 107 107 107 107 107 330 35310 FGEN PREF G 510 517 508 517 508 510 1980 1016270 480810 GLO PREF P 101.6 103.1 101.6 101.6 101.5 101.6 40890 4154414 MWIDE PREF PNX PREF 3B 100.7 101 101.8 101.8 101 101 8450 853580 985.5 993 996 996 993 993 1100 1094070 PNX PREF 4 1030 1050 1050 1060 1050 1050 130 136600 PCOR PREF 2B 1045 1059 1060 1060 1055 1059 3660 3868340 PCOR PREF 3A PCOR PREF 3B 1075 1090 1085 1085 1075 1075 1000 1075500 78 78.15 78.05 78.2 78.05 78.2 1460 114022 SMC PREF 2C 76.7 77.35 76.65 77 76.65 77 70080 5380432 SMC PREF 2E SMC PREF 2F 78 78.2 77.9 78 77.9 78 16130 1258130 76 76.5 76 76.5 76 76.5 790 60190 22950 SMC PREF 2G 76.35 77.5 76.3 76.35 76.3 76.35 2400 183230 SMC PREF 2H 76.5 78.6 78 78 76.35 76.35 6500 501225 SMC PREF 2I

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 11.2 11.58 11.06 11.7 11.06 11.14 15700 181760 4.8 4.95 4.8 4.8 4.8 4.8 2000 9600 GMA HLDG PDR

WARRANTS LR WARRANT 0.84 0.85 0.85 0.85 0.83 0.84 62000 51890

SMALL & MEDIUM ENTERPRISES ALTUS PROP 10.92 11 11.12 11.2 10.86 11 535500 5927306 -88554 2.58 2.59 2.59 2.6 2.53 2.58 1753000 4503920 -2980 ITALPINAS KEPWEALTH 5.29 5.37 5.32 5.48 5.25 5.29 60100 322480 3.22 3.23 3.2 3.27 3.17 3.23 12966000 41678410 2460850 MERRYMART

EXHANGE TRADE FUNDS

FIRST METRO ETF 95.5 95.75 95 95.5 94 95.5 20500 1947240 61759

www.businessmirror.com.ph

Lockdown restrictions cut Belle Corp. 9-month profit

B

By VG Cabuag

@villygc

elle Corp., which owns half of City of Dreams Manila, said its income in the January-to-September period plunged by 96 percent to P93 million from last year’s P2.56 billion, as the pandemic shuttered its facilities and halted tourist arrivals.

Revenues were down by half for the period to P2.91 billion from last year’s P5.77 billion.

Excluding extraordinary and non-recurring items, Belle’s consolidated recurring net income for the period was higher at P680 million, but still 75 percent lower than last year’s P 2.67 billion.

For the July-to-September pe-

riod alone, Belle suffered a net loss of P128.94 million, from an income last year of P515.28 million. Revenues for the period fell 42 percent to P905.04 million from last year’s P1.57 billion.

Belle’s primary growth driver, its share in the gaming revenues at City of Dreams Manila, declined by 86 percent to P325 million in Janu-

ary to September from P2.38 billion last year as gaming operations were either suspended or substantially limited from mid-March through September.

“The decreases in revenues and profits resulted primarily from Covid-19 related developments.

The effects of the pandemic began with declining tourist arrivals prior to the implementation of the community quarantines nationwide and was compounded by the temporary suspension of gaming operations at City of Dreams Manila on March 16, 2020 in compliance with government initiatives to contain the virus,” it said.

The company also blamed the pandemic for the weak results at Pacific Online Systems Corp., its unit that leases online betting equipment to the Philippine Charity Sweepstakes Office for their lottery and keno operations.

Pacific Online, which is 50.1

percent-owned by Belle’s subsidiary Premium Leisure Corp., posted a 71-percent drop in revenues to P221 million from P766 million last year.

Belle’s real estate operations recorded a 10-percent decline in revenues to P2.37 billion from P2.63 billion last year. Of the real estate revenues, P2 billion came from Belle’s lease of the land and buildings comprising City of Dreams Manila to Melco Resorts and Entertainment (Philippines) Corp., the operator of the facility. The figure was unchanged from 2019.

Belle’s real estate sales and property management activities at its Tagaytay Highlands complex, which were affected by the community quarantines during the entire second and third quarters of 2020 and the Taal Volcano eruption in January, contributed revenues of P363 million, down 42 percent from last year’s P624 million.

SMC to buy plastic waste for cement facility

C

ongolomerate San Miguel Corp. (SMC) on Thursday said it is buying tons of used plastic wastes to fuel its cement manufacturing facilities.

Northern Cement Corp., an affiliate of the conglomerate, is capable of consuming up to 1.5 million tons of plastic waste per year. It is targeting to reduce use of traditional fuel by up to 50 percent and substitute with plastic wastes.

“Technology to safely convert plastic waste to energy has existed for a long time, in fact, Northern Cement has been using this on a smaller scale. Other major manufacturers, both locally and globally, have also been using this. It’s a more environment-friendly and sustainable alternative to using traditional fuels,” SMC President and COO Ramon S. Ang said.

The company’s plan to expand and ramp up its use of plastic wastes for energy for Northern Cement can now be implemented with the completion of its materials handling facility in Pangasinan.

With this, the company can collect and store plastic waste at scale and safely convert waste into energy to reduce landfill waste, reduce dependence on fossil fuels and lower greenhouse gas emissions.

“With our materials handling facility ready, we can now expand this program. We are calling on assemblers, local governments, and companies, to collect and sell your plastic wastes to us. Together, we can help our environment in a substantial way, and at the same time, create more livelihood opportunities for so many Filipinos during this time of pandemic,” Ang said.

Apart from providing jobs, the cement pro-

duced will also go to the construction industry, which generates a significant amount of jobs, and also drive infrastructure development and economic growth.

“Instead of just hoping for a better tomorrow, we continue to look for actual solutions where we can get the best outcome for the greatest number of people,” Ang said.

While Northern Cement’s technology can allow for all types of plastics to be processed and converted into energy, Ang said they are targeting plastic bottles, which make up a significant amount of total plastic waste in the world. In 2017, San Miguel discontinued its Purewater plastic bottled water business.

Apart from discontinuing its plastic bottled water business, the company built the country’s first asphalt road made with recycled plastic wastes, at a company-owned logistics facility used by vehicles with heavy loads, as part of a pilot test to determine its long-term durability.

In November last year, it announced a partnership with a small, local firm, Philippine Bioresins Corp., that has been developing and testing technology to create biodegradable plastics that meet government requirements for biodegradable materials.

The firm was given an Environmental Verification Certificate by the Department of Science and Technology’s Industrial Technology Development Institute, which confirmed that the biodegradable polypropylene it developed would be 64.6 percent degraded within two years—compared to only 4.5 percent within the same period for nonbiodegradable plastics. VG Cabuag

DPWH awards design contract for Bataan-Cavite bridge project

T

he Department of Public Works and Highways (DPWH) has awarded the $59-million engineering design contract for the Bataan– Cavite Interlink Bridge Project on Manila Bay funded by the Asian Development Bank (ADB).

In a statement, ADB said the contract was awarded to the joint venture of United Statesbased T.Y. Lin International and the Republic of Korea’s Pyunghwa Engineering Consultants Ltd., working in tandem with Geneva-based Renardet SA and the Philippines’ DCCD Engineering Corp.

Public Works Secretary Mark A. Villar said they will start the detailed engineering and design component of the project in November. It is expected that they will be finished by January 2022.

“This Bataan-Cavite Interlink Bridge Project will provide a permanent road linkage between the two provinces in Central Luzon and Southern Tagalog Region in order to reduce the journey time and ease traffic congestion through Metro Manila,” Villar said.

The contract is part of the P175.7-billion or $3.6-billion project which includes the construction of two long-span bridges totaling 32.1 kilometers. It will connect the provinces of Bataan and Cavite, which are located northwest and southwest of the capital Manila.

“The signing of the contract for the engineer-

ing design stage of the Bataan–Cavite Interlink Bridge Project is timely, given the impact of the Covid-19 pandemic on the Philippine economy.

The bridge project has substantial multiplier effects on employment and the economy, and will help the region recover faster,” ADB Country Director for the Philippines Kelly Bird said.

The project, which is part of the government’s “Build, Build, Build” (BBB) program, aims to boost the country’s long-term economic growth through increased public infrastructure investments. ADB said it is currently preparing to help finance the construction of this flagship project in 2022. Once completed, the bridge will reduce travel time from Bataan to Cavite to 40 minutes from 5 hours, easing traffic on the North Luzon Expressway, currently the main thoroughfare to provinces north of Metro Manila.

The proposed bridge project is composed of the following: Package 1—Bataan Land Viaduct (5.04 km), Package 2—Northern Marine Viaduct (8 km), Package 3 – Southern Marine Viaduct (12.6 km), Package 4—Approach Viaducts to Northern and Southern Navigation Channel Bridges (2.6 km), Package 5—Navigation Channel Bridges (2.6 km), Package 6—Cavite Land Viaduct (1.31 km), and Package 7—Ancillary Buildings. Cai U. Ordinario and Lorenz S. Marasigan

mutual funds

October 22, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 204.51 -19.53% -11.16% -4.12% -18.79% ATRAM Alpha Opportunity Fund, Inc. -a 1.1211 -25.33% -11.63% -2.57% -18.88% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.7853 -28.4% -15.12% -6.05% -24.28% Climbs Share Capital Equity Investment Fund Corp. -a 0.7106 -25% -11.08% n.a. -20.87% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.695 -19.35% n.a. n.a. -18.17% First Metro Save and Learn Equity Fund,Inc. -a 4.3892 -18.69% -9.46% -4.29% -17.62% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6886 -20.44% -10.77% n.a.

-19.33% MBG Equity Investment Fund, Inc. -a 87.22 -23.81% n.a. n.a.

-15.5% PAMI Equity Index Fund, Inc. -a 41.3239 -20.34% -9.61% -2.89% -19.42% Philam Strategic Growth Fund, Inc. -a 440.26 -18.35% -9.16% -3.26% -17.37% Philequity Alpha One Fund, Inc. -a,d,5 0.9489 n.a. n.a. n.a.

