BusinessMirror September 02, 2020

PHL manufacturing slips in August

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FTER a hint of recovery in June, the performance of the country’s manufacturing sector continued to slip to another three-month low in August as travel and movement restrictions were reimposed at the beginning of the month.

In a report on Tuesday, IHS Markit said the Philippines’s Purchasing Managers’ Index (PMI) decelerated back to 47.3 in August from July’s 48.4 and from being near the 50-point growth threshold at 49.7 in June.

The PMI is a composite index aimed to gauge the health of the country’s manufacturing sector. It is calculated as a weighted

WORKERS attach window fixtures to container vans converted into isolation facilities for coronavirus patients in Pasay City. The local government says these vans will be converted into 120 air-conditioned rooms, each with their own toilet and bath. NONIE REYES

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average of five individual subcomponents. Readings below 50 show deterioration in the industry, while readings above the 50 threshold signal a growth in the manufacturing sector.

Across Asean, the Philippines ranked fourth out of seven countries being monitored for their manufacturing sector. Myanmar’s headline figure was the strongest during the month with a PMI of 53.2, followed by Indonesia’s 50.8.

Malaysia clocked in at 49.3, followed by the Philippines and then Vietnam’s 45.7. Singapore’s manufacturing sector remained the most affected during the month at 43.

The Philippines was also below

the region’s average PMI, which was at 49 for August.

IHS Markit Economist David Owen said the reimposition of movement and travel restrictions has, along with continuously rising cases, nipped the manufacturing sector’s recovery in the bud.

“The recent steep increase in new Covid-19 cases led the government to impose stricter quarantine measures in Manila and the surrounding provinces in August. The new measures meant that certain groups were unable to travel and some businesses were forced to reduce operating capacity,” Owen said.

See “PMI,” A2

BusinessMirror A broader look at today’s business

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THRIFT BANKS VOW USE OF LIQUIDITY FOR LOANS www.businessmirror.com.ph

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Wednesday, September 2, 2020 Vol. 15 No. 328

P25.00 nationwide | 2 sections 16 pages | 7 DAYS A WEEK

A BARGE crosses the Napindan Channel toward Laguna Lake, as seen from the Pasig-Taguig boundary. In background is the Bonifacio Global City (BGC) skyline. As the nation marked on Tuesday the start of the “Ber months” to herald the world’s longest Christmas season, local governments are pinning their hopes on a resumption of operations in many work places to help the pandemic-devastated economy recover in the second half. A former socioeconomic planning chief, Solita C. Monsod, isn’t counting on it, though. Story below. BERNARD TESTA

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By Tyrone Jasper C. Piad

HE Chamber of Thrift Banks (CTB) has vowed to “mobilize” the freshly injected liquidity into the financial system as its member financial institutions continue to provide micro, small and medium enterprises (MSMEs) and consumer loans amid the pandemic.

CTB President Cecilio Paul San Pedro, at the group’s general meeting on Tuesday, welcomed the recent Bangko Sentral ng Pilipinas (BSP) move to reduce the reserve requirements for thrift banks by 100 basis points (bp).

“We are pleased that BSP has taken cognizance of the fact that thrift banks have been continuously lending to MSMEs and consumers during the pandemic; hence, the reduction in reserve require-

ment is necessary to increase our lending capacity,” he said.

The BSP said the reduction in reserve requirements is expected to boost lending capacity for MSMEs and rural community-based clients.

The reserve requirement is the part of the total deposit balance that banks secure in the BSP’s vaults as reserves. Reducing it means banks have more available funds for borrowings.

See “Thrift Banks,” A2

Leisure trips OK’d in playgrounds of the rich

By Ma. Stella F. Arnaldo Special to the BusinessMirror

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ELEBRITY couple Sarah Geronimo and Matteo Guidicelli recently raised the hackles of netizens after they posted photos of her birthday vacation in Amanpulo, the playground of the world’s rich and famous,

when the National Capital Region (NCR) was still under general community quarantine (GCQ).

More recently, a number of netizens have been noticing an increasing number of vacation photos in social media of other Metro Manila residents frolicking in destinations like El Nido, Palawan, and Balesin Island (Polillo Island),

PESO EXCHANGE RATES n US 48.4830

in Quezon.

According to the Department of Tourism (DOT), however, said leisure trips are allowed, even if the NCR is still under GCQ.

In an interview with the BusinessMirror, DOT Undersecretary for Tourism Regulation, Coordination and Resource Generation Arturo P. Boncato Jr. clarified,

“Point-to-point travel is allowed/ permitted by the IATF [Inter-Agency Task Force for Emerging Infectious Diseases]. These destinations have their respective hangars in Manila for a more contained processing before flights and test before travel is required.”

He added, the guests to these Continued on A2

MONSOD: RESPONSE TO COVID WAS ‘TOO LITTLE, TOO LATE’

By Cai U. Ordinario

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ORGET growth projections in the second semester—former Socioeconomic Planning Secretary Solita C. Monsod only has one word for it: DOOM. In the General Membership Meeting of the Chamber of Thrift Banks on Tuesday, Prof. Monsod said the government already failed to deliver on the country’s needs with Bayanihan 1, which only accounted for 1.93 percent of GDP.

Monsod said the situation is not encouraging given that Bayanihan 2 is only 0.7 percent of GDP and the law has not yet been signed by the President.

“The government doesn’t learn from its mistake. Bayanihan 2 is the perfect example. How do they expect to correct the social crisis, much less the economic one, with just 0.7 percent of GDP, when they spent almost double that in the last quarter and the economy still contracted by 16.5 percent?” Monsod said.

“It’s priorities are misplaced—the people [especially the poor] always are least priority, lower than the credit rating of our Continued on A2

n JAPAN 0.4580 n UK 64.8266 n HK 6.2558 n CHINA 7.0796 n SINGAPORE 35.6650 n AUSTRALIA 35.7465 n EU 57.8887 n SAUDI ARABIA 12.9277

Source: BSP (September 1, 2020)

News BusinessMirror

A2 Wednesday, September 2, 2020

PMI…

According to data, new orders fell sharply, as the latest PMI survey data indicated a second consecutive drop in production. Employee numbers were further reduced for the sixth month running, and inventories were also run down.

Meanwhile, input cost inflation quickened to an 18-month high, driving a faster but still modest uptick in output charges.

Delivery times to and from manufacturing firms lengthened again in the latest survey period, as has been the case in each month since August 2019. Panelists noted that ongoing community quarantines, as well as fresh Covid-19 measures, led to further difficulties in acquiring inputs on time.

“Businesses remain less confident than normal of an increase in output over the coming year, reflecting the uncertainty of the path of the pandemic and lockdown measures,” Owen said.

As for the rest of the region, Owen believes the Asean manufacturing sector is headed toward recovery.

“The Asean manufacturing sector moved closer to stabilization during August, as the headline figure gained a further two-anda-half points to signal a further easing of the downturn. Factory production stabilized following six consecutive monthly declines, while the level of total new business fell at the softest rate since the current sequence of contraction began in March,” he said.

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T-bill rates inch up after Fed bares new inflation strategy

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By Bernadette D. Nicolas

HE Bureau of the Treasury fully awarded P20 billion in Treasury bills (T-bills) on the back of higher rates after the US Federal Reserve (Fed) unveiled its new inflation strategy.

Despite rates shooting up than the previous auction, these remain lower than the secondary market benchmark rates.

The auction was oversubscribed as total bids reached P55.7 billion, more than 2.7 times the offer.

“Rates moved slightly following MB [Monetary Board] decision

to pause, as well as Fed new framework on inflation target allowing yield curve to steepen,” National Treasurer Rosalia V. de Leon told reporters on Tuesday. “Still, rates remain low with good onshore liquidity as subscriptions are more than twice our ask volume.”

The 91-day T-bills capped at a higher average rate of 1.18 percent,

4.9 basis points up from 1.131 percent previously. Total bids for the tenor amounted to P15.213 billion, more than thrice the P5-billion offer.

Meanwhile, the 182-day debt paper fetched an average rate of 1.421 percent, inching up by 1.4 basis points from 1.407 percent in the previous auction. Bids for the security reached P15.263 billion, thrice the P5-billion offer.

Lastly, the 364-day T-bills got an average rate of 1.788 percent, climbing by 3.7 basis points from 1.751 percent in the previous auction. Strong demand for the tenor was evident as total bids rose to a total of P25.26 billion, more than twofold the P10-billion offering.

For this month, the Treasury programmed to borrow P160 bil-

lion from the local debt market to fund government spending and cover the budget deficit.

As tax collections are down amid the pandemic, the Development Budget Coordination Committee (DBCC) projects the budget deficit to more than double to 9.6 percent of GDP or P1.815 trillion from only 3.4 percent of GDP or 660.2 billion last year.

The DBCC also expects the country’s debt-to-GDP ratio this year to increase to 53.91 percent of GDP—a level that it has not seen in over a decade—from a record low of 39.6 percent of GDP last year.

Last week, US Federal Reserve Chairman Jerome H. Powell said the Fed would adopt a strategy allowing inflation to rise moderately above its 2-percent target.

Leisure trips OK’d in playgrounds of the rich Continued from A1

resort islands have to show a “negative RT-PCR test [result]” before they can fly, and will arrive directly in the destination airport.

Also, these resort islands are required to have minimum health

and safety guidelines, he stressed.

The resorts—El Nido Resorts, Balesin Island Club and Amanpulo Resort Philippines—already “have Certificates of Authority to Operate and accreditation by the DOT. Age limits are also relaxed for these destinations,” he said.

The DOT has been trying to kickstart domestic tourism by reopening key destinations with zero-Covid infections such as Boracay Island, Bohol and Baguio, but so far LGU officials have been delaying this on fears of an outbreak.

(See, “LGU chiefs worried by virus, holding up tourism reopening,” in the BusinessMirror, July 9, 2020.)

Palawan itself, which hosts El Nido and Amanpulo (Pamalican Island), is under modified GCQ, Boncato underscored, and per IATF guidelines, “Tourism is allowed with 50 percent operational capacity. The province/LGU [local government unit] is aware of [their] operations.”

A recent visitor to the members-only Balesin Island Club, who requested anonymity, said the club now requires “a swab test. You can take it at Aegle Wellness Center in Makati. There’s no test in the hangar. You have to do it at least two days before departure,” she explained. The test Aegle uses is an antigen swab test, not an RTPCR test, with results that can be released within an hour, according to the wellness center’s web site. It costs P6,000. Flights to Balesin are either from the club’s private hangar in Pasay or in Clark, Pampanga.

Like Balesin, Aegle is owned by business tycoon Roberto V. Ongpin. Shares in the club go anywhere

from P2.2 million to P4 million.

According to Joey Bernardino, group sales and marketing director for El Nido Resorts, “Yes, we have been running our travel bubble.

The RT-PCR test is 72 hours prior to the flight for all guests including airline crew.”

The test, to check for the novel coronavirus, is done at the Ayala Group’s Qualimed Clinic, “so testing is exclusive to our guests. It’s done at the McKinley Forbes clinic,” he added. The resorts group also has a strict booking procedure according to the latest promo for Miniloc Island on its web site.

“Guests with pre-existing health risks or comorbidities are not allowed to book the promo.”

The group’s other resorts are on Apulit Island, Lagen Island, and Pangalusian Island, as well as Lio Estates on the main island of El Nido. Guests fly from the Ayalaowned Swift Air’s private hangar in Pasay.

Amanpulo’s guests fly in from the A. Soriano hangar in Pasay. According to a TripAdvisor reviewer who visited the island in June, “at the lounge, Covid test will be facilitated; our luggage, bags, even wallets and phones are all UV-sanitized; [and] a doctor will conduct individual interviews and test.” On the plane, physical distancing is strictly enforced with only one person per row allowed.

Thrift banks…

Continued from A1

The CTB chief said the 100-bp cut translated to billions worth of liquidity, allowing the thrift banks to extend borrowings with longer term and reasonable rates.

“We are committed to support its initiative that seeks to ensure that this liquidity is more actively mobilized since the circulation in the financial market is critical for the recovery of the economy,” San Pedro said.

Apart from this, CTB said its member banks have been offering financial relief via loan renewals and restructuring arrangements.

The thrift banks have restructured loans amounting to P5.01 billion in the first half, which is 7.05 percent higher compared to P4.68 billion in the previous year for the same period.

Meanwhile, the thrift banks saw their loan portfolio decline by 15.64 percent to P789.01 billion as of end-June from the previous year’s P935.27 billion.

“We are working closely with the Central Bank on its plan to standardize the MSME loans documents,” San Pedro added. “We are also part of its recently formed working group on motor vehicle loans which seeks to improve the credit risk management with regard to motor vehicle financing.”

Debt moratorium

SAN PEDRO said CTB was one of the organizations that opposed the proposed yearlong grace period for loan principal and interest payments under the Bayanihan to Recover As One Act or the Bayanihan II. While it pushed to reduce the debt moratorium to a month, the thrift banks group said it accepted the 60-day “compromise” on the recent version of the bill.

“Citing the risks involved, we echoed the sentiments of the industry groups that this will put at risk our member banks’ ability to service withdrawals of their clients and adversely affect public confidence in the banking system,” he explained.

Earlier, the Bankers Association of the Philippines and FintechAlliance.ph called for a 30-day grace period as well.

University of the PhilippinesSchool of Economics Professor Emerita Solita Collas-Monsod, who served as a key speaker during the same meeting, exhorted the thrift banks to give grace periods for their clients.

“This is the time to give back,” she said. “If you’re going to lose a little or reduce your profits, do so with joy in your hearts.”

Monsod stressed that debt moratorium is needed especially because clients have different financial standings.

As of end-June, the thrift banks have a capital adequacy ratio of 14.28, which is above the minimum regulatory requirement.

Monsod: Response to Covid was ‘too little, too late’ Continued from A1

country. Epitomized by: Wala naman namamatay sa gutom [Nobody dies of hunger]. Wala munang pasok [No classes first]. Laro muna sila [Let them play],” she added.

Monsod said, however, she expects that positive growth is in the country’s cards as early as next year given low base effects.

With second-quarter GDP contracting 16.5 percent this year, Monsod said it would likely lead to higher growth in the second quarter of 2021.

She said the economy this year suffered significantly due to the “too little, too late” response from the government. The Bayanihan 1 was only P390 billion or 1.93 percent of GDP. Monsod said this was very

small considering that other countries who did well invested around 5 percent to as high as 21.1 percent of GDP to fight the pandemic.

Further, the amount was late in reaching its beneficiaries. Monsod lamented that only 68 percent of the funds were spent as of June 29. She said these may still contain leakages since many beneficiaries have not received their assistance.

The former chief of the National Economic and Development Authority (Neda) said the Philippines also declared a public health emergency only on March 8, while the World Health Organization (WHO) declared coronavirus 2019 (Covid-19) a public health emergency of International Concern as early as January 30.

“Bayanihan 1 was passed on March 25, and the fund releases were excruciatingly slow and sometimes exacerbated the health side,” Monsod said.

‘Too late, too little’

SHE also said that on the health side, it was a case of “too much, too late, too little.” Monsod said the government had the most stringent containment implementation.

MONSOD: “How do they expect to correct the social crisis, much less the economic one, with just 0.7 percent of GDP, when they spent almost double that in the last quarter and the economy still contracted by 16.5 percent?”

However, the government’s testing, tracing and treatment efforts were slow, further damaging the economy. “This extreme restrictiveness also had repercussions on the economy. Case of too much, too little, too late,” she said.

Meanwhile, the economy this year was significantly affected by the pandemic. Monsod noted that only 31.2 percent of the economy posted positive growth in the second quarter this year.

This included agriculture, which grew 1.6 percent in the April to June period; finance and insurance services subsector, 6.8 percent; information and communication services, 6.6 percent; and public administration and defense services, 8.3 percent.

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The Nation BusinessMirror

Who’ll be next PNP chief? Palace still mum on Gamboa’s successor

By Rene Acosta @reneacostaBM

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HE Philippine National Police (PNP) Officers Corps on Tuesday vowed to “rally behind the leadership” of Lt. Gen. Camilo Pancratius P. Cascolan, who may take command of the 209,000-strong police force as officer-in-charge (OIC) today (Wednesday), upon the retirement of PNP chief Gen. Archie Francisco Gamboa.

“The PNP Officer Corps and rankand-file gladly welcome his designation as PNP-OIC to ensure continuity of command in the supervision of all administrative and operational execution of the PNP mission as the weight of responsibility of the PNP increases due to the pandemic and the threat of terrorism,” said PNP spokesman Brig. Gen. Bernard Banac.

“Refuelingourenergiesandstrengths in this time of health crisis is what we need in order to provide the best public service to our people,” he added.

Even as Gamboa retires today, President Duterte had not yet officially named a successor of the outgoing chief as of Tuesday afternoon.

Banac said that with the expected exit of Gamboa, “the momentum has been established for the next leader to push steadily forward towards a more productive and effective police service, and with the capabilities and expertise of Gen. Cascolan, the PNP will surely continue to excel in preserving peace and order and security, especially in critical issues of illegal drugs, crime, terrorism and corruption.”

Banac said that Cascolan, currently the No. 2 man of the PNP, “brings with him the occupational specialty in command and control, honed by vast experience in field operations and strategic management.”

Reports said that Cascolan was among the three senior police officials, including PNP Deputy Chief for Operations Lt. Gen. Guillermo Eleazar, who may be named as Gamboa’s successor.

Meanwhile, the PNP has bared the acquisition of P64.55 million worth of mobility assets to be used for administrative purposes.

Gamboa personally witnessed the blessing and turnover ceremony of newly procured 50 units of light transport vehicles at Camp Crame on the eve of his retirement.

The director of comptrollership, Maj. Gen. Marni Marcos, who is also the current chairman of the NHQBids and Awards Committee, presented to the PNP chief the new vehicles with a total amount of P64,555,000 sourced from the Capability Enhancement Program (CEP) 2020.

Marcos said the new mobility assets will be distributed to the Command Group, D-Staff, National Support Units, Office of the Secretary of Interior and Local Government, PNP Peace Process and Development Center, PNP Academy, and PNP Training Institute.

Gamboa said the latest additional assets are part of the continuing effort of the PNP leadership and the national government to further enhance the modernization program of local police units.

Editor: Vittorio V. Vitug • Wednesday, September 2, 2020 A3

Groups to SC: Review protection order for human-rights advocates

By Joel R. San Juan @jrsanjuan1573

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UMAN-RIGHTS groups led

by Karapatan on Tuesday asked the Supreme Court to immediately look into the merits of its petition seeking the reversal of a Court of Appeals’ decision denying their petition for the issuance of the writs of amparo and habeas data against government officials led by President Duterte in light of the recent killing of community health worker and political activist Zara Alvarez.

In an 11-page manifestation filed through the assistance of the National Union of Peoples’ Lawyers (NUPL) led by lawyer Edre Olalia, Karapatan also urged the Court to reexamine its understanding of red-tagging and

terrorist-labeling and to consider these as threats “to the people’s rights to life, liberty and security.”

Karapatan attributed Alvarez killing to her inclusion in the government’s list of “communist terrorists.”

“Her death proves that being subjected to red-tagging and terroristlabeling constitutes an actual threat and not merely one of supposition with the likelihood of happening,” the group argued.

The group said Alvarez along with murdered peace consultants Randy Malayao and Randall Echanis, were branded as “communists” and “terrorists” by the Department of Justice (DOJ) when their names were included in the petition for proscription that it filed before the Regional Trial Court of Manila in 2018.

Karapatan said her name was

eventually removed in the list along with numerous others but threats to her life, liberty and security did not cease.

On August 17, Alvarez was shot dead by still unidentified assailant while she was walking home in Eroreco Subdivision, Bacolod City.

It can be recalled that last May 6, 2019, petitioners Karapatan, Rural Missionaries of the Philippines (RMP) and Gabriela filed a petition for the issuance of the writs of amparo and habeas data before the SC. Acting on the petition, the SC issued an order on May 24, 2019, directing the CA to conduct hearings and resolve the petition.

On June 18, 2019, the CA’s Fourteenth Division held a three-hour summary hearing on the petition filed by the groups, but the court

justices disallowed the petitioners to present testimonial evidence and other documents to prove the allegations and incidents cited in the petition.

Alvarez was among the witnesses who were supposed to be presented by the petitioners to support their petition.

Ten days after, the appellate court dismissed the petition.

Writ of amparo is a remedy available to any person whose right to life, liberty and security has been violated or under threat while the writ of habeas data is a remedy available to any person whose right to privacy in life, liberty or security has been violated or under threat by the unlawful gathering of information about the person, his or her family and home.

Mining firms donate ₧5.29M, rice to Masbate townsfolk after quake

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ILMINERA Resources Corp.

(Filminera) and Phil Gold Processing & Refining Corp. (PGPRC) turned over P5.29 million in cash, plus 100 sacks of rice and 50 folding beds to the Municipality of Cataingan, following an earthquake in Masbate.

The donations were received by Cataingan Mayor Felipe Cabatana, Vice Mayor Thelma Ang and Sangguniang Bayan members.

Also, Filminera and PGPRC donated

P1 million worth of relief goods and building materials to adjoining Masbate municipalities whose communities and households were severely affected by the earthquake.

Cataingan was hardest-hit by the quake, 6.6 on the Richter scale, last August 18, which shook the entire Masbate province. The earthquake’s epicenter is 7 kilometers off Cataingan. The Filminera mine site in Aroroy is 150 kilometers away from Cataingan.

As a post-earthquake response, a team from Filminera and PGPRC joined Cataingan Mayor Cabatana, the municipal engineer and administrator, to inspect and assess the damaged public structures in the municipality.

In a recent weekend inspection, environmental experts from the Mines and Geosciences Bureau and the Department of Environment and Natural Resources, visited Filminera’s mine site in Aroroy and reported in an exit

conference that there were no cases of damage to property, or injury to people at the mine site. Community stakeholders, the local government units, and Filminera and PGPRC representatives attended the conference.

Filminera President Cris Acosta pointed out that inspection results simply confirmed the earlier findings of in-house technical experts and third-party international consultant GHD that there was no damage to structures and equipment.

A4 Wednesday, September 2, 2020 • Editor: Vittorio V. Vitug

Economy BusinessMirror

House bill on OFW remittance fee discount gets committee approval T

HE House Committee on Ways and Means on Tuesday approved a measure providing discounts on overseas Filipino workers’ (OFWs) remittance fees.

The committee, chaired by Albay Rep. Joey Salceda, approved House Bill 826, or the Overseas Filipino Workers Remittance Protection Act, principally authored by Deputy Speaker Aurelio Gonzales Jr. Saying his proposed legislation seeks to provide discounts on OFW remittance fees. Gonzales said the bill also provides for tax incen-

tives to intermediaries, which shall provide for remittance discounts.

Under the bill, financial intermediaries and non-bank financial intermediaries may impose fees for services rendered in sending money of OFWs to their immediate family members subject to a 50-percent discount.

The measure said financial intermediaries providing discounts on remittance fees may claim the discounts granted as a tax deduction based on the cost of services

rendered to OFWs. The discounts granted should be treated as an ordinary and necessary expense deductible from the gross income of the intermediary.

The bill proposes that the total deduction from the gross income of establishments providing discounts on remittance fees shall not exceed P24,000 per OFW every taxable year.

The secretary of finance, upon recommendation of the Bureau of Internal Revenue, shall issue the revenue regulation for the purpose.

The bill also said all financial

intermediaries and non-bank financial intermediaries offering remittance services to OFWs are prohibited from raising their current remittance fees without prior consultation with the Department of Finance, Bangko Sentral ng Pilipinas, and the Philippine Overseas Employment Administration.

The measure said any person who will be found guilty violating the proposal shall be punished with an imprisonment of six months up to six years and a fine of P200 up to P750,000. Jovee Marie N. Dela Cruz

Proposal seeks to deliver mental-health services to barangay level

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ITH the recent spike in the number of Filipinos facing mental-health issues amid the pandemic, a lawmaker is pushing for the passage of a bill creating a national call center for mental-health issues and the deployment mental-health workers in every barangay in the country.

In House Bill 7210, Ang Probinsyano Rep. Alfred de los Santos said the bill strengthens the Mental Health Act of 2018 and the constitutional provision on the State’s responsibility to “protect and promote the right to health of the people.”

He said his proposal seeks to make the services more accessible in the grassroots level across the country.

According to de los Santos, the creation of a nationwide governmentrun mental-health emergency hot line is aimed at providing telephone and mobile numbers accessible to the public for immediate assistance and medical intervention.

