BusinessMirror September 10, 2020 by BusinessMirror

BSP to issue own securities Sept 18 T

HE Bangko Sentral ng Pilipinas (BSP) announced on Wednesday that it will start issuing its own securities on September 18. The securities offer is part of the Central Bank’s initiative to shift to more market-based monetary operations. BSP Bills and Bonds will be offered via auction. For its initial offering, the BSP said it will auction 28-day BSP Bills with an indicative offer volume of about P20 billion subject to confirmation two days before the actual auction date. According to its statement, auction volumes will be small at

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the outset, and will be gradually scaled up depending on market response and consistent with liquidity forecasts. “The inclusion of BSP Securities issuance in the standard monetary operations of the BSP provides an additional instrument for managing liquidity in the financial system and support the implementation of monetary policy under the Interest Rate Corridor (IRC) framework,” the BSP said. “The issuance of BSP Securities is part of the operational enhancements to the IRC framework and does not represent a change in the BSP’s monetary policy stance.

Moreover, the issuance of securities by the BSP will add to the existing supply of risk-free financial instruments in the banking system, which in turn could help in the development of the local bond market,” it added. Republic Act 11211, which was passed last year, amended RA 7653 (The New Central Bank Act), thus restoring the BSP’s authority to issue its own debt securities as part of its instruments for regular monetary operations. Previously, the BSP was only allowed to issue its own debt securities in cases when there are extraordinary movements in

price levels. The BSP said the restoration of its ability to issue its own debt securities is beneficial to the economy, as it provides with an additional monetary instrument for absorbing financial system liquidity. “The issuance of BSP securities complements the other short-term monetary policy tools used by the BSP to manage liquidity in the financial system, such as, the term deposit facility, overnight reverse repurchase facility, overnight deposit facility and overnight lending facility,” the BSP said earlier.

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PESO TO REMAIN STABLE TILL YEAR-END–DIOKNO www.businessmirror.com.ph

Thursday, September 10, 2020 Vol. 15 No. 336

TAGUIG City Mayor Lino Cayetano and Vince Dizon, Deputy Chief Implementer of the National Action Plan Against Covid-19, inspect the 500-bed Lakeshore Hotel Mega Quarantine Facility in Barangay Lower Bicutan in Taguig City. With them is a “Robonurse” designed by Taguig students to minimize health hazards for human health workers, performing simple tasks like taking vital signs or delivering medicine and other supplies to patients, and allowing medical personnel to communicate with patients remotely through a monitor mounted on its head. ROY DOMINGO

By Tyrone Jasper C. Piad

HE local currency is seen to remain stable for the rest of the year on the back of ample international reserves and manageable inflation, the Bangko Sentral ng Pilipinas (BSP) said. BSP Governor Benjamin E. Diokno said in a briefing on Wednesday that the peso has remained robust, outperforming other regional currencies. As of September 4, Diokno said the peso has appreciated against the greenback by 4.14 percent to P48.62 from the end-December 2019 closing of P50.64. Following the peso are the Japanese yen, Taiwan dollar and

Chinese yuan, which grew by 2.32 percent, 2.25 percent and 1.84 percent, respectively, during the same period. Meanwhile, Malaysian ringgit, Singaporean dollar, Indian rupee, South Korean won, Thai baht and Indonesian rupiah declined. “[The] country’s manageable inflation environment, a high level of international reserve buffer and favorable market sentiment,

even the passage of Bayanihan II, continue to provide support to the peso,” Diokno said. Year-to-date, headline inflation stood at 2.5 percent, which is within the government’s target band of 2 percent to 4 percent. The BSP said it is projecting inflation to settle within 1.75 percent to 2.75 percent this year. Gross international reserves, meanwhile, rose by $4.52 billion to an all-time high of $98 billion as of end-July from $93.47 billion in the previous month. The growth was attributed to revaluation gains from the BSP’s gold holdings, the national government’s foreign currency deposits and earnings from foreign investments. The current dollar reserves level can cover 8.9 months’ worth of imports of goods and payments of services and primary income. It is also equivalent to 7.5 times of short-term external debt based on original maturity and 4.9 times

based on residual maturity. “The stability in the peso-dollar market has been supported by ample gross international reserves and favorable external debt position,” Diokno added. The BSP chief said that the external debt-to-GDP (gross domestic product) ratio has declined to 21.4 percent in the first quarter this year. “This external debt level has provided the government sufficient space for higher budget deficit needed as it responds to the ongoing crisis through aggressive fiscal stimulus,” he said. In 2020, the BSP projects the peso to trade within the P50 to P52 range. The local currency is seen to move within P50 to P54 level next year. The Philippine peso lost 10 centavos to close at P48.66 on Wednesday from P48.56 the previous day, according to data from the Bankers Association of the Philippines.

‘Work + Study + Play’ trending now By Ma. Stella F. Arnaldo Special to the BusinessMirror

ORKATIONS with a study component are now a new market being tapped by a number of hotels and resorts, to beef up their occupancy amid Covid-19. In an online press conference on Wednesday, the head of the Hotel and Sales Marketing Association Inc. (HSMA), Margie Munsayac, said guests are now looking for staycations that give their chil-

dren time to study and play as well. “That’s why the hotels are actually assuring [guests] a very stable WiFi connection even on weekdays. The children can study anywhere as long as you have a very strong Wi-Fi… and it has been proven that the children have greater productivity in their online classes.” She said this trend of Work + Study + Play is a trend not only in the Philippines, but also in other countries where children now attend online learning classes. While many hotels in the Na-

PESO EXCHANGE RATES n US 48.6260

tional Capital Region are able to survive somehow by accepting as guests overseas Filipino workers, returning overseas Filipinos, medical frontliners and businessprocess outsourcing employees, Munsayac said properties in the provinces have not been as lucky. At the Maribago Bluewater Resorts Group, where she is vice president for sales and marketing, for instance, they posted a drop in revenues by as much as 80 percent since March. “Social events like weddings

and birthdays” are now helping prop up hotel revenues, as community quarantine guidelines allow only 30 to 50 percent guests capacity, she added. According to the Department of Tourism (DOT), tourism receipts fell by 71.5 percent to P81.05 billion from January to July 2020. To help kickstart domestic tourism and raise revenues of the hospitality sector, HSMA is holding its September Online Sale (SOS), where guests can book their

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CENTRAL BANK WILLING TO DECLARE DIVIDENDS TO BOOST COVID FUNDS

GOVERNOR Diokno gestures as he guests at a BusinessMirror Coffee Club forum in late 2019. BERNARD TESTA

HE Bangko Sentral ng Pilipinas (BSP) is open to declaring dividends anew next year to strengthen the government's war chest for the coronavirus pandemic. “Kung may available pa rin [If there’s more available] next year, we’ll be willing to give additional dividends,” BSP Governor Benjamin E. Diokno said in a briefing on Wednesday. The Central Bank in March remitted P20 billion worth of dividends in advance to the national government in support of the fight against the pandemic. The dividends account for 87 percent of the estimated total dividends based on 2020 unaudited financial statements of the BSP. “Under the law, hindi po dapat kami nagde-declare ng dividends sa gobyerno [we’re not yet supposed to be declaring dividends to the government] because we’re still building up our capital,” Diokno said. “Out of the goodness of our heart, this year, [we already gave] P20 billion.” The newly amended charter of BSP no longer mandates it to remit dividends to the national government. Section 2 of Republic Act 765, as amended by RA 11211, dictates that these dividends shall be used to increase the Central Bank’s capitalization. “Nevertheless, considering this extraordinary time, the Monetary Board has approved to defer the application of the BSP’s dividends for 2019 to the BSP’s capital and remit P20 billion See “BSP,” A2

See “Work,” A2

n JAPAN 0.4590 n UK 63.1117 n HK 6.2743 n CHINA 7.1018 n SINGAPORE 35.4960 n AUSTRALIA 35.0107 n EU 57.2571 n SAUDI ARABIA 12.9652

Source: BSP (September 9, 2020)

A2 Thursday, September 10, 2020

News BusinessMirror

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DOLE eyes millions in fees to boost workers’ Covid aid T By Samuel P. Medenilla

HE Department of Labor and Employment (DOLE) is now looking to tap more of its revenues from the issuance of permits in order to aid workers affected by the Covid-19 pandemic next year.

DOLE Financial and Management Service (FMS) Director Warren M. Miclat floated the proposal at a budget hearing in Congress on Wednesday, when Bagong Henerasyon Rep. Bernadette Herrera asked how DOLE could access its millions of annual earmarked revenues. “Every year, they generate P300 million and they could only use half of that. So it just piles up until there is already P3 billion of unused and earmarked revenue,” Herrera noted. Miclat recommended passage of legislation with a special provision that will allow them to use more of their earmarked revenue, which is generated from the permits issued by DOLE and its attached agencies.

For instance, this setup can apply to the Alien Employment Permit (AEP), a document foreign nationals need before they can work in the country for more than six months, as well as the working child permit, among others. “Maybe we can be allowed [to use] up to 10 percent of our permit collections for operating expenses as well as provisions to assistance to our clientele,” Miclat said. If approved, the measure will address many of the additional budgetary needs of DOLE and its attached agencies,” the labor executive said. “Once we remit it [earmarked revenue] to the Treasury, we could no longer use that. And if we will later request for [additional] budget, it usually has a cap,” Miclat said.

MARILYN RAGA, wearing a mask to prevent the spread of the coronavirus, stands beside a trolley as a train passes by on Monday in Manila. She said her husband used to earn a living by pushing their handmade trolley to ferry people along the railways before the pandemic broke. Raga’s husband now seeks work at a construction site because passengers hardly come by due to the quarantine measures. AP/AARON FAVILA

As requested by Herrera, Miclat said he will submit to Congress his formal recommendation on the matter. Citing data from the Department of Budget and Management

(DBM), Miclat noted that DOLE generated P7.54-billion revenue in 2019. “This is 130.73 percent [higher] than the expected 2019 revenue of the DOLE, which is P5.7

billion,” Miclat said. DOLE is now looking for additional funds as it expects high unemployment next year as local industries still struggle to recover from the effects of Covid-19.

Labs’ failure to submit patient data stymies contact tracing

Work… Continued from A1

hotel stay as much as 70-percent off on published rates, said HSMA president Christine Anne U. Ibarreta (Golden Phoenix). Prospective guests can book their stays via HSMA’s website (www.hsma.org.ph) from September 15 to 30, 2020, from a choice of 89 hotels and resorts in eight featured destinations: Manila, Pasay, Makati/Bonifacio Global City, the Ortigas Business Center, Quezon City, Northern Luzon, Southern Luzon, Boracay, the Visayas and Palawan/Mindanao. “We have no illusions that life will be the same—if and when restrictions are lifted. But the public’s patronage and advanced bookings from the sale gives us hope that things will get better. It will also enable us to plan ahead in terms of manpower and other operational requirements so that we will be able to hit the ground running when the pandemic is over,” she said. Among the major participating hotel chains in SOS, are the Discovery Group, Shangri-La Group, Crimson Resorts and Q Hotels, El Nido Resorts and Seda Hotels, Dusit Thani Group, Maribago Resorts, SM Hotels and Resorts, Savoy Hotels, among others. “Some of the promos are valid for up to a year—and even more — while the others even have no expiration on their validity,” according to HSMA spokesperson Pearl Maclang. “For travelers, the SOS is both a limited time offer that can help them save on their next trip, and a chance to help the Philippines’s tourism industry bounce back from Covid-19.” Some establishments may include the usual blackout dates or holidays among their offers, while others may not. For his part, HSMA Vice President Benjie Martinez (Bayleaf) projects recovery in their sector to start “by the middle of 2021. We believe that we will see the opening of domestic travel corridors by October, and more by December, so come summer of 2021, we can expect the hospitality sector to be in a fairly better situation.” A recent study by the DOT and Asian Institute of Management showed respondents prefer going to the beach (69 percent), road trips (54 percent), and staycations as top travel activities, while 42 percent were “highly unlikely to purchase travel deals or promotions during this time,” owing to budget and safety concerns. (See, “Poll: Pinoys to trim travel budgets with lower wages,” in the BusinessMirror, June 30, 2020.)

BSP… Continued from A1

A BOARD shows a hypothetical case that serves as a training tool to teach new contact tracers how to track all the people they need to reach out to after a person tests positive for the new coronavirus. AP/RICK BOWMER

HE failure of laboratories to submit their data is also affecting the contact-tracing activity of the local government units, an official of the Department of Health (DOH) said. Health Undersecretary Maria Rosario Vergeire said the submission of complete Covid-19 information of patients is vital in contact tracing in the effort to contain the spread of the infectious disease. Contact tracing had improved due to the timely and complete submission by laboratories before the current problem with delays surfaced, she said. Vergeire said the main reason the labs were not able to submit the data were lack of two variables—complete address and contact number. On September 1, it was made madatory for laboratories to submit the address and contact number of the person who got tested. If one of these details is missing, it will not get through the system. The labs, she said, should submit their data in the “CovidKAYA” and the Covid-19 data repository system (CDRS). The deadline for the daily submission of Covid-19 cases is 6 pm daily. Through CovidKAYA, an application that automates data collection

system used by frontliners in submitting case reports, laboratories no longer need to encode the data and just have to upload their Excel files to CDRS. The DOH said they already sent daily signed notices by email to laboratories which failed to submit for the day. Likewise, the DOH through its Health Regulation Team solicits the reasons for nonsubmission or delays on the submission of data via phone messaging and calls. “We have also elicited the support of the Department of the Interior and Local Government to help remind our Disease Reporting Units to submit regularly,” the DOH said. On September 8, at least 34 laboratories were not able to submit their Covid-19 data test results; the day before that, 27 laboratories failed to transmit their data and on September 6, at least 19 laboratories did not do so. As of 4 pm of September 8, the DOH logged a total of 3,176 confirmed cases based on the total tests done by 105 out of 117 current operational labs. There were 376 recoveries and 70 deaths recorded. The total number of recoveries is 185,543, while 3,986 have succumbed to the disease. Claudeth Mocon-Ciriaco

advance/partial dividends to support the NG’s [national government] programs during this enhanced community quarantine due to Covid-19,” the BSP said in an earlier statement. Declaring dividends in advance is one way by which the BSP has extended to aid the economy. To boost liquidity, the BSP has reduced the policy rate by a total of 175 basis points year-to-date. It also cut the reserve requirement of universal and commercial banks, thrift banks and rural/cooperative banks. The BSP acquired government securities in the secondary market. It also has a P300-billion repurchase agreement with the national government. Apart from this, the BSP allowed the loans granted to the micro, small and medium enterprises be part of the bank’s compliance with the reserve requirement. “The Philippines entered into the global pandemic with firm macroeconomic fundamentals,” Diokno said. “The macroeconomic prospects are likely to improve in the near term but there would be headwinds on our path to recovery.” He warned that the prolonged pandemic, slow global recovery and natural disasters are the hurdles the economy should overcome. Tyrone Jasper C. Piad

The Nation BusinessMirror

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Jan to Aug rice imports reach 1.642 MMT, BPI data show By Jasper Emmanuel Y. Arcalas @jearcalas

HE country’s rice imports from January to August reached 1.642 million metric tons, about 44 percent of the 3.737 MMT volume applied by the private sector to date, Bureau of Plant Industry (BPI) data obtained by the BusinessMirror showed. Latest BPI data also showed t h at r ice i mpor ts i n Aug u st reached a two-month high of 139,706.323 MT as importers used 189 sanitary and phytosanitary import clearance (SPS-IC) to bring in the volume. The eight-month volume was less than half of what 202 registered rice traders, comprising of farmers cooperatives, organizations, traders, companies and private firms applied to import, BPI data further showed. In August alone, the BPI issued 365 SPS-IC to registered imports for the importation of 259,180.060 MT. SPS-ICs have a 60-day must ship out rule before it expires based on existing rules. BPI data showed that Puregold Price Club Inc. was the top rice importer to date with 65,278.65 MT volume followed by Davao San Ei Trading Inc. with 64,636 MT. The BPI earlier told the BusinessMirror that “unjustified” underutilization by traders of their approved SPS-IC for milled rice is an “anomalous” activity that may disrupt state food sufficiency planning. The BusinessMirror earlier reported that rice traders and importers who have unused sanitary and phytosanitary import clearance could be suspended by the DA as about 60 percent of issued SPS-ICs in the first half, covering almost 2 million metric tons, remained unutilized as of July 10. The BPI, an attached agency of the Department of Agriculture (DA), said the underutilization of the SPS-ICs this year was attributed to such reasons as the lockdowns in countries of origin due to Covid-19 pandemic and export ban in Vietnam. Other reasons given by rice importers were: delayed shipments, rice suppliers limiting their export to ensure supply for their own needs, port congestion and holidays at country of origins and high price of imported rice than locally produced staple, according to BPI’s National Plant Quarantine Service Division (NPQSD). “Underutilization of approved SPS-ICs without proper justification is a kind of anomalous activity which can disrupt government planning for food sufficiency,” NPQSD said in an e-mail interview.