-7.88% Philequity Dividend Yield Fund, Inc. -a 1.0441 -20.01% -9.4% -2.76% -18.87% Philequity Fund, Inc. -a 30.7189 -20.02% -8.98% -2.35% -18.94% Philequity MSCI Philippine Index Fund, Inc. -a 0.8123 -21.2% n.a. n.a. -20.21% Philequity PSE Index Fund Inc. -a 4.2212 -19.95% -9.18% -2.17% -19.19% Philippine Stock Index Fund Corp. -a 705.94 -19.82% -9.1% -2.28% -19.04% Soldivo Strategic Growth Fund, Inc. -a 0.6399 -28.5% -12.8% -6.24% -24.84% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.2253 -24.48% -10.86% -3.85% -23.37% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8089 -20.01% -9.36% -2.36% -19.17% United Fund, Inc. -a 2.9428 -20.54% -8.39% -2.06% -19.45% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 94.7684 -19.72% -8.81% -1.52% -18.97% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $1.0844 12.36% -0.21% 3.42% 5.45% Sun Life Prosperity World Voyager Fund, Inc. -a $1.5572 20.15% 8.37% n.a. 12.95% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.568 -1.72% -5.5% -2.59% 0.33% ATRAM Philippine Balanced Fund, Inc. -a 2.0864 -7.7% -5.2% -1.05% -4.34% First Metro Save and Learn Balanced Fund Inc. -a 2.4464 -7.55% -3.88% -2.47% -7.03% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1856 -21.09% n.a. n.a.

-18.77% NCM Mutual Fund of the Phils., Inc. -a 1.869 -4.72% -1.92% 0.53% -4.72% PAMI Horizon Fund, Inc. -a 3.5426 -6.57% -3.41% -0.58% -6.51% Philam Fund, Inc. -a 15.8521 -6.66% -3.48% -0.66% -6.54% 1.9591 Solidaritas Fund, Inc. -a -8.73% -4.48% -0.73% -7.68% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.331 -14.23% -5.76% -1.91% -13.78% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9566 -6.07% n.a. n.a.

-5.82% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8591 -14.58% n.a. n.a. -13.78% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.8382 -16.4% n.a. n.a. -15.61% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8151 -17.24% -6.93% -2.85% -16.38% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03927 2.51% 2.88% 2.12% 2.8% PAMI Asia Balanced Fund, Inc. -b $1.0672 0.88% 3.07% 5.45% 7.65% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.2435 12.67% 6.03% 6.27% 8.51% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.1772 6.22% 3.15% n.a.

4.3% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 368.8 3.85% 3.09% 2.65% 3.03% ATRAM Corporate Bond Fund, Inc. -a 1.9531 1.67% 0.93% 0.29% 2.69% Cocolife Fixed Income Fund, Inc. -a 3.2048 3.69% 4.72% 4.93% 2.79% Ekklesia Mutual Fund Inc. -a 2.2909 3.56% 2.63% 2.18% 3.04% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4464 4.58% 3.31% 2.11% 3.7% 4.6262 Philam Bond Fund, Inc. -a 7.17% 4.08% 2.66% 5.79% Philam Managed Income Fund, Inc. -a,6 1.3122 5.52% 4.37% 2.47% 4.42% Philequity Peso Bond Fund, Inc. -a

3.9545 5.6% 4.24% 2.34% 4.39% Soldivo Bond Fund, Inc. -a 1.0369 8.88% 3.56% 2.09% 7.53% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1805 4.73% 4.6% 2.93% 3.41% Sun Life Prosperity GS Fund, Inc. -a

1.7431 3.74% 3.94% 2.31% 2.47% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $480.44 3.11% 2.59% 2.78% 2.58% ALFM Euro Bond Fund, Inc. -a Є217.74 -1.01% 0.75% 1.21% -0.93% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2494 3.92% 2.62% 3.5% 3.3% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0264 2.33% 1.83% 1.59% 2.33% PAMI Global Bond Fund, Inc -b $1.092 -0.48% 0.33% 0.26% -0.15% Philam Dollar Bond Fund, Inc. -a $2.5125 4.54% 3.83% 3.34% 4.54% Philequity Dollar Income Fund Inc. -a $0.0618382 2.64% 2.48% 2.19% 2.55% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1925 0.78% 1.91% 2.31% 0.54% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 129.34 3.46% 3.33% 2.54% 2.79% First Metro Save and Learn Money Market Fund, Inc. -a 1.046 2.05% n.a. n.a.

1.92% Sun Life Prosperity Money Market Fund, Inc. -a 1.2921 2.75% 3.02% 2.62% 2.14% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0504 1.59% n.a. n.a.

1.17% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.0338 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."

www.businessmirror.com.ph

Banking&Finance BusinessMirror

BDO supports leasing unit via asset transfer

B

DO Unibank Inc.’s plan to restructure its leasing business has been moving along, with BDO Leasing and Finance Inc. (BDOLF) announcing the transfer of assets to BDO Finance Corp.

(BDOFC).

In a disclosure on Thursday, BDOLF said that it sold 27.02 percent of its assets to BDOFC. “The bulk of the assets covered by the sale are mortgage receivables from credit transactions secured by real estate mortgage, and other receivables arising from other financing activities such as factored receivables, installment paper purchase and floor stock financing,” BDOLF said.

The exact amount of the transaction was not disclosed but BDOLF said it was based on at least the book value or price on arms’ length basis.

Under BDO Unibank’s restructuring strategy, it incorporated BDOFC, a privately-held company, to handle its lease products and services.

“Additionally, BDOFC will assume current lease transactions booked in the Corporation to provide continuity to existing clients,” it added.

BDO Unibank is restructuring its leasing business to optimize the financial needs of the clients amid the release of new accounting regulations about lease transactions.

The International Financial Re-

porting Standard 16 is requiring leases to be recognized on balance sheet, like a loan facility.

“This makes lease transactions a less attractive option to corporate borrowers compared to the previous arrangement,” the lender explained.

Shares in BDO climbed by 1.92 percent, or P1.80 each, to end at P95.75 apiece amid the 1.05-percent rise for the main index on Thursday.

Earlier this month, BDOLF said that BDO Unibank and BDOFC acquired 10 percent of its assets. Proceeds were allocated to finance the lender’s existing obligations.

BDOLF in July said that its stockholders approved the amendment of the company’s corporate name to United Platinum Holdings Corp. as it seeks to change the nature of business to a holding firm from leasing and financing.

In the first half, BDO Leasing booked net earnings amounting to P81 million, a turnaround from P29-million loss last year for the same period. The lender said that the boost in profits was supported by its measures addressing margin compression.

BDO Unibank, meanwhile, saw its first half earnings plunge to P4.3 billion from P20.1 billion year-on-year because of higher provisions against credit losses. Tyrone Jasper C. Piad

LMS: A viable option for associations

A

mong the opportunities the ongoing coronavirus pandemic has opened up is the use of digital technology in associations’ activities including member engagement and networking, organizing learning and educational programs, building communities of practice and volunteer recruitment.

In less than a year since the Covid-19 pandemic started, with restrictions on public gathering and travel enforced, associations have been working on how best to serve their members and constituencies.

Providing continuing educational programs to members is one of the essential value propositions, as well as revenue generators, for associations so a learning management system (LMS) offers a promising opportunity.

A recent webinar on LMS was organized by “Answers for Associations,” an Australian-dedicated community for association professionals looking to connect and join special interest groups to discuss relevant issues with their peers.

The presenters were Katherine Millward and Glen Luttrell, corporate learning consultant and technical LMS consultant, respectively, of D2L (Desire to Learn), an Australian LMS technology service provider with offices in Canada, the US, Europe, Brazil and Singapore.

In technical terms, LMS is a software or web-based application for the administration, documentation, tracking, reporting, automation and delivery of educational courses, training programs, or learning and development programs. LMS, in layman’s term, is putting learning in an online environment.

The main objective of LMS is to enhance the learning process.

It does not only deliver content, but also handles course registration and administration, skills gap analysis, tracking and reporting.

LMS was first introduced in the late 1990s, preceded by correspondence teaching, multimedia teaching, distance learning idea, telematic teaching and teaching through the internet. Modern LMS, mostly web-based, includes intelligent algorithms to make automated recommendations for courses based on a user’s skill profile, as well as extract metadata

Association World Octavio Peralta from learning materials to make such recommendations even more accurate.

An LMS delivers and manages all types of content, including video, courses and documents. In the education and higher education markets, an LMS will include a variety of functionality similar to corporates but will have features such as rubrics, teacher- and instructorfacilitated learning, a discussion board and often the use of a syllabus.

There are six major advantages of LMS: interoperability, accessibility, reusability, durability, maintenance ability and adaptability, which in themselves constitute the concept of LMS. Specifically for associations, the D2L team cites that LMS can: Support your members to connect and network with peers and partners.

Create communities of practice and harness the evolving shape of member engagement.

Monitor and measure engagement to inform planning for future offerings.

Understand the importance and need to continue learning online for personal and career growth.

LMS has been around for more than 20 years now and has evolved into a powerful tool to deliver learning experiences. Associations, more than ever, should consider adapting to an LMS environment to maximize their potential in helping members get much-needed learning and education programs, share best practices with peers and engage with the community where they belong.

The column contributor, Octavio “Bobby” Peralta, is concurrently the secretary-general of the Association of Development Financing Institutions in Asia and the Pacific and the Founder & CEO of the Philippine Council of Associations and Association Executives. PCAAE is holding the Associations Summit 8 on November 25 and 26, 2020 with the theme, “Leading with Agility.” The two-day virtual event is supported by Adfiap, the Tourism Promotions Board and the PICC. E-mail inquiries@adfiap.org for more details on AS8.

Friday, October 23, 2020 B3

Govt props up banks’ housing exposure via ₧35-B guarantee

T

By Bernadette D. Nicolas

@BNicolasBM

he Philippine Guarantee Corp.

(PhilGuarantee) approved an additional P35-billion worth of housing guarantee facilities to several banks for coverage against credit losses from home lending.

PhilGuarantee said in a statement that the housing guarantee facilities were granted to BDO Unibank Inc., Philippine National Bank (PNB), and Rizal Commercial Banking Corporation (RCBC).

Of the P35 billion, PNB was given P15 billion while BDO and RCBC received P10 billion each.

PhilGuarantee, the sole credit guarantee institution of the Republic of the Philippines, also said it shall

BPI records 22.1% drop in profits for 9 months

T

HE Bank of the Philippine Islands (BPI) blamed heightened provisioning against loan losses for the 22.1-percent drop in its net earnings in the first nine months of 2020.

BPI shares skidded by 3.69 percent, or P2.80, to close at P73 each amid the 1.05-percent uptick for the benchmark index on Thursday.

The Ayala-led bank saw its profits in the first three quarters decline to P17.17 billion from P22.03 billion a year ago for the same period. For the third quarter alone, net income fell by 33.7 percent to P5.50 billion from P8.29 billion year-on-year.

The loan-loss reserves amounting to P21.06 billion dragged the bottomline figures of the bank for the period. The buffer, which grew by over four-fold from P4.58 billion last year, was in anticipation of a surge in nonperforming loans (NPL) amid the economic slowdown due to the coronavirus pandemic.