“We should take charge in building community awareness and boosting the accessibility of the government’s mental-health services,” he added.

Under his bill, or the proposed Accessible Mental Health Services Act, a devoted hot line manned by mental-health workers should be made available to the public 24/7 nationwide for consultation and emergency psychological response.

This national mental-health emergency hot line shall be created by the

Department of Health (DOH), with the assistance of the National Telecommunications Commission and the Department of Information and Communications Technology.

The National Center for Mental Health reported last month that its crisis hot line received about 30 to 35 calls a day when the quarantine restrictions were imposed as a response to stop the spread of Covid-19, from an average of 13 to 15 calls per day prior to the lockdown. And as of end-May, the monthly average of suicide-related calls the center received reached 45.

An important component of the bill is making available barangay mentalhealth workers, with the support of city or municipal mental-health pro-

fessionals, to attend to Filipinos who need immediate medical assistance.

“This way, we make mental-health services more accessible by bringing it close to every Filipino family in the barangay level,” de los Santos said.

The measure said at least one DOHtrained mental-health worker should be assigned in every barangay who will serve as the first community responder and field personnel in all matters relating to mental health. The tasks include regular visits to persons diagnosed with mental-health condition and assistance topersonswithmental-healthconditions andtheirfamilies in accessing services in government hospitals, and connecting them with mental-health professionals, among others. Jovee Marie N. Dela Cruz

DTI decides on SRP for gadgets this week continued from a8

“This week we are releasing our decision on whether we will impose an SRP,” Lopez said in a radio interview. “Offhand, our observation is there are many suppliers, many options to choose from, with wide range of prices.”

Lopez admitted he is “reluctant” to put an SRP on computers and gadgets, as models tend to differ in terms of features, performance and price.

Given the array of brands available in the market, he said enforcing an SRP may fail to address the problem of affordability. If it’s up to him, he would leave it to competing firms to dictate the swing of prices, but said the situation now requires the government to intervene.

“If we have to impose an SRP, we will do it on units with basic features. Let’s say the size of the hard drive, the size of the RAM, for us to at least maintain a control on these basic features.

We are looking into this option,” Lopez explained.

He advised buyers to just get the cheapest brands if all they need is a unit to connect to the Internet. Hunting for specific models with specific features will only lead them to pay more, he said.

Progressive groups, mostly of youths, want the government to freeze this calendar year in consideration of students facing financial constraints and health issues from the pandemic.

Reports of students selling nude pictures online and asking for donations from strangers just to collect funds to buy a gadget for distance learning are making rounds on social media. Even teachers are struggling to carr y out classes online on poor Internet connectivity.

Elijah Felice E. Rosales

www.businessmirror.com.ph

DOJ chief backs Gierran’s PhilHealth appointment

By Joel R. San Juan @jrsanjuan1573

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USTICE Secretary Menardo Guevarra on Tuesday backed the appointment of retired National Bureau of Investigation (NBI) Director Dante Gierran as chairman of the Philippine Health Insurance Corp. (PhilHealth) saying that he is the right man to cleanse the agency of corruption.

Guevarra, who heads the Task Force PhilHealth investigating the alleged multibillion corruption activities in PhilHealth, said Gierran’s stint with the NBI has prepared him for the job.

Gierran served as NBI head since his appointment in 2016 until he reached the mandatory retirement age of 65 last February.

He was replaced by Eric Distor who was named officer in charge of the NBI. “Former NBI Director Gierran’s legal and accounting background, his well-known investigative skills, administrative abilities, and fiscal prudence make him fit for the PhilHealth top position, and equipped him well to pursue the cleansing process and reformation at PhilHealth to their

logical conclusion,” Guevarra said.

The Task Force PhilHealth is focusing its probe on the so-called centers of fraud in the agency.

These include the agency’s Information Technology system, the Legal Sector, the Interim Reimbursement Mechanism (IRM) and lastly on financial management.

DOJ spokesman Undersecretary Markk Perete said the task force will also take into consideration the findings and conclusion of the Senate.

“It has closely monitored the proceedings at both houses of Congress and has taken note of the matters taken up in both legislative investigations,” Perete said.

He disclosed that there are also some witnesses being vetted prior to being summoned by the task force.

“As earlier reported, the task force also created composite teams that will, among others, validate the statement and claims of witnesses and look into PhilHealth records. Findings of liability [whether administrative, civil or criminal] and commencement of any action will be made only once the composite teams conclude their work,” Perete pointed out.

Senate probers endorse raps vs execs in PhilHealth mess continued from a8

Apart from the criminal charges, the Senate Committee of the Whole suggested to the Department of Justice and the Ombudsman to file cases against PhilHealth officials and employees against Morales and SVP Dennis S. Mas, Management Service Sector for not implementing the Board Resolutions on courtesy resignations, “which is clearly a neglect of duty and insubordination.”

The Senate COW also endorsed filing of additional administrative cases against Morales and de Jesus for violating the COA Rules on the period of liquidation.

The report also recommended filing an administrative case against del Rosario, the Legal Sector SVP, for failure to act on the cases pending in their department.

At the same time the Committee report likewise sought to “ensure that administrative and criminal cases are timely filed against responsible individuals, health-care institutions, and corporations” entangled in the anomalies.

The report particularly exhorted investigators to aggressively seek evidence against ghost patients, given the questions raised about the documentation for the payment claims of dialysis centers chain B. Braun Avitum Philippines Inc. PhilHealth, said Senate probers, must immediately pay the claims of private hospitals, prioritizing those which are Covid-19 referral hospitals and those with high cases of Covid-19 admissions.

Involvement of the COA in every stage of PhilHealth operations was part of the Senate recommendations.

The report advocated outsourcing the IT Services of PhilHealth to a reputable company; and to contract out the processing of its benefits claim to avoid backlogs and massive reimbursement delays. This would simplify the reimbursement process, remove red tape and address corruption.

PhilHealth must also regularly reassign its Regional Vice Presidents (RVPs) to a different region every three years.

As an additional guarantee that PhilHealth will be financially sound and solvent, the Insurance Commission should be involved

in scrutinizing the operations of PhilHealth, said the Senate report.

Likewise, the Governance Commission for GOCCs (GCG), as the governing body for government corporations, should actively and decisively perform its mandate as a central advisory, monitoring and oversight body of PhilHealth.

Money laundering

SENATE probers urged the Anti-Money Laundering Council to immediately determine whether the bank accounts of PhilHealth officials and private entities implicated in the malversation of funds fall within the category of the socalled suspicious accounts.

“In closing, our country is in dire straits,” Sotto said in his sponsorship speech endorsing the Committee report, noting that “gross domestic product shrank 16.5 percent from a year ago, according to the national statistics agency, the worst reading in a data series going back to 1981.

“That is a fact. The pressure on government finances becomes even greater as we try to implement the Universal Health Care Act, which aims to cover all of us. PhilHealth is in a deep hole as well. How deep we are not certain, yet. Unless we discover the real state of PhilHealth finances, we will never know. And that lack of knowledge is something all of us can ill-afford to have.”

Moreover, Sotto noted that “high unemployment caused primarily by the closing of businesses due to Covid-19 will result in fewer individuals from whom PhilHealth can exact premiums. That is another blow to PhilHealth.”

He concluded, “As if that is not bad enough, PhilHealth is hemorrhaging because of inefficient running of the corporation, compounded by corrupt practices inside.

Fortunately for us, the latter two causes are preventable and can be solved by us. We must thus exert our utmost authority and vigilance to rid PhilHealth of undesirables and, punish to the fullest extent of the law, criminals.... Less than this, we cannot allow. Our suffering people deserve nothing less.”

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

The World

Study: Obese patients at high risk of severe coronavirus illness

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bese a nd over weight people are at high risk of suffering severe cases of Covid-19, according to a French study that sheds light on the pandemic’s burden.

The research, presented at a conference this week, shows how carrying extra pounds puts patients at risk of more serious disease and death. Only one in ever y 10 people who end up in intensive care w ith Cov id-19 was in a range of healthy weight, the study found.

Researchers led by Francois Pattou, the head of Lille University Hospital’s general and endocrine surgery department in France, found that about half of the 124 intensive-care patients with Covid-19 in a sample they studied were obese and most of the remaining ones were overweight.

By contrast, only a quarter suffered from obesity and another quarter were overweight in a control group of several hundred

patients admitted to intensive care for reasons unrelated to the pandemic.

People with a body mass index of 30 or more were considered obese, matching international thresholds from the World Health Organization and the US Centers for Disease Control and Prevention.

“The increased risk posed by this virus to people living with obesity could not be clearer,” Pattou said. “Our data show that the chances of increasing to more severe disease increases with BMI, to the point where almost all intensive care Covid-19 patients with severe obesity will end up on a ventilator.”

As many as 87 percent of patients who were severely obese required a ventilator to continue breathing, Pattou and colleagues found.

The findings will be presented at the European and International Congress on Obesity. Bloomberg News

BusinessMirror

A

straZeneca Plc. has begun a large-scale human trial of its coronavirus vaccine in the United States, the company said in a statement, with plans to enroll as many as 30,000 adults to test the shot.

The AstraZeneca shot, invented by researchers at the University of Oxford, is one of the farthest along of numerous Covid-19 vaccines in development. In addition to the US trial, a final-stage test of the inoculation is underway in the UK and could yield preliminary results as soon as next month. Other companies that have Covid-19 vaccines in phase 3 trials include Moderna Inc. and Pfizer Inc. The trial had been delayed for several days, according to re-

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searchers from the University of Wisconsin School of Medicine and Public Health who are helping conduct the tests. The university is one of the sites where the trial is being run, and plans to begin injecting healthy volunteers on Tuesday, according to William Hartman, a UW Health anesthesiologist and investigator on the trial. It plans to ramp up to injecting 50 people a day shortly after the September 7 Labor Day holiday, he said in an interview.

This undated image provided by Amazon shows one of the company’s delivery drones. Amazon won approval to deliver packages by drones from the Federal Aviation Administration, the agency said on August 31. Jordan Stead/Amazon via AP

Jeff Bezos said in a TV interview that drones would be flying to customer’s homes within five years.

Last year, Amazon unveiled selfpiloting drones that are fully electric, can carry 5 pounds of goods and are designed to deliver items in 30 minutes by dropping them in a backyard. At the time, an Amazon executive said deliveries to shoppers would be happening “within months,” but more than 14 months have passed since then.

Seattle-based Amazon is the third drone delivery service to win flight approval, the FAA said. Delivery company UPS and a company owned by search giant Google won approval last year. AP

China detains Australian TV anchor with govt-run station

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hinese authorities have detained an Australian television anchor working with a government-run station as relations worsen between the nations over trade and security concerns.

Australia’s government was informed on August 14 that Cheng Lei had been detained in China, Foreign Minister Marise Payne said Monday night. Cheng has been a journalist and television anchor working for the Chinese government’s English news channel, CGTN. Her profile page on the broadcaster’s website has been removed, along with videos from her previous stories.

Cheng has not been charged, according to an ABC report, but is being held under “residential surveillance at a designated location.”

That can involve being detained for up to six months without access to a lawyer or other assistance, the ABC said.

Australian officials had an initial consular visit with Cheng at a detention facility via video link on August 27, Payne said in her statement. China’s Ministry of Foreign Affairs wasn’t immediately available for comment.

The unexplained detention threatens a further deterioration in ties between Australia and its largest trading partner since Prime Minister Scott Morrison angered China in April by calling for an independent probe into the origins of the coronavirus. Australia has also banned Huawei Technologies Co. from participating in its 5G network and passed a law to stem foreign interference that was aimed at China.

President Xi Jinping’s government has placed tariffs on Australian barley, banned products from four of its meatworks and launched an anti-dumping probe in its wine exports. Last week, a top Chinese diplomat in Australia said China felt unfairly “singled out” by Australia and that Morrison’s government was teaming up with the US to attack Beijing.

Cheng has hosted business shows as a CGTN anchor since 2012 and was wel l k now n among Beijing’s small circle of diplomats and journalists. She had previously served as China correspondent for CNBC, after graduating from the University of Queensland with a bachelor’s degree in commerce and serving a stint as an accountant at Cadbury Schweppes, according to her LinkedIn profile.

In February and March, Cheng issued a series of Facebook posts that contained anecdotes detailing stresses China’s health system was encountering in dealing with the coronavirus outbreak in Wuhan.

The case underscores growing concerns about the legal risk of foreigners in Beijing, already shaken by the prosecution of two Canadians including former diplomat Michael Kovrig on spying allegations. China has repeatedly linked those cases to Canada’s cooperation with US efforts to extradite Huawei Technologies Co. executive Meng Wanzhou.

“Cheng Lei has been in a very special position,” said Geoff Raby, a former Australian ambassador

A5

AstraZeneca starts final test of Covid-19 vaccine

Amazon wins FAA approval to deliver packages by drone EW YORK—Getting an Amazon package delivered from the sky is closer to becoming a reality.

The Federal Aviation Administration (FAA) said on Monday it had granted Amazon approval to deliver packages by drones.

Amazon said that the approval is an “important step,” but added that it is still testing and flying the drones. It did not say when it expected drones to make deliveries to shoppers.

The online shopping giant has been working on drone delivery for years, but it has been slowed by regulatory hurdles. Back in December 2013, Amazon CEO and founder

Wednesday, September 2, 2020

to China who described himself as a good friend of Cheng. “She’s on the national government-owned broadcaster that plays a key role in government propaganda. So levels of sensitivity for anyone working there are higher than for any other institutional body in China.”

Regarding her detention, Raby— who has business interests in China—said that “on the surface” it looked like Beijing was using it as retaliation against Australia.

“It is a very powerful message that’s being sent,” Raby said in a Bloomberg Television interview on Tuesday. “There is a tit-for-tat downward spiral going on and it’s hard to see where the floor to this is.”

Trade Minister Simon Birmingham said he didn’t know why Cheng had been detained and that Australian authorities were working out what consular assistance they could provide.

No talks

“Obviously this is a concerning time for her family and that’s why we will continue to provide every bit of assistance that we can,” Birmingham said in an ABC television interview. He said he was disappointed that Beijing was continuing to refuse ministerial-level talks between the nations.

Last week, Morrison’s government revealed it was seeking new powers to veto or scrap agreements that state governments reach with foreign powers, in a move aimed at weakening China’s ability to gain influence in the nation through its Belt and Road Initiative.

That came two days after Australian Treasurer Josh Frydenberg said he’d informed China Mengniu Dairy Co. that he’d reached a preliminary view that its proposed purchase of Kirin Holdings Co.’s Australian beverage unit was “contrary to the national interest.” The Chinese dairy giant has scrapped the deal.

On Monday, Huawei cited negative business conditions for pulling out as the major sponsor of professional rugby league club the Canberra Raiders.

In a report issued on Tuesday, the Australian Strategic Policy Institute, or ASPI, cited said there’s been a “sharp escalation” in “coercive diplomacy” by China since 2018. Such actions include economic measures including trade sanctions, investment restrictions, tourism bans, and boycotts, as well as measures including arbitrary detention, restrictions on official travel and state-issued threats, the report said.

“These efforts seek to punish undesired behavior and focus on issues including securing territorial claims, deploying Huawei’s 5G technology, suppressing minorities in Xinjiang, blocking the reception of the Dalai Lama and obscuring the handling of the Cov id-19 pandemic,” the authors wrote.

The regions and countries that recorded the most instances of coercive diplomacy over the last decade include Europe, North America, Australia, New Zealand and East Asia, the report said. Bloomberg News

An August 27 article in the Palm Beach Post reported that the US trial of AstraZeneca vaccine has been put on hold due to political pressure, perhaps because US regulators planned to grant an emergency use authorization on the basis of the trial in Europe.

Hartman said he was told the hold was due to u nspec if ied operat iona l issues.

“There was a hold on enrollment. We don’t really know what the reason for that was. We were told it had nothing to do with safety and didn’t have anything to do with an EUA, it was just an operational issue,” Hartman said in a phone interview. “On Friday evening, they lifted that hold.”

An e-mail shared with Bloomberg that Hartman received on August 28 from AstraZeneca and contract research organization Iqvia Holdings Inc. stated the hold “was lifted and we have our first

patient screened and randomized.”

Americans should understand that “there are no corners that have been cut,” said Hartman, in a phone interview. “We are going to proceed with the trial independent of any political pressure.”

People in the trial will get either the experimental vaccine or a placebo made of saline.

In a separate statement, AstraZeneca CEO Pascal Soriot nodded at concerns that review of a vaccine could face political pressure. “ In recent week s we h ave seen an increasing number of questions around the safety and availability of vaccines to fight this terrible Covid-19 pandemic and I want to reiterate my commitment that we are putting science and the interest of society at the heart of our work,” Soriot said. “We are moving quickly but without cutting corners.”

Bloomberg News

HK begins Covid-19 mass testing amid public doubts

H

ONG KONG— Hong Kong began a voluntary mass-testing program for coronavirus on Tuesday as part of a strategy to break the chain of transmission in the city’s third outbreak of the disease.

The virus-testing program has become a flash point of political debate in Hong Kong, with many distrustful over resources and staff being provided by the China’s central government and fears that the residents’ DNA could be collected during the exercise.

The Hong Kong government has dismissed such concerns, saying that no personal data will be attached to the specimen bottles and that samples will be destroyed in Hong Kong after the exercise.

The testing program began at 8 a.m. with residents heading to more than 100 testing centers staffed by over 5,000 volunteers.

More than 500,000 people in the city of 7.5 million signed up in advance for the program, which will last at least a week. It is aimed at identifying silent carriers of the virus—those without symptoms—who could be spreading the disease.

The government expects 5 million people will take part in the program, which could be extended to two weeks depending on demand.

Hong Kong’s worst outbreak in early July was blamed in part on an exemption from quarantine requirements for airline staff, truck drivers from mainland China and sailors on cargo ships.

At its peak, Hong Kong recorded more than 100 locally transmitted cases a day, after going weeks without any in June.

The outbreak has slowed, with the city reporting just nine cases on Monday, the first time in two weeks that daily infections had fallen to single digits. However, the

government and some experts say that community testing can help detect asymptomatic carriers to further stop the spread of the virus.

Respiratory medicine expert professor David Hui said that even though infections have dwindled, the proportion of cases with untraceable sources of infection remain between 30 percent and 40 percent.

“That means there must be some silent transmission going on, so community testing has some role in picking up these silent transmitters,” said Hui, who is a public health adviser to the city’s government.

“Hopefully if we can identify these people and isolate them for a period of time that may help to break the transmission chain in the community.”

The program is more effective if most of the population takes part, Hui said.

“If only 1 or 2 million people take part, then we may not be able to achieve that objective,” he said.

Other experts, such as Dr. Leung Chi-chiu, a respiratory specialist and a member of the Medical Council of Hong Kong, said that the testing program plays only a supplementary role in controlling the pandemic in the city, due to the long and variable incubation period of the coronavirus.

Leung said that masstesting may not be the most cost-effective method, as it is not easy to pick up the disease in its early development, especially if a person is not having symptoms or have not had recent exposure to an infected patient.

Even if mass testing could identify infected patients, they may already be past the infectious stage, he said.

Leung said that large-scale testing will not be able to replace traditional methods of social distancing and contact tracing measures, and should only be used as a complementary measure. AP

A6 Wednesday, September 2, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Stay healthy, eat your veggies

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rowing vegetables during this pandemic is not only a good hobby to develop but also a great way of augmenting the food supply of families.

Facebook is replete with stories of families and individuals who are into growing ornamental plants and food crops like eggplant, tomatoes, and even kangkong.

Those who have space should set aside a portion of their property and plant whatever their heart desires.

The lockdown restrictions have been a boon for those selling ornamental plants, vegetable seeds, and gardening equipment as people now realize the importance of farming or the pleasure of home gardening.

The pandemic has taught people that having immediate access to food sources is essential in times of crisis. More importantly, the pandemic has trained the spotlight on nutritious food items, such as vegetables and fruits, as these can fortify the body against diseases.

Even before the pandemic, the World Health Organization has been advocating for the increase in the consumption of fruits and vegetables.

WHO noted that worldwide, insufficient intake of fruits and vegetables is estimated to cause around 14 percent of gastrointestinal cancer deaths, about 11 percent of ischaemic heart disease deaths and about 9 percent of stroke deaths. Low fruit and vegetable intake, according to WHO, is among the top 10 selected risk factors for global mortality.

During the pandemic, WHO said a well-balanced diet is more crucial as this will strengthen immune systems and lower the risk of chronic illness and infectious diseases. It recommended the consumption of a variety of fresh and unprocessed foods every day to get the vitamins, minerals, dietary fiber, protein and antioxidants that the body needs.

To fortify the body, WHO said individuals must eat 2 cups of fruit (4 servings), 2.5 cups of vegetables (5 servings), 180 grams of grains, and 160 grams of meat and beans daily.

There’s a lot of room for improvement in terms of vegetable consumption in the Philippines, according to an executive of the East-West Seed during the webinar on food security that BusinessMirror organized (See, “Farmers, fisherfolk earned P6 billion selling directly to LGUs—Department of Agriculture,” in the BusinessMirror, September 1, 2020). WHO said annual per capita consumption of vegetables should be at 73 kilograms. Filipinos, however, consume only about 41 kg of vegetables a year.

More people growing vegetables in their own backyard or garden will boost local supply. Now is the best time to encourage homebound Filipinos to eat more vegetables, which is good for the health. Local governments distributing food assistance to their constituents must also consider replacing some canned goods with vegetables and local fruits. The direct marketing program of the Department of Agriculture should also be expanded so that more consumers will have access to cheaper vegetables.

Safety protocols meant to fight the scourge that is Covid-19 should be complemented by efforts to strengthen the body and enable the immune system to defeat diseases. Tweaking the diet of consumers is one of the cheapest means of preventing the spread of Covid-19. And this can be done if government and the private sector will work together to improve the consumption of fruits and vegetables, especially among poor households. As a wise man has said, “a diet rich in fruits and vegetables plays a role in reducing the risk of all the major causes of illness and death.”

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SSS @ 63: Responding to the times through ExpreSSS Aurora C. Ignacio

All About Social Security

S

eptember 1, 2020 marks the start of the “ber” months, signaling the forthcoming Christmas season that we always look forward to every year. The date becomes more significant because we also commemorated the 63rd founding anniversary of the Social Security System (SSS). This year’s theme is “SSS@63: Responding to the Times through ExpreSSS.”

Well, SSS just turned 63!!! Just like any other pensioner, SSS is getting stronger every year since its inception in 1957.

With the current pandemic crisis brought about by the Covid-19, this year’s celebration was one of the simplest and most meaningful events for the institution. We started the day with a flag-raising ceremony, observing physical distancing, followed by a holy mass officiated by Fr. Robert Reyes from the Diocese of Cubao, which was attended by SSS officials and employees at the San Lorenzo Ruiz Chapel at the second floor of our building.

In previous years, we usually have the traditional photo exhibit at the SSS Main Office Lobby graced by distinguished guests and local government officials. It was here where we usually showcase our anniversary theme and new programs and services. This is followed by the Balikat ng Bayan Awarding Ceremonies, where we recognize our partners in promoting the welfare of their employees, and the Employee Awards where we bestow recognition for exemplary personnel performance. As the SSS currently implements strict

health and safety protocols mandated by the government, all our anniversary activities this year are mostly virtual. Yet we successfully highlighted our anniversary theme, which features the enhanced SSS online services that aim to provide our members, employers, pensioners, and other stakeholders with simpler, faster and easy transaction when they register and file their benefits and loan privileges with SSS. I am proud to be part of this institution as President and Chief Executive Officer upon my appointment in 2019. With all the improvements and developments that my predecessors have incorporated for our members, and our programs as well, I envisioned the SSS to focus on digitalization. I am grateful that Chairman Carlos Dominguez III who heads the Department of Finance (DOF) and Social Security Commission (SSC) shares my commitment that SSS must expand the use of digital technologies for the prompt delivery of our services.

This is also in sync with SSS’ compliance with Republic Act 11032 or the Ease of Doing Business and Efficient Government Service De-

I am proud to be part of this institution as President and Chief Executive Officer upon my appointment in 2019. With all the improvements and developments that my predecessors have incorporated for our members, and our programs as well, I envisioned the SSS to focus on digitalization. I am grateful that Chairman Carlos Dominguez III who heads the Department of Finance and Social Security Commission shares my commitment that SSS must expand the use of digital technologies for the prompt delivery of our services.

livery Act of 2018, which will help ensure the continuous delivery of services amid the pandemic.

