BusinessMirror September 06, 2021 by BusinessMirror

NG gross borrowings hit ₧2.27T in July G ROSS borrowings by the national government hit P2.27 trillion as of July this year, surging by over a fifth from a year ago as the state needed more money to finance higher spending requirements amid the pandemic. The government’s gross borrowings soared by 22.24 percent from P1.86 trillion in January to July last year, based on Bureau of the Treasury data. Gross domestic borrowings in the same period ballooned to P1.83 trillion, jumping by 32.9 percent from last year’s P1.38 trillion. On the other hand, the government relied less on foreign sources as its gross external borrowings fell by 8.2 percent to P441.74 billion from P481.15 billion as of end-July last year.

Meanwhile, gross borrowings for the month of July more than doubled to P337.15 billion from last year’s P134.53 billion. During the period, the government borrowed more from both domestic and foreign sources at P180.36 billion and P156.79 billion, respectively. In July last year, government’s gross domestic borrowings stood at P66.84 billion while its gross foreign borrowings reached P67.7 billion. The bulk of the gross domestic borrowings in July this year came from Fixed Rate Treasury Bonds at P208.86 billion. However, this was offset by the net issuance of Treasury Bills at P28.5 billion, which meant that there were more debt repayments than the issuance of the debt papers

during the month. Most of the gross foreign borrowings in July were raised through the sale of global bonds at P146.17 billion. Meanwhile, the remaining P10.6 billion came from a project loan. As of end-July, the national government’s outstanding debt has reached a new high of P11.61 trillion, soaring by 26.7 percent from P9.16 trillion a year ago. The national government expects its outstanding debt this year to balloon to P11.73 trillion, up by 19.8 percent from P9.795 trillion in 2020. This is also projected to further swell in 2022 to P13.42 trillion. For this year, the national government has set a P3.1-trillion borrowing program, of which around 75 percent is expected to be raised

Monday, September 6, 2021 Vol. 16 No. 27

through domestic sources. The country’s debt-to-GDP ratio already stood at 60.4 percent as of end-June this year. Finance Secretary Carlos G. Dominguez III earlier said the country’s debt-to-GDP ratio is projected to rise to 59.1 percent this year and peak next year at 60.8 percent— slightly above the internationally accepted threshold—before gradually tapering off to 60.7 percent and 59.7 percent in 2023 and 2024. The Department of Finance sees the national government returning to its pre-pandemic debt and budget deficit levels as early as 2024 or by 2025 if the recommended fiscal measures are passed early by the next administration and if the economy quickly recovers. Bernadette D. Nicolas

‘SIN‘ TAX TAKE UP TO P173B

P25.00 nationwide | 2 sections 20 pages |

ON EASED LOCKDOWNS ‘ADOPT GLOBAL SUPPLY CHAIN STANDARDS TO MEET PRODUCT SAFETY’ By Tyrone Jasper C. Piad @Tyronepiad

FIRE volunteers of Pasay City spray water with bleach/chlorine on Maricaban Street as part of the sanitation efforts to help prevent the spread of Covid-19. The Philippines on Sunday logged, for the third day, fresh infections at over 20,000 cases. NONIE REYES

By Bernadette D. Nicolas

@BNicolasBM

HE government’s excise tax collection on “sin” products climbed to P173.1 billion as of end-July as lockdown restrictions were eased compared to a year ago. Latest preliminary data obt a i ne d b y B us i n e s sM i r ror showed that the sin tax collection of the Bureau of Internal Revenue and Bureau of Customs

from January to July this year posted a double-digit growth of 25.5 percent from P138 billion in the same period in 2020. Continued on A2

PESO EXCHANGE RATES n US 50.0120

HE government should adopt global standards for supply chain management to ensure product safety and traceability and to facilitate digitalization, the business sector said. Philippine Exporters Confederation, Inc. (Philexport) President Sergio Ortiz-Luis Jr. said in a recent statement that the government should “seriously consider globally accepted standards to develop not only trust in cross-border and domestic trade but also ensure consumer safety and protection.” Philippine Food Processors and Exporters Organization, Inc. P resident Rober to C . Amores, who is also Philex-

port trustee for food sector, stressed that global standard compliance is necessary for agriculture and food production, especially amid the challenges brought about by the pandemic. “ The Covid-19 pandemic halted further the growth and development which we would like to see in the food and agriculture sector,” he said. “For us to reach full throttle in agriculture, one very significant component is food and agriculture safety that can be met consistently through standards and traceability.” Amores said that “food security and self-sufficiency may not come to fruition for us” if there is no “form of standard or criteria in the food supply chain.” Continued on A2

IATF finalizing rules for granular lockdowns By Tyrone Jasper C. Piad @Tyronepiad

HE Covid-19 Inter-Agency Task Force (IATF) is finalizing the guidelines for the proposed granular lockdowns, which seek to allow more mobility while isolating heavily infected areas. Trade Secretary Ramon M. Lopez told reporters over the weekend that the IATF has agreed to launch a pilot test of granular lockdowns in Metro Manila beginning September 8, a day after the modified enhanced community quarantine (MECQ)

“[The] lockdown will be limited to a few and small hotspot areas and this will allow some more jobs to be back, those outside the small hotspot areas.”—Lopez

restriction is lifted in the region. The Department of Trade and Industry (DTI) chief said that the next phase of granular lockdowns is eyed to be implemented in areas outside the National Capital Region (NCR) next month. “[The] lockdown will be limited to a few and small hotspot areas and this will allow some more jobs to be back, those outside the small hotspot areas,” Lopez said. But this proposal has yet to be approved by Malacañang. In a recent radio interview, Lopez said that the granular lockdown

guidelines break down the degree of restrictions into levels 1-4; 4 is the most restrictive. In finalizing the guidelines, the DTI official said the IATF is finetuning the policies in order to make them more specific and effective. He said that hard lockdowns may be imposed on a neighborhood, street or subdivision that has heavy Covid-19 transmission. Lopez stressed that people are not allowed to go in and out of the vicinity under lockdown, except for health-care workers. Continued on A2

n JAPAN 0.4550 n UK 69.2016 n HK 6.4355 n CHINA 7.7465 n SINGAPORE 37.2584 n AUSTRALIA 37.0139 n EU 59.3893 n SAUDI ARABIA 13.3362

Source: BSP (September 3, 2021)

News

BusinessMirror

A2 Monday, September 6, 2021

For 3rd day, PHL logs 20-K plus new Covid infections

By Claudeth Mocon-Ciriaco |Correspondent

OR three consecutive days, the Department of Health (DOH) has recorded over 20,000 new Covid-19 cases. The total number of infections in the country on Sunday stood at 2,080,984. As 4 p.m. of September 5, 2021, a total of 20,019 additional cases, 20,089 recoveries, and 173 deaths were logged by the DOH. Of the total number of infec-

tions, 7.6 percent (157,438) are active, 90.8 percent (1,889,312) have recovered, and 1.65 percent (34,234) have died. There were 119 duplicates re-

moved from the total case count. Of these, 95 are recoveries and 1 is a death. Moreover, 58 cases previously tagged as recoveries were reclassified as deaths after final validation. All laboratories were operational on September 3, 2021 but five laboratories were not able to submit their data to the Covid-19 Document Repository System. Based on data in the last 14 days, the five non-reporting laboratories contribute, on average, 0.9 percent of samples tested and 1.2 percent of positive individuals.

Cheaper RT-PCR tests

MEANWHILE, the government will save P5 million a day after the Philippine Red Cross (PRC) started to reduce the prices of their RT-PCR test for swab and saliva on September 4, 2021. “The Government will save P5 million a day once we reduce the

prices of the RT-PCR Tests,” said PRC Chairman and CEO Sen. Richard Gordon. The country’s premier humanitarian organization slashed the amount of their RT-PCR testing by at least 25 percent for both swab and saliva tests. From P3,800 to P2,800 for a swab test and P2,000 to P1,500 for a saliva test. The Philippine government through Philippine Health Insurance Corp. shoulders the testing fees for local government units, overseas Filipino workers, and health-care workers. Averaging 8,000 tests a day, the PRC has already tested 4,074,794 swab and saliva samples since the pandemic began, almost 25 percent of the entire tests conducted in the Philippines. The PRC has 13 operational molecular laboratories nationwide with another opening in Cotabato soon.

‘ADOPT GLOBAL SUPPLY CHAIN STANDARDS TO MEET PRODUCT SAFETY’ Continued from A1

The producers, consumers, policymakers and the government should co-develop and implement standards aimed at mitigating the contamination risks, he said, noting such threaten productivity. 8Layer Technologies Director for Agriculture Technology Jim Leandro Cano, meanwhile, explained that traceability of products requires a multi-stakeholder approach to “move forward.” He said that product traceability has many benefits for the agriculture sector, including “ensuring food safety among consumers, improving the visibility of loss points and inefficiency in the supply chain, improving data collection, and establishing market transparency.” Cano added that traceability is crucial when farmers apply for loans as it allows them to build financial record, which is among the bank requirements. Chamber of Cosmetic Industry of the Philippines President Anna Marie Anastacio suggested the use of a Global Trade Identification Number (GTIN), which is an identifier for trade items. “If we have one consolidated digital system among our government agencies, then all of those processes will be easier, using for instance the GTIN,” she said. Anastacio made this statement amid the weak post-market surveillance system in the country’s digital space which takes a toll on consumer safety. This gap, she said, prevents the traceability of unregistered, counterfeit or illegal cosmetic products being sold online. “Let’s stop playing catch-up with the rest of the world and aim toward being forefront runners of setting the bar in quality standards in the cosmetic global industry,” she said. GTIN is a measure developed by GS1, a not-for-profit organization crafting global standards for business communication, including barcode. GS1 Philippines Chairman Jesus Varela said that their standards are being used by over a million companies in more than 150 countries. “In this new digital age where unpredictability is the new normal, total supply chain visibility will be indispensable in tracking specific data related to orders and shipment to allow quick response should an adverse situation arise,” Varela said.

www.businessmirror.com.ph

‘SIN’ TAX TAKE UP TO P173B ON EASED LOCKDOWNS Continued from A1

Finance Assistant Secretary Maria Teresa Habitan said the reduction in quarantine restrictions helped improve the government’s sin tax collection. “Less quarantine restrictions overall until end July, e.g. no alcohol ban compared to same period in 2020,” Habitan explained to BusinessMirror in a message. Most of the excise taxes collected during the seven-month period came from tobacco products at P104.2 billion, reflecting a 34-percent spike from last year’s P77.7 billion. Alcohol came next to tobacco products, yielding for the government P48.4 billion. This is also higher by 27 percent from P38.1 billion in the same period in 2020. Unlike tobacco and alcohol products, the tax haul from sweetened beverages shrank by 7.1 percent to P20.5 billion from P22.1 billion. Habitan expressed optimism that the government will attain

its P297.8 billion full-year collection target despite the reimposition of stricter lockdown measures to address the Deltafueled surge in Covid-19 cases. “We’re hoping we will still meet the goal,” Habitan said. A substantial portion of total sin taxes collected goes to the implementation of the universal health-care program. In 2020, total sin tax collection dropped by 3.27 percent to P260.58 billion from P269.4 billion in 2019 amid the economic recession caused by the Covid-19 pandemic. Despite this, the government exceeded last year its downgraded goal of P235.3 billion. Under Republic Act (R A) 11346 that was signed into law in July 2019, excise taxes on tobacco products were further increased to P50 per pack this year from P45 per pack a year ago. Excise ta xes on alcohol, heated tobacco products, and vapor products were also further raised under RA 11467.

IATF finalizing rules for granular lockdowns Continued from A1

For workers who need to go to their workplace, he said the companies should provide temporary housing as they will not be allowed to return. Otherwise, the employees should work from home, he noted. The lockdown may be placed for 14 days, he said, explaining that the period may be adjusted depending on the situation. The trade official said that implementing granular lockdowns will help the business sector recover as it will allow more reopening. But he pointed out that the operating capacity will depend on the level of restriction. Previously, the DTI said that micro, small and medium enterprises (MSMEs) cannot afford to have another massive lockdown because their cash flows have been depleted already. Another major lockdown will force MSMEs to trim their workforce or temporarily close operations, Lopez warned, noting that a granular lockdown will alleviate their difficulty amid the pandemic. In addition, Lopez earlier asked

for 20-percent capacity in establishments for the vaccinated population to allow further mobility even during lockdowns. He said that the vaccinated Filipinos should be allowed to dine in in restaurants and go to barbershops, parlors and other personal care service outlets. The trade official said it would be “safer for vaccinated” people to visit the “restricted sectors” under MECQ. This way, he said there would be no anticipated uptick of severe Covid-19 cases, in addition to mitigating the number of patients in the intensive care units. In the recent community quarantine guideline, outdoor and indoor dine-in services in NCR are excluded from the list of activities allowed under MECQ. Take-out delivery for restaurants, however, is 100-percent allowed. Personal care services—including beauty salons, barbershops, beauty parlors and nail spas—are usually allowed at 30-percent capacity under MECQ, but the government banned them in Metro Manila.

DOT CHIEF: CASINOS NOT PART OF OUR TOURISM PROMOTION Continued from A12

Meanwhile, about 70 informal settlers located in the Balon area in Intramuros, Manila, will finally move to their new homes in Morong, Rizal before the end of the year, according to Intramuros Administration (IA) lawyer Guiller Asido at the same budget hearing. The IA is an attached agency of the DOT. The resettlement of informal settlers in the walled city, a popular tourism destination in Metro Manila, is being conducted in partnership with the Socialized Housing Finance Corp. (SHFC). Replying to Manila Rep. Cristal Bagatsing, Asido said he will be consulting with SHFC officials for other possible relocation areas that might be nearer to the informal settlers’ work places. Bagatsing said she would sponsor budget augmentations of DOT’s attached agencies after it was revealed that the Department of

Budget and Management only allotted P63.7 million to the IA for 2022, way below its budget proposal of P268 million. With P63.7 million, “It would just leave us 23 percent for conser vation and maintenance…. We hope we could get an increase…the additional budget will go to security, not to salaries and bonuses, [but] basically to ensure the security and maintenance of the parks and also the sites that we are concerned about.” Earlier, Asido said because of the DBM’s budget cut, the IA will also be unable to ensure the works of art and heritage pieces in Intramuros, a point raised by the Commission on Audit in the agency’s audit report for 2020. (See, “Artifacts, artwork at Intramuros, National Museum ‘uninsured,’” in the BusinessMirror, July 14, 2021.)

www.businessmirror.com.ph

US Coast Guard cites devt of PCG By Rene Acosta

@reneacostaBM

HE Philippine Coast Guard (PCG) is continuously training with the United States as it prepare to undertake a bigger role from merely patrolling the country’s littoral waters. The civilian armed uniformed service attached to the Department of Transportation announced plans to purchase additional bigger and French-made vessels. The PCG added it has already ordered a Japanese-made ship, which would become its biggest vessel when it arrives on Philippine shores. According to US Coast Guard (USCG) Vice Admiral Michael F. McAllister, the PCG also plans to double its current personnel of 15,000 in an expansion program as the US trains PCG personnel to undertake maritime-domain awareness operations. “The [PCG] is growing or, at least, has designs to grow rapidly. I believe they have plans to grow to greater than 30,000 members,” McAllister, commander of the Pacific Area and the Coast Guard Defense Force West, said during a news briefing held online over the weekend. Maritime-domain awareness operations are currently performed by members of the Philippine Navy and the Philippine Air Force. But with their assets being spread thin given the vast maritime waters, the PCG is being programmed to contribute in securing the country and its waters. As part of this role, the PCG has activated a task force (“Pagsasanay,” or training), which lumped together PCG ships and PCG-manned Bureau of Fisheries and Aquatic Resources vessels for its first-ever and biggest maritime training exercises in the West Philippine Sea several months ago. The PCG said that during the training, its ships managed to shoo away Chinese vessels in at least three islands and features owned by the Philippines. Last week, the PCG undertook maritime exercises with the US Coast Guard Munro in the West Philippine Sea, according to McAllister. “The recent exercises included search and rescue, fisheries enforcement and what we call maritime domain awareness, which is just being able to identify activities going on in your sovereign waters, with the idea that you would be able to respond to any threats,” McAllister said. “One thing that we are working with the Philippines on in particular is giving them the capacity and the capability to spend more time beyond their littorals, and by that I mean further from shore,” he added. The USCG-PCG drills followed the exercises held by the Philippine Navy and the Indian Navy, also in the West Philippine Sea. The PCG and Munro’s searchand-rescue exercise simulated the agencies’ bilateral response to a vessel in distress where PCG personnel aboard Munro also participated in the launch of the US cutter’s small unmanned aircraft system. While McAllister refused to dwell on the purpose of holding the drill in the WPS where Chinese vessels are abound, he emphasized the necessity for the PCG to perform its mission and enforce its mandate of guarding the country’s maritime waters. “I’m not going to say that activity near the Scarborough Shoals was necessarily intended to send a message, but when you think about the Philippines’ claim for their waters, that opportunity to get them out further from shore, do maritime awareness, and – when appropriate – enforce laws and treaties within their exclusive economic zone, it simply requires that we get them further from shore,” McAllister said.

News BusinessMirror

Editor: Vittorio V. Vitug • Monday, September 6, 2021 A3

PHL to lift travel ban on 10 nations

By Joel R. San Juan

@jrsanjuan1573

HE Bureau of Immigration (BI) announced it would be implementing the lifting of travel restriction previously imposed on 10 countries starting September 6. At the same time, Immigration Commissioner Jaime H. Morente said the agency would be adopting the color-coding classification for international travelers as mandated by the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF).

In the said classifications, international travelers coming from countries under each listing are required to comply with the appropriate entry, testing and quarantine protocols. “The IATF approved the adoption of Yellow and Red classifications, in addition to the Green List countries,”

Morente said. “Following these categories, we will be implementing the appropriate entry protocols.” The classifications, according to the IATF, are based on each country’s incidence rates and case counts as primary criteria and testing data as secondary criteria. The IATF classified “Yellow-List” countries as “Moderate Risk.” On the other hand, the IATF classified “Red-List” countries as “High Risk.” Morente explained that inbound international travelers, regardless of their vaccination status, coming from or with travel history within the last 14 days prior to their arrival in the Philippines from “Yellow” and “Green” countries may be allowed to enter if within the

PNP, AFP to meet anti-insurgency goal

HE Philippine National Police and the Armed Forces of the Philippines are confident they could still meet President Duterte’s objective of ending the communist insurgency and terrorism, citing the surrender and neutralization of members of different threat groups. The demise of the New People’s Army (NPA) and the other Mindanao-based threat groups like the Abu Sayyaf Group (ASG) and the Bangsamoro Islamic Freedom Fighters (BIFF) was spelled out by Duterte at the beginning of his presidency. He has less than a year to achieve it. Other than accomplishing the goal within Duterte’s term, the military said it is also working hard to end its internal security operations so that it could fully shift its attention to territorial defense, with the West Philippine Sea (WPS) and Kalayaan Island Group (KIG) as the focus where its modernization program is also called. Police and military officials said there has been a steady stream of surrender by rebels in Northern, Central and Southern Luzon and by members of different terrorist groups in Mindanao, including the

ASG and the BIFF in Western and Central Mindanao. For the past five days, the Northern Luzon Command (Nolcom) reported that seven rebels and NPA supporters surrendered to the government, yielding eight firearms. The area command said this is aside from 595 former rebels who yielded from January to August 31 this year, turning in a total of 235 firearms. Nolcom Commander Lt. Gen. Arnulfo Marcelo B. Burgos Jr. said among those who recently surrendered were people they accused as being members of the NPA. These people, Burgos said, were from Barangay Amtuagan and Barangay Tubtuba in Tubo, Abra. He said they also surrendered weapons that included Garand rifles, a Carbine rifle and a Springfield rifle. Burgos said the implementation of several community development projects are helping in convincing rebels and their supporters to return to the government. “The end of NPA’s reign in Northern and Central Luzon is in sight,” Burgos said. “It’s only a matter of time that the NPAs will be totally eradicated in this part of the country.”

In Southern Luzon, the government has killed a ranking rebel leader and one of his men and the surrender of two others in Irosin, Sorsogon, last Thursday. PNP Chief General Guillermo Lorenzo T. Eleazar said the rebel leader carried a P5-million reward for his capture or death. Eleazar said the PNP would continue its operations to curb the rebels’ activities in the countryside. In Maguindanao, four members of the BIFF-Karialan faction yielded, turning over two 7.62mm sniper rifle, a 5.56mm Ultimax sub-machine gun and a cal. 50 Barrett with an empty magazine to Lt. Col. Ferdinand Dela Cruz, commander of 6th Mechanized Battalion. The four were subsequently presented to Brig. Gen. Ignatius Patrimonio, commander of the 1st Brigade Combat Team and Ampatuan, Maguindanao Mayor Baileah Sangki. Last month, a total of 59 BIFFKarialan faction surrendered to soldiers, with Maj. Gen. Juvymax Uy, commander of Joint Task Force Central vowing they would assist in the processing of the benefits the former terrorists. Rene Acosta

FIRM JAB This photo courtesy of

Filinvest Development Corp. shows key people during the Visayas Leg of the company’s vaccination program at the Allegiant Regional Care (ARC) Hospital. The firm said it kicked off the program with a ribbon-cutting ceremony attended by (from left) Filinvest Land Inc. Senior Assistant Vice President and Visayas-Mindanao Regional Product Head Archie M. Igot, Quest Hotel and Conference Center Cebu General Manager Mia Singson-Leon, ARC Hospital Vaccine Coordinator Alexis Olis, EastWest Bank Relationship Officer Kim Lex Regudon and Store Manager Edsel Palmares. Photo courtesy Filinvest Develop-

ment Corp.

allowable classes, and subject to testing and quarantine protocols to be implemented by the Bureau of Quarantine (BOQ). Inbound international travelers, regardless of their vaccination status, coming from or who have been to “Red List” countries, shall not be allowed to enter the Philippines. At the moment, only Filipinos, balikbayans and aliens with valid and existing visas are allowed to enter the country. Tourists are still prohibited from entering the country. “Only Filipinos returning to the country via government-initiated repatriation, non-government-initiated repatriation and “Bayanihan” flights may be allowed entry, subject to the appropriate testing and quarantine protocols as set by the BOQ,”

Morente said. BI Spokesman Dana Krizia M. Sandoval said the BI has yet to receive the list of travellers to be classified under the “Yellow” and “Red” category. “The classifications take effect on September 6. As of now, we have received the updated list of those under the green classification,” Sandoval said. “We are on standby for advice from the IATF on which countries are included in the ‘Yellow’ and ‘Red’ classifications.” The IATF earlier issued a resolution lifting the travel restriction on 10 countries namely India, Pakistan, Bangladesh, Sri Lanka, Nepal, United Arab Emirates, Oman, Thailand, Malaysia and Indonesia shall be lifted starting Monday.

Lawmaker starts moves for Sara’s electoral bid

EPUTY Speaker and Bagong Henerasyon Rep. Bernadette Herrera-Dy announced research is being undertaken in line with the electoral bid of Davao Mayor Sara Duterte. Herrera-Dy said a group she calls Hugpong para kay Sara (HPS) is gathering relevant data on issues that include: an economic recovery plan; poverty; China-US relations; West China Sea; human rights; unemployment; drug war; extra-judicial killings; and, the state of the nation’s education system. Herrera said they are preparing an economic roadmap for the next six years that the mayor can study and use as basis for her decision whether to run or not in the 2022 elections.

According to Herrera, the group was formed to convince Duterte to run for President. It will be officially launched on September 12. Herrera claims the group has established chapters in areas in the National Capital Region and Bicol. She said other chapters are also being formed in Nueva Ecija, General Trias in Cavite, Lipa City in Batangas, as well as in seven municipalities of Sarangani province. Overseas Filipino workers in the Middle east such as Kuwait and Dubai, as well as in Florence, Italy and Canada, have signified their support and clamor for the Davao City mayor to run, the solon said. Duterte has yet to announce her decision whether to run or not for the presidency. Jovee Marie N. Dela Cruz

Avoid commercialization of Christmas–CBCP exec By Samuel P. Medenilla @sam_medenilla

N official of the Catholic Bishops Conference of the Philippines (CBCP) discouraged the faithful from the “ber-month” celebration of Christmas. In an interview with Churchrun Radyo Veritas, CBCP Vice President and Caloocan Bishop Pablo David lamented how the “commercialization” of the religious holiday has led to its “celebration” from September to December or the “ber-months.” Several companies usually take advantage of the “ ber-month” trend by launching their Christmasthemed promos and ad as early as September, earning the country the

reputation of having world’s longest Christmas season. “This is not right and it has nothing to do with the Liturgical Calendar of the Catholic Church. It is not encouraged by the Catholic Church,” David said. Christmas, he insists, should only be commemorated with the start of the advent in December and not as some people “celebrate” it as early September. Advent is the four-week preparation of the Catholic Church before the celebration of Christmas or the birth of Jesus Christ commemorated every December 25. “Let us not give in to the commercialization of Christmas...Christmas is not a commercial celebration,” David said.

Gatchalian: Prepare LGUs Group: Window closing to achieve climate targets for vaccine jabs to minors T

OLLOWING the Food and Drug Administration’s (FDA) approval of drugmaker Moderna’s COVID-19 vaccine for inoculating minors aged 12-17, Senator Sherwin T. Gatchalian pressed the urgency of preparing local government units (LGUs) for the vaccination of the age group. Citing both the safety of the younger population and the long-term impact of school closures, Gatchalian has lobbied for the vaccination of minors aged 12-17, the senator said in a statement. The chairman of the Senate Committee on Basic Education, Arts and Culture said that vaccinating school age children would lay down a clearer path on the gradual resumption of face-toface classes. A Pulse Asia Survey commissioned by Gatchalian—which was conducted from June 7-16 and had 1,200 respondents— revealed that nationwide, agreement to allow face-to-face classes is at 44 percent,

33 percent were unsure and 23 percent disagree. Among those who disagree with face-to-face classes, 90 percent said that it is still too dangerous to go out because of the pandemic, while 57 percent cited the lack of vaccines for children. “At this point, I can see that one of the solutions to open our schools safely is to already inoculate our teenagers,” Gatchalian was quoted in the statement as saying. With the government eyeing to vaccinate minors by September or October this year, preparations should already start at the level of LGUs, the lawmaker said. “My call is to allow LGUs and private schools to import their own vaccines and to inoculate their own teachers, their own school officials, as well as their own students and their own teenage population. This way, it will hasten the vaccine rollout in our schools and the LGUs,” Gatchalian said.

HE World Wide Fund for Nature (WWF) Philippines has announced the window of opportunity to reverse global warming and meet climate targets is rapidly closing. The group cited as basis the report by the Working Group I of the United Nation’s Intergovernmental Panel on Climate Change (IPCC) titled “Climate Change 2021: The Physical Science.” “The report brings together multiple lines of evidence showing that the window of opportunity to limit global temperature rise to 1.5°C above preindustrial levels—he most ambitious target of the Paris Agreement—is rapidly closing,” the WWF Philippines said in a statement. “The new report continues to paint an alarming picture of what we are already seeing as impacts of the climate crisis at global warming of around 1.1˚C,” WWF Philippines Executive Director Katherine Custodio was quoted in a statement as saying. “For a vulnerable country such

as the Philippines, as the temperature needle moves towards 1.5˚C, we will experience increasing dangers to our people and our ecosystems – increasing frequency and intensity of extreme weather events such as typhoons, floods, and drought, sealevel rise, among others.” According to the WWF, the new global climate science report published last August “confirms that humans have irreversibly altered the planet.” “The opportunity to reverse course, while very slim, is scientifically still possible if urgent and strong action to reduce carbon dioxide emissions and protect and restore nature is taken immediately,” the group said. In strong contradiction to the economists who keep saying that the fundamentals remain sound, the report says that life is headed for multiple large-scale tragedies since nature— the most fundamental thing there is, has been irreversibly transformed, the WWF Philippines said.