The 9-month revenues, meanwhile, climbed by 9.7 percent to P77.88 billion, the bank said. Net interest income rose by 11.8 percent to P54.40 billion in the first three quarters because of a 5.7-percent growth in average asset base. Meanwhile, non-interest income for the period expanded by 5.1 percent to P23.48 billion on the back of healthy securities trading gains.

In the first nine months, the bank said its operating expenses dipped by 1.6 percent to P36.48 billion “due to lower premises, technology and various discretionary costs such as marketing, advertising, and management and professional fees.”

As of end-September, BPI’s loan portfolio inched up by 0.9 percent to P1.38 trillion, supported by mortgage and corporate loan segments. Total deposits for the period, meanwhile, grew by 4 percent to P1.68 trillion because of 14.7-percent growth in current account and savings account deposits.

Total assets increased by 3.6 percent to P2.2 trillion as of endSeptember. This, as the common equity Tier-1 ratio and capital adequacy ratio stood at 15.46 percent and 16.35 percent, which are both above minimum regulatory requirements.

BPI raised P21.6 billion from the issuance of its Covid Action Response (CARE) bonds in August to finance eligible micro-, small- and medium-scale enterprises, one of the sectors severely impacted by the pandemic. The bonds carry an interest rate of 3.05 percent per annum and have a tenor of 1.75 years.

The original size of the offering was P3 billion, but it was oversubscribed by over seven times, thanks to robust demand.

“The overwhelming reception of investors to the bonds highlights the potential of the social bond market, which the [Securities and Exchange Commission] has put forward as a funding source for projects to address the devastating impact of the global health crisis,” the bank explained. Tyrone Jasper C. Piad

pay 100 percent of the unpaid principal, plus guaranteed interest in the event of default of their borrowers/ mortgagors. This is in line with our role in encouraging banks and other institutions to continue lending to homebuyers amid the Covid-19 global pandemic, PhilGuarantee said.

Apart from BDO, PNB and RCBC, new additional housing guarantee facilities were also extended to the New Rural Bank of San Leonardo, Hamilton Finance Corp. and the Rural Bank of Porac “to ensure nationwide reach of vital government assistance and fiscal incentives.”

PhilGuarantee guarantees loans to micro-, small- and medium-scale enterprises as well as to firms involved in priority projects of the national government and to com-

panies engaged in export-oriented capital goods and import substitution industries.

Further, it also administers the agricultural guarantee fund pool, a program that encourages lending institutions and entities to extend unsecured agricultural production loans to small farmers and fishers. It is a risk-mitigating mechanism that enables the flow of credit to the agriculture sector through the guarantee, PhilGuarantee explained.

PhilGuarantee is a government financial institution resulting from the merger and consolidation of five Philippine guarantee programs and agencies as directed under Executive Order 58 issued by President Rodrigo Duterte in 2018.

Fintech start-ups to get equity-free investments

F

ive start-ups that are building financial technology (fintech) solutions have been chosen to receive equityfree investments, as well as technical and business mentorship, for one year under the “Fintech for Impact” initiative of ING Bank and UN children’s agency Unicef, the organizations said.

“The global initiative, launched in the Philippines last year, seeks to support startups developing digital solutions that aim to empower young people, children and families,” ING Bank and Unicef said in a statement issued last October 13.

The five start-ups selected are: n Agrabah, which is building a digital platform that connects farmers and fisherfolk directly to buyers and loans, providing them greater autonomy, and their families improved financial resiliency; n BeamAndGo, which is adding to the functionality of their remittance-based platform to help migrant workers (including overseas Filipino workers) and their families better manage their finances and make responsible spending decisions for the household; n Educ4All: InvestEd, which connects students to educational loans, and will be producing a set of financial education and transition-to-adulthood courses that will guide graduates into meaningful employment and financial stability; n Reach52, which is expanding their set of apps that provide affordable microinsurance, healthcare and health products to rural communities, as well as livelihood opportunities, to local women; and, n Saphron, which seeks to empower grassroots microinsurance agents to collect accurate, efficient data with a powerful new AI-enabled platform. All investments are in open source technology and content, to allow the tools to be adapted and re-used in other contexts.

“In the Philippines, over nine million children live below the poverty line. They not only suffer from poor health and nutrition but also miss out on opportunities later in life such as education, training, work and entrepreneurial opportunities,” Unicef Philippines Representative Oyunsaikhan Dendevnorov was quoted in the statement as saying. “The Covid-19 pandemic has exacerbated these existing challenges for the most vulnerable. Health systems are overwhelmed, borders have closed, and families have been struggling to stay afloat.”

The joint statement said that “As the world starts thinking about how to build back better after the pandemic, investments in fintech solutions for the most impacted communities present both challenges and opportunities.”

“New digital financial tools need to be designed responsibly and address the specific needs of young people, children, and families, to help build economic security, encourage more equitable access to services and lift the financial barriers to opportunities for improving their lives,” the organizations said.

“Financial services have been expanding quickly. Governments are also pushing for greater inclusivity in financial services including families and young people,” ING Philippines country manager Hans B. Sicat was quoted in the statement as saying.

“Digital financial platforms allow for wider financial services, while providing social protection.”

“This is why we have partnered with Unicef to help develop fintech solutions by providing an equity-free investment, and mentoring early-stage open source startups in the Philippines,” Sicat added.

According to the institutions, “the investment supports open source solutions that contribute to a growing body of digital public goods that can advance society.”

Sun Life buys majority stake in direct lending firm

C

anada’s Sun Life Financial Inc. said it agreed to to buy 51 percent of Crescent Capital Group for as much as $338 million, bolstering its asset management business with one of the largest investors in alternative credit.

Crescent, which is based in Los Angeles and manages about $28 billion, is a major player in senior loans, junk bonds, buyout financing and direct lending to private equity-backed companies. Co-founders Mark Attanasio and Jean-Marc Chapus will retain control of day-to-day operations for five years, at which point Sun Life may acquire the remaining 49 percent, according to a statement today. The talks were first reported

by Bloomberg in August.

The deal is the latest in Sun Life’s multiyear effort to expand its management of higher-yielding alternative assets. It comes as many companies, struggling to stay alive

through the coronavirus pandemic, are turning to alternative lenders such as Crescent for money they can’t get from banks or capital markets.

For more than a year, Crescent considered offers from firms that specialize in buying stakes in private equity and hedge fund general partnerships, or GPs. It opted for a deal with Sun Life in part because the Toronto-based insurance firm committed as much as $750 million to future funds and new initiatives, Chapus said in an interview. “We found a lot of common ground,” he said. “Being part of a big financial institution that can provide capital, combined with a global presence, lined up well for us.”

‘Major piece of the puzzle’

Sun Life has been building out an asset management business for insurers, pension fund managers, endowments and foundations as a separate business it now calls SLC

Management. The strategy has included at least five acquisitions since 2015, adding capabilities in credit, real estate and infrastructure. SLC managed $127 billion in public and private fixed income assets as of June 30, excluding real estate debt, according to its web site.

“We think of this as the final major piece of the puzzle,” SLC Management President Stephen Peacher said.

The deal gives Sun Life a majority share of Crescent’s management-fee revenue and investment earnings from future funds. It doesn’t include any of the profits, or carried interest, from existing funds. Those stay with Crescent’s partners.

Sun Life is paying $276 million up front. The remaining $62 million is contingent on future performance.

Attanasio, 63, and Chapus, 61, were former Drexel Burnham Lambert Inc. bankers when they founded Crescent in 1991. After selling the

firm to Trust Company of the West in 1995, they stayed on running its leveraged-finance business. Crescent split off from TCW in 2011 and again became an employee-owned firm.

Separately, Attanasio led a group that purchased the Milwaukee Brewers baseball team in 2004. Non-bank lending to middle-market companies has boomed in the years since the financial crisis. It’s now drawing interest—as well as scrutiny—as a source of capital for companies that haven’t benefited from Federal Reserve efforts to support the credit market.

While the industry is still fragmented, a number of large players have emerged, including Crescent, Ares Management Corp., Oak Hill Advisors, HPS Investment Partners and Owl Rock Capital Partners.

Apollo Global Management Inc. and Blackstone Group Inc. also operate large private-credit businesses.

Bloomberg News

B4

Friday, October 23, 2020 • Editor: Gerard S. Ramos

Relationships BusinessMirror

Wanted: Flight to somewhere

www.businessmirror.com.ph

Today’s Horoscope

By Eugenia Last

z

CELEBRITIES BORN ON THIS DAY: Ryan Reynolds, 43; Martin Luther King III, 62; Ang Lee, 65; Emilia Clarke, 33; Amandla Stenberg, 21.

Happy Birthday: Take breaks, rejuvenate and steer clear of dramatic situations that are debilitating.

Concentrate on personal growth, dreams, goals and accomplishments, and avoid getting caught in other people’s disputes. Walk away from chaos and uncertainty, and aim for stabilization and security as you move forward. Leave nothing to chance. Take care of responsibilities, and you’ll avoid being disappointed.

Your numbers are 6, 11, 23, 29, 32, 34, 47.

A

LL over the world, international carriers are hurting.

People aren’t flying due to Covid-19 jitters, even as, the United Nations World Tourism Organization recently reported, some 50 percent of international travel destinations have been slowly easing travel restrictions.

A photo recently published in several news sites, for instance, showed rows and rows of Cebu Pacific’s aircraft parked on a tarmac in Australia. The budget carrier, led by the very skilled and competent Gokongwei family, has had to streamline its work force even after management cut their own salaries.

The same is true for legacy carrier Philippine Airlines, owned by the family of aging tycoon “Kapitan” Lucio Tan. Its finances were not really in tip-top shape even prior to the pandemic, so with a clampdown on foreign travel, it’s no surprise that its losses had ballooned six-fold to P22 billion in the first half of the year. Thus, it recently announced a retrenchment program that would slash 35-percent of its labor force.

As a travel and tourism journalist, it’s been quite interesting to observe how each airline has been trying to fly through the financial turbulence they find themselves seemingly stuck in.

They’ve each offered promos offering low-priced tickets, although I’ve been hearing not so welcoming news in that regard. In Cebu Pac’s case, it could be because it has yet to refund many of its customers who had booked flights all through the summer season.

(Full disclosure: My family and I are among those who have yet to receive our refunds for flights we were supposed to take last Holy Week.)

While PAL has said it has already refunded P12.72 billion of the P16-billion refund requests, I’m told its ticket promos have also performed below expectations, perhaps simply because people are still afraid to fly.

Most of us live day to day, booking one Zoom meeting or webinar after another, because who knows where we’ll all be in three to six months? To this day, an effective Covid vaccine has yet to be developed, so even stepping out of our homes to buy some groceries feels like a high-stakes poker game on our lives.