We have lined up monthlong online activities through our Facebook page and YouTube channel as well. On Monday, we released our anniversary video in all our social media accounts with the launch of our product brand, “ExpreSSS.” We are also conducting a continuous information drive about the ExpreSSS services starting today, September 2, which will run until the end of the month through various webinars in our SSS Facebook page thrice a week. Topic discussions will focus on Unemployment, Retirement, and Funeral online applications, bank enrollment of disbursement accounts, SS number applications, Payment Reference Number Generation, Employment Report (R-1A) Form submission, Sickness Notification, Maternity Notification, and Sickness Benefit Reimbursement Applications.

Though we didn’t have this year our face-to-face “kumustahan and kwentuhan” with our pensioners during our traditional SSS Pensioner’s Day and Member’s Day in all our branches nationwide, we are encouraging them to stay safe in their respective homes or workplaces as they try our online services, which will keep them updated with our programs 24/7.

Since 2004, it is noteworthy that every September has been declared the Social Security month, a fitting tribute to our institution that has been every Filipino worker’s lifeline in every contingency, especially in times of sickness, maternity, disability, unemployment, retirement, funeral and death.

Indeed, taking the reins of SSS leadership is a challenging but worthwhile experience. I realized that it’s also a big responsibility in looking after our members’ welfare in general. For the past 63 years, we have improved and made innovations to our system processes, launched additional programs for the benefit of our members and pensioners, and launched online and digital transactions. Indeed, SSS has really gone a long way in terms of technology and service enhancements.

On this note, I would like to commend all our SSS officials and employees for their sacrifices, loyalty and dedication in serving our members and stakeholders for the past 63 years.

Mabuhay at Happy Anniversary, SSS!

Aurora C. Ignacio is SSS president and chief executive officer.

We welcome your questions and insights on the topics that we discuss. E-mail mediaaffairs@sss. gov.ph for topics that you might want us to discuss.

ENTREPRENEURS’ FOOTPRINTS

Vision, disruption, innovation and the Metro Manila Business Conference

By Dr. Carl E. Balita

V

ision is the ideal state of the future, which is formulated and stated to guide individuals, businesses and organizations to where they are heading—it is the destination by design.

The shared vision of an organization becomes a powerful element of influence in leadership and a strategic compass in shaping its culture. Aligned with the sense of purpose, which is the mission, and the binding philosophy, which are the core values, the vision is the end-in-mind that anchors the organizational and business direction and development. Businesses with sound fundamentals, in terms of shared vision, purpose-driven mission and vibrant core values, are most likely to survive and thrive through crisis, including the Covid-19 pandemic.

In times of disruption, the organizational resiliency is put to a test. Navigating toward the vision

becomes challenged by the changing realities within and around the business environment. With competen-

cies in leading and managing change, organizations will be engaged to confront the disruptions. Pivot, which is the changing of strategies while focusing on the same vision, comes handy for businesses with leadership and teams that are in place to “roll with the punches” and recover to bounce back and move forward.

The disruptive experience even becomes an energizing circumstance that empowers the individual, the teams and the entire organization.

Then, the organization resorts to innovation.

Innovation becomes a life-giving alternative derived from the effective leadership and efficient team management onward and along the

organizational journey—in the pursuit of the shared vision. It results from what Peter Drucker calls “the creative destruction,” in response to disruptions like the pandemic.

Innovation creatively leads to value creation, which is responsive and relevant to the changing needs of the business stakeholders like its customers. It leads to the transformation of what the business is and what it does. Innovation makes the business agile enough to adopt to change and be ahead of the competition. It becomes a choice that the business makes to take the chance to change toward the future, like what is referred to as the New Normal.

See “Balita,” A7

Opinion BusinessMirror

www.businessmirror.com.ph

The Fed is fighting the last war on inflation

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The rethink gives Bank Indonesia, which is underwriting government budgets, some space to keep experimenting. For the Philippines, where debt monetization has been subtler, there is an opportunity to be more overt. South Korea, which hemmed and hawed about undertaking a form of quantitative easing, can also be more definitive. In India, policy makers can set aside their fears of stubbornly high inflation and make further reductions in rates. The influence of the dollar gives the Fed’s shift great consequence in this region. In theory, if the central bank is cool with inflation being above 2% for a while, we could be headed for a long stretch of dollar weakness. That means Asian economies, many of which have soft pegs to the greenback, are free to maintain easier policies without being penalized much by investors wary of weakening currencies. Morgan Stanley said the Fed’s new approach is “a key USD headwind over time.” It’s when we get beyond the pandemic that the biggest impact of the Fed’s review—one with potential to supercharge the recovery—will be tested.

The overhaul was conceived in 2018, in the world before the pandemic, and is shaped by the terrain that emerged after the global financial crisis. That landscape was characterized by a sluggish recovery and very low inflation.

What could go wrong now? The Fed is fighting the last war, and the updated framework implies prices will behave as they did after 2008.

The mistake in the aftermath of that calamity was to anticipate infla-

tion pickups that weren’t forthcoming. But one key difference between then and now is the velocity with which central banks responded to this crisis and the full force of fiscal policy. Inflation could very well misbehave this time around.

And tumult doesn’t have to originate in the US. One of the most destabilizing periods for Asia in the past decade was China’s botched effort to devalue its currency in 2015. Another risk is if authorities overreach or become too confident in their ability to push the envelope. Indonesia hasn’t been cast into the darkness for debt monetization as it might have in a previous era. But lunch isn’t entirely free, either. After a stellar second quarter, the rupiah is Asia’s worst performer against the buck since July 1.

But the benefits to Asia of the updated Fed framework outweigh the potential costs. Right now an inflation spike would be a good problem to have. Even allowing for decent bounces in growth later this year and next, it’s likely to be a long time before anything resembling normal price increases reappear. While labor markets in many economies are probably past their nadir, unemployment will decline only gradually from here.

Entire industries, such as aviation, tourism and hospitality will take years to get over Covid-19—and maybe not even then. Deflation is still the biggest threat. When the Fed began to back away from rate hikes in early 2019, I wrote that Powell had given Asia a gift. His latest present comes with a long battery life. All the region needs to do is plug it in.

Shinzo Abe had a lot of time, but not enough

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The GeoRisk Philippines initiative

By Daniel Moss | Bloomberg Opinion

y signaling a more relaxed view of inflation and foreshadowing US interest rates will stay lower for longer, the Federal Reserve has given Asia’s economic chiefs a green light to rev commerce well into the coming decade. This offers the region a shot at healing some of the deepest scars of Covid-19. The risk of running things hot may not be felt for years, if then.

hen Japanese Prime Minister Shinzo Abe announced his pending resignation last week for health reasons, he had been in office for nearly eight years, the longest such stint in Japanese history. But even that wasn’t long enough to fulfill the potential of his premiership. His successors would be wise to appreciate why.

Abe will rightfully be remembered for the many changes he did manage to push through. His three-pronged “Abenomics” program of loose monetary policy, fiscal stimulus and structural reforms scored some initial successes—boosting growth, stocks and employment. His government brought an unprecedented number of women into the workplace and immigrants into the country.

Corporate governance reforms have begun to change the complexion of boards and behavior in Japan Inc. And, perhaps most dramatically, Abe bolstered Japan’s geopolitical standing, by strengthening its military capabilities and by pushing through free-trade deals with the European Union and the nations that remained in the Trans-Pacific Partnership after the US withdrew.

Yet whoever follows Abe will confront challenges almost as great as he did. The fact is growth, wages and inflation never really picked up sustainably; now, after pandemicrelated lockdowns, the economy has shrunk to the size it was before Abe took charge. A huge $2.2 trillion stimulus and continued monetary largesse from the Bank of Japan should help cushion the blow. Nevertheless, the list of unfinished tasks is long. Regulations that stifle entrepreneurship and innovation still need to be slashed.

A seniority-based employment system that impedes mobility and wage growth needs to be shaken up. Too

many Japanese remain trapped in irregular work with few benefits and career prospects.

Even in areas where Abe made a good start, much work remains. The precariousness of most women’s jobs has been revealed by the pandemic; more needs to be done to address gender pay gaps and provide women with sufficient flexibility and child-care support to develop stable careers.

Many of the business reforms promoted by Abe’s government ended up being more limited than originally envisioned; it will take an equally forceful leader to persuade boards and CEOs to continue improving Japanese corporate culture. Broader changes will be required if Japan is to attract the number and quality of immigrants the country really needs.

Abe can claim perhaps his greatest achievements in the international arena, where he has built Japan into a forceful advocate for the liberal, rules-based global order, both in partnership with the US and, when it comes to free trade, on its own.

He has also been instrumental in developing a regional response to China’s rise, as well as providing a much-needed alternative to Chinese investment around the world. Yet here, too, one wonders what more could’ve been accomplished had Abe avoided unnecessary distractions, such as a futile trade spat with South Korea and a long and controversial campaign to revise Article 9 of the Japanese Constitution—the socalled peace clause.

Such heedless efforts may help explain why Abe backed off from pushing more drastic economic reforms earlier on, when his mandate was at its strongest. If Japan is to meet its steep demographic, financial and strategic challenges, his successors cannot afford to make the same mistake. Bloomberg Opinion

Wednesday, September 2, 2020 A7

Atty. Dennis B. Funa

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INSURANCE FORUM

eoRisk Philippines is a government-led multi-agency initiative to serve as the central resource of information on natural hazards and risk assessment. The project is formally known as the “Geospatial Information Management & Analysis Project for Hazards & Risk Assessment in the Philippines.”

It aims to support the country’s resiliency against natural hazards and risks. The system is to make such hazard-related information available to everyone, i.e. land developers, property owners and buyers, real-estate investors, local government units, national government agencies and communities, to allow them to plan and prepare for such natural hazards. In other words, the initiative is to locate where the natural hazards are located anywhere in the Philippines and to assess the strength of its threat. It is a data-gathering initiative. This Department of Science of Technology (DOST)-led initiative was

approved by President Duterte during the 39th cabinet meeting on July 1, 2019. The app was launched on July 16, 2019.

The information can be generated by Philippine Institute of Volcanology and Seismology (Phivolcs) for seismic and volcanic hazards; and by Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA) and Mines and Geosciences Bureau (MGB) for hydro-meteorological and climatological hazards. Specifically, everyone would know where hazards on volcanic eruptions, floods and landslides could possibly be located.

This government initiative can serve the non-life insurance industry in assessing risks for earthquake, flood, and other natural calamity-related insurance products. While not exactly providing catastrophe risk modelling, it would clearly identify risks sufficient to support initial underwriting assessments.

This initiative was led by the DOST and the Phivolcs. It is funded by the DOST and monitored by the Philippine Council for Industry, Energy, and Emerging Technology Research and Development. Among its participants are the PAGASA, DOSTAdvanced Science and Technology Institute, Department of Environment and Natural Resources-MGB, DENRNational Mapping and Resource Information Authority, DND-Office of Civil Defense, and the Department of Education.

To serve as the platform of this initiative is an app or software application called Hazard Hunter Philippines. Hazard Hunter is a tool that can be used to generate indicative hazard assessment reports (Official Hazard Assessment Reports) on spe-

cific locations. A mobile app has also been developed and launched. This app was developed with the training support of the Geological Survey of Japan. This is an example of the use of technology to prepare for natural calamities. This app is available at hazardhunter.georisk.gov.ph. Users can zoom in on a specific location using GPS, coordinates or even Google maps. A visual search can also be done by zooming in on a map. Once a place is located, the app will display the hazards in that place as well as have a risk assessment report generated.

Another web application recently released by GeoRiskPH for local government units and decision-makers is the GeoAnalyticsPH: Tsunami Analytics, which is able to give summary reports on population, schools and health facilities exposed to tsunami hazards nationwide. It can also calculate the total area exposed to tsunami.

This government initiative can serve the non-life insurance industry in assessing risks for earthquake, flood, and other natural calamityrelated insurance products. While not exactly providing catastrophe risk modelling, it would clearly identify risks sufficient to support initial underwriting assessments.

Our weird pandemic spending ways could change soon

By Conor Sen | Bloomberg Opinion

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here’s been a lot of talk about the US experiencing a Kshaped recovery, with large companies and the rich recovering while smaller companies and lower-paid service workers struggle. But this divide also shows up in the way Americans are shopping.

July personal spending data confirmed a simultaneous boom in consumption of durable goods such as cars and refrigerators and a depression in spending on services. This is the exact opposite of what happened in the 2008 recession. But such a durable-goods boom is unsustainable, whether or not we ever get a vaccine for the coronavirus. When it ends, markets might be in for a period analogous to 2015-2016, when a slump in energy investment rattled global markets even as consumer spending and employment kept growing.

Big tech companies have gotten much of the credit for the surge in equities since March, but this durable-goods boom has played a role too. It’s why shares of homeimprovement stores such as Lowe’s Cos. Inc. and Home Depot Inc., appliance makers such as Whirlpool Corp., electronics retailers such

Balita. . .

continued from A6

The dynamics of vision, disruption and innovation take centerstage during the upcoming 28th Metro Manila Business Conference of the Philippine Chamber of Commerce and Industry-National Capital Region. Facing the unprecedented pandemic crisis that no one has ever experienced in a lifetime, the PCCINCR navigates the 28th MMBC with optimism through a vision that remains as the anchor amid disruption toward agile innovation. The MMBC 2020 aims to provide the learning and networking experiences among Filipino businesspeople not only in the NCR but in other parts of the country and all over the world.

Through virtual interaction and remote broadcast technologies, the MMBC 2020 is designed to reach an audience without the limitations of time and space on September 3 and 4, 2020 from 8:30 in the morning until noon.

The MMBC 2020 aims to provide for meaningful learning, memorable experience, bold action-agenda, and collaborative synergy among businesspeople along with other stakeholders in government and other sectors.

PCCI Vice President for the National Capital Region, Delia Jimenez,

as Best Buy Co. Inc., and companies that sell home goods such as Williams-Sonoma Inc. and Wayfair Inc. have done so well.

Large increases in the ISM manufacturing survey, a measure of business sentiment, are often seen as indicative of economies exiting recession or enjoying accelerating growth. We’re getting such readings now. Most US economic activity and employment is in services. But the ups and downs of the business cycle are usually more apparent in the goods sector.

There’s no historical parallel, particularly in a recessionary or crisis environment, for a surge in durable goods spending occurring simultaneously with a slump in services spending. In the past, durable goods have outperformed services only after a recessionary slump in spending on such bigticket items. leads the 16 local chambers in Metro Manila. She envisions that this conference will re-charge the energy of the micro, small and medium enterprises (MSMEs) in the region to bounce back. She ensures that the conference will provide for learnings and action agenda so that the businesspeople can learn together from the collective intelligence of keynote speakers, panelists and discussants.

Jimenez takes pride that the MMBC

This disconnect could continue for several more months. But the promise of rapid coronavirus tests, improved medical treatments and vaccines means there’s a good chance these trends revert to somewhat normal levels by early next year.

This disconnect could continue for several more months. But the promise of rapid coronavirus tests, improved medical treatments and vaccines means there’s a good chance these trends revert to somewhat normal levels by early next year. How will markets digest a rapid increase in services spending while durable goods spending goes from robust to tepid or worse?

We have a recent example of an environment that was similar, if not identical, to what we might see over the next year or two.

The plunge in commodity prices between 2014 and 2016 led to a slump in business investment around the world. Spending on commodity production and extraction—particularly oil—led to a drop in spending not just in those industries but also in the neur who attains mastery of the self, the new enterprise and the current environment with values as compass in a balanced-scorecard road map. It will be chaired by PCCI Regional Governor Jose Tayawa, with Dr. Carl Balita as moderator and shall have Presidential Adviser for Entrepreneurship Joey Concepcion as Main Discussant. In the panel are Ms. Sheril Quintana, President of the Philippine Fran-

The MMBC 2020 aims to provide the learning and networking experiences among Filipino businesspeople not only in the National Capital Region but in other parts of the country and all over the world. Through virtual interaction and remote broadcast technologies, the MMBC 2020 is designed to reach an audience without the limitations of time and space on September 3 and 4, 2020 from 8:30 in the morning until noon. is for free and reaches out to all Filipino businesspeople.

Secretary Fortunato de la Peña of the Department of Science and Technology and Secretary William Dar of the Department of Agriculture are keynote speakers for the opening and closing ceremonies, respectively, with PCCI National President Ambassador Benedicto Yujuico and PCCI Chairman Alegria Limjoco to deliver inspirational messages as well.

In the Learning Session on Vision, participants will be able to model a purpose-driven entrepre-

chise Association; Steve Benitez, President of Bo’s Coffee; and Dr Helen Rigor, Vice President of St. Paul College.

In the Learning Session on Disruption, the participants will be able to discuss the impact of the modern disruptions in business, like the fourth Industrial Revolution, the idiosyncratic millennial generation and the recent Covid-19 pandemic in the emerging business ecosystem, and determine how entrepreneurs can cope with these disruptions. It will be chaired by PCCI Regional Gov-

industrial supply chain supporting them.

Some have called this a stealth recession that occurred even in the context of a growing US economy.

Credit markets seized up, as investors worried about losses on loans tied to energy investments. Stock markets experienced plunges and higher volatility, as equity investors worried about the signals from credit markets.

It’s easy to see a dynamic like this returning in 2021 or 2022, if and when consumers shift spending from durable goods back to services.

Investors, seeing negative data on big-ticket items, may freak out, believing the newfound softness is a recessionary leading indicator. That might hurt stocks, even as the service economy normalizes and starts hiring by the hundreds of thousands per month.

Reversing the unequal growth of the past several months will certainly be better for the economy in the long run. But there could be some anxious moments along the way, as a softening durable-goods sector and falling stock prices raise recessionary red flags that make investors overlook what is a natural part of economic normalization.

ernor Tess Ngan Tian with Consul RJ Ledesma as moderator and shall have Trade and Industry Secretary Ramon Lopez. In the panel are Jennylle Tupaz, President of Ayala Mall; Rhoda Caliwara, President of Philippine Association of Legitimate Service Contractors; and President Richie Cuna of Milkin Corp.

In the Learning Session on Innovation, the participants will be able to pivot and migrate to the new normal and engage in continuity planning while optimizing the opportunities in agriculture while merging the digital ecosystem. It will be chaired by PCCI Regional Governor Julie Quiroga with PCCI Director Bobby Amores as moderator and will have Private Sector Representative to LegislativeExecutive Development Advisory Council George Barcelon as Main Discussant. In the panel are Mr. Josiah Go of Mansmith and Fielders; Ms. Debbie Ledesma, Vice President of Philippine Long Distance Telephone Co.; and Toby Claudio, President of Toby Sports.

PCCI NCR Vice President Delia Jimenez expressed optimism that, while the impact of the pandemic is massive to the businesses in general and to business people in particular, the future is bright in the hands of the entrepreneurs whose vision is solid amid the Covid-19 disruption that incites innovation.

A8 Wednesday, September 2, 2020

Senate probers endorse raps vs execs in PhilHealth mess S

By Butch Fernandez

@butchfBM

ENATE probers, concluding an extensive Committee of the Whole (COW) inquiry into reported multibillion-peso anomalies at the Philippine Health Insurance Corp., on Tuesday endorsed the filing of criminal and administrative charges against officials linked to them, including Health Secretary Francisco Duque III and resigned PhilHealth President and CEO Ricardo Morales.

Senate President Vicente Sotto III, who chaired the inquiry, submitted their findings and recommendations to the plenary in a 58-page report.

The report is expected to be endorsed to the relevant Executive agencies for proper action.

IRM liquidation

ONE of the main areas focused on by Senate probers was the Interim Reimbursement Mechanism (IRM), initially touted as a means for frontloading funds to healthcare institutions (HCIs) so they can quickly respond to emergencies

like the Covid-19 pandemic. However, it was learned at the Senate inquiry that the IRM was abused, and on several occasions served more to boost the cash flow of private hospitals, when PhilHealth’s main mandate as state insurer is to pay out claims for expenses after hospitalization.

Sen. Juan Edgardo Angara suggested that PhilHealth immediately require the IRM-recipient HCIs to liquidate the utilized amounts and facilitate the return of the unutilized amounts.

Angara stressed that a “definite deadline” must be imposed for the

compliance of the concerned HCIs. PhilHealth should also immediately implement the digitization and unification of all its medical records, an urgent weapon against fraud, Angara added. “This is to help clean up and update its database, including clearly erroneous entries such as the 5,000 members who are 130 years old,” he said, noting that this will also “prevent the instances when claims are being made for members who are already deceased.”

The senator suggested that PhilHealth likewise look into strengthening its manpower complement by hiring more medical reviewers, antifraud officers, data scientists, data analytics personnel, and even experts in artificial intelligence and big data.

“A regular update of the case-rate system should be implemented to improve the accuracy of rates and to see the patterns in claims and illnesses reported,” Angara said, echoing the observation of several senators of “questionable case rates wherein some minor procedures have higher case rates than more serious ones.”

Moreover, Angara batted for a special audit by the Governance Commission for GOCCs of Phil-

Health’s finances covering the past five to 10 years.

Sotto-led report

AS submitted by Senate President Sotto, the Committee of the Whole consolidated all the inputs, particularly the recommendations submitted by Majority Leader Miguel Zubiri, Minority Leader Franklin Drilon and Senators Panfilo Lacson, Angara, Pia Cayetano, Aquilino Pimentel III, Grace Poe, Francis Tolentino and Cynthia Villar.

After considering all the findings of the Committee of the Whole, Sotto said the majority of the senators recommended the filing of criminal charges against the following: 1) Atty. Rodolfo del Rosario Jr., PhilHealth senior vice president “and all other PhilHealth officials and employees who connived with and participated in the consummation of the punishment/illegal act, particularly for their failure to act upon and/or neglect of duty to cause the prosecution of cases before them.”

The report ticked off violations of Article 208 of the Revised Penal Code and Republic Act 3019, or the Anti-Graft and Corrupt Practices Act.

DTI decides on SRP for gadgets this week

W

2) Jovita Aragona, senior vice president for Information Management Sector; Calixto Gabuya Jr., acting senior manager, Information Technology and Management Department; and all other PhilHealth officials and employees involved in the overpricing of IT supply “and the concealment/alteration of documents pertaining thereto.”

3) DOH Secretary Duque, concurrently the PhilHealth chairman, along with former president and CEO Morales; Arnel de Jesus, executive vice president and COO; Renato Limsiaco Jr., senior vice president for Fund Management Sector; Israel Francis Pargas, senior vice president for Health Finance Policy Sector; and all involved in the “improper and illegal implementation of the [IRM] against its duly authorized purpose under the law and for their grave abuse of discretion or gross negligence in ascertaining the IRM beneficiary without valid criteria for distribution.”

4) Duque, Morales, De Jesus, Limsiaco, Pargas, and all other PhilHealth officials and employees who failed to withhold tax liabilities of HCIs to which they released IRM funds.

ILL the government slap a suggested retail price (SRP) on laptops and smartphones to make them affordable in the time of distance learning? The verdict will be made this week.

Trade Secretary Ramon M. Lopez on Tuesday said his agency will decide this week after it reviews the findings of his consumer protection officials who studied the matter.

In August, the Department of Trade and Industry (DTI) moved to assess the possibility of putting a price ceiling on laptops and smartphones.

As the threat of Covid-19 persists, academic institutions had to transfer education systems to online from the classroom. Students then were left with no other option but to acquire a gadget they can use for distance learning.

This is where the DTI steps in.

As the government’s price monitoring body, it can place an SRP on merchandise items it deems either a basic necessity or prime commodity. With such power, it can hold off prices to a certain level to the benefit mainly of poor households, especially in a global crisis where millions have lost their jobs.

Continued on 4

Continued on A4

Companies BusinessMirror

www.businessmirror.com.ph

Wednesday, September 2, 2020

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Cirtek Holdings to issue preferred shares

T

By VG Cabuag

@villygc

he board of Laguna-based Cirtek Holdings Philippines Corp. has approved the company's issuance of preferred shares which will be made through private placement.

The company said in its disclosure that it will put up for sale some 33 million of its preferred

B2 sub-series shares through private placement to qualified buyers. It has set a price for the said

share sale at $1 per share.

The said shares will come from the unissued existing preferred B2 shares. The first tranche of the said shares were issued in 2017 consisting of 67 million shares.

Preferred shares are non-voting but holders have priority over common stockholders when it comes to dividends, which is commonly higher than those given to common stockholders.

The said shares will be listed at the Philippine Stock Exchange.