“We have very little time so we need to act now. We have to scale up action in both adaptation and mitigation and to implement our commitments under the Paris Agreement to be consistent with limiting global warming to 1.5˚C,” Angela Ibay, Climate and Energy Programme Head for the WWF for Nature Philippines said. “These include protection of and investing in nature, ramping up the clean energy transition through renewables and energy efficiency, revamping our food, water, energy, and even finance systems to value nature as part of the life sustainability equation. We can still—and must—change the ending.” The Philippines ranks fourth in the World Climate Change Risk Index losing over $3 billion from 2010 to 2019 alone to over 300 events tied to the climate crisis. The immeasurable cost of lives affected and the sorrow and sufferings akin to them are not included in the charts and figures of the report, the WWF Philippines said.

Economy

www.businessmirror.com.ph

Monday, September 6, 2021

DOH reports release of ₧14.3B in benefits

By Claudeth Mocon-Ciriaco

HE Department of Health (DOH) on Sunday reported it has disbursed P14.3-billion worth of benefits for health-care workers (HCWs) as of September 3, 2021, covering the period of September 15 to December 19, 2020 and December 20, 2020 to June 30, 2021. The DOH said HCWs from both public and private health facilities “catering to Covid-19 patients are beneficiaries of these benefits.” “As stated in the guidelines, the DOH through its centers for health development enters into a memorandum of understand-

ing with health facilities to legally disburse these benefits,” the DOH said. “The health facilities are then responsible for disbursing these to the employees and submitting a liquidation report thereafter.” For September 15 to December

19, 2020, which is Period 1, the DOH said that P6.4 billion has been disbursed, representing active hazard duty pay for 384,159 HCWs and special risk allowance (SRA) for 306,314 HCWs for the meals, accommodation and transportation (MAT) allowances. A total of 103,096 HCWs received MAT worth P990.9 million, according to the DOH. Additionally, for Period 2 (December 20, 2020 to June 30, 2021), P6.9billion worth of SRA was disbursed for 379,117 HCWs. Further, 32,281 HCWs were covered with life insurance worth P16 million. The DOH also reported that P570million worth of checks has also been released to 24,034 health-care workers as Covid-19 sickness and death compensation. According to an official, the DOH family includes 72 hospitals with more than 10,000 medical frontliners.

DOLE sees foreigners helping PHL By Samuel P. Medenilla @sam_medenilla

OREIGN workers may now apply for the necessary permit or certificate for long-term employment in the country even when they are still abroad, according to the Department of Labor and Employment (DOLE). The DOLE issued the new policy in preparation for the entry of more foreign workers the department believes will help in economic recovery. Last Tuesday, Labor Secretary Silvestre H. Bello III issued Labor Advisory 16, which allowed “essential” foreign workers to have their Alien Employment Permit (AEP) as well as Certificate of Exemption/Exclusion (COE) processed by their Philippinebased employers at DOLE’s regional offices. Once the AEP or COE is granted, he said it could be used by foreigners to apply for an appropriate work visa with the Bureau of Immigration or other visa-issuing agencies, according to the latest advisory. “Under the new guidelines, issuance of the work visa may be done at

the Philippine Consulate General at the foreign national’s place of origin and will no longer require an entry stamp from the Department of Foreign Affairs,” Bello said in a statement issued last Sunday.

Exempted categories

LABOR Assistant Secretary Dominique R. Tutay told the BusinessMirror the measure, however, will not apply to all foreign workers. “LA 16-21 is intended for FNs entering the country under allowable circumstances, as it relates to the travel ban. Only those employment-, business- and investment-related travel are allowed,” Tutay said. The exempted FNs are those who will be employed long-term (over six months) with a Philippine-based employer and those involved in foreignfunded government projects. The government imposed travel restrictions for inbound travelers to minimize the entry of new novel coronavirus disease (Covid-19) cases in the country.

Dwindling applications

SINCE the implementation of

the travel restrictions, DOLE observed a significant decline in the number of foreign workers who are applying for AEPs in the country. Tutay noted from January to June, only 39,251 foreign nationals have applied for AEPs. To provide context, she noted this was less than half of the 106,609 AEPs they issued last year. DOLE has yet to determine if the decline could be attributed to the pandemic or pending legislation, which will tax Philippine Offshore Gaming Operators (POGO). The DOLE considers the POGO sector employing the most number of foreign nationals in the country. Tutay said they expect some local industries will require additional foreign workers in the coming months as the government relaxes its quarantine restrictions. “[AEP application] could be lower than [the] previous year,” Tutay said. “But there are construction and communications-related projects that would require the presence of foreign workers and we need to facilitate that.”

Motorists allowed to use bypass road

This photo courtesy of the Department of Public Works and Highways shows the Lucban Bypass Road in Quezon Province.

HE Department of Public Works and Highways (DPWH) announced last Sunday the completion of the concreting of the Lucban Bypass Road in Quezon Province. The DPWH said while it has opened the 3.8-kilometer, 4-lane bypass road to motorists, it has yet to finish the deployment of street lights, drainage and side-

walk. With a total budget of P615.07 million, each kilometer costs P161.861 million. “We are allowing the public to use this bypass road as we undertake its remaining civil works. We aim to fully-complete the project by the first quarter of 2022,” he said. The Lucban Bypass Road is being constructed to decongest traf-

fic in the town of Lucban. It aims to serve as an alternative road for motorists that travel between Metro Manila and Bicol. The road runs along Barangay Ayuti, Barangay Abang and Barangay Kulapi in Lucban town. With the completion of a new bypass road, the DPWH expects trade and tourism to prosper in Municipality of Lucban. Lorenz S. Marasigan

Agriculture/ Commodities BusinessMirror

www.businessmirror.com.ph

Editor: Jennifer A. Ng • Monday, September 6, 2021

Improving corn yield will benefit livestock, poultry sectors–DA

By Jasper Emmanuel Y. Arcalas

@jearcalas

he Department of Agriculture (DA) said it is crafting a corn industry development roadmap that will outline interventions for boosting corn production amid rising demand for animal feed.

Agriculture Secretary William D. Dar said the creation of a “strategic and robust” corn industry roadmap is necessary to provide long-term guidance for ensuring the sustained contribution of the corn sector to the meat value chain and the country’s food security. “The corn sector, being a major input to the poultry and swine industries, should be given more importance and long-term view to ensure its sustained contribution to the meat value chain and, in general, to the Philippine food systems,” he said in a statement. The agriculture chief said the roadmap will contain solutions to address the industry’s major challenges, which include “much-needed investments” to hasten mechanization and establish postharvest facilities. He added that these investments are aimed at raising the corn industry’s productivity and minimizing wastage as well as reducing the cost of storage and milling. “The national corn program will work doubly hard to increase the average yield per hectare, and attain costefficiencies in the corn-feed-meat value chain, making it more competitive,” Dar said. The DA said it will focus on increasing productivity of major corn-producing areas, particularly Regions 2, 10 and 12. Postharvest facilities will be given to clustered farms, which will be linked directly to corn processors. The country’s average yellow corn yield is at 4.18 metric tons per hectare (MT/ha) but if combined with white corn production, the total average yield is reduced to 3.18 MT/ha, DA Corn Program Director Milo delos Reyes said. Delos Reyes added that the average yield of hybrid corn is at least 8 MT/ha. “One of the key features that will be considered in the new roadmap will be the need for the private sector like seed producers, feed millers, and commercial feed manufacturers to engage in more joint ventures or direct marketing linkages with organized corn farmers’ cooperatives and associations,” he said.

Farmers in Cauayan City in Isabela rushed to thresh their corn harvest to take advantage of the good weather in this BusinessMirror file photo.

Dar said the DA is already consulting corn industry stakeholders about the roadmap through its National Banner Program Committee on Poultry, Livestock and Corn, which is facilitated by the Philippine Council for Agriculture and Fisheries (PCAF). “The consultations with the private sector, corn farmers and processors, other industry stakeholders, and consumers is undertaken to craft an industry roadmap over the short-term (2021-2025), medium-term, (20252030), and long-term (2030-2040),” delos Reyes said. PCAF Executive Director Liza G. Battad said the government is targeting to complete and approve the roadmap before the end of the month. “Also present during the consultations is the corn industry roadmap development team, composed of technical experts from the academe and industry players, including Philippine Maize Federation Inc. which represents corn farmers’ groups,” Battad said. Delos Reyes said a review of past government initiatives, including the current regulatory framework of the Philippine corn industry will be included as the basis for the new roadmap.

DA issues order creating CEFA group

he Department of Agriculture (DA) has formed an inter-agency group that will help speed up the construction of the country’s first border inspection facility, which was approved by the Cabinet in 2019. Agriculture Secretary William D. Dar issued Special Order 644 that created a technical working group (TWG) “to expedite” the establishment of the Cold Examination Facility in Agriculture (CEFA). Under the SO dated September 3, the TWG will assist the CEFA project management office (PMO) “in the preparation of the conceptual design and performance of specifications and parameters.” The TWG is also tasked to review the detailed engineering design (DED) of the CEFA and “ensure compliance with existing relevant codes, rules, and regulations.” The TWG will also supervise the project while assisting the Bureau of Animal Industry (BAI) in the “evaluation of technical protocols” during the bidding process. The TWG will be chaired by Engr. Leoncio C. Ventucillo of the BAI while Engr. Louiegi Lorenz M. Centeno of the Bureau of Agricultural and Fisheries Engineering (BAFE) will serve as its vice-chairperson, according to the document. The TWG will also include 10 technical members from BAI, BAFE, Bureau of Fisheries and Aquatic Resources, Bureau of Plant Industry, National Dairy Authority and National Meat Inspection Service. The establishment of CEFA in the country’s key major ports is a DA program approved by the Cabinet in December 2019. The program seeks to establish five border inspection facilities nationwide with a proposed budget of P2 billion. The DA had wanted to build the first CEFA in the

Manila International Container Terminal (MICT) as early as last year but the construction has been delayed due to technical and logistical concerns. In March, the DA said it is confident that the CEFA in MICT will be completed before the end of the year. In July, the DA disclosed that it will also start the construction of the CEFA at the Subic Bay Freeport Zone following its agreement with the Subic Bay Metropolitan Authority (SBMA). The DA announced that it will conduct a 100 percent inspection of all imported farm products once it completes the construction of its examination facilities in the country’s key ports. The government is also targeting to build CEFAs which will cost P521 million each in the ports of Batangas, Cebu, and Davao. The CEFA network, formerly known as Agricultural Commodity Examination Areas, will be equipped with laboratories and manned by quarantine officers from the various DA bureaus. The DA said each CEFA will have controlled temperature systems that will enable quarantine officers to thoroughly inspect the contents of an identified highrisk containerized shipment and prevent the possible spread of hazardous biological agents, such as toxins, and radioactive elements carried by imported agricultural products. “In all, the completion of the CEFA network will be one of the major accomplishments of the Duterte administration, as global biosecurity and quarantine protocols are put in place and strictly implemented to keep the country’s agriculture and fishery sector free from transboundary pests and diseases, and protect the health and welfare of Filipinos,” the DA earlier said. Jasper Emmanuel Y. Arcalas

Monday, September 6, 2021

The World BusinessMirror

Editor: Angel R. Calso

nations will have 1.2 billion ‘Make plans for family Christmas,’ Wealthy Covid vaccine doses they don’t need Australia PM Scott Morrison says W

ustralian Prime Minister Scott Morrison has doubled down on his plan to end pandemic lockdowns and state border closures by Christmas, even as rising cases increase the pressure on Sydney’s health-care system. “Everyone can make plans for a family Christmas,” Morrison said in an interview with Melbourne’s Herald Sun paper on Sunday. “Nobody wants Covid to be the virus that stole Christmas, and we have a plan and the vaccinations available to ensure that’s not the case.” Under Morrison’s plan, lockdown restrictions would be eased when 70% of the population is fully vaccinated, and borders reopened at 80%. But while the plan was agreed to by state premiers last month, there are doubts that the Covid-free states of Western Australia and Queensland will open up to New South Wales and Victoria, which are grappling with the country’s worst outbreaks. “The day of reckoning is coming for all states and territories that being locked down is not a way that you can maintain forever,” Michael Sukkar, assistant treasurer, said in an interview on Sky News. While border restrictions had been necessary to combat the spread of the virus, “we don’t have to think back too far to when being an Australian meant you could travel anywhere in this country, and I think Australians are longing to get back to that point.” The Greater Sydney region has been in lockdown since June, yet case numbers continue to rise. The health-care system is feeling the strain with hospitalizations rising above 1,000 for the first time and the state government isn’t expecting patient numbers to peak until October.

Key developments: China reports one asymptomatic patient in Guangdong

China’s National Health Commission reported one local asymptomatic patient in the southern province of Guangdong on Saturday. The country managed to quash an outbreak of the more infec-

tious Delta variant after aggressive curbs, with just a handful of local and asymptomatic cases cropping up in recent days.

Japan to issue online vaccine certificates

The Japanese government will issue online Covid-19 vaccine certificates from December, Nikkei reported. The government plans for the application process and issuance to be conducted via mobile app, according to Nikkei, without citing where it got the information. The certificate will be in a form of a QR code, the report said. Local governments currently issue the proof of inoculation in print for those with upcoming overseas travel plans. Prime Minister Yoshihide Suga has floated its use as a way to allow freer movement, saying the government will consider how to actively use vaccination certificates for reopening bars, restaurants, travel and events.

Brazil, Mexico report more cases, deaths

Br azil reported 21,804 cases in the last 24 hours, according to Health Ministry data. The country’s coronavirus death toll rose by 692 to 583,362. Mexico reported 15,586 new Covid-19 cases Saturday, bringing the total to 3,420,880, according to the Health Ministry. Deaths increased by 647 to 262,868.

Alabama school cases double

Alabama reported almost 9,200 cases over the last week among students and staff, up from about 4,330 the week before, state data released on Friday show. Among the counties reporting the most infections were Jefferson, the state’s most populous, and Mobile, in the southwest, the data show. The spike comes as Alabama hits record cases -- 33,000 in the week

that ended on Friday—and schools are reopening. Despite the lack of state mask mandate, most school districts require masking. On Friday, with hospitals overwhelmed, Governor Kay Ivey said she designated $12.3 million in federal coronavirus relief funds to attract traveling nurses.

Brazil bars Coronavac shots from unapproved plant

Brazil’s health regulator Anvisa prohibited the distribution and use of Coronavac vaccines batches bottled by the manufacturer Sinovac in a plant not inspected and not approved by the agency, according to a statement. The measure was taken to mitigate a possible health risk, the agency said. Anvisa was informed by Butantan Institute that Sinovac sent 25 batches to Brazil totaling 12.1 million doses. Another 17 batches with 9 million doses were also bottled in a place not inspected by Anvisa and are in the process of being sent and released to Brazil.

Covid claims 48% of ICU beds in parts of US

Use of intensive-care units to treat US Covid-19 patients increased to 29% in the week through Tuesday, drawing closer to a peak of 31% reached in January, according to the Centers for Disease Control and Prevention. ICU capacity was tightest in a region comprising Arkansas, Louisiana, New Mexico, Oklahoma and Texas, with 48% devoted to Covid patients. Ranking next at 44% was an eight-state bloc from Kentucky to Florida that includes much of the South. Intensive-care utilization was lowest at 9% in a group consisting mainly of New York and New Jersey, according to a regular CDC data set published Friday.

Hawaii hospitals face oxygen shortage

Hawaii is running out of oxygen and may have to ration care after Covid hospitalizations reached a record, the Honolulu Star Advertiser reported. With field hospitals being erected and federally supplied health-care workers deployed, the state could run short of oxygen as soon as Monday, the newspaper reported. The Delta variant has pushed infections to the highest point of the pandemic. Almost 6,300 weekly cases were reported on Friday,

more than triple the level of the end of July.

Texas school districts close

At least 45 Texas school districts have stopped in-person learning because of Covid-19 cases, affecting about 42,000 students, the Texas Tribune reported, quoting the state’s Education Agency. Weekly cases statewide rose to almost 128,000 on Friday, the most since early February, according to data compiled by Johns Hopkins University and Bloomberg. Children’s hospitals in the state have reported surging numbers of pediatric cases. Governor Greg Abbott is battling with local districts over his ban on mask mandates in schools, which the state isn’t enforcing amid legal challenges.

FDA pushes for Moderna booster shot data

US health regulators are seeking additional coronavirus booster shot data from Moderna Inc., as the Biden administration expects to begin a widespread booster campaign this month with only the Pfizer Inc.BioNTech vaccine, people familiar with the matter say. Moderna announced Friday that it had “completed” its submission of data to the Food and Drug Administration for authorization of boosters. The FDA has been seeking more data as Moderna’s submission rolled in, the people added. In particular, the FDA is looking for more information on the efficacy of a 100-microgram dose—the same as the first two shots people received—not just the 50-microgram booster submitted by Moderna as a potential booster, one of the people said.

Germany to give Vietnam Astra doses

Germany will give Vietnam 2.5 million doses of the AstraZeneca vaccine to support the Southeast Asian country during its coronavirus outbreak, news website VnExpress reported. Japan, which previously committed to giving Vietnam 3 million vaccine doses, said it will provide the nation an unspecified additional number of doses, according to a post on the Vietnam government’s website. Vietnam, which is battling its worst virus outbreak, has fully vaccinated about 3% of its population, according to the health ministry. Bloomberg News

Brazil starts booster shots while many await 2nd jab

AO PAULO—Some cities in Brazil are providing booster shots of the Covid-19 vaccine, even though most people have yet to receive their second jabs, in a sign of the concern in the country over the highly contagious Delta variant. Rio de Janeiro, currently Brazil’s epicenter for the variant and home to one of its largest elderly populations, began administering the boosters Wednesday. Northeastern cities Salvador and Sao Luis started on Monday, and the most populous city of Sao Paulo will begin Sept. 6. The rest of the nation will follow the next week. France, Israel, China and Chile are among those countries giving boosters to some of their older citizens, but more people in those countries are fully vaccinated than the 30% who have gotten two shots in Brazil. A US plan to start delivery of booster shots by Sept. 20 for most Americans is facing complications that could delay third doses for those who received the Moderna vaccine, administration officials said Friday. About nine out of 10 Brazilians have been vaccinated already or plan to be, according to pollster Datafolha. Most have gotten their first shot but not their second. Brazil’s cases and deaths have been falling for two months, with 621 deaths reported in the seven

days through September 2—far below April’s peak of more than 3,000 reported deaths over a seven-day period. Older Brazilians have expressed concern about the efficacy of the Chinese Sinovac vaccine against the delta variant, prompting authorities to offer the booster shots. Diana dos Santos, 71, received two shots of the Sinovac vaccine even after President Jair Bolsonaro spent months publicly criticizing it. Dos Santos, who lives Rio’s low-income Maré neighborhood, is diabetic and was hospitalized for a heart condition. She refuses to leave home until she gets her booster. “I can’t go out like before and I’m still afraid of all of this,” dos Santos said. “I will feel safer [with a booster].” Because of the variant, some experts say the government should slow the rollout of boosters and focus on distributing second doses. Delta is the most contagious variant identified, and many studies have suggested that one dose doesn’t protect against it. Two shots provide strong protection, with nearly all hospitalizations and deaths among the unvaccinated. Ethel Maciel, an epidemiologist and professor at the Federal University of Espirito Santo, said pushing boosters at this early stage recalls the lack of concern given the gamma vari-

ant that overwhelmed Amazonian city Manaus earlier this year, only to feed a new wave nationwide. Brazil has seen more than 580,000 deaths from Covid-19, making it home to world’s eighth-highest toll on a percapita basis. “It seems we’re in the same movie, repeating the same errors,” Maciel said. “It’s only a matter of time until what’s happening in Rio leads to a greater number of more serious cases in the rest of the country.” The Delta variant already is dominant in Rio de Janeiro state, detected in 86% of the samples collected from Covid-19 patients, according to the Ministry of Science, Technology and Innovation. Intensive care units have reached full capacity in eight municipalities, although only a small rise in deaths have been recorded so far. Authorities in Sao Paulo state expect a similar scenario within weeks. It registered its first confirmed death from the Delta variant on Tuesday, a 74-year-old woman who had received two Sinovac shots. Globally, doubts have plagued Chinese vaccines, especially as the delta variant has gained hold in many countries. Chinese officials have maintained the vaccine protects against Delta, particularly preventing hospitalizations and severe cases. Still, Brazil’s Health Minister

Marcelo Queiroga said Aug. 25 that people aged 70 or older or who have a weak immune system will be eligible for a third dose, starting Sept. 15—preferably with the Pfizer vaccine. He said that people over 18 will have received their first doses by then, although he didn’t address their vulnerability to the Delta variant without a second shot. He also criticized governors and mayors who sought to deliver booster shots earlier, saying it could lead to vaccine shortages. Carla Domingues, former coordinator of Brazil’s national immunization program, agrees with the need to provide the elderly boosters, but not for people aged 70 and up right away. Shots should first go to nursing homes and people who are bedridden, she said, then people 80 and above, with the age slowly decreasing as supply allows. “Certainly there will be problems with shortage, because there won’t be enough vaccine,” Domingues said. Japan and South Korea both wrestled with slow vaccine rollouts, and under half their populations are fully vaccinated; their governments are only planning booster shots in the fourth quarter of this year. Malaysia also is considering boosters, but Health Minister Khairy Jamaluddin said the priority is those who haven’t received a first dose. AP

ealthy countries face mounting pressure to divert Covid vaccine supplies to lower-income regions, with a new analysis showing they’ll likely have about 1.2 billion extra doses available by the end of the year. The US, Britain, European nations and others could satisfy their own needs—vaccinating about 80% of their populations over the age of 12 and moving ahead with booster programs—and still have large quantities to redistribute globally, according to London-based analytics firm Airfinity Ltd. Those governments have so far delivered a meager amount of the supplies they’ve pledged to poorer countries as some move forward with plans for booster shots in a race to combat the Delta variant. Health advocates worry that the slow pace will prolong the pandemic and increase the risk more worrisome variants will emerge. Some are also calling for more transparency on the agreements between governments and manufacturers. “There needs to be an urgent global reckoning,” said Fatima Hassan, founder and director of the Health Justice Initiative, a nonprofit in Cape Town. “We need to divert doses to those in need and open all the contracts.”

‘False dichotomy’

An independent review of the international Covid response earlier this year urged high-income nations to provide more than 2 billion doses to poorer regions by mid-2022. Of the more than 1 billion doses Group of Seven countries and the EU have pledged, less than 15% has been delivered, Airfinity found. The issue is often seen as a choice between going ahead with booster campaigns at home or reallocating doses abroad, Rasmus Bech Hansen, the company’s chief executive officer, said in an interview. “Our data is showing it’s a false dichotomy,” he said. “You can do both.” Global output is rising steadily, and disruption seems unlikely, he said. Production could cross 12 billion doses by the end of the year, including shots in China, Airfinity estimates. That’s more than the roughly 11 billion required to vaccinate the world.

Western countries have about 500 million doses available to be redistributed today, some of that already donated, with that number rising to about 2.2 billion by the middle of 2022, the analysis shows. The Pfizer Inc. and BioNTech SE vaccine accounts for about 45% of the available shots that could be redistributed, while Moderna Inc.’s makes up roughly a quarter of the total, according to Airfinity. Many lower-income nations are relying on Covax, an initiative led by groups including the World Health Organization that’s designed to provide fair access to the shots for every country, but the program has fallen short of its targets. Covid booster plans should be postponed until more shots are distributed to countries where they’re scarce, WHO Director-General Tedros Adhanom Ghebreyesus has said. Me a nwh i le, P reside nt Jo e Biden’s booster program is mired in controversy of its own, having encountered pushback from health authorities in the Food and Drug Administration and the Centers for Disease Control and Prevention who say scientific support is lacking. Health leaders in the European Union have also said that boosters aren’t yet needed, as the current regimens of Covid shots remain effective.

Coordinated effort

“High-income countries have ordered over twice as many doses as are needed for their populations,” the former co-chairs of the panel that reviewed the Covid response wrote last week. “Now is the time to show solidarity with those who have not yet been able to vaccinate their frontline health workers and most vulnerable populations.” It’s not just a question of having the means to acquire Covid vaccines, Bech Hansen said. There needs to be a more coordinated effort globally to allow countries with ample supplies to resell and donate doses, he said. “It’s not a purely high-incomeworld, low-income-world discussion—it’s a little more complicated than that,” he said. “One could imagine the US, the UK and the EU getting together and agreeing on a way forward.” Bloomberg News

Delta surge means this is as good as it can get for global recovery

he pandemic’s summer resurgence is slowing the global economic recovery as the Delta variant dogs efforts to rev up factories, offices and schools. Instead of entering the final months of 2021 confident that the acute phase of the pandemic is over, it’s becoming clear that booster shots may be needed for fading vaccines, workplace re-openings will be delayed and border closures remain. Data over the past week captured a worldwide weakening as infections hit travel and spending and worsen supply bottlenecks that are dampening manufacturing and trade. Surging gas prices are also emerging as a threat. In the US, hiring sharply slowed to its smallest increase in seven months in August and airport check ins, hotel bookings and dining reservations all show softer demand. Germany’s key business sentiment gauge deteriorated and China’s services sector crumbled in August. A global measure of manufacturing slumped. Activity gauges have missed expectations in major economies, according to Goldman Sachs Group Inc., while Citigroup Inc. warned the recovery could moderate with a deepening divergence between sectors and regions. “The spread of the Delta variant is slowing the reopening process and has caused us to mark down growth globally,” said Robin Brooks, chief economist of the Institute of International Finance in Washington, referring to its revised 5.7% forecast for this year, from 6.2%. That stumble could complicate central bank’s plans to pull away

from their crisis support by slowing asset purchases or raising interest rates. Federal Reserve Chair Jerome Powell on Aug. 28 warned of ongoing slack in the labor market as the pandemic continues. “From a slide in China services to a plunge in US job gains, the Delta variant is putting a dent in the global recovery. Looking forward, even as China exits its latest outbreak, a broadening crackdown on entrepreneurspart of President Xi’s “common prosperity” agenda—adds uncertainty to the global outlook,” said Bloomberg chief economist Tom Orlik. In Germany, Jens Weidmann, president of the Bundesbank, also cited the risk of a setback in a Sept. 1 speech, while China’s State Council, the equivalent of a government cabinet, has ordered extra support for small businesses. The severity of the slowdown from here will largely depend on science. Economies with high vaccination rates are allowing policy makers to resist another round of shutdowns, opting instead for targeted measures that include vaccination requirements for public places such as restaurants. Progress on vaccinations means “in all likelihood the economic impact won’t be as severe” than during previous waves, Weidmann said. Governments w ill also have greater room to maneuver if vaccines continue to hold up against morbidity, mortality and serious healthcare outcomes, according to David Mackie, economist at JPMorgan Chase & Co. in London. Bloomberg News

www.businessmirror.com.ph

The World BusinessMirror

Taliban special forces bring abrupt end to women’s protest

ABUL, Afghanistan— Taliban special forces in camouflage fired their weapons into the air on Saturday, bringing an abrupt and frightening end to the latest protest march in the capital by Afghan women demanding equal rights from the new rulers.