And so, the marketing people of many airlines are undoubtedly wracking their brains trying to draw up ingenious projects or programs that would help encourage people to fly again, and get the cash flowing from consumers.

In the case of foreign carriers like Taiwan’s EVA Air and Australia’s Qantas Airlines, both have mounted “flights to nowhere.” Passengers book their seats, get feted sumptuous meals, for quick trips around Taiwan and Australia, respectively.

Singapore Airlines had also planned to do the same, but caved to pressure from environmentalists who said the flight didn’t justify the huge amount of carbon its aircraft would be extending. Instead, the carrier had pop-up restaurant meals on its parked planes, which were immediately sold out. But you know SG Air, its onboard dishes are among the best served by Asian carriers.

PAL has taken the same bold step as its counterparts abroad—that is, offering a scenic tour of some of the country’s major tourist destinations such as Mayon Volcano, Chocolate Hills, Boracay, El

a

ARIES (March 21-April 19): Keep busy, set goals and take care of business. Too much idle time will lead to trouble. Don’t feel you have to make a change or decision because someone else does. Keep moving in a direction that offers more incredible opportunities to advance. HH

b

TAURUS (April 20-May 20): Take advantage of whatever comes your way. Your ability to make a snap decision will help you profit. An opportunity or proposal you encounter will be a perfect way for you to use your skills and expertise to your advantage. HHHHH

c Nido and Coron, to name a few. (See, “‘Flight to nowhere?’

PAL calls it an ‘aerial tour,’” BusinessMirror, October 12, 2020.) The “aerial tour” is being targeted for Halloween, Octpber 31, and is packaged with a stay in Conrad Manila.

However, frequent pre-Covid travelers expressed skepticism about this PAL project. I spoke with a few who felt they wouldn’t getting their money’s worth if they took such a flight.

Nikka P. Villamin, 34, whose flights to Tokyo and Boracay were canceled this year due to Covid-19, said, “It defeats the purpose of flying. The most inconvenient part of traveling is the flight itself, so I won’t pay for a flight that will take me back to Manila din naman.” She added that getting infected

by Covid-19 is also another concern. “I’m not even thinking of flying until late next year maybe.”

For his part, JJ Yulo, 45, said, “I don’t see the point of spending that money on a flight that won’t take me anywhere. I’d rather spend that on stuff that’ll make my home more fun, like say, a massage chair, or a new turntable, or a TV.” Marivic G. Lemette, 54, whose marketing work has taken her around the world, thumbed down the idea too. “I just think that this whole Covid thing is here for a reason. I’m slowly making lifestyle changes. Eating less, not buying nonessentials.... Lessening my carbon footprint if you will.”

So, “I’m really taking this whole overconsumptionwill-kill-our-planet thing seriously. So the next time I get on a plane, it will be either for a necessary business trip or a planned family vacay.”

She added, “The airline industry is essential to our post-Covid future. We must keep them alive. But from a marketing perspective, maybe they’ll attract more people if they put something a bit more noble into their gimmicks. This fly-to-nowhere sounds nothing more than a junket and, well, I think it’s not prudent to be doing junkets now.”

To the credit of the Department of Tourism, it’s already helped reopen a few tourism destinations like Baguio, the Ilocos Region, island resorts like El Nido and Amanpulo, and just on October 1, even residents of general community quarantine areas like National Capital Region can already visit Boracay Island and lounge about under the sun, while splayed out on its creamy white sand beach.

But I must admit, because of Covid-19, I too have been hesitant to take any short trips anywhere, even by road. For instance, I have yet to visit Big Sis and her familia who live in the south; the last time I saw any of them physically was her birthday in March. Aside

from her home being too far—I live in Quezon City— she and her husband are seniors, so I wouldn’t want to bring anything, ahem, unexpected into their lives, in case I’m asymptomatic (knock wood).

So my short breaks from WFH mode are basically quick sojourns to the community market once every two weeks to stock up on seafood, meats, vegetables and fruits, and, last week, making the most out of my trip to my regular salon, Toni & Guy, to check out a few favorite retailers. But with much haste, I must stress.

While it’s great to dream about where our next vacations will be, it’s difficult to decide exactly when.

There’s just so much uncertainty surrounding this virus and the climbing infection rate in our country that many of us still feel uncertain about booking any future holiday breaks.

Covid-19 hit us hard and fast that it’s removed our ability to plan our future. For now, carriers will just have to deal with that reality. n

This good earth according to Attenborough Continued from B5 moment, we learn—and appreciate—biodiversity.

But if there is marvelous proposal among the many David Attenborough presents in this documentary, it is his call to rewild our planet. We have tamed the environment so much and rendered it in weak monochromes that it cannot anymore fight the variegated threats from the other elements in the planet. As in the opening, the documentary goes back to Chernobyl. Without the human population, the city, with its buildings and homes, have been overtaken by the forest once more. Trees grow on top of the tall roofs of buildings; homes are shrouded in deep greens. Animals roam the streets of Chernobyl.

Even the wolf is back in Chernobyl. It is once more a clean, livable place.

Why should be save this planet? Shouldn’t we be saving the human groups first? David Attenborough, avuncular and more a teacher than a prophet, speaks how “it’s not really about saving the planet. It’s about saving ourselves.”

David Attenborough: A Life on Our Planet is currently streaming on Netflix. n

GEMINI (May 21-June 20): You’ll be taken advantage of if you are too accommodating.

Invest more time and money in yourself and your ideas. Avoid situations that are not safe. Put your health first, regardless of what your friends or associates do.

HHH

d

CANCER (June 21-July 22): You’ll gravitate toward unusual people, pastimes and places.

What you experience will change the way you think and feel. Join forces with someone who shares your beliefs and has similar goals. HHH

e

LEO (July 23-Aug. 22): Refuse to let a lastminute change someone makes alarm you.

Check out something that interests you, and you’ll find a way to incorporate it into your daily routine.

Aim for better health, physical fitness and personal growth. HHH

f

VIRGO (Aug. 23-Sept. 22): You won’t have to stand alone. The changes you make will draw interest and help you gain respect and support. Share your thoughts and plans with someone you love, and it will bring you closer together. HHHHH

g

LIBRA (Sept. 23-Oct. 22): Process as much information as possible, and do your best to avoid conflict. Emotional issues will leave you in a vulnerable position if you are too kind or generous.

Anger will be a waste of valuable time. HH

h

SCORPIO (Oct. 23-Nov. 21): Embrace the unexpected with open arms. Learn from whatever experience comes your way. Be part of a movement you believe in, and share your thoughts and solutions. Participation will result in unusual friendships and new beginnings. HHHH

i

SAGITTARIUS (Nov. 22-Dec. 21): Confront someone who is meddling in your life. Look for the truth, and you’ll discover that you are closer to solving a pending problem than you realized.

Persistence will get you where you want to go. HHH

j

CAPRICORN (Dec. 22-Jan. 19): Say what’s on your mind, and determine where you stand. An unexpected offer will need revisions before you can entertain the thought of participation. A change you make will affect your personal and professional options.

HHH

k

AQUARIUS (Jan. 20-Feb. 18): Slow down, verify information and set a course that will benefit you, not someone else. Finish what you start before you take on something new. Deal with institutional matters that can block you from reaching your objective. HHH

l

PISCES (Feb. 19-March 20): Your involvement in a group effort or joint venture looks promising. A change you make will enhance a partnership that you depend on for support and vision. HHHH Birthday Baby: You are resourceful, engaging and helpful.

You are upbeat and flexible.

‘opening moves’ by arthur klaassens The Universal Crossword/Edited by David Steinberg

ACROSS 1 Blame 6 Green carpet?

10 Not nearby 14 Give permission 15 Kapoor of Slumdog Millionaire 16 Director Ephron 17 Last Beatle to join the band 19 Departs 20 When you should get in: Abbr.

21 Major financial services company, informally 22 Was ahead 23 Sound storage option 28 Africa’s westernmost capital 31 “And ___ I ever!”

32 Ambient composer Brian 33 Violinist Leopold (sounds like “hour”) 34 Regretting 36 The “S” of STEM: Abbr.

37 One may change the color of milk 41 Alley-___ 42 They’re uncovered in art museums 43 Yen 44 The A-Team star 45 Timeline division

6 Paid to play poker 4 47 Wilma Flintstone’s neighbor 52 Word hidden in “Aye aye, sir!”

53 Osso buco meat 54 Holder of kernels 57 Lake, canal, city, county or tribe 59 Traditional start of a wedding reception, or a hint to each starred answer’s opening letters 62 Stick that’s waved 63 The “E” of QED 64 One-Punch Man genre 65 You shouldn’t put them all in one basket 66 Methods 67 Sing in the Alps DOWN 1 Lyft cost 2 Came down on a leaf, say 3 Bone by a radius 4 Record book 5 Common type of garage 6 Finish that isn’t shiny 7 Studio sign 8 Title for 17-Across 9 Camera initials

0 Ire 1 11 Area with limited access to affordable groceries 12 “___ you sure?”

13 Dorm heads, for short 18 Nurse, as a drink 22 Skier’s hangout 23 Lipinski or Reid 24 Fixes the grammar of, maybe 25 POTUS, for the military 26 Confine, as a cockatoo 27 Stirred up 28 Totally rad 29 ___ borealis (northern lights) 30 “Don’t give up!”

34 It can detect speeders 35 “What’s the ___ of that?”

38 They’re bent when crouching 39 Ire 40 Viking character 46 When breakfast is served at IHOP 48 Basic ones should be met 49 Damaging part of a sunbeam 50 Outdoes 51 Halloween animal 54 Oklahoma city

55 Apex 56 Move dizzily 57 She-sheep 58 Part of a homemade doll, maybe 59 Only a handful 60 Roth or traditional plan 61 “It’s ___-win situation”

Solution to Wednesday’s puzzle:

Show BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos

• Friday, October 23, 2020

B5

This good Earth according to Attenborough MULTI-AWARDED broadcast journalist Atom Araullo

GMA News and Public Affairs wins big at Asian Academy Creative Awards 2020 GMA Network’s News and Public Affairs programs and personalities triumphed as National Winners in the prestigious Asian Academy Creative Awards (AAAs) 2020, dominating the Philippine contingent in the news and documentary categories.

Besting other nominees from the country is top GMA news anchor Jessica Soho who won as Best News Anchor for GMA News TV’s flagship newscast State of the Nation. Her award-winning news magazine show Kapuso Mo, Jessica Soho: Denmark Special on GMA emerged as Best Infotainment Program.

Meanwhile, 24 Oras’s “Lakad sa Edsa” news report was named Best Single News Story. GMA News reporter Raffy Tima walked the stretch of Edsa along with other workers who were traveling to their workplace by foot due to the lack of transportation amid the community quarantine.