Cirtek said its net income more than doubled in the six months of the year ending August to

$4.98 million, from last year's $2.28 million, despite a decline in revenues.

The company said it had consolidated revenues of $42.3 million for the period, some 13 percent lower than last year's $48.64 million.

“The decrease accounted for was mainly due to the 25 percent decrease in revenue contribution of Quintel, a United States-based product and R and D [research and development] company acquired in 2017 and 12 percent decrease in revenue contribution from semiconductor business,” the company said.

BDO declares Q3 cash dividends

By Tyrone Jasper C. Piad @TyronePiad

B

DO Unibank Inc. declared on Tuesday cash dividends on its common shares for the third quarter.

In a disclosure to the local bourse, the Sy-led bank said its board of directors approved last week the dividend amounting to P0.30 per share.

The cash dividends are payable on September 28.

BDO said that the dividend payment will come from its surplus prof-

its as of end-December 2019.

The last time BDO declared dividends was in June, when it approved the same amount.

In a separate disclosure, the listed bank said that it bought 5,000 common shares for its employee stock option/grant program.

“The common shares issued to the senior officer/s and/or retiree/s came, in part or in whole, from the primary, unlisted shares of the Bank.

Hence, the change in the number of issued and outstanding shares," BDO said.

In the first semester, the Sy-led bank saw its net earnings drop by nearly 79 percent to P4.3 billion, from the previous year’s P20.1 billion. Its bottom-line figures were dragged by the reserves potential credit losses amounting to P22.4 billion. Core businesses, meanwhile, performed well as pre-provision operating income surged by 17 percent despite the pandemic. Net interest income was up 17 percent as well for the period.

Gross nonperforming loan (NPL) ratio rose to 1.95 percent while NPL

coverage ratio was booked at 139.4 percent.

Total capital base for the period stood at P367 billion with capital adequacy ratio at 13.8 percent and common equity tier 1 ratio at 12.7 percent. Both are above the minimum regulatory requirement and deemed enough to fund asset growth and regular quarterly dividends.

BDO shares climbed by P1.60, or 1.86 percent, to close at P87.60 each, bucking the 1.44-percent drop for the benchmark index on Tuesday.

ATI to port BIR extends online biz registration deadline anew users: Go cashless T

By Bernadette D. Nicolas @BNicolasBM

A

sian Terminals Inc. (ATI) has rolled out a “revitalized” digital platform for port fees to enable trade to be faster, easier and more convenient.

Called ePay Portals, the digital platform allows port users to pay for port transactions online at any time of the day.

Transactions are real-time.

The platform is linked to the company’s e-banking partners, BDO and Metrobank.

The port operator intends to partner with more banks soon.

“As a trade enabler and port technology pioneer, ATI is committed to adapting smart and innovative solutions to fast-track trade and minimize supply chain disruptions, especially during this global pandemic,” ATI EVP William Khoury said.

He added that this initiative supports the government’s order that requires the use of online platforms for filing, processing, and payment of all port and cargo-related charges. Khoury noted that this is also part of his group’s efforts to help the country fight the Covid-19 pandemic.

“We encourage our stakeholders to utilize our ePay Portals for easy, convenient, safe and transparent port transactions,” he said.

To avail of ATI’s e-payment facilities, port users simply need to register and/or log in to ATI Webtrack found in the company's official web site.

During the transition, Khoury said, port users can still make payments through over-the-counter bank deposits and the revolving fund facility managed by ATI’s Billing and Collections Unit for a limited time to avoid delays. Lorenz S. Marasigan

he Bureau of Internal Revenue (BIR) said it has further extended the deadline of registration of online businesses until end of this month.

Under Revenue Memorandum Circular (RMC) 92-2020 released on Tuesday, BIR said the deadline extension was warranted considering the “surge of registrants in various revenue district offices trying to beat the deadline.”

“Considering this and the Bureau's resource constraints at this time of quarantine protocols due to the Covid 19 pandemic, the deadline is further extended to September 30, 2020," read the RMC signed by BIR Commissioner Caesar R. Dulay.

In a separate interview with BusinessMirror, BIR Deputy Commissioner Arnel Guballa said 5,650 have so far registered their online businesses.

In the same RMC, BIR said all those already into digital or online transactions are advised to register

their business activity on or before the stated date and no penalty shall be imposed for late registration.

Those who have prior transactions subject to pertinent taxes are also encouraged to declare the same and pay the taxes due thereon, with no penalty for late filing and late payment provided the same is done on or before the extended due date.

BIR warned that applicable penalties shall be imposed to those who will be found later doing business without complying with the registration/update requirements and those who failed to declare past due taxes/ unpaid taxes.

This is not the first time that the BIR has extended the deadline for the registration of online businesses.

To recall, the BIR has previously approved the deadline extension for the same purpose until end-August.

In June, the BIR issued RMC 60-2020 to notify all persons doing business and earning income in any manner or form, specifically those who are into digital transactions through the use of electronic platforms and media, and other digital

means, to ensure that their businesses are registered and that they are tax-compliant.

In the same RMC, the BIR said these shall include not only partner sellers/merchants but also other stakeholders involved, such as the payment gateways, delivery channels, internet service providers, and other facilitators.

This came at a time that the business of selling goods and services through online networks grew substantially with the government’s imposition of community quarantine restrictions to stop the spread of Covid-19.

After the tax agency drew flak from lawmakers who said targeting pandemic-displaced workers trying to eke out a living was ill-timed, the BIR clarified that those required to register their business are people who are “habitually” engaged in online selling and not the temporary online sellers.

The BIR also earlier said online sellers earning an annual net income of less than 250,000 will also not be subject to tax.

SSS mobile app covers over 22M transactions

T

he Social Security System (SSS) said that its mobile app recorded nearly 22.4 million transactions from its members for the first half.

SSS President and Chief Executive Officer Aurora C. Ignacio said the pension fund's mobile application facilitated 22,363,413 transactions from January to June, with an average of 124,24 transactions daily.

Launched in 2018, the SSS mobile app is a free downloadable app for smartphone users. It is designed to provide a more convenient way for members to transact with SSS without the hassle of queuing in the branches.

In 2010, SSS also had implemented the Text-SSS facility for members to obtain information on their contributions and loan records. A member may register in Text-SSS by sending their SSS number and birthdate using the format “SSS REG <SS Number> <MM/ DD/YY>” to 2600.

“We are delighted that our members and employers have been using this

app with their various SSS transactions, which is user-friendly and easy to access. Members can now view their contributions record, membership information, and SSS branches’ location,” Ignacio said. She said members can also check the status of their benefit claim and salary loan applications, their remaining loan balance, and update their contact information as well.

Through the years, SSS has incorporated other services in the SSS mobile app, like the generation of Payment Reference Number (PRN) needed for SSS contribution payment and filing of maternity notification for female SSS members. Members may also pay their contributions using PayMaya through the mobile app.

“Among the transactions on SSS Mobile App, checking member's salary loan status garnered the highest number of transactions. From January to June 2020, the SSS Mobile App recorded 7,628,068 transactions on salary loan status,” Ignacio said.

Meanwhile, Ignacio revealed that

the SSS Mobile App is among the most downloadable applications in its category on Google Play Store, Apple's App Store, and Huawei AppGallery. As of July 2020, SSS Mobile App accumulated 7,485,817 downloads in the three mobile app markets.

The SSS Mobile App ranked as the most downloadable free app in Google Play Store under the productivity category, with 6,032,977downloads from Android phone users.

It is among the top three most downloadable under the utilities category in Apple's App Store, with 726,840 downloads from iOs phone users. Likewise, the mobile application is the third most downloadable app under the finance category among Huawei users, with 726,000 downloads.

“With the use of modern technology and with SSS’ digitalization efforts, we further encourage all our members and the employers as well to use this mobile app to enjoy a simple, fast and easy way of conducting your transactions with SSS,” Ignacio said.

Revenues from Quintel for the period reached $12.7 million.

Revenues from its antenna manufacturing before consolidation rose 4 percent to $11.4 million from last year's $11.04 million, while those from the semiconductor business fell 12 percent to $18.1 million from $20.6 million last year.

Cirtek earlier said it is in talks with an additional contract manufacturing partner in China as well as qualifying a new Taiwan facility in response to supply chain diversification and business resiliency plans.

“Cirtek’s manufacturing capacity is currently running at 60 percent amidst the pandemic. It is expected to run up to 70 percent capacity by the time the Philippine lockdown is lifted to comply with Covid-19 preventive measures until such time a vaccine is available or herd immunity is achieved,” Cirtek’s Vice President Tony Callueng said.

The company still outsources to contract manufacturers in China which has fully emerged from the lockdown last March after having been hit by Covid-19, which first appeared in December last year.

DOE, ERC asked: Help plug electricity subsidy leakages

By Lenie Lectura @llectura

P

OWER industry stakeholders were asked on Tuesday to come up with solutions on how to plug leakages in lifeline electricity rate subsidy that has now reached P937 million.

“There is a lack of initiative from government that we see now P937 million in leakages that could have been avoided a long time ago… My assignment to DOE (Department of Energy) and ERC (Energy Regulatory Commission) is to craft the strategy as if we will implement this now,” said Senate Committee on Energy Chairman Senator Sherwin Gatchalian, who presided over a hybrid hearing on Senate Bill 1583.

The proposed measure seeks to extend the lifeline rate subsidy up to 2041. The lifeline rate is a subsidized rate given to low-income households or those consuming 100 kilowatt-hours (kwh) or less electricity monthly.

Gatchalian said at the hearing that lifeline subsidies reach P1.6 billion annually. Of the amount, he said P937 million went to consumers who are not poor and living in condominiums.

He cited two electricity bills of unoccupied condominiums in Makati and in Tagaytay City, which reflected electricity discounts since consumption was below 100kWh. However, Gatchalian noted, those living in condominiums are not marginalized end-users and yet they are provided with discounts.

“So these are the loopholes and this is the gap that I see in this law. Even after 20 years of enactment, it seems to me that [this was simply neglected and we didn’t do anything].

Obviously, 100kwh and below is imperfect and

it’s leaving to a lot of leakage amounting to P937 million. So, any move to plug those leakages?”

Gatchalian said. ERC Tariffs and Rates Division Chief Alvin Ortega assured the senator that the agency would turn in its proposal soon.

“We will study this issue very seriously. We will commit to submit a report,” said Ortega, who agreed that the matter should be addressed as soon as possible because the current assumption is “based on your consumption, if consumption is low especially in the rural area, that will be considered marginalized and would be extended a discount.”

For the DOE’s part, Electric Power Industry Management Bureau Director Mario Marasigan proposed a zonal evaluation on consumers’ poverty level. “In our proposed comments to extend the lifeline rate, we should be able to identify the poverty level of consumers in consultation with ERC, Neda and other government agencies that are handling the marginalized community, particularly the DSWD,” he said.

The Manila Electric Company (Meralco), which has 2.8 million lifeline customers in its service areas, said it fully supports Gatchalian in asking that the leakages be plugged.

“Perhaps this can be done by reviewing the threshold consumption by, for example, comparing this against Family Income and Expenditures Survey (FIES) data in the areas served by each DU. While other criteria may also be studied, e.g., location data as mentioned by the DOE Director Marasigan, we will also want a scheme that is also easy to validate and administer and provides minimal discretion on the part of the DU,” said Meralco utility economics head Lawrence Fernandez.

Meralo has provided almost P4 billion in lifeline rate subsidy last year.

Bayer to buy vitamin company Care/of

The Bayer AG logo sits on banners outside the Bayer CropScience AG research and development facility in Frankfurt, Germany, on Monday, July 13, 2020. Bloomberg News

B

ayer AG agreed to buy online vitamin and health supplement company Care/of as the German drugmaker aims to expand its nutrition business.

Bayer is acquiring 70 percent of the fouryear-old business in a transaction that values the company at $225 million, according to a person familiar with the matter. Bayer will have an option to buy the rest by 2022, said the person, who asked to not be identified because the terms of the transaction are private.

The German company is seeking growth from new sources in an effort to move on from a $1.6 billion settlement of litigation over its Essure contraceptive device and an $11 billion deal to resolve cases involving its Roundup weedkiller.

Bayer shares rose as much as 1 percent Tuesday morning in Frankfurt.

The deal is an “important milestone” for both Bayer and Care/of, said Bayer spokesman Dan Childs, who declined to comment on the terms.

“We believe this model and product type has the ability to expand into traditional retail channels as we aim to reach new consumers,” Childs said in a statement. “Together we plan to

grow the Care/of business across new channels, new categories and new markets to deliver even more personalized nutrition.”

A representative for Care/of didn’t immediately respond to a request for comment.

Care/of was founded in New York City by Craig Elbert and Akash Shah in 2016, according to its website. The company sells vitamin subscriptions as well as accessories such as reusable drink bottles and coffee cups. It was valued at $156 million in 2018 after raising funds from investors including Goldman Sachs Group Inc.’s venture capital unit.

The purchase comes after Bayer agreed to buy British women’s health biotech Kandy Therapeutics Ltd. in a $875 million deal this month.

The transaction is another example of investors’ increasing appetite for digital-health businesses in the midst of a global pandemic.

Telemedicine company Hims Inc., which sells wellness and health-care products, is in talks to go public through a merger with blank-check company Oaktree Acquisition Corp. Earlier this month, Teladoc Health Inc. said it was acquiring Livongo Health Inc. for about $18.5 billion. Bloomberg News

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Companies BusinessMirror

Wednesday, September 2, 2020

PSE STOCK QUOTATIONS

September 1, 2020

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

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

46 87.6 67.3 20.4 8.19 33.5 7.89 19.68 48.5 16 95.5 54 0.81 21.2 0.56 2.7 0.96 0.3 0.61 153.9 1920

46.7 87.75 67.35 20.65 8.2 33.65 8.49 19.7 49 16.16 96 54.1 0.84 22.2 0.59 2.75 0.99 0.305 0.62 154 1950

45.95 87.45 66.95 20.6 8.5 33.8 8.21 19.66 48.95 16.1 97 53.9 0.84 21.2 0.56 2.7 0.97 0.3 0.64 156 1900

46 87.95 67.3 20.65 8.5 34 8.21 19.8 49 16.3 97 54.25 0.84 22.5 0.6 2.75 0.97 0.3 0.64 156 1920

45.7 87 65.55 20.3 8.1 33.5 7.88 19.66 48.5 16 95 53.9 0.84 21.15 0.56 2.66 0.95 0.3 0.61 154 1850

46 87.6 67.3 20.65 8.19 33.5 7.88 19.7 49 16 96 54 0.84 22.3 0.6 2.75 0.96 0.3 0.61 154 1920

1400 5348150 2667940 113800 1492600 9753100 3000 251700 1400 11500 376800 13090 17000 3400 31000 343000 45000 20000 22000 17680 100

64245 36800 468199702.5 -17866914.5 178400849.5 28677118 2324750 12303541 -545041 327,969,220( 118,772,834.9996) 24196 4959164 -4507734 68545 185396 -66800 36103402.5 -10128760.5 706896 -595637 14280 72595 17400 925890 43270 6000 13520 2730740 -2064760 185850 166750

INDUSTRIAL AC ENERGY 2.71 2.72 2.7 2.76 2.69 2.71 3362000 9126290 ALSONS CONS 1.27 1.29 1.27 1.3 1.26 1.27 1017000 1293790 26 26.9 26.65 27.15 26 26 1927800 50960590 ABOITIZ POWER BASIC ENERGY 0.18 0.182 0.178 0.182 0.172 0.182 8000000 1412630 24.2 24.3 24.55 24.9 24.1 24.2 503000 12307595 FIRST GEN FIRST PHIL HLDG 59.1 61 59.25 61 59 61 5390 322941.5 MERALCO 260.6 261 267 267.6 260.6 260.6 408090 107002222 14.2 14.22 14.38 14.46 14.14 14.2 2300800 32758032 MANILA WATER PETRON 3.03 3.04 3.08 3.1 3 3.03 1310000 4005460 3.15 3.27 3.06 3.25 3.06 3.25 19000 59730 PETROENERGY PHX PETROLEUM 11 11.1 11 11.08 10.9 11 302800 3328810 PILIPINAS SHELL 17.66 17.68 17.7 17.7 17.4 17.68 135400 2387444 9 9.09 8.7 9.11 8.7 9.11 448200 3970284 SPC POWER AGRINURTURE 8.1 8.14 7.74 8.14 7.65 8.14 336800 2664150 2.45 2.46 2.5 2.5 2.42 2.45 11468000 27990240 AXELUM CNTRL AZUCARERA 11.46 12 12 12 12 12 1900 22800 CENTURY FOOD 16.4 16.5 16.22 16.6 16.18 16.4 7692500 125256976 4.85 4.88 4.86 4.88 4.86 4.88 30000 145960 DEL MONTE DNL INDUS 5.02 5.03 4.62 5.06 4.62 5.03 3382000 16848190 9.96 9.97 10 10 9.89 9.97 962000 9569147 EMPERADOR SMC FOODANDBEV 67.8 68 68.2 68.2 66.65 68 170490 11548234 0.66 0.67 0.65 0.67 0.65 0.66 766000 502700 ALLIANCE SELECT FRUITAS HLDG 1.16 1.18 1.18 1.18 1.16 1.18 1970000 2299030 GINEBRA 40.25 40.9 39.2 41 39 40.9 79400 3207705 133.6 135 137 137 133.6 133.6 1268270 170858518 JOLLIBEE MACAY HLDG 7.77 7.99 7.77 7.99 7.75 7.99 15900 123475 4.74 4.81 4.82 4.83 4.74 4.74 254000 1215990 MAXS GROUP 0.126 0.128 0.127 0.128 0.125 0.128 1030000 129120 MG HLDG SHAKEYS PIZZA 5.62 5.64 5.6 5.7 5.6 5.62 397200 2232164 1.15 1.16 1.17 1.17 1.15 1.16 3272000 3806340 ROXAS AND CO RFM CORP 4.52 4.53 4.33 4.52 4.33 4.52 2000 8850 1.57 1.67 1.63 1.63 1.63 1.63 44000 71720 ROXAS HLDG SWIFT FOODS 0.105 0.11 0.105 0.105 0.104 0.104 800000 83860 UNIV ROBINA 142.4 142.5 138 143.9 138 142.5 2216280 316349836 0.77 0.78 0.77 0.78 0.76 0.78 1721000 1321790 VITARICH VICTORIAS 2.23 2.34 2.23 2.35 2.23 2.35 3000 6810 51.25 52.9 52.9 52.9 52.9 52.9 20 1058 CONCRETE A CEMEX HLDG 1.49 1.5 1.46 1.54 1.45 1.5 19272000 28965550 DAVINCI CAPITAL 3.11 3.3 3.4 3.4 3.1 3.3 63000 197100 12.24 12.3 12.3 12.3 12 12.3 243500 2960604 EAGLE CEMENT EEI CORP 6.08 6.09 5.69 6.15 5.69 6.09 5574200 33590108 6.1 6.12 6.13 6.19 5.94 6.12 5397100 32812628 HOLCIM MEGAWIDE 6.88 6.89 6.36 6.95 6.36 6.89 3818800 25685991 PHINMA 8.5 9 9 9 9 9 12100 108900 0.73 0.75 0.75 0.75 0.72 0.73 430000 309930 VULCAN INDL CHEMPHIL 113.5 138.8 110.9 112.1 110.9 112.1 310 34571 1.98 2 2 2 1.97 2 30000 59830 CROWN ASIA EUROMED 1.84 1.86 1.89 1.89 1.8 1.82 80000 145230 LMG CORP 4.45 4.5 4.5 4.5 4.5 4.5 5000 22500 3.91 4 3.9 4 3.9 4 15000 59830 MABUHAY VINYL PRYCE CORP 4.1 4.13 4.12 4.12 4.12 4.12 1000 4120 18.5 18.74 18.92 18.92 18 18.74 470800 8482812 CONCEPCION GREENERGY 2.01 2.02 1.89 2.03 1.89 2.02 18410000 36440550 5.19 5.2 4.71 5.2 4.71 5.19 464000 2343930 INTEGRATED MICR 0.96 0.97 0.98 0.98 0.96 0.97 82000 79650 IONICS PANASONIC 4.29 4.39 4.31 4.39 4.26 4.39 55000 234620 1.34 1.35 1.35 1.36 1.31 1.34 992000 1318820 SFA SEMICON CIRTEK HLDG 5.74 5.75 5.7 5.78 5.56 5.74 782500 4449650

753520 1378810 1524240 125050 -47260196 9960764 -832900 791240 62076 63581 -26778700 2400 -755636 14500 6963920 -5553148 222420 -94820 2200700 -23576575 690470 538584 77719.9999 77001982 -350880 -2616890 15903292 -364881.0001 -9350690 -7950 -8287848 4067180 278570 98505

HOLDING & FRIMS ABACORE CAPITAL 0.465 0.475 0.465 0.47 0.465 0.47 2150000 1005500 ASIABEST GROUP 7.8 8.03 8 8.12 7.65 8.05 4800 38011 710 717 735 742 710 710 311750 225430940 AYALA CORP ABOITIZ EQUITY 47.4 47.9 48 48 47.1 47.4 1368900 64920675 6.17 6.18 6.19 6.23 6.16 6.17 6741000 41649928 ALLIANCE GLOBAL AYALA LAND LOG 1.74 1.75 1.74 1.76 1.74 1.74 370000 646280 ANSCOR 6.24 6.46 6.28 6.28 6.28 6.28 10000 62800 0.52 0.53 0.51 0.52 0.51 0.52 37000 19190 ANGLO PHIL HLDG ATN HLDG A 0.54 0.55 0.56 0.56 0.54 0.55 1626000 884930 0.55 0.56 0.55 0.56 0.55 0.56 31000 17200 ATN HLDG B COSCO CAPITAL 5 5.04 4.91 5.04 4.9 5.04 1294000 6428020 DMCI HLDG 3.99 4 3.95 4.02 3.93 4 6486000 25892260 8.45 8.5 8.4 8.55 8.4 8.55 11200 94260 FILINVEST DEV FORUM PACIFIC 0.174 0.208 0.174 0.174 0.174 0.174 490000 85260 387.8 388 398 398.2 388 388 411960 160497872 GT CAPITAL HOUSE OF INV 3.1 3.15 3.15 3.15 3.15 3.15 17000 53550 JG SUMMIT 61.45 62.8 64 64 61.45 61.45 2004330 123911305.5 4.18 4.7 4.02 4.7 4.02 4.7 4500 21042 JOLLIVILLE HLDG KEPPEL HLDG A 4.86 5 4.82 4.82 4.82 4.82 100 482 0.59 0.61 0.59 0.62 0.59 0.59 27000 16230 LODESTAR LOPEZ HLDG 2.37 2.38 2.53 2.56 2.35 2.37 1128000 2721010 8.4 8.41 8.4 8.4 8.2 8.4 477200 3,988,557( LT GROUP 0.51 0.56 0.56 0.57 0.51 0.56 10000 5260 MABUHAY HLDG METRO PAC INV 3.3 3.33 3.34 3.34 3.25 3.33 30104000 99263780 0.98 1.01 0.98 0.98 0.98 0.98 1000 980 SOLID GROUP SYNERGY GRID 155 170 170 170 154 155 970 150720 837 840 853 885 837 837 1317270 1144810825 SM INVESTMENTS 99.5 100.3 101.5 101.5 99.5 100.3 43150 4332929 SAN MIGUEL CORP TOP FRONTIER 126 131.9 131 131.9 131 131.9 120 15819 0.186 0.196 0.186 0.186 0.186 0.186 600000 111600 WELLEX INDUS ZEUS HLDG 0.139 0.144 0.142 0.146 0.14 0.146 3150000 444430

-88900 -45689605 -23936100 8215169 50240 6160 2776700 -8438220 -99215752 -52303653.5 590 -1849920 1,462,410.0003) -7774540 704150550 -2166929 14509 -