Editor: Vittorio V. Vitug • Thursday, September 10, 2020 A3

Solons back DTI’s call to restore ₧2.6-billion budget for MSMEs By Jovee Marie N. Dela Cruz @joveemarie

AWMAKERS on Wednesday backed the Department of Trade and Industry’s (DTI) call to restore its original budget proposal to enable the agency to assist and develop more micro, small and medium enterprises (MSMEs) affected by the Covid-19 pandemic. During the hearing on the DTI and its attached agencies’ 2021 P22.4-billion budget, Trade Secretary Ramon Lopez said the next year’s budget for MSMEs has been reduced from P2.6 billion in 2020 to P2.2 billion in 2021. “We can still support [MSMEs] but to a certain extent the budget given for 2021. Our budget for 2021 for MSMEs is P2.2 billion but it went down from the original P2.6 billion,” he explained. Lopez added some of the budget they submitted for several programs were also rejected. W it h t h i s, l aw m a kers a re pushing for the DTI’s budget res-

toration for 2021. Citing July 2020 employment figures, economist and Marikina Rep. Stella Luz Quimbo said there are 12.095 million self-employed with no workers and 3.179 million unpaid family workers in their own farms, or businesses. “So these 15.273 million workers can be viewed as [new] MSMEs. Compared to July 2019 employment figures, these are the only two categories of workers [that are increasing]. Self-employed with no workers increased by 563,000 and unpaid family workers increased by 550,000,” Quimbo said. Quimbo said these workers also need assistance from the government amid the pandemic. House Committee on Trade and Industry Chairman Weslie Gatchalian said DTI’s 2021 allocation is not enough to help the 1 million registered MSMEs, as well as the 4 million unregistered enterprises who have also been affected by the crisis. “We need to increase the overall

budget of the DTI for MSMEs. We need to prioritize the MSMEs amid this pandemic. DTI will play big role in jump-starting the MSMEs. We need to strengthen entrepreneurship in the country,” he said. “[But this budget cut] is very disappointing because during the July Sona [State of the Nation Address], President Duterte has directed the DTI to help MSMEs recover from their losses,” he said. Gatchalian said the House Committee on Appropriations should come up with a resolution increasing the budget of the DTI for MSMEs and its financing arm, the Small Business (SB) Corp. Despite the increasing demand on financing, Lopez added the budget for microfinancing also remained at P1.5 billion next year under the SB Corp. “The microfinancing is staying at P1.5 billion…that budget is very small when it comes for microfinancing during this pandemic,” he added. According to Lopez, the application for Covid-19 Assistance to Re-

start Enterprises (CARES) program has already reached P3.5 billion but the allocation for the program next year is only P1 billion. The CARES program is one of the state’s rescue efforts to help small firms recover from the ill effects of the coronavirus pandemic. The loan package has a funding of P1 billion and is facilitated by the SB Corp. MSMEs doing business for at least one year prior to the imposition of quarantine restrictions on March 16 and with assets not exceeding P15 million are eligible to borrow under the program. Micro enterprises with asset size of no more than P3 million may borrow between P10,000 and P200,000, while small enterprises with asset size of no more than P15 million may secure loan of up P500,000. The loan shall be utilized to help the borrower stabilize operations, or recover income losses. It must be used for the purposes of updating loan amortizations for vehicle loans and other fixed asset loans

of the business; replenishing inventory of perishable stocks damaged; or replacing working capital to restart operations. Interest rate for the loan is set at 0.5 percent every month and a grace period of six months on principal payments shall apply. Meanwhile, the 2021 budget of the DTI and its attached agencies is only 0.2 percent of the National Expenditure Program. Of the P22.4 billion, only P5.3 billion is allocated to the DTI while the bulk of the budget is allocated to Technical Education and Skills Development Authority amounting to P13.5 billion. The remaining budget is appropriated to other DTI attached agencies, including, Board of Investments, Philippine Trade Training Center, Design Center of the Philippines, Construction Industry Authority of the Philippines, Cooperative Development Authority, Aurora Pacific and Economic Zone Authority and Center for International Trade Expositions and Missions.

Meralco: Force majeure claims bring China’s Covid vaccine ready down electricity rates in September by Dec at the earliest–envoy By Lenie Lectura

@llectura

HE continued force majeure (FM) claims that the Manila Electric Co. (Meralco) has been invoking on its power suppliers brought down September power rates to P8.4288 per kilowatt-hour, down by P0.0623 per kWh from last month’s P8.4911 per kWh. The utility firm said this is equivalent to a reduction of around P12 in the total bill of residential customers consuming 200 kWh. Meralco explained that it continued to invoke the FM provision in some of its power supply agreements (PSAs) because of the reduced power demand in its service area during the community quarantine period. Luzon peak demand in August went down to 10,422 megawatts from 10,595 MW in July. FM claim in September totaled about P463 million, equivalent to customer savings of P0.1710 per kWh in the generation charge. PSA charges decreased by P0.3032 per kWh also due to FM claim. PSAs accounted for 54.8 percent of Meralco’s energy requirement. W holesa le Electr icit y Spot Market (WESM) charges were P0.0147 per kWh lower this month due to decrease in Luzon demand as some areas, including Metro Manila and adjacent provinces, returned to modified enhanced community quarantine (MECQ )

from August 4 to 18. The share of WESM to Meralco’s supply needs was 11.6 percent. Meanwhile, purchases from Independent Power Producers inched up by P0.0601 per kWh, mainly due to lower average plant dispatch. IPPs accounted for 33.6 percent of Meralco’s total supply. PSA, WESM and IPP charges make up the generation charge of an electric bill. Generation charge went down by P0.0381 per kWh to P4.0860 per kWh this month from P4.1241 per kWh in August. Without the FM claims, the generation charge and the total rate would have increased by 13 centavos and 14 centavos per kWh, respectively. For the past six months, the savings from FM claims totaled around P2.4 billion. During a virtual news briefing, Meralco utility economics head Lawrence Fernandez said it is too early to tell if the company will invoke FM claims in the succeeding months. “We will see what will happen this month, which will be reflected in October rates.” Meanwhile, transmission charge for residential customers registered a slight reduction of P0.0112 per kWh due to lower ancillary service charges. There was also a net decrease of P0.0130 per kWh in taxes and other charges. Collection of the Universal Charge-Environmental Charge amounting to P0.0025 per kWh

remains suspended. Meralco’s distribution, supply, and metering charges, meanwhile, have remained unchanged for 62 months, after these registered reductions in July 2015. The utility firm does not earn from the pass-through charges, such as the generation and transmission charges. Payment for the generation charge goes to the power suppliers, while payment for the transmission charge goes to the National Grid Corp. of the Philippines. Taxes and other public policy charges like the Universal Charges and the FiT-All are remitted to the government. Meanwhile, Meralco has yet to announce if it will comply with the Energy Regulatory Commission (ERC) directive which penalized the utility firm for its lapses in relation to the billing advisories committed by the utility firm. “We will announce in due time, perhaps this week or early next,” said Mera lco spokesman Joe Zaldarriaga. Meralco was ordered to pay P19 million for failing to indicate clearly that the March to May 2020 billings were “estimated,” and for failing to properly inform its consumers that the cumulative amount of electricity bill that was supposed to have fallen within the enhanced community quarantine period shall be amortized in four equal monthly installments.

TATE-OWNED China National Pharmaceutical Group, also known as Sinopharm, is testing 1,500 Filipinos out of more than 30,000 volunteers who have participated in the Phase III clinical trial of the firm’s Covid-19 vaccine, according to China’s Ambassador to the Philippines Huang Xilian. The envoy added that there are also volunteers in the United Arab Emirates who are taking part since June 23 in the Phase III clinical trial of the drug. The company has also launched PhaseIIIclinicalresearchinothercountries, including Bahrain, Argentina, PeruandMorocco,involvingmorethan 50,000 volunteers from 115 countries. According to Huang, who was inter viewed on Daily Tribune’ Show Straight Talk Tuesday, hundreds of thousands of people have been vaccinated of Sinopharm’s vaccine since China launched the emergency use of Covid-19 vaccines on July 22, “with no cases of severe adverse effects, or infection.” He added that relevant tests of Sinopharm’s vaccine against major Covid-19 virus strains, including those from Beijing Xinfadi, as well as other regions of Russia, the United Kingdom, United States, Austria, etc., showed promising results in both safety and efficacy. Asked when the vaccines would be ready for mass commercial use, Huang, quoting Sinopharm said “the vaccine is likely to be on the market

by the end of December 2020.” “The company has built two highlevel biosafety production facilities both in Beijing and Wuhan with an annual production capacity of 300 million doses,” he disclosed. Huang said further expansion of production capacity would enable the company an annual output that would reach 800 million to 1 billion doses. During the webinar, Huang said, the third phase of the trial started in June and would be completed by October this year. “After the third phase of the trial and the vaccine proved to be successful, then Sinopharm will enter into commercial agreement to manufacture the vaccine and, hopefully, would be ready for distribution by end of the year, or early next year,” he said. Huang said since the outbreak of Covid-19, China has been actively engaging in vaccine research and development. As of now, the World Health Organization has recorded 34 candidate vaccines which are in clinical evaluation around the globe. “There are now eight candidate vaccines in Phase III trial, which is the final phase before commercial use. Four candidate vaccines are from Chinese vaccine developers, including 2 from Sinopharm, a subsidiary of China’s leading vaccine producer, China National Pharmaceutical Group [CNBG], one from Sinovac Biotech and one from CanSino Biological.” Recto Mercene

DENR exec hints getting back at Cebu gov ‘Pemberton for deportation upon release’

HE Manila Bay Interagency Task Force will look for other sources of dolomite, or even white sand, from other areas now that the Cebu Provincial Government has issued a cease-and-desist order to mining companies commissioned to deliver the white sand-like backfilling materials for the P389-million beach “nourishment” project in Manila Bay. Department of Environment and Natural Resources (DENR) Undersecretary for Solid Waste Management and Local Government Units (LGUs) Concerns Benny D. Antiporda said they welcome Cebu Gov. Gwendolyn Garcia’s decision but was quick to add that the governor may have to do some explaining about the business problems in Cebu, including mining. “It’s Cebu’s problem, not ours. We will look for other sources of dolomite, or

white sand. There’s a lot of other sources from where we can get it,” Antiporda said. He said the DENR may even look for “white sand” in mouths of rivers if needed just to proceed with the project. The P389-million contract for the project that covers the extraction of garbage and other sediments and their disposal started last year. The overlaying of the controversial white sand, which turned out to be crushed dolomite, is the next phase along with the construction of sand trap and breakwater to prevent beach erosion and keep the sand intact. Various cause-oriented groups have called on the Duterte administration to put a stop to the project pending social, environmental, and health studies, especially at a time when the country is facing a crisis posed by the Covid-19 pandemic. But Antiporda said neither Garcia’s

cease-and-desist order nor the barrage of criticisms by detractors of President Duterte will not stop the project, which he defended as above board and free of any irregularity. “There will be some delays, of course, but who will be shamed by this? Cebu,” he said, adding that the governor may have some explanation to do to President Duterte. Garcia’s order, the DENR official said now opens the door for the DENR to look into the province’s environmental problems. Antiporda maintains that there’s no anomaly or irregularity involved in the project. “There’s no overpricing and there’s no corruption in this project, I assure you,” Antiporda said, defending the Department of Public Works and Highways which is the main agency in charge of the engineering intervention. Jonathan L. Mayuga

HE Bureau of Immigration (BI) announced on Wednesday that US Marine Joseph Scott Pemberton will be deported upon his release from the jurisdiction of the Bureau of Corrections (BuCor). In a news statement, Immigration Commissioner Jaime Morente said the BI would ask BuCor chief Gerald Bantag to turn over Pemberton so it could enforce its order issued in September 2015 for the US soldier’s deportation. Morente said with the grant of absolute pardon by President Duterte, “there is no more legal impediment or obstacle” for his departure. “The BI is duty-bound and mandated to implement a summary deportation order that the Board of Commissioners issued against Mr. Pemberton on September 16, 2015 for being an undesirable alien,” Morente said.

“At any rate, we are awaiting instructions from our Justice Secretary Menardo Guevarra for guidance on how we will implement the deportation order in a manner that is within the prescribed laws of the country,” Morente added. Pemberton was convicted of homicide in 2015 for killing Filipino transgender Jennifer Laude inside an Olongapo City motel in October 2014. He was sentenced to a maximum of 10 years in jail. An Olongapo trial court ordered the release of Pemberton due to his good conduct time allowance (GCTA) credits, saying that he has already served his maximum jail sentence. Pemberton is still at a detention facility inside Camp Aguinaldo and his lawyer, Rowena Flores, said they are working to process the documents to expedite his release after the pardon.

Flores said they expect Pemberton to be released within the week once the requirements are completed. BI Legal Division chief lawyer Arvin Santos said aliens who are up for deportation are required to submit clearances from the National Bureau of Investigation and Regional Trial Court as proof that they have no more pending criminal, or civil cases. Santos said once these requirements are submitted, the bureau will arrange and schedule the flight of the deportee who will be escorted by BI intelligence agents and civil security personnel and would later turn him over to the airline concerned before he boards the aircraft. Justice Secretary Menardo Guevarra said if Pemberton would not question his deportation then there would be no more problem for his departure. Joel R. San Juan

News

Thursday, September 10, 2020

Editor: Vittorio V. Vitug

House okays estate tax amnesty period By Jovee Marie N. Dela Cruz

@joveemarie

HE House of Representatives on Wednesday approved on second reading a measure extending the period for availing of the estate tax amnesty.

Through viva voce voting, lawmakers approved House Bill 7068, which amends Section 6 of Republic Act No. 11213 or the Tax Amnesty law, and extends the period of availment of estate tax amnesty from two years to four years. House Committee on Ways and Means Chairman Joey Sarte Salceda said the estate tax amnesty allows the transfer of long unsettled estates so these can be productive. “The original deadline of availment and payment on April 23, 2020 has since been extended four times, with the new deadline set until December 31, 2020; however, only 23,911 persons have availed of the amnesty, earning only P1.362 billion out of the potential P6 billion. Thus, it is apt that we extend it through legislation,” he said. The bill was authored by Majority Leader Martin Romualdez, Tingog

Party-list Rep. Yedda Marie Romualdez, and Deputy Majority Leader Wilter Wee Palma II. The lawmakers said their proposal will provide economic relief for Filipinos at this time of crisis, noting that the pandemic led to unemployment, bankruptcies, and stalled economic activities. “The people lost a precious period of time and possible sources of income in order to avail of this tax amnesty program of the government. This drawback may take some time to recover, and while the Covid-19 pandemic still persists, people will have extreme difficulty in paying their taxes, much more in settling their estate tax dues even with this tax amnesty program. Hence, this bill proposes to extend the availment period of the estate tax amnesty,” they said in the bill’s explanatory note.

P4.75-B collection

Earlier, Bureau of Internal Revenue (BIR) Assistant Commissioner Elenita Quimosing said the total collection from 2019 to June 2020 for tax amnesties has reached P4.75 billion from 23,911 tax amensty availers. Of this P4.75 billion collection, Quimosing said P3.4 billion came from the tax amnesty on delinquencies while P1.3 billion was from estate tax amnesty. However, Quimosing admitted the P4.75-billion collection is far from the target set by the Department of Finance. “The target for estate tax amnesty is P6 billion and the target for the amnesty tax on deliquencies is P21 billion. The collection is far [from the target] because of the current situation,” she added. The BIR had earlier extended to end-2020 the cut-off date for availment of tax amnesty on deliquency in order to accomodate more taxpayers. The authors of the bill said amendment to RA 11213 will enable those who want to take advantage of this program ample time to recoup their resources and get back on their feet so they can still apply and pay their estate tax dues. RA 11213 was approved by President Duterte on February 14, 2019. Under this law, the government provides the taxpayers a one-time

opportunity to settle estate tax obligations through an estate tax amnesty program that gives reasonable tax relief to estates with outstanding estate tax liabilities. The law said taxpayers apply for estate tax amnesty enjoy immunity from the payment of estate taxes, civil, criminal, and administrative cases and penalties. Failure to avail of the estate tax amnesty means that previously suspended late estate tax penalties will be applicable, and the costs to transfer estates will be very costly. Majority Leader Romualdez said this is why everyone who has outstanding estate tax liabilities as of December 31, 2017 is encouraged to take advantage of this excellent and rare opportunity offered by the government. The estate tax amnesty covers the estate of decedents who died on or before December 31, 2017, with or without assessments duly issued therefor, whose estate taxes have remained unpaid or have accrued as of December 31, 2017. Under the law, the executor or administrator of the estate, or if there is executor or administrator appointed, the legal heirs, transferees or beneficiaries, who wish to avail of the estate tax amnesty shall do so within two years from the effectivity of the implementing rules and regulations (IRR) of RA 11213.