The Atom Araullo Specials’ “Covid-19: Nang Tumigil ang Mundo” was recognized as Best Documentary Program (One-Off). The compelling documentary narrated the ongoing battle of the Philippines against Covid-19, with vignettes on how the pandemic has altered the lives not only of Filipinos but the rest of the world.

Meanwhile, Reel Time Exclusives’ (RTx) “Ang Huling Saklolo ni Marcelo” won Best Short Form Content.

This poignant online documentary featured an overseas Filipino worker in Saudi Arabia pleading for help on video days before he died due to Covid-19. RTx is an off shoot of award-winning documentary brand Reel Time born during the community quarantine.

Finally, winning for the second time in a row as Best Lifestyle Host was Drew Arellano, who was recognized for the Biyahe ni Drew episode “Drew Hits the Road: Taiwan’s Secrets to Long Life.”

As National Winners, they will represent the Philippines in the Grand Awards and Gala Final on December 3 and 4. The AAAs honors excellence in craft and technical disciplines across multiple platforms including television, digital, mobile, streaming and any other emerging technologies. It has been established to serve the creative industries as the pinnacle of their achievement in content creation and media production.

S

TRANGE and hopeful it is that, at the age of 94 years, David Attenborough looks back at the Earth whose cause he has documented fervently.

Attenborough, a historian of nature, is back doing what he is good at: showing us how beautiful our planet is and how ugly we have made its future. Interestingly, for all the warnings of gloom and catastrophic future, Attenborough does something original—not to be a prophet a doom but a companion in looking for ways to heal the environment around us.

All this is in a documentary released by Netflix, called Life on Our Planet.

Attenborough takes us, at the opening of the documentary, to a place in Ukraine called Chernobyl.

It is 1986. A nuclear power plant accident causes an explosion. People abandon their homes and the once bustling place is eerily quiet.

The next scenes show nature at its best and man at his worst.

We go with him in one of his earlier explorations, with a tribe in the New Guinea Highlands. In that remote village, we encounter men naturally living with nature, taking only what is necessary. There is no need for hoarding because the world, after all, is plentiful. It is a society that apparently has no notion of surplus and no idea about poverty.

Then he goes unafraid into the jungle and becomes the Natural Man. He is seen playing with gorillas, creatures described as our closest kin and yet victims of our encroaching into their homes. As always, and as true with naturalists, David Attenborough makes things appear easy and natural, including being pressed close to the ground by a gorilla that anytime can pin a human being to death. Or, maybe not.

Courage and candor are two things very clear in the persona of David Attenborough. If nature is worth preserving—and there is no question about this—it is because Attenborough makes it appear there is no wiser way to living in this planet than being conscious everyday about the danger we humans pose to the world.

David Attenborough uses footage from his long career defending the life and fate of Earth. Put together, the images and other additional photos are startling. From mountains unrecognizable from the air as we look down and puzzle over the kinds of plants making those intricate topographical designs, to the tiny and huge animals inhabiting the forests and plains, Attenborough shows us how fragile our planet has become.

Along the way, we get to know the young man in Attenborough, interested in fossils and the age of this Earth. This eagerness and openness to get to know more of our planet is captured in Attenborough sharing with us one of these discoveries—the view of the planet Earth taken from the satellite. He is a boy

once more describing this “blue marble” of a planet.

More than the splendor of that sight, Attenborough matter-of-factly announces the truth about Earth—it is finite.

All things are finite. All things are limited. These are the recurring thoughts of Attenborough. Even the sea, the wide expanse of blueness, is limited.

The regular guy—and we are, in a sense, all regular guys apprehending the life of our planet—is made to realize the vulnerability of our home and ourselves.

In his earlier works, which are many, David Attenborough has brought back to us beautiful images of the Earth, its seas and rivers, plains and valleys.

Those startling images are here and more. David Attenborough knows that when one talks about the need to preserve, protect and respect nature, the one lawyering for ecology and environment must present proofs of the beauty of those we should care for. And yet, photos, much as they paint a thousand words, are not enough. People need the rhetoric. David Attenborough does not fail. His narration delivered in that unhurried manner is an example of when to stop describing and when to start proposing action.

Succinct and witty, full of charm but never smartalecky, Attenborough’s words become the most urgent plea for the crusade that is Earth.

The personal references abound and yet we cannot demand an apology for such. Attenborough has done so much documenting the fragility of the lands around us that when he makes his biography a reference, it comes familiar and accessible. He, for example, shares with us how in the year of his birth in 1926, the average temperatures were one degree cooler than what we are experiencing at present.

In his lifetime, the world population has ballooned beyond any one’s imagination. Deforestation is the order of the day and the oceans continue to warm rapidly. As forests disappear or thin out, animals lose their homes. The orangutans of Borneo are one of those displaced by a shift in the environment around them. One of the most frightening images in the documentary is the sight of ice melting. Those huge white icy mountains may be far from us but their implications on weather and flooding are so great, their meltdown might as well be in our neighborhood.

What separates David Attenborough’s plea for Earth from the more militant approaches we generally see in those environmental crusaders (and militancy is not bad) is how he does not blame anyone.

This can be a flaw but, at the same time, a point for this documentary. The destruction of the planet has been devastating that blaming people for it will not work anymore.

The other half has Attenborough describing approaches in simple terms—from noting how certain societies have curbed the population growth, and how a strong regulation of the fishing industry will allow the oceans to replenish—and these are just some of his remarkable contribution. He asks us to notice the tendency for monoculture, which is the development of one particular species. He cites as an example the clearing of forests to allow the cultivation of oil palm. At this point, the camera grazes over the uniform row of planted trees, flat and regular, against the forest with all kinds of grasses, shrubs and trees, with different animals under and in them. In that

Continued on B4

Lea Salonga leads Festival of Philippine Arts and Culture

NOT many people know this but name a Broadway musical and chances are there’s a Filipino in the cast.

For many years now, talented Filipino and FilipinoAmerican artists have found themselves dancing, singing and acting on Broadway.

With Broadway theaters remaining dark until at least next spring due to Covid-19, performers have found themselves exploring digital outlets, such as virtual events via live streaming.

Enter the Festival of Philippine Arts and Culture, an annual festival usually held in an outdoor venue around Los Angeles. With Covid-19, FilAmArts,​the organization behind the festival, announced that FPAC this year will be held ​virtually over three days via Facebook Live, YouTube, the Kumu app, and the web site www.filamarts.org.

Lea Salonga leads a stellar list of Broadway vets and regional talent who are sharing their talent with the Filipino-American community during this special month, named as “Filipino American History Month” (October). Other notable FPAC guests, include Joan Almedilla (Miss Saigon, Les Miserables, The King and I), Kimee Balmilero (Mama Mia, Hawaii 5-0), Jon Jon Briones (Miss Saigon, Netflix’s Ratched, The Assassination of Gianni Versace: American Crime Story), Isa Briones (Hamilton, Star Trek: Picard), Bonifacio Deoso Jr. (Miss Saigon), Anatloy Fedorov (Les Miserables, American Idol), Deedee Magno Hall (Wicked, If/Then, Steven Universe), Adam Jacobs (Aladdin, Les Miserables, The Lion King), Reggie Lee (All Rise, Grimm), Eva Noblezada (Yellow Rose, Miss Saigon, Hadestown), Jennifer Paz (Miss Saigon, Steven Universe), AJ Rafael (YouTube), Don Darryl Rivera (Aladdin), CJ Uy (The King and I) and Paolo Montalban (The King and I). Tony Award nominated costume and set designer Clint Ramos (Slave Play, The Rose Tattoo) will also take part in the festivities.

Another special highlight of FPAC 2020 for theater fans is the exclusive world premiere of the song “Stories Like Air.” In partnership with Broadway Barkada, Paulo K. Tirol composed “Stories Like Air” that world-premiering exclusively for the 27th Festival of Philippine Arts and Culture 2020.

Performing are Filipino-American Broadway stars including​: Liz Casasola, Brian Jose, ​Steven Cuevas,

Jaygee Macapugay, Devin Ilaw, Aaron Albano, Albert Guerzon, Emily Borromeo and Ali Ewoldt.

“Stories Like Air” is a tribute to theater and theater artists, written from the perspective that theater is an art form in which a community of artists comes together to tell stories through words, music, movement and design. “Broadway Barkada is grateful for the collaboration with FilAm Arts on ‘Stories Like Air’ which serves as a reminder that art is essential and healing during these challenging times,” says Broadway Barkada cofounder, Liz Casasola.

FPAC 2020 will take place virtually from October 23 to 25 from 7 to 10 pm, streaming on multiple platforms. October is Filipino American History Month. Admission is free but RSVPs are requested.

Free and VIP tickets are available at www.​flipcause.com.

“We’re excited to debut FPAC on a first-ever virtual stage but, in festival tradition, we continue to spotlight a strong lineup of Filipino and Filipino American multidisciplinary artists,” said Giselle Tongi-Walters, FilAm ARTS programming director. “The hard work, long hours and dedication put in by the production team—helmed by award-winning filmmaker Charles Uy—and our amazingly passionate festival builders alike have been nothing short of communitystrengthening and inspiring, and we are certain that our artists will provide equal inspiration through their art and performances.”

David Attenborough in A Life on Our Planet, now streaming on Netflix.

B6 Friday, October 23, 2020

Improved lactorium at Clark agency reopens Securing healthcare data amid COVID-19

A

MID the current pandemic, there has been an increase in cyberattacks targeting hospitals and healthcare facilities as cybercriminals attempt to take advantage of the global health crisis to steal data or spread dangerous malware.

The World Health Organization (WHO), for instance, has noted that since the onset of the current pandemic, it has seen a dramatic increase in the number of cyberattacks directed at its staff, as well as e-mail scams targeting the public at large. The attacks are five times more than the number recorded in the same period last year.

In the Philippines, this reality has prompted the Department of Information and Communications Technology (DICT) to call for proactive measures to guard against cyberattacks.

As healthcare organizations seek

to protect their patient information from these growing threats, Fujitsu Philippines, Inc., a leading Information Technology (IT) systems integrator and solutions provider, lists some important ways to achieve better healthcare cybersecurity.

Establish a security culture. Ensure that all staff members are well-trained and informed about the risks and cybersecurity, in general. It also pays to remind them that everyone is responsible for protecting the organization’s data.

Prepare for BYOD. The Bring Your Own Device (BYOD) culture has been around for years and, there has been an increase in the number of healthcare providers using mobile devices at work. Encryption and other protective measures are critical to ensure that any information on these devices is secure.

Use Firewall and Antivirus software.

Anything connected to the internet should have a firewall. And, it should be supported by anti-virus software, which must be updated regularly.

Control Access.