PROPERTY ARTHALAND CORP 0.52 0.53 0.52 0.53 0.52 0.53 244000 127860 AYALA LAND 28.3 28.55 29.5 29.65 28.3 28.3 19823000 572701760 25.5 25.55 25.6 25.7 25.5 25.5 1402500 35844145 AREIT RT BELLE CORP 1.34 1.36 1.34 1.36 1.34 1.35 141000 190390 0.82 0.83 0.82 0.85 0.82 0.83 3217000 2687200 A BROWN CITYLAND DEVT 0.82 0.86 0.86 0.87 0.86 0.86 14000 12070 CROWN EQUITIES 0.12 0.123 0.121 0.124 0.121 0.124 1030000 124660 5.9 5.95 5.95 5.95 5.86 5.95 29500 175444 CEBU HLDG CEB LANDMASTERS 5.14 5.16 5.2 5.22 5.13 5.16 1417500 7339503 0.37 0.375 0.37 0.375 0.37 0.37 7620000 2838200 CENTURY PROP CYBER BAY 0.26 0.27 0.255 0.255 0.255 0.255 110000 28050 DOUBLEDRAGON 14.94 15 15.02 15.18 14.98 15 1988900 29836716 5.95 5.98 5.99 6 5.92 5.92 25400 151458 DM WENCESLAO EMPIRE EAST 0.255 0.26 0.26 0.26 0.255 0.26 940000 243050 0.089 0.09 0.089 0.089 0.089 0.089 50000 4450 EVER GOTESCO FILINVEST LAND 0.93 0.94 0.94 0.95 0.93 0.94 9613000 9033150 GLOBAL ESTATE 0.79 0.8 0.81 0.82 0.8 0.8 282000 227830 7.8 7.85 7.89 7.9 7.65 7.8 15022000 114921951 8990 HLDG PHIL INFRADEV 1.17 1.2 1.17 1.24 1.14 1.2 3196000 3807930 0.71 0.73 0.72 0.73 0.72 0.73 29000 21050 CITY AND LAND MEGAWORLD 2.88 2.9 2.93 2.95 2.88 2.88 22580000 65680990 0.238 0.239 0.246 0.246 0.237 0.238 33440000 8033100 MRC ALLIED 1.2 1.21 1.19 1.2 1.19 1.2 123000 147590 PRIMEX CORP ROBINSONS LAND 14.5 14.66 14.64 14.82 14.5 14.5 2566300 37574246 0.226 0.227 0.227 0.227 0.227 0.227 30000 6810 PHIL REALTY ROCKWELL 1.55 1.57 1.53 1.55 1.53 1.55 3000 4630 1.74 1.86 1.72 1.86 1.72 1.86 3005000 5169300 STA LUCIA LAND SM PRIME HLDG 28.5 29 29.9 29.95 28.5 28.5 14026900 405941625 VISTAMALLS 3.66 3.79 3.65 3.79 3.65 3.79 128000 478580 1.21 1.22 1.22 1.24 1.2 1.22 859000 1044660 SUNTRUST HOME VISTA LAND 3.09 3.11 3.07 3.11 3.07 3.09 918000 2831750

-207266385 -10055380 66150 -525000 169575 -52000 -397100 -510162 -121645 2060650 -113201 51230 10180 -27752530 119000 -3590768 -161058325 71630 -841610

SERVICES ABS CBN 7.18 7.19 7.25 7.38 7.14 7.18 535200 3865628 GMA NETWORK 5.13 5.14 5.04 5.15 5.03 5.13 712300 3629242 0.39 0.395 0.395 0.395 0.39 0.39 470000 183800 MANILA BULLETIN MLA BRDCASTING 11.32 11.92 11.94 11.94 11.94 11.94 500 5970 2030 2102 2090 2126 2030 2030 78900 163004500 GLOBE TELECOM PLDT 1464 1465 1475 1487 1451 1465 236140 347390535 APOLLO GLOBAL 0.052 0.053 0.052 0.053 0.051 0.053 6840000 357610 3.06 3.18 2.99 3.23 2.96 3.2 195000 600750 DFNN INC DITO CME HLDG 3.32 3.33 3.37 3.41 3.32 3.33 18137000 60939470 1.23 1.29 1.23 1.23 1.23 1.23 1000 1230 IMPERIAL ISLAND INFO 0.07 0.073 0.069 0.073 0.069 0.07 40000 2820 JACKSTONES 1.55 1.62 1.58 1.58 1.51 1.55 100000 155360 2.23 2.24 2.22 2.28 2.22 2.24 8786000 19746200 NOW CORP TRANSPACIFIC BR 0.176 0.177 0.178 0.179 0.176 0.177 2400000 425760 2.01 2.03 1.99 2.04 1.99 2.01 563000 1132630 PHILWEB 2GO GROUP 8.24 8.25 8.31 8.34 8.25 8.25 38800 321351 CHELSEA 3.3 3.36 3.29 3.36 3.29 3.3 350000 1164470 36 36.05 35.8 36.9 35.7 36 342300 12,341,930( CEBU AIR INTL CONTAINER 101.6 103.8 107 107.8 101.6 101.6 1458210 150510366 15 15.78 15.4 15.4 15.3 15.3 600 9210 LBC EXPRESS LORENZO SHIPPNG 0.75 0.82 0.73 0.79 0.73 0.79 27000 21250 4.74 4.75 4.82 4.82 4.5 4.75 3968000 18493100 MACROASIA 1.56 1.59 1.58 1.62 1.56 1.56 225000 353890 METROALLIANCE A PAL HLDG 5.76 5.78 5.8 5.8 5.7 5.76 96200 553283 0.93 0.94 0.9 0.96 0.86 0.93 3832000 3558660 HARBOR STAR BOULEVARD HLDG 0.027 0.028 0.027 0.028 0.027 0.028 58500000 1598800 0.375 0.39 0.38 0.38 0.375 0.375 800000 300700 WATERFRONT FAR EASTERN U 552.5 574.5 560 560 555 555 90 50060 IPEOPLE 7.25 7.9 7.28 8.14 7.28 8.14 7100 51774 0.3 0.31 0.31 0.31 0.305 0.305 2920000 891300 STI HLDG BERJAYA 2.19 2.24 2.2 2.24 2.19 2.24 31000 68230 6.27 6.28 6.01 6.29 6.01 6.28 10975300 67755660 BLOOMBERRY 1.95 1.99 1.98 1.99 1.97 1.99 38000 75230 PACIFIC ONLINE LEISURE AND RES 1.19 1.2 1.2 1.2 1.2 1.2 117000 140400 2.12 2.21 2.12 2.12 2.12 2.12 23000 48760 PH RESORTS GRP PREMIUM LEISURE 0.31 0.315 0.3 0.315 0.295 0.31 18560000 5710700 6.09 6.1 6.2 6.2 6.06 6.1 1655300 10091537 ALLHOME METRO RETAIL 1.4 1.41 1.42 1.44 1.41 1.41 443000 625360 PUREGOLD 51.9 52.4 53.8 53.8 51.9 51.9 2308080 121360980.5 67.95 68 70 70 67.3 68 599670 40791582 ROBINSONS RTL PHIL SEVEN CORP 121.1 123 125 125 123 123 4780 588220 1.01 1.02 1.02 1.03 1.01 1.02 1385000 1409850 SSI GROUP WILCON DEPOT 15.92 16 16.22 16.28 15.9 16 1044300 16715952 APC GROUP 0.29 0.3 0.3 0.3 0.295 0.295 270000 80050 6.18 6.3 6.2 6.2 6.16 6.2 12200 75622 EASYCALL GOLDEN BRIA 284 299.6 282.2 299.8 282.2 299.6 240 68600 0.219 0.22 0.231 0.231 0.218 0.22 18490000 4111710 PRMIERE HORIZON SBS PHIL CORP 4.41 4.86 4.5 4.5 4.5 4.5 2000 9000

-45451070 17205595 2370670 -1786150 14100 33000 9,616,134.9999) -62777891 -326880 32000 21840 -616100 -23029672 70500 -4233006 -10010 -19760074.5 -36856923 -12300 -17660 -767550 397190 -

MINING & OIL ATOK 7.2 7.9 7.1 7.98 7.1 7.9 7800 57933 -798 1.67 1.68 1.6 1.67 1.6 1.67 14636000 24103450 -856370 APEX MINING ABRA MINING 0.0008 0.0009 0.0009 0.0009 0.0008 0.0009 1099000000 988800 3.5 3.51 3.14 3.7 3.14 3.5 1255000 4343920 -82160 ATLAS MINING BENGUET A 2.81 2.83 2.7 2.85 2.7 2.83 307000 854320 BENGUET B 2.65 2.79 2.7 2.8 2.65 2.78 57000 155670 54000 0.205 0.213 0.201 0.216 0.201 0.21 890000 183350 2650 COAL ASIA HLDG CENTURY PEAK 2.57 2.6 2.59 2.6 2.57 2.6 241000 623950 182400 7.7 7.9 7.95 7.95 7.61 7.9 4500 34584 DIZON MINES FERRONICKEL 1.35 1.36 1.31 1.37 1.3 1.36 32512000 43459950 89470 GEOGRACE 0.229 0.231 0.235 0.235 0.229 0.231 330000 75960 0.158 0.159 0.151 0.159 0.15 0.159 27910000 4352570 LEPANTO A LEPANTO B 0.156 0.158 0.156 0.156 0.15 0.156 1860000 288410 0.0095 0.0097 0.0093 0.0096 0.0093 0.0096 36000000 338600 MANILA MINING A MANILA MINING B 0.01 0.011 0.011 0.011 0.01 0.011 12700000 135600 MARCVENTURES 1.05 1.06 1.06 1.08 1.04 1.05 7541000 7975380 -26250 2.14 2.17 2.12 2.19 2.1 2.15 829000 1779310 -51990 NIHAO NICKEL ASIA 3.35 3.36 3.31 3.39 3.28 3.36 17219000 57590020 -1973090 0.365 0.375 0.365 0.375 0.365 0.365 220000 80400 OMICO CORP ORNTL PENINSULA 0.61 0.62 0.59 0.62 0.59 0.61 1263000 767360 3.89 3.9 3.67 3.89 3.67 3.89 2851000 10951970 765230 PX MINING 9.83 9.84 9.45 9.9 9.42 9.84 4913400 47643764 14621427.9999 SEMIRARA MINING UNITED PARAGON 0.005 0.0051 0.0049 0.005 0.0049 0.005 17000000 83800 5.5 5.7 5.78 5.87 5.49 5.7 376100 2097210 -28500 ACE ENEXOR PHILODRILL 0.0092 0.0093 0.0096 0.0096 0.0092 0.0093 32000000 296600 5.18 5.19 5.35 5.35 5.15 5.19 1443800 7573513 -920214 PXP ENERGY

PREFFERED HOUSE PREF A 100.1 101 101 101 101 101 38250 3863250 DD PREF 103 104 103.5 103.5 103 103 19300 1996800 103500 106 108.9 106 108.9 106 108.9 57090 6051569 FGEN PREF G GTCAP PREF A 1000 1049 1001 1001 1000 1000 1000 1000360 1020 1030 1030 1030 1020 1020 1345 1371950 GTCAP PREF B MWIDE PREF 100.1 101 101.3 101.3 101.3 101.3 70 7091 PNX PREF 3A 96.75 97 97 97 97 97 5480 531560 99.65 100 100 100 100 100 5520 552000 PNX PREF 3B PNX PREF 4 948 949 945 949 940 949 33660 31650805 1020 1069 1069 1069 1069 1069 10 10690 PCOR PREF 2B SMC PREF 2C 78.1 78.2 78.2 78.2 78.2 78.2 9820 767924 SMC PREF 2D 75.15 75.85 75.85 75.85 75.85 75.85 140 10619 75.4 76 75.4 75.4 75.4 75.4 2650 199810 SMC PREF 2E SMC PREF 2F 78 79 78.3 79 77.2 79 53400 4178088 75.85 76.8 75.85 76.8 75.85 76.8 2330 178535.5 SMC PREF 2G SMC PREF 2H 75.3 76.5 76.15 76.15 75.1 75.3 28100 2120370 SMC PREF 2I 78.95 79 78.3 78.95 78.3 78.95 42170 3302238.5

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 6.7 6.8 6.81 6.9 6.61 6.9 251100 1698391 -1367891 GMA HLDG PDR 4.96 5 4.89 5 4.86 5 359000 1776290 328530

WARRANTS LR WARRANT 0.61 0.64 - - - - - -

SMALL & MEDIUM ENTERPRISES ALTUS PROP 12.48 12.5 12.52 12.74 12.4 12.5 288800 3611656 -26250 ITALPINAS 1.81 1.82 1.81 1.84 1.78 1.81 1565000 2831390 97810 5.16 5.24 5.14 5.3 5.14 5.16 35000 182138 KEPWEALTH MERRYMART 2.84 2.85 2.95 3.01 2.82 2.85 44519000 128771220 926930 0.54 0.55 0.55 0.55 0.53 0.55 515000 276660 XURPAS

EXHANGE TRADE FUNDS

FIRST METRO ETF 88.05 90 89.15 90.4 88.05 88.05 30780 2735270 105138

www.businessmirror.com.ph

Govt told to check other DUs compliance with billing order

A

By Jovee Marie N. Dela Cruz

@joveemarie

party-list group and an infrastructure-oriented think tank called on the Commission on Audit (COA) to conduct a full audit on power distribution utilities (DUs).

Deputy Minority Leader and Bayan Muna Rep. Carlos Isagani Zarate and former lawmaker and now Infrawatch PH convenor Terry Ridon made the call as they also urged the Energy Regulatory Commission (ERC) to similarly fine other power DUs for violating directives during the community quarantine.

Last week, ERC fined Manila Electric Co. (Meralco) P19 million for violating the regulatory agency's advisories.

“The fine is only small to Meralco and it will not even reach consumers. The COA should do a full audit

to find out how much they should really pay,” said Zarate.

Zarate said it can be recalled that Bayan Muna and Matuwid na Singil sa Kuryente Consumer Alliance Inc. (MSK) sought the assistance of the Department of Energy (DOE) to order an audit by the COA of Meralco’s energy sales and purchases from 2011 to 2019 due to "significant discrepancies" it claimed it detected in the giant utility’s declarations to the ERC and its Annual Reports and Audited Financial Statements.

‘Penalize other DUs’

Meanwhile, Ridon said other

distribution utilities around the country had encountered similar complaints during the lockdown.

“The ERC is setting itself up to charges of discrimination and equal protection violations if it focuses its attention solely on Meralco. By failing to include similarly situated DUs, it is ignoring a larger segment of the population that had also encountered the same concerns in their electricity bills during the pandemic,” he said.

The ERC already said it is expected to issue more decisions penalizing DUs that did not comply with agency's billing directives.

Ridon said that during hearings in both House and Senate, customers from power utilities outside the Meralco franchise area were also complaining in the hearings’ social media live feeds that there were also issues with their electricity bills.

“The ERC should resolve customer complaints on other DUs, to show that it is fairly implementing its mandate to ease the public’s burden during the pandemic. If not, it would appear that the commis-

sion is merely singling out Meralco to score political brownie points.”

Ridon, a lawyer, warned that failing to do so may be used by Meralco to challenge the fines in court.

“The basis of Meralco’s fines is supposedly due to violations of ERC’s ECQ [enhanced conmmunity quarantine] advisories on April 15 and May 5, which require estimated customer billings to indicate the word 'estimate' to clearly show that billing adjustments may be made at a future time,” he said.

“The advisories cover all power utilities in the country, all of which had undertaken estimated billing during the ECQ and encountered customer confusion over their billings. The ERC thus cannot say that the fines can only be applicable to Meralco without being discriminatory and violating equal protection.”

Ridon also said similar to fines previously meted on other public utilities, the P19-million fine on Meralco does not benefit the public in terms of reducing their monthly electricity bills.

ERC: MORE Power system loss at 6%

By Lenie Lectura @llectura

T

he Energy Regulatory Commission (ERC) said it has verified the system loss report submitted by More Electric and Power Corporation (MORE Power).

“Per the monthly report we have, MORE Power is only charging 6-percent system loss,” said ERC commissioner Rexie Digal in a text message Tuesday. The report that was submitted and verified by the ERC was for June this year.

System losses refer to the cost of electricity that was either lost in transmission through power lines or pilfered. These losses are passed on to consumers up to a certain percentage or up to the so-called system loss cap--the limit beyond which a utility is no longer allowed to recover from its customers the cost of electricity.

MORE Power’s 6-percent system

loss is below the 6.5-percent system loss cap imposed by the ERC. All DUs are required to submit their system loss reports every month. Digal said the commission regularly monitors the DUs’ compliance.

“The rule is they cannot recover beyond the cap. If they do, then we will be able to verify that, subject them to show cause order and impose penalties, if ever, after due process,” added Digal.

The ERC earlier issued a resolution that effectively brings down the DU’s system loss cap to 6.5 percent and further to 5.5 percent by 2021.

“The lowering of the system loss cap is a move to bring down the power rates and help electricity consumers mitigate the impact of rising costs of commodities and services. This will encourage DUs to improve their distribution system and facilities so that they adhere to the newly-prescribed

Rocket Internet to delist after stock value drops

R

ocket Internet SE, the German company that aims to create and list tech startups, said it plans to withdraw its shares from the Frankfurt and Luxembourg stock exchanges after the value of its stock dropped about 15 percent this year.

The company will offer 18.57 euros each for the shares, and will repurchase as much as 8.84 percent of its stock on the exchange through September 15, Rocket said in a statement on Tuesday.

Rocket frequently traded above $10 billion in the months after its 2014 initial public offering (IPO). Initially, the company could point to success stories such as Zalando, now one of Europe’s largest fashion retailers, and Lazada, a Southeast Asia-focused consumer electronics company that was sold to Alibaba.

But after struggling to replicate its early wins, the company’s seen its value steadily fall.

Rocket shares fell 0.9 percent to 18.78 at 11:51 a.m. in Frankfurt, giving the company a market value of about 2.5 billion euros ($3.1 billion). The company has 1.9 billion euros of net cash on its balance sheet as of April 30, and value its current portfolio of over 200 private companies at about 1 billion euros as of March 31.

Rocket’s management now contends that the stock exchange isn’t the most attractive way to raise money and the company can rely on private funding for any future expansion needs. Taking the company off the

market gives it the opportunity to “pursue a long-term approach” to decision making, Rocket said. The Global Founders GmbH division, which holds about 45 percent of the shares, and Chief Executive Officer Oliver Samwer, who owns 4.5 percent of the stock, won’t tender their holding in the company.

“An essential reason for a company to be listed on the stock exchange is the use of capital markets as a financing source,” the company said in the statement. “This purpose of the public capital market is, in the assessment of the management board, no longer required for the company.”

Only 16 tech companies have sought listings on European exchanges this year, a decade low, according to data compiled

by Bloomberg. Proceeds from tech listings in the region are also the lowest globally at about $616 million this year. That’s a sliver of the $9.1 billion raised in the United States and the more than $23 billion from tech IPOs in Asia.

Not only are fewer businesses seeking new listings in Europe, companies are leaving the public market at an alarming rate.

As of Aug 26, 412 companies and funds had delisted from European stock exchanges in 2020, according to the data.

Rocket will hold a virtual meeting of shareholders on Sept. 24 to pass the resolution, which will go through with a majority of votes. Bloomberg News

system loss cap,” said ERC Chairman Agnes Devanadera.

The system loss of Iloilo City’s former distribution utility Panay Electric Company (PECO) had reached 9.93 percent, the highest among all private DUs in the country. PECO’s generation charge was also highest then at P2.50 per kilowatt hour.

MORE Power has committed to

mutual funds

its 65,000 Iloilo power customers that it will continue to bring down its systems loss within the next three years as it implements its P1.8-billion modernization program.

A high systems loss rate could be due to pilferage through “jumpers” or illegal connections. MORE Power earlier disputed allegations that its system loss reached 7.1 percent.

September 1, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 194.29 -24.86% -10.95% -5.31% -22.85% ATRAM Alpha Opportunity Fund, Inc. -a 1.0519 -31.32% -13.37% -3.87% -23.89% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.5957 -35.03% -15.73% -7.62% -29.43% Climbs Share Capital Equity Investment Fund Corp. -a 0.6675 -30.41% -12.79% n.a.

-25.67% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6924 -19.64% n.a. n.a.

-18.47% First Metro Save and Learn Equity Fund,Inc. -a 4.1889 -22.73% -9.16% -4.71% -21.38% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6519 -25.15% -12.09% n.a.

-23.63% MBG Equity Investment Fund, Inc. -a 79.7 -32.33% n.a. n.a. -22.79% PAMI Equity Index Fund, Inc. -a 38.8401 -25.35% -9.58% -4.14% -24.26% Philam Strategic Growth Fund, Inc. -a 419.08 -22.71% -8.72% -4.22% -21.34% Philequity Alpha One Fund, Inc. -a,d,5 0.8848 n.a. n.a. n.a.

-14.11% Philequity Dividend Yield Fund, Inc. -a 0.996 -24.03% -8.93% -3.81% -22.6% Philequity Fund, Inc. -a 29.1548 -24.34% -8.58% -3.48% -23.07% Philequity MSCI Philippine Index Fund, Inc. -a 0.7688 -25.55% n.a. n.a. -24.49% Philequity PSE Index Fund Inc. -a 3.9648 -24.95% -9.12% -3.45% -24.1% Philippine Stock Index Fund Corp. -a

662.85 -24.83% -9.13% -3.58% -23.98% Soldivo Strategic Growth Fund, Inc. -a 0.5968 -34.43% -13.1% -7.64% -29.9% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.0833 -28.3% -10.36% -4.74% -26.75% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.7596 -25.05% -9.32% -3.64% -24.1% United Fund, Inc. -a 2.7613 -25.6% -8.24% -3.14% -24.41% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 89.0167 -24.7% -8.68% -2.78% -23.89% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $1.0718 15.92% 0.88% 4.17% 4.22% Sun Life Prosperity World Voyager Fund, Inc. -a $1.5494 22.48% 9.64% n.a.

12.38% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.5758 -6.5% -4.05% -2.93% 0.83% ATRAM Philippine Balanced Fund, Inc. -a 2.0419 -11.42% -4.94% -1.66% -6.38% First Metro Save and Learn Balanced Fund Inc. -a 2.3888 -10.22% -3.42% -2.51% -9.22% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1824 n.a. n.a. n.a.

-20.18% NCM Mutual Fund of the Phils., Inc. -a 1.8233 -6.99% -1.63% 0.01% -7.05% PAMI Horizon Fund, Inc. -a 3.4558 -9.43% -2.72% -1.14% -8.8% Philam Fund, Inc. -a 15.4026 -9.84% -3.02% -1.3% -9.19% 1.8986 Solidaritas Fund, Inc. -a -11.77% -4.25% -1.33% -10.53% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.2418 -16.87% -5.25% -2.55% -16.09% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.93 -9.36% n.a. n.a.

-8.44% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8266 -18.46% n.a. n.a.

-17.04% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.8002 -20.8% n.a. n.a.

-19.43% Sun Life Prosperity Dynamic Fund, Inc. -a 0.7999 -19.74% -6.4% -3.42% -17.94% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03879 0.47% 2.57% 1.78% 1.54% 1.61% PAMI Asia Balanced Fund, Inc. -b $1.0567 9.83% 3.81% 4.42% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.2109 13.28% 6.65% 6.2% 7.68% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.1728 5.63% 3.37% n.a.

3.91% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 368.13 4.06% 3.16% 2.58% 2.85% ATRAM Corporate Bond Fund, Inc. -a 1.9485 1.85% 1.04% 0.01% 2.44% Cocolife Fixed Income Fund, Inc. -a 3.1996 4.01% 4.91% 5.04% 2.62% Ekklesia Mutual Fund Inc. -a 2.3031 3.56% 2.96% 2.29% 3.58% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.456 4.41% 3.5% 1.96% 4.11% Philam Bond Fund, Inc. -a 7.97% 4.73% 2.69% 7.06% 4.6815 Philam Managed Income Fund, Inc. -a,6 1.3104 5.67% 4.37% 2.46% 4.27% Philequity Peso Bond Fund, Inc. -a 3.9502 5.66% 4.28% 2.24% 4.28% Soldivo Bond Fund, Inc. -a 1.0374 8.58% 3.75% 1.79% 7.58% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.178 4.64% 4.84% 2.74% 3.33% Sun Life Prosperity GS Fund, Inc. -a 1.7434 3.53% 4.19% 2.2% 2.49% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $477.25 2.88% 2.44% 2.83% 1.9% ALFM Euro Bond Fund, Inc. -a Є217 -1.53% 0.69% 1.14% -1.27% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2362 3.27% 2.94% 2.73% 2.4% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0263 1.54% 1.7% 1.59% 1.94% PAMI Global Bond Fund, Inc -b $1.0888 -1.61% 0.11% 0.39% -0.44% Philam Dollar Bond Fund, Inc. -a $2.4828 2.36% 3.43% 3.34% 3.3% Philequity Dollar Income Fund Inc. -a $0.0609353 1.47% 2.03% 2.01% 1.05% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.2074 0.37% 1.93% 2.58% 1.01% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 128.9 3.53% 3.29% 2.5% 2.44% First Metro Save and Learn Money Market Fund, Inc. -a 1.0439 2.22% n.a. n.a.