National ID goal Amid pandemic, DOH 2021 budget ‘anemic’–senators seen stymied by pandemic Continued from A8

Continued from A8

Chua explained that the National ID registration involves a finger and iris scan which could be a way to spread the virus. In order to undertake the registration, Chua said the Philippine Statistics Authority (PSA) will contduct a pre-registration via house-to-house arrangement. National Statistician Claire Dennis S. Mapa told BusinessMirror on Wednesday that the preregistration will be done through a targeted list of households from low-income families. Mapa said the demographic information of these households will be collected by PSA’s registration officers. These families will then receive a registration schedule on when they can proceed to registration centers. “(The PSA registration officers will use) an appointment system to schedule when the registrant will go to the registration centers for the biometric capture,” Mapa said. “This will help reduce the time spent in the registration centers and minimize crowding.” Instead of the process star ting this month, Chua and Mapa said the registration for low-income households will start in mid-October this year. Next year, Chua said, the government aims to register 40 million Filipinos and will continue until around 90 million have been registered. This, he said, does not yet include children below 5 years old. Chua said upon birth, children will be given National ID numbers but their biometrics will not yet be taken because these may still change as these infants grow up. The National ID system is a P30-billion 5-year program of PSA. The agency started financing the project in 2018 and has yet to be fully rolled out. The implementation of the National ID is one of the primary marching orders received by Chua from the President when the former assumed the Neda post in April. Cai U. Ordinario

Quoting information from the World Health Organization, Senator Ralph Recto s a i d t h e g o ve r n m e nt m u s t va cc i n ate roughly 60 percent of the population or 60 million people. To make this possible, Recto said the government would need at least P60 billion if the vaccine costs around P1,000 per person, adding that this could be appropriated under the unprogrammed fund for next year’s budget so as to ensure funding for Covid-19 vaccine which can be tapped by the Executive branch. Meanwhile, Recto also questioned the budget allocations for personal protective equipment (PPEs) and Covid-19 test kits, and for health infrastructure under the Health Facilities Enhancement Program (HFEP), among others. Under the 2021 budget proposal of the Executive branch, P2.67 billion is allotted for PPEs and P1 billion for test kits, and P16 billion for HFEP. “We must show the public that we are serious in fighting this pandemic and considering that we would be borrowing roughly P3 trillion for next year, there should be enough funds for vaccines, for PPEs, for testing kits, for quarantine centers, so on and so forth,” Recto said.

House hearing

DOH officials, briefing House members

separately, said the agency has proposed P13.03 billion to implement Covid-19 Initiatives and Health System Resilience programs next year. At the pre-budget hearing of the House Committee on Health, DOH Undersecretary Mario Villaverde said the P13.03 billion will be allocated as the government’s Covid-19 response next year. Of this budget, P290 million will be allocated for the Operation of National R eference Laboratories to suppor t on going operations; P2.5 billion for the National Immunization Program to procure Covid-19 vaccine for public health workers and senior citizens; and P3.7 billion to procure protective gears and Covid-19 car tridges. The budget for also includes P5.26 billion to cover the loan proceeds of World Bank and ADB loans for next year. “Foreign-assisted projects that have been aligned most of the ca p i t a l i nve s t m e nt f o r Cov i d - 1 9 . Th e improvement of reference laboratories, prevention and control of other infectious disease have been included from these foreign-assisted projec ts by the World Bank and ADB,” said Villaverde. The P500 million will be alloted as quick response fund to cover health emergency response activities and procure commodities and capital outlay projects.

Also, the DOH allocated P286 million to support 50 percent of ongoing operatons of its national, regional, and subnational blood centers. The agency also included another item of P490 million to cover the Covid-19 wa re h o u s i n g, h a u l i n g a n d b ro ke ra g e expenses.

Total budget

For 2021, the DOH proposed a total of P127.29 billion for the whole agency— higher than 2020’s P100.56 billion. Of this total budget, P61.14 billion will go to personnel services; P56.07 billion to maintenance and other operating expenses and P10.8 to capital outlays. Bulk of the agency’s fund for 2021, or P38.96 billion, will go to implement the Universal Healthcare Law, which includes the deployment of 23,364 healthcare workers, 3,492 scholarship grants, procurement of equipment for 1,633 health facilities, procurement of ambulances, monitoring and evaluation of activities, strengthening of local health systems, Botika ng Bayan, suppor t to ongoing epidemiology and surveillance activities, health emergency and preparedness and response and health promotion activities. The 2021 budget of the health department will also provide P29.29 billion for the implementation of health-related laws.

Economic team wants more PUVs on the road Continued from A8

With this, economic growth plummeted and posted a contraction of 9 percent in the first semester of the year. The first quarter saw GDP contract 0.7 percent and the second quarter, 16.5 percent. Millions of jobs were also lost, with the April data showing 5 million Filipinos becoming jobless during the lockdown and the jobless rate reaching 17.7 percent. However, Chua said, the government improved its response and was able to cut the number of unemployed Filipinos to around

4 million by July. The third quarter is also expected to show better numbers. “I don’t think we can ever be satisfied because this is really a pandemic that has affected so many people with deaths almost 4,000. But what we have observed is that our progress in the health sector has led to a significant decline, for instance, of the ratio of deaths. Out of the 241,000 cases, deaths, although very sad that we have them, have been limited to less than 1.6 percent,” Chua said. Currently, Chua said the country’s testing capacity has improved to 85,000, the highest

in Southeast Asia. He said the country already used 41,000 of this testing capacity and allowed the country to detect 2,000 to 3,000 cases per day on average. B ased on the latest IATF data on Wednesday, the utilization of the country’s critical care capacity is still adequate and had a buffer of 50 percent. “We can never be happy or satisfied. We will work for better outcomes and, as I mentioned, we are working to rebalance instead of just doing full risk aversion or avoidance, we have to manage the risk,” Chua said.

‘PHL agri growth must top hike in population’ Continued from A8

In a presentation, Weiss said agricultural t ra n s f o r m at i o n re q u i re s a s h i f t f ro m farm-centered and subsistence-oriented agricultural systems to an off-farm centered and market-driven sector. This will require sufficient investments not only in specific commodities in terms of subsidies for inputs such as fertilizer, planting materials, and machines, but also in other agriculture industries. These public goods should include research and development (R&D), infrastructure, innovation systems, market i n f o rm at i o n s y s te m s, a n d b i o s e c u ri t y systems.

Weiss said that currently, the Department of Agriculture’s budget remains rice-centric. Rice accounts for 18 percent of the value of production. In the 2020 budget, Weiss noted that rice accounts for 48 percent of production services; 53 percent for extension support, education, and training services; and 35 percent of agriculture equipment and facilities. Weiss added that the government’s rice program also accounts for 49 percent of research and development as well as 88 percent of irrigation services. “The report suggests shifting away from a focus on specific crops towards improving t h e o ve ra l l re s i l i e n ce, i n c l u s i ve n e s s,

competitiveness, and sustainability of the sector,” Weiss said. “(There is also a need to shift) to a m o re d e m a n d - d r i ve n s e c t o r, w i t h adjusted modalities of government support, strengthened evidence -based decisionmaking, and larger focus on public goods. This would lead to a more diversified sector with strong food value chains, affordable and nutritious food, and a vibrant rural economy,” he said. The repor t was prepared as par t of World Bank’s support to the Department of Agriculture’s “new thinking” in agricultural development, which suggests shifting from a heav y focus on specific crops toward improving the overall resilience,

competitiveness and sustainability of the rural sector. World Bank’s support to the Philippines includes long-running programs meant to raise agricultural productivity and reduce poverty in rural communities. A current example of this is the Philippine Rural Development Project (PRDP), which aims to boost rural incomes and enhance farm and fishery productivity. Several projects are in the pipeline to help raise agricultural productivity, resiliency and access to markets of farmers and fisherfolk in selected ancestral domains in Mindanao; and improve management of coastal fishery resources in selected coastal communities. Cai U. Ordinario

Live or die: Lib banking secto

By Tyrone Jasper C. Piad

OME bankers would consider adjustments to the phaseout of Libor less a labor of love, as the end of the 34-year-old financial tool brings additional tasks the sector must undertake.

“ The most important number in finance will disappear in 2021,” law yer Russell Stanley Geronimo wrote in an opinion piece for the BusinessMirror. (See, “Is the Philippines ready for the 2021 Libor phaseout?” August 17, 2020) “The London Interbank Offer Rate (Libor), which is an interbank interest rate at which banks on the London money market are willing to lend to one another, will soon be phased out.” By 2022, the banking industry will be introduced to a new benchmark for borrowing costs. Analysts emphasized that a well-oiled transition to new metrics—a significant undertaking for fund managers and bank officials—is key to avoid major disruptions in the financial sector. “The transition is a complex undertaking that will require serious attention and efforts to execute,” Fitch Ratings director for APAC-Banks Willie Tanoto told the BusinessMirror. As Geronimo had explained, “the benchmark administrator will cease publishing the rate, meaning it will no longer appear on the Bloomberg or Reuters screen.” “This has a significant impact in the financial markets.”

“minimal.” Ricafort said there will still be adjustments, especially from a legal aspect. He said that Libor-priced borrowings and other funding contracts, along with future transactions, will be needing revisions. According to Geronimo, “the notional value of debt instruments and financial derivatives referencing the Libor is estimated at $360 trillion worldwide.” He added that in the Philippines, Libor “is referenced in syndicated loan agreements, subordinated indebtures, promissory notes, credit facility agreements, surety bonds, floating rate notes, treasury bonds, forex [foreign exchange] forwards and forex swaps.” Geronimo, who is a banking, finance and securities lawyer at SyCip Salazar Hernandez & Gatmaitan, added that “some of these existing financial products have terms extending beyond 2021.”

Judgment of data

SO far, the industry is looking at the Secured Overnight Financing

Transition ‘manageable’

NON E T HEL E S S, S & P Globa l Ratings Analyst Nikita Anand told this newspaper the Philippine financial system may not find it too difficult to adapt to a post-Libor era because of its low exposures on Libor-linked instruments. “For the Philippines specifically, we envisage the impact to be manageable, given Libor-linked exposures are not significant and peso-denominated loans are linked to domestic benchmark rates,” she explained. Anand noted, however, that transitioning to new benchmark rates was put into the backburner in the region this year following the disruptions brought about by the Covid-19 pandemic. Still, she said, the banks in Singapore and Hong Kong have been leading the move. But the S&P analyst said that both regulators and banks would eventually accelerate their transition efforts as end-2021 draws nearer. “Banks’ ability to handle the transition to an alternative benchmark while maintaining profitability margins and asset-liability management thresholds will be key,” she said.

Year post-2021

RIZAL Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said that the local banking industry, along with the global financial sector, has been preparing for the imminent transition in recent years. Should the transition go accordingly, the RCBC economist said that the impact would be

An aerial shot of banks at Canary Wharf in the central London financial district. Wirestock | Dreamstime.com

TheBroaderLook BusinessMirror

bor phase-out leaves local or with lots of work, options Rate (SOFR) to replace the LIBOR, which sets interest rates at which banks borrow from each other. While both cover short-term borrowing costs, the SOFR is based on daily transaction data while Libor is based “partially on market-data ‘expert judgment,’” according to Morgan Stanley Research. It added that the SOFR provides a daily rate while Libor has seven varying rates with terms ranging from one day to one year. “SOFR is the widely expected and emerging alternative to the phasing out of the Libor as a benchmark for pricing loans and deposits, although there are also other choices being considered in other parts of the world,” Ricafort explained.

Contracts review

BUT while the local banking system is expected to transition smoothly to a SOFR, a thorough review of the current contract portfolio is needed, Tanoto said. He said banks should be able to identify which are the ones pegged to LIBOR to help them measure and manage exposures. “In addition, a host of systems and procedures need to be in place, from updated loan and trading systems and software, administrative and accounting systems, risk management modelling adjustments, updated legal procedures, regulatory reporting, internal staff training, external customer education and so on,” he said. “There is a lot of work involved, the requirements may shift during the course of the transition and not all of the problems have ready

solutions until the SOFR market matures and new standards get established,” he added.

Products, pricing

NOW, the question is, what transactions will be affected by the transition? The short answer is, all Libor-linked instruments. To be more specific, Tanoto identified the most common transactions. The Fitch Ratings analyst said that the majority of the LIBOR instruments in the Philippines are dollar-denominated. These include bilateral and syndicated loans, trade finance products, floating rate notes, interest rate swaps and cross currency swaps. “Foreign currency loans amount to $18.3B at end-March, which is just under nine percent of total system loans; much of this is likely to be indexed to USD [US dollar] Libor,” Tanoto added. He explained that the Philippine Interbank Reference Rate (PIFR) will also be affected because it is based on the foreign exchange swap market—and Libor is primarily used in pricing the instruments. In a way, this can also affect domestic peso interest rates, he added. “Foreign currency exposures and derivative contracts will be most affected, as they are typica lly Libor-linked and banks will have to review, amend contracts and update systems and processes for the transition,” Anand said.

Impact on bond market

THE bond market appears to have foresight on the matter. Ricafort and Tanoto said that the transition to a new benchmark

interest has only minimal impact on the bonds. The RCBC economist said that bond prices and yields have been largely priced at spread over relevant benchmark bonds, including those of US government bonds or treasuries. “The bond markets have evolved based on actual transactions in the market (i.e. based on actual purchases and sales of bonds in both the primary and secondary market),” Ricafort explained. Recently, local companies have been participating in the offshore bond market, launching dollardenominated offerings. Yu c h e n g c o - l e d R C B C , f o r example, recent ly debuted its $3 0 0 - m i l l ion of f shore b ond of fe r i n g , a nd it s orde r b o ok reached as much as $825 million. T he proceeds of the offer ing are a l located to finance asset growth and other general corporate matters and to maintain enough reser ves above the minimum requirements by the Bangko Sentra l ng Pilipinas. Filinvest Development Corp., meanwhile, announced this month that it was planning to offer and issue dollar-denominated senior unsecured notes. Proceeds are earmarked to refinance the company’s financia l obligations and fund its investments in digitalization, renewable energy, water, desalination and wastewater, district cooling and other infrastructure projects.

A better tool?

RICAFORT stressed that Libor has played a significant role in pricing financial instruments. Libor, he

said, has been used as benchmark for pricing loans and deposits, especially those denominated in US dollars and in other major global currencies. Still, he said, this benchmark has its f laws, hinting that transitioning to SOFR might be a better choice. “It is important that the next benchmark truly ref lects the true cost of funding in US dollar and in other major global currencies that will be widely expected by global banks/financial institutions and regulators, and also not subject to manipulation, as seen in cases in the past involving Libor,” Ricafort explained.

‘Premature’ to compare

TANOTO, meanwhile, is holding off judgment. He said that choosing which one is better depends on the situation at hand, although he agreed with Ricafort in saying Libor is indeed vulnerable for manipulation. “ For i n st a nce, one of t he motivations for moving away from Libor is to prevent banker manipulation of the Libor fix; and SOFR does seem to achieve this, since it is much harder to manipulate such a vast market,” he said. “However, it also means that the rate is subject to the day-to-day volatilit y of rea lworld transactions.” The Fitch Ratings analyst said that it might still be “premature” to compare the “budding new benchmark with a market convention that has dominated global finance for half a century.” The banking industry has yet to see how the SOFR matures along with the market.

Editor: Dennis D. Estopace | Thursday, September 10, 2020

A guide to the world’s new benchmarks after Libor

OR about 50 years, the London interbank offered rate has helped determine the cost of borrowing around the world, from student loans and mortgages to interest-rate swaps and collateralized loan obligations. Libor, derived from a daily survey of bankers who estimate how much they would charge each other to borrow, was simple, effective, ubiquitous, and seemingly reliable. As markets evolved, the trading that helped inform those estimates dried up. In the wake of the 2008 financial crisis, regulators discovered that the banks trusted to set the rates underpinning hundreds of trillions of dollars of financial assets had been manipulating them to their advantage. For the past three years, policymakers around the globe have been developing new benchmarks to replace Libor by the end of 2021. The challenge has been to maintain Libor’s accessibility and functionality with a replacement that’s more trustworthy. That’s easier said than done, and some countries and regions have made more progress than others.

THE Federal Reserve is championing the Secured Overnight Financing Rate (SOFR) to replace dollar Libor, which underpins roughly $200 trillion of securities. SOFR is different from Libor in three key respects: It’s based on real transactions, not just bank quotes; it provides only an overnight rate, whereas Libor offers rates for seven maturities ranging from one day to one year; and it’s a secured rate, derived from repurchase agreement transactions that are collateralized by US Treasuries. Regulators prefer SOFR because a vast amount of trading underpins the benchmark—more than $1 trillion on most days, vs. an estimated $500 million for three-month dollar Libor. That makes it a truer reflection of the cost of capital and less susceptible to corruption. Still, the transition has been uneven. Issuance of SOFR-linked bonds continues to increase, yet the leveraged loan and CLO markets have been slow to shift from Libor, citing the lack of a forward-looking term structure that extends beyond SOFR’s overnight tenor, a common refrain globally. Greater trading volume in monthly and quarterly SOFR futures is expected to eventually facilitate the creation of additional tenors, producing a curve that reflects expectations for where the rate will be in the future. Another concern is SOFR’s susceptibility to periodic volatility in the market for repurchase agreements that determine the benchmark’s setting. Its lack of a credit component is also a hurdle to wider adoption, some say. Given that Libor is based on the cost of lending between banks, it also reflects counterparty risk, especially when credit conditions worsen. This feature serves an important market function in hedging and securities pricing. SOFR is also facing challengers that offer some of the features that it lacks. The Bank Yield Index was introduced by Libor’s overseer, the ICE Benchmark Administration, in January 2019. The new gauge, developed specifically as a potential replacement for lending activity tied to Libor, has multiple tenors as well as the credit component SOFR lacks. Another alternative, Ameribor, is calculated from the actual borrowing costs between the mostly small and midsize banks that are members of the American Financial Exchange. While the Bank Yield Index isn’t set to launch until later this year, Ameribor futures are already trading on the Cboe Futures Exchange.