Also on Saturday, the chief of Pakistan’s powerful intelligence agency, which has an outsized influence on the Taliban, made a surprise visit to Kabul. Taliban fighters quickly captured most of Afghanistan last month and celebrated the departure of the last US forces after 20 years of war. The insurgent group must now govern a war-ravaged country that is heavily reliant on international aid. The women’s march — the second in as many days in Kabul — began peacefully. Demonstrators laid a wreath outside Afghanistan’s Defense Ministry to honor Afghan soldiers who died fighting the Taliban before marching on to the presidential palace. “We are here to gain human rights in Afghanistan,” said 20-year-old protester Maryam Naiby. “I love my country. I will always be here.” As the protesters’ shouts grew louder, several Taliban officials waded into the crowd to ask what they wanted to say. Flanked by fellow demonstrators, Sudaba Kabiri, a 24-year-old university student, told her Taliban interlocutor that Islam’s Prophet gave women rights and they wanted theirs. The Taliban official promised women would be given their rights but the women, all in their early 20s, were skeptical. As the demonstrators reached the presidential palace, a dozen Taliban special forces ran into the crowd, firing in the air and sending demonstrators fleeing. Kabiri, who spoke to The Associated Press, said they also fired tear gas. The Taliban have promised an inclusive government and a more moderate form of Islamic rule than when they last ruled the country from 1996 to 2001. But many Afghans, especially women, are deeply skeptical and fear a roll back of rights

Women gather to demand their rights under the Taliban rule during a protest in Kabul, Afghanistan on Saturday, Sept. 4, 2021. The Taliban have promised an inclusive government and a more moderate form of Islamic rule than when they last ruled the country from 1996 to 2001. But many Afghans, especially women, are deeply skeptical and fear a rollback of rights gained over the last two decades. AP Photo/Kathy Gannon

gained over the last two decades. For much of the past two weeks, Taliban officials have been holding meetings among themselves, amid reports of differences among them emerging. Early on Saturday, neighboring Pakistan’s powerful intelligence chief Gen. Faiez Hameed made a surprise visit to Kabul. It wasn’t immediately clear what he had to say to the Taliban leadership but the Pakistani intelligence service has a strong influence on the Taliban. The Taliban leadership had its headquarters in Pakistan and were often said to be in direct contact with the powerful Inter-Services Intelligence agency. Although Pakistan routinely denied providing the Taliban military aid, the accusation was often made by the Afghan government and Washington. Faiez’ visit comes as the world waits to see what kind of government the Taliban will eventually announce, seeking one that is inclusive and ensures protection of women’s rights and the country’s minorities. The Taliban have promised a broad-based government and have held talks with former president Hamid Karzai and the former government’s negotiation chief Abdullah Abdullah. But the makeup of the new government is uncertain and it was unclear whether hardline ideologues among the Taliban will win the day — and whether the rollbacks feared by the demonstrating women will occur. Taliban members whitewashed murals Saturday that promoted health care, warned of the dangers of HIV and even paid homage to some of Afghanistan’s iconic foreign contributors, like anthropologist Nancy Dupree, who singlehandedly chronicled Afghanistan’s rich cultural leg-

Tens of thousands attend protest for gay marriage in Switzerland

acy. It was a worrying sign of attempts to erase reminders of the past 20 years. The murals were replaced with slogans congratulating Afghans on their victory. A Taliban cultural commission spokesman, Ahmadullah Muttaqi, tweeted that the murals were painted over “because they are against our values. They were spoiling the minds of the mujahedeen and instead we wrote slogans that will be useful to everyone.” Meanwhile, the young women demonstrators said they have had to defy worried families to press ahead with their protests, even sneaking out of their homes to take their demands for equal rights to the new rulers. Farhat Popalzai, another 24-year-old university student, said she wanted to be the voice of Afghanistan’s voiceless women, those too afraid to come out on the street. “I am the voice of the women who are unable to speak,” she said. “They think this is a man’s country but it is not, it is a woman’s country too.” Popalzai and her fellow demonstrators are too young to remember the Taliban rule that ended in 2001 with the US-led invasion. They say their fear is based on the stories they have heard of women not being allowed to go to school and work. Naiby, the 20-year-old, has already operated a women’s organization and is a spokesperson for Afghanistan’s Paralympics. She reflected on the tens of thousands of Afghans who rushed to Kabul’s Hamid Karzai International Airport to escape Afghanistan after the Taliban overran the capital on Aug. 15. “They were afraid,” but for her she said, the fight is in Afghanistan. AP

ERLIN—Tens of thousands protested in Switzerland on Saturday for the legalization of same-sex marriage in the Alpine country. The protests came ahead of a national referendum on Sept. 26 on the legalization of gay marriage, which has already been introduced in many other European countries including Germany, Austria, France and the Netherlands. Public broadcaster SRF reported that tens of thousands participated in the Zurich Pride parade, which had the slogan “You can do it. Marriage for everyone now.” So far, same-sex couples in Switzerland can

only get official approval for civil unions, which are not on equal footing as marriages. If a majority votes for the legalization of same-sex marriage in Switzerland this would also allow couple to adopt children. In addition, lesbian couples would have easier access to sperm donations if they wanted to start a family and it would be easier for foreign partners to get Swiss citizenship. Opponents of the legalization say that marriage should be reserved for a man and a woman together only and that children should have the right to have both a traditional father and a mother. AP

Group behind annual Hong Kong Tiananmen vigil denies foreign ties

ONG KONG—The group behind the annual Tiananmen Square memorial vigil in Hong Kong said Sunday it will not cooperate with police conducting a national security investigation into the group’s activities, calling it an abuse of power. Police notified the Hong Kong Alliance in Support of Patriotic Democratic Movements of China last month it was under investigation for working for foreign interests, an accusation it denied. “This is a really bad precedent of the national security [police] abusing the power by arbitrarily labeling any civil organization as a foreign agent,” Chow Han Tung, vice chairwoman of the alliance, said at a news conference called to address the police investigation. “The alliance strongly denies that we are any foreign agents,” Chow said. “We are an organization that was founded during the 1989 democratic movement, it was founded by the Hong Kong people.” The investigation is part of a broad crackdown on Hong Kong civil society following mass prodemocracy protests in 2019. Authorities have tightened control over the city with a sweeping national security law imposed by China’s ruling Communist Party that effectively criminalized opposition to the government. The law and other changes have forced several civil organizations to disband or seen their leaders arrested. The annual candlelight vigil honors the students who died when China’s military violently

suppressed massive pro-democracy protests in Beijing’s Tiananmen Square on June 4, 1989. Hong Kong had been the only place in China allowed to hold such a commemoration, and in past years, tens of thousands of people gathered in Victoria Park to honor the dead. Smaller crowds gathered this year and in 2020 despite police banning the vigil, citing coronavirus restrictions on public gatherings. Police had asked the alliance to hand over any information about groups they had worked with overseas or in Taiwan, as well as contact information. They did not mention what specific incidents prompted the investigation. Chow said the alliance has not been able to reach a consensus on whether to disband. It plans to hold a general meeting on Sept. 25 to discuss the matter again. In August, the prominent Hong Kong Civil Human Rights Front, made up of a slew of member organizations, said it could no longer operate and chose to disband. The group organized large protests in 2019. More than 100 pro-democracy activists have been arrested under Hong Kong’s national security law, which outlaws subversion, secession, terrorism and foreign collusion to interfere in the city’s affairs. Many other activists have gone into exile abroad. Critics say the law restricts freedoms Hong Kong was promised it could maintain for 50 years following the territory’s 1997 handover to China from colonial Britain. AP

Biden to mark 20th anniversary of 9/11 attacks at 3 memorial sites

Saudi Arabia says it intercepts Yemen missile over Dammam

President Joe Biden returns a salute as he walks to board Air Force One to travel to Louisiana to view damage caused by Hurricane Ida on Friday, Sept. 3, 2021, in Andrews Air Force Base, Md. AP Photo/Evan Vucci

UBAI, United Arab Emirates—Saudi Arabia intercepted a ballistic missile fired by Yemen’s Houthi rebels and debris that fell on a neighborhood near Dammam wounded at least two people, the kingdom said Sunday. Images published by the state-run Saudi Press Agency showed glass and debris across a townhouse there, which is in the kingdom’s eastern reaches and near the headquarters of the state-run oil giant Saudi Aramco. The Houthis launched three bomb-laden drones and three ballistic missiles in the attack, military spokesman Brig. Gen. Turki alMalki said. Yemen’s Houthi rebels did not immediately acknowledge launching the attack. Saudi Arabia is mired in a yearslong, deadlocked war backing Yemen’s toppled government against the Iranian-backed Houthis. The Saudi-led war, which began in March 2015, has seen an uptick in recent months amid a Houthi effort to capture the city of Marib. That also has seen renewed, long-range attacks by the Houthis on Saudi Arabia. A bombladen drone on Tuesday crashed into the kingdom’s Abha airport, wounding eight people and damaging a civilian plane. Airstrikes and ground fighting in Yemen have killed more than 130,000 people and spawned the world’s worst humanitarian crisis. AP

A SHI NGTON—P resident Joe Biden will visit all three 9/11 memorial sites to commemorate the 20th anniversary of the Sept. 11 attacks and pay his respects to the nearly 3,000 people killed that day. Biden will visit ground zero in New York City, the Pentagon and the memorial outside Shanksville, Pennsylvania, where United Flight 93 was forced down, the White House said Saturday. He will be accompanied by first lady Jill Biden. Vice President Kamala Harris will travel to Shanksville, Pennsylvania, for a separate event before joining the president at the Pentagon, the White House said. Harris will travel with her spouse, Doug Emhoff. Biden’s itinerary is similar to the one President Barack Obama followed in 2011 on the 10th anniversary of the attacks. Obama’s visit to New York City coincided with the opening of a memorial at the site where the iconic World Trade Center towers once stood. Next Saturday’s anniversary

People gather for the Zurich Pride parade in Zurich, Switzerland on Saturday, Sept. 4, 2021. On Sept. 26, 2021 Swiss citizens will vote on the proposal of ‘Marriage for everyone’ (Ehe fuer alle), allowing marriage for same-sex couples. Michael Buholzer/Keystone via AP

Monday, September 6, 2021 A9

falls less than two weeks after the end of the nearly two-decade-long US war in Afghanistan. The war was launched weeks after the 9/11 attacks to retaliate against the alQaida plotters and the Taliban, who provided them safe haven. Biden has found support from the public for ending the conflict but has faced sharp criticism, even from allies, for the chaotic evacuation of US troops and allied Afghans during the final two weeks of August. Biden on Friday directed the declassification of certain documents related to the Sept. 11 attacks in a gesture toward victims’ families who have long sought the records in hopes of implicating the Saudi government. The conflict between the government and the families over what classified information could be made public came into the open last month after many relatives, survivors and first responders said they would object to Biden’s participation in 9/11 memorial events if the documents remained classified. AP

A10 Monday, September 6, 2021 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Fund our fight against cancer

N average original fiction movie on Netflix is about 97 minutes long. By the time you finish watching the movie of your choice, six Filipinos have already succumbed to cancer. Four Filipinos die of cancer every hour, according to a study conducted by the University of the Philippines’ Institute of Human Genetics, National Institutes of Health. The study said 189 of every 100,000 Filipinos are afflicted with cancer. Based on the World Health Organization’s Global Cancer Observatory, more than 153,000 new cases of cancer were recorded in the country in 2020. Cancer is the second leading cause of death for Filipinos, with 62,300 deaths tallied last year. Among Filipino men, the six most common sites of cancer diagnosed in 2010 were lung, liver, colon/rectum, prostate, stomach, and leukemia. Among Filipino women, the six most common sites diagnosed were breast, cervix, lung, colon/rectum, ovary and liver. Here are 15 cancer symptoms from webMD: Changes in your skin; nagging cough; breast changes; bloating; problems when you pee; swollen lymph nodes; bloody stool; testicle changes; trouble swallowing; unusual vaginal bleeding; mouth issues; weight loss; fever that won’t go away; heartburn or indigestion that doesn’t stop; and fatigue. If you have one or more of these symptoms, however, it does not automatically mean you have cancer. But it pays to know how to recognize suspicious cancer symptoms so you can act on them. If the problem does not go away, have yourself checked. Congress allotted P620 million for the government’s cancer control program for 2021. It consisted of the P500-million Cancer Control Program fund and the P120-million Cancer Assistance fund, which served as an important lifeline for many Filipinos who can’t even afford the cost of cancer diagnosis, let alone treatment. Unfortunately, the cancer fund line item in next year’s budget disappeared. The Department of Health (DOH) placed it under the fund for non-communicable diseases. The proposed fund for NCDs amounts to P1.3 billion. Sen. Nancy Binay protested the removal by the DOH of the line item for the country’s cancer fund for 2022, saying it was a “step back” after Congress “had gone through a lot of hoops to fully empower the national cancer control program.” The senator said: “The DOH should have taken our cue when we allocated P620 million last year for cancer. That’s the long-term priority under the law. Instead of moving forward, this is a step back that we should correct. When survival matters, you don’t make lifelines invisible.” Speaking in Tagalog in her desire to deliver a clear message to all Filipinos, Binay said: “Hindi katanggap-tanggap na tila hindi permanenteng priority ang suporta para sa mga cancer patients natin. Dahil nakabulto lang sa NCD budget, walang linaw kung magkano ba talaga ang nakalaan, at ang pangamba ay baka paglaruan lang ang budget na ito. This is another half-baked idea that the DOH is trying to implement, which again puts in question the priorities of its leadership.” The senator also questioned the continued failure of the National Integrated Cancer Control Council to come up with the country’s policy response to cancer. “This issue over the budget stems from the lack of a clear policy direction which the NICC Council has the responsibility of crafting,” she said. The senator vowed to rectify this grave blunder by filing an amendment during the Senate’s deliberations on the DOH’s proposed budget for 2022. All members of Congress responsible for the 2022 budget should remember that across-the-board spending cuts should not be done to penalize good and efficient agencies. For example, the P39 billion proposed budget of the Department of Foreign Affairs was slashed to P20 billion. In the time of the pandemic, this will adversely affect the DFA’s efforts in taking care of Filipino diaspora, on top of its diplomacy undertakings. Congress must give DFA’s requested budget because this agency must be present in every corner of the world to take care of millions of overseas Filipino workers. Our lawmakers definitely have their work cut out for them. They can help ease the pain of poor cancer patients by restoring the line item for the country’s cancer fund for 2022. With advances in medical science giving hope to cancer patients, these public servants can help save thousands of lives by doing their best to find a way to top the original P500-million Cancer Control Program fund and the P120-million Cancer Assistance fund. If they won’t help fund our fight against cancer, let’s hope they won’t feel any sense of guilt every time they finish enjoying a Netflix movie, knowing that six Filipinos just succumbed to cancer in the last 90 minutes.

Pandemic-induced burnout and the workplace Atty. Jose Ferdinand M. Rojas II

RISING SUN

here is no doubt that it’s not just Covid-19 and physical difficulties that people are dealing with in this time of the pandemic. There is a huge percentage of the population that is either grappling with grief or trying to function normally through various forms of anxiety and burnout. For this column, I wish to zero in on burnout among professionals. In fact, more and more companies and organizations are starting to realize that “pandemic-induced burnout” is a real problem that needs to be addressed before it becomes unmanageable. Big companies like Nike, LinkedIn, CitiGroup, PricewaterhouseCooper, and Shopify, among others, have started to implement measures to address the problem. These measures include giving employees a full week off (or a day off, at least), implementing a Zoom-free day, letting the

workers decide when/where/how to work, reducing the number of working days, etc. The experts are unanimous in saying that, indeed, taking a break is important if we want to stay sane and productive. We are encouraged to take a step back and check if we are in need of a longer rest period. Psychotherapist Hilda Burke says that the symptoms of burnout include “extreme exhaustion, insomnia, crippling self-doubt, and extreme despondency—often caused by overwork and being stressed over an extended period.”

BusinessMirror A broader look at today’s business

Thomas M. Orbos

STREET TALK

✝ Ambassador Antonio L. Cabangon Chua Publisher Editor in Chief Associate Editor News Editor

T. Anthony C. Cabangon Lourdes M. Fernandez Jennifer A. Ng Vittorio V. Vitug

Senior Editors

Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso

Online Editor

Ruben M. Cruz Jr.

Creative Director Chief Photographer Chairman of the Board President Advertising Sales Manager Group Circulation Manager

Eduardo A. Davad Nonilon G. Reyes D. Edgard A. Cabangon Benjamin V. Ramos Aldwin Maralit Tolosa Rolando M. Manangan

BusinessMirror is published daily by the Philippine Business Daily Mirror Publishing, Inc., with offices on the 3rd floor of Dominga Building III 2113 Chino Roces Avenue corner De La Rosa Street, Makati City, Philippines. Tel. Nos. (Editorial) 817-9467; 813-0725. Fax line: 813-7025. (Advertising Sales) 893-2019; 817-1351, 817-2807. (Circulation) 893-1662; 814-0134 to 36. E-mail: news@businessmirror.com.ph.

www.businessmirror.com.ph

Printed by brown madonna Press, Inc.–Sun Valley Drive KM-15, South Superhighway, Parañaque, Metro Manila MEMBER OF

Dr. Rajvinder Samra, a psychologist and lecturer on health at the Open University, adds the following symptoms: “Emotional exhaustion, lack of energy, and cynicism or detachment from work.” We know that this is the situation for many Filipino workers, which became more pronounced since this pandemic started. The reality is the same in many places around the world. In a survey done by Mind, a mental health charity organization, it was discovered that the well-being of 41 percent of employees from 114 organizations became worse during the pandemic. Similarly, research done by the Chartered Institute of Management

also revealed that 44 percent of managers said their mental health suffered, and 56 percent thought their staff also struggled. Good managers and leaders of organizations know that stress among their people is bad for business, and this is why companies like the ones I mentioned above have started to do something about the problem. Burnout can eventually lead to poor performance, absenteeism, low productivity, inter-personal conflict, staff turnover, lost opportunities, and added expense for both employee and employer. Aside from giving adequate break periods to employees, recognition and appreciation of their work are also important. A simple thank you can go a long way, and trust—giving employees control over their schedule, for instance—will help to motivate them, increase loyalty, and improve well-being. Added perks will definitely help, too. For example, companies can start offering wellness seminars and health packages. The crucial thing to do is to prevent crisis situations by addressing mental health problems before they spiral out of control.

Delivery riders–Our lifeline to normalcy

Since 2005

Founder

Aside from giving adequate break periods to employees, recognition and appreciation of their work are also important. A simple thank you can go a long way, and trust—giving employees control over their schedule, for instance—will help to motivate them, increase loyalty, and improve well-being.

common sight in our streets nowadays is the proliferation of delivery riders that very well could describe the kind of closeted world we now live in. With Covid-19 now on its second wind, these delivery riders bring to our homes the needed connection to the outside world, from our favorite dish from the restaurant we used to dine in, to items we bought from the many online stores currently operating. And thanks as well to this development, the delivery business has provided valuable employment to quite a lot of Filipinos in these hard times when most of their old jobs are gone or on hold. Yet the delivery business is in its infancy stage, with much of its foundation still being formed.

Problems abound here and there, from ensuring the rights of their online consumers as well as protecting the many riders on the road. With its growing impact on our lives and our economy, it is imperative that the government should tackle the sustainability of this industry and provide the needed protection that the riders so deserve. There are no accurate numbers yet as to how many of the riders see this as a permanent livelihood, although the estimates would run close to over a million. Even in 2019, just before the pandemic, one of the many food apps then existing already had 45,000 riders registered, which, I am sure, increased

exponentially these recent months. One simple reason is the fact that these riders are not treated as employees, but rather as contract workers. Therefore, these riders do not enjoy the benefits that they should get as regular workers of the food delivery apps that, for all intents and purposes, employ them—no assurances of income, no accident insurance, no social security, and no protection from termination. These workers even need to pay, in some cases, for their uniforms. The worse part is that these riders are subject to abuses. Stories abound of fake or cancelled orders. And the riders, unfortunately, will shoulder the amount involved. There are also

Globally, several countries have already acted in classifying these riders as employees of digital platforms, including Spain, which made such recognition via their Supreme Court. The United Kingdom also reclassified these workers, such that they are at least entitled to a minimum wage, vacation pay, and other benefits.

minor and major vehicular accidents, and of course the constant threat of getting sick and infected by the virus simply because of their constant exposure during this pandemic. Still, their numbers continue to grow, driven by the potential income they can make. A typical month for these riders would net them anywhere from P15,000 to P30,000, something that is getting to be rare in this economy. It is good that some lawmakers are taking notice of their plight. Three separate resolutions—one from the Senate and two from the House—are calling for an investigation on this industry. All three resolutions, SR number 732, HOR numbers 1973 and 1974, question their status as independent contractors instead of employees who are entitled to rights, benefits and social protection under the Labor Code. In addition, several lawmakers urged the executive department to look with urgency on their plight, highlighting that these riders should be protected under the provisions of the 1987 Philippine

Constitution, as well as ILO Conventions 87 and 98, both ratified by the Philippines. A bill was filed in the House, HB number 9279, calling for mandatory statutory benefits for these riders, but it is doubtful we will see its fruition given the limited time left for Congress to act on the measure. Meanwhile, the Department of Labor and Employment is still determining whether the riders are employees or independent contractors. Globally, several countries have already acted in classifying these riders as employees of digital platforms, including Spain, which made such recognition via their Supreme Court. The United Kingdom also reclassified these workers, such that they are at least entitled to a minimum wage, vacation pay, and other benefits. Let’s face it, we know the pandemic won’t be fading soon. Relying on these riders will be the norm rather than the novelty it used to be. Government need not wait for legislation to protect our vital outside lifeline while we are cooped up in our homes. There are several measures that are already accorded to contracted workers that can be immediately utilized for these delivery riders. Imagine life without these riders. It’s difficult to even think about that in the time of Covid. This should push us to pressure government to examine their plight as soon as possible.

The author maybe reached via: thomas_orbos@sloan.mit.edu

Opinion BusinessMirror

www.businessmirror.com.ph

Implications of a major earthquake

War of the words

By Reynaldo A. de Dios

he risk of an earthquake is its unpredictability. The most recent earthquake of magnitude 7.2 that struck the Republic of Haiti caused over 2,000 deaths, 12,000 injured, hundreds missing and several hundred thousand homeless. In terms of economic losses, estimates are yet to be determined as these include thousands of private homes, commercial and public buildings, as well as roads, bridges and other infrastructures.

The immediate effect was a critical shortage of electric power and water supply, causing serious sanitation problems. Insurance companies, both life and non-life, will have to meet their claims commitments, which is not expected to be high considering the low insurance penetration in the country. Is the Philippines prepared to cope with an earthquake disaster of the same magnitude as that of Haiti, especially if it occurs in Metro Manila? A study by Phivolcs and the Japan International Cooperation Agency projects a grim scenario should an earthquake with an intensity of 7.2 on the Richter scale occur in Metro Manila. It’s estimated that 11 percent of the 1.8 million residential and commercial buildings would be affected, with approximately 35,000 casualties. Over 50 percent of the buildings in Metro Manila were not designed to withstand high seismic risk as these were built before the introduction of the new building codes, which impose stringent construction requirements. Since then, Phivolcs and a multisectoral task force organized by the government with the

A study by Phivolcs and the Japan International Cooperation Agency projects a grim scenario should an earthquake with an intensity of 7.2 on the Richter scale occur in Metro Manila. It’s estimated that 11 percent of the 1.8 million residential and commercial buildings would be affected, with approximately 35,000 casualties. assistance of private sector technical staff have undertaken inspection of buildings in Metro Manila to determine if they have complied with the prescribed building codes and whether these buildings could be strengthened by retrofitting or other mitigation measures. In particular, all hospitals should be priority checked for seismic standards and strengthened if necessary. For the safety of individuals and households following a major earthquake, they should prepare supplies of food and water for at least three days as well as flashlights, spare batteries and battery-operated radios. The author is a risk management consultant and Editor of Insurance Philippines magazine.

Siegfred Bueno Mison, Esq.