1.71% Sun Life Prosperity Money Market Fund, Inc. -a 1.2886 2.89% 3.04% 2.61% 1.87% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0477 1.56% n.a. n.a.

0.91% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.0406 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

Entrepreneur

Cavite gov nixes new tax plan on fledgling SMEs

I

mposing taxes on small, medium enterprises (SMEs), particularly online sellers, is counterproductive as this will give them an additional burden in eking out a living in time of Covid-19.

“SMEs such as the carinderias, small restaurants, stallholders, coffee shops and hostels experienced the hardest hit in this pandemic,” Cavite Gov. Juanito Victor Remulla said in an online interview last Friday. “I am for the delaying of taxing the SMEs to give them time to recover gradually in their daily struggle. Taxing them would be also be a disincentive,” he added.

House Ways and Means Committee Chairman and Albay Rep. Joey Salceda recently called for the imposition of taxes on digital services— specifically, subscriptions to video and music streaming apps, ads on social-media sites, and making online sales platforms as withholding tax agents to address an estimated P120 billion in lost revenues once the government implements a 25 percent reduction in corporate income taxes to cushion the impact of the pandemic.

In Cavite, he observed that there was rise in the number of online sellers, particularly the so-called plantitos and plantitas, referring to people who become gardeners and sell their produce online. He added online food selling is also growing as more people opt to eat at home rather in malls and other establishments.

“These sellers are earning an average of P1,000 a day. During these days, P1,000 go a long way since many families are living on a single income these days,” he said.

“If you impose a 30 percent to 40 percent tax, they will only earn P600 a day. With a reduced income, they would rather work in the factory,” Remulla pointed out.

Remulla said it is an important point right now to put in a fast forward motion to the digital economy because it is the wave of the future.

“I think we should let the SMEs grow through the process and let them experiment and innovate so they can thrive in the digital economy,” Remulla said.

Remulla also said the provincial government of Cavite has introduced reforms through the ISO9001-2008 certification.

“Cavite is the first and only ISO9001:2008 certified provincial government in the country, a pride and honor for the province and its people,” Remulla said in his Facebook page.

ISO-9001:2008 is a set of standards and requirements for the development of a quality management system applied by private corporations and organizations to ensure that the needs and expectations of customers, or clients, are adequately and consistently met. The standards also enable organizations to develop mechanisms for continual improvement of performance, services and produce.

To give the province a stronger footing in the digital economy, Remulla said, Cavite is working out on a program for a broader, faster and less expensive Internet infrastructure.

“Access to the Internet is a great tool to empower creativity as well as overall connectivity of the people,” Remulla said. Rizal Raoul S. Reyes

BusinessMirror

Not even pandemic could stop Pinoys from Holiday shopping, FB study says

By Roderick L. Abad

G

@rodrik_28

Contributor

OOD times or bad, there’s still no stopping Filipinos to shop for themselves, or loved ones, during the forthcoming Holiday season, even as the nation continues to grapple with the Covid-19 pandemic, a new study revealed.

The latest Facebook IQ research suggests that businesses should leverage on mega sales and self-gifting to help regain their losses as they are among the expected key trends to dominate the year-end shopping calendar of 2020.

Like in the past, this time of the year is when the retail scene in the Philippines is alive and kicking with various shopping extravaganzas in the pipeline. From 9.9, to mega sale days like 10.10 and Singles’ Day on 11.11, Black Friday, or Christmas, both businesses and consumers will continue to look forward to them amid the slowdown.

“The pandemic has shifted people’s priorities, and understandably

also their plans for the year. As we tread into the ‘next normal,’ we foresee these changes are likely to have lasting impact on brands and businesses,” said Facebook Philippines Country Director John Rubio during their recent media webinar.

“Right now businesses are changing their model to adapt to selling online, so we’re accelerating our commerce work and building solutions to help. We hope that with the launch of Facebook Shops in the Philippines, we’re able to support businesses to navigate challenges, and ultimately bounce back.”

Facebook IQ’s Mega Sales & Holiday 2020 insight study presented five emerging trends that brands must

consider in their year-end planning.

First of which is very surprising: That tech-savvy millennials are not the market movers online.

Interestingly, 82 percent of Gen X and Boomers in the country have spent more time on their mobile gadgets during the pandemic, with 76 percent now shopping online.

By and large, all age groups have been depending on mobile to stay connected, informed, and shop during Covid-19, with 82 percent of the Philippines spending “significantly more time using the device.”

The second emerging trend to happen is that the economic downturn resulting from the closure of major industries and key businesses upon the implementation of lockdowns would expedite the rise of mega sales.

Per the study, 99 percent of Filipino shoppers said that the pandemic will have an impact on their personal/household finances.

This, in turn, will surely affect consumers’ purchasing habits.

Hence, price sensitivities will be heightened this year-end and many of the consumers are expected to wait for Mega Sales Day. According to year-end shoppers surveyed in the Philippines, 12.12 is the most popular discount event, and buyers are more likely to plan

Contagion biggest challenge to Mekeni–Garcia

J

ust like any other business enterprise, Mekeni Food Corp. (Mekeni) is also feeling the impact of the Covid-19 pandemic. Nevertheless, as the saying goes “you can’t put an outstanding enterprise down.”

Prudencio“Pruds”Garcia, president of Mekeni, told the BusinessMirror in an e-mail interview that their current thrust is to keep the business afloat, while remaining committed to take care of its employees.

“To do this, we have become more prudent in managing the company resources but without sacrificing the welfare of our employees and the quality of our products and services.

We are also grateful to our international partners who continue to trust us,” Garcia said. Garcia said that he agrees that the current pandemic is the “biggest challenge” Mekeni has encountered so far. Nevertheless, he believes that the past challenges that his family and Mekeni faced, like the Mount Pinatubo eruption in mid-1991, have made them sturdy and prepared them emotionally and mentally strong for this situation.

“We may have been caught off guard in the beginning of this pandemic, but we did not lose heart.

We went on and now we are striving very hard to keep the business afloat.

But what makes this pandemic more challenging, I think, is that we do not know when it will end and how soon the economy can recover once this is over,” Garcia explained.

Rolling with the punches

Garcia said Mekeni strictly adheres to the health and safety protocols set by the Inter-Agency Task Force on Emerging Infectious Diseases (IATF) and the local government unit of Pampanga.

As a food company certified to be compliant with ISO 22000 (Food Safety Management System) and FSSC 22000 (Food Safety System Certification), Garcia said Mekeni is implementing strict health and safety protocols even

Prudencio “Pruds” Garcia, president of Mekeni Food Corp. before the pandemic. Before entering the Mekeni facility, every employee is subjected to mandatory checking of body temperature and proper sanitation of hands, footwear and vehicles.

Moreover, employees are also required to keep track of the sanitation schedule of their workspaces and equipment.

Those who can also work remotely, are allowed to work from home.

Despite being in a critical period, Garcia believes that empowering and involving their managers in every business decision is quite important to ensure smooth operation. Meanwhile, Garcia said the top management values listening to suggestions and opinions. In terms of internal processes, Mekeni installed protocols to ensure that processes are well documented.

The Garcia family also impart the values of compassion, responsibility and gratefulness to their employees, the very same values passed on by their parents to their children.

“These values are very instrumental in creating a familial culture within the organization. Our employees treat the company as if it is their own— from as simple as taking good care of company properties, to promoting our products to their circle, and to going above and beyond their duties, especially in time of crises. These are just some of the things they do that assure us that the company is in good

hands,” he said.

Despite the challenges, Mekeni adopts a bullish attitude and continues to diversify its product lines. For instance, this year, Mekeni expanded its Bayani line of products, which consists of street food like fish ball, squid ball, siomai, siopao, and lumpiang shanghai.

When Mekeni conceptualized this product line last year, Garcia recalled the company identified ordinary street vendors as target market to provide them with quality products that are affordable and, at the same time, can give them big profit. “But now, with the changing demands and needs of the consumers in general and growing numbers of micropreneurs, this product line can be anyone’s dependable partner along with our other products—whether for business, or personal consumption, he said.

Furthermore, Mekeni entered the e-commerce space last April with its Mekeni Home2Home delivery. It has also partnered with several e-commerce sites in Manila and Pampanga to expand their reach. “We’re looking to intensify this further as we go along,” he said.

Established in 1986, Mekeni Food Corp. started as a home-based chicharon and tocino enterprise of husband and wife, Felix M. Garcia and Medicia L. Santos, both public school teachers from Barrio Balubad, Porac, Pampanga.

With the help of their five sons—Adrian, Pruds, Lito, Doods and Nards, the Garcia couple engaged in backyard poultry and piggery to augment the meager family income. Combining loan and some savings on hand, the Garcia couple started out with 100 chicken heads, a pen, and two piglets.

Mekeni’s food and meat processing plant has received global recognition.

Mekeni is the first ISO 22000 Certified Hotdog and Marinated Meat Processing Plant in the Philippines, first in Asia and second in the world.

Rizal Raoul S. Reyes

Govt told to maximize use of local construction materials for BBB projects

A

consumer advocacy group has called on the Duterte administration to maximize the use of local construction materials for its flagship “Build, Build, Build” (BBB) program to help sustain businesses and jobs for Filipinos amid the Covid-19 pandemic.

“This should be a priority as long as these local companies are compliant with product standards and labeling plus markings and manufacturers,” said Vic Dimagiba, president of Laban

Editor: Vittorio V. Vitug • Wednesday, September 2, 2020 B3

Konsyumer, said in a news statement.

Dimagiba said the Department of Trade and Industry (DTI) should release a list of legitimate brands available in the market for the protection and information of consumers.

The DTI, for its part, earlier expressed support to the use of local construction materials, particularly cement, for projects under the BBB program. “If the cement, steel, pipes, metal sheets are locally made and up to standard, prefer the local,” said Lopez,

adding that patronizing local products boost other industries and job generation for many Filipinos.

During the deliberation on the “Bayanihan To Recover As One Act,” or Bayanihan 2 Act, Lopez actively pushed for the use of local construction materials for infrastructure projects of national and local governments. The DTI chief also advocated that locally-produced medical products, particularly personal protective equipment, be given preference

in the purchase of supplies amid the pandemic. “Government expenditure to effectively stimulate the economy should create demand for the domestic manufacturers. We should maximize the use of government funds to save Filipino jobs and not foreign jobs,” Lopez pointed out. Various stakeholders have called on the DTI to be vigilant against the entry of fake and defective products, such as cement and steel bars that could adversely affect local industries and employment.

“designer goods” purchases across the holiday season.

Third is that self-gifting and seasonal shopping will reign supreme as 2020 comes to an end.

Because many have delayed purchases for fear of contracting the virus, or their livelihood has been affected due to business closures and stoppage of work, the Facebook report showed that almost 46 percent of Filipino shoppers look to reward themselves as the outbreak begins to ease, attributing to the rising trend of “self-gifting”.

Some look forward to pick up on purchases prioritizing travel (24 percent), clothing (22 percent) and personal electronics (19 percent) as their first non-essential “big” buys.

Also, shoppers in the Philippines are two times more likely to buy something for themselves during holiday sales events.

Facebook found out that the imminent fourth trend is the imposed disruption that drives acceptance to new products and services.

The study bared that many shoppers are trying out new behaviors, products, and services during this difficult time.

The holiday season will see more people starting to explore new product categories as 78 percent of respondents in the Philippines agreed

to do so, mostly millennials and Gen Z, who also look at buying products across the globe.

Lastly, consumers give importance to affordability and the brand’s alignment with their personal values.

Apparently during this crisis, people expect brands to react with action, not just marketing gestures.

Year-end shoppers in the Philippines, per the Facebook research, indicated that they wanted to see a content that is informative, real and authentic, as well as the one that provides updates on the latest offers, sales, and discounts from brands.

What’s more, 52 percent of survey participants would like to see videos that highlight family during the festive season.

The new Facebook IQ study was conducted in collaboration with YouGov from December 2 to 24, 2019.

A total of 48,348 individuals aged 18 years and above were surveyed across 31 markets, including Singapore, Hong Kong, Indonesia, South Korea, Thailand, the Philippines, Taiwan and Vietnam.

Results were also drawn and analysed from Facebook conversion and conversation data from October 1, 2019 to January 31, 2020.

7-Eleven adapts to Covid-19 protocols with focus on employee, customer safety

W

ith the community quarantine still in place over many areas in the country, 7-Eleven continues to focus in fulfilling its objective of serving its customers while protecting and taking care of its customers and employees.

The Covid-19 pandemic, without a doubt, is an unforeseen event that literally debilitated almost every business sector all over the world. It’s currently a war that every individual is fighting but like what, health experts say, is a war against an invisible enemy. In the Philippines, the government had to take measures similar to what other countries have done—impose a halt among many businesses which led many people to either work from their respective homes, if applicable, or become temporarily unemployed.

According to Philippine Seven Corp.

(PSC), the exclusive local licensor of 7-Eleven convenience store chain, it is also affected by the enhanced community quarantine (ECQ) implemented by the national government in mid-March of this year.

However, it tried to continue serving the public by having more than 50 percent of its stores nationwide in operation because it can still sell food and cleaning items, which were identified as essentials under guidelines set by the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF). Some 7-Eleven stores are allowed to open only at daytime, or maintain its usual 24/7 operation depending on the store’s location.

In general, 7-Eleven stores made it a point to take part in the government’s protocol to surpass the ongoing pandemic and contribute to the safety of customers, while serving their needs. To ensure the safety of customers, 7-Eleven put up signs reminding their customers to wear face masks before entering the store and sanitize their hands, provided with alcohol on the entrance. 7-Eleven stores also ensure that handrails and most frequently touched areas are being sanitized for added safety. Stores are also putting up floor stickers to ensure social distancing between customers.

PSC identified which stores will and shall be opened based on its location and other qualifications it has set. The company also helped its franchisees perform the necessary precautions by supplying the latter with safety-need items and constantly communicating with them and reminding them to follow local government protocols.

Employee safety is a must

PSC took advantage of the government mandated rules on hazard pay and kept its store employees, who are also considered as frontliners by the community, updated with the benefits they can get.

As for its franchisees, some of them took initiatives such as renting places for their staff to stay that are near assigned stores since mass transportation was suspended. Franchisee Richard Murillo saw that many of his staff will have a hard time traveling to work. To solve this, he rented an apartment for his staff near the store.

Others gave allowances and relief. This is what Mariano Magbanua Jr., a franchisee of several 7-Eleven stores did. He gave his employees a P500 peso allowance and those working at stores that had to be closed due to the prevailing community quarantine were transferred to other stores that were allowed to open.

Similarly, franchisee Wenchelle Gamolo in Mindanao wanted her staff to stay employed for the duration of the ECQ. To do this, some of those working at the store that had to be closed under the ECQ were transferred to her store located in Kauswagan Bonbon. These franchise-initiated activities aim to ease the burden their staff encounter everyday during the pandemic.

Adapting to the ‘new normal’

Customers currently have to accept the “new normal,” where dining inside a 7-Eleven store is currently limited and the sale of alcoholic drinks were prohibited under areas with liquor ban. While all the usual items found in a 7-Eleven store were made available, the top-selling items are condiments, food ingredients, and cleaning supplies, which are the daily essentials in every household. 7-Eleven made sure that these necessities are available since they are not available in sari-sari stores, or were hard to obtain from grocery stores during ECQ. With the community quarantine still in place over many areas in the country, PSC continues to focus in fulfilling its objective of serving customers while protecting and taking care of its employees. The company wants to open as many stores as needed, which may be possible if it is given rental holidays—which can also help franchisees keep stores open.

As the national government starts to gradually ease community quarantine restrictions in many areas of the country, 7-Eleven is set to adapt again to the needs of the community.

B4

Show BusinessMirror

Wednesday, September 2, 2020 • Editor: Gerard S. Ramos

www.businessmirror.com.ph

Today’s Horoscope

By Eugenia Last

z

CELEBRITIES BORN ON THIS DAY: Zedd, 31; Salma Hayek, 54; Keanu Reeves, 56; Mark Harmon, 69.

Happy Birthday: Your timing is impeccable, and your ideas sound. Take the initiative, and make the adjustments that will ease stress. Aim to incorporate comfort and convenience in all aspects of life. Look at partnerships carefully, and stand by those who offer equality. Steady growth, coupled with constant learning and adapting, will help you excel. Fine-tune personal relationships emotionally, mentally and physically. Your numbers are 9, 14, 22, 28, 36, 44, 48.

ATTITUDE PROBLEM

SO, this popular young actress has replaced another popular young actress in a campaign. How did this happen? In terms of popularity, they are on par with each other, although the other actress has had more successful projects. The other one, the one that’s been replaced, is keeping a low profile.

Anyway, the brand that signed up the actress has allegedly chosen her because in terms of attitude, she is very different from her predecessor. The actress who has been replaced has been a problem because of her snootiness, and how she would talk down to people. The new endorser, meanwhile, is said to be a delight to work with. According to sources, the brand is happy with the young actress’s professionalism and easygoing manner. Even her family is said to be good company for the actress and the people she works with.

POLITICALLY MOTIVATED

THE recent revelation about a public figure involving someone from his past is more than scandalous. It is actually downright criminal, if you think about it. But what was surprising was how it was treated like a revelation when it was more of an open secret. Almost everybody knew about the public figure’s involvement (it can’t be called a relationship) with the girl. It is true that the public figure was wrong. It’s just surprising that the woman chose to talk about it decades later. Some say the girl’s political beliefs have something to do with what happened. Someone is out to destroy the public figure and the woman is being used to do it. So instead of the woman seeking justice for something bad that was done to her, it has become a politically motivated plot to destroy the public figure.

BORROWING A FACE

THE resemblance between the starlet and the actress can’t be denied. If someone had told you that the starlet had gone to her doctor and said “I want to look like [name of actress],” would you have believed that person? Unbelievable as it sounds, that is what really happened. The starlet may not be a fan of the actress but she wanted to look like the latter. Her boyfriend, a much older rich politician, was all for it. He, after all, has a preference for petite mestizas. His wife actually is the same physical type as the starlet and the young actress.

The starlet is a mestiza but with her original face, she wasn’t as beautiful as she is now. Perhaps it was because she was quite young then and still had some baby fat. The married politician has actually told people that he wouldn’t mind being with the young actress if he would have her.

STAGE MOM

THE culprit in the confusing status of this famous loveteam is the guy’s mom, who acts like a fan instead of a parent. The mom likes to post throwbacks, making it appear that the actor and the actress are still together when, in fact, they’ve been apart for a while now. The mother is doing this to push her son’s dying career. To be fair to the girl, she apparently is determined to cut clean from the problematic guy who only sees her as a ticket to his continued popularity. The guy’s mom is shameless in making people believe that they are still happy together when they’re not and probably never will be again.

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ARIES (March 21-April 19): Take better care of yourself. Refuse to get involved in something that isn’t to your advantage. Look for balance in all that you do, regardless of what others are pressuring you to do. Focus on self-preservation and personal gain. HHH

IN this April 2013 photo, Chadwick Boseman, who plays baseball legend Jackie Robinson in 42, poses at the Los Angeles premiere of the film at the TCL Chinese Theater in Los Angeles. AP

TAURUS (April 20-May 20): Explore and expand. It’s up to you to take the throttle and make things happen. Take command and delegate chores, responsibilities and jobs you cannot handle yourself. Get the show on the road. Be innovative and eager to try something new. HHHH

MTV VMAs honor c Chadwick Boseman: ‘His impact lives forever’ d

GEMINI (May 21-June 20): Think twice before you believe what you hear or relay the information you receive. Expect someone to exaggerate or mislead you intentionally. Question what’s possible before you sign up for something that might jeopardize your finances or friendships. HH

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EW YORK—Black Panther star Chadwick Boseman, whose death from colon cancer shocked fans, was honored at the MTV Video Music Awards as a hero in real life, not just on the big screen.

Host Keke Palmer said the Sunday night awards show was dedicated to Boseman, who died at the age of 43 on Friday .

Boseman had previously been honored by the MTV Movie & TV Awards in 2018 for his role as the Marvel Comics superhero.

Palmer said Boseman was “a true hero, not just on screen but in everything he did.” Onscreen, Boseman played Black icons like Jackie Robinson, James Brown and US Supreme Court Justice Thurgood Marshall.

“His impact lives forever,” Palmer noted.

Later on Boseman was included during an in memoriam segment alongside other artists, like Juice WRLD and Little Richard who died in the past year. And after Black Eyed Peas wrapped the show with their performance of “I Gotta Feeling,” singer Will.I.Am shouted out “Wakanda Forever,” a reference to the fictional kingdom the Black Panther rules in the film and comic series. It’s was the second channel to recognize the impact of the actor that night. ABC aired Black Panther commercial-free Sunday as a prime-time tribute to the actor, followed by an ABC News Special, Chadwick Boseman: A Tribute for a King.

Below are the winners of the 2020 MTV Video Music Awards, held on Sunday night at various locations throughout New York City. n Video of the Year: The Weeknd, “Blinding Lights”

n Artist of the Year: Lady Gaga n Song of the Year: Lady Gaga and Ariana Grande, “Rain on Me” n Push Best New Artist: Doja Cat n Best Collaboration: Lady Gaga and Ariana Grande, “Rain on Me” n Best Group: BTS n Best Quarantine Performance: CNCO, “MTV Unplugged at Home” n Best Music Video From Home: Ariana Grande and Justin Bieber, “Stuck with U” n Best Pop: BTS, “On” n Best Hip-Hop: Megan Thee Stallion, “Savage” n Best R&B: The Weeknd, “Blinding Lights” n Best Latin: Maluma featuring J Balvin, “Qué Pena” n Best Rock: Coldplay, “Orphans” n Best Alternative: Machine Gun Kelly, “Bloody Valentine” n Best K-pop: BTS, “On” n Song of Summer: BLACKPINK, “How You Like That” n Video for Good: H.E.R., “I Can’t Breathe” n Best Direction: Taylor Swift, “The Man” n Best Editing: Miley Cyrus, “Mother’s Daughter” n Best Choreography: BTS, “On” n Best Cinematography: Lady Gaga and Ariana Grande, “Rain on Me” n Best Visual Effects: Dua Lipa, “Physical” n Best Art Direction: Miley Cyrus, “Mother’s Daughter” n MTV Tricon Award: Lady Gaga

‘Hellbound,’ new original series coming to Netflix THE world’s leading streaming entertainment service, Netflix has confirmed Yoo Ah-in, Park Jeong-min, Kim Hyun-joo, Won Jin-ah and Yang Ik-june as the leading cast for Hellbound, a new original series about supernatural angels appearing out of nowhere to condemn people to hell.

Yoo Ah-in, who created powerful characters through his

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roles in Burning, The Throne and Veteran, portrays Jeong Jin-su, the charismatic and mysterious head of the New Truth Church. As the angels of death arrive, the New Truth Church leads a religious crusade proclaiming that these visits are the will of the divine.

Park Jeong-min will play Bae Yeong-jae, a producer at a broadcasting company that

investigates the New Truth Church. Park has established himself as an actor with a wide range through his performances in Time to Hunt, Start-Up and Svaha: The Sixth Finger.

Kim Hyun-joo (Watcher, I Have a Lover) will portray Min Hye-jin, a smart, self-assured lawyer who goes up against the New Truth Church and its extremist

Arrowhead devotees.

Won Jin-ah (The Age of Shadows, Steel Rain) will play Hong Ji-yeong, the wife of Bae Yeong-jae, and a member of the New Truth Church who succumbs to unbearable pressure.

Yang Ik-june (Breathless, Bad Guys: Vile City, It’s Okay, That’s Love) will essay Jin Gyeong-hun, a police detective who investigates

the unsettling appearance of the death angels.

Hellbound will be directed

by Yeon Sang-ho (Train to Busan, Peninsula) and written collaboratively by Yeon and Choi Gyu-seok, author of the popular webtoon Songgot.

To be produced by Lezhin Studio, Hellbound will be available exclusively on Netflix.

CANCER (June 21-July 22): Use every skill you’ve got to help you get ahead. It’s OK to toot your horn to ensure people know what you are capable of doing. Take advantage of any situation that allows you to get ahead. Romance is favored.