Euro zone

EURIBOR, a Libor-like benchmark underpinning more than €180 trillion ($211 trillion) in assets, and the Euro Overnight Index Average (Eonia), its short-term equivalent, have long dwarfed euro Libor as the dominant reference rates in the euro zone. The way Euribor is calculated has changed in recent years, giving policymakers comfort that it can continue beyond 2021. Its so-called waterfall methodology prioritizes bank contributions based on actual transactions over modeled estimates or panel judgments, while a handful of less liquid tenors have been scrapped. Regulators, on the other hand, are ditching Eonia, which had few underlying trades that were dominated by a handful of contributors, and adopting the Euro Short-Term Rate, or ESTR. ESTR draws on money-market transactions that show the overnight unsecured borrowing costs of euro-area lenders. It’s underpinned by an average of about 500 daily deals totaling roughly €40 billion, according to recent figures compiled by the European Central Bank, and has a broad range of participants that can include pension funds and insurance companies.

THE UK’s Libor replacement, the Sterling Overnight Index Average, has been around since 1997. Sonia, as it’s known, has been overseen by the Bank of England since 2016 and made its debut in a reformed version in 2018. Like ESTR, Sonia measures the rate paid on unsecured overnight funds. The reformed gauge includes transactions negotiated bilaterally between banks as well as broker-intermediated loans. Other modifications included adjustments to the averaging methodology and a new publication time to give the BOE more time to process

transactions. It’s used to value about £30 trillion ($39 trillion) of trades each year, according to the BOE. Sterling-denominated derivatives markets are shifting to Sonia. The share of pound-related swaps linked to Sonia is now roughly in line with those tied to Libor. Floating-rate bonds that mature later than 2021 have all but ceased to be tied to Libor. Issuers have also begun to use Sonia to set prices on securitized debt, and the first syndicated loan tied to Sonia was issued in March. British regulators are developing a Sonia term rate as well as pushing lenders and borrowers to amend Libor-based contracts to ensure a smooth transition after it’s phased out.

Switzerland

SWITZERLAND has also leaned on a benchmark born before the Libor rigging scandal. Saron, the Swiss Average Rate Overnight, is similar to SOFR in that it’s based on overnight trades, but in the Swiss franc-denominated repurchase agreement market. Saron is based specifically on transactions between financial institutions. While banks are already selling Saron-based mortgages, other credit products are still overwhelmingly priced off of Libor. Until 2019, the Swiss National Bank used Libor to guide the country’s monetary policy. The central bank switched last June to a new benchmark— the SNB policy rate. The bank now implements monetary policy by managing liquidity in Swiss money markets to steer Saron and keep it in line with its benchmark, which at -0.75 percent is the lowest in the world.

Japan

THE central bank is leaning on two alternatives to yen Libor, Tibor and Tonar, as it looks to transition about $30 trillion of assets referencing the beleaguered benchmark. Tibor, the Tokyo Interbank Offered Rate, is a version of Libor—with its own rigging scandal a decade ago—that’s overseen by the Japanese Bankers Association Tibor Administration. The group implemented a series of reforms in 2017—including the introduction of a new methodology that relies on actual transaction data or, if that’s not available, refers to similar interbank market rates—to bolster the reliability and transparency of the unsecured lending rate. Tonar, the Tokyo Overnight Average Rate, is Japan’s short-term alternative based on transactions in the uncollateralized overnight borrowing market. Regulators are seeking to develop a term structure based on market data for overnight index swaps, which use Tonar as the floating leg. Quick Corp., an affiliate of Nikkei Inc., began to publish prototype reference rates in May to help lay the groundwork for additional terms. A functioning curve is expected no later than mid-2021, Masayoshi Amamiya, deputy governor of the BOJ, said in a speech earlier this year.

Singapore, Australia, Hong Kong

LIBOR is calculated for just five major currencies— the dollar, euro, pound, Swiss franc, and yen. Still, other countries are reforming their own Libor-like reference rates. Financial-services companies in Singapore are set to adopt the Singapore Overnight Rate Average, which is replacing the Libor-based Singapore-Dollar Swap Offer Rate, that underpins some S$3.5 trillion ($2.5 trillion) of derivative products. The new benchmark, known as SORA, is based on an average rate of unsecured overnight interbank Singapore dollar transactions brokered onshore, whereas the SOR is computed from borrowing greenbacks and swapping them into the local currency. There are signs the transition is well under way: Global clearinghouse LCH cleared the first local currency interest-rate swaps benchmarked to SORA in May. Down under, the Libor rate for Australian dollars has been discontinued and replaced by the bank bill swap rate, commonly known as BBSW, which is referenced in about A$18 trillion ($13 trillion) of transactions. The critical difference is that the BBSW is based on actual transactions in the bank bill market. The rate was subject to attempted manipulation in recent years, which prompted reforms in 2018 when a new regulatory framework for the financial benchmark was installed. The reforms included the adoption of a volume-weighted average price methodology. The Australian Overnight Index Average, or Aonia, is also gaining traction, with the first floating-rate note tied to the benchmark pricing last year. It’s based on the rate at which unsecured funds are lent in the domestic interbank market. The Hong Kong Dollar Overnight Index Average, or Honia, has been proposed by the Treasury Markets Association as an alternative to the local Hong Kong Interbank Offered Rate, known as Hibor. Honia, like other risk-free rates, is based on unsecured lending transactions in the interbank market—and is thus considered a more reliable benchmark. Still, the Hong Kong Monetary Authority has said it plans to adopt a multirate approach where Honia and Hibor exist in tandem.

Bloomberg News

A6 Thursday, September 10, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

The timing stinks

nvironmental organizations that have been calling for a genuine rehabilitation of Manila Bay were the first ones to oppose the recent dumping of artificial white sand along the shore of Manila Bay by the Department of the Environment and Natural Resources (DENR). The project will create a white sand beach along a 500-meter stretch from the United States embassy to the Manila Yacht Club. Environment Secretary Roy Cimatu launched the project in January 2019 under the P389-million Manila Bay rehabilitation program. Nobody raised any objection when the project was launched. Now that the “white sand” is here, dectractors call it evil. The pandemic obviously made this kind of project seemingly “ill-conceived,” especially when so many hungry and jobless people stand to benefit from the money earmarked for the rehabilitation project. In fairness to the DENR, the word “pandemic” was not even in the vocabulary of people currently raising hell with the agency when the Manila Bay rehabilitation program was being planned. As the world is in the middle of a health crisis, health concerns are likewise being raised because the DENR, it turned out, is not pouring white sand on Manila Bay but crushed dolomite, which is also being used as a feed additive for livestock. Department of Health Undersecretary Maria Rosario Vergeire said there are medical reports that crushed dolomite can cause “adverse reactions” primarily on the respiratory system, if “aerosolized” and inhaled. She clarified: “If you inhale the dust, your respiratory system will be affected. We are not saying that when you go to Manila Bay, you’ll get it at once. With the clearance of the DENR, I don’t think this project will be implemented if it will cause harm to the environment and also to our people.” Many people on social media are now saying that the Manila Bay “white sand” is harmful, based on the pronouncements of the good Health undersecretary about its potential health hazard. They completely missed her qualifying condition—that crushed dolomite can cause adverse reactions “if aerosolized and inhaled.” Environment Secretary Roy Cimatu said the dolomites used to beautify the stretch of Manila Bay’s shore are safe. “It is not listed by the Mines Safety and Health Association, Occupational Safety and Health Association or even in the International Agency for Research of Cancer as a carcinogen,” he said during the budget deliberation of the agency before the House committee on appropriations. Cimatu explained that the hazardous ones are the dolomite dust particles with the size of 10 to 15 microns. He pointed out that the size of the dolomites being used in Manila Bay is 2,000 to 5,000 microns or 100 times bigger than dust. “Therefore, they are not suspended in air and cannot be inhaled.” The marine conservation group Oceana Philippines launched an online petition to stop the implementation of the Manila Bay white sand project. “We are opposed, and we want this project, a useless expenditure of public money, stopped,” said Gloria Ramos, Oceana Philippines vice president. According to the online petition, the Manila Bay white sand project allegedly violated five laws: Presidential Proclamation 2146, the amended Fisheries Code, the Clean Water Act, the National Cultural Heritage Act, and the Local Government Code. Since 2005

BusinessMirror A broader look at today’s business ✝ Ambassador Antonio L. Cabangon Chua

The future of the nation James Jimenez

spox

ast week, the Comelec offices in NCR processed more than 6,000 applications—everything from the registration of new voters to reinstatement in the list of voters, a total of 12 separate application categories in all. Without mincing words, that is a worrisome number. Truth be told, unless the number of applicants increases by several orders of magnitude over the next 11 months, we might have fewer registered voters in 2022 than we had in 2019. In the last National and Local Elections, we had close to 62 million registered voters. Of that number, about 46.3 million actually turned out to vote. But with the deactivation of the voting records of a little over 7 million voters who had failed to vote twice by 2019, the current number of registered voters stands at approximately 54.5 million only. If these were normal times, we would expect to have new registrations and reactivations combining to return the number of registered voters back to where it was in the previous elections and then to exceed that

number by about 1 to 2 million. This is why, year on year, the number of registered voters closely keeps pace with the unavoidable increase in population—as the years go by, the population grows and so does the number of registered voters. Because of the pandemic, however, there is a very real possibility that 2022 will break that pattern. While a lower number of registered voters won’t spell the end of democracy as we know it, it will nevertheless represent a diminution of the power of the people to decide who their leaders will be. When fewer people are able to vote, then the power to decide who governs us all becomes more and more concentrated in the hands of a smaller and smaller number of people. This is anathema to democracy and, as history teaches us, it is a very slippery slope to be on.

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pect was the reason why there was an uncharacteristic 7.5 million jump in the number of registered voters from 2016 to 2019. Social media notwithstanding, however, the current registration turnout levels actually make these projections seem not conservative enough. And this is the reason why I am personally thankful that the Comelec has come down squarely on the side of continuing voter registration, instead of postponing it for January next year. With the number of people that need to get registered or otherwise update their records—updating records, by the way, is critical now that thousands have been forced to transfer residences by the pandemic—there is simply no calculus that will make it logical for us to do the work in nine months when we could have spread it out over a longer period of 12. We need people to register. We need to re-grow our list of voters. We need to make sure that in 2022, more people are able to make their choice of leaders known. By how we choose our leaders, we will be determining how we survive this pandemic. And when the stakes are that high, it is in our best interest that we get as many people as possible contributing their wisdom to the discussion. So tell people to go out and register; tell them to take all necessary precautions, but to not be afraid; tell them the future of the nation depends on it.

Are Filipinos satisfied with the government?

Founder Publisher

For this registration cycle—September 1, 2021 to September 30, 2022—the Comelec has said that about 4 million people are newly eligible to register. This, of course, refers to people who will have turned 18 by the next elections on May 9, 2022. However, this doesn’t mean that only 4 million people need to register. In fact, a significant number—around 10 percent I would say—of the newly eligible are expected not to register, even though they know about it and they have every opportunity to do it; some people just aren’t interested in voting. A large fraction of the 7 million deactivated voters, on the other hand, will want to reactivate. At least half of that number are anticipated to return for 2022. So if we want to get some idea of how many people are expected to come to the Comelec offices to register or otherwise update their registration records, we’re going to start with the approximately 4 million newly eligible, to which we have to add the 4 million voters who are going to seek reactivation, giving you an expected registration turnout of (very) roughly 8 million. Adding that number to the current number of registered voters gives you about 62 million, which closely tracks the historical growth rate of the voting population. This estimate, of course, doesn’t adequately reflect the mobilizing power of social media, which I sus-

he family, the basic collective unit of human society, has as its purpose to provide protection and provision to its members. That is why we stay together. There is strength in numbers and the group can better create the necessities of life.

From the family we move up through the social hierarchy of the clan, tribe, and finally the nation state. But the joining together always serves the same purpose for the individual: protection and provision. We can always talk about what the individual must give back to the collective. I taught my sons this. If you want the benefits and advantages of being an adult, then you must also accept the obligations and responsibilities of being an adult. But in fact, we expect our children to first act like adults before we treat them as such. While it is an inaccurate translation from the original Latin, we use the term “quid pro quo” in English to describe “I give, so that you may give”

or “You do this and I will do that.” But in a nation, we actually expect the government or state to “give” first and there is not necessarily anything wrong with that. The lazy and irresponsible are entitled to use the roads and bridges that were built without any contribution from them. A nation’s military protects the physically weak and the cowardly in time of war. The Christian Bible says, “For your Heavenly Father makes the sun rise upon evil men as well as good, and he sends his rain upon honest and dishonest men alike.” Maybe because as children in a family structure, we grew up feeling entitled and being treated that way. We were protected and provided

In regard to the statement that “the state is run for the benefit of all the people”, the global average was 50 percent. Yet again, the Philippines scored second highest with 83 percent believing that the state was being run for the benefit of all.

for without having to do anything for it, at least until we grew older. Maybe also that is why so many highly successful people faced some struggles early in life that assisted them to get to the top rather than being “spoiled brats.” There are two things that people expect from the state and also the family. They expect to have a voice. “Most elected officials care what people like me think.” They expect for all members to gain benefits, not just “Mom and Dad.” “The state is run for the benefit of all the people.” At the end of February 2020, Pew Research Center released its global survey of 34 countries on attitudes toward basic democratic principles. Many ordinary citizens believe politicians do not listen to them. Across the 34 countries surveyed, a median of 64 percent does not believe that

“most elected officials care what people like me think.” In “first world” countries the average was about 60 percent with 71 percent in the United States saying government does not care. Yet Filipinos scored the highest of all with 69 percent saying that government cared about their opinions. In regard to the statement that “the state is run for the benefit of all the people,” the global average was 50 percent. Yet again, the Philippines scored second highest with 83 percent believing that the state was being run for the benefit of all. Filipinos, Indonesians, and Indians are particularly likely to agree that the state is run for the benefit of everyone. There is absolutely no scientific basis for this. But many countries (USA, Germany, UK and Mexico) that have experienced large protests about Covid lockdown restrictions all have majorities that do not think government listens or benefits all the people.

E-mail me at mangun@gmail.com. Visit my web site at www.mangunonmarkets.com. Follow me on Twitter @mangunonmarkets. PSE stockmarket information and technical analysis tools provided by the COL Financial Group Inc.

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Opinion

Swimming in debt

A communion built on mercy

BusinessMirror

Msgr. Sabino A. Vengco Jr.

Val A. Villanueva

Businesswise

hen President Duterte steps down in 2022, one of his legacies to the country would be a pool of debt amounting to P13.7 trillion.

The amount catapults the debtto-GDP ratio to a 17-year peak, a direct result of the government’s near-term borrowings intended for containing the Covid-19 pandemic and stimulating the economy. Between January and July of this year, the government has already scrounged from local and foreign sources some P1.86 trillion which is almost equal to total government borrowings for the past two years. In July, public debt obtained from the sale of treasury bills and bonds totaled P1.38 trillion, according to records from the Bureau of the Treasury. On the other hand, the sum of external borrowings from program and project loans and offshore bond issues reached P481.2 billion. The country’s debts after the Duterte presidency would eclipse the P5.94 trillion combined debts of six presidents, starting from the P526 billion debt incurred during the 21.7-year reign of ousted dictator Ferdinand Marcos Sr.; P344.1 billion during Corazon Aquino’s 6.25-year term; P839.8 billion in Fidel Ramos’ six years in office; P955.9 billion in 2.58 years under Joseph Ejercito; P2.4712 trillion in Gloria Arroyo’s 9.42-year administration, and P808.6 billion in six years with Benigno Aquino III as president. Don’t get me wrong. There is nothing inherently wrong in a country that borrows in order to preserve financial liquidity and fuel growth. For developed nations experiencing economic slowdown, taking out loans at low interest rates is more preferable than raising taxes. For developing nations such as the Philippines, doing so is an indispensable shelter for gaps in domestic resources and for implementing programs that can help reduce poverty and cultivate longer-term growth. But the caveat has always been: can the Philippines pay it back? Borrowings are also good if the money is used judiciously. In our case, doubts persist in the way the coffers are being managed, in the face of alleged large-scale corruption being unearthed almost on a regular basis. Many view Duterte’s pronouncement that justice will be meted out on government officials suspected of “just a whiff” of corruption as a mere soundbite. They point out that the president has been quick in absolving his supporters of any wrongdoing, even before they undergo judicial proceedings. The tentacles of corruption seem to choke every government office: PhilHealth, Customs, Immigration…the list is just too long to enumerate here. While saying that the country has already squeezed whatever is left in the budget for amelioration program for the pandemic, the Department of Environment and Natural Resources (DENR) has stealthily shipped dolomite rocks from Cebu to Manila, and crushed them into “white sand” to beautify Manila Bay. The approved budget of the Manila Bay Rehabilitation Program (Baywalk area) is P397.897 million, which costs the Filipino taxpayers around P795,000 per square meter. Compare this to the P25 million to P30 million average cost of a two-lane road per kilometer. Such amount could sustain a month’s social amelioration funding for almost 80,000 vulnerable families. I believe that, at this point, we are a country living beyond our means. Time can only tell how we will eventually become unable to make good on our fiscal promises. If worse comes to worse, we will be hard put at borrowing more money to get ourselves out of the hole we ourselves dug.