THE PATRIOT

iege. Blitzkrieg. Insurgency. However which way we call it, wars involve an armed conflict between states, governments, societies or paramilitary groups. Anything “armed” contemplates the use of weapons of destruction. Our ancestors equipped themselves with bolos or “itaks” and these too comprise what is typified as an “armed” fight. Any war generally has four characteristics: violence, aggression, destruction and mortality. Recently, in the Philippine political fabric, war has evolved to the use of insulting words instead of weapons of destruction. In a verbal tussle between personalities, President Duterte and Sen. Richard Gordon were thrown in an arena of an inimitable “word-fare”, if not warfare. The President fumed against the Senator days after the latter grilled former Budget undersecretary Loyd Christopher Lao in a Senate inquiry that generated allegedly more anomalies about government spending during the pandemic. Seeing the grilling as an act of aggression, the President utilized his “go-to” weapon of “verbal violence” by stating “magdaldal nang magdaldal ’yan, mag show off, magyabang. Marami ’yan, lalo na si Gordon.” In yet another tasteless pronouncement, the President went as far as alluding to the Senator as “mataba”, forcing the latter to speak back: “Alam ko po mataba ako…..pero kung gandang lalaki naman ang pag uusapan ay ’di hamak na mas maganda naman akong lalaki.” Amusing to others perhaps, but this word-fare muddles

Florida grapples with Covid-19’s deadliest phase yet By Adriana Gomez Licon And Kelli Kennedy Associated Press

IAMI—Funeral director Wayne Bright has seen grief piled upon grief during the latest Covid-19 surge. A woman died of the virus, and as her family was planning the funeral, her mother was also struck down. An aunt took over arrangements for the double funeral, only to die of Covid-19 herself two weeks afterward. “That was one of the most devastating things ever,” said Bright, who also arranged the funeral last week of one of his closest friends. Florida is in the grip of its deadliest wave of Covid-19 since the pandemic began, a disaster driven by the highly contagious Delta variant. While Florida’s vaccination rate is slightly higher than the national average, the Sunshine State has an outsize population of elderly people, who are especially vulnerable to the virus; a vibrant party scene; and a Republican governor who has taken a hard line against mask requirements, vaccine passports and business shutdowns. As of mid-August, the state was averaging 244 deaths per day, up from just 23 a day in late June and eclipsing the previous peak of 227 during the summer of 2020. (Because of both the way deaths are logged in Florida and lags in reporting, more recent figures on fatalities per day are incomplete.) Hospitals have had to rent refrigerated trucks to store more bodies. Funeral homes have been overwhelmed. Cristina Miles, a mother of five from Orange Park, is among those facing more than one loss at a time. Her husband died after contracting Covid-19, and less than two weeks later, her mother-in-law succumbed to the virus. “I feel we are all kind of in a weird dream state,” she said, adding that her children are grieving differently, with one shutting down, another feeling inspired to pass a hard swimming test, and the oldest going about her life as usual. Hospitals have been swamped with patients who, like Miles’ husband and mother-in-law, hadn’t gotten vaccinated. In a positive sign, the number of people in the hospital with Covid-19

A woman died of the virus, and as her family was planning the funeral, her mother was also struck down. An aunt took over arrangements for the double funeral, only to die of Covid-19 herself two weeks afterward. in Florida has dropped over the past two weeks from more than 17,000 to 14,200 on Friday, indicating the surge is easing. Florida made an aggressive effort early on to vaccinate its senior citizens. But Dr. Kartik Cherabuddi, a professor of infectious diseases at the University of Florida, said the raw number of those who have yet to get the shot is still large, given Florida’s elderly population of 4.6 million. “Even 10% is still a very large number, and then folks living with them who come in contact with them are not vaccinated,” Cherabuddi said. “With Delta, things spread very quickly.” Cherabuddi said there is also a “huge difference” in attitudes toward masks in Florida this summer compared with last year. This summer, “if you traveled around the state, it was like we are not really in a surge,” he said. Gov. Ron DeSantis has strongly opposed certain mandatory measures to keep the virus in check, saying people should be trusted to make decisions for themselves. He has asserted, too, that the spike in cases is seasonal as Floridians spend more time indoors to escape the heat. At his funeral home in Tampa, Bright is working weekdays and weekends, staying past midnight sometimes. “Usually we serve between five and six families a week. Right now, we are probably seeing 12 to 13 new families every week,” he said. “It’s

nonstop. We are just trying to keep up with the volume.” He had to arrange the burial of one of his closest friends, a man he had entrusted with the access code to his house. They used to carpool each other’s kids to school, and their families would gather for birthday and Super Bowl parties. “It is very, very difficult to go through this process for someone you love so dearly,” he said. Pat Seemann, a nurse practitioner whose company has nearly 500 elderly, homebound patients in central Florida, had not lost a single patient during the first waves. And then the variant she calls “the wrecking ball” hit. In the past month, she lost seven patients in two weeks, including a husband and wife who died within days of each other. “I cried all weekend. I was devastated, angry,” she said. Overall, more than 46,300 people have died of Covid-19 in Florida, which ranks 17th in per-capita deaths among the states. The majority of the deaths this summer—like last summer—are among the elderly. Of the 2,345 people whose recent deaths were reported over the past week, 1,479 of them were 65 and older—or 63 percent. “The focus needs to be on who’s dying and who’s ending up in the hospital,” Seeman said. “It’s still going after the elderly.” But the proportion of under-65 people dying of Covid-19 has grown substantially, which health officials attribute to lower vaccination rates in those age groups. Aaron Jaggi, 35, was trying to get healthy before he died of Covid-19, 12 hours after his older brother Free Jaggi, 41, lost his life to the virus. They were overweight, which increases the risk of severe Covid-19 illness, and on the fence about getting vaccinated, thinking the risk was minimal because they both worked from home, said Brittany Pequignot, who has lived with the family at various times and is like an adopted daughter. After their death, the family found a whiteboard that belonged to Aaron. It listed his daily goals for sit-ups and push-ups. “He was really trying,” Pequignot said.

the bigger issue. Ordinary Juans like us are guilty at some point of engaging in a war of words. Similar to our government leaders, we, too, are guilty of hurling loathsome words at our neighbors or co-workers, even expartners or family members, especially at times when our rifts have escalated beyond the ordinary. Lost in the saccharine level of diplomacy, our defensive armory is converted into an arsenal of foul mouth. Regrets come afterwards, just like in any war where the impact goes far beyond the opposing camps. Unfortunately, as this textile of word war continues to be sewn, our health workers are pouring out sweat and blood as they tend to our countrymen stricken by Covid and its multiple variants. In response to Health Secretary Duque’s claim of sleeplessness due to accusations of corruption, one health industry leader publicly declared that health workers “cannot even take a seat,” weary and downcast from hours and days of work, yet deprived of

Monday, September 6, 2021 A11

financial support and benefits due them. Sadly, when a public servant fat-shames another public servant, it distracts from the real issue: a doctor or a nurse can go hungry or even crazy working beyond the call of duty. Against the backdrop that ills our fellowmen, a war of words is the last thing our country needs today. Once spoken, our words can never be retracted, much less repair their damaging effects. The objective of these expressions, to disparage or malign another, is by itself the harm or injury and not the hurt felt by the recipient. In an enlightening journal article on Insults, Free Speech and Offensiveness, David Archard explores the “putative wrongfulness” of some expressive acts, and “insults.” He argues “that their wrongfulness cannot lie in the hurt that is caused to those at whom such acts are directed. Rather it must lie in what they seek to do, namely to denigrate the other. The causing of offence is at most evidence that an insult has been communicated.” Clearly, even before the arrow of a provoking speech reaches its target, the act of releasing the arrow is already wrong. Best to think twice before using hateful speech. One’s right to free speech cannot be abused. Ethics and moral standards still come into play, especially to those who understand human decency. It is already upsetting, to the point of dismay, that our leaders and those in social media, engage in word-fare while other urgent concerns are left unattended. These days, insults about a person’s weight, face and even color appear to be no longer taboo! Hence, I have stopped listening to those televised interviews and minimized my social media browsing. Anent comments on one’s looks,

it may be best to be reminded that nowhere in the Holy Bible has Jesus Christ been described in terms of physical appearance. This only means that one’s exterior form is irrelevant. Growing up, I was taught that nobody has any right to denigrate another on account of physical appearance. Thus, it is both wise and decent to encourage instead of disparage as our Heavenly Father commands it, hence: “Encourage one another daily” (Hebrews 3:13). Encouragement was and is an essential way of extending grace. We will definitely be tempted to engage in War of the Words. The wiser and morally upright version of us cannot give in. If we are to engage in armed conflict, let it be for a war of encouraging words, our objective being: “Encouraged to be an encourager.” Beginning with ourselves, let us abate any war of words with the guidance from what the Bible tells us in Colossians 4:6 that says: “Let your speech always be with grace, as though seasoned with salt, so that you will know how you should respond to each person.” Without “seasoning” our speech, this War of the Words can easily turn into vicious hostilities against humanity—like those zombies in World War Z!

A former infantry and intelligence officer in the Army, Siegfred Mison showcased his servant leadership philosophy in organizations such as the Integrated Bar of the Philippines, Malcolm Law Offices, Infogix Inc., University of the East, Bureau of Immigration, and Philippine Airlines. He is a graduate of West Point in New York, Ateneo Law School, and University of Southern California. A corporate lawyer by profession, he is an inspirational teacher and a Spirit-filled writer with a mission. For questions and comments, please e-mail me at sbmison@gmail.com.

Mutual aid groups give personalized help after Hurricane Ida By Haleluya Hadero And Glenn Gamboa | AP Business Writers

he day after Hurricane Ida struck Louisiana, Delaney Nolan spent hours biking around New Orleans, handing out money to people who needed to pay for supplies or for the hotel rooms where they’d taken shelter. Once the cash ran out—banks were closed, and ATMs were empty or no longer running without electricity—Nolan Venmo’d people the money they needed. As an organizer for the mutual aid group Southern Solidarity in Louisiana, she and her team also handed out free meals from restaurants that were cooking up their food stockpiles before they spoiled. Nolan is among the faces of philanthropy that are tending to the immediate personal losses inflicted by the hurricane. Mutual aid networks like Southern Solidarity spring into action to supplement the more established relief services from federal and local governments, as well as larger charities. The networks, in which community members pool resources and distribute donations to care for one another, seek to avoid the traditional charity model of giver and receiver. They grew in popularity during the Covid-19 pandemic as communities across the country faced dire needs. And now they are mobilizing in the wake of other disasters like Hurricane Ida. “Mutual aid is the most effective help right now,” Nolan said. “It’s built on communications with a lot of neighbors and existing relationships, from personally knowing what people need.” Established philanthropic groups are joining to support the mutual aid groups, too. Jasmine Araujo, the founder of Southern Solidarity, said that days after the hurricane hit, the organization GlobalGiving had called her and said there would be donations coming to her group quickly. “Most of our funds, though, come from individual donors,” she said. “We don’t usually get a lot of grants from bigger groups right away.” GlobalGiving launched its Hurri-

cane Ida Relief Fund over the weekend to speed distribution of funds for those in need, said Donna Callejon, who leads the group’s disaster response effort. “The funds come in, and we mobilize quickly,” said Callejon, adding that because GlobalGiving has worked in the area for years, it has a list of partners that have already been vetted to receive funds. “We have experience working in Louisiana with a lot of historically disenfranchised groups.” Another Gulf is Possible, a collective of 11 organizers and artists based in Louisiana, Texas, Mississippi, Alabama and Florida had stored up 30 kits of solar panels, batteries, lanterns, power banks, iPads and water filters in preparation for the storm. They are gearing up to distribute the items to community organizers in New Orleans and the predominantly Native American communities of Grand Bayou and Grand Bois. But reaching people in some areas has been difficult because of the power outages, said Bryan Parras, a member of the group. “People need everything,” said Anne White Hat, a Louisiana resident who’s part of the group, which has been collecting masks, goggles, and gloves to protect communities from mold or lead during cleanup efforts. Mutual aid efforts “allow everyone, no matter their status, to contribute what they are able,” said Tanya Gulliver-Garcia, a director at the Washington-based Center for Disaster Philanthropy. “The pandemic showed us that even in a cash-dependent society, people and their ‘stuff’ are still a valuable resource.” Most of the nation’s 800 formal mutual aid groups formed during the pandemic, according to the group

Mutual Aid Hub. Community fridges, for example, have sprung up in many cities since last year, allowing anyone to donate and take food. Members of Mutual Aid Disaster Relief, another group, have been circulating an online form where people sign up to help remove trees, share meals, host spaces for donation collections, provide counseling and perform other services for those impacted by Ida. About 90 new people have signed up to contribute in the past few days, a regional coordinator estimates. Help has also come from grassroots rescue groups. In the aftermath of Hurricane Ida, Paul Middendorf, a volunteer disaster responder from Houston, traveled across hard-hit LaPlace, driving home to home in a high-water vehicle in an effort to rescue Louisianans from chest-deep floodwater. Most of those rescued were in shock, Middendorf said, with some stationing themselves in their attics, fearful of rising waters and with nowhere to go. Many sought help from CrowdSource Rescue, a Houston-based disaster response group that connects people seeking help with trained volunteers. Along with Middendorf, it has aided dozens of other volunteers do rescues or wellness checks during the disaster response. By the time Middendorf arrived at the homes, most of the floodwaters had receded. But some residents still feared leaving their attics. “A couple of the families, I literally coaxed down the attic as the waters receded,” Middendorf said. CrowdSource Rescue, which launched in the aftermath of Hurricane Harvey in 2017, directs people seeking help to call 911 before contacting them. The group says it provides assistance when local officials are overwhelmed with requests. Matthew C. Marchetti, the group’s executive director, says its average donation size is $60. So far, Marchetti says he’s confirmed that the volunteers have rescued 364 people from floodwaters using boats and high-water vehicles.

A12 Monday, September 6, 2021

DOT CHIEF: CASINOS NOT PART OF OUR TOURISM PROMOTION By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

UN and beach, and diving. Those are the activities being promoted by the Department of Tourism (DOT), and not casinos on Boracay. Tourism Secretary Bernadette Romulo Puyat made this clear during the agency’s recent budget hearing with the House Committee on Appropriations. “When it comes to the promotion of casinos, it is also under the Pagcor [Philippine Amusement and Gaming Corp.]. It is not under the Department of Tourism [DOT]. When we promote our country, we promote sun and beach.” She made this comment after being asked by Party-list Rep. Carlos Zarate of Bayan Muna if the DOT will now be promoting gaming after President Duterte lifted the ban on casinos on the island, famous around the world for its long stretch of powdery white sand. This was Romulo Puyat’s first public statements on the issue, after repeatedly evading questions from the media following Duterte’s policy flip-flop. She added that what foreign tourists are looking for right now, “is how safe it is here to come to

the country when travel restrictions are lifted. They want to know if our tourism workers are vaccinated, which we are doing. The health and safety [aspect]… But we continue to promote sun and beach, diving, etc.” Pressed by Zarate if she welcomed the lifting of the casino ban on Boracay, Romulo Puyat was curt: “That’s the decision of the President. So we follow the President.” In a public conversation with select members of the Cabinet on August 26, Duterte said he has allowed casinos to open on Boracay due to the supposed pressing need for government revenues. Data from the Bureau of the Treasury showed, however, increased revenues and state underspending in the first half of the year. (See, “Boracay casino not my idea—DOF chief,” in the BusinessMirror, August 31, 2021.) The DOT is seeking a budget of some P3.53 billion to further push the recovery of the tourism industry in 2022. This is higher than the P2.78 billion allotted this year, of which P977 million has been obligated. In the first half of the year, the DOT has utilized 39 percent of its allotment. Several congressmen supported an increase in the DOT’s budget for 2022. Continued on A2

Brain drain bugs ERC, 2022 budget slashed to nearly half

By Lenie Lectura

@llectura

HE Energy Regulatory Commission (ERC) has appealed to have its proposed 2022 budget of P987.458 million restored, underscoring its intent to increase the salaries of its workforce in order to do its work more efficiently. The Department of Budget and Management (DBM) has slashed the ERC’s proposed budget to P586.516 million. The proposed budget for next year is already lower than the previous year’s P1 billion. The DBM cited the ERC’s low utilization of its budget in 2019 and 2020 as the reasons why it reduced the 2022 proposed budget. It said

that only 71 percent was utilized in 2019 and 69 percent in 2020. For this year, the obligation rate is only 28 percent as of end-June. ERC chairman Agnes Devanadera explained the reason for this: the 2019 budget was approved only in April 2019. For 2020, Devanedera said the utilization rate stood at 76.7 percent. “We all know there is a DBM circular saying that be-

cause of the pandemic we cannot use CI [congressional initiative]. We needed to ask permission from the Office of the President for the utilization of CI. But we all know that these things, I suppose, were used for the pandemic as supported by DBM circular.” She also clarified that as of August 2021, the ERC has a utilization rate of 40 percent. Devenadera also said the agency is swamped with 600 pending applications for power supply agreements (PSAs) and capital expenditure (capex) project approvals. There are ongoing public hearings on these cases, said the ERC chief. However, there are few lawyers and engineers working on these cases. Moreover, the agency’s salary rate is not competitive enough to maintain personnel. “Our technical people are not able to resist the offers of private sectors. We can’t blame them. This is the dif-

Will greed win over conscience in DOH fund mess probe?

ENATE probers will continue on Tuesday a full-blown inquiry into the 2020 Commission on Audit report on the Department of Health’s (DOH) use of P62 billion in pandemic funds, as three senators appealed at the weekend for concerned parties to cooperate in the probe if they have nothing to hide. The Senate Blue Ribbon Committee, chaired by Sen. Richard Gordon, is leading the inquiry to tackle related issues raised by senators, who last week were the object of attacks by President Duterte, as he called on them to stop what he deemed a useless probe. In an interview with DWIZ at the weekend, Sen. Panfilo Lacson lamented that some quarters have difficulty distinguishing “greed over conscience,” but withheld identities of whom he meant, even as he indicated plans to tackle the issue of allegedly overpriced ambulances. Lacson rued that some people, “choose greed over conscience; mahirap naman yan, ititigil natin dahil may nananawagan Presidente man o hindi, maraming natutuklasan,” the senator said. Saying he would bring in the issue of overpriced ambulances on Tuesday, Lacson disputed the claim that the DOH had used a different, or higher standard, from that “bought by the local [government units]” and this supposedly accounted for the price variance. The senator told DWIZ, partly in Filipino, that the LGUs “copied the [specs of] the ambulances sent to them by DOH. Whatever the model or brand, and the interiors of the ambulance—that’s what they bought.” Lacson said he asked around and was told the standard of DOH in buying ambulance is “nearly the same” with private firms, but added: “There was a difference in LGU purchase price and that of private firms” that, he said, “were quite far” from what the DOH cited. Noting that there was no discussion about the lowest bidder, Lacson wondered aloud, “Was t here over pr ic ing? T hat was clear. I will show on Tuesday that the ambulances bought by DOH” were substantially the same as those of the private [firms] and LGUs. I don’t know how they can

defend that.” Lacson indicated that someone blew the whistle, followed by others, but withheld their identities. Also on the Blue Ribbon agenda are: ■ Resolution 858 seeking an inquiry into the procurement of Covid-19 vaccines by local governments units and the private sector; ■ Resolution 859 citing COA findings on DOH reported unspent funds, mis-statements, irregularities and deficiencies; ■ Resolution 880 on payment claims issues between PhilHealth and private hospitals. For her part, Sen. Risa Hontiveros said they are keen to verify exactly how many ambulances, said to be worth P1 million each, were bought by DOH for distribution to local government units (LGUs).The senator recalled that for the DOH allocation, she introduced an additional “institutional amendment” amounting to P1 billion for 2020 during the budget deliberations on the DOH annual fund amounting to P8.681 billion to address “funding shortage” for the Universal Health Care (UHC). Meanwhile, Senate Minority Leader Frank Drilon prodded Pharmally Pharmaceutical Corp. officials to appear before the Senate and “testify about the over P10 billion supply deals they got” from the Procurement Service of the Department of Budget and Management (PS-DBM) previously headed by resigned Undersecretary Lloyd Christopher Lao. Drilon said in a TV interview, “We subpoenaed them but we could not find them in the addresses indicated in their submissions to the Securities and Exchange Commission (SEC).” T he Minor it y L eader added: “They know that the hearings are going on. Why have they not volunteered and come up and said, ‘I’m here and I’m willing to explain all of this.’ Why? That’s why questions are being raised, because of this incident that’s not consistent with our ordinary human experience.” Drilon said. He asserted that “if everything is aboveboard, Pharmally officials should have already volunteered to appear in the Blue Ribbon hearing to clear their names.” Butch Fernandez

ficulty we have in ERC and amount of budget we have is quite small. Over the past three months, we lost four senior lawyers because the private sector pirated them. Aside from the budget is really a plea that the DBM approve our request for salary increase because under the EPIRA [Electric Power Industry Reform Act], the ERC is not supposed to be covered by salary standardization,” said Devanadera. If the ERC’s requests are heeded, Devanadera said the agency will be able to fully utilize its proposed budget. “I am happy to say that the absorptive capacity of the ERC has substantially increased. With the Bids and Awards Committee [BAC] split into two, we are likewise grateful to the DBM for our request for a plantilla position for the BAC. It’s really a case of having the right people in the BAC. We see no reason why we cannot improve our absorptive capacity.”

Bongbong seeks freeze on price hikes in basic goods

OR MER Sen. Ferd inand “Bongbong” Marcos, Jr. on Wednesday urged the government to implement a moratorium on price increases in basic goods amid the Covid-19 pandemic. In its latest Suggested Retail Price (SRP) list as of August 29, 2021, the Department of Trade and Industry (DTI) had permitted price increases in several basic commodities. “I am appealing to the DTI to suspend the price increases in these basic goods since we are still in a pandemic. Marami po ang nawalan ng trabaho at ang ilan pa nga ay talagang hirap makapaghanapbuhay dahil sa [Many people lost their jobs and many of them are really having difficulty resuming a livelihood because of the] lockdowns,” Marcos said. The SRP list showed increases as high as P2.25 in some goods. Pinoy favorites such as sardines increased by P0.50 to P0.75, canned meat was up by P0.75 to P2, Instant noodles increased by P0.25. “For some people this may not have much of an impact. But for an individual or family struggling to make ends meet, this means a huge adjustment in the budget. They will buy even fewer essentials. I don’t think any company will go bankrupt if we suspend the price increases for these items,” stressed the former senator, speaking partly in Filipino. Breakfast staples such as threein-one coffee went up by P0.50, condensed milk up by P0.50 to P1.25, while powdered milk went up by P0.50 to P1.35. Condiments such as iodized salt went up by P1.40 to P2.25 and vinegar, up by P0.50. Detergent soap’s SRP went up by P1 as well. SRPs for bread, bottled water, candies, toilet soap, and batteries remained relatively unchanged. The SRP list posted by DTI contains a range of basic necessities ranging from canned and other food products, bottled water, dairy, and common household or kitchen supplies and serves as a handy price guide for consumers and retail stores. The DTI has said it has not allowed any price adjustments in the SRP since September 2019.

Companies BusinessMirror

Editor: Jennifer A. Ng

Monday, September 6, 2021

Govt share in Malampaya funds hits ₧124B–DOE By Lenie Lectura

@llectura

he government’s share in the Malampaya fund now stands at roughly P124 billion, the Department of Energy (DOE) said. DOE-Energy Utilization Management Bureau Director Patrick Aquino told lawmakers last week during deliberations on the agency’s proposed 2022 budget that the total collection from the Malampaya Deep Water Gasto-Power project from January 2002 to June 30 amounted to P332,061,684,842.47. Of which, P208 billion is being utilized for the payment of Universal Charge-Stranded Contract Costs (UC-SCC) and UC-stranded debts (UCSD) transferred to and assumed by the Power Sector Assets and Lia-

bilities Management Corp. pursuant to Section 49 of Republic Act 9136 or the Electric Power Industry Reform Act (EPIRA) of 2001. This is in accordance with the Murang Kuryente Act which mandates that the Malampaya fund would be used to pay the debts of the National Power Corp. (NPC) being charged to consumers as reflected in their monthly electricity bill. UC-SCC is the excess of the contracted cost of electricity under eligible independent power producer contracts over the actual selling price of the contracted energy output.

UCSD are the unpaid financial obligations of the NPC that have not been liquidated by the proceeds from the sales and privatization of its assets. During the hearing, lawmakers pressed the DOE to be transparent in providing details as to how the Malampaya fund is being spent. DOE Assistant Secretary Gerardo Erguiza, Jr. explained that whatever DOE collects from the Malampaya gas field is turned over to the National Treasury. “This goes directly to National Treasury….The total collection is about P300 billion. More or less, what is left is P100 billion. It is only through Congress that the Malampaya fund can be used. Whatever Congress wants, whatever you pass, whatever purpose you want this to be used then that’s where it will go,” said Erguiza. DOE officials said they would formally submit a report on the disbursement of the Malampaya funds.

Under Service Contract (SC) 38, 70 percent of the gross proceeds from the sale of natural gas would go to the contractor to recover the investment cost. The remaining 30 percent is shared by the government and the Malampaya consortium on a 60-40 basis, respectively. SC 38 was awarded to the Malampaya consortium, which is currently composed of UC38 LLC, a subsidiary of Udenna Corp. (UC), 45 percent; state-owned PNOC Exploration Corp., 10 percent; and Shell Philippines Exploration B.V. (SPEX), 45 percent. However, a deal was sealed between SPEX and another UC firm controlled by Davao businessman Dennis Uy. Malampaya Energy XP Pte. Ltd. had signed a deal with SPEX to sell its 45-percent operating interest in SC 38, which includes the Malampaya gas field. The turnover to Malampaya Energy is expected to be concluded in December this year.

Alfamart to pursue expansion plans By VG Cabuag @villygc

he expansion of convenience store chain Alfamart, a joint venture between the SM Group and Alfamart Indonesia, will push through despite the pandemic as it has set its sights on opening some 200 stores in Luzon by the end of the year. Harvey Ong, Alfamart Philippines COO, said the company is on track to expand its retail footprint to over 1,200 stores this year. “We continue to be guided by our company purpose of uplifting the lives of residents in underserved

communities. We bring this to life by opening stores close to where our customers live and offering them a wide assortment of essential merchandise to address their daily and weekly needs,” Ong said. Alfamart seeks to play a bigger role in community development by supporting local entrepreneurs, he said. “We want every Alfamart store to benefit its local community by generating employment, providing rental income to its lessors and creating opportunities for local suppliers. We also enable local businesses—such as carinderias and sari-sari stores—who turn to us

when they need supplies,” Ong said. In its bigger stores, Alfamart invites local entrepreneurs to set up businesses in the store vicinity, enabling them to tap into the store chain’s strategic locations. “A growing number of bills payment kiosks, food kiosks and laundry shops, are already partnering with us to offer their products and services to our shoppers. Partnerships are especially relevant now that everyone is reeling from the economic effects of the pandemic. In our own way, we hope to support other individuals or businesses who need a hand to get back on their feet,” Ong said.

The company’s expansion in the country still has a long way to go as Alfamart Indonesia has more than 17,000 outlets in Indonesia. SM Retail reported revenues of P138.2 billion in the first semester, slightly lower than the P139.2 billion recorded last year. Revenue growth was 18 percent in non-food, with online and deliveries accounting for 13 percent of the total. Retail net income was at P3.6 billion from only P522 million last year due to cost reductions implemented in the first quarter across all formats and further efficiencies in the second quarter.

Conduct an audit on performance PSALM sets bid price for Pampanga property of all telcos in PHL–Bongbong

he Power Sector Assets and Liabilities Management Corp. (PSALM) has set a minimum bid price of P741.327 million for its 50,447-square meter real estate property in Mexico, Pampanga. The asset used to be the site of the transshipment warehouse facility of the National Power Corp.’s (NPC) North-Luzon generation and transmission projects. The property was transferred from NPC to PSALM by virtue of Republic Act 9136, also known as the Electric Power Industry Reform Act. In a bid invite, the state-run firm has set the deadline for bid submission on October 20. Opening of bids will take place on the same day. A pre-bid conference will be held on September 15 to provide an opportunity for prospective bidders to raise questions pertinent to the terms of the sale. Interested bidders are required to pay a nonrefundable participation fee of P100,000,00. PSALM said the property is appropriate for commercial land development and is accessible via the North Luzon Expressway, Subic-Clark-Tarlac Expressway, MaC Arthur highway and Jose Abad Santos Avenue. It is also near community centers like schools, hospitals, and major shopping malls. PSALM said the winning bidder may redevelop the area for wholesale and retail stores, shops and supermarkets. The property can also benefit from the planned Manila-Clark Railway system, which will be completed within the last quarter of this year. Lenie Lectura

ormer Sen. Ferdinand “Bongbong” Marcos Jr. on Monday urged the National Telecommunications Commission (NTC) to conduct an audit on the performance of all telecommunications firms to assess the quality of internet service in the country. Marcos noted the disparity between the country’s touted gains in internet speed and the taxing real-world experience of teachers and students using the internet for their online classes. The Department of Information a nd Com mu n ic at ion s Tec h nolog y (DICT) has said recently that in July, the average download speeds for fixed broadband reached 71.17 megabits per second (Mbps) versus 66.55 Mbps the previous month. Meanwhile, mobile internet download speeds saw a slight uptick from 32.84 Mbps in June to 33.69 Mbps in July. The DICT added these improvements put the country at 63rd out of 180 countries for fixed broadband and 72nd out of 139 countries for mobile internet. “With online classes set to start in a few days, the NTC should conduct a thorough performance audit on our Telcos so we can avoid a repeat of instances where teacher and students had to risk life and limb just to get better internet connection,” Marcos said. “While it is good to see our internet download speeds improve, the experience of teachers and students show it does not necessarily translate to better overall user experience. It is high time for Telcos to focus on improving paramaters such as coverage and stability of connection which impacts day to day use,” Marcos added. According to a recent study by the

National Research Council of the Philippines (NRCP), internet speeds and internet connectivity are the top challenges facing teachers using distance learning. The study also shows more than 90 percent of teachers from elementary, junior high school and senior high school are reportedly struggling with internet connectivity in several regions especially in rural areas. At least 71.87 percent of the 28,859 DepEd teachers surveyed said they use mobile data to connect to the internet, 32.50 percent use fiber internet, 10.38 percent use DSL and 20.61 percent use portable Wifi devices. Even DepEd Secretary Leonor Briones admitted during a press conference last August 17 that stable internet connectivity is a continuing challenge for teachers nationwide. Briones said that the DepEd is shifting to technology, and for it to be successful, it will need connectivity which is “very, very limited.” “It is imperative for the NTC to push through with this performance audit to verify whether the objectives of the rollout plans submitted by these telcos are being achieved. A large number of teachers use mobile internet for their distance learning classes which makes it a top priority for improvement,” Marcos said. He added: “ This pandemic has highlighted the importance of having a strong digital infrastructure and I reiterate my appeal to the government to include projects in the Build, Build, Build program that will ensure our people has access to affordable and reliable internet.”