HHHHH

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LEO (July 23-Aug. 22): Put your effort where it counts. Focus on work, taking care of unfinished business and physically taking action to reach your goal. Refuse to let anyone sidetrack you with grand schemes with little substance. Do your own thing. HHH

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VIRGO (Aug. 23-Sept. 22): Look over your options, and make a decision. Promote what you want to do with a little flair, and you will convince others to help you pursue your goals.

Romance is in the stars. HHH

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LIBRA (Sept. 23-Oct. 22): Sit tight, keep a watchful eye on what others are doing and steer clear of those putting unfair demands on you. Put your energy into keeping the peace and learning all you can to get ahead. Moderation is encouraged. HHH

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SCORPIO (Oct. 23-Nov. 21): Just follow the path that beckons you, and you will sail through today with ease. Concentrate on creative endeavors, personal relationships and selfimprovement, and you will be satisfied with the results you get. Romance is on the rise. HHHHH

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SAGITTARIUS (Nov. 22-Dec. 21): Stop and give yourself a chance to evaluate what’s going on around you. Don’t give anyone a chance to play mind games with you. Put your energy into physical fitness, self-improvement and being realistic. HH

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CAPRICORN (Dec. 22-Jan. 19): Your finances will take an unexpected turn. Take advantage of an opportunity to recoup a loss or to multiply what you already have. You’ll get a chance to breathe easily and improve your quality of life if you make a positive domestic change. HHHH

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AQUARIUS (Jan. 20-Feb. 18): Put in the effort, and reap the rewards. Hard work will pay off. Rely on what worked for you in the past, and you will get ahead. Do what’s best for you, not what someone wants you to do. HHH

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PISCES (Feb. 19-March 20): Make the changes that suit your needs. Helping others is fine, but make sure you get something in return. Make sure partnerships are a two-way street.

Love and romance look promising. HHH Birthday Baby: You are strong-willed, captivating and intelligent.

You are flexible and organized.

‘final answer’ by sean griffith The Universal Crossword/Edited by David Steinberg

ACROSS 1 Fast-food chain whose name is an acronym 4 Sculpted pieces of marble, perhaps 9 Unsculpted piece of marble 13 Casual turndown 14 “Om,” e.g.

15 With 31-Down, golfer’s dream 16 Last words?

18 Lie adjacent to 19 Make a copy of 20 ___ a debt of gratitude 21 Pleasant scent 22 Slippery swimmer 24 Animal hidden in “Michael Kors” 25 JFK’s VP 28 Last place?

35 Circle segments 37 Beekeeper’s danger 38 The Good Dinosaur dinosaur 39 Like green apples 40 Relish 41 Silent assents 42 Furniture giant 43 Shrek’s wife

4 One has a front-facing cap 4 45 Last night?

48 They face final finals: Abbr.

49 Tyke 50 Place to hear or wear a ring 52 Bayou settler 55 Irish or Arabian 58 Often-spicy dip 62 Alda of “M*A*S*H” 63 Last names?

65 Wander 66 Beloved Mister 67 “Doesn’t do much for me” 68 Abacus part 69 One is always yawning 70 Poehler of “Parks and Recreation” DOWN 1 Fort that holds gold 2 Best-liked thing, briefly 3 Moonstruck star 4 Forbid 5 Ctrl+Z command 6 Stash (away) 7 Loyal 8 Took a load off

9 Reality show for entrepreneurs 10 Wolf, in Juarez 11 Grad 12 Typically buggy version 14 Like a credit card at its limit, with “out” 17 Fish eggs 21 Chicken ___ king 23 Diet-friendly food claim 24 Etch, as a plaque 25 Pig ___ (silly language) 26 Slow your roll?

27 Fashion store at many malls 29 Single step 30 Certain recording devices 31 See 15-Across 32 Rids of wrinkles 33 More outdated 34 Body parts with bridges 36 “Don’t go away!”

46 Long stretch 47 Makes less difficult 51 “Way cool!”

52 Low-___ diet 53 Baby wipes additive

4 Breakfast mugful, informally 5 55 Stuck-up sort 56 Pushing the bounds of taste 57 Top pilots 59 Type of bean in Southern cuisine 60 Flower stalk 61 Grayish 63 Stat that a pitcher should keep low 64 B&O and Reading Solution to yesterday’s puzzle:

Image BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos

• Wednesday, September 2, 2020

It’s all about self care STAY SAFE AT THE HOME OF HAPPY EXPERIENCES

LOCATED in Bonifacio Global City, F1 Hotel (www. f1hotelmanila.com) has launched its new Stay Well program that brings together several safety protocols to give guests peace of mind throughout their stay.

Under the program, everyone is subjected to a body temperature check at the hotel’s entry points. The mandatory use of hand sanitizers and disinfectant foot baths prior to entry to the hotel is strictly implemented. All guests and associates are required to wear face masks at all times while inside the hotel premises.

Social distancing is strictly observed, including inside elevators. Handheld ultraviolet light devices are used to disinfect key cards, stationery and other high touchpoints.

Protective shields are installed at the Front Desk and Concierge areas. A safety kit composed of a face mask and hand sanitizer is being provided to guests upon check-in.

Freshly prepared breakfast meals are delivered directly to guest rooms.

Hotel facilities such as The Canary bar, F All-Day Dining restaurant, pool area, gym and spa are closed until further notice. Regular disinfection and deep cleaning is carried out in all public areas such as elevators, reception counters and toilets. Areas such as the ground floor and 5th floor lobbies are equipped with air purifiers and humidifiers.

Moreover, guest rooms undergo enhanced cleaning and sanitation processes with the use of ultraviolet light and steaming machines. Hand sanitizers are available in all public areas of the hotel. Every car accessing the hotel’s car park undergoes a disinfection spray, as well.

NEW TOOLS TO KEEP SKIN FRESH THESE may be totally unnerving times, but skin health doesn’t have to go south. Refresh and revitalize skin with new Ever Organics mist and mask products.

A few spritz of the new Ever Organics Face Mist on your face can refresh tired and dull skin. The Ice Jeju Face Mist variant for dry and sensitive skin is packed with Aloe Leaf extract to help soothe skin from sun damage, Ice Plant extract as the cooling ingredient, and Skullcap root extract to reduce dark spots. The face mist also comes in Ever Organics Aloe Face Mist variant.

To achieve radiant-looking skin, try Ever Organics Sheet Mask (P38) which comes in six variants to answer to varying skin concerns: Green Tea to detoxify, prevent acne and control oily skin; Collagen to revitalize; vitamin C as an antioxidant; Aloe Vera to soothe skin; Charcoal to purify; and Snail to even out skin tone.

Give skin some tender love and care with these newest skin-care addition from Ever Organics, which is available on its official page on Lazada (www.lazada.com.ph/shop/ ever-organics).

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HERE are so many kinds of diet people experiment with to lose weight in the belief that looking good will boost their selfesteem and make them more attractive to others. But in the process of dieting, they easily lose their tempers and forget to have fun in social gatherings. My previous team underwent those challenges when we did the biggest loser challenge at the start of last year. One of my teammates insightfully remarked that most of the team had shorter fuses.

There is nothing wrong in wanting to look better by being on a diet or an exercise regimen. In fact, I am all for it. But for you to fully appreciate the value of what you are doing, you must also take into consideration other aspects of your well-being. This is where self-care comes in. It is not a one-off activity where you focus on only one area of your life; self-care involves engaging every aspect of it to keep yourself happy and content. People are holistic which means one area of your life affects the others. And with the new working conditions and the challenges they pose, it is now more imperative for you to look at self-care not as an extravagance but a need.

The first aspect of your well-being which you need to care for is your body. While diet plays an important role in maintaining a healthy body and an attractive physique, do not forget that hygiene, moderate exercise and enough sleep are equally important. Take the time to walk around every 15 minutes, or stand up occasionally during web conferences. Increase your activity by doing housework or developing a hobby while in quarantine. Play your favorite music and then dance like nobody’s looking, and then dance some more. Do not forget to sleep adequately because it is the body’s way of repairing itself and getting itself ready for the challenges of the day.

Aside from the physical, the other aspects of your well-being are how you take care of your mental and emotional health. In terms of your mental health, keep your mind sharp and take an inventory of your own strengths and weaknesses.

Understanding these will help you accept your limitations and help you say “no” to projects you know you cannot do. But it can also become an opportunity for you to grow in an area you are not well-versed.

This all boils down to what you feed your mind.

When I was still in a graveyard shift, one of the things I enjoyed doing to keep awake was to watch TED Talks and I still do that today. But not as much as I watch The Dodo channel on YouTube to relax (bit.ly/2QF9ykJ). Give your mind a break by watching or doing something different but also something you enjoy. Sometimes, the creative inspiration comes when you are relaxed and mindful of what is happening around you.

How you deal with negative emotions also affects your well-being. How do you deal with anxiety, anger, or frustration? What others have done to you in the past, doubting yourself, and reliving mistakes in the past can become destructive and may hamper you from doing your best, or even prevent you from accepting what other people can offer. It all depends on your mindset—are you a victim or a survivor?

And with all those negative thoughts and the current situation where you are cut off from a lot of important people in your life, you need to have someone you can talk to about your anxieties and help you process what you are feeling. If not, keep in touch with friends.

Technology has afforded us several ways of reaching out. Maximize those communication channels by reaching out to people and just talking.

Another aspect of well-being people often overlook

is their spirituality. When people think of spirituality, they automatically think of religion. But spirituality is more than that. It involves a deeper sense of meaning and understanding your place in the universe. It is a deep-seated understanding of your purpose and your life’s meaning, which helps you think of something bigger than yourself, lifts your mindfulness and helps you understand how you fit in the whole scheme of things.

Meditation, prayer, attending a worship service— all these helps you have a holistic appreciation of your well-being. That is why people also do yoga as a form of meditation and exercise. It helps in focusing your energies into positive energy, helping you become aware of how you physiologically react to stress.

Meditation in a yoga pose, or your personal reflection every morning, helps in mental cleansing to get rid of unnecessary burdens or concerns which might be bringing you down.

The last aspect of your well-being is your social interactions with friends and those you have a close personal relationship. In Susan Pinker’s TED talk in 2017, titled “The Secret to Living Longer May Be Your Social Life,” I discovered that close relationships and social integration (how much you interact with people you work with every day) can increase longevity.

This does not refer to the number of followers in your social-media accounts, but to the number of significant face-to-face interactions with people you have a deep personal connection. It is not the number of people but the quality of people in your life. This goes without saying that to care for your well-being, get rid of toxic people in your life. Weed out people who do not add value to your life and walk away from people who take advantage of you and make you feel less about yourself.

You owe it to yourself to live your best life and you cannot do this when your physical, mental, emotional, spiritual and social dimensions are askew.

Like what they say, you cannot give out of an empty

cup. You cannot give something which you yourself do not have. But when you do give and it is abused, tell yourself that maybe they needed it more than you did and for whatever it is worth, hope that it made them happy and that they would pass on the good deed someday. Focus on improving yourself and let go of the baggage that holds you down so you can be totally well. ■

You owe it to yourself to live your best life and you cannot do this when your physical, mental, emotional, spiritual and social dimensions are askew. Like what they say, you cannot give out of an empty cup. You cannot give something which you yourself do not have.

Another quarantine must have? Houseplants, says The Sill CEO NEW YORK—It wasn’t just toilet paper that people stocked up on during the pandemic. There was a run on houseplants, too.

Demand for greenery was so high at The Sill, an online plant store, that some varieties were sold out. And the rush of orders took the company by surprise, leading to shipping delays, a problem even online shopping giant Amazon had as more people stayed home and shopped online.

CEO Eliza Blank, who founded The Sill in 2012, says people turned to plants when they realized they would be stuck at home and isolated from others for much longer than expected.

“It’s something to nurture and have a relationship with,” says Blank, who is 35.

The pandemic has caused the company to postpone plans to open two more physical stores this year, focusing instead on the five it currently has.

But it’s been expanding in other ways.

It’s offering more $10 online classes where people can learn how to care for succulents or ask a plant expert a question. And it has added flowering plants to the mix, such as orchids, which cost $75 for one that’s 14-inches tall.

In a recent interview with The Associated Press, Blank talks about the company’s bestsellers and why more men

are getting into plants.

Plants take time to grow. How did you keep up with a rush in orders?

In the beginning, it was just a matter of our customers having to wait longer for the product. Now we’ve done things like add additional shifts and engaged with some of our growers to do some of the shipping on our behalf. We’ve gotten a better handle on it. But I would say we still go through periods where it’s more challenging than pre-Covid.

Why? There are certain plants that aren’t available currently because we’re just

waiting for the next crop. We’ve just sold through them much faster than even the growers could keep up with.

What plants are popular?

Some of the most popular plants, especially for people living in cities, are plants that do better in low light environments or apartments. The ZZ plant has sold out on multiple occasions because it’s very tolerant of low light. It’s just really adaptable to a lot of different environments, which makes it a really good beginner plant.

Who is The Sill’s typical shopper?

I would say 25- to 35-year-olds, both

men and women, but skews a little bit more heavily toward women. But we’ve actually been seeing more men engage with the brand and buy plants over time, so we’re excited to see that trend.

Why is that?

I think there’s just more men out there who are taking home décor, health and wellness and self care more seriously than ever. It’s no longer a cliche that young professional men don’t decorate their homes or don’t invest in real dishes. I think they’re starting to mature and be on par with women of their age in how they create a home space for themselves. AP

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B6 Wednesday, September 2, 2020

ParaHERO drivers take part in SM supermalls program

ABAPI calls for enhanced responsible drinking campaign as cities weigh in on liquor bans

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S major cities and provinces continue to weigh the reimposition of liquor bans after the national government has flexed its strict rules on community quarantine, ABAPI calls for an enhanced campaign on responsible drinking and urges adult alcohol drinkers to observe safe practices in alcohol purchase and consumption.

Alcoholic Beverages Alliance of the Philippines, Inc. (ABAPI) is a nonprofit association led by Diageo, Pernod Ricard, and Moët Hennessy committed in creating and shaping a better drinking environment in the country.

ABAPI President Kavita Hans said, “ABAPI stands with the government in the fight against the spread of COVID-19. We prioritize public health and safety and we do so by campaigning about responsible drinking attitudes so that re-imposition of liquor bans may be avoided, and consumers may continue to enjoy alcoholic beverages responsibly and moderately.”

ABAPI believes that drinking alcohol, when purchased and consumed responsibly and moderately by those who are above legal drinking age and who choose to drink, can

play a positive role in promoting meaningful social connections more so in these extraordinary times. These responsible drinking behaviors include: always drinking in moderation, staying hydrated, tracking alcohol intake, and never drinking and driving.

ABAPI also encourages consumers to follow Government issued guidelines on alcohol purchase and consumption, such as practicing proper physical distancing, following allowed limits on gatherings and curfews.

ABAPI said the vast majority of the population consume alcohol responsibly and in many countries, per capita consumption and harmful drinking trends are declining, as such, responsible consumption of alcohol consistent with government guidelines can be part of a balanced lifestyle for adults who choose to drink.

ABAPI also advises the public to strictly purchase legitimate products from legal and reputable sources as fake products with inferior quality and standards can be unsafe for consumption.

Hans said, “Those with limited income are most vulnerable during this crisis as they are most likely to also consume unsafe substitute products.

Alcohol produced and sold illegally outside of government regulation could be significantly toxic or harmful to consumers, is of inconsistent quality and are untaxed. Now more than ever, it is important that safe and responsible drinking guidelines are communicated to the public.”

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HIS National Heroes’ Day, SM Supermalls salutes the ParaHERO tricycle and school bus drivers under SM’s Shop For Me program in the south metro area. Servicing residents in communities around SM City BF Paranaque, SM City Sucat, SM Center Las Pinas, SM City Bicutan and SM Hypermarket SucatLopez, these everyday heroes deliver everything from essential items such as groceries and medicines, food from our favorite restaurants, to appliances and furniture, so we can stay home and be safe during the pandemic.

Initially launched as a tricycle ridehailing platform for residents in Paranaque’s villages and barangays, during the pandemic ParaHERO has pivoted to an innovative mobile shopping and delivery service called Shop For Me, in partnership with SM City BF Paranaque. More than that, the service has since grown to serve more shoppers, while providing a means of livelihood for tricycle and school bus drivers.

"We thank SM Supermalls for their trust in us and for joining us in helping out our displaced drivers in the community,” says ParaHERO President & CEO Nino Duque. “Through SM, we are in a unique position to help the drivers who are out of work and the public who wants to safely purchase their daily needs, and that is a responsibility we cannot ignore."

ParaHERO driver Peter Bryan Tangalan sees this as an opportunity to help themselves and others, especially those who are unable to leave their homes, “I am able to earn enough money to feed my family, but most importantly, I am able to

ParaHERO President & CEO Nino Duque with tricycle drivers, Peter Bryan Tangalan and Joseph Malicdem.

help and be of service to people”.

With reduced public transportation and most people on work-from-home arrangements, tricycle drivers Leutinie Aniversario and Joseph Malicdem are grateful for this opportunity to be able to earn for their families.

School bus drivers have also benefited from the program. As a single parent to two kids, school bus operator Catherine Lee Alcanzare recalls that “when the school issued the official announcement that it will only be conducting online schooling for the entire school year, I felt my heart drop. Being a school bus operator has been my source of livelihood for the past 15 years”. When ParaHERO started to service bulk and large-item purchases, she now has an opportunity to put her bus drivers behind the wheel again so they, too, can start earning an income.

With Shop For Me, customers can shop at SM from the comfort of their homes through an online form. ParaHERO connects this request to a driver to fulfill the shopping errand at the mall and deliver it straight to the customer's door.

Shop For Me is one of SM’s programs aimed at providing convenience and safety for its customers, while supporting communities whose livelihoods and employment have been impacted by the pandemic.

A decade with Breville: Premium appliance brand’s virtual festival celebrates everything about coffee

A ParaHERO tricycle driver picks up a food order from one of the restaurants at SM City BF Paranaque.

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Writers honor the Kapamilya Network for contributions to education, culture, and film

OFFEE is a huge part of our lives.

It starts our mornings, gives us a kick of inspiration throughout the day, and for the really passionate ones, even ease us into a laid-back evening.

Everyone has their own signature go-to caffeine shot—and Breville Philippines is here to make sure that we keep our intimate relationship with our favorite cups even in the comfort of our homes.

To celebrate its tenth year of providing good cups of coffee, the premium appliance brand is throwing a month-long Coffee Festival—its second after last year’s widely successful event. While the celebration will be held virtually, the message remains the same: Breville is here to help everyone enjoy cafe-quality coffee at home by connecting everyone to the experts.

Participants can expect a wide variety of sessions that will cover anything and everything about coffee, from creating latte art down to using it for desserts.

Part of the month-long event is The Breville Coffee Hub, a series of Facebook Live Sessions which will feature experienced coffee masters who will share their insights and experience about the food, beverage, and wellness industry in general. Featuring experts like Chef Edward David Mateo of the La Royale Patisserie Food Group, Dave Dource—Academic Director of Barista Guild Asia - Philippine Chapter, and award-winning chef Louise Mabulo, the event opens the doorway for everyone to achieve their own Masterchef dreams. Also joining the event are Robert Francisco and Pacita Juan of the Philippine Coffee Board, Inc. Learn about how to make coffeeflavored desserts with Chef Mateo on September 4 and learn tips and techniques on how to pull off latte art with Dave Dource on September 5. Chef Mabulo takes over on September 11 to teach about how to maximize coffee for both food and non-food uses—a topic that is particularly important for the brand as it calls for everyone to master

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HE Unyon ng mga Manunulat sa Pilipinas (UMPIL) or the Writers Union of the Philippines recently honored ABS-CBN with the Gawad Pedro Bucaneg for the network's exceptional contributions in cultivating literary education, literary culture, and appreciation of Philippine cinema.

The largest organization of Filipino writers in the country acknowledged ABS-CBN's innovations in educational TV with programs such as "Sines'kwela," "Mathtinik," "Hiraya Manawari," "Bayani," and "Pahina."

It also recognized the Kapamilya network's promotion of Filipino culture in its topnotch TV and film productions, and its efforts to archive, digitalize and restore Filipino films through the ABS-CBN Film Archives and ABS-CBN Film Restoration.

"Tinatanggap ng ABS-CBN ang gawad na ito at gagamiting inspirasyon para bumangon, gaano man kahirap," said ABS-CBN's senior writer Jerry Gracio, who received the award for the network in the virtual ceremony held yesterday (August 29) on the UMPIL Facebook page.

"Naniniwala ang ABS-CBN na tulad ni Lam-Ang, sa epikong ipinalalagay o isinulat ni Bucaneg, muling mabubuhay ang istasyon matapos lamunin ng dambuhalang isda upang ipagpatuloy ang paglilingkod nito sa mga Pilipino, saan man sa mundo," Gracio added, comparing the potential rise of ABS-CBN to the Ilokano epic hero.

This award came at the heels of the denial of ABSCBN’s franchise renewal last July 10 and the earlier shutdown of its broadcast operations on May 5. sustainable ways of living at home.

Other events will include virtual sessions on how to use coffee for cooking, the art of science of third-wave coffee, and many more.

Aside from these, however, Breville will also be having the Pour Your Art Out: A Virtual Latte Art Challenge which will tap into the creative side of the coffee culture. In this year’s session, the brand invites talented baristas and latte artists to compete by creating their best latte designs. The contest is open to all so anyone who has a passion for coffee and a flair for art can join.

The third part of the event is the Coffee

Rush Challenge, the first virtual baking competition that the brand will be holding during its festival. With home baking on the rise lately and the general public developing an even heightened palate for desserts, Breville is inviting everyone to participate in the event which will choose the best dessert inspired by our favorite morning cup of happiness.

The Breville Coffee Festival will start on September 4 and is open for everyone to enjoy. To keep up with the events, you can check out Breville’s Coffee Festival Event Page on Facebook. You can also visit their main social page for additional details.

Despite the challenges, ABS-CBN remains committed to its efforts in education, culture, and film. It has brought back its iconic educational programs and resumed the production of new content during this pandemic for airing on cable and satellite TV via Kapamilya Channel and online on iWant and Kapamilya Online Live.

ABS-CBN continues its commitment to assist in educating the Filipino youth via Knowledge Channel.

Recently, Knowledge Channel introduced its "School At Home" programming, which airs educational shows that aim to support the government's alternative distance learning efforts amid the health crisis.

Meanwhile, ABS-CBN Film Restoration, which has digitally-restored 190 timeless Filipino films, will release more preserved classics available for the public to view soon. The network's movie preservation unit also recently held a free webinar on film restoration last August 29, in partnership with student-organization PILAK. Apart from the ABS-CBN, which received the award named after the great Ilokano epic poet, UMPIL also feted this year several remarkable Filipino writers with the Gawad Pambansang Alagad ni Francisco Balagtas (for literary arts) and the Gawad Paz Marquez Benitez (for literary education). The group usually hands the said awards during the National Literature Month festivities of April, but with the pandemic, the writers' union instead held a virtual ceremony.

For updates, follow @abscbnpr on Facebook, Twitter, and Instagram or visit abs-cbn.com/newsroom.

BusinessMirror

Editor: Tet Andolong

Wednesday, September 2, 2020 B7

Bria continues to build high-quality homes in challenging times

By Rizal Raoul S. Reyes @brownindio

MyTown Auckland (left) and MyTown Sydney (right) within the background Makati CBD

MyTown Co-living works with experts to share coronavirus best practices

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O-LIVING is an essential, safe and a unique form of dignified affordable accommodation, especially during the coronavirus pandemic.

This is a key finding from INSEAD, a leading global business school, who researched co-living in times of coronavirus with MyTown, the co-living brand under Philippines Urban Living Solutions (PULS), PeoplePods, a Philippine dormitory for migrant workers, and industry experts.

The findings are available in an e-book, entitled CoLiving Safety and Sanitation Handbook, and discusses best practices in safety and sanitation for co-living operators during the Covid-19 pandemic. It is freely available to the public on the web sites of MyTown (www. mytown.ph/ebook) and PeoplePods.

“I’m very happy to support this project, which gathered best practices and leveraged research insights to improve the well-being and safety of precarious workers and the wider working population,” said Alexandra Roulet, assistant professor at INSEAD. The authors consulted with experts from the University of Oxford, the Singapore Ministry of Manpower, an NGO for Singapore migrant workers, the WHO and local authorities.

“As one of the key players in Southeast Asian co-living, we believe we have a responsibility to collaborate with content experts and implement best practices not just in our own community, but also share these with the wider co-living sector,” said Jelmer Ikink, group director at PULS.