I believe that, at this point, we are a country living beyond our means. Time can only tell how we will eventually become unable to make good on our fiscal promises. If worse comes to worse, we will be hard put at borrowing more money to get ourselves out of the hole we ourselves dug. “Debt is like any other trap,” the 19th century American author Josh Billings has said: “Easy enough to get into, but hard enough to get out of.” How hard? “To the extent that there is no such thing as zero external debt, and both the most and the least-developed countries in the world alike [and all those in between] today struggle more than ever under the burden of what they owe.” When we borrow too much and too often, repayments of loans and interests weaken the objective for which these are intended for: enhancing economic productivity. Amassed debts are akin to a tax on the potential harvest of a nation: A huge portion of the funds that should have gone to education, health, infrastructure and such priorities, is allocated to paying back our lenders. According to Finance Secretary Sonny Dominguez, the country already borrowed $8.83 billion from bilateral development partners and multilateral lenders, as well as the offshore commercial market, as of August 27, to finance the fight against the health and socioeconomic crises inflicted by the Covid-19 pandemic. “Of the total amount, $5.98 billion is budget-support financing from the Asian Development Bank, the World Bank, the Asian Infrastructure Investment Bank, a development agency of France, and the Japan International Cooperation Agency. Meanwhile, we raised $2.35 billion from our latest global bond offering that fetched our lowest-ever coupon in the US dollar market. The remaining $496.36 million is composed of grant and loan financing from our development partners for various Covid-19specific projects,” Dominguez said. To Sonny Africa, executive director of the independent think-tank IBON Foundation, “fixing the political and economic damage that Duterte has wrought in the last four years is already a daunting task.” He says that the prospect of what another two years will bring is scary, he told Al Jazeera, as he warned that the Philippines “is in the worst crisis of joblessness and collapsing household incomes in its history.” A London School of Economicstrained development expert said that instead of addressing basic fiscal and economic reforms—such as social protection, free land distribution and the reversal of a “regressive” tax system—Duterte’s economic managers are continuing with a “business-as-usual” stance. There is obviously a valid issue to all these accusations. Money is being wasted when it goes to something unimportant, while the nation wallows in the physical, emotional, mental, and economic suffering wrought by the pandemic. By and large, critics are saying that the Wuhan virus has undressed the Duterte administration and exposed it for what it really is: “the best and the brightest in theatrics and cosmetics.” For comments and suggestions, e-mail me at mvala.v@gmail.com

Alálaong Bagá

ast Sunday we reflected on the community of believers’ uncompromising stand against sin even as we were reminded of our responsibility to be there for one another in our struggle to overcome evil. On the note that a caring community must be a praying community, we realize next that our readiness to forgive one another is necessary to maintain our communion with God and with one another (Matthew 18:21-35).

Seven times? Hearing Jesus speak about the need that His disciples be each other’s keepers if they are to be true to their communion of faith, Peter asks in connection with the incidence of sin in their midst how many times must he forgive his brother who sins against him? In answering his own question with the possibility of forgiving the erring brother up to seven times, Peter is actually being magnanimous because he is ready to forgive repeatedly. It is not a triple that he thought seven as a good number signifying fullness, the completeness already of his mercy and love. We Filipinos traditionally count up to only three when someone is doing something reprehensible: we go only up the third time in trying to understand and bear up with someone. Is it because we are afraid to be

interpreted as weak and soft, if we go beyond three instances in our patience with somebody? Or be a konsintidor (abettor) of the offender, if we try to be more forgiving? We set a limit to our compassion and mercy, lest we be abused. Also, we seem easily influenced by what others might think or say of us.

Seventy-seven times!

The reply of Jesus to Peter clarifies that among believers in God forgiveness should be repeated again and again, in fact indefinitely and not pegged to a definite number of times. The language of numbers is clearly in reference to the boast of Lamech, Cain’s descendant, who claimed that “If Cain is avenged sevenfold” against those who persecute him, “then Lamech seventy-sevenfold” against those

Thursday, September 10, 2020 A7

Although we do not deserve it, we are forgiven by God totally and completely of our sins when we beg Him in repentance. However enormous our debts to God may be, His mercy is to all who call upon Him. It is beyond our capacity to repay the Almighty, yet He writes off everything upon our prayer for mercy.

who cross him (Genesis 4:24). This Old Testament story of limitless rage and revenge for a wrong done is now transformed by Jesus to limitless mercy and unbounded forgiveness in love. The parable Jesus added illustrates this point of unlimited mercy in the communion of faith. The unfaithful official in the story must have been a high officer in the court with funds under his control, for him to have been able to abscond with such a huge sum of money: 10,000 talents (or 9 million dollars or more than 400,000,000 pesos). In the economics of the time, such a debt would be impossible to repay. Yet the king forgave him completely, when the servant begged for patience; the kindness of the master was poured without measure upon the unworthy thief. But the man turned out himself to be without compassion for another who owed him what in comparison was a measly sum of 15 dollars or a little over 700 pesos. Though fully forgiven

Building a sustainable economy in Asia: Can ADB lead the way? Dr. Rene E. Ofreneo

LABOREM EXERCENS

N 2008, at the height of the global financial crisis (GFC), the UN Environment Programme (UNEP) proposed to the G-20 countries that stimulus spending be focused on making their economies green and sustainable. The idea was christened as the “Global Green New Deal” (GGND). Under the GGND, the United States, EU and other high-income economies were asked to spend at least one percent of their GDP on reducing carbon dependency in two years. On the other hand, developing economies were asked to spend at least one percent of their GDP on improving sanitation, secure clean water, develop safety net programs and adopt other action programs in support of sustainable production, especially in primary activities. In response to the above GGND proposal, several countries made definitive commitments, namely, Germany, France, Mexico, South Africa and South Korea. Among these countries, South Korea has been praised for its successful formulation and launching in 2009 of a “Korean Green New Deal,” complete with financing programs. Now fast forward to the present: 2020. UNEP’s GGND scorecard: woeful. The UN environmental agency has very little data to show how different economies worldwide have fulfilled the initial GGND targets set in 2008. Further, the global picture on greying planet has taken a turn for the worse. In the first quarter of 2020, a virulent virus swept the world. The Covid-19 pandemic has deepened the sustainability crisis of planet Earth. One sustainability issue on top of the other: climate change risks, mass hunger and poverty, social and economic inequality, and now, global health crisis. To contain the virus spread, countries around the world have been putting whole populations on quarantine or lockdown. The economic impact is almost instantaneous: a crisis like no other, wrote the Inter-

national Monetary Fund. The economic disruptions mean massive displacement of people from jobs and livelihoods in both developed and developing economies. Asia in particular has been bleeding heavily due to the pandemic. The Philippines and other developing countries were not prepared to handle the contagion because of broken public health systems. The pandemic is also giving “Factory Asia” paralyzing body blows. The so-called global value chains, which have been disrupted by the technology revolution and US-China trade war, are further flattened by depressed global market demand and rising economic protectionism. It is against the foregoing background that one must assess the readiness of the Asian Development Bank, the “development banker” of Asia-Pacific, to respond to the climate, health and economic challenges facing the region. The 54-year-old ADB openly declares that it is committed “to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty.” The ADB is supposed to be the “financing” partner of 68 Asia-Pacific countries in the building of physical and social infrastructures (e.g., roads, dams, power plants, education programs, etc.) needed by their respective populations. Because of the huge social and economic impact of these infras, a number of community and civil society organizations (CSOs) have been monitoring closely the ADB’s infra lending programs. Some infra projects have positive growth impact (for example, solar electrification of rural areas); others, however, have been labelled by the

CSOs as “anti-people” (for instance, dams displacing indigenous communities from their land). Somehow, the ADB has learned to live and interface with the CSOs on various issues through the years, largely through social dialogue. The Bank itself has institutionalized a number of remediation programs to address CSO concerns such as having a system of accountability reporting and the Bank’s adoption of ILO decent work standards in infra construction, a major demand of the trade unions. But in the coming 53rd Annual Meeting of the Bank on September 16-18, 2020, a number of CSOs are unhappy. In the past, the Bank’s annual meetings were big conference festivals attended not only by government delegates but also by hundreds of private sector and CSO guests/observers. This time, the 53rd Annual Meeting is going virtual. However, going online is not what is raising the hackles of the CSOs. The Meeting is not open to the CSOs, although the officers of the Bank wrote the ADB NGO Forum, the lead CSO convenor, that the Bank is arranging post-Conference meetings and consultations with the CSOs later in the year. A number of CSOs are angry over the exclusion decision. In particular, they have two urgent concerns they want to raise with the Bank officers. These are: Soaring debt in a flattened economy. The Bank, through a $20 billion Covid-19 Accelerated Response and Expenditures, is providing new loans to Member Countries to help them address the health and economic crises arising from the pandemic. According to the ADB-NGO Forum and the Freedom from Debt Coalition, the debt burden of borrowing countries is growing fast without any indication that flattened economies can automatically be revived. The usual lending practices of the Bank simply assume that the economy of a borrowing country will grow based on a new spending stimulus created by the Bank’s loans. With the social distancing rules among people and global distancing among countries due to rising protectionism likely to persist in the foreseeable time, both the Bank and borrowing countries must realize that Covid

of his dishonesty and thievery, he was callous and merciless toward another who was also begging for some patience and time in order to pay back his debt, apparently an honest debt. He was unable to recognize and respond to the same words and petition he himself employed to beg for mercy from his master now that they were addressed to him by a fellow servant. Alálaong bagá, although we do not deserve it, we are forgiven by God totally and completely of our sins when we beg Him in repentance. However enormous our debts to God may be, His mercy is to all who call upon Him. It is beyond our capacity to repay the Almighty, yet He writes off everything upon our prayer for mercy. What we need is compassion for one another in imitation of our all-compassionate Father, as we try to live together in the communion of faith, as a people called to holiness but by no means immune to sin and the many evils we are all prone to. Exacting justice by pound of flesh upon pound of flesh only leads to self-destruction until all be de-fleshed. Forgiving from the heart, as demanded by Jesus of his followers, not just reacting to what others do, is acting according to our faith and conscience shaped by the divine mercy. Join me in meditating on the Word of God every Sunday, from 5 to 6 a.m. on DWIZ 882, or by audio streaming on www.dwiz882.com.

times call for bold changes in the economic development framework that must guide borrowing and spending of a country. For example, why are the Bank’s loans overly focused in prioritizing the role of the “private sector” in the utilization of loans when local governments and communities are the ones in greater need of such funds? Additionally, the capacity of the private sector to lead in uncertain times is also low. This brings us to the second CSOs’ concern: ADB’s climate responsibility. The old ADB Energy Policy is not explicit if the Bank is fully aligning itself with the Paris Agreement 2015 to reduce global temperature to 1.5 degree Celsius. Since its establishment, the Bank has been a major co-funder of coal- and fossil-fuel-run power plants in the Philippines and other Asian countries. The complaint of the CSOs is that the Bank, in recent years, tends to resort to “green washing,” that is, making public avowals in support of green transitioning to renewables while “retro-fitting” or maintaining existing dirty plants. However, the ADB-NGO Forum welcomes the recent announcement by the “IED Energy Evaluation” team of the ADB: the Bank must stop funding or investing in coal-fired power plants and must formally declare that a policy of going renewable is being institutionalized. The IED Report, released end of August, emphasized mitigation and adaptation measures as core priority in the Bank’s energy program. Rayyan Hassan, ED of ADB-NGO Forum, explains that this positive development “is a testament to the years of collective pressure” CSOs have exerted on ADB to divest from dirty energy. With the IED Report, are we now seeing a new ADB? Will the ADB also be open to a social dialogue on other concerns being raised by CSOs: food security, fair trade, sustainable finance, balanced agricultural-industrial development, full social protection to the vulnerables, rebuilding of the public health-care systems, job creation for those in the margins, development of stateled public distribution system, and people-centered global economic integration? Will ADB lead the way in transforming Asia-Pacific into a green and sustainable continent?

A8 Thursday, September 10, 2020

Amid pandemic, DOH 2021 budget ‘anemic’–senators

By Bernadette D. Nicolas @BNicolasBM & Jovee Marie N. dela Cruz @joveemarie

ENATORS on Wednesday questioned the “anemic” budget for health, including the funding for vaccines and test kits under the proposed 2021 national budget amid the Covid-19 pandemic.

Senator Risa Hontiveros was baffled as to why the Department of Health (DOH) ranked only fifth in budget prioritization behind Education Sector (P754.4 billion) Department of Public Works and Highways (P667.3 billion), Department of the Interior and Local Government (P246.1 billion) and Department of National Defense (P209.1 billion). This, despite the proposed 2021

budget for DOH alone, amounting to P131.72 billion from P104.49 billion in 2020, reflecting an increase of 26.06 percent. “I would just like to point out. The health sector cannot simply rank fifth among the departments. We are in the middle of a pandemic and it should be expected that we will be looking at a more health-heavy, Covid- and recession-responsive budget. We should not scrimp on

the health and lives of Filipinos,” Hontiveros said in a mix of English and Filipino at a Senate briefing by the Development Budget Coordination Committee (DBCC). For his part, Minority Leader Franklin Drilon said the proposed budget for DOH this year is even lower than its adjusted budget this year of P153 billion, which included the increased funding from Bayanihan 1 and 2. “I don’t remember any point in the budget in the past where public health assumes such great importance in the economic recovery. It is only this year and I think the budget does not respond adequately on that point,” he said.

Covid-19 vaccine, test kits

While additional funds were allotted to address the pandemic, Hontiveros pointed out that funding for acquisition and distribution of Covid-19 vaccine to Filipinos is still insufficient. Under the proposed 2021 na-

tional budget, the Executive branch has allotted an “initial” P2.5 billion for the acquisition of the Covid-19 vaccine. “We cannot have just a small budget for surveillance and solidarity trials for the Covid-19 vaccine. Given that a successful vaccine might be discovered next year, the government should at least consider allocating more for a free mass vaccination,” she said. However, economic managers argued the P2.5 billion allotted for Covid-19 vaccine under next year’s budget would be on top of the standby fund of P10 billion that will be allocated under the Bayanihan to Recover as One bill or Bayanihan 2, which has yet to be signed into law by President Duterte. DBCC Chairman and Budget Secretary Wendel E. Avisado said the P2.5 billion allotted for a vaccine would hopefully cater to about 3.8 million poor Filipinos. “That isn’t a big amount, but we have already agreed with the

Department of Finance and the President that if we need more, that there has to be a way to come up with a source of fund for this and I think the secretary of DOF is ready to respond when the need arises…,” Avisado said. Nonetheless, Finance secretary Carlos G. Dominguez III assured lawmakers that the government is prepared to have the government financial institutions fund P20 billion for the purchase of a vaccine but he noted that this figure was the amount cited by the secretary of the Department of Health. However, even if these figures are lumped together, Hontiveros warned that there would be a budget shortfall for the Covid-19 vaccine. She noted that the government needs at least P189 billion if it wants to vaccinate at least 18 million poor families (at five persons per family) with three doses of vaccine each with a “modest” price of P700 per dose. Continued on A4

National ID goal seen stymied by pandemic

HE Nationa l Economic and Development Authority (Neda) admitted on Wednesday that it would be difficult to meet its target for the national ID this year. In a budget hearing at the Senate, Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua said the national government has been undertaking the procurement for the national ID and is set to award the last contract for the systems integrator this week. However, due to the pandemic and the need to maintain minimum health protocols, Chua said it may be difficult to meet the 5 million households they targeted to register this year. “Because of Covid, our target to register 5 million by the end of the year initially is not going to be easy. When they register, everyone will be falling in line, [since this will be a] mass registration; we will violate a lot of social distancing rules,” Chua said. Continued on A4

‘PHL agri growth must top hike in population’

N order to transform Philippine agriculture into a high-growth sector, the World Bank and local economists said achieving farm growth rate that is faster than population growth should be sustained for multiple years. In a briefing on Wednesday, World Bank Senior Agriculture Economist Eli Weiss said the Philippines should endeavor to grow the agriculture sector above the country’s population growth for “multiple years” to significantly cut poverty and reduce inequality in the country. Data from the Philippine Statistics Authority (PSA) showed population growth rate clocked in at an average of 1.72 percent annually between 2010 and 2015. “Yes, agri growth rate, and I meant that it should be higher than the population growth rate,” Weiss clarified in an e-mail to BusinessMirror. “The report doesn’t look at this aspect, but growth should be sustained over multiple years. However, the growth should be on one hand inclusive, so that smallholders can benefit of the growth, and it has to be environmentally sustainable.” Local economists, however, believe the growth of the farm sector should be even higher at around 4 percent annually, and should be sustained at least for a decade. Philippine Institute for Development Studies (PIDS) senior research fellow Roehlano Briones told BusinessMirror that farm growth should be high at 4 percent annually but also inclusive. For his part, University of Asia and the Pacific (UA&P) Center for Food and Agribusiness (CFA) Executive Director Rolando T. Dy told this newspaper a growth of 4 percent for a period of two administrations would be a good goal. Dy said this may be a tall order given the agriculture sector only posted growth of 2 percent in the past. Last year, the combined growth of the agriculture, fishery, and forestry sector averaged 1.2 percent and in 2018, at 1.1 percent. In 2017, PSA data showed, the average growth was at 4.2 percent coming from a contraction of 1 percent in 2016.

“The Philippine government has to increase agriculture budget and attract private investments into non-rice sector like tree crops and aquaculture. We need at least two agriculture development presidents to reduce rural poverty,” Dy said.