D&L maiden bond offer oversubscribed

hemical manufacturer D&L Industries Inc. said its maiden bond offering garnered strong support from fixed income investors as total bids received amounted to P13.8 billion, equivalent to more than four times the base offer size of P3 billion. In light of the robust demand, D&L said it expects the exercise of the oversubscription option of P2 billion. Upon full exercise of that option, the issue size will increase to P5 billion, composed of a P3-billion bond with a tenor of three years of series A bonds and a P2-billion bond with a tenor of five years of series B bonds. Interest rates were set at the tight end of the marketing range given the favorable response from investors, the company said. The series A bonds will carry a coupon rate of 2.7885 percent per

year, which is equivalent to the average three-year rate in the secondary market from August 24 to 26, plus a 50 basis point spread. The series B bonds will carry a coupon rate of 3.5962 per year, equivalent to the average five-year bond from August 24 to 26, plus a 60 basis point spread. Interest payments will be made quarterly in arrears. D&L tapped China Bank Capital Corp. as the sole issue manager, lead underwriter, and sole bookrunner of the milestone bond offer. The proceeds from the bond issuance will be used primarily to finance the company’s plant expansion in Batangas and for other working capital requirements. Construction of the said plant started in late 2018 and commercial operations are expected to partially commence in May 2022. VG Cabuag

STOCK-MARKET OUTLOOK Last week

Share prices gained last week, with the main index closing at the 6,800-point level, as investors were hopeful that the government will ease quarantine restrictions in Metro Manila and nearby provinces after September 7. The benchmark Philippine Stock Exchange index (PSEi) gained 110.51 points to close at 6,897.13 points. The main index was up almost all-week long, except on Tuesday when it fell 69.50 points, but it was able to recover most of it the next day. Average daily trade for the week was high at P8.5 billion as foreign investors started returning to the market, and cornered 46 percent of the trade. They were net buyers at P449.27 million. “Last week’s positive performance is seen to be reflective of investors’ hopes towards the further easing of restrictions primarily in the National Capital Region, the biggest contributor to our economy region-wise,” said Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc. All other subindices closed higher with the exception of the Property index that fell 18.01 points to close at 3,075.91 points. The broader All Shares index was up 57.58 to 4,261.69, the Financials index rose 13.29 to 1,450.61, the Industrial index surged 290.20 to 10,137.96, the Holding Firms index gained 214.01, the Services index climbed 11.26 to 1,768.72 and the Mining and Oil index soared 360.78 to 9,466.22. For the week, losers managed to edge gainers 117 to 95 and 34 shares were unchanged. Top gainers were Global-Estate Resorts Inc., Leisure and Resorts World Corp., The Philippine Stock Exchange Inc., First Gen Corp., Berjaya Philippines Inc. and Aboitiz Equity Ventures Inc. Top losers were Macay Holdings Inc., F and J Prince Holdings Corp. B shares, Philippine Trust Co., Century Peak Holdings Corp., Lodestar Investment Holdings Corp. and PTFC Redevelopment Corp.

This week

Share prices may continue to rise this week on expectations that the tough quarantine curbs will be eased after September 7 despite the rise in Covid-19 cases. “Meeting these hopes [this] week may strengthen the local market’s upward momentum. Failing the hopes by maintaining the current measures may lead to a pull back however. Aside from the government’s quarantine decision, investors are expected to monitor our Covid-19 cases,” Tantiangco said. Last week, however, new case counts have averaged 17,645 per day, higher than the previous average of 16,174. If the uptrend continues, it may cause negative sentiment in the market, he said. Broker 2Tradeasia said the country’s inflation rate for August and the unemployment data will be monitored by investors this week. “After reaching a year-to-date high of 4.7 percent, lockdowns have stymied demand for basic goods, effectively cooling inflation worries. However, rising fuel prices and agriculture and construction supply woes during the rainy season may bring surprise upward pressure by the fourth quarter,” it said. “As the old joke goes, in the Philippines, there are two seasons: holiday season and the election season. With both drawing near, sentiment may tilt to the upside in line with more economic activity.” Tantiangco said the market’s immediate support is seen at its 10-day exponential moving average 6,781.72 points as of September 3. Initial resistance is seen at 6,900 points which could be tested this week. If the market breaks and sustains ground at 6,900, next resistance is seen at 7,300, he said.

Stock picks

Broker Regina Capital Development Corp. advised to sell on rallies on the stock of PLDT Inc. as it took a breather for three days last week before staging another massive one-day uptick. “The stock reached an intra-day high of P1,545.00—levels it hasn’t seen since April 2018. Note that the stock’s strong upward trajectory began late last month, and the indicators have been propelled to the overbought territories since then. The momentum is not showing any signs of weakening, though,” it said. The indicators’ aggressive bullishness could push PLDT up towards its three-year resistance of P1,567.20. PLDT’s share price closed last week at P1,475 apiece. Meanwhile, the broker advised to take profits on the stock of Universal Robina Corp. as its stock price also soared towards a new months-long high. “Last week URC jumped by more than 4 percent to close at the intra-day of P150.80. These are also levels it hasn’t seen since January 2021. The indicators are strongly bullish, but the signals suggest they will continue gaining momentum in the near term,” it said. URC shares closed Friday at P145.70 apiece. VG Cabuag

Companies BusinessMirror

Monday, September 6, 2021

PAL to mount more flights under continuity plan–exec

By Lorenz S. Marasigan

@lorenzmarasigan

hilippine Airlines (PAL) is determined to maintain its status as the country’s premier carrier and will remain relentless in its pursuit of profitability despite the headwinds that threaten the airline. The carrier will continue to operate despite implementing a restructuring program through the filing of a Chapter 11 bankruptcy protection in the United States, its president Gilbert F. Sta. Maria said. “We move forward with renewed confidence, as today’s actions enable us to continue serving our customers and the Philippine economy long into the future,” he said. The flag carrier is now implementing its business continuity plan, including the mounting of more domestic and international flights “in line with market recovery.” It is also increasing frequencies of regional and long-haul routes, as well as domestic routes from its hubs in Manila and Cebu. Cargo flights will remain unhampered, especially those that

require the transportation of vaccines, medical supplies, and those that are critical to sustain the supply chain. PAL, which celebrates its 80th anniversary this year, is no stranger to crises like this. In 1999, it also implemented a rehabilitation plan after its pilots conducted a strike that crippled the airline the year prior. It was placed under receivership, but was able to roll out the rehab plan, which allowed the airline’s operations to return to normal. This year’s rehab plan for PAL involves various internal and external factors that could make or break the airline in the long run. Aside from making its workforce “leaner,” it is also cutting its fleet by 25 percent. The restructuring plan will en-

able PAL to reduce its debt of over $2 billion from lessors, lenders, and creditors through the infusion of $505 million of new debt and equity from existing shareholders and domestic banks as well as $150 million of additional debt from global private investors for “postrestructuring activities.” The filing for Chapter 11 Bankruptcy Protection is still subject to the approval of a New York Court. The first hearing for the said case is set for September 9, according to official documents from the carrier’s claims agent KCC. PAL will also complete a parallel filing for recognition in the Philippines under the Financial Insolvency and Rehabilitation

(FRIA) Act of 2010. “We welcome this major breakthrough, an overall agreement that enables PAL to remain the flag carrier of the Philippines and the premier global airline of the country, one that is better equipped to execute strategic initiatives and sustain the Philippines’s vital global air links to the world,” PAL Chairman Lucio C. Tan said. Its parent company, PAL Holdings Inc., which is not included as a filing entity for the case, has been struggling to regain profitability for several years now. The pandemic exacerbated this, as the majority of the legacy carrier’s operations were put on hold due to travel restrictions around the globe.

mutual funds

September 3, 2021 NAV One Year Three Year Five Year

per share

Return*

Y-T-D Return

Stock Funds ALFM Growth Fund, Inc. -a

219.81

15.79%

-6.12%

-3.95%

-3.26%

ATRAM Alpha Opportunity Fund, Inc. -a

1.5211

44.85%

0.55%

1.43%

15.85%

ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.0178

18.97%

-10.33%

-6.97%

-3.68%

-7.41% n.a.

-8.35%

Climbs Share Capital Equity Investment Fund Corp. -a 0.7368 12.51% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.7565 9.96%

-4.67% n.a.

First Metro Save and Learn Equity Fund,Inc. -a 4.9056

19.79%

-3.89%

-2.06%

-0.72%

0.7357

15.73%

-5.78%

-5.83%

-6.07% n.a.

-4.84%

First Metro Save and Learn Philippine Index Fund, Inc. -a

2.01%

MBG Equity Investment Fund, Inc. -a

97.01

20.88%

PAMI Equity Index Fund, Inc. -a

45.0049

18.8%

-4.64%

-2.83%

-3.93%

Philam Strategic Growth Fund, Inc. -a

472.72

15.4%

-4.19%

-3.23%

-3.33%

Philequity Alpha One Fund, Inc. -a,d

1.0859

25.47% n.a. n.a.

-1.04%

Philequity Dividend Yield Fund, Inc. -a

1.2014

23.08%

-2.93%

-1.51%

2.84%

Philequity Fund, Inc. -a

34.2453

20.02%

-3.83%

-1.66%

-1.51%

Philequity MSCI Philippine Index Fund, Inc. -a

0.8817

18.08% n.a. n.a.

-3.43%

Philequity PSE Index Fund Inc. -a

4.6261

19.62%

-3.99%

-2.07%

-3.45%

Philippine Stock Index Fund Corp. -a

772.99

19.56%

-3.95%

-2.21%

-3.57%

Soldivo Strategic Growth Fund, Inc. -a

0.6987

19.48%

-7.81%

-5.36%

-2.81%

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.5581

18.4%

-6.03%

-3.29%

-1.81%

Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8827 19.17%

-4.28%

-2.36%

-3.81%

United Fund, Inc. -a

-4.22%

-1.25%

-2.16%

-3.76%

-1.69%

3.2473

20.25%

-3.17%

Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 103.8002

19.59%

-3.49%

Primarily invested in foreign currency securities 12.82%

5.74%

6.27%

0.95%

Sun Life Prosperity World Voyager Fund, Inc. -a $1.8583

ATRAM AsiaPlus Equity Fund, Inc. -b $1.2143

18.34%

12.31%

12.23%

11.09%

Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a

1.6706

6.02%

-0.79%

-1.72%

0.12%

ATRAM Philippine Balanced Fund, Inc. -a

2.2019

8.98%

-1.65%

-1.56%

-3.65%

First Metro Save and Learn Balanced Fund Inc. -a 2.6024

10.4%

-0.45%

-0.38%

-0.94%

First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.1916 NCM Mutual Fund of the Phils., Inc. -a 1.9521

8.01%

12.64% n.a. n.a.

1.1%

0.28%

-0.61%

PAMI Horizon Fund, Inc. -a

3.6709

7.75%

0.03%

-0.98%

-3.09%

Philam Fund, Inc. -a

16.4354

8.14%

0.14%

-0.95%

-2.96%

Solidaritas Fund, Inc. -a

2.0511

9.39%

-1.13%

-0.65%

-2.05%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.5384 10.76%

-2.3%

-1.67%

-0.97%

Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9822

7.09% n.a. n.a.

-3.95%

Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8995

11.13% n.a. n.a.

-5.24%

Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.8863

13.25% n.a. n.a.

-5.02%

Sun Life Prosperity Dynamic Fund, Inc. -a

13.59%

0.44%

0.8916

-2.84%

-1.96%

-3.52%

Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03843

-1.23%

2.91%

1.21%

-1.76%

PAMI Asia Balanced Fund, Inc. -b

5.39%

3.66%

3.63%

-3.16%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.8458 13.76%

9.45%

8.6%

7.38%

Sun Life Prosperity Dollar Wellspring Fund, Inc. -a $1.2329 6.23%

5.54%

4.57%

2.56%

$1.1139

Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a

373.06

1.32%

3.05%

2.41%

0.54%

ATRAM Corporate Bond Fund, Inc. -a

1.9282

-1.07%

1.16%

0.2%

1.47%

Cocolife Fixed Income Fund, Inc. -a

3.2386

1.23%

3.5%

4.23%

0.74%

Ekklesia Mutual Fund Inc. -a

2.261

-1.68%

2.09%

1.17%

-1.52%

First Metro Save and Learn Fixed Income Fund,Inc. -a 2.442 -0.44%

3.24%

1.66%

-0.46%

Philam Bond Fund, Inc. -a

4.4825

-3.91%

4.23%

1.14%

-3.28%

Philam Managed Income Fund, Inc. -a

1.3203

0.71%

3.99%

2.72%

-0.07%

www.businessmirror.com.ph

PSE STOCK QUOTATIONS

September 3, 2021

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

BDO UNIBANK BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK COL FINANCIAL FERRONOUX HLDG IREMIT NTL REINSURANCE PHIL STOCK EXCH

115.8 83.2 24.2 9.16 44.5 9.61 20.45 55.5 19.8 112.5 85.75 4.3 2.96 1.35 0.64 225

115.9 83.5 24.4 9.17 44.6 10.16 20.55 56.1 19.82 113.2 85.8 4.31 3.09 1.38 0.68 235

113.5 82.7 24.5 9.2 45.05 10.14 20.4 55.3 19.94 112 87.5 4.3 2.91 1.35 0.66 231

115.8 83.5 24.5 9.27 45.5 10.14 20.55 55.5 19.94 113.4 87.5 4.31 3.1 1.35 0.73 236

113.2 82.7 24.2 9.15 44.5 10.12 20.2 55.2 19.8 112 83 4.3 2.83 1.35 0.63 225

115.8 83.5 24.2 9.17 44.5 10.12 20.45 55.5 19.82 112.5 85.8 4.31 3.09 1.35 0.64 235

2,241,910 1,030,240 30,800 540,000 5,334,000 600 514,600 1,020 18,600 165,220 249,190 47,000 168,000 11,000 368,000 46,590

258,824,666 85,813,384 746,420 4,978,654 238,921,520 6,082 10,487,435 56,585 369,126 18,615,789 21,344,528.50 202,110 496,660 14,850 237,340 10,868,354

106,401,001 10,081,269 -523,040 -141,125 -64,181,525 -3,042 -1,271,270 -212,338 960,025 -10,159,220.50 92,600 10,037,924

INDUSTRIAL AC ENERGY 9.97 9.98 9.97 10.16 9.91 9.98 32,790,800 327,744,577 ALSONS CONS 1.17 1.19 1.16 1.18 1.16 1.18 22,304,000 26,167,140 ABOITIZ POWER 29.1 29.15 29.3 29.8 28.95 29.1 6,841,000 200,938,285 BASIC ENERGY 0.62 0.63 0.63 0.65 0.61 0.63 35,756,000 22,687,080 FIRST GEN 31.85 31.9 32.15 32.2 31.85 31.9 2,058,700 65,806,890 FIRST PHIL HLDG 77.25 77.5 77.6 77.6 77 77.5 128,810 9,961,157 MERALCO 289 289.8 281.8 292 281.8 289.8 441,550 127,490,736 MANILA WATER 18 18.02 18.08 18.08 17.98 18 692,800 12,480,608 PETRON 3.12 3.15 3.11 3.15 3.11 3.15 977,000 3,059,560 PETROENERGY 3.93 3.96 3.98 3.98 3.96 3.96 6,000 23,820 PHX PETROLEUM 12.62 12.78 12.78 12.78 12.78 12.78 100,000 1,278,000 PILIPINAS SHELL 19 19.16 18.68 19.16 18.52 19.16 480,500 9,042,684 SPC POWER 13.04 13.1 12.96 13.1 12.9 13.1 123,800 1,613,248 VIVANT 15.02 16 16 16 16 16 600 9,600 AGRINURTURE 5.35 5.46 5.38 5.6 5.12 5.46 582,900 3,116,551 AXELUM 2.74 2.78 2.83 2.84 2.75 2.78 427,000 1,188,100 CNTRL AZUCARERA 13.76 14.18 14.2 14.2 14.2 14.2 400 5,680 CENTURY FOOD 25.95 26.25 26 27.05 25.95 25.95 2,026,600 53,772,685 DEL MONTE 13.2 13.28 13.12 13.2 13.04 13.2 169,600 2,217,998 DNL INDUS 8.27 8.28 8.33 8.41 8.26 8.28 1,184,700 9,861,302 EMPERADOR 17.06 17.08 16.48 17.28 16.18 17.06 16,845,900 286,729,072 SMC FOODANDBEV 78.7 78.75 78.7 79 78.1 78.75 87,490 6,886,010.50 ALLIANCE SELECT 0.65 0.66 0.65 0.66 0.65 0.65 301,000 195,880 FRUITAS HLDG 1.22 1.24 1.23 1.26 1.2 1.24 22,258,000 27,422,200 GINEBRA 105.3 105.4 109.9 109.9 105 105.4 39,810 4,239,514 JOLLIBEE 200.6 200.8 200 202.6 199.5 200.6 312,380 62,701,341 LIBERTY FLOUR 28.25 29.95 29.45 30 29.45 30 1,000 29,580 MAXS GROUP 6.33 6.34 6.58 6.6 6.2 6.33 252,600 1,604,220 MG HLDG 0.22 0.223 0.214 0.22 0.214 0.22 530,000 116,170 MONDE NISSIN 16.7 16.76 16.76 16.76 16.5 16.7 7,266,400 120,811,826 SHAKEYS PIZZA 7.66 7.7 7.67 7.67 7.62 7.66 19,900 152,344 ROXAS AND CO 0.89 0.9 0.9 0.94 0.89 0.9 4,519,000 4,063,770 RFM CORP 4.45 4.46 4.44 4.5 4.44 4.46 44,000 196,790 ROXAS HLDG 1.36 1.43 1.4 1.43 1.33 1.43 33,000 44,940 SWIFT FOODS 0.13 0.131 0.13 0.131 0.129 0.131 5,480,000 707,650 UNIV ROBINA 145.6 145.7 146 147.4 144.6 145.7 947,090 137,968,063 VITARICH 0.79 0.8 0.8 0.81 0.79 0.8 2,201,000 1,745,670 CEMEX HLDG 1.23 1.25 1.24 1.25 1.23 1.23 953,000 1,177,390 EAGLE CEMENT 14.4 14.42 14.2 14.42 14.2 14.4 32,800 470,456 EEI CORP 7.82 7.9 7.85 7.9 7.8 7.82 90,500 707,975 HOLCIM 6.7 6.8 6.69 6.82 6.66 6.8 407,900 2,734,763 MEGAWIDE 6.16 6.18 6.23 6.23 6.1 6.16 201,800 1,241,996 PHINMA 14.2 14.28 14.2 14.28 14.2 14.28 75,800 1,080,584 TKC METALS 0.97 0.99 0.99 0.99 0.97 0.97 16,000 15,590 VULCAN INDL 1.36 1.38 1.38 1.41 1.36 1.36 5,410,000 7,476,770 CROWN ASIA 1.7 1.71 1.7 1.71 1.7 1.7 50,000 85,010 EUROMED 1.75 1.76 1.74 1.76 1.74 1.75 34,000 59,670 LMG CORP 4.24 4.6 4.23 4.23 4.23 4.23 11,000 46,530 MABUHAY VINYL 5.38 5.42 5.3 5.38 5.3 5.38 10,900 58,284 PRYCE CORP 5.4 5.47 5.4 5.47 5.4 5.47 22,800 124,170 CONCEPCION 22.95 23 22.95 23 22.8 22.95 28,200 647,805 GREENERGY 2.65 2.67 2.69 2.69 2.5 2.67 12,556,000 32,465,040 INTEGRATED MICR 8.56 8.63 8.5 8.7 8.5 8.56 191,000 1,645,109 IONICS 0.91 0.93 0.93 0.93 0.91 0.91 246,000 225,630 PANASONIC 5.95 5.99 6.05 6.05 5.8 6 18,600 108,695 SFA SEMICON 1.18 1.2 1.21 1.21 1.18 1.18 77,000 92,230 CIRTEK HLDG 4.58 4.59 4.6 4.6 4.52 4.58 2,304,000 10,522,630

76,954,340 59,000 13,869,115 239,230 -15,345,220 -2,133,545.50 61,472,880 -1,179,282.00 -557,210 -866,092.00 -79,910 -961,304 8,250 -572,505 6,490 -2,266,888 -2,140,012 -4,749,557.50 -25,350 23,701 11,690,496 -21,230 -21,212,766 449,040 -192,350 -1,298,129 7,900 -251,490 -529,502 -803,285 86,386 235,350.00 54,700 77,710 5,280,170 -796,888 110,320

HOLDING & FRIMS ABACORE CAPITAL 1.06 1.07 1.07 1.09 1.04 1.07 14,671,000 15,593,210 ASIABEST GROUP 6.11 6.4 6.14 6.14 6.13 6.13 6,000 36,790 AYALA CORP 790 790.5 782 796.5 782 790 288,830 227,973,660 ABOITIZ EQUITY 44.9 44.95 44 44.9 44 44.9 1,011,700 45,238,950 ALLIANCE GLOBAL 10.54 10.62 10.4 10.7 10.4 10.62 2,007,200 21,328,350 AYALA LAND LOG 5.07 5.08 5.06 5.3 4.95 5.07 5,540,100 28,085,322 ANSCOR 6.8 6.95 7.1 7.1 6.95 6.95 12,600 87,615 ANGLO PHIL HLDG 0.98 0.99 0.97 1 0.97 0.99 1,365,000 1,340,420 ATN HLDG A 0.57 0.59 0.59 0.59 0.59 0.59 25,000 14,750 COSCO CAPITAL 5 5.01 5.04 5.04 5 5.01 960,400 4,813,071 DMCI HLDG 6.61 6.63 6.51 6.69 6.51 6.63 15,767,700 104,496,021 FILINVEST DEV 7.58 7.78 7.55 7.78 7.55 7.78 16,700 126,177 GT CAPITAL 553.5 560 546 560 546 560 173,820 96,028,630 HOUSE OF INV 3.76 3.81 3.78 3.78 3.77 3.77 3,000 11,320 JG SUMMIT 64.95 65 64.2 65.2 64 64.95 1,911,550 124,134,254.50 KEPPEL HLDG A 5.44 5.88 5.88 5.9 5.88 5.88 18,000 106,066 LODESTAR 0.65 0.68 0.65 0.68 0.65 0.65 601,000 395,950 LOPEZ HLDG 3.07 3.17 3.05 3.2 3.05 3.06 1,850,000 5,699,970 LT GROUP 8.9 8.91 8.68 9.05 8.68 8.9 27,069,700 241,722,804 METRO PAC INV 3.88 3.89 3.88 3.93 3.88 3.89 31,935,000 124,514,710 PACIFICA HLDG 3.05 3.15 3.05 3.15 3.05 3.15 6,000 18,500 PRIME MEDIA 1.93 1.96 1.91 2 1.91 1.94 217,000 418,290 SOLID GROUP 1.17 1.18 1.18 1.18 1.18 1.18 62,000 73,160 SM INVESTMENTS 1,010 1,020 983 1,020 983 1,020 309,510 312,729,690 SAN MIGUEL CORP 112.6 113 110 113 110 113 183,830 20,699,288 SEAFRONT RES 2.03 2.36 2.04 2.04 2.04 2.04 6,000 12,240 TOP FRONTIER 134.6 137.9 134.4 134.5 134.4 134.5 390 52,425 WELLEX INDUS 0.26 0.27 0.26 0.26 0.26 0.26 100,000 26,000 ZEUS HLDG 0.196 0.2 0.2 0.205 0.2 0.2 510,000 102,050

7,222,790 101,672,725 15,184,185 -1,632,224 273,373 -4,031,769 6,646,074 -3,330,485 -3,780 81,598,504.50 -150,155,602 -37,239,720 164,984,245 5,498,287 -