Essential accommodation

What has become a thriving real-estate sector in normal times, co-living has now proven essential in times of crises. “Especially in Southeast Asia, the focus of the handbook, alternatives to shared living are often unaffordable, impractical or unlivable,” said Daniel Layug, CEO at PeoplePods Philippines.

Business continuity is a top priority dur-

ing this pandemic, and many employers have found that employee accommodation nearby the workplace ensures continued operations, when public transportation options are limited and operating at reduced capacity. The same holds for employees, whose income is dependent on being able to report to work affordably and on time.

Similarly, workplace wellness has become front and center for both employers and employees. The whitepaper finds that co-living can reduce the risk of community infections, as the average daily number of people a co-living tenant is in contact with is up to 98 percent lower when compared to a someone who relies on cramped and enclosed public transportation options.

Moreover, a well-rested work force is more likely to have a strong immune system that can fight a viral infection.

Prevention and response framework

The whitepaper further shows that co-living and dormitory operators are encouraged to implement a thorough prevention and response framework against the pandemic, and that doing so does not have to impact the sustainability of its business model.

“This is important since, thus far, Covid-19 has continued to show resilience, and ‘new normal’ measures therefore need to pass the long-term sustainability test,” said Ikink.

Moreover, it highlighted that whereas most real-estate operators tend to focus on implementing coronavirus mitigation measures inside their premises, equally important are the need to educate and communicate with the tenant population, and prepare detailed response plans for a wide range of worst-case scenarios. The handbook provides helpful insight into how other operators can become more resilient, and continue to provide a safe and sanitary space to young professionals and migrant workers alike.

Holcim waste management unit gets I.S.O. certifications anew

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URING these “interesting” times, Filipinos have turned the home not just into a resting space for their families.

The home now functions as a place of work and learning. This scenario leads families to look toward modern dwellings that are affordable, convenient, and ensures comfortability as they continue to adapt in the new normal.

Fortunately, Bria Homes, a top property developer in the Philippines, is responding to this need by maintaining its promise to build highquality homes in economic housing projects all over the country.

Bria said residents of Metro Manila and Laguna in search for welldesigned, budget-friendly homes will find excitement when they learn that the company has launched Bria Homes Calamba in Barangay Bañadero, and Bria Homes Executive Calamba in Barangay Majada Out, Canlubang, both in Calamba City, Laguna.

The company is optimistic buyers will find joy in these Bria communities because these will provide them a good alternative to the congestion of the hustle and bustle of the Metro.

“With its access to major roads and highways, Bria Homes Calamba and Bria Homes Executive are also projected to lure property seekers from the same city and from other parts of Laguna,” the company said in a press statement.

Bria Homes Calamba offers the Angeli and Bettina house models which both feature a dining and kitchen area, living area, toilet and bath, and provisions for two and three bedrooms, respectively.

Bria Homes Executive Calamba also offers the Bettina Townhouse, as well as the Alecza house model, with dining and kitchen area, partition for two bedrooms, a living area, toilet and bath; and the Elyana house

BRIA homeowners can enjoy recreational facilities, such as a multipurpose hall, jogging paths and a playground area.

BRIA Homes remains committed to its goal of building highquality homes in economic housing projects nationwide. model with a provision for one bedroom, dining and kitchen area, toilet and bath, and a living area.

Aside from being a safe and secured environment, the communities are located near schools, such as Calamba City College, Liceo de Calamba, and Bañadero National High School; hospitals like Calamba Medical Center, St. John the Baptist Medical Center, and Calamba Doctors Hospital; and places of worship, such as St. John the Baptist Church, Iglesia ni Cristo Poblacion, and Bañadero Chapel.

BRIA Homes offers modern dwellings that are affordable, comfortable and conveniently located.

Commuters and motorists from these subdivisions will have quick easy access to the South Luzon Expressway via San Juan Road and JP Rizal Street.

As in all just like in other Bria projects, these projects will enjoy recreational facilities, such as a multipurpose hall, jogging paths and a playground area. To ensure the security of its homeowners, the development will have amenities like guarded entrances and exits, perimeter fences and 24/7 CCTV cameras.

“Bria Homes has also boosted its

efforts to provide digital access to more Filipinos in this crucial time.

Online reservations and payments are made easy for current and future homeowners. Bria is likewise holding live-selling, digital open house events, and virtual tours of its various projects to promote its house and lots for sale in the Philippines,” the company said.

Finally, Bria Homes Calamba and Bria Homes Calamba Executive both can tap Pag-IBIG funding and bank-financing for prospective homeowners.

The goodness of building your home in the East

W Frederic Vallat, vice president of Geocycle (from left); Anthony Pacana, barangay chairman of Poblacion, Iligan City; Rosabella Ugmad, municipal agriculture officer; and Emmanuel Pagalan, municipal administrator.

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EADING building materials provider Holcim Philippines Inc.’s waste management unit Geocycle was recently recertified for following high standards in quality, environment, and safety management systems in its operations.

The Geocycle team received certificates for ISO 9001 (Quality Management System), ISO 14001 (Environment Management System) and OHSAS 18001 (Safety) from thirdparty certification body Certification International Philippines on July 27. The audits for the certification were conducted prior to the quarantines, while the documents showing the corrections and corrective actions were shared virtually. The ISO certificates are valid for three years with annual surveillance audits in between. Geocycle has been ISO certified since December 2010.

Vice President for Geocycle Frederic Vallat said the recertification is important as the unit further grows and offers its services to more partners in the public and private sectors.

Geocycle uses cement kiln co-processing tech-

nology, wherein properly qualified wastes, after pre-processing, are used as alternative fuel and raw material in cement production.

“Our co-processing operations are a key driver of our business and environmental performance, as well as part of our commitment to make a positive difference in other areas of the country’s development. These ISO certifications are strong proof that our operations follow the highest standards for safety and environmental responsibility and demonstrate to our growing number of partners our reliability in managing their waste management requirements,” he said.

In 2019, Holcim Philippines used more than 170,000 tons of waste materials from industries and communities including tens of thousand tons of nonrecyclable plastics as alternative fuels and raw materials with its co-processing technology. This allowed the company to avoid coal in cement production for 38 days leading to lower carbon emissions and fuel costs while helping its partners manage their wastes in an eco-friendly manner.

ith everything that is happening around us, your home is your sanctuary. It is where you feel most safe and relaxed.

Having a haven where you feel free and can do many things, improves your overall quality of life, giving you space to spend time alone or with the people you love.

Owning land can be expensive, and there is a need for well-built and thoughtfully designed quality living spaces that people could enjoy. This is what the people behind Amiya Raya had in mind when they conceptualized the development east of Quezon City. In Hindu-Sanskrit, Amiya Raya means “a view that delights the senses, a description that captures the essence of the development.”

“Having no choice but to stay home during the two-month long community quarantine has made many recognize the importance of having ample spaces to move around,” Arlene Jacosalem, AVP-Marketing and Business Development shared.

“Another is that the current pandemic showed us the importance of having a safe retreat for our family: one with big open spaces to make physical distancing possible, a breathable environment to move around in, and scenic views that are ideal,

It boasts of split-level structures that enhances the use of ground space and opens interesting visual perspectives around the living area.

These structures are also known for their classic, clean lines, simple yet luxurious appointments, generous open living areas, efficient use of space and sense of natural tropical style. In the heart of the house design intent, is to blend in, and not obstruct nature.

n A balance of city and resort living. Amiya Raya is currently working

both for working from home and for relaxation.”

n Your sanctuary in the east.

The exclusive, an Asian-themed, residential enclave boasts of a stunning 270-degree view of the city, Laguna de Bay, and the Rizal mountain ranges.

Amiya Raya recently launched Phase 4 of its development, which has a limited number of residential lots and cuts ranging from 250 to 755 sq

m. With less than 50 percent remaining in inventory, this phase offers a much more exclusive neighborhood with lots having some of the highest peaks and best views in the said development.

The homes at Amiya Raya allow its residents to live with nature, a delightful experience for the soul and the senses. Its designs are inspired by various Asian architectural concepts—modern, minimalist and Zen.

on the completion of its 3,100-squaremeter clubhouse and sports facility, an 11-hectare nature park, a village center, and a retail area. Situated 240 meters above sea-level and enveloped by its natural environs, it offers resort-like living that is only a 15-minute drive from the city. It is located in San Mateo, Rizal, which makes it close to places of interests, such as schools, churches, malls and government offices.

The stability of the real-estate industry makes owning property, a sound and reasonable investment.

Apart from that you will have your very own place where you can completely be yourself and just be.

Visit @AmiyaRayaOfficialPage on Facebook for more information on this highland development. Reni Salvador

Sports BusinessMirror

B8 Wednesday, September 2, 2020

TOP seed Novak Djokovic books an easy victory despite getting distracted. AP

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EW YORK—Novak Djokovic admittedly got a bit distracted.

He was unaware of the US Open rule about time allowed between points. He barked in the direction of his entourage—among the only people in the Arthur Ashe Stadium seats. In the end, though, he did what he always does in 2020: win.

“I lost my focus,” Djokovic said afterward.

“Kind of got stressed out a couple times.

Screamed.”

The No. 1-ranked Djokovic began his bid for Grand Slam title No. 18 on Monday night by extending his season start to 24-0 with a 6-1,

6-4, 6-1 victory over Damir Dzumhur at Flushing Meadows.

“Do I want to keep the streak going? Of course, I do. Am I thinking about it as a priority No. 1 every single day? No,” said Djokovic, who opened 2011 with a 41-0 mark. “It’s there, and of course it’s an additional motivation for me.

It actually fuels me to play even stronger, play even better, I think, bring the right intensity every match.”

During a pre-match TV interview, Dzumhur said about Djokovic: “Hopefully, he is not 100 percent.”

That was probably a reference to the

way Djokovic dealt with neck and stomach issues during last week’s run to the Western & Southern Open title on the same hard courts being used for the US Open.

Djokovic played a three-set semifinal Friday, then a three-set final Saturday.

But the 48 hours before facing Dzhumur, who has been ranked as high as 23rd and now is 109th, apparently were enough for a full physical recovery.

“I felt good on the court today,” said Djokovic, who trails only Roger Federer, with 20, and Rafael Nadal, with 19, in the men’s Grand Slam trophy standings.

Neither of those rivals is entered in the US Open, only part of the reason Djokovic is an overwhelming favorite to win what would be his sixth title in a span of eight major tournaments.

One minor hiccup during his opening match had to do with the way the serve clock is being implemented at the US Open: Chair umpires are starting that 25-second

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

countdown much sooner now than they were during the Western & Southern Open.

Djokovic was not the only player to wonder aloud about that system during a match Monday.

“Why did you start it?” he asked chair umpire Damien Dumusois, noting that during the previous event players got more time to go collect their towels between points.

Dumusois said the pace is intentionally supposed to be quicker at the US Open, to which Djokovic replied: “You do it here different? Why? There is no explanation?...

Thanks for letting us know.”

After the match, Djokovic said: “No one really brought it to my attention. The lack of communication is something that worries me once again. I mean, that’s something that really upset me.... We’ve played in the certain tempo, so to say; got used to it during the Western & Southern tournament, which just ended two days ago. Two days later, we have a different rule that was just not communicated to us. That’s something that I found just not acceptable, not fair.” AP

Ewan slaloms to sprint win; Alaphilippe stays in yellow

S CHEF de Mission to the Tokyo Olympics Mariano “Nonong” Araneta has all the reasons to smile.

ARANETA BRIMS WITH CONFIDENCE

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ARIANO “NONONG” ARANETA is brimming with confidence in his tour of duty as the country’s chef de mission to the rescheduled Tokyo Olympics.

Araneta believes the Philippines’s first Olympic gold medal could come from the present batch of Tokyo Olympians.

“We have three world champions, this is the best chance for us,” Araneta told Tuesday’s online Philippine Sportswriters Association Forum.

“The strong showing of Filipino athletes on the world stage could be their best asset toward the Olympics next year,” Araneta, also the football association president, said.

Mariano picked world champions gymnast Carlos Yulo (floor exercise) and boxer Nesthy Petecio (women featherweight) as potential gold winners in the Olympics that were moved to July 23 to August 8, 2021, because of the Covid-19 pandemic.

Petecio, Araneta said, has yet to qualify but expressed confidence the boxer could get her ticket to Tokyo in the qualifiers in Paris in May next year.

Araneta also smells victory for boxer Eumir Felix Marcial, a former world youth champion, and another female boxer, flyweight Irish Magno. Both advanced to Tokyo during the Jordan qualifiers early this year.

Araneta also has his sight on pole vaulter EJ Obiena and golfer Yuka Saso, who recently booked consecutive victories in the tough Japan Ladies Professional Golf Association Tour.

Obiena, Araneta said, has been doing well in competitions in Europe, while Saso zoomed to No. 76 in the world and is closing in on a top 60 spot to be able to qualify for Tokyo.

“We need to support these athletes,” said Araneta, adding 82 other Filipino athletes are still trying to qualify for then Games.

“Of these hopefuls, 19 are training abroad while 63 are here in the country,” he said.

Among them are Rio 2016 Olympics weightlifting silver medalist Hidilyn Diaz who is training in Malaysia and 2018 Asian Games skateboarding gold medalist Margielyn Didal who is in her native Cebu.

Ramon Rafael Bonilla

ISTERON, France—A basketball player weaving through the defense. A skier dancing between the gates. A soccer player dribbling zig-zag toward the goal.

Australian rider Caleb Ewan borrowed the playbook from other sports as he slalomed through the bunch to win a sprint finish and claim the third stage of the Tour de France on Monday, while Julian Alaphilippe held onto the yellow jersey that he claimed with a dramatic stage victory a day earlier.

With about 100 meters to go, Ewan trailed five other riders before slinging himself through a narrow slice of road near the advertising barriers on the right side of the street. Then—after more than five hours in the saddle—Ewan darted to the left to overcome Sam Bennett and claim his fourth career stage win in the Tour by more than a wheel.

“I found my way through the wheels,” Ewan said. “Coming from behind, it’s a bit of a risk, but I found my way along the barrier and I came with a lot of speed and it worked.”

Living up to his nickname of “Pocket Rocket,” the 5-foot-5 Ewan reached a top speed of 68.8 kph in the finale.

It was a perfectly timed acceleration.

“In the last k [kilometer] I was a bit too far forward so I dropped back a bit into the wheels,”

Ewan said. “That gave me time to rest the legs just a little before the last hit out,” Irish champion Bennett, a teammate of Alaphilippe’s at Deceuninck–Quick-Step, crossed second and European champion Giacomo Nizzolo came third— both with the same time as Ewan.

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“They are all looking forward to the resumption of training,” Araneta told Tuesday’s online version of the Philippine Sports Association (PSA) Forum.

Torre said United City Football Club, Kaya Iloilo and Stallion Laguna are all set to return to training, while Mendiola and the Azkals Development Team will follow suit.

Araneta said the PFL teams were due for a virtual meeting with Games and Amusements

Marcial thinking positive

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ALACAñANG’S decision to extend the general community quarantine in select areas including the National Capital Region (NCR) stalled anew the Philippine Basketball Association’s (PBA) hopes for teams

inland over a 198-kilometer route to Sisteron, which is labeled the “Gateway to Provence.”

The route featured four minor climbs before a flat finish suited to sprinters.

Three French riders—Anthony Perez, Jérôme Cousin and Benoît Cosnefroy—broke away at the start and established an advantage of nearly three minutes.

Cousin then launched a solo attack midway through the stage and created a lead of more than four minutes.

Cousin was finally caught by the main pack with 16 kilometers remaining.

Perez, meanwhile, crashed into his team car on a high-speed descent after puncturing a tire and broke his left collarbone—forcing him to abandon the race.

It was an especially unfortunate accident for Perez, since he had already gained enough points to don the polka-dot mountains classification jersey after the stage.

Stage 4 on Tuesday features the race’s first uphill finish with a climb to Orcières-Merlette that should force the overall favorites—such as defending champion Egan Bernal—into action.

The three-week Tour, which was postponed from its usual July slot due to the coronavirus, ends in Paris on September 20. AP

CALEB EWAN slaloms his way to the stage victory. AP

PFL players hit gym amid quarantine T least three teams in the Philippines Football League (PFL) will return to training on Wednesday as a potential prelude to the PFL’s plan to open its 2020 season.

Philippine Football Federation (PFF) President Mariano Araneta and PFL Commissioner Coco Torre said they are making sure that teams, especially the players, are in a safe environment as they return to the gyms and pitch.

Alaphilippe crossed with the main pack and retained a four-second lead over Adam Yates, with Marc Hirschi still third overall, seven seconds behind.

“We had a really good day. The team really controlled everything. We tried to go for the sprint and Sam got second today. You can’t see, but I’m smiling,” Alaphilippe said behind a mask. “We defended [the yellow jersey] today and we’ll do it again tomorrow.”

Ewan, who rides for the Lotto-Soudal team, won three stages last year, including the coveted final leg on the Champs-Élysées in Paris. He said this win proved “that last year wasn’t just a fluke.”

Ewan had a difficult start to this race with a crash in Stage 1 and a last-place finish in Stage 2. His team was hurting, too, with Philippe Gilbert and John Degenkolb forced to withdraw after also crashing in the rainslicked opening leg.

“We need to take every sprint opportunity that we can because they’re quite rare this year,” Ewan said.

After the opening two stages in the Mediterranean city of Nice, the race veered

to return to scrimmage.

But Commissioner Willie Marcial looked at the monthlong extension of GCQ in the NCR as a positive sign amid the Covid-19 pandemic.

Paul, Thunder force Game 7 vs Rockets

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CHRIS PAUL gives the Thunder at least one more game at Disney World. AP

AKE BUENA VISTA, Florida—Chris Paul and the Thunder had their backs to the bubble wall, a tougher spot than usual when facing elimination.

This time meant lots of packing, getting ready for a potential return home after a long time away. They weren’t interested in their

Al Mendoza alsol47@yahoo.com

THAT’S ALL

Yuka young star in the making SO young, so mature.

That’s Yuka Saso, the latest golf sensation from the Philippines.

So young, so rich.

Yuka, not yet 20, has won again, pocketing her second straight victory on Sunday in the tough Japan Ladies Professional Golf Association (LPGA). She stashed away P16.5 million and, adding her P6.5-million winnings just two weeks ago, she has fattened her bank account to P23 million in just less than a month.

She showed guts to achieve both.

She showed nerves of steel in vanquishing her rivals.

She showed poise when under pressure.

And yet, Yuka is only 19, a virtual kid in a shark-infested pool where, in a battleground like Japan, only the scarred and grizzled survive.

“I looked at the leaderboard several times, yes,” Yuka told the Inquirer’s Francis TJ Ochoa. “But to be honest, I was just minding my own game.”

Words from a rookie, which she is, that could only be spoken by a veteran. Gutsy.

To win anew after scoring a brilliant breakthrough victory by four impressive strokes only two weeks ago, Yuka had to claw back from the pit. Nervy.

Her toughest foe “was very good, but I really did not watch how she was playing.”

If that wasn’t poise under pressure, what is?

Valorous.

Saso didn’t crack when Sakura Koiwai grabbed the lead after Yuka got wet on her approach in the 355-yard second hole. One slip would cost not a war.

After four holes, Yuka retook the lead with an eight-foot birdie on the sixth.

And, after going 2-up over Koiwai with a chip-in birdie in the par-3 12th, increasing it to three when Koiwai bogeyed 16, Yuka was on her way to a second straight podium finish.

Surely, it was a victory made more significant by the fact that a Filipina teenager that is half-Japanese has started cementing her niche in Asian professional golf this early.

Embellishing Yuka’s suddenly blossoming stature of stardom is her hidden humility.

“I think I just got the breaks,” said Yuka, who averaged 29 putts per round, closing out with a one-under-par 71 against Koiwai’s fighting 72.

In victory, Yuka totaled a magnificent 13-under 275 in four grueling rounds of the Nitori Ladies Open at Otaru Country Club in Hokkaido. The win quickly erased doubts her earlier triumph in the NEC Karuizawa Open was a fluke.

The Sunday battle became really almost exclusively between Saso and Koiwai as three other foes nearest to Yuka were 10 shots away tied in third place: Kana Mikashima (71), Lee Ji-Hee (74) and Mayu Hamada (76).

For someone to get cut in her pro debut in the ISPS Handa Classic last June bouncing back to win in back-to-back fashion, hey, that says a lot of the kid who won the Asiad golf gold in 2018 with a daring last-hole eagle three from the fringe.

So young, so aged.

Board Chairman Abraham Mitra also on Tuesday to discuss return to training protocols.

“It’s a matter of reminding the teams about the safety of the players and the safety of the venue,” said Araneta of the PFL, one of the very few professional leagues that were cleared to resume workouts during the Covid-19 pandemic.

“Each club has its own responsibility to make sure that the players are following safety protocols,” Araneta added.

Torre said the PFF teams have been reminded about the importance of “due diligence.”

“Cooperation is vital,” said Torre during the forum backed by San Miguel Corp., Milo, Go For Gold, Philippine Amusement and Gaming Corp., Amelie Hotel and Braska Restaurant, and powered by Smart Sports with Upstream Media as webcast partner.

Torre also said new team Maharlika FC will be admitted to the PFL once the team gets its professional license from the GAB. “Once everything is cleared, the league is bracing for its resumption 30 days from their clubs’ return to training, whether it’s in a bubble-type format or not,” Torre said.

“We’re not discouraged by the extension of the GCQ status in Metro Manila,” Marcial said. “We’ll write the IATF [Inter-Agency Task Force for the Management of Emerging Infectious Diseases], and we hope that we will be granted permission to shift our training to a higher level this September.”

PBA players returned to individual or small group training last month, giving the league a sigh of relief.

But Marcial said their immediate goal borders from team training or scrimmage to a restart of the 45th season that was called off in March.

The PBA sought an October restart of the season and has commenced work on creating its own “bubble” similar to the National Basketball Association’s program at the Disney World in Florida.

THAT’S IT LeBron James and the Los Angeles Lakers completed their four-game sweep on Sunday for a 4-1 series victory over the Portland Trail Blazers in the National Basketball Association West first-round playoffs. The Lakers face the winner in the HoustonOklahoma series. The Thunder rallied yesterday behind last-second heroics by Chris Paul to defeat the Rockets 104-100 and extend their playoffs to a Game Seven.

trip—or their season—ending.

“We’re not ready to go yet,” Paul said.

He made sure they wouldn’t.

Paul gave the Thunder at least one more game at Disney, scoring 15 of his 28 points in the fourth quarter for a 104-100 victory over the Houston Rockets on Monday night in Game 6 of a Western Conference firstround series.

Paul made two free throws with 13.1 seconds left and the game tied at 100, and Danilo Gallinari added two more after a turnover by Russell Westbrook to finish it off.

Game Seven will be Wednesday night, with the winner advancing to face the top-seeded Los Angeles Lakers.

Jimmy Butler, meanwhile, scored 14 of his playoff career-high 40 points in the fourth quarter, Goran Dragic added 27 and the Miami

Heat clamped down defensively in the final three quarters to beat the Milwaukee Bucks, 115-104, in Game 1 of their Eastern Conference semifinal series also on Monday.

“I felt like I took it up a level in the fourth quarter,” Butler said. “If that needs to happen every game, I’ve got to be able to do it. But we’ve got so many guys capable of doing it for us.”

Bam Adebayo had 12 points, 17 rebounds and six assists for the fifth-seeded Heat, who are 3-1 overall against the top-seeded Bucks this season. Tyler Herro added 11 points for Miami, which improved to 5-0 in the postseason.

Butler joined only LeBron James and Dwyane Wade—the first person who texted Butler postgame Monday night—as players with a 40-point playoff effort for Miami. He was 13 for 20 from the field, 12 for 13 from the line and 2 for 2 from three-point land.

Khris Middleton scored 28 points for

Milwaukee, which also dropped Game 1 of its first-round series against Orlando. Brook Lopez had 24 points on 8 for 10 shooting, and Giannis Antetokounmpo had 18 points, 10 rebounds and nine assists for the Bucks.

James Harden said the Rockets’ mindset won’t change.

“To go win,” he said. “It’s simple.”

It gives the West two Game Sevens, with Denver and Utah set to play theirs on Tuesday.

In a game that was close all the way— neither team led by double digits—the Thunder bounced back from a blowout in Game Five. And nobody handles close games better than Paul, who led the National Basketball Association with 150 points in clutch situations, defined as the last five minutes of a game in which the point differential is five or fewer points.

“We expect him to make those shots, especially at the end of the game,” Gallinari said.

Gallinari added 25 points. AP