Agriculture transformation

In the report “Transforming Philippine Agriculture During Covid-19 and Beyond,” the World Bank said transforming the country’s farming and food systems is even more important during the Covid-19 pandemic to ensure strong food value chains, affordable and nutritious food, and a vibrant rural economy. Ndiame Diop, World Bank country director Brunei, Malaysia, Thailand, and the Philippines said transforming the agriculture sector is a necessary component in the country’s growth and development as a high-income country. Under the AmBisyon 2040, the Philippines aims to become a highincome country by 2040 or 20 years from today. The World Bank estimates that a high-income country has a Gross National Income (GNI) per capita of $12,536 or more. Currently, the Philippines is classified as a lower middle-income country with a GNI per capita of $1,036 and $4,045. It was the government’s aim of becoming an upper middle-income countr y (UMIC), with a GNI per capita of $4,046 and $12,535, this year. However, due to the pandemic, the National Economic and Development Authority (Neda) said becoming an UMIC may be possible next year. “Modernizing the country’s agricultural sector is a very important agenda for the Philippines. Precisely, transforming Philippine agriculture into a dynamic, highgrowth sector is essential to poverty reduction, inclusive growth and getting to the next level income and development,” Diop said. “With the exception of a few natural resource-rich countries, no country has successfully transitioned from middle- to high-income status without having achieved an effective transformation of their agri-food systems,” he added. Continued on A4

Garbage litter Manila Bay near the Manila Yacht Club, even as rehabilitation continues on a part of the coast to give the area a “white-sand” beach look. The project has drawn criticism, with concerns over possible health hazards that the crushed dolomite might cause, and the use of millions in public funds on a beautification project as the country faces a pandemic. NONIE REYES

Economic team wants more PUVs on the road By Cai U. Ordinario

@caiordinario

HE country’s economic team has proposed the increase in available transportation in line with the gradual reopening of the Philippine economy, which continues to take a beating from the Covid-19 pandemic. Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua told BusinessMirror that the Department of Transportation (DOTr) is currently crafting the guidelines for increasing the number of buses, jeepneys, and other modes of public transport that will be allowed to ply Philippine roads. During the budget hearing at the Senate on Wednesday, Chua said the Economic Development Cluster (EDC) has proposed to the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) to increase public transport. “The Economic Development Cluster of [the] cabinet have signed a joint position, presented to the IATF and the IATF accepted it last Monday to further open up safely

and sufficiently the public transport system. With that, I think this would complement our rebalancing and open up more of the economy,” Chua said in the hearing. “They [EDC proposals] are on minimizing social distancing in public transport when wearing face shield and mask, service contracting, shuttle services, among others,” he told BusinessMirror. Chua noted that currently, around 40 percent of the country’s public transportation is open. The Land Transportation Franchising and Regulatory Board (LTFRB) has gradually opened jeepney routes, the most popular mode of transport, in Metro Manila. Reports stated that a total of 227 traditional and modern jeepney routes have been opened allowing 16,000 public utility jeepneys (PUJs) to resume operations.

U-Turn

Chua said any “u-turn” in the policy of the government, particularly on quarantine levels, will derail any economic recovery. The acting Neda chief said GDP is projected to contract between 4.5

percent and 6.6 percent. With this, the midpoint is an average contraction of 5.5 percent. Chua said the range is the government’s “buffer” that will allow them to adjust their expectations based on the developments linked to the pandemic. If the government continues to track the path toward MGCQ, growth could reach 6.5 percent to 7.5 percent next year and in 2022. “When we made the projections, we were doing so in very uncertain times. That is why as we get more data, and as we look at international developments, particularly on the vaccine, we will have to be upfront with you and make the recommendations to update them. But so far, we have made a number of assumptions that ground our GDP projections,” Chua said. Apart from the quarantine status, Chua said the economic team is optimistic that a Covid-19 vaccine will be made available by the second semester of next year. Chua said, however, that the robust growth of the economy, particularly next year, will also be due

to base effects. With GDP contracting this year, any improvement in the country’s economic indicators would translate to better GDP growth next year. “The downside risk mainly is around the health outcomes. If they do not improve or get worse, then we would have to do more quarantines. So our recommendation is not to do big area quarantines but more localized [ones] so that we can just focus the quarantines on areas that have rising cases so that the rest of the economy can continue,” Chua said.

Not satisfied

Chua said the government has come a long way in terms of addressing Covid-19. He said when the Philippines was thrust into the throes of the pandemic, it had no capacity to test and accommodate those who would become critically ill. He said this prompted the government to choose between saving lives and the economy. The government chose to save lives at the expense of the economy, he added. Continued on A4

Companies BusinessMirror

www.businessmirror.com.ph

‘Pandemic pushes PHL firms to reimagine work life, office’ By VG Cabuag

@villygc

he work-from-home arrangement adopted by many companies in the Philippines will continue to be norm, as the Covid-19 pandemic has pushed firms to speed up their digitalization process to be more productive. Jaime Augusto Zobel de Ayala, chairman of conglomerate Ayala Corp., said companies will have to adjust to the new demands posed by the pandemic, which he said should go beyond installing new technologies in a firm's premises. “Perhaps more important than having new tools and gadgets is institutionalizing among our employees a mindset of agility, curiosity, experimentation, flexibility, and trust. This will have signifi-

cant implications to how our companies operate and how we work,” Zobel said in his keynote address during the Ayala-Financial Executives of the Philippines summit. Ayala’s own digital transformation, he said, has been ongoing for some time, but it formalized its framework only by middle of last year, which includes the $195-million venture capital fund for start-ups. Zobel said, however, that the

onslaught of Covid-19 has forced the company to revisit its own framework and adjust its components, including the working environment for thousands of its employees. The company said majority of its more than 50,000 employees adopted a work-from-home arrangement when the lockdowns in Metro Manila and key cities of the country were implemented in mid-March. As of late August, Zobel said around 38 percent of its direct work force still continue the work-from-home arrangement. “Over the last few months we have been conducting extensive research and consultations on the feasibility of a hybrid work arrangement for our employees. We are applying the principles of outcomes-based evaluation, and a task-based approach to where work can be done,” he said. He said the company is reimagining the purpose of its physical office areas and it is likely that these would serve as venue for social ac-

tivities, team meetings, townhalls and tasks that require face-to-face interaction, such as collaborative projects and mentorship. For tasks that require focus and concentration, such as writing and research, work-where-mostproductive, or work somewhere else other than the office, is more appropriate. “As it stands, redesigning the relationship between work and the office already requires a high degree of openness, flexibility and trust. There is a need for balance in these discussions, particularly in taking into consideration different corporate cultures, the nature of roles and functions, as well as government regulation,” he said. “The pandemic has opened new possibilities that both consumers and companies may not have previously realized. I believe that this shift towards digital, preference for seamless transactions and purchases, and the increased focus on health and wellness will stick even after the pandemic.”

SMFBI: Costly MDM to hike hotdog prices By Jasper Emmanuel Y. Arcalas @jearcalas

etail prices of hotdogs could increase by about P20 per kilogram if the tariff rate applied on mechanically deboned meat (MDM) of chicken reverts to 40 percent, according to a high-ranking official of San Miguel Food and Beverage Inc. (SMFBI). SMFBI Senior Vice President for Corporate Affairs and Strategic Planning Group Rita Imelda Palabyab made this pronouncement on Wednesday during the Tariff Commission’s hearing on the petition of the Philippine Association of Meat Processors Inc. (Pampi) to retain the tariff of MDM at 5 percent. Palabyab said the estimated price hike would render hot dogs, one of the most consumed processed meat products by Filipinos, “out of reach” of regular consumers especially those in the class D, E markets.

Globe ties up with more tower firms By Lorenz S. Marasigan @lorenzmarasigan

lobe Telecom Inc. said on Wednesday its partnership with common tower companies will yield to a total of 900 new telco towers, which will help boost connectivity in the country. Currently, the company’s partnerships with Aboitiz InfraCapital Inc. (AIC), ISOC-edotco, Transcend Towers Infrastructure (Philippines), CREI Philippines (CREI) and Frontier Towers & Associates (FTA) have “advanced to active acquisition and build phases.” “The partnerships with tower companies will greatly complement the company’s target in expanding its capacity and coverage throughout the country. These projects will be a catalyst for change in the industry as telcos are empowered to deploy beyond their individual capabilities in a cost efficient manner,” Globe CFO Rizza Maniego-Eala said. Globe’s partnership with the tower companies spans across different regions in the country. Based on their deals, Globe and the tower companies will build 900 sites in Cebu, Davao, Subic, Northern Luzon, and Southern Luzon. Other sites are expected to be added within the year. “These infrastructure partnerships demonstrate Globe’s commitment to improve the network quality experience of our customers. It is, likewise, highly supportive of the government's initiative to increase ICT infrastructure in the country,” Maniego-Eala said. She said her group is intensifying efforts to boost network capacity to support the growing demand for data amid the pandemic and beyond.

“We know by experience that even a P2 increase in the price of hotdogs already affects the volume that you can sell. Adding P20 will surely render the product out of reach of regular consumers,” she said. “To think that the penetration of hotdogs in the households is 80 percent and even among the D, E, sectors that is about 60 percent to 70 percent. Processed meats are now center of the plate much the same way as chicken or pork. That’s the significance of processed meats to the food basket of the Filipinos,” she added. Palabyab said the cost of producing chicken MDM locally is “about double” of the price of imported MDM. This is because US chicken raisers, for example, are able to recover their production costs by selling few prime parts of the bird. She also said SMFBI imported facilities in recent years to produce MDM for their internal use. MDM is a primary component of processed meat.

“We have to spread the cost to all the parts of the bird which is viable here since there is a market for breast, back, neck, isaw, feet. There’s a market for those by-products. When we input those by-products in the machine to produce MDM we cannot do so at zero cost,” she said. Pampi Spokesperson Rex Agarrado said the local industry does not have economies of scale to undertake massive production of MDM, noting that one facility requires 300,000 birds to 500,000 birds a day. Agarrado shared that producing MDM using chicken rib cages costs P160 per kg, which is on a par with the value of a whole dressed chicken. “That is why the cost of investment is very high and the recoveries very low,” he said. Pampi Vice President Jerome D. Ong said that despite the drop in the prices of local poultry meat, which they could also use for producing processed meat products, imported MDM is still cheaper.

Thursday, September 10, 2020

AirAsia offers promo to celebrate return of confidence in flying By Recto L. Mercene @rectomercene

irAsia in the Philippines said it is offering an exclusive “buy 1, take 1” promo on all domestic and international flights for a limited time to celebrate the return of confidence in air travel. AirAsia Philippines closed the month of August with a 140-percent increase in seats sold, compared to the previous week’s 42 percent. A third of bookings registered were for 2021, reflecting a demand for future travel. “We have noticed an increase in advanced bookings with guests looking forward to travel next year. AirAsia is pleased to offer amazing deals so everyone can fly affordably once travel restrictions relax,” AirAsia Philippines CEO Ricky Isla said. Isla said the carrier is also prepared to increase flight frequencies, launch new destinations, while utilizing all four hubs flying to both domestic and international destinations. “The positive momentum leaves us feeling optimistic and determined, and you can expect a stron-

ger AirAsia as we prepare for a more aggressive and busy last quarter.” BIG members can enjoy all-in, one-way fares from as low as P1,022 for two tickets. This special promo is available for booking on airasia.com or the AirAsia mobile app until September 13 for travel from January 1 to October 31, 2021. Promo seats are limited and subject to availability. Meanwhile, AirAsia said it also provides enhanced flexibility for guests travelling up to December 31. Guests may change their flight dates conveniently at any time with no flight-change fee. AirAsia said the safety and wellbeing of its guests and Allstars remains its top priority. The airline complies with advice and regulations from the local government, civil aviation authorities, global and local health agencies, including the World Health Organization. Guests can expect enhanced safety measures throughout the entire journey, including pre-flight, inflight, and arrival processes. These include the mandatory wearing of face masks to be permitted to travel. Guests are also advised to check and comply with measures implemented by local airport authorities for a smooth travel experience.

Companies BusinessMirror

Thursday, September 10, 2020

PSE STOCK QUOTATIONS

September 9, 2020

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

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

45.75 91.25 65.25 21.35 8.2 34.5 7.92 19.86 49.6 15.84 93.2 54.05 0.77 22 2.65 0.28 730 0.58 154.1 1900

46 91.55 65.4 21.5 8.22 34.55 8.88 19.9 49.8 16.2 95.15 54.2 0.81 23 2.78 0.29 754 0.61 157.5 1975

46 93 66 21.05 8.35 35.5 8.87 20 49.85 15.8 95.65 54 0.81 22.5 2.64 0.28 755 0.61 158 1980

46.2 93 66 21.95 8.35 35.65 8.88 20 49.85 16.2 95.65 54.2 0.81 23 2.65 0.28 755 0.61 158 1980

46 91.1 65.05 21.05 8.2 34.5 8.87 19.8 49.65 15.8 93.2 54 0.81 22 2.64 0.28 755 0.59 157.5 1976

46 91.25 65.25 21.5 8.22 34.55 8.88 19.86 49.8 16.2 93.2 54.15 0.81 23 2.65 0.28 755 0.61 157.5 1976

3100 3075490 1606510 111900 432400 2663100 2000 2094800 1700 4700 389350 16910 4000 10500 9000 10000 10 4000 110 15

143160 281428191 105051260 2418245 3573374 92621055 17750 41642502 84610 75620 36702999.5 916356.5 3240 238295 23830 2800 7550 2400 17370 29670

16337504 -75155878.5 -45010 -378532 -53458055 -41047234 -22560 -22122320.5 -83250 -

INDUSTRIAL AC ENERGY 3.12 3.13 2.93 3.16 2.89 3.13 76601000 233643760 1.21 1.22 1.24 1.25 1.21 1.22 1830000 2240420 ALSONS CONS 27 27.2 27.5 27.55 26.95 27 568000 15422775 ABOITIZ POWER BASIC ENERGY 0.178 0.18 0.181 0.182 0.177 0.181 50000 8990 25.5 25.6 25.65 25.65 25 25.5 284700 7214415 FIRST GEN FIRST PHIL HLDG 60.5 61.5 61.5 62.5 60.5 60.5 96580 5946597 265 266 271.6 271.6 265 265 205140 54657118 MERALCO 14.06 14.08 14.08 14.14 13.96 14.06 461600 6482538 MANILA WATER PETRON 3.07 3.08 3.07 3.08 3.05 3.08 1330000 4082800 PETROENERGY 3.04 3.29 3.2 3.29 3.2 3.29 2000 6490 10.76 11 10.78 11 10.78 11 104500 1143580 PHX PETROLEUM 17.74 17.76 17.76 17.8 17.74 17.74 169100 3003020 PILIPINAS SHELL 9.11 9.16 9.18 9.18 9.11 9.11 77600 711203 SPC POWER 7.78 7.99 8.04 8.04 7.7 7.99 202100 1570980 AGRINURTURE AXELUM 2.32 2.33 2.37 2.39 2.31 2.32 1643000 3841010 CENTURY FOOD 17.6 17.68 17.66 18.44 17.6 17.6 1949700 35028726 4.75 4.8 4.68 4.88 4.68 4.87 73000 346270 DEL MONTE 5.52 5.53 5.52 5.59 5.47 5.52 4532700 25003522 DNL INDUS 9.96 9.97 9.94 9.97 9.88 9.97 439400 4368689 EMPERADOR SMC FOODANDBEV 64.3 64.5 65 65 64.3 64.3 56380 3638420 ALLIANCE SELECT 0.65 0.66 0.66 0.66 0.65 0.66 608000 395460 1.15 1.16 1.17 1.17 1.14 1.16 4745000 5458620 FRUITAS HLDG 46.1 47.5 42.8 47.5 42.75 47.45 45500 2124690 GINEBRA 136.6 136.8 138 138.1 136 136.8 627960 85802957 JOLLIBEE MACAY HLDG 7.88 8.38 8.46 8.46 8.46 8.46 100 846 4.9 4.92 5.07 5.07 4.89 4.92 674000 3326006 MAXS GROUP MG HLDG 0.125 0.13 0.125 0.125 0.125 0.125 930000 116250 6 6.05 5.86 6.19 5.85 6.05 413000 2480005 SHAKEYS PIZZA 1.1 1.12 1.13 1.14 1.1 1.1 8101000 9041640 ROXAS AND CO 4.52 4.74 4.5 4.72 4.5 4.72 7000 31940 RFM CORP ROXAS HLDG 1.8 1.89 1.98 1.99 1.9 1.9 129000 254070 142 142.9 142 142.9 140.2 142.9 1018070 144300241 UNIV ROBINA 0.79 0.8 0.81 0.81 0.78 0.79 1240000 983290 VITARICH 2.24 2.32 2.24 2.24 2.24 2.24 10000 22400 VICTORIAS 51.3 52.4 52.45 52.45 50.4 52.45 1170 59689 CONCRETE A CONCRETE B 52.5 53 53 53 53 53 210 11130 1.56 1.57 1.61 1.62 1.55 1.57 19680000 30899450 CEMEX HLDG EAGLE CEMENT 14.4 14.56 14.7 14.8 14.38 14.5 1223600 17697746 6.8 6.81 6.75 6.82 6.36 6.8 1144800 7620489 EEI CORP 6.06 6.09 6.31 6.44 6.06 6.06 5388700 33469075 HOLCIM MEGAWIDE 7.07 7.08 7.15 7.15 7 7.07 3731200 26357056 PHINMA 8.5 8.85 8.95 8.95 8.5 8.9 700 6035 0.66 0.68 0.68 0.68 0.68 0.68 17000 11560 TKC METALS 0.72 0.74 0.74 0.74 0.72 0.74 376000 271550 VULCAN INDL 1.84 1.85 1.82 1.85 1.81 1.84 254000 465010 EUROMED 4.4 4.94 4.4 4.45 4.4 4.4 3000 13250 LMG CORP MABUHAY VINYL 4.4 4.59 4.2 4.65 4.2 4.6 18000 82100 4.15 4.19 4.15 4.15 4.15 4.15 2641000 10960150 PRYCE CORP 19.92 20 19.92 20 19.92 19.92 900 17948 CONCEPCION 2.05 2.06 2.12 2.12 2.01 2.05 26040000 53569070 GREENERGY 6.5 6.58 6.45 6.65 6.2 6.5 1593000 10224719 INTEGRATED MICR IONICS 0.97 0.98 0.96 1 0.95 0.97 115000 111870 1.44 1.45 1.47 1.47 1.41 1.45 759000 1094330 SFA SEMICON CIRTEK HLDG 5.74 5.75 5.8 5.8 5.72 5.75 707900 4074733