PROPERTY ARTHALAND CORP 0.65 0.68 0.66 0.68 0.66 0.68 90,000 59,560 AYALA LAND 33.05 33.1 33.25 33.45 33.05 33.1 7,053,500 233,615,340 ARANETA PROP 1.1 1.14 1.11 1.14 1.09 1.14 67,000 73,840 AREIT RT 37.5 38 37.25 38 37.25 38 651,800 24,442,115 BELLE CORP 1.35 1.37 1.37 1.39 1.35 1.37 480,000 659,310 A BROWN 0.85 0.87 0.85 0.87 0.85 0.87 386,000 328,180 CITYLAND DEVT 0.77 0.79 0.78 0.79 0.78 0.78 164,000 128,090 CROWN EQUITIES 0.121 0.123 0.12 0.125 0.12 0.123 1,780,000 221,210 CEB LANDMASTERS 3.21 3.22 3.25 3.25 3.2 3.21 1,364,000 4,395,190 CENTURY PROP 0.46 0.465 0.47 0.47 0.455 0.465 22,220,000 10,267,750 DOUBLEDRAGON 10.08 10.12 10.16 10.16 10.06 10.12 149,700 1,513,462 DDMP RT 1.79 1.8 1.78 1.8 1.78 1.8 8,025,000 14,376,020 DM WENCESLAO 6.48 6.5 6.55 6.59 6.4 6.5 91,700 596,164 EMPIRE EAST 0.28 0.285 0.28 0.285 0.275 0.285 310,000 86,750 EVER GOTESCO 0.405 0.41 0.435 0.435 0.405 0.405 47,370,000 19,920,400 FILINVEST RT 7.19 7.21 7.2 7.21 7.18 7.19 7,145,500 51,413,187 FILINVEST LAND 1.1 1.11 1.1 1.11 1.1 1.1 6,391,000 7,036,180 GLOBAL ESTATE 1.31 1.33 0.92 1.34 0.92 1.33 67,498,000 79,791,380 8990 HLDG 7.16 7.4 7.39 7.41 7.09 7.4 105,200 752,075 PHIL INFRADEV 1.22 1.23 1.28 1.28 1.21 1.23 543,000 663,310 KEPPEL PROP 3.27 3.76 3.26 3.26 3.26 3.26 1,000 3,260 CITY AND LAND 1.26 1.28 1.26 1.28 1.2 1.28 367,000 454,680 MEGAWORLD 2.84 2.86 2.92 2.92 2.84 2.84 18,002,000 51,540,580 MRC ALLIED 0.305 0.31 0.305 0.31 0.3 0.305 7,670,000 2,350,350 PHIL ESTATES 0.53 0.55 0.55 0.56 0.53 0.55 5,458,000 2,974,650 PRIMEX CORP 2 2.12 2.12 2.17 2 2.13 233,000 477,510 ROBINSONS LAND 16.7 16.84 16.7 16.84 16.6 16.84 1,814,100 30,368,188 PHIL REALTY 0.265 0.27 0.27 0.27 0.265 0.27 2,560,000 686,000 ROCKWELL 1.51 1.52 1.51 1.52 1.51 1.51 60,000 90,730 SHANG PROP 2.61 2.65 2.6 2.64 2.6 2.64 32,000 84,240 STA LUCIA LAND 2.95 3 2.97 3 2.97 3 196,000 585,850 SM PRIME HLDG 33.8 34 34.2 34.2 33.55 34 3,211,000 108,831,560 VISTAMALLS 3.66 3.8 3.81 3.81 3.66 3.66 50,000 185,050 SUNTRUST HOME 1.65 1.66 1.62 1.68 1.62 1.65 168,000 277,030 VISTA LAND 3.53 3.55 3.53 3.55 3.48 3.55 597,000 2,098,270 SERVICES ABS CBN 10.9 10.92 10.84 10.92 10.84 10.9 154,600 1,684,078 GMA NETWORK 12.88 12.9 13.02 13.04 12.88 12.88 2,530,400 32,723,238 MANILA BULLETIN 0.4 0.415 0.415 0.415 0.4 0.4 50,000 20,450 MLA BRDCASTING 8.5 10.5 10.5 10.5 9.18 9.18 700 6,954 GLOBE TELECOM 2,702 2,704 2,752 2,782 2,670 2,702 64,735 175,794,610 PLDT 1,475 1,476 1,530 1,531 1,469 1,475 193,595 287,817,240 APOLLO GLOBAL 0.112 0.113 0.109 0.115 0.108 0.113 439,750,000 48,959,530 CONVERGE 31.9 31.95 32 32 31.7 31.9 7,853,800 250,438,830 DFNN INC 3.82 3.85 3.92 3.92 3.77 3.88 257,000 992,130 DITO CME HLDG 8.6 8.65 8.8 8.88 8.55 8.6 9,666,800 84,454,823 IMPERIAL 1.4 1.64 1.41 1.41 1.41 1.41 18,000 25,380 NOW CORP 2.02 2.03 2.03 2.08 2 2.02 5,820,000 11,718,740 TRANSPACIFIC BR 0.385 0.39 0.385 0.395 0.38 0.39 4,330,000 1,670,250 PHILWEB 2.17 2.22 2.2 2.22 2.15 2.22 489,000 1,067,770 2GO GROUP 8.06 8.12 8.2 8.2 8.1 8.12 6,200 50,431 ASIAN TERMINALS 13.86 14 14 14 13.7 14 4,300 59,976 CHELSEA 2.52 2.54 2.52 2.54 2.51 2.54 166,000 419,480 CEBU AIR 43.55 43.6 43.7 43.7 43.5 43.6 154,200 6,720,085 INTL CONTAINER 177.2 178.4 179 180 176 177.2 831,950 147,672,954 LBC EXPRESS 16.24 16.3 16.24 16.24 16.22 16.24 1,200 19,480 MACROASIA 4.6 4.61 4.68 4.73 4.61 4.61 1,371,000 6,378,400 METROALLIANCE A 1.67 1.7 1.7 1.72 1.65 1.67 122,000 206,210 METROALLIANCE B 1.73 1.99 1.99 1.99 1.99 1.99 1,000 1,990 HARBOR STAR 1.06 1.08 1.04 1.08 1.04 1.08 318,000 330,920 ACESITE HOTEL 1.61 1.65 1.61 1.65 1.61 1.65 119,000 191,630 BOULEVARD HLDG 0.093 0.094 0.093 0.095 0.093 0.094 54,430,000 5,111,680 DISCOVERY WORLD 2.19 2.29 2.2 2.28 2.19 2.2 271,000 598,500 WATERFRONT 0.53 0.54 0.53 0.53 0.52 0.53 2,224,000 1,176,900 IPEOPLE 6.8 7.16 6.66 7.19 6.66 7.16 18,600 129,134 STI HLDG 0.35 0.355 0.355 0.355 0.355 0.355 60,000 21,300 BERJAYA 6.2 6.22 5.99 6.22 5.85 6.2 594,600 3,588,282 BLOOMBERRY 6.27 6.28 6.01 6.3 6.01 6.27 8,763,500 53,349,213 LEISURE AND RES 1.86 1.9 1.82 1.94 1.76 1.9 4,743,000 8,908,270 MANILA JOCKEY 1.93 2.05 1.96 1.96 1.95 1.95 6,000 11,710 PH RESORTS GRP 1.58 1.6 1.6 1.6 1.55 1.6 1,105,000 1,745,810 PREMIUM LEISURE 0.42 0.425 0.415 0.43 0.415 0.425 1,880,000 789,100 ALLHOME 9 9.02 8.54 9.19 8.54 9 2,569,700 22,991,944 METRO RETAIL 1.27 1.28 1.27 1.29 1.27 1.27 519,000 661,020 PUREGOLD 43.15 43.2 42.9 43.55 42.9 43.2 2,592,700 112,242,335 ROBINSONS RTL 49.95 50 50 50.9 49.9 49.95 1,201,870 60,065,651 PHIL SEVEN CORP 88 90 91 91 88 88 2,940 260,639 SSI GROUP 1.16 1.17 1.17 1.17 1.15 1.16 700,000 813,010 WILCON DEPOT 26.65 26.75 26.05 28 26.05 26.75 4,667,000 124,970,840 APC GROUP 0.31 0.33 0.33 0.33 0.33 0.33 210,000 69,300 EASYCALL 5.27 5.3 5.58 5.58 5.27 5.27 33,500 177,642 GOLDEN MV 465 477.6 467 477.6 467 477.6 870 415,330 IPM HLDG 7.08 7.1 7 7.1 7 7.1 11,500 81,125 PAXYS 2.32 2.48 2.48 2.48 2.48 2.48 10,000 24,800 PRMIERE HORIZON 1.16 1.17 1.35 1.35 1.14 1.17 82,246,000 100,018,930 SBS PHIL CORP 4.2 4.29 4.2 4.2 4.11 4.2 208,000 873,020

MINING & OIL ATOK 6.4 6.68 6.36 6.7 6.11 6.68 637,800 4,157,851 APEX MINING 1.49 1.51 1.52 1.52 1.47 1.51 1,312,000 1,954,730 ATLAS MINING 6.29 6.3 6.11 6.3 6.04 6.29 1,739,900 10,686,553 Philequity Peso Bond Fund, Inc. -a 3.9798 0.48% 4.51% 1.94% -0.53% BENGUET A 4.96 5.06 4.95 5.07 4.95 5.07 11,300 56,043 BENGUET B 4.74 5.33 4.72 4.74 4.72 4.74 34,000 160,680 Soldivo Bond Fund, Inc. -a 1.0381 0.1% 4.73% 1.57% -0.37% COAL ASIA HLDG 0.285 0.3 0.295 0.3 0.295 0.3 460,000 137,200 CENTURY PEAK 2.55 2.68 2.78 2.78 2.55 2.55 1,110,000 2,872,970 FERRONICKEL 2.13 2.14 2.21 2.25 2.11 2.14 9,474,000 20,558,760 Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.2212 1.34% 4.98% 2.33% 0.47% GEOGRACE 0.265 0.27 0.265 0.27 0.265 0.27 640,000 171,700 LEPANTO A 0.143 0.144 0.137 0.144 0.137 0.144 7,670,000 1,093,490 Sun Life Prosperity GS Fund, Inc. -a 1.7519 0.51% 4.3% 1.64% -0.18% LEPANTO B 0.144 0.149 0.147 0.149 0.147 0.149 510,000 75,690 MANILA MINING A 0.01 0.011 0.01 0.01 0.01 0.01 15,000,000 150,000 Primarily invested in foreign currency securities MANILA MINING B 0.01 0.011 0.01 0.011 0.01 0.011 246,100,000 2,474,100 MARCVENTURES 0.95 0.96 0.94 0.96 0.94 0.95 636,000 599,700 ALFM Dollar Bond Fund, Inc. -a $488.12 2.07% 3.15% 2.12% 0.88% NIHAO 1.21 1.26 1.21 1.27 1.21 1.27 6,000 7,320 NICKEL ASIA 5.77 5.78 5.83 5.83 5.73 5.78 3,671,600 21,244,223 ALFM Euro Bond Fund, Inc. -a Є220.71 1.7% 1.13% 0.83% 0.7% ORNTL PENINSULA 0.89 0.9 0.92 0.92 0.9 0.9 97,000 87,320 PX MINING 5.52 5.56 5.35 5.58 5.35 5.56 2,125,500 11,603,533 ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2077 -2.39% 2.55% 1.4% -5.68% SEMIRARA MINING 18 18.04 18.14 18.28 17.68 18.04 4,167,500 74,883,530 UNITED PARAGON 0.0079 0.0081 0.0077 0.0081 0.0077 0.008 22,000,000 174,900 First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0262 - 0.38% 1.85% 0.86% -1.5% ACE ENEXOR 15.8 15.88 15.46 15.9 15.46 15.88 46,600 735,164 ORNTL PETROL A 0.011 0.012 0.011 0.012 0.011 0.012 21,400,000 236,200 PAMI Global Bond Fund, Inc -b $1.0548 -2.87% 0.52% -1.08% -3.47% ORNTL PETROL B 0.011 0.012 0.011 0.011 0.011 0.011 5,700,000 62,700 PHILODRILL 0.01 0.011 0.01 0.011 0.01 0.01 16,900,000 171,900 Philam Dollar Bond Fund, Inc. -a $2.5337 1.69% 5.19% 1.98% -0.07% PXP ENERGY 6.39 6.44 6.4 6.5 6.37 6.39 371,400 2,377,223 Philequity Dollar Income Fund Inc. -a $0.0631117 3.46% 3.56% 2.11% 1.27% PREFFERED HOUSE PREF B 100.7 101.7 100.8 101.7 100.8 101.7 20,000 2,025,000 HOUSE PREF A 100.3 101 101 101 101 101 70 7,070 Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.2108 -0.39% 3.35% 0.79% -0.4% AC PREF B1 520 538 520 520 520 520 1,300 676,000 CEB PREF 43.15 43.2 43.25 43.25 43.15 43.15 148,700 6,428,115 Money Market Funds CPG PREF A 101.2 102.9 102.9 102.9 102.9 102.9 20 2,058 DD PREF 100.8 100.9 100.9 100.9 100.7 100.8 28,110 2,833,895 Primarily invested in Peso securities GTCAP PREF A 1,000 1,018 1,000 1,018 1,000 1,018 605 605,090 GTCAP PREF B 1,022 1,048 1,022 1,022 1,022 1,022 2,020 2,064,440 ALFM Money Market Fund, Inc. -a 130.62 1.29% 2.97% 2.54% 0.62% MWIDE PREF 100.8 101 101 101 101 101 540 54,540 MWIDE PREF 2B 100.3 102.5 100.2 100.2 100.2 100.2 370 37,074 First Metro Save and Learn Money Market Fund, Inc. -a 1.0548 1.02% n.a. n.a. 0.64% PNX PREF 3B 106 106.5 106.8 106.8 106.8 106.8 150 16,020 PNX PREF 4 1,004 1,005 1,002 1,004 1,002 1,004 3,955 3,970,680 Sun Life Prosperity Peso Starter Fund, Inc. -a,1 1.3088 1.55% 2.78% 2.55% 0.94% PCOR PREF 2B 1,021 1,022 1,025 1,025 1,021 1,022 1,130 1,154,715 PCOR PREF 3A 1,085 1,115 1,115 1,115 1,115 1,115 5,420 6,043,300 Primarily invested in foreign currency securities PCOR PREF 3B 1,160 1,168 1,160 1,160 1,160 1,160 200 232,000 SFI PREF 1.62 2 1.65 1.65 1.6 1.6 44,000 70,900 Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0584 1% 1.6% n.a. 0.57% SMC PREF 2C 76.15 76.2 76.2 76.25 76.2 76.2 23,790 1,813,546 SMC PREF 2E 75.5 76.6 76.65 76.65 75.5 75.5 80,390 6,083,425 SMC PREF 2F 78.8 79 78.75 78.8 78.75 78.8 342,120 26,958,056 Feeder Funds SMC PREF 2H 76.55 76.8 76.8 76.8 76.8 76.8 1,210 92,928 SMC PREF 2I 79 79.1 78.15 79.1 78.15 79.1 2,200 173,774.50 Primarily invested in Peso securities SMC PREF 2J 76.5 76.9 76.5 76.5 76.5 76.5 50 3,825 SMC PREF 2K 76 76.75 76 76.75 76 76.75 400 30,625 Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d 1.3445 28.62% n.a. n.a. 19.02% PHIL. DEPOSITARY RECEIPTS Primarily invested in foreign currency securities ABS HLDG PDR 10.36 10.4 10.4 10.4 10.4 10.4 210,000 2,184,000 GMA HLDG PDR 12 12.1 12.04 12.1 12 12 37,900 455,904 ALFM Global Multi-Asset Income Fund Inc. -a,d $1 5.26% n.a. n.a. 2.04% WARRANTS LR WARRANT 0.56 0.57 0.61 0.67 0.57 0.57 11,987,000 7,493,950 TECH WARRANT 1.59 1.6 1.42 1.59 1.38 1.59 27,876,000 41,413,910 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."

78,517,505 6,735,820 -325,940 20,280 344,090 214,750 105,498 -5,877,070 51,766 -297,300 -8,797,827 -467,420 -199,370 -8,500 13,530 53,440 -19,515,100 110,150 -43,340 -53,620 -7,377,384 52,800 18,466,395 -143,520 -821,100 -10,456,300 -107,865,735 1,427,710 -37,305,630 612,140 -516,541 8,160.00 -105,400 -3,276 -2,367,065 -50,260,523 -140,930 385,260 111,010 -19,572,712.00 -90,310 -305,300 51,300 4,565,767.00 -378,270 57,790,620 4,493,083 -85,410 -43,113,085 -19,800 -4,537,980 8,220 35,940 -257,710 -472,656 -146,460 1,176,560 1,923,570 2,700 18,800 2,362,126 -785,794 3,780,586 -15,800 -339,729 1,017,000 -5,775,845 -50,500 3,855,360 -7,600 -2,184,000 -7,200 386,480 209,020

SMALL & MEDIUM ENTERPRISES ALTUS PROP ITALPINAS KEPWEALTH MERRYMART

19.88 2.03 4.18 4.01

FIRST METRO ETF

104.8

19.98 2.04 4.39 4.02

EXHANGE TRADE FUNDS

105

20.5 2.03 4.18 4.05

20.95 2.04 4.18 4.15

19.82 2.01 4.18 4.02

20 2.03 4.18 4.02

35,300 186,000 6,000 12,125,000

706,127 374,880 25,080 49,553,820

3,980.00 20,900 -2,467,460

103.9 104.8 103 104.8 31,620 3,300,372 245,753

www.businessmirror.com.ph

Banking&Finance

Savings mean happiness for people in Koronadal By Cai U. Ordinario

@caiordinario

AVING a high income is not a guarantee for happiness in the Philippines—at least in Koronadal City—according to a new study by a professor at the Ateneo de Manila University (ADMU). In her study titled “Income and Happiness: A Philippine Context,” ADMU Department of Economics Professor Rosalina Palanca-Tan said possessions such as mobile phones and homes with bedrooms affect Filipinos happiness. She also found that in Koronadal City, having savings; an absence of debts; and, being a member of a cooperative makes residents happy. “The results generally indicate that the magnitude of the impact of income on happiness, although statistically significant, is rather minute,” Tan said in her study. “This finding reflects that people in Koronadal are generally happy even with low incomes, which is consistent with the happy poor image of the Filipino poor,” she added. With this, Tan said, the conditional cash transfer program of the government, which provides direct cash transfers to poor families, does not significantly affect the happiness of these families. “The results suggest that other programs such as increasing accessibility and affordability of goods and services that make daily life convenient and comfortable as well as free of financial uncertainties and worries (e.g. incentives and other support for credit cooperatives) may be more effective in raising people’s life-satisfaction or well-being than direct income-augmenting programs,” the study stated. Tan’s findings showed that after reaching a monthly income of P20,000, income becomes less of a reason for Koronadal City residents to be happy. Based on the findings, 522 respondents had a mean happiness score of 6.75. While the mean happiness score increases from one income

group to another, the difference in the happiness of those earning P10,000 to P19,999 a month and P20,000 to P49,999 is not that wide. The mean happiness score of those receiving P10,000 to P19,999 monthly was at 6.87 while those receiving P20,000 to P49,999 was at 7.02. This only translated to a mean score difference of 0.15. The mean happiness score of those earning below P10,000 a month is 6.31, a 0.56 difference from the 6.87 score of those in the higher income bracket of P10,000 to P19,999 per month. “The econometric results indicate that beyond the income level P20,000, income does no longer significantly affect happiness,” Tan said in an e-mail to BusinessMirror. “I would not refer to P20,000 as the happiness income threshold. The poverty income threshold differentiates between the poor and non-poor. If you apply a parallel definition, the ‘happiness’ income threshold differentiate the happy and unhappy, which is not the correct interpretation of P20,000,” Tan explained. The average respondent in the study is 44 years old. Around 26 percent are male. About 13 percent of respondents had gone to elementary school, 50 percent to high school, 5 percent to vocational school and 31 percent reached the collegiate level. Only a few had no formal education or had pursued graduate studies. The average household has five members. The average monthly household income is P19,444 or $384.20. Only 52 percent reside in urban areas. Most or 96 percent of respondents have mobile phones. On average, the respondents live in a two-bedroom house and consume meat only two days a week. There are more respondents with outstanding loans at 59 percent than savings at 50 percent. Almost 15 percent of respondents are members of cooperatives, some 72 percent are affiliated with credit cooperatives.

Make pre-audit system bill a priority–lawmaker

HE head of the House Committee on People’s Participation on Sunday asked President Rodrigo Duterte to certify as urgent the pre-audit system bill. San Jose Del Monte City Rep. Florida P. Robes said her pre-audit system bill, which is pending before the lower chamber, may be the answer to prevent controversies involving the findings of the Commission on Audit on various government agencies. The certification from President Duterte will ensure the smooth passage of the bill in Congress, the lawmaker said. Robes believes the system would “prevent or minimize any questions on how public funds are used.” Under House Bill 7124, a preaudit system mandates that all transactions and contracts are reviewed before public funds are released for their implementation. “This will ensure that government funds are used according to what they were allocated for within the allotted period,” Robes said. The measure said all expenditures and uses of public funds pertaining to infrastructure projects, procurement of goods and consulting services, including lease of goods and real property, of any branch, office agency or instrumentality of the government, including state universities and colleges, government-owned and controlled corporations, government financial institutions and local government governments shall undergo mandatory pre-audit before any funds are released

for such projects or contracts. “If this bill gets passed I believe that this will promote transparency and accountability in the disbursement of public funds and as it will ensure that government agencies and local government agencies have the capacity to implement the program within the allotted period,” she said. To ensure that there will be no delay in the disbursements, the Commission on Audit (COA) shall issue a Certificate of PreAudit within a period of 15 days from receipt of all pertinent documents. If the COA does not issue a certificate, it is mandated to decline the issuance of the same, on valid and legal grounds within a period of 15 days from receipt of all pertinent documents relative to the intended disbursement of public funds. To implement the pre-audit system, the bill creates a Pre-Audit Office at the COA for the manpower requirement to guarantee immediate compliance of the system’s requirements. For purposes of transparency, the COA is mandated to submit an annual report to the President of the Philippines and to Congress on the status of the implementation of the pre-audit system not later than June 30 of every year following its approval. Earlier, Robes said the pre-audit system may prevent another controversy involving the use of public funds as what has hounded the Department of Health and other government agencies and instrumentalities. Jovee Marie N. Dela Cruz

BusinessMirror

Editor: Dennis D. Estopace • Monday, September 6, 2021

PAL bankruptcy filing prompts review of PHL insolvency law

By Jovee Marie N. dela Cruz

@joveemarie

FTER the Philippine Airlines (PAL) filed for Chapter 11 bankruptcy in the United States (See, “PAL to mount more flights under continuity plan—exec” on B2.), a leader of the House of Representatives has said the Lower Chamber will review the Philippine bankruptcy law to ready the country for future crises.

House Committee on Ways and Means Chairman Joey Sarte Salceda, in a statement, said a review of Republic Act 10142 or the Financial Rehabilitation and Insolvency Act (Fria) is necessary in light of anticipated insolvencies post-Covid-19. PAL becomes one of the largest Filipino companies to file for a court-assisted rehabilitation program under the Chapter 11 proceedings in the US. During a Chapter 11 proceeding, the court will help a business restructure its debts and obligations. In most cases the firm remains open and operating. According to Salceda, a similar measure under Philippine law exists under Chapter 2 of the Fria; but “given the serial slowness of the country’s judicial process, the process might come too late.” The lawmaker said “Super Chapter 2” amendment under Fria, with trigger mechanisms supervised by the Financial Stability Coordination Council (FSCC), would be a system ready for future crises. “[It would be] something like a safety valve. You don’t want to have strategic companies like PAL closing down because the resulting economic scars could be permanent,” Salceda said. “It’s very hard to rebuild a major

employer and economic machine that has been sold off for parts.” He said his team is now studying the matter very closely and will file a measure as soon as possible. “The problem with both the US and the Philippine bankruptcy laws, which are based on the American model, is that they are not prepared for mass insolvency situations such as Covid-19,” Salceda said. “The [current bankruptcy law] is only prepared to deal with bankruptcies where the primary cause is mismanagement or the company’s pri-

vate [and] individual circumstances. In the case of Covid-19, the problem is systemic,” the solon added. “Collaterals mandated under Philippine law could be valued at ‘fire sale’ prices during a crisis, making repayment much harder. The result is, instead of rehabilitation as an entire business, the businesses might just be sold off piece by piece. That is very bad for the economy’s long-term productive capacity.” Under the Fria, a Philippines court will restructure the debt payments to allow for a longer period of repayment. Suspended payment bankruptcies are allowed when the debtor has the collateral to cover the debt but can’t meet payments by their due date, the debtor presents a restructuring payment plan that is both viable and agreeable to the lender, and creditors or lenders who hold 60 percent of more of the debt liability meet and jointly agree on the debtor’s proposed repayment plan.

‘Super Chapter 2’

SALCEDA said he wants something of a “Super Chapter 2” mechanism that he proposed under the Accelerated Recovery and Investments Stimulus for the Economy Act. “We appoint a government-selected supervisor. You would usually

keep management in place, and give more consideration to workers and less to creditors than in conventional bankruptcies. For strategic companies, you would inject money in return for shares, perhaps as convertibles, so that the Filipino taxpayers could get a piece of the upside upon recovery,” Salceda said. “It probably should not be courtappointed. In the case of a crisis, it may be better to have it submitted to the Financial Stability Coordination Council who has more competence to deal with system-wide risks,” Salceda added. Meanwhile, Salceda said the proposed Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery (Guide) Act also has components of that proposal. “But I hope the Senate releases that measure soon. But it’s best if we institutionalize this system-wide bankruptcy system in our FRIA Law so that companies can make better use of it,” he said. “The problem with FRIA is that the consequences could be dire—in your credit line, your reputation— because the process is individualized. The law makes bankruptcy look like your personal fault, when in the case of Covid-19, no one could have anticipated this crisis,” Salceda added.

BILL COUNTERS

This photo courtesy of the Bangko Sentral ng Pilipinas shows BSP Governor Benjamin E. Diokno (right) and Bureau of Customs chief Rey Leonardo B. Guerrero during a virtual ceremony for the donation of 13 multi-currency bill counters with printers from the central bank to the BOC. “The BOC plays a crucial role in the implementation of regulations on cross-border transfer of currencies as provided under our inter-agency agreements. We hope the 13 multi-currency bill counters, which will automate the existing manual examinations and inventorytaking of currencies, will strengthen the BOC’s capability in this pursuit,” Diokno said.

BSP urges fintech firms to ride on rise of e-commerce

HE Bangko Sentral ng Pilipinas (BSP) urged local financial technology (fintech) firms to seize the window of opportunity opened up with Filipino consumers’ increased take up of electronic transactions due to the pandemic. Speaking in the recent Fintech Alliance Philippines’s Second General Membership Meeting, BSP Governor Benjamin E. Diokno said the central bank is working to create a regulatory environment conducive to the development of fintech innovations in the country. In particular, Diokno said the

BSP is undertaking policy initiatives to amend its “e-money and technology outsourcing” circulars and formalize the BSP’s test-andlearn approach or regulatory sandbox in an effort to revisit, recalibrate and fortify existing fintech policies. The BSP earlier issued policies on digital banking to encourage the delivery of financial services of digital banks without the constraints of brick-and-mortar operations, and on open finance to promote greater interoperability and collaboration among financial institutions and fintech firms.

“Strike while the iron is hot. Tap into your innovation DNA to create worthwhile solutions,” Diokno told the fintech industry. “The conditions are ripe and the time to act is now.” The BSP noted a significant spike in digital transactions amid the pandemic. As of end-July 2021, InstaPay transaction volume and value rose respectively by 64 percent and 103 percent relative to the same period in 2020. PESONet transaction volume and value also grew by 190 percent and 50 percent, respectively, as of end-July 2021. Earlier this year, Moody’s Inves-

tors Service said the Philippines has a large untapped market that fintech companies can capitalize on given conventional banks’ slow progress in offering digital services. “Fintech companies and a new breed of digital-only banks threaten to surpass conventional banks in key retail banking areas, such as credit cards and remittances, with products that are more accessible and easier to use. The country has a large untapped market because about 70 percent of adults in the Philippines lack access to financial services,” Joyce Ong, a Moody’s Analyst, earlier said

Exec: Make consumers see value of insurance By Rizal Raoul S. Reyes @brownindio

N order for more Filipinos to appreciate the value of insurance, providers must increase consumer awareness on the impact of insurance to their lives and make it more accessible to the critical mass of the population. According to UBX Philippines Corp. President and CEO John Januszczak, the first step is to spread awareness on the insurance products in the market so consumers develop a basic understanding of insurance products. “You have to make it easier for the consumers to discover the value of insurance. And insurance is obvious when it is hyper-personalized and offered in a hyper-relevant context,” Januszczak said during a webinar organized by Unionbank of the Philippines.

Furthermore, Januszczak said another obstacle in understating and appreciating insurance is that insurance products can be very challenging to understand. “Products are often too complicated, predicated on old sales models with corresponding jargon that inevitably develops over the years,” he explained. Aside from the customers, he said insurance agents must also be given the proper orientation and awareness so they can explain properly to the clients the finer details of the products. “Often, what is sold is in many cases essentially the same kind of product that my own parents bought over 50 years ago. What is equally concerning is the sub-optimal impact that the complexity has not just on customers, but conventionally, on insurance agents and advisors,” Januszczak said. Januszczak emphasized that

traditional intermediaries such as agents, brokers and bank partners must also embrace digital technology to promote their insurance products. “The cause of traditional sales channels is noble, but ultimately, only economically feasible for the more affluent in our society,” he said. Coherent Capital Advisors Ltd. CEO John Brisco cited that UBX’s embeddable insurance platform can address the gaps. Brisco said the goal of UBX is to take monolithic, complex and expensive products from insurers and make them more accessible. He also stressed UBX also aims to provide a single platform and a single applied personal interface (API) to make it easier for solutions developers and communities to aggregate and customize protection across multiple insurance providers. “What we’re trying to do is help insurers by making it much easier

for them to bring their products and integrate them into the UBX ecosystem,” Brisco said. “So, we’re acting as the facilitator between UBX and insurers so that all the data that has to interact between an insurer and UBX is as consistent and seamless as possible.” Chubb Inc. Deputy Regional President for Asia Pacific Glen Browne said during the same webinar that UBX’s platform brings “the complexity of traditional insurance into bite-sized chunks, in a very accessible and easyto-understand way.” “If UBX is trying to think about the experience of the user, Chubb is providing world-class products to fit into that experience; and then Coherent is bringing the technology to enable that to happen, and I think that’s a very unique proposition which doesn’t really exist across many markets in the world,” Brisco added.