Access to protected information should only be granted to those who need to view or use the data—this goes for both the network and physical access to healthcare data. It also pays to use strong passwords and change them regularly.

Invest in Cloud. Cloud solutions have already been driving new levels of flexibility and cost-saving for organizations, including hospitals and healthcare facilities.

For organizations new to the cloud, security is seen as a top concern— so much so, it is often regarded as a significant barrier to adoption.

Fujitsu Philippines is already helping healthcare facilities deliver the benefits of cloud through the most complete range of cloudbased services. The company’s local knowledge comes from its nearly five decades of operations in the country.

By leveraging the collective expertise, experience, and work ethics of its workforce, Fujitsu Philippines has established a track record in designing, building, implementing, and maintaining ICT solutions, especially in difficult projects with complex technology architectures, nationwide geographic scope, and tight implementation schedules.

Fujitsu Philippines has also made Japanese IT design and technology available through its server, storage, and scanning hardware and solutions.

To learn more, visit its website at http://www.fujitsu.com/ph.

3 El Nido Resorts named Asia’s best

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HREE resorts of the luxury chain El Nido Resorts were recognized in the recently-concluded 2020 Readers’ Choice Awards for Best Resorts in Asia of the prestigious lifestyle publication Conde Nast Traveler.

The three island resorts—Apulit, Lagen, and Pangulasian—are the only accommodations from the Philippines hailed by more than 715,000 of its readers who submitted an incredible number of responses rating their travel experiences across the globe.

This sought-after award was given to Pangulasian consecutively in 2016-2017 and 2019. In addition, the island resort was also selected in the magazine’s Middle East “Green Gold List Awards” earlier this year.

“The results of this year’s survey, conducted at the start of the Covid-19 pandemic, are a testament to the lasting power of a meaningful travel experience,” says Jesse Ashlock, US editor of the New York-based publication.

“The winners represent the best of the best for our audience and offer plenty of trip-planning inspiration for all the adventures we can’t wait to have next,” he added.

Condé Nast Traveler is a multiplatform, transatlantic brand regarded as the world’s most distinguished travel title providing advice for discerning travelers, while its Readers’ Choice Awards is the travel industry’s longest-running and most prestigious recognition of excellence.

Apulit Island Resort, located in Taytay Bay in northeastern Palawan, offers a wide expanse of white sand beach lined with coconut trees which makes it a tropical island paradise. An eco-adventure resort, guests can rappel down the 60-meter limestone cliff, dive and discover sunken treasures and majestic marine life, and explore caves.

This secluded getaway has all-water cottages, built in traditional architecture and contemporary design.

Nestled between a lush four-hectare forest and a shallow lagoon, Lagen Island Resort has the densest forest over limestone in the El Nido archipelago.

This British-inspired eco-sanctuary resort is home to a rich terrestrial biodiversity, and home to over 100 species of birds, including the Palawan Hornbill and white-vented Shama, as well as civets, macaques, monitor lizards and other forest species. Its house reef is sanctuary to coral gardens and marine species such as barracudas, angel fishes, lobsters, clownfish and other aquatic creatures.

Pangulasian Island Resorts fronts a spectacular powdery white sand beach and unspoilt turquoise waters and boasts of 42 villas with a private balcony for breathtaking views of the sunrise and the sunset. Guests can hike around the island and be amazed by its flora and fauna, stroll along its 750-meter long beach, and snorkel to admire the mesmerizing marine life.

CLARK INTERNATIONAL AIRPORT (CIAC) Vice-President for Operations IC Calaguas inspects the newly-reopened lactation room for lactating mothers among CIAC employees. The room is part of the Gender and Development (GAD) projects of the agency. (CIAC – CORPORATE COMMUNICATIONS OFFICE)

T

HE Clark International Airport Corp. management recently reopened the lactation room at the corporate office building as part of the Gender and Development projects of the agency for lactating mothers among its employees.

CIAC President Aaron Aquino said the private space lactation room was built in 2016 and just last month ordered the improvement of its facilities.

“CIAC is a nursing mother-friendly environment so necessary equipment and supplies like breast pumps, milk storage bags, mini-refrigerator, portable sink, hand sanitizer, and sterilizers are in place here for staff who are nursing mothers

and simultaneously reporting for work,” Aquino said.

The improved lactation room is also open for visitors that may need such a facility, he added, provided that health and safety protocols are followed.

The nursing or lactation room is a need of breastfeeding mothers in the workplace as medical studies have proven that mothers’ breast milk gives babies the ideal nutrition.

Republic Act 10028, or the Expanded Breastfeeding Promotion Act, was signed in 2009 to support, protect and encourage women who are breastfeeding working mothers.

Pinoy developer uses COVID-19 lockdown to make videogame about Vietnam War

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HERE’S a bright side to being stuck at home. The global lockdowns spurred by the COVID-19 pandemic have given many people the rare opportunity to finish their personal projects.

For a Pinoy game developer with zero programming experience, it was a videogame about the Vietnam War which took almost 20 years to complete.

“I was always interested in history and the Vietnam War in particular,” says game developer Tiger Yan. “I started creating The ‘Nam: Vietnam Combat Operations way back in 2003 but work and life were more important, so the project was mothballed for 17 years. Like everyone else, the COVID-19 outbreak forced me to stay home most of 2020. I saw this as the perfect opportunity to learn basic programming and finally finish what I started.”

Yan, who photographs people and animals in wild and rural areas around Asia, created the game as a free learning tool for people to experience commanding soldiers during the Vietnam War. He used his field experience investigating farm communities and wild areas to make the game as realistic as possible.

“From irrigation dikes and rice paddies to barking dogs and crowing chickens, this game brings the Vietnamese countryside to life,” he says.

According to the game’s Facebook page, players can command US Marines, Vietcong and North Vietnamese Army troops, plus the Army of the Republic of Vietnam (ARVN). The Vietnam War ended

in 1975 when the North Vietnamese and Vietcong unified Vietnam under communist rule.

Role of Filipino troops highlighted

THE Philippines sent over 2000 soldiers to Vietnam as part of the Philippine Civic Action Group Vietnam (PHILCAGV), which can be seen in the game. Led by officers such as former President Fidel V. Ramos, PHILCAGV helped improve the lives of the South Vietnamese people by administering medical and civilian aid.

Nine PHILCAGV soldiers died in battle.

The game has been receiving consistently good reviews in fora and Youtube channels. Though it can be downloaded online for free, Yan urges gamers to make a donation to APOPO, a nonprofit organization working to clear deadly landmines in Cambodia.

“In reality, the Vietnam War wrought great misery for the people of Vietnam, Laos and Cambodia. If this game can spur at least one good donation, then it would have been worth it,” adds Yan.

Milo supports Sarangani Sports Academy

M

ILO Philippines, makers of the leading chocolate malt beverage, strengthened its commitment to grassroots sports development by donating Milo products and goods to the Sarangani provincial government and Department of Education-Sarangani Division for the students of the Sarangani National Sports Academy (SaNSA). Joy Abegail Eslais, Milo Sports Southern Mindanao regional coordinator, led the recent turnover of some 250 pieces of drawstring bags, 170 pieces singlet uniforms, collar uniforms,

plastic water bottles, and nutritional packs to reach out to the grassroot athletes and supports sports activities in the province. The only one of its kind in the SOCCSKSARGEN Region, the Academy is a stand-alone regular secondary school with a special curriculum focused on sports located at the Sarangani Sports Training Center at the Provincial Capitol Complex in Alabel. Opened early this year, the state-ofthe-art multi-sports facility which caters to scholar student-athletes who specialize in athletics, swimming, and combat sports.

Sports BusinessMirror

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

Friday, October 23, 2020 B7

BEST OF BOTH WORLDS N

John Riel Casimero is completing his quarantine in Ormoc City.

Casimero expects easy win for Inoue against Moloney

N

OT to belittle Naoya Inoue’s Australian rival, John Riel Casimero said it will be just a walk in the park for the “Japanese monster.”

Casimero doesn’t see the International Boxing Federation (IBF) and World Boxing Association (WBA) bantamweight champion Inoue losing at the hands of his latest challenger, Jason Moloney, on October 31 at the MGM Grand in Las Vegas, Nevada.

In fact, he expects nothing but a sure knockout victory for his supposed opponent last April 25.

“I don’t see any sign for [Jason] Moloney to beat [Naoya] Inoue. Moloney will be surely knocked out,” the World Boxing Organization (WBO) bantamweight titleholder told BusinessMirror during an interview at the E-Hotel in Makati City before he flew to his hometown in Can-untog, Ormoc City, recently.

“If Jason will not run, the fight will end in favor of Inoue. But I think he’ll run and won’t risk himself. He knows Inoue is a hard-hitting puncher,” said the 31-year-old Casimero, who did not accept Top Rank Bob Arum’s offer to fight Moloney (21-1 win-loss record with 18 knockouts) saying “it’s just an easy fight not worthy of his time.”

Casimero was originally scheduled to fight the unbeaten Inoue (19-0 with 16 knockouts) last April. But the Covid-19 pandemic halted all sports events since mid-March, leading to the postponement nor cancellation of all the fights in the United States—including their unification bout.

He said Top Rank and Inoue’s camp were forced to agree to the fight but blamed the pandemic for its cancellation.

If Inoue refuses to fight Casimero (30-4 with 21 knockouts), he said he will no longer chase the 27-year-old Japanese and move up instead to the super bantamweight class.

“We have plenty of opponents waiting there like Mexican Luis Nery and Cuban WBA regular bantamweight champion Guillermo Rigondeaux,” Casimero said. “They just used the pandemic as a reason not to fight me.

We’re not going to chase him, they are simply afraid of me.”

“He [Inoue] is not the only fighter in the boxing world,” he added.

But Casimero clarified it’s not Inoue who is afraid of him, but Top Rank. He said Bob Arum is avoiding him “because it’s definitely game over for Inoue’s career once they fight.”

Casimero plans to return to the US and train by January for another title defense after crushing previous foe Duke Micah of Ghana via a third-round technical knockout victory last September 26 in Connecticut.

For now, Casimero is completing his 14-day compulsory quarantine at the Bayview Hotel in Ormoc City before reuniting with his baby daughters Princess Yuri and Ivana. Josef Ramos THE Zamboanga Valientes’ Rudy Lingganay goes up for a lay-up.

Valientes making Zamboangueños proud

WOULD you call Eumir Felix Marcial an amateur still? Or a professional?

F

PRINCE CAPERAL is filling one giant shoes for Ginebra.

PRINCE SITS ON KINGS THRONE

P

RINCE CAPERAL is playing like a king of hoops for Barangay Ginebra San Miguel inside the isolated kingdom in Pampanga known as the Clark bubble.

But for the Gin Kings head coach, Tim Cone, Caperal is playing true to expectations.