1366140 182900 -4766350 2338025 -4407313 -25471668 120242 -1188090 308174 16506 86701.0003 23800 20304528 -19530 -1358146 -685020 -2626149 56999.9999 1476030 -46404087 -3535 37500 121271 18720 22500 -27527419 -3200 -2171300 -11773720 2809697 -93516 -13004139 8300000 -14790420 -2286379 910 -37602

HOLDING & FRIMS ABACORE CAPITAL 0.48 0.485 0.49 0.49 0.475 0.48 4870000 2356100 7.27 7.65 7.73 7.73 7.49 7.66 10300 79032 ASIABEST GROUP 715 716 719 724 708 716 277530 198418380 AYALA CORP ABOITIZ EQUITY 48.4 48.75 48.95 49 48.15 48.4 382800 18621885 ALLIANCE GLOBAL 6.85 6.86 6.43 6.85 6.39 6.85 25056700 167414422 AYALA LAND LOG 1.83 1.84 1.86 1.86 1.8 1.83 1409000 2570530 6.3 6.47 6.45 6.45 6.45 6.45 1600 10320 ANSCOR 0.53 0.54 0.53 0.54 0.53 0.54 152000 80620 ANGLO PHIL HLDG ATN HLDG A 0.54 0.55 0.54 0.55 0.54 0.55 201000 109780 5.12 5.15 5.14 5.19 5.1 5.12 374300 1919138 COSCO CAPITAL DMCI HLDG 4.06 4.07 4.04 4.09 3.99 4.06 8811000 35667320 8.5 8.52 8.51 8.51 8.5 8.5 18200 154702 FILINVEST DEV 401 404.8 400 404.8 395.2 404.8 169870 68021608 GT CAPITAL 3.1 3.18 3.1 3.1 3.1 3.1 3000 9300 HOUSE OF INV JG SUMMIT 61.7 61.9 62.2 62.4 61.45 61.7 2223380 137754824 LODESTAR 0.6 0.63 0.62 0.64 0.59 0.62 118000 73980 2.42 2.44 2.46 2.46 2.42 2.42 585000 1422800 LOPEZ HLDG 8.59 8.65 8.68 8.68 8.56 8.65 1260500 10887947 LT GROUP 0.53 0.57 0.51 0.58 0.51 0.58 63000 34980 MABUHAY HLDG METRO PAC INV 3.5 3.52 3.53 3.54 3.45 3.5 17788000 62205820 REPUBLIC GLASS 2.51 2.6 2.6 2.6 2.6 2.6 30000 78000 0.97 0.99 0.98 1 0.96 0.96 452000 437370 SOLID GROUP 154.1 165 165 165 165 165 300 49500 SYNERGY GRID 887 890 890 902.5 885 887 817180 729040250 SM INVESTMENTS SAN MIGUEL CORP 99.4 99.5 101.5 101.5 99.3 99.5 366570 36507471 SOC RESOURCES 0.64 0.65 0.64 0.64 0.63 0.64 242000 152960 129 131.9 131 131.9 131 131.9 500 65941 TOP FRONTIER 0.186 0.196 0.186 0.186 0.186 0.186 110000 20460 WELLEX INDUS 0.146 0.151 0.153 0.153 0.146 0.151 490000 72510 ZEUS HLDG

-357500 -100695 -8397685 91701027 -50506 -9862660 -16860464 -117628838.5 590 -1110880 5959406 -9788780 308207155 -4081176 -

PROPERTY ARTHALAND CORP 0.54 0.55 0.52 0.56 0.52 0.55 3496000 1905010 29.7 29.75 30.45 30.45 29.65 29.75 11458000 342628850 AYALA LAND 0.98 1.02 0.97 1.02 0.96 1.02 183000 177410 ARANETA PROP AREIT RT 25.75 25.8 25.8 25.8 25.75 25.8 332900 8577000 BELLE CORP 1.36 1.38 1.35 1.37 1.35 1.37 66000 90340 A BROWN 0.76 0.77 0.75 0.78 0.75 0.77 5075000 3859600 0.84 0.87 0.88 0.88 0.87 0.87 37000 32330 CITYLAND DEVT 0.122 0.128 0.129 0.129 0.129 0.129 70000 9030 CROWN EQUITIES CEBU HLDG 5.71 5.9 5.94 5.94 5.71 5.91 20900 119631 5.09 5.11 5.14 5.14 5.09 5.11 492400 2516067 CEB LANDMASTERS CENTURY PROP 0.365 0.37 0.37 0.37 0.365 0.37 2910000 1064250 0.26 0.27 0.26 0.26 0.26 0.26 10000 2600 CYBER BAY 14.62 14.68 14.88 14.94 14.62 14.68 295700 4362704 DOUBLEDRAGON 5.95 5.99 5.97 5.99 5.95 5.99 6331400 37705634 DM WENCESLAO EMPIRE EAST 0.255 0.265 0.255 0.265 0.255 0.265 50000 12950 0.086 0.09 0.087 0.087 0.087 0.087 400000 34800 EVER GOTESCO 0.89 0.9 0.92 0.93 0.9 0.9 31857000 28854120 FILINVEST LAND 0.76 0.77 0.79 0.79 0.76 0.77 4596000 3553640 GLOBAL ESTATE 7.31 7.4 7.35 7.4 7.31 7.35 22600 166265 8990 HLDG PHIL INFRADEV 1.18 1.19 1.19 1.2 1.13 1.19 4719000 5528100 0.7 0.73 0.7 0.7 0.7 0.7 53000 37100 CITY AND LAND 3.06 3.09 3.08 3.09 3.01 3.06 14544000 44472590 MEGAWORLD 0.247 0.248 0.241 0.247 0.239 0.247 26790000 6515090 MRC ALLIED 0.285 0.295 0.285 0.285 0.285 0.285 150000 42750 PHIL ESTATES PRIMEX CORP 1.13 1.15 1.14 1.15 1.13 1.15 190000 216600 14.6 14.7 14.88 15 14.6 14.6 3051300 44777786 ROBINSONS LAND PHIL REALTY 0.221 0.232 0.221 0.221 0.221 0.221 90000 19890 1.52 1.57 1.52 1.52 1.52 1.52 337000 512240 ROCKWELL 2.67 2.68 2.68 2.68 2.68 2.68 18000 48240 SHANG PROP 1.98 1.99 1.98 1.99 1.96 1.99 101000 200000 STA LUCIA LAND SM PRIME HLDG 28.3 28.35 29.3 29.3 28.3 28.3 11626500 332727960 VISTAMALLS 3.75 3.89 3.75 3.93 3.72 3.73 123000 471950 1.18 1.19 1.19 1.19 1.18 1.19 1173000 1385580 SUNTRUST HOME 3.29 3.3 3.28 3.33 3.23 3.29 1945000 6388040 VISTA LAND

-51081880 48500 -2081535 -1370 -50050 -342721 -2114742 -18989685 -18214900 -36935 -6762210 -116280 -15451846 -156697355 -993430

SERVICES ABS CBN 7.16 7.18 7.1 7.22 7.08 7.16 342500 2435752 5.14 5.15 5.14 5.16 5.1 5.14 444900 2287687 GMA NETWORK 0.39 0.405 0.4 0.405 0.395 0.395 830000 332600 MANILA BULLETIN MLA BRDCASTING 11.14 11.74 11.78 11.78 11.78 11.78 200 2356 2124 2132 2134 2134 2090 2132 21160 44753820 GLOBE TELECOM PLDT 1446 1450 1444 1455 1439 1446 137825 199634965 0.056 0.057 0.056 0.058 0.055 0.057 61410000 3405910 APOLLO GLOBAL 2.86 2.97 2.98 3 2.82 3 119000 349450 DFNN INC DITO CME HLDG 3.34 3.35 3.3 3.38 3.28 3.35 21685000 72599600 IMPERIAL 1.35 1.41 1.41 1.41 1.41 1.41 7000 9870 0.067 0.073 0.072 0.072 0.072 0.072 10000 720 ISLAND INFO 1.55 1.57 1.55 1.57 1.5 1.57 104000 158960 JACKSTONES 2.31 2.32 2.33 2.34 2.29 2.31 3261000 7516620 NOW CORP 0.175 0.177 0.174 0.178 0.174 0.177 620000 108150 TRANSPACIFIC BR PHILWEB 2.23 2.25 2.31 2.31 2.18 2.25 880000 1963020 2GO GROUP 8.42 8.59 8.4 8.59 8.3 8.59 41500 349707 15.72 16.68 15.84 15.84 15.72 15.72 3500 55032 ASIAN TERMINALS 3.33 3.34 3.4 3.4 3.34 3.34 157000 526500 CHELSEA 37.7 37.8 38.55 38.95 37.05 37.8 149000 5663390 CEBU AIR INTL CONTAINER 105.2 105.6 105.6 106.4 105.6 105.6 707240 74798527 MACROASIA 4.77 4.79 4.85 4.86 4.73 4.77 1030000 4926870 METROALLIANCE A 1.55 1.56 1.55 1.59 1.55 1.56 50000 78910 5.8 5.84 5.8 5.84 5.8 5.84 1500 8724 PAL HLDG 1.03 1.04 1.06 1.06 1.03 1.04 2903000 3004210 HARBOR STAR ACESITE HOTEL 1.06 1.13 1.08 1.08 1.08 1.08 11000 11880 0.027 0.028 0.028 0.029 0.027 0.027 19600000 542100 BOULEVARD HLDG GRAND PLAZA 10.56 11.46 11.52 11.52 11.52 11.52 900 10368 0.38 0.385 0.38 0.38 0.38 0.38 70000 26600 WATERFRONT 460.2 560 550 560 550 560 160 89200 FAR EASTERN U 0.31 0.315 0.32 0.32 0.31 0.31 5370000 1673650 STI HLDG BERJAYA 2.6 2.62 2.56 2.62 2.53 2.62 473000 1225990 BLOOMBERRY 6.98 7 7.17 7.17 6.88 7 7949700 56035251 1.9 1.99 1.95 1.99 1.9 1.99 71000 136460 PACIFIC ONLINE 1.3 1.32 1.3 1.32 1.28 1.32 180000 235020 LEISURE AND RES 0.33 0.335 0.335 0.335 0.325 0.33 20580000 6812600 PREMIUM LEISURE ALLHOME 5.85 5.88 5.95 5.95 5.8 5.85 3510900 20584207 METRO RETAIL 1.39 1.4 1.4 1.41 1.37 1.4 1414000 1966840 PUREGOLD 50.5 50.55 51.5 51.75 49.8 50.5 1963890 99150488 68.15 68.2 68.25 68.6 68 68.15 883800 60246317.5 ROBINSONS RTL 119 120 121 121 120 120 3560 428490 PHIL SEVEN CORP SSI GROUP 1.18 1.19 1.14 1.2 1.14 1.18 13811000 16,243,360( WILCON DEPOT 15.9 16 16 16.1 15.9 15.9 569100 9105840 APC GROUP 0.29 0.295 0.295 0.295 0.29 0.295 1840000 542100 6.1 6.2 6.11 6.2 6.1 6.15 20000 122475 EASYCALL 282.4 308 308 308 308 308 100 30800 GOLDEN BRIA 4.01 4.36 4.02 4.02 4.02 4.02 2000 8040 IPM HLDG PAXYS 2.03 2.24 2.03 2.03 2.03 2.03 16000 32480 0.219 0.222 0.221 0.223 0.218 0.219 17750000 3882870 PRMIERE HORIZON 4.3 4.5 4.3 4.3 4.3 4.3 2000 8600 SBS PHIL CORP

-14733280 -32351425 9847710 1500 59640 -69600 15540 84300 -2211655 -40036918 -158260 -51860 86000 -87450 -10400 7767114 -1290 -526000 -8597667 8280 -47787803 -41365446 -289100 3,603,020.0003) 5688178 52900 -3080 -

MINING & OIL

ATOK 7.3 7.96 7.99 8 7.3 7.95 9300 73435 1.57 1.58 1.58 1.59 1.56 1.57 2285000 3599470 91640 APEX MINING ABRA MINING 0.0008 0.0009 0.0009 0.0009 0.0008 0.0009 105000000 91600 9000 ATLAS MINING 3.8 3.91 3.79 3.98 3.75 3.94 277000 1066960 576780 BENGUET A 2.88 2.98 3.1 3.12 2.88 2.88 464000 1371590 2.82 2.98 3.02 3.03 2.92 2.98 89000 264710 35640 BENGUET B 0.208 0.215 0.218 0.219 0.215 0.215 450000 97680 COAL ASIA HLDG CENTURY PEAK 2.5 2.58 2.43 2.58 2.43 2.5 195000 491900 231439.9999 DIZON MINES 7.72 7.81 7.87 7.88 7.64 7.81 35700 280293 1.23 1.24 1.27 1.27 1.21 1.24 30135000 37425920 -11310480 FERRONICKEL 0.225 0.23 0.232 0.233 0.228 0.229 1190000 272190 GEOGRACE 0.148 0.149 0.147 0.149 0.145 0.148 4930000 726890 LEPANTO A 0.146 0.15 0.151 0.151 0.151 0.151 600000 90600 -21140 LEPANTO B MANILA MINING A 0.0096 0.0097 0.0097 0.0097 0.0097 0.0097 5000000 48500 0.92 0.93 0.91 0.95 0.9 0.92 4815000 4432440 23400 MARCVENTURES 2.03 2.04 2.08 2.08 2 2.03 1236000 2509730 145380 NIHAO 3.06 3.07 3 3.1 3 3.06 18504000 56322150 -536270 NICKEL ASIA 0.55 0.57 0.57 0.58 0.55 0.55 1633000 909430 ORNTL PENINSULA PX MINING 4.04 4.05 4.15 4.15 4 4.05 1491000 6026430 2230660 SEMIRARA MINING 9.92 9.96 9.8 10.1 9.75 9.96 4377300 43382175 8226197 UNITED PARAGON 0.0049 0.005 0.0049 0.0049 0.0049 0.0049 5000000 24500 6.2 6.22 5.98 6.25 5.8 6.22 619600 3744296 -149940 ACE ENEXOR 0.0084 0.0087 0.0087 0.0087 0.0087 0.0087 1000000 8700 ORNTL PETROL A PHILODRILL 0.009 0.0091 0.0088 0.0093 0.0088 0.009 32000000 289900 5.24 5.25 5.31 5.36 5.25 5.25 529500 2796454 -103327 PXP ENERGY PREFFERED HOUSE PREF A 99.05 101 101 101 99 99 2180 219943 202000 510.5 519 511 511 511 511 100 51100 AC PREF B1 506.5 514 514 514 506 506 240 122240 AC PREF B2R DD PREF 100.9 102 102 102 100.7 100.7 3700 375190 375190 FGEN PREF G 106.5 108.9 108 108 108 108 1580 170640 503 515 517 517 517 517 160 82720 GLO PREF P 1001 1025 1038 1038 1038 1038 55 57090 GTCAP PREF A 100.2 101.5 100.1 101.5 100.1 101.5 3330 337949 MWIDE PREF PNX PREF 3A 96.55 97 96.9 97 96.9 97 28150 2730350 100 102.8 100 102.8 100 102.8 10600 1061680 100000 PNX PREF 3B PNX PREF 4 940.5 947.5 942 947.5 940 940 11020 10361435 1040 1075 1075 1075 1075 1075 115 123625 PCOR PREF 2B 1041 1060 1041 1060 1041 1060 55 57350 PCOR PREF 3A 1075 1089 1070 1070 1070 1070 1000 1070000 PCOR PREF 3B SMC PREF 2C 78.2 78.5 78.5 78.5 78.2 78.5 25720 2015299 76 76.5 76.5 76.5 76.5 76.5 120 9180 SMC PREF 2E 77.5 79 77.4 77.4 77.2 77.2 8000 618125 SMC PREF 2F 76.2 76.9 76.9 76.9 76 76 9030 686307 SMC PREF 2G PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 6.75 6.8 6.8 6.85 6.73 6.8 147200 1000603 -1000603 4.98 5.01 5 5.01 5 5.01 484600 2424968 -439000 GMA HLDG PDR WARRANTS LR WARRANT 0.63 0.64 0.66 0.66 0.63 0.63 110000 70670 SMALL & MEDIUM ENTERPRISES ALTUS PROP 10.68 10.7 11.04 11.28 10.54 10.68 600400 6500606 143730 1.8 1.81 1.79 1.8 1.77 1.8 1059000 1886500 -28670 ITALPINAS 5.24 5.37 5.18 5.46 5.18 5.24 251000 1332095 KEPWEALTH MERRYMART 3.01 3.05 2.93 3.11 2.92 3.01 27776000 84111450 7773200 XURPAS 0.51 0.52 0.53 0.53 0.5 0.52 748000 383860 EXHANGE TRADE FUNDS FIRST METRO ETF 89.8 90.2 91.15 91.15 89.85 89.85 19110 1721490.5 246649

www.businessmirror.com.ph

SC junks petition to examine books of accounts of oil firms

By Joel R. San Juan

@jrsanjuan1573

HE Supreme Court (SC) has permanently stopped a Manila trial court from compelling the country’s 3 major oil companies to open their book of accounts for examination amid allegations of monopoly, predatory pricing and cartelization.