HarvardManagementUpdate www.businessmirror.com.ph Monday, September 6, 2021 b4

BusinessMirror BusinessMirror

Monday, July 13, 2020 B www.businessmirror.com.ph

Managing Introverts and Extroverts

in the Hybrid Workplace I By Erica Dhawan

f you’re an introvert, chances are that during the pandemic you’ve enjoyed the perks of working remotely—from fewer social interactions to more opportunities for autonomy. If you’re an extrovert, however, you may have found yourself less productive and more irritable at home, struggling to recreate the external stimuli you had in the office to motivate you. So what happens when you company switches to a hybrid model? With many introverts opting to work remotely and extroverts more likely to want to go back to the office, how do you ensure your entire team remains engaged, productive and happy? In order to lead both introverts and extroverts effectively through the transition to the hybrid model, I recommend three best practices based on over a decade of research and consulting with high-performing, distributed teams:

1. Give introverts time and space

If some of your employees are now in the office and some are at home, it’s especially important to ensure that the introverts on your team aren’t overshadowed, especially in team meetings. If introverts are interrupted during the discussion by loud personalities, they may not try to speak again. If this happens repeatedly, they can become disengaged or feel sidelined, especially if they’re working remotely. And during hybrid meetings, it becomes easy to

overlook the virtual participants on the call and forget to include them in the conversation. It’s your job as the manager to make sure everyone is heard. Use tools like a chat bar or hand-raising feature to designate who has the floor to speak, and practice waiting five to 10 seconds before jumping in to offer your own observations. It can also be helpful to send questions out in advance so everyone has more time to prepare. And after the meeting ends, encourage people to email you their thoughts or create a Google Doc where people can share input. The opportunity to participate asynchronously gives voice to those introverts who might be especially hesitant to speak up in front of a large group.

2. Give extroverts airtime

If you find that your extroverts are struggling to feel connected, set up a regular face-to-face or video meeting with them so that they can talk things through with you directly. You can also encourage the use of breakout groups on

Zoom or Slack so that they have the airtime to talk out their ideas without dominating a teamwide meeting. For extroverts back in the office, foster the return of watercooler moments. Research shows that during the transition to remote work, these social, relationshipbuilding activities are what people missed the most. They help extroverts find spontaneous moments of social connection during the day, keep managers in the loop of what’s really going on in the company, and build camaraderie, morale and trust between team members. It’s important to also acknowledge that not all extroverts will be returning to the office. To avoid excluding those staying home from social activities, organize

more optional hybrid team bonding events, ranging from a Zoom lunch chat to a hybrid meeting happy hour. Hybrid lunches have become the new social cafeteria, where team members can come together to share a 15-30 minute meal, whether they’re in person or online.

3. Encourage a range of communication styles

As I describe in my new book, Digital Body Language, it’s incumbent on managers to create a cohesive team. But that doesn’t mean forcing everyone to communicate the exact same way; it means creating spaces for different communication styles so that everyone can communicate in an authentic voice. Take my client Brad, the senior vice president at a large gam-

ing company. He had observed a stark difference in the two Slack channels run by his direct reports, Allie and Dave. Dave, a self-proclaimed extrovert has a Slack channel filled with emojis, GIFs and memes. On the other hand, Allie, an introvert, has a more formal writing style, complete with bullet points. “With Allie’s Slack channel,” Brad says, “I’m at home.” Nonetheless, he soon came around to the way Dave saw the world. “If I were to force him to be ‘corporate,’ his team would be less excited and engaged.” He adds, “I’ve learned that the best thing for me to do is try to become conversant in his informal digital body language even if it’s uncomfortable.” Both approaches work, there isn’t a better or worse way of com-

municating between emojis and bullet points. The key for leaders is to create a digital environment that fosters and encourages a range of communication styles so that everyone can authentically engage. Regardless of where your team members fall on the extroversionintroversion spectrum, the overnight switch to virtual work over a year ago forced all of us to adjust to uncomfortable circumstances. We’ve all had to make compromises to make up for distance and—I hope—learned a lot in the process. These lessons will make us stronger and more inclusive as we transition to a hybrid model of work in the long term. Erica Dhawan is an award-winning keynote speaker.

Let your top performers move around the company By Kevin Oakes

ver the many decades my company has been studying the link between people practices and performance, we’ve seen a common trait among low-performing, slow-to-change companies: talent hoarding. This is the practice of allowing managers to keep their top performers from moving anywhere else in the company. Of course, it’s human nature to want to hang on to the superstars in your group, department or division. But ultimately, that’s detrimental to the organization, and to the individuals involved. Multiple studies on talent mobility show that actively moving employees into different roles is one of the most underutilized, yet most effective, development and cultural enhancement techniques for companies. In fact, research conducted by our colleagues at The Institute for Corporate Productivity revealed that high-performance organizations (as measured by revenue growth, profitability, market share and customer satisfaction) are twice as likely as low-performance companies to emphasize talent mobility. Despite the benefits, too few companies place a priority on tal-

ent mobility. But as we emerge from the pandemic, it could be a critical resource for companies seeking to retain top performers and upskill the workforce to be more agile in the future. Talent mobility is not merely moving people from one department to another. Top organizations view the practice as the ability to identify, develop and deploy talent to meet the needs of the business. While talent mobility is often pictured as promotions for high performers, in practice it can cover a lot of movement types. It might mean moving someone laterally to another business group or division. Or a subsidiary. Or another geography. Or even to another company for a while. It might even mean having someone transition down so they can eventually transition up. All of this helps with recruiting and retention. An abundance of career opportunities is a trait that both attracts and retains top talent in any organization and should be appealing to any manager of people. The main impediment to talent mobility, however, is almost always the manager. Our research found that half of the companies we surveyed (and 74 percent of low performers) reported that managers’

failure to encourage movement was the top obstacle to mobility. Managers are so careful to hold on to the stars on their teams that they often play games to keep them. We’ve probably all heard stories about managers who intentionally keep their top performers in the shadows so no one discovers them. It’s hard to blame them for that. In fact, most companies incentivize them to do that. When managers are having success in metrics the organization recognizes and rewards, they want to keep the talent that made them successful. If you’ve ever managed people, you are likely guilty of this. The first key to changing this dynamic is to reevaluate how an organization recognizes and rewards its managers. Rotating talent consistently—especially highpotential talent—should become one of the manager’s performance objectives and part of the performance review process. Another impediment is the bureaucracy companies often create to fill an open position from the inside. Managers would rather search externally because the hiring process is usually much (much!) easier and avoids conflict. “Poaching” talent internally is often frowned upon in many organizations, and we make hiring

managers go through many more steps if they want to bring an internal employee into their group or department instead of hiring someone from the outside. From the employee’s perspective, it’s the same phenomenon. Outside opportunities don’t come with managerial rules of engagement. There is very little stigma attached to looking at roles externally, whereas doing so internally can come at a great political price. “I’m a dead man walking” is a comment I’ve heard from several friends when it was discovered that they had applied for other roles internally. And employees aren’t locked into a salary band or job level when they search externally, but that often still applies internally. To combat this, progressive companies are taking a talent ecosystem approach internally and are staffing projects based on matching the best skills to the work at hand. They key to this is cataloging the skills and capabilities of the workforce to be more agile and fill positions from the inside. Often, the best person for an open role is already in the organization, but lack of data on the workforce keeps hiring managers from discovering them. An active talent ecosystem makes it accept-

able to have employees frequently moving in the organization and reduces the perception of poaching or the stigma of applying for open roles internally. In such an ecosystem employees are encouraged to move across the organization to stretch their capabilities under the management of key decision-makers. Our research shows that supporting lateral mobility and encouraging relocation assignments have a strong correlation to market performance. So does transparency about the process. Celebrating lateral movement also addresses one of the risks associated with mobility—hitting a glass ceiling. When companies only view mobility in terms of upward movement, it’s important to have positions available. If organizations lack positions to move people into or have limited opportunities for upward mobility, they often leave employees feeling stuck. We found that 39 percent of employers cited lack of positions to move into as an obstacle to mobility. Moving around the organization can also create a more inclusive culture and improve diversity. Cliques and social alienation are reduced when movement is plentiful. Mobility also helps retain di-

verse talent who might otherwise get discouraged about slow-toopen senior roles if they are only able to go up the ladder. One more reason talent mobility often doesn’t take hold is that it requires frequent change. While most companies discovered the importance of agility during the pandemic, top companies have always recognized its importance. If employees describe change as overwhelming or destabilizing to what they do normally, it’s likely they are working within a low-performance organization. Employees at the topperforming companies we surveyed were not only more likely to say change is normal and part of the business model, but they usually described it as an opportunity. Several of these organizations even induce change on a regular basis under the theory that consistent change actually boosts productivity. An active culture of talent mobility can help minimize complacency and create an environment of healthy change—and with it an agile environment that can handle the unexpected. If you are interested in improving agility, it’s time to embrace internal mobility throughout your organization. Kevin Oakes is the CEO of The Institute for Corporate Productivity.

Style

BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos

• Monday, September 6, 2021

Debunking the hemline index

❶

Lememut beads formed into a hood meticulously sewn by the T’boli.

❷ T’boli

By Irina Anghel Bloomberg News WHAT do inflation data and microscopic beaded skirts have in common? They both show the economy is heating up. At least that’s what the Hemline Index would have you believe. The theory was developed in the 1920s and posits that the length of dresses can be an indicator of where the economy is headed, with shorter cuts pointing to good times and longer ones signaling a downturn. While the index has often been debunked as too simplistic, history is filled with examples that fit. There was the ubiquitous miniskirt in the postwar boom of the 1960s, which gave way to the oil crisis and a penchant for longer smock dresses and tunics. A century ago, the flappers of the 1920s wore kneelength skirts that were considered daring at the time. But the stock market crash pushed hemlines back down. So what do dresses and skirts look like now as the world slowly emerges from the Covid-19 pandemic? Watch our story on how women’s fashion is disproving the century-old idea.

Get it on with fierce footwear THE fun and feminine twists on animal print that footwear brand Keds (www.keds.com.ph) dishes out is simply fabulous. There is no other trend that transcends seasons quite like the animal print. For this reason, it adds that extra oomph to any outfit, especially you are the type to make a statement using your shoes. Keds’ new collection certainly does not disappoint with their feminine take on this ferocious trend. The Crew Kick Alto, a favorite of brand ambassador Kathryn Bernardo, is the centerpiece of this collection. With leopard spots adorning its heel tab and sporting a glittering gold wave logo on the upper, this fresh take on Keds’ signature sporty silhouette gives much-needed height and flair to any outfit. Pair it with a velour tracksuit, or an athletic top and short shorts combo for when you want to walk your pampered pooch around the village or grab a latte at the neighborhood café. If the late 1980s to early 1990s is more your period, the Keds K-89 sneaker might be up your alley. Now available in two plush leather colorways, the white version sports gold accents and a sleek python print detailing on the cuff, while the black version features a suede upper with patent leather finishes. Both styles feature cushioned inners and a high-key 1980s-inspired rubber outsole. Wear it with loose-fitting jeans or a buttoned mini skirt paired with ribbed turtleneck for that retro flair. No matter how you wear it, you’ll be looking snatched at the office or your next brunch-date with the girls. To complete a full-on fierce ensemble, you have to have tiger stripes and leopard spots. Keds offers a feminine take on these patterns as seen on their most iconic silhouette, the Champion sneaker. Sporting all-over printed canvas uppers, these sneakers stand out paired with capris or a midi-dress. Finishing off the collection is the classic Kickstart in soft, white leather and gets a glow up with gold hardware. While not exactly spotted or striped like the rest of the collection, the pair makes for a good all-rounder. Wear it with boyfriend jeans, culottes, maxi skirts, or shorts: this shoe is versatile enough for any occasion.

Keds Leather Crew Kick Alto with Leopard Detail in Cream WF64603 (P3,795)

handmade earrings and necklace made of bosok seeds.

❸ Inspired from the fruits of bugnay, this accessory is made of pure plastic residues individually handmade by the T’bolis of South Cotabato.

PHOTOGRAPHY: Russel Porras; MODEL: Sofia Jude Subaldo Palmejar

Ko Llab: Vocal for local

N 2015, Jared Servano placed second in Project Runway Philippines Season 4. With this huge triumph, fashionistas expected him to set his sights on a lucrative career in the Metro. Instead, he chose to practice in his native Koronadal City, South Cotabato. “My life in fashion changed a lot. But penetrating the mainstream was not easy for me especially as I come from a far-flung area of the country. Good thing that many people in the industry accepted me as I am,” Servano says of his modern ethnic-tribal philosophy, which is greatly influenced by the culture and art of his hometown’s indigenous people (IP). “My design focus is with the T’bolis and the Blaans. I always adore their patterns, their way of making artworks, and the richness of their colors. They are exceptional artisans. I am so blessed that in my entire career as a designer, I was always with them. And I always incorporate their stories into my creations,” Servano shares. South Cotabato is known as the “Land of the

Dreamweavers.” So for his latest creative output for his label Ko Llab, Servano calls his collection of accessories “K’na,” or dream in T’boli: “I was born in Koronadal City surrounded by the rich culture, art and traditions of this community. I may not have a single drop of their blood but I was raised, educated and cultured the same way they were.” The accessories are traditionally made, modern in approach and output, but still with the strong participation of IP communities. All crafted by hand, Servano makes sure that every single piece of the artworks are authentically made using their traditional technology of adornment-making. “People nowadays are more appreciative of traditional things, and the IP community can share the beauty of their craft without compromising their culture,” he says. “Identity is more important. Modern technology will fade but their beliefs, culture and traditions will remain.” Servano, 50, has no formal fashion education but has been interested in fashion at a young age. I always immersed myself with the IPs. I served as the spokesman of their artworks and their culture. It has been my monthly duty to do community work with them, helping and teaching them on how to develop their artworks without compromising the traditional ways of making them,” he says. “I always love to work with nature-supplied materials such as seeds, barks and dyes, which hold a significance for the IPs.” Like all enterprises, Covid-19 disrupted Servano’s operations. “But as an optimistic person, I never consider this pandemic as a hindrance to do my work.

Fashion designer and cultural advocate Jared Servano of Ko Llab

In fact, this has been a way for me to give more time to my community collaborators. I got more time to help and teach them to elevate or develop the products.” “As long as I live, helping indigenous people create beautiful things will always be my advocacy. This is not all about business and recognition,” stresses Servano, “but the preservation of culture as well as my love for these people. As long as I live, I will always be with them no matter what. What we have is a neverending relationship.” n

The best 9.9 beauty deals

THE two-number sales on e-commerce platforms such as Lazada and Shopee offer good bargains on everything, from laundry detergent to shoes and apparel. You can also get bonus discount vouchers, additional discounts and other perks and privileges. One of the best things to buy in these sales are makeup and skin-care products. Since it is difficult to test cosmetics in stores these days, buying them from e-commerce platforms is more practical. Here are some of the best beauty deals for 9.9: Clinique is offering 50 percent savings on its best-selling moisturizer Moisture Surge AutoReplenishing Hydrator on Lazada. You get two 50ml jars for only P2,785 when they are actually worth P5,570. Short review on Clinique Moisture Surge: This moisturizer is a water-based gel that is lightweight but very moisturizing. It contains hyaluronic acid and aloe vera bio-ferment so it works for skin that is barrier-compromised (one that’s been over-exfoliated with actives). This is also good for dry spots on your face and hands. You can also get two bottles of Origins MegaMushroom Relief & Resilience Treatment Lotion for the price of one (P2,300) on Lazada 9.9. If you preorder this bundle until September 8, you get free gifts.

Short review of the Origins Mega-Mushroom Relief & Resilience Treatment Lotion: This watery lotion, which can be used as a toner and/or essence, is good for those who suffer from mild rosacea. It also helps address complexion dullness. This has fragrance so if you’re sensitive to that, you can ask your dermatologist if it is OK for you to use this. If you have eczema or sensitive and dry skin, Curel Itch Defense Calming Lotion is the best one to use. I get mine from Yay Friday! on Shopee and while you can’t get any discount on the product (P998) as it is a small business, they usually throw in free shipping during special sales such a 9.9. If your hands are dry and cracking from over-

washing, Aveeno Skin Relief Moisturizing Lotion will provide relief. It is one of the best hand creams although it is technically an overall lotion. It is currently priced at P182, less 9 percent from the original price, at the Johnson & Johnson store on LazMall, with free shipping. Short review of the Aveeno Skin Relief Moisturizing Lotion: It is soothing and moisturizing without being heavy or sticky. Of course, if you wash your hands and use rubbing alcohol, they will become dry and itchy again but applying this lotion before bedtime will calm your skin overnight. I am late to the Kahi party as this product became popular last year because of Lee Min-ho’s drama The King: Eternal Monarch. The Kahi Wrinkle Bounce Moisturizing Balm Stick, a multi-stick which is available on different shops in Lazada and Shopee, is not just moisturizing (perfect for dry spots on the skin). It also has anti-blue light blocking technology, which helps protect skin from the blue light being emitted by the gadgets we now face 24/7. This is priced at anywhere from P1,500 to P5,000. I am pretty sure there are lots of good deals and discounts for this on 9.9. Many of the shops selling this Kahi stick are based in Korea so shipping could take a week or two. For 9.9, you can get 50 percent savings on the MAC Powder Kiss Party Pack, which includes the best-selling Powder Kiss Lipstick and Liquid Lip. The regular price is P2,700, so you can get two lip products for P1,350. There are different colors available, including Mull It Over and Devoted To Chili. Short review on MAC Powder Kiss Lipstick: the MAC Powder Kiss Lipstick in Devoted to Chili is one of my favorite lipsticks of all time. I love the Powder Kiss formula, which is pillowy and moisturizing. I have not tried the Liquid Lip but I have heard it is a good formula.

THE Kahi Wrinkle Bounce Moisturizing Balm Stick is dubbed an anti-wrinkle product. @KAHI_OFFICIAL ON INSTAGRAM

B6 Monday, September 6, 2021

Taiwan Excellence launches charity goals Suspected digital fraud originating from PH decreased at midpoint of 2021 to the site. In communities, profile misrepresentation is the top fraud type, wherein a user posts inaccurate information in their profile and/or uses bogus profile photos. Meanwhile, the global gaming industry is plagued by gold farming, a practice wherein a user sells in-game assets/currency for real-world cash – an act that violates game rules.

S the prevalence of digital fraud attempts on businesses and consumers continues to rise, TransUnion’s (NYSE: TRU) newest quarterly analysis found that the Philippines bucked the wider global trend and had a drop of 59.4% in the rate of suspected digital fraud attempts when comparing Q2 2021 to Q2 2020. Globally, the rate rose 16.5% across industries during the same time period. The industries with the largest declines in suspected digital fraud originating from the Philippines during that timeframe were telecommunications (-98.7%), logistics (-71.1%), and financial services (-61.3%). These industries have been the most impacted in previous periods, illustrating how fraudsters shift their focus every few months, following the money where it is most profitable. The sudden shift in focus of fraudsters is apparent in financial services. Global financial services online fraud attempt rates had risen 149% when comparing the first four months of 2021 and the last four months of 2020. But when comparing Q2 2021 and Q2 2020, the rate of suspected online financial services fraud attempts has still risen, but at a much lower rate of 18.8% globally. TransUnion monitors digital fraud attempts reported by businesses in varied industries such as gambling, gaming, financial services, retail, and travel and leisure, among others. The conclusions are based on intelligence from billions of transactions and more

than 40,000 websites and apps contained in its flagship identity proofing, risk-based authentication and fraud analytics solution suite – TransUnion TruValidate™. “Among all the markets that our research covered, the Philippines recorded the second biggest decline in the rate of suspected digital fraud originating from that country, next only to Brazil. It is possible fraudsters have recognized the fraud controls our customers have after experiencing them first-hand and have gone elsewhere for the time being. However, constant vigilance is still warranted as we’ll likely see them again in industries where transactions are increasing,” said Pia Arellano, president and CEO at TransUnion Philippines.

Fraudsters are re-focusing their efforts

THERE’S simply no time for complacency as certain sectors still observe an uplift in attacks. Gaming, and travel and leisure were the two most impacted industries globally for the suspected digital fraud attempt rate, rising 393.0% and 155.9% when comparing Q2 2021 to Q2 2020, respectively. In the Philippines, this rate rose 51.4% for gaming and 198.5% for travel and leisure during those same timeframes. In the travel and leisure industry, the top type of fraud globally is credit card fraud. This happens when a customer uses a fake or stolen credit card for a purchase, resulting in a chargeback

TRANSUNION’S Consumer Pulse study in June 2021 found that approximately 36% of global survey respondents said they were targeted by fraudsters in COVID-19-related digital schemes. Almost half (48%) of Philippine respondents said they were targeted. Phishing is the No. 1 type of COVID-19-related digital fraud impacting global consumers in Q2 2021. Among global consumers who say they were targeted with COVID19-related digital fraud, 33% state they have been targeted by or fallen victim to such fraud. Stolen credit card or fraudulent charges was the second most cited type of COVID19-related online fraud among those targeted, affecting global consumers at 24%. Phishing was also No. 1 in the Philippines at 40% followed by thirdparty seller scams on legitimate online retail websites at 29%. “One in three people globally have been targeted by or fallen victim to digital fraud during the pandemic, placing even more pressure on businesses to ensure their customers are confident in transacting with them,” said Arellano. “As fraudsters continue to target consumers, it’s incumbent on businesses to do all that they can to ensure their customers have an appropriate level of security to trust their transaction is safe all while having a friction-right experience to avoid shopping cart abandonment.”

THE ceremonial turnover of keys to Carlo Paalam‘s (fourth from left) new home joined by CLI executives (L-R) Mark Leo Chang (CLI AVP for Strategic Landbanking, Acquisition, Permits & Records Management), Kristine Yvanz Lacorte (CLI Marketing Manager), Beauregard Grant Cheng (CLI Chief Finance Officer), and Jose Franco Soberano (CLI Chief Operating Officer). Paalam has worked as a scavenger to help feed his family. He lived in a small and simple house in Barangay Kauswagan, which he shares with his family of ten. At age 12, his interest in boxing grew and he became part of CDO’s grassroots boxing program supported by Mayor Oca Moreno. His exemplary talent and determination led him to win an Olympic silver medal that has inspired millions of Filipinos worldwide.

utilizing Taiwan Excellence products and services, proposing innovative solutions, and implementing them in their home countries to specifically aid the local environment and society. The three most promising proposals from all the global entries that best embodies the core idea of this activity will receive a bonus of USD 10,000 and an execution stipend of USD 150,000 per case, in order to execute and implement their life-changing plans. “Sharing is Caring, Taiwan Excellence” welcomes people from all backgrounds and from all continents to actively promote and share, and submit their proposed efforts that could spark change in their respective countries. Proposal registration runs from September 1 to October 31. Further details can be found on the event’s official website: https://share-care.taiwanexcellence.org.

COVID-19-related digital fraud

Olympic medalist Carlo Paalam receives house and lot unit from Cebu Landmasters EADING developer in Vismin Cebu Landmasters, Inc. (CLI) recently welcomed Olympic Silver medalist Carlo Paalam to his new CLI home, a P3.6 million Velmiro Uptown CDO house-and-lot unit in Cagayan de Oro City. In an intimate ceremony, CLI Chief Operating Officer Franco Soberano turned over the unit to Paalam and his family. This was followed by a house blessing officiated by Xavier University Ateneo de Cagayan president Fr. Mars Tan, S.J. Also present during the turnover were CLI Chief Finance Officer Grant Cheng, Assistant Vice President Mark Chang, Cagayan de Oro Vice-Mayor Hon. Rainer Joaquin “Kikang” Uy, Councilor Jay Roa Pascual, CDO Sports Official Stephen “Pong” Dacoco. Soberano showed Paalam the features of his new 2-story, 3-bedroom Velmiro Uptown CDO home. Units in the subdivision, CLI’s third residential project in CDO, have been fully sold out. The beautiful community in Upper Canitoan in Cagayan de Oro City offers impressive views, efficientlydesigned homes with generous spaces and premier amenities for a serene family life. “You’ve given inspiration to millions of young children. This is the first ever house that we’ve gifted – and we’ve given it to someone who deserves it. We see the sacrifices that you and your family have made and that’s why you deserve it,” highlighted Soberano during the turnover ceremony.

HE perfect time for kindness is now. At a time when the world seems bleak as it caved in on the pandemic’s ongoing onslaught, Taiwan Excellence rises to the occasion and launches “Sharing is Caring, Taiwan Excellence.” It is the first global cross-year largescale charity event organized by Taiwan Excellence. The themes of this event is “Social Concern” and “Environmental Protection,” combined with Environmental, Social, and Corporate Governance (ESG). Officially launch on September 1, the activity encourages people from around the world to show their creativity and ingenuity to make kindness a reality. During the international press conference held on August 11, global citizens were invited into coming up with creative initiatives

“As a child, I could only dream of buying toys, bikes, and eating in decent restaurants – all of which my parents could not afford to give. Now, I have an opportunity to give back to my family with this house, so thank you Cebu Landmasters,” said Paalam in Visayan. CLI joins the rest of the country in the celebration of Paalam’s extraordinary achievement at the Tokyo Olympics bringing honor to every Filipino especially the Mindanaoans.

JOINING THE “SHARING IS CARING, TAIWAN EXCELLENCE” PRESS CONFERENCE ARE, FROM LEFT: Geoffrey Chou, Deputy General Manager, O'right Co., Eric Chen, General Manager, MacroHI Co., Baron Chen, General Manager, Jeenxi Technology Co., Tony Chen, President, Logic Art Automation Co., Leonor Lin, President & CEO, TAITRA, Cynthia Kiang, Director General, Bureau of Foreign Trade, Taiwan, Amy Liao, Project President, Makalot Industrial Co., Robin Chiu, Executive Director, Syscom Computer Engineering Co., Jessy Hu, Manager, Perfect Corp., and Terry Hsieh, Manager, SEDA Chemical Products Co.