“We’re not surprised by Prince’s play in the bubble. He just needed the opportunity and with Greg’s [Slaughter] absence, he has been able to seize that opportunity,” Cone told BusinessMirror on Thursday, admitting they are missing the inside presence of the 7-foot star Slaughter.

“Without a doubt, we miss Greg [Slaughter]. He would be crucial come playoff time,” Cone said.

Caperal is mobile and agile in the shade and owns a deadly perimeter shot—he’s swishing the net from beyond the arc, too. His numbers in the Philippine Basketball Association Philippine Cup that is played without the crowd speak of his strength—14.5 points and 4.7 rebounds in four games.

“I would like to say yes,” Caperal said when asked if he is enjoying his best performance in his six-year PBA career under the best head coach and most popular team in the league.

“My motivation is how to help the team whatever it takes. I am just taking advantage of all the opportunities they are giving in,” he added.

But Caperal said his game remains a

OW that the line has been drawn to reiterate who among our country’s athletes are amateurs or professionals, a question comes to mind: Where do you classify Eumir Felix Marcial?

Marcial, one of four Tokyo Olympics-bound Filipino athletes, signed a professional boxing contract with Sen. Manny Pacquiao’s MP Promotions and is currently in California prepping for his pro debut in the US. Before, upon and after his signing, Marcial stressed the Olympics remain tops in his priorities but at the same time expressed his eagerness to go big time in the pro boxing world.

Come to think of it.

The Joint Resolution 2020-01 by both the Games and Amusements Board (GAB) and the Philippine Sports Commission (PSC) explicitly defines a professional athlete as “any natural person who is paid a sum of money or other equivalent compensation as a salary or prize money for participating either as an individual or member of a team, in a game, bout tournament, or contest of professional sport.”

It was reported that Marcial was rewarded P10 million in goodwill money when he signed the contracts with MP Promotions last September. However, no other details of his contract were revealed.

Neither the GAB nor the PSC could provide a definitive classification for Marcial though.

“He signed a contract with MP Promotions. He should be a pro, but he never went to GAB for his license,” GAB Chairman Abraham Kahlil Mitra

told B usiness M irror .

Mitra confided to the BusinessMirror that an emissary for Marcial promised him thrice to bring the boxer to the GAB offices in Makati City for his license. He never came.

A GAB license is required for any professional athlete—boxer, basketball player, mixed martial artist, cyclist, chess player, among others—to practice his sport. The license, however, applies only for domestic competitions or events and not on foreign land, including the US, according to Mitra.

PSC Executive Director Atty. Guillermo Iroy said that even though Marcial signed up with MP Promotions—and in an event he gets a GAB license—the boxer should remain an amateur because his national sports association, Association of Boxing Alliances in the Philippines (Abap), keeps him in the national team.

“The Abap is not letting go of Marcial,” Iroy said.

Boxing has gone on the path taken by basketball, tennis and golf, among others, after the International Boxing Association or AIBA opened the Olympics and continental and regional games it sanctions for pros and amateurs.

A typical local example is Charly Suarez who already fights professionally but was named to the 30th Southeast Asian Games by the Abap and won a lightweight gold medal. But the Abap no longer kept him in the team and no longer receives allowances from the PSC, unlike Marcial who is classified as a Class A athlete.

The Abap, according to Secretary-General Ed Picson, is keeping Marcial who is a bright hope for a gold medal in Tokyo.

The best of both worlds for Marcial indeed.

PBA players wield financial shields courtesy of FWD

By Roderick L. Abad @rodrik–2B

WD Life Insurance Corp. (FWD Insurance), part of the pan-Asian FWD Group, has launched #WeKanDuuThis campaign with the Philippine Basketball Association (PBA) via FWD Kamustahan Live episodes on Facebook.

This initiative highlights the importance of financial protection in these tough times through its digital products, KanMend and KanLive.

“As PBA’s official insurer since 2016, we’ve encouraged Filipinos to pursue their passion in basketball and live life with less hesitation. We strive to inspire positivity especially during these trying times,” said Roche Vandenberghe, vice president and head of marketing at FWD Insurance. “Together with the PBA, we encourage them to financially protect themselves and their loved ones, so they are prepared for anything and can seize every opportunity to celebrate living.”

In the Kamustahan episode, some of the PBA players shared how they coped with the coronavirus disease 2019 (Covid-19) pandemic, while keeping themselves and their loved ones safe and secure healthand financial-wise.

Barangay Ginebra San Miguel’s Scottie Thompson, for instance, conceded that one of the painful things he experienced was closing some of the branches of the gym business he owns and letting go of some of the employees who had been with him for some time.

For the meantime, he said he took another gig: “Habang walang PBA, construction worker muna!”

Garvo Lanete of NorthPort Batang Pier shared what he had to give up during this crisis: “My biggest sacrifice— ’yung wedding ko dapat ’nung June. Ginawa namin, next year na lang para mas safe.”

Many of the players find the pandemic an opportunity to spend more time with their families.

Baser Amer of the Meralco Bolts said, “Nakikipaglaro ako sa baby ko.”

Rain or Shine Elasto Painters’

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HE Zamboanga Valientes MLV have proven themselves capable of competing in the 3x3 Chooks-to-Go Pilipinas after making the semifinal round of the first leg on Wednesday at the Inspire Sports Academy in Calamba, Laguna.

The Valientes—the only full homegrown team in the inaugural 3x3 professional league—are hoping to improve on their semifinals finish in the second leg on Friday. But nonetheless, they made the entire Zamboanga basketball community proud and dedicated their achievement to their fellow Zamboangueños Owned by philanthropist and businesswoman Cory Navarro and Mike Venezuela, the team is composed of former Philippine Basketball Association (PBA) guard Rudy Lingganay, Gino Jumao-as, Med Salim, Arar de Leon and Jonjon Rebollos.

They beat Saranggani, 21-19, in the elimination before defeating Palayan Capitals, 21-20, further in the leg.

Navarro’s son Junnie said the team was established 14 years ago to give homegrown players a chance to shine.

“This is a good news for the homegrown players of Zamboanga City because this is the team that gives opportunities to Zamboangueños,” Navarro said.

“There are several Filipino-Americans and ex-PBA players who like to play for us, but management decided to stick for the homegrown players, that’s why all the fans in Zamboanga City are very proud of this team,” coach Joseph Romarate said.

Zamboanga lost to Butuan City, 1621, in the semifinals.

By Annie Abad

work in progress.

“So far, there are a lot of things to improve in my overall game, especially my one-on-one defense. Due to the lack of big man in our lineup, I did all my best to train during lockdown,” he said. “I conditioned myself very well, and I think that’s one of the motivations—I am ready all the time.”

Despite their spectacular run after four assignments so far, the most successful PBA coach with 22 titles highlighted by two grand slams believes elimination round has yet to get tougher.

“We’re just taking it game by game, hoping to establish some momentum in the conference,” the 62-year-old Cone said. “With each game, we’ve been able to build some confidence. We have a tough week coming up with four tough opponents. It’s going to get harder.”

The 4-0 win-loss record is Ginebra’s franchise best start since the 1986 Open conference which the team won.

Meralco and Phoenix Super LPG, meanwhile, gun for their third win in five games when they collide with separate foes on Friday at the Angeles University Foundation gym.

The Bolts, sitting in seventh place with a 2-2 record, battle the NLEX Road Warriors (1-3) at 4 p.m.

The Fuel Masters, still waiting for Calvin Abueva’s return, meet a struggling Magnolia squad (1-3) at 6:45 p.m. Josef Ramos

Vandenberghe

Gabe Norwood gets his adrenaline rush from other sources these days. “Having three young boys is a workout in itself. I like to think I’m getting my cardiorelated exercises just chasing them around the house,” Norwood said.

Arwind Santos of the San Miguel Beermen, on the other hand, shared his deepened appreciation for his family, especially his wife.

“Iyong sacrifice na nakikita ko ’yung nagpapaligo ka ng bata, nagluluto ka. Now I realize sobrang hirap pala ng ginagawa ng asawa ko. Malaking bagay na

nakakatulong ako,” Santos said.

Meanwhile, Robert Bolick also of NorthPort Batang Pier is now recovering from a knee injury he suffered last October and preparing again by practicing the sports.

PBA Commissioner Willie Marcial stressed the importance of the support that they had been getting from FWD Insurance.

“Some of our employees who had critical illnesses received their benefits. This is why being insured is especially important because life can be uncertain,” Marcial said.

Motoring BusinessMirror

B8 Friday, October 23, 2020

Editor: Tet Andolong

Isuzu celebrates 300,000 unit sales milestone

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Story by Randy S. Peregrino

SUZU Philippines Corp. (IPC) recently achieved another momentous milestone—marking its 300,000 unit sales. It was only last August when the Isuzu Leyte dealership concluded the significant deal of an Isuzu D-MAX RZ4E pickup.

Twenty-four years since IPC began operations in 1996 up until the end of August 2020, a total of 300,133 units have been sold. The AUV models posted the highest contribution at 113,475, followed by the Pickup models at 64,245, SUV lineup at 63,669, and Trucks at 58,744.

During the virtual press conference, IPC President Hajime Koso shared interesting stories in IPC's “Journey to 300K.” “Did you know which dealer sold the first Isuzu vehicle in 1996? During that time, we only had a total of 12 dealers nationwide. It was Isuzu Davao who first sold the Isuzu NKR85 at P475,000,” Koso narrated.

“It took us 12 years to achieve our first 100,000 unit sales milestone. Within the next nine years, we reached the 200,000 unit sales mark, and after six years, we are now in our 300,000th milestone.

The period for selling 100,000 units has been shortened by three years. Looking at it from a longterm perspective, Isuzu will continue to grow more as the period for selling 100,000 units is not

far as the economy continues to recover,” Koso added.

Koso also extended his gratitude to IPC's stakeholders, who have kept the company on course despite this most challenging time. "Allow me to express my sincere appreciation to our shareholders, dealers, suppliers, bodybuilders, media friends, and most especially to our loyal Filipino customers who have untiringly supported Isuzu throughout the years."

Calling upon the enduring and resilient quality of IPC, Koso assured that the company, just like always, IPC would be prepared for the future. “Change is inevitable, and all we have to do is to adapt to stay competitive. IPC has geared up for its digital transformation as we have formed a digital task force that specializes in creating a new business platform for the new normal. I think we can present various solutions to you, and this is something to look forward to.”

As a sign of gratitude to the thousands of Filipinos who made IPC their responsible partner in

RSA for president in 2022; Honda helps again

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INCE its eventful global launch in 2004, the Fortuner has never been lacking in adulation in virtually all aspects of what a vehicle should be since the invention of pizza. So consistently awesome this machine is that in 2017, it even outsold Vios, its cute little sister whose reign as Toyota’s No. 1 selling car has been the envy of all.

Thus, even before the third generation Fortuner was unveiled as Toyota’s sensational fifth model launch last weekend, the 36,733 units of Vios sold three years back was erased by Fortuner’s sales of 39,680 that year.

Simply amazing, given that Fortuner is priced much higher than the Vios.

By tradition, every Toyota Motor Philippines president will deliver a speech to mark the occasion. Here: “Our dear friends in the Media, a bright and hopeful hello to you all!

Whether you are watching me from your mobile or laptop, in your homes or offices, from Metro Manila, Luzon, Visayas, Mindanao, I hope you are safe and well.

“Once again, this is Hiro Okamoto, president of TMP. Thank you for joining us on our 5th Virtual product launch of the year, as we unveil the country’s leading SUV, the much-loved Toyota Fortuner.

“In 2004, the Fortuner made its global debut under Toyota’s IMV Project, along with the Hilux and Innova.

It was sold in most continents with the toughest road conditions and driving environments, quickly becoming a popular SUV. “It entered the Philippine market at a time when entry level sedans and Asian utility vehicles were the crowd favorites due to their affordability.

But the Fortuner proved that the Philippine market is ready to achieve their dreams! It captured the hearts of many Filipinos as proven by strong

sales. It has an SUV body perfect for our flood-prone streets, an array of variants including a fuel-efficient diesel engine, a macho look that satisfies desires, and most of all, an affordable price—making it an achievable dream!

“Filipinos are so crazy about their Fortuners that in 2017, it was crowned the country’s best-selling vehicle. In August this year, more than 30 percent of mid-sized SUVs on the road carry the Fortuner badge. To date, we have sold over 220,000 units for the past 15 years!

“The new Fortuner is Smarter, Stronger and Safer than ever! With its refreshed lineup led by the top-of-theline premium LTD grade, the country’s best-selling SUV just got better!

“Well, I won’t do all the talking and will now let you see the New Fortuner for yourself. As its name suggests, may it bring you Good Fortune now and in the future!

“Thank you very much. Maraming salamat po.”

Short but sweet.

Honda helps again AS part of its 30th anniversary celebration this October, Honda Cars Philippines Inc. (HCPI), recently donated personal protective Equipment and computers to various medical and educational institutions in Laguna, namely Santa Rosa Community Hospital in Santa Rosa, Laguna; Ospital ng Biñan in Biñan, Laguna; and, Jose Rizal Memorial Hospital in Calamba, Laguna.

Honda also donated 30 desktop computers in coordination with the Department of Education-Schools Division of Santa. Rosa, with 18 schools as beneficiaries.

“As we celebrate our 30th anniversary in the Philippines, we wish to show our appreciation to our medical frontliners and educators during this

The 300,000th unit sold in Isuzu Leyte.

Isuzu Philippines

Isuzu Philippines Corp. 300,000 unit Sales Celebration official logo Isuzu Philippines

ceive a free Shell GO+ welcome kit with fuel cards courtesy of Isuzu’s official fuel partner, Pilipinas Shell (October 1 to December 31, 2020). Further, IPC also announced parts and service promo, starting with the “Drive the 300K” promo. All Isuzu vehicles with odometer readings between 300,000 and 310,000 km automatically enjoy a 30 percent discount on parts and labor until October 31, 2020. The “Arigato Frontliners” promo, meantime, covers all out-of-warranty Isuzu vehicles owned by frontliners. They can avail of the quick-change oil services in any Isuzu dealer for as low as P1,700 (October 1 to December 31, 2020).

To keep in touch with Isuzu owners and their families' com-

munity, IPC will hold an “Online Tambayan” virtual meet/hangout.

Respective car clubs and schedules are Mu-X Owners Philippines on October 10, Team ICE (Isuzu Car Enthusiast) on October 17, and Team Isuzu Pilipinas on October 24.

Meanwhile, the company has also been active in carrying out its CSR projects nationwide. Since March, IPC has been lending vehicles to different hospitals to service frontliners as part of their “Isuzu Kasama Mo” campaign.

Charitable institutions like the Philippine Red Cross and Caritas Manila are also regular beneficiaries of their Drive to donate PPEs and medical supplies.

As the threat of the Covid-19 pandemic continues, IPC is set to donate medical-grade personal protective equipment (PPE) such as surgical face masks and gloves to one beneficiary hospital each in Luzon, Visayas, and Mindanao. These are the National K idney and Transplant Institute in Quezon City, the Vicente Sotto Memorial Medical Center in Cebu City, and the Northern Mindanao Medical Center in Cagayan de Oro. Indeed, this milestone gives a deeper meaning for Isuzu as “Your Responsible Partner.” The company provides a high-quality product and excellent after-sales service. It is committed to improving the lives of all the Filipinos, relying on Isuzu vehicles every day. For more details on Isuzu’s 300,000 Milestone activities, you may visit any of the Isuzu dealerships nationwide or log on to www.isuzuphil.com.

lifestyle and business, several promotions and corporate social responsibility (CSR) activities were lined up to December this year. For the “300K Thank You Big Discount Promo” (October 1 to December 31, 2020), IPC offers an

additional P30,000 discount to DMAX RZ4E and TRAVIZ S, increasing its total discount to P180,000 and P130,000 respectively. Other variants remain at the current discount offering.

All Isuzu buyers will also re-

difficult time. We hope that we were able to assist the various institutions as they endure the obstacles caused by the pandemic.” said Ryohei Adachi, Honda’s executive vice president.

More of Honda’s donation drive initiative can be found at www.hondaphil. com

Toyota affirms power to lead with unveiling of new Fortuner

RSA’s bike binge RAMON S. Ang (RSA), the well-loved president and COO of San Miguel Corp., now wants the country’s labor force to use the bicycle as major mode for transportation.

Always the maverick that he is, RSA has provided his SMC employees with loaned bikes at no interest. Safety helmets can be had at giveaway prices.

“While we continuously do mass RT-PCR testing of all our 70,000-plus employees to ensure health safety in our facilities and offices nationwide, there’s also a need to provide convenience when they go to work,” RSA said. “Since our transportation system is still limited, bikes will help our employees go to work comfortably.”

The first 1,500 bikes he offered were taken in a flash.

“More are coming,” he said. “With more cities putting up bike lanes, biking to work is now a more viable option.

It exposes you less to Covid-19 because you are socially distanced and outdoors. It promotes health, and saves you transportation fares as well.”

His call to motorists: “Please do not treat our bikers as obstacles on the road. Share the road as they are people like you, just trying to get to their destination. Give way to them, because anyway you are inside a vehicle.”

Because of RSA’s consistent display of charitable endeavors and espousal of out-of-the-box ideas benefitting the general public, his friends and even many of his business rivals now want him to run for president in 2022.

What do you think?

PEE STOP The pandemic has made us captives of online orders. For me, nothing beats the kare-kare of the Fortunerdriving Jake Ayson (+639065606004), pizza of Previa freak Shang Berte (+639178428802) and callos-paella of the Mazda-forever Johnny Revilla (+639209285337).

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ONTINUING its streak of digital vehicle launches, leading mobility company Toyota Motor Philippines (TMP) has started the last quarter of 2020 with a highly anticipated update on one of the most popular models in its lineup—the Toyota Fortuner.

The New Fortuner range is headlined by the new LTD variant in 4x4 and 4x2 which comes in an exclusive design, followed by Q and V variants in automatic transmission, and the G variant available in AT and MT. Starting at P1.63 mllion for the G MT variant, TMP assures Filipinos of great value for money with Toyota’s signature quality, durability, and reliability embedded in the DNA of the country’s best-selling and well-loved sports utility vehicle (SUV).

During the online launch of the New Fortuner, TMP President Atsuhiro Okamoto recalled how the Fortuner changed the local automotive landscape at a time when entry level sedans and Asian utility vehicles were the affordable crowd favorite.

“The Fortuner captured the hearts of many Filipinos as proven by strong sales. It has an SUV body perfect for the Philippines’s floodprone streets, an array of variants including a fuel-efficient diesel engine, a macho look that satisfies desires, and most of all, an affordable price—making it an achievable dream!” said Okamoto.

“The new Fortuner is Smarter, Stronger and Safer than ever! With its refreshed lineup led by the top-of-the-line premium LTD grade, the country’s best-selling SUV just got better!” he added.

Since the Fortuner’s entry in the local market in 2005, TMP has already sold over 220,000 units of this highly recognized SUV. In 2017, the Fortuner was crowned best-selling vehicle in the country. Just this August, the model dominated the mid-sized SUV category with over 30 percent market share.

With the 2020 update, the Fortuner gets more confident, prestigious, safe, further proving itself a formidable and reliable SUV, perfect for any city or off-road drive.

Drive in style, drive to lead

The New Fortuner LTD’s look is made more striking and more elegant coming in the 2-tone color black roof color lineup, a bolder and sportier front and rear bumper design, and machine-cut 18” alloy wheels. Splittype LED headlamps and LED front foglamps, sequential turn signal lamps, and the redesigned LED rear combination lamps give the LTD variant a more dynamic design while maintaining visibility on the road.

Confidence, ease, and control

Ingress is smooth and easy with Smart Entry and Push Start System for LTD, Q, and V grades.

The LTD variant features an elegant interior in leather with maroon accents, as well as galaxy black trim and interior illumination which adds to the sophisticated interior look of the vehicle.

The Q variant also gets the classy black leather interior complemented by a dark wood trim.

The driver gets more control over the ride with various modes: Eco and Sport for LTD and Q variants, Eco and Power for V and

G variants, and easy access to switches on the steering wheel and through the Apple CarPlay/Android Auto-compatible audio system across all variants. LTD, Q, and V variants feature 8” display audio.

Made stronger and more efficient

The New Fortuner LTD and Q variants are powered by the 1GD-FTV engine which gives 201 HP (204 Ps) max output and 500 N-m max torque, while the V and G variants have the 2GD-FTV engine which gives 147 HP (150Ps) max output and 400 Nm max torque.

The 2GD engine is improved for the New Fortuner V and G variants and enjoys 5 percent improvement in fuel efficiency versus the previous generation Fortuner.

Toyota Safety Sense now available in the New Fortuner

With safety as Toyota’s utmost priority, the New Fortuner is the latest addition to the expanding Toyota Safety Sense (TSS)-equipped models in TMP’s official lineup. Made better and safer than ever, TSS settings previously featured in select Toyota models such as the Pre-Collision System, Lane Departure Alert, and Adaptive Cruise Control are now available for the Fortuner LTD and Q. All variants also come with a total of 6 clearance and back sonars, in addition to the Panoramic View Monitor that comes with the LTD, Q, and V variants or reverse camera for the G variants. toyota.com.ph/fortuner.