Avon launches Digital Upgrade for Representatives

VON, a direct selling leader in the Philippines for the last 40 years, is re-launching better-than-ever digital tools to further empower Filipinas by providing a viable, intuitive and safe earn-from-home option. “With new technological innovations disrupting the way everyone has been doing business over the last decade, it was a clear choice that investing in the improvements of these digital tools will help our representatives to better manage their assets while gaining bigger sales,” shares Avon Philippines General Manager, Razvan Diratian. “Relaunching these tools during this time makes it even more important since everything that our representatives can do face-to-face, they can also do at the comfort and safety of their own homes.” To challenge representatives to reach more customers and show how easy it is to do business with the digital tools, Avon held the first-ever Avon Click Star: The Ultimate Live Selling Showdown. Representatives from all over the country showcased their online live selling skills which allowed them to reach their current customers while also gaining new ones. The final event that culminated the competition, Avon Clickfest, was hosted by social media’s favorite digital-savvy Tita of Manila, Aunt Julie a.k.a. Macoy Dubs. In this time of restricted movement and limited social interaction, these tools facilitate continuous business between Avon representatives and their customers. They enable more Filipinos to become Avon representatives, and allow active representatives to more effectively manage their businesses. Avon ON can be accessed from almost every smart device, allowing customers to order directly. The app also lets representatives immediately verify

orders and settle payment dues through the “Easy Order Accept” feature. More so, representatives can learn from each other through the app via digital networking. Another digital tool through which representatives will be able to place their orders is Avon EASY. Upon confirming orders from customers, representatives can easily manage and track them in real-time. Avon has 190 branches all over the country that are serviceable by Avon EASY. This enables order delivery within 3-5 days, depending on local quarantine regulations. Best of all, users will be able to transact through a variety of e-payment methods to accommodate every customer’s preference including over-the-counter, GCash, e-Wallet, online bank transfer, and soonto-be available—credit/debit card. Finally, Sales leaders can easily find new leads to grow their teams via Avon GROW. In an instant, users will be able to share predefined personal recruitment pages complete with their “Avon stories” and social media handles, so potential candidates can learn more about their possible team leaders. Booking meetings can easily be done through the appointment dashboard and tracking teams has become a breeze. Lastly, even without an internet connection, representatives can still proceed via offline appointments. “Relaunching these new-and-improved digital tools signals a new era for Avon after forty years here in the Philippines,” Diratian continues“Ultimately, we hope that this will further empower our representatives and create new opportunities for them to share our products to everyone who wants to do beauty differently.” Avon Representatives may download Avon ON and Avon GROW via the App Store and Google Play. Access Avon EASY by logging in to www.avon.com.ph.

Marketing BusinessMirror

www.businessmirror.com.ph

Monday, September 6, 2021 B7

How to comfort or show compassion for grieving friends S

PR Matters

By Joy Lumawig-Buensalido

IXTEEN months into the pandemic, so much in our lives has drastically changed. Traditions have been put on hold and common habits and practices have been severely altered—for good or for ill. Why, even dealing with personal losses—ours and those of people we love—has been reduced to stoic acceptance. We can no longer hug or hold hands during such times of upheaval and grief. These days, we must be content with reaching out to the bereaved across the digital space, hoping that offering our sympathies on social media will suffice. I should know. For some time now, news of friends and acquaintances dying from Covid-19— or from other illnesses—have popped up in my Facebook newsfeeds, Chat and Viber groups. Some of them belonged in my own circle of family and cherished friends. When you have shared history and deep kinship with the “dearly departed,” you are gutted by the loss no matter if you had been prepared for it. Yet, we feel something is quite missing when we try to comfort the family left behind. Take, for instance, a young coworker who recently lost her thirtysomething high-school bestie and groupmate. She and her friends (some of whom are now based abroad) were stunned and felt totally helpless about how to deal with it. They were at their prime; they couldn’t imagine one of their own being gone too soon. They all wanted to reach out and extend some help to the bereaved family but how could they make it special for them? That was when I thought of coming up with a brief guide on the simple things we can do when confronted with the sudden demise of someone we want to remember, honor, and send off in a good and memorable way. This may appear to be a distressing topic to some but it is a reality that many of us might experience at some point in our lives. A few random questions that have been asked of me: n Is there an acceptable way of inquiring about someone’s death discreetly and without sounding like one is prying? n What is the best way to express one’s sympathy or condolences during the pandemic when even family gatherings are not encouraged? n What are the do’s and don’ts when you want to put together a loving and respectful send off to your deceased friend during these restrictive times? Before Covid (BC), it used to be so simple. When someone we knew died in our town, my parents, or more often my mother,

Film Review: ‘The Protégé’ sees Maggie Q, Samuel L. Jackson, and Michael Keaton together in a big action flick

MANILA, PHILIPPINES—Fans of the action movie genre over the past 30 years are surely familiar with the name Martin Campbell. The New Zealandborn director is behind some of beloved action flicks including two James Bond films in 1995’s GoldenEye starring Pierce Brosnan and 2006’s Casino Royale featuring Daniel Craig as 007. Campbell also made magic twice with Antonio Banderas and Catherine Zeta-Jones in The Mask of Zorro in 1998 and the 2005 sequel, The Legend of Zorro. Thus, when his name was attached to the assassin flick The

Creative friends of the late writer Gilda Cordero Fernando produced a virtual memorial tribute for her with hats, videos, poetry and so much love and fun.

would make it a point to visit that friend’s wake (sometimes held in the homes or in small community chapels). These rituals normally lasted for several days and the expected way of condoling with the bereaved family was to pray for the departed during the evening masses or to just stay a while with the family members. It was often a chance to meet up and reunite with long-lost relatives and friends. Wakes were both religious and social occasions and people looked forward to being with other members of the community on such events. This explains why town officials and politicians were often expected to drop by and express their sympathies. Visitors would also hand over small envelopes containing their cash contribution to the funeral expenses. This was a long-held tradition and people would give only what they could afford. Up to the early years of 2000, I witnessed the same simple tradition still being observed in small towns and communities, but the practice evolved over time. These funeral services were eventually held in funeral chapels or memorial parks. It was of course different when a well-known personality or wealthy person passed on because their wake arrangements were often elaborate—and even extravagant—affairs with food catering and flower-festooned buffet tables for the guests. And then the pandemic came. In the year 2020, funeral wakes and services ceased to be long and protracted events. Only immediate family members—usually 10 at a time—were allowed at such services, especially if the person died of Covid. It was painful, devastating, and terribly difficult for those left behind not to be able to say their proper goodbyes. These days, thanks to technol-

Protégé, one would expect something worthy of Campbell’s resume. Anna (Maggie Q ) is an assassin who is hired for contracts that also have her securing things that are difficult to find. Raised by her adoptive father Moody (Samuel L. Jackson), he rescued her from Vietnam as a child when Anna’s family was slaughtered there in the 1990s. Moody and Anna have settled in England, and she spends the day running a store for rare books even as he celebrates his 70th birthday. At her bookstore, Anna encounters Michael Rembrandt (Michael Keaton) a smooth-talking American looking for a rare book to give to his employer’s wife. When Anna visits Moody at his mansion, she finds evidence of a struggle and finds his unrecognizable body murdered. Seeking vengeance for her mentor’s death, Anna believes that her last assassination target, Edward Hayes (David Rintoul), is behind it. Hunting for Hayes brings Anna back to Vietnam for the first time since Moody took her out of the country as a child. She gets information from Moody’s old

A virtual mass offering for a departed friend.

ogy, funeral wakes and memorial services have gone digital. Virtual and online masses, novenas, and tributes are increasingly being held by the deceased’s family, friends, and colleagues with the use of Zoom or other online apps. Friends and kin based abroad are now even invited to join. As for those who are digitally challenged but genuinely want to reach out to the bereaved, here are some basic steps they can take with just their mobile phones.

wakes and cremation can also be costly. You could spearhead a fundraising effort among close friends who may want to contribute any amount they can afford and you could collect them and maybe account for it so they know whom to thank later.

1. Give some words of comfort but mean what you say. Prayers, condolences and messages are good but to make it more personal, here are a few comforting words that you can use. The simpler and more heartfelt, the better. You may tweak these according to your own emotions.

4. Finally, try to provide comfort by staying in touch with the grieving person periodically. Your support is more valuable after the funeral services are over or when the other friends and mourners have gone and the bereaved is alone again. Friendship should extend long after the sad loss and it can be through a phone call, a text, a card or note. What are some words to avoid when condoling with a grieving person? Try not to say these.

“I am so sorry for your loss” “I wish I had the right words but just know that I care.” “I don’t know how you feel but I am here to help in any way I can.” “You and your family will be in my thoughts and prayers.” “I am always just a phone call or text away.”

1. “Did she/he die of Covid?” We are living in difficult times. Don’t make it any harder for the person by putting them on the spot, especially when they don’t want to bare details of the death. If they share the info on their own, just listen quietly without judging. But better to skip this question.

2. You may offer some kind of support if you’re very close to the bereaved party. Practical assistance such as help with the funeral arrangements, making phone calls to relatives and friends, sending food to their home, or if they have young kids who need attention, offering to take them into your home for a few days to watch them while the parents are busy.

2. I may have been guilty of saying this at times but according to the American Hospice Foundation, we should avoid saying “It’s part of God’s plan.” We cannot assume that everyone has the same beliefs as we do, so it could upset them instead of reassure them. I think you can only say this when you are absolutely sure about her spiritual beliefs.

3. Financial assistance is always a welcome form of support especially if you know that the deceased spent so many days in the hospital and are facing huge medical bills. Funeral costs such as

3. “You should be thankful for what you have…” This may be true from your point of view but right now, they may not see it that way. Remember, they’re in grief and may be highly emotional.

friend Billy Boy (Robert Patrick), who rides with a group of bikers in Vietnam. As she plots meeting with Hayes’ assistant Vohl (Patrick Malahide), despite his heavy security, Anna is unprepared for the revelations about her and Moody’s past that are about to occur. Maggie Q has been a staple of action movies almost as long as Campbell has been so putting them together was sure to cause sparks for any motion picture. Casting big names like Jackson and Keaton only made The Protégé even more appealing although it is not without its faults. As endearing as the fatherdaughter dynamic is between Anna and Moody, and as intriguing is the flirting and love-hate that Anna and Rembrandt have, there are parts of the film that run slow or is plain confusing. The action sequences and fight choreography are great though, as one would expect from a veteran hand like Campbell, so it’s safe to say that The Protégé is more like his Zorro and James Bond films and less like the confusion that was his Green Lantern film from 2011. Maggie Q relishes doing her own stunts, whether it

was in her early work with Jackie Chan or even her TV work for five seasons in Nikita, so that is definitely a plus here. What can be difficult at times is to believe that both Jackson and Keaton are directly involved in the action. After all, Jackson is already 72 while Keaton just turned 70. That means a lot of suspension of disbelief, particularly for Keaton and the fight scenes he has with Q. Campbell manages to hide this for the most part but the audience who remembers that Keaton first starred as Batman 32 years ago when he was “only” 38-years-old might not be able to reconcile that. As the title character, Maggie Q has proven before that she is more than capable of carrying an action TV show but having her as the lead in a film with an admittedly thin plot like The Protégé might hurt her reputation. She has always done well whether it was in Mission: Impossible III or Live Free or Die Hard as a supporting character but the lack of a more inspired script in The Protégé might push her out of the lead once again in her next attempt at action. And that’s a shame for someone as capable as she is.

4.“He’s in a better place now.” Or “he is free from all pain, sickness, and difficulties.” Let us refrain from using these statements especially when we do not know how the bereaved feels. Personally speaking, the best gesture of showing sympathy and condolences are personal prayers. Our prayers are very much needed and appreciated by those who believe in the power of prayers. So, it is always acceptable to offer masses for the dead (there are mass cards you can get from your parish church) or to sponsor priests to say masses during their virtual novenas or memorial rites. As one priest friend told me recently when he accepted my invitation for him to say mass for a departed friend: “It’s the least we priests can do during these troubled times: to make available the sacraments of the Church to whomever asks for it.” This is one genuinely sincere way of showing your compassion and good intentions. Whether the deceased is Catholic, Christian or of whatever denomination, prayers and masses will hopefully make everyone, including yourself, feel so much better. PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premiere association for senior communications professionals around the world. Joy Lumawig-Buensalido is the president and CEO of Buensalido & Associates Public Relations. PR Matters is devoting a special column each month to answer our readers’ questions about public relations. Please send your questions or comments to askipraphil@ gmail.com.

The best parts in this film are the interactions Anna has with Rembrandt as the dialogue written for the actors really emphasizes the attraction that the characters have for each other. Despite being on opposite sides, their intelligence, exquisite taste, and knowledge of weapons inevitably leads to flirting even though there are weapons pointed at one another first. Q and Keaton play those scenes up to the hilt. Although Jackson is indeed in his 70s, the man can still act and has been one of the greatest bad asses in film history for a reason. He still brings that to this performance as Moody but, as his Nick Fury has done in the films from Marvel Studios, he is better placed in the background, supervising the action or sniping at Anna’s would-be killers. Campbell’s previous experience in actions films shines through in this film written by Richard Wenk, but that ultimately might not be enough to save it. For a year that is still relatively thin in terms of those big action films that Campbell made his name on, however, The Protégé is good enough to try.

Sports BusinessMirror

| Monday, September 6, 2021 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

PRIMOZ ROGLIC is favored to hold onto his commanding lead. AP

Roglic on brink of 3rd straight Vuelta crown

OS, Spain—Primoz Roglic has only the decisive stage’s time trial left to win his third consecutive Spanish Vuelta title after finishing the rugged 20th stage runner-up to Clement Champoussin on Saturday. Roglic leads Enric Mas by twoand-a-half minutes before Sunday’s time trial over 34 kilometers from Padrón to the medieval city of Santiago de Compostela, destination of the St. James Way pilgrimage trail. “I’m looking forward to the time trial tomorrow,” Roglic said. “We’ve been waiting for this so finally here we are.” Roglic is favored to hold onto his commanding lead, despite his bad memories from the 2020 Tour de France, where he lost the yellow jersey on a decisive time trial to fellow Slovenian Tadej Pogacar. Roglic won the time trial gold medal at the Tokyo Olympics and the Vuelta’s first time trial on its opening stage. Mas, however, is a pure climber who does his damage in the mountain. Champoussin took his first professional win by claiming the 202-kilometer ride from Sanxenxo to Mos in five hours and 20-plus minutes. The French rider for AG2R blew past Roglic and three other riders who were caught off guard with less than 2 kilometers left on the final ascent. Champoussin was part of an early breakaway group that was caught and then passed by the top riders. But he was able to stay in contact and took advantage when he saw his chance. “I hung on and a little over a mile from the finish I was lucky they looked at each other,” Champoussin said. “Since I’m not dangerous, I thought to myself that I had to try to pass a little faster. The last kilometer wasn’t too hard and I was able to stay ahead until the end.” Ineos set a hard pace through the middle of the route over green hills on the northwest coast with views of the Atlantic below. An attack by Adam Yates on the category-one Alto de Mougás shattered what was left of the peloton, leaving Roglic with a Jumbo-Visma teammate. But Roglic needed no help to resist the attacks by Yates and Mas over the final stretch. “I’m super happy with the place I finished in today with the way it went. I couldn’t wish for more,” Roglic said. “I was mainly looking at Yates and Enric [Mas] but at the end there were a lot more guys. I kept everything more or less under control.” Mas’ Movistar teammate, Miguel Ángel López, however, cracked during the Yates attack and saw his hold on third place overall crumble. After struggling for a long period while the difference grew, the Colombian got off his bike and withdrew from the race. Jack Haig moved into third overall at 4:48 behind Roglic. Yates was fourth at 5:48. Egan Bernal was sixth, but more than 11 minutes back. AP

DYIP ON A ROLL By Josef Ramos

UAMI TIONGSON’S scoring spree got checked on Sunday, but not Terrafirma’s winning ways in the Philippine Basketball Association (PBA) Philippine Cup.

After slaying league giants one after the other—San Miguel Beer and defending champion Barangay Ginebra San Miguel—the Dyip went on a scoring rampage in the payoff period to outclass Blackwater, 96-84, to claim their third straight win at the Don Honorio Ventura State University Gym in Bacolor, Pampanga. Tiongson, after shooting a combined 20-of-42 from the field including 13-of-24 from the threepoint zone against San Miguel Beer and Ginebra, logged only 10 points on 3-of-11 shooting—including two triples against the Bossing. He also averaged 29.5 points in the past two games. But despite Tiongson’s anemic performance, Terrafirma banked on big man Aldrech Ramos and veteran shooting guard Reden Celda, who finished with 17 and 15 points, respectively, to hike their team’s win-loss record to 3-4. Terrafirma struggled in the first three quarters before Celda took charge in the final quarter by making nine points that highlighted a blazing 24-8 run, shattering a 65all count and erecting an 89-73 Dyip cushion with still 5:07 left. “Coach [John Cardel] told us to treat this game as a championship game so we had to be ready,” Celda said.

Celda also had six rebounds and four assists, while Ramos collared nine rebounds. Tiongson refused to be quiet all night and made it 91-73 with 3:14 left, making it difficult for the Bossing to get back into the game. Blackwater led, 40-27, in the second quarter, but Terrafirma crawled back to within striking distance. The Dyip pounced on their opponents to threaten at 39-40 in the third period. Terrafirma coach John Cardel played his cards wisely, taking out Tiongson as part of the starting unit. “They will try their best to stop Juami [Tiongson] after those two impressive games. But I know my other players like Reden [Celda] and the rest can also step up,” Cardel said. “I was very worried about this third game so I told them to treat Blackwater as a strong team.” “I didn’t like us to become complacent,” he said. “I tried to push the players.” Philip Andreas Cahilig had 12 points and 11 rebounds, while Rashawn McCarthy made 10 points for the Dyip. Joseph Gabayni and Matt Rosser-Ganuelas combined for 18 points also for Terrafirma. Mike Tolomia and Simon Enciso led Blackwater, now on a sevengame skid, with 14 and 13 points, respectively. The Meralco-Ginebra game, meanwhile, was postponed in accordance with the league’s health and safety protocols. The match will be rescheduled at a later date following league guidelines.

Manila Chooks TM exits Montreal 3x3

ANILA Chooks TM suffered a heartbreaking 16-21 (7:07) loss to world No. 10 Edmonton to close out its 2021 FIBA 3x3 Montreal Masters Pool D on Sunday at the Place des Festivals in Canada.

MARK TALLO wills Manila Chooks TM with booming shots and daredevil drives to keep pace with the taller Canadians.

Versus Hamilton DON’T you just love the rivalry between Mercedes’ Lewis Hamilton and Red Bull’s Max Verstappen? By the time this column comes out, the Dutch Grand Prix at the CM Circuit Zandvoort will be over and either Hamilton re-takes the lead in the driver’s championship or Verstappen adds to his lead in his

The Manila-based team bowed out of the competition at 10th place along with the US’s Omaha. Both squads finished with identical 0-2 won-lost record with a point average of 13.5. Home team Old Montreal finished 12th and last. Coming off a 9-21 loss to world No. 8 Antwerp earlier in the day in the maximum level tournament, Mac Tallo willed Manila Chooks TM with booming shots and daredevil drives to keep pace with the taller Canadians. Tallo had a game-high 11 points built on three deuces and four one-point shots. But fouls plagued Manila Chooks TM in the endgame. After a Ross Bekkering bucket that broke the deadlock, Zach Huang committed Manila Chooks TM’s seventh foul that put Steve Sir to the stripe for two. The former World Cup shootout champion, who was playing his

home race. Crucial is an understatement. And the rivalry? I love it. I think this rivalry that is beyond friendly is what formula 1 racing needs. I enjoyed the sportsmanship between James Hunt and Nikki Lauda as well as the one between Michael Schumacher and Mika Hakkinen. They did bring class to the sport. But I do like the good old fashioned dislike because it adds tension and drama to an even more high stakes race. With Briton Lewis Hamilton as the most successful driver the sport has seen, no doubt, you will have people not enamored of him and wanting to knock him off his perch as he chases a record-breaking driver of the year award. I did thrill to his intra-squad rivalry with Fernando Alonso over at McLaren when the Briton was a rookie and things got heated when Hamilton moved over to Mercedes in 2013 with then teammate Nico Rosberg. The one-upmanship between the two drivers up to 2016 was alone worth the price of admission. And now, it’s Hamilton versus Verstappen.

Ancajas welcomes Japanese champ’s call for unification

NTERNATIONAL Boxing Federation (IBF) super flyweight champion Jerwin Ancajas gladly accepted the challenge posed by Japan’s Kazuto Ioka who recently successfully defended his World Boxing Organization (WBO) super flyweight title. “I’m so happy to hear my name from another fellow world champion,” the 29-year-old pride of Panabo City told BusinessMirror on Sunday. “I’m open to a world title unification, I’d like to fight him.” Ioka (27-2 record with 15 knockouts) beat Mexican Francisco Rodriguez by unanimous in a grueling and no holds barred fight last Wednesday in Japan to keep his crown. He immediately called on the Philippine Navy reservist Ancajas for a unification fight. “I’m willing to fight him anytime and anywhere, but it’s up to my promoter,” Ancajas said. But Manny Pacquiao’s MP Promotions President Sean Gibbons said an Ancajas-Ioka unification fight would have to wait until early next year after Ancajas defends his belt for the 10th

time against a still to be determined opponent in November in the US. “We welcome that fight, we love that fight, but Jerwin’s schedule is to fight in the US in November and we welcome the unification after,” Gibbons said. “We’re still looking for what we have for Jerwin.” Trained and managed by Joven Jimenez, Ancajas (33-1-2 record with 22 knockouts) has gone home to Bukidnon after frustrating Mexican Jonathan Javier Rodriguez’s challenge by unanimous decision last April 10 in Connecticut. “I have to be ready anytime that’s why I am conditioning and training hard here in Bukidnon,” Ancajas said, adding they would immediately fly to the US once Jimenez renewed his US visa next week in Manila. “I have to improve my stamina, punching power and speed.” Only Ioka posed a challenge to Ancajas, unlike World Boxing Council champion Juan Francisco Estrada of Mexico and American World Boxing Association titlist Joshua Franco of the US who have yet to call out to the Filipino ring star. Josef Ramos

Coronavirus shatters PHL bets’ Paralympics campaign–Barredo

IT’S Reden Celda’s turn to shine for Terrafirma this time.

last Masters, knocked down the two freebies with ease. Alex Johnson then converted on the game-winner with 2:53 left. “We have no excuses,” said Manila Chooks TM head trainer Aldin Ayo. “We weren’t unable to execute what we planned in practice. “We as coaches are accountable, especially with a result like this.” Dennis Santos and Mark Yee added two points each while Huang chipped in a point. Guard Adika Peter-McNeilly had seven points to lead Edmonton, which along with Antwerp advanced to the next round. In Manila Chooks TM’s first game, Tallo had five points. Yee and Huang finished with three points while Dennis Santos went scoreless. Belgium’s top player Nick Celis, who stands 6-foot5, had nine points for Antwerp, going 7-of-8 from the field. Six-foot-six Thierry Marien added eight points as he went 6-of6 from the field. Antwerp is composed of Belgium’s national team that finished in fourth place in the Tokyo Olympics.

CONFLUENCE of events beyond anybody’s control due to the Covid-19 pandemic led largely to the lackluster Philippine campaign in the Tokyo Paralympic Games, according to Philippine Paralympic Committee President Mike Barredo. “While we went through the exercise in participating in the Paralympic Games, we were affected by the circumstances of Covid-19 in the areas of training, preparation and actual participation. We were pretty much hit by it,” Barredo said on Saturday on the eve of the closing of the quadrennial meet. The last national team that saw action in 2016 Rio de Janeiro Paralympics emerged with a bronze medal courtesy of the late table tennis player Josephine Medina,

who passed away last Thursday in her Marikina residence. Barredo pointed out that powerlifter and 2012 London Paralympic veteran Achelle Guion and her coach, Tony Taguibao and national team chef de mission Francis Diaz tested positive for the virus days before they were to depart for Tokyo. Then discus thrower Jeanette Aceveda and para athletic coach Bernard Buen, who were fully vaccinated, both tested positive and had to be quarantined in Tokyo, depriving Aceveda the chance of being the first visually impaired Filipino athlete to compete in the Games. The last blow was when taekwondo jin Allain Ganapin also tested positive, forcing the athlete and his Coach Dindo Simpao to stay in Manila.

Djokovic unleashes emotions, top-seeded Barty shown door

EW YORK—Novak Djokovic did not seek to keep his thoughts to himself on court Saturday, the way he mostly did through his first two US Open matches. Instead, he let it all out, slapping his chest or sneering with a fist raised to celebrate success, pointing to his ear to ask the crowd for noise. This was the Djokovic everyone is so accustomed to seeing—yes, winning on the Grand Slam stage, of course, as he always does in this magical season, but also animated and into it, encouraging the spectators to join him for the ride on his path toward tennis history. Taking another step in his bid to complete the first calendar-year Slam by a man in more

To the outsider, one could possibly infer as Hamilton being swell headed as he has butted helmets with many a driver. I actually look at it like how basketball star Michael Jordan was in the 1990s—he fended off challenges from Earvin Johnson and the Los Angeles Lakers, Isaiah Thomas and the Detroit Pistons, Patrick Ewing and the New York Knicks, Reggie Miller and the Indiana Pacers, Alonzo Mourning and the Miami Heat, the Cleveland Cavaliers, the Portland Trail Blazers, the Phoenix Suns, the Seattle Supersonics, and the Utah Jazz. Oh, there was dislike between Jordan’s Chicago Bulls and the Pistons, the Knicks, and the Heat. It’s that way with Hamilton having to fend off challenges from all comers even from within. We see how Lewis’s Mercedes teammate, Finnish driver Valtteri Bottas also tiring of the attention on Hamilton. So not only has the Englishman have to fend off his teammate but there’s the hard-charging Verstappen. The word I would use to describe the rivalry between the two is–escalating.

than a half-century, Djokovic moved into the fourth round at Flushing Meadows for the 14th consecutive appearance, coming back to beat Kei Nishikori, 6-7 (4), 6-3, 6-3, 6-2. “I don’t plan to have those kind of emotional moments on the court, whether good or bad. It just happens,” Djokovic said. “In the heat of the battle, when you feel like the moment is very important...you just want to get those things out of yourself, out of your system—try to, I guess, ride on that energy wave that you create, whether it’s with yourself, whether it’s with the crowd.” So the No. 1-seeded Djokovic managed to avoid the rash of upsets that have hit the tournament, but the top-seeded woman, Ash Barty, did not. A day after defending champion Naomi Osaka and two of the top five men, Stefanos Tsitsipas and Andrey Rublev were beaten, Barty blew a big lead in the final set and lost to 43rd-ranked Shelby Rogers of the US, 6-2, 1-6, 7-6 (5) on Saturday night. Rogers was a quarterfinalist in New York a year ago, while Barty owns titles from the French Open in 2019 and Wimbledon this July but never has been past the fourth round at Flushing Meadows. AP NOVAK DJOKOVIC does what he does best. AP

The incident at Silverstone this past July where Hamilton’s collision with Verstappen knocked the latter out of the race and sent him to the hospital is the tipping point in my opinion. More so since Hamilton won despite a 10-second penalty for taking out Verstappen. Man, Red Bull was furious after the race. Verstappen was magnanimous post-race where he said that he was just focused. But Nico Rosberg, retired since 2016, has expressed that he can’t wait to watch the latest chapter between the rivalry between the two. He knows how it feels. Been there. Done that. Now, he’s the viewer. Adding to personality clash is the off-track battles between Mercedes and Red Bull. It has taken a turn for ugly as the latter is looking to place Alex Albon in a Williams car that uses Mercedes engines. With Red Bull set to begins engine designs by 2022 when their contract with Honda expires, Mercedes is worried that Albon, still under contract to Red Bull could share secrets. Hence, Mercedes’ Toto Wolff going out of his way asking Red Bull to free Albon through the media. You can’t write this script.