In a 27-page decision penned by Associate Justice Ramon Paul Hernando, the SC en banc unanimously ruled to reverse the orders issued by the Regional Trial Court of Manila in 2009 directing the Bureau of Customs, Bureau of Internal Revenue (BIR) and the Commission on Audit (COA) to examine the books of accounts of Pilipinas Shell Petroleum Corporation, Caltex Philippines Inc., and Petron Corporation. The SC also made permanent the temporary restraining order (TRO) it issued on August 4, 2009 enjoining the implementation of the orders of the Manila RTC and accordingly dismissed the petition for declaratory relief by the Social Justice Society (SJS). The BOC, BIR, and COA sought the issuance of the TRO to stop Regional Trial Court of Manila City Branch 26 Presiding Judge Silvino Pampilo Jr. from enforcing its orders compelling them to form a panel of auditors to open and examine the books of the 3 oil firms. The said agencies refused to heed the order of the lower court saying that it was beyond their mandates to conduct audit relative to antitrust violations. In reversing the lower court’s decision, the SC stressed that it is the Department of Energy-De-

partment of Justice (DOE-DOJ) Joint Task Force that has the sole power and authority to monitor, investigate, and endorse the filing of complaint against oil companies. The trial court initially resolved to refer the case to the DOE-DOJ Joint Task Force for investigation and determination of whether the “Big 3” was in violation of Section 11 (Anti-Trust Safeguards) of Republic Act (RA) 8479, or the Downstream Oil Industry Deregulation Act of 1998. However, the joint task force held that oil firms did not violate the provisions of RA 8479. “And considering that the remedy against cartelization is already provided by law, the public respondent trial court exceeded its jurisdiction and gravely abused its discretion when it ordered the COA, the BIR, and the BOC to open and examine the books of account of the Big 3 and allowed private respondent [lawyer Vladimir] Cabigao, a certified public accountant, to become part of the panel of examiners,” the SC said. “Clearly, the RTC not only failed to uphold the law but worse, he contravened the law,” the SC declared. The SC said it is beyond the mandates of COA, the BIR and the BOC to open and examine the books of

Investors’ sour mood pulls down PSE index By VG Cabuag @villygc

hare prices fell on Wednesday as the main index returned to the 5,000-point level following the fall in major global equities. The benchmark Philippine Stock Exchange index (PSEi) fell 101.19 points, or 1.7 percent, to close at 5,932.84 points. “The PSEi ended lower as the sentiment soured because of the selloff in global equities. The optimism on local shares proves to be fragile as investors were quick to reduce risks and take cash off the table,” Christopher Mangun, research head at AAA Securities Inc., said. “Buyers stepped aside and let sellers close positions at lower prices. The massive retreat in United States stock markets indexes in its last trading session created a domino effect and caused a selloff in almost every stock market in the world,” he added. Luis Limlingan, managing director at Regina Capital and Development Corp. said US-China tensions continue to escalate and added to the investors’ sentiment. The Dow Jones Industrial Average plunged 632.42 points, or 2.3 percent, to 27,500.89. The S&P 500 slid 2.8 percent to 3,331.84. The broader-market index was down nearly 7 percent over the past three days, its worst three-day stretch

since June. The Nasdaq Composite dropped 4.1 percent to end the day at 10,847.69. He said shares also fell after AstraZeneca puts on hold its late-stage trial of of vaccine for the coronavirus disease 2019 after a serious adverse reaction in a study participant. Among the local sub-indices, the Property index took the biggest loss, down by 78.66 points, or 3 percent, to close at 2,709.49 points as investors took the opportunity to secure profits in large-cap property stocks Ayala Land Inc. and SM Prime Holdings Inc. The broader All Shares index fell 42.02 to close at 3,562.56, The Financials index declined 22.13 to 1,149, the Industrial index dropped 62.21 to 8,030.76, the Holding Firms index retreated 74.12 to 6,172.60, the Services index lost 12.50 to 1,478.72 and the Mining and Oil index shed 77.98 to 5,999.80. Total value of trade was at P5.1 billion as foreign investors were net sellers at P543.03 million. Losers outnumbered gainers 118 to 73 and 48 shares were unchanged. Ayala Land shares fell P1.15 to close at P29.75, SM Prime lost P0.85 to P28.30, its parent firm SM Investments Corp. was down P21 to P887, BDO Unibank Inc. decreased P2.25 to P91.25, AC Energy Philippines Inc. rose P0.20 to P3.13, and PLDT Inc. retreated P4 to P1,446.

accounts of the 3 oil firms. It stressed that the oil firms are not public entities or considered as nongovernmental entities receiving financial aid from the government to allow scrutiny by COA. With regard to the BIR, the SC noted that its commissioner is authorized to examine books, paper, record, or other data of taxpayers, but only to ascertain the correctness of any return, or in making a return when none was made, or in determining the liability of any person for any internal revenue tax, or in collection such liability, or evaluating the person’s tax compliance. The BOC is authorized to audit or examine all books, records, and documents of importers necessary or relevant for the purpose of collecting the proper duties and taxes. “Since there are no taxes or duties involved in this case, the BIR and the BOC likewise have no power and authority to open and examine the books of accounts of the Big 3,” the Court ruled. The SJS through Cabigao earlier insisted that examination of the oil

mutual funds

firms’ book of accounts by COA, BIR and BOC is justified under Article 24 of the New Civil Code. The said provision states that “in all contractual, property or other relations, when one of the parties is at a disadvantage on account of his moral dependence, ignorance, indigence, mental weakness, tender age or other handicap, the courts must be vigilant for his protection.” The SJS noted that the consuming public is at the losing end of the situation because they are left with no choice but to accept the prices being imposed by the oil companies. “Private respondents respectfully submit that Article 24, New Civil Code may be invoked to promote the public welfare by restraining and regulating the use of liberty and property and that the welfare of the people is the supreme law,” it said. The group said there is a need to fix the problem of the lack of transparency on the pricing of petroleum products. It insisted that the way to resolve it is by examining the accounts of the oil firms.

September 9, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 198.4 -23.35% -10.55% -4.36% -21.22% ATRAM Alpha Opportunity Fund, Inc. -a 1.0886 -30.41% -12.91% -2.53% -21.23% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.6585 -33.99% -15.26% -6.42% -27.72% Climbs Share Capital Equity Investment Fund Corp. -a 0.6782 -29.27% -12.33% n.a. -24.48% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6943 -19.41% n.a. n.a. -18.25% First Metro Save and Learn Equity Fund,Inc. -a 4.2675 -21.57% -8.81% -3.87% -19.91% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6671 -23.73% -11.55% n.a. -21.85% MBG Equity Investment Fund, Inc. -a 83.5 -28.61% n.a. n.a. -19.11% PAMI Equity Index Fund, Inc. -a 39.7983 -23.82% -9.2% -3.16% -22.39% Philam Strategic Growth Fund, Inc. -a 427.33 -21.39% -8.52% -3.4% -19.79% Philequity Alpha One Fund, Inc. -a,d,5 0.8883 n.a. n.a. n.a. -13.77% Philequity Dividend Yield Fund, Inc. -a 1.0152 -22.92% -8.64% -2.87% -21.11% Philequity Fund, Inc. -a 29.7435 -23.17% -8.26% -2.53% -21.52% Philequity MSCI Philippine Index Fund, Inc. -a 0.785 -23.91% n.a. n.a. -22.9% Philequity PSE Index Fund Inc. -a 4.063 -23.46% -8.64% -2.42% -22.22% Philippine Stock Index Fund Corp. -a 679.27 -23.35% -8.63% -2.53% -22.1% Soldivo Strategic Growth Fund, Inc. -a 0.6123 -33.5% -12.66% -6.64% -28.08% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.1413 -27.23% -10.11% -3.85% -25.37% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.7784 -23.57% -8.83% -2.62% -22.22% United Fund, Inc. -a 2.8303 -24.02% -7.86% -2.09% -22.53% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 91.2344 -23.17% -8.19% -1.72% -21.99% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $1.0561 11.06% 0.38% 4.62% 2.69% Sun Life Prosperity World Voyager Fund, Inc. -a $1.5133 16.31% 8.54% n.a. 9.76% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.5726 -5.94% -4.37% -2.6% 0.63% ATRAM Philippine Balanced Fund, Inc. -a 2.0638 -10.93% -4.73% -1.02% -5.38% First Metro Save and Learn Balanced Fund Inc. -a 2.4107 -9.52% -3.3% -1.85% -8.39% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.174 n.a. n.a. n.a. -23.85% NCM Mutual Fund of the Phils., Inc. -a 1.8402 -6.29% -1.37% 0.51% -6.19% PAMI Horizon Fund, Inc. -a 3.4865 -8.58% -2.77% -0.67% -7.99% Philam Fund, Inc. -a 15.5431 -9.02% -3.06% -0.82% -8.36% Solidaritas Fund, Inc. -a 1.9201 -10.97% -3.99% -0.79% -9.52% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.279 -16.04% -5.12% -1.99% -15.13% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9381 -8.48% n.a. n.a. -7.64% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8413 -17.05% n.a. n.a. -15.57% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.8162 -19.31% n.a. n.a. -17.82% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8102 -18.59% -6.22% -2.72% -16.89% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.039 0.83% 2.6% 1.98% 2.09% $1.0404 PAMI Asia Balanced Fund, Inc. -b 6.12% 1.14% 4.09% 2.81% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.1449 9.59% 5.89% 6.27% 5.99% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.1652 4.26% 3.02% n.a. 3.23% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 368.2 4.1% 3.1% 2.6% 2.87% ATRAM Corporate Bond Fund, Inc. -a 1.949 1.82% 0.99% 0.09% 2.47% Cocolife Fixed Income Fund, Inc. -a 3.1992 3.94% 4.85% 5.02% 2.61% Ekklesia Mutual Fund Inc. -a 2.3004 3.92% 2.77% 2.25% 3.46% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4526 4.57% 3.4% 2% 3.96% Philam Bond Fund, Inc. -a 4.6696 7.96% 4.47% 2.7% 6.78% Philam Managed Income Fund, Inc. -a,6 1.3109 5.78% 4.37% 2.47% 4.31% Philequity Peso Bond Fund, Inc. -a 3.953 5.85% 4.22% 2.16% 4.35% Soldivo Bond Fund, Inc. -a 1.0369 8.86% 3.59% 1.82% 7.53% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1801 5.12% 4.84% 2.77% 3.4% Sun Life Prosperity GS Fund, Inc. -a 1.7428 3.95% 4.12% 2.22% 2.45% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $478.22 2.94% 2.44% 2.86% 2.11% ALFM Euro Bond Fund, Inc. -a Є217.11 -1.47% 0.72% 1.15% -1.22% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2388 3.28% 2.75% 2.62% 3% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0263 1.54% 1.57% 1.59% 1.94% PAMI Global Bond Fund, Inc -b $1.0867 -1.67% 0% 0.34% -0.63% Philam Dollar Bond Fund, Inc. -a $2.4956 2.76% 3.49% 3.45% 3.83% Philequity Dollar Income Fund Inc. -a $0.0610468 1.46% 2.07% 2.05% 1.24% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.2186 0.97% 1.91% 2.64% 1.37% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 129 3.57% 3.3% 2.51% 2.52% First Metro Save and Learn Money Market Fund, Inc. -a 1.0443 2.22% n.a. n.a. 1.75% Sun Life Prosperity Money Market Fund, Inc. -a 1.2893 2.89% 3.04% 2.61% 1.92% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0482 1.58% n.a. n.a. 0.95% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.0273 n.a. n.a. n.a. n.a. Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.94 n.a. n.a. n.a. -5.05% 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."

Editor: Anne Ruth Dela Cruz

Health&Fitness BusinessMirror

Catch myopia early, lessen risk of getting serious eye ailments Gifford from Myopia Profile pegged the normal expected axial length at 26mm. Anything longer than this has a higher risk of acquiring complications of high myopia. There is an increasing number of children, teenagers and working adults who spend less time outdoors and more time indoors usually in front of gadgets and devices. This will be the population with an age group between three to 17 years old which makes up at least 52.24 percent% of the Philippine population.

Young age group

By Dr. Carmen Abesamis-Dichoso

yopia or “nearsightedness” is when a person cannot see faraway objects clearly. Things up close like reading a book or looking at a phone is clear but things further away like driving or looking at a board is fuzzy. Myopia is caused by any of a combination of age of onset, genetics and lifestyle. It is recommended by the American Optometric Association and the Optometric Association of the Philippines that children as young as three years old be brought to an eye care practitioner, either an optometrist or an ophthalmologist, for a full scope exam. After your eye care practitioner takes a full family medical and eye history, visual acuity should be measured both for at distance and at near. A visual acuity of 20/20 distance at the time of examination does not necessarily mean that the child has no risk for myopia. Since most kids now are looking at near, the visual acuity at near and how the eye muscles work at near are also good indicators of whether a child will later develop myopia. The way both eyes work together should also be assessed. An eye that has a tendency to be turned in or out (esophoria or exophoria) can be observed through a set of prisms held in front of the child’s eye.

Length of the eyeball

Measuring the length of the eyeball can be done in a minimally invasive way through biometry, where a small drop of anesthesia is instilled in the eye. This should ideally be part of a routine eye exam done at least every six months for those who are at high risk for myopia development, onset or progression. When an eyeball grows longer than expected, there are serious eye diseases that may be acquired. This includes cataract, glaucoma, retinal detachment and myopic maculopathy. These eye conditions, if not detected early, can cause vision loss. In 2018, Professor Noel Brennan from Australia presented during the American Academy of Optometry meeting that Asians have 44 percent longer axial lengths than non-Asians across all age groups. Dr. Kate

It is this age group that is prone to acquiring myopia. The World Health Organization and the Brien Holden Vision Institute has projected that by the year 2050 half of the world’s population will be myopic. We cannot sit down and not do anything. We have to act now. Bring your kids to an eye care practitioner and make sure a full scope eye exam is performed. Myopia preventive measures can also be practiced and observed through the following: Engage in more outdoor sports activities like badminton, Chinese garter, tumbang preso, piko, patintero or simply taguan. These physical activities also make our mind work since it also entails some form of strategic thinking. Biking, skateboarding and kite flying will make use of our visual senses for far than at near. More green time and less screen time. Spend more time outdoors to decrease the chances of getting myopia. Consider audio books for those who love reading. This gives our eyes time to rest and minimizes the effort of our eyes to focus. Make sure that you read in an area where the light is properly positioned and the amount of light is adequate. Children who want to watch TV should be encouraged to sit at least 3 meters away. Maintain a reading distance that is equivalent to the distance from your chin up to your elbow. This can be done by clinching your fist and putting it under your chin and then placing the elbow on top of a table to position the reading material. This is called the “harmon distance.” That sight is precious is plain to see. Take good care of it. Dr. Carmen Abesamis-Dichoso is the CEO of Abesamis Eye. She is the treasurer of the Asia Pacific Council of Optometry-Executive Committee, a member of the World Council of Optometry- Legislative Regulations and Standards Committee, International Affairs Committee Chair of the Optometric Association of the Philippines, Clinical Director, Healthy Athletes Program of the Special Olympics Asia Pacific Region, Fellow, International Association of Contact Lens Educators, Fellow, Philippine College of Optometrists and Fellow, American Academy of Optometry.

US anti-Covid air purification system now available in PHL

By Roderick L Abad

MERICAN air purifier brand AtmosAir Solutions, which has been proven to be effective in reducing Covid-19 indoors, is now available in the Philippines. This state-of-the-art air purification system uses oppositely charged ions that attach themselves to the virus, specifically the proteins on its surface. It then forms hydroxyl, which reverts the virus’ hydrogen content back to water. This new watery state creates a hole in the virus, which effectively kills it as it can no longer spread and reproduce itself. Based on tests conducted by Microchem Laboratory in Texas, United States, the presence of Covid-19 was reduced by up to 99.92 percent within 30 minutes of exposure to AtmosAir’s bipolar ion technology. The test exposed the virus to the concentration of ions within the range of what would be present in an occupied building.

Sanitizing the air

“It is probably one of the most effective means of sanitizing or disinfecting the air in a continuous fashion,” said Dr. Philip Tierno Jr., professor of microbiology and pathology at the New York University School of Medicine. “All coronaviruses attache to ACE-2 receptors on human cells through the Protein S spikes on their surface, and that is also the main target of the ions. Hence, all coronaviruses would be affected by the air ions in the same way and be inactivated and destroyed. It doesn’t matter what the strain of coronavirus is, they all succumb by the same

mechanism,” he added. Unlike most air purification systems that passively wait for pollutants to find their way into a filter, AtmosAir’s technology actively seeks out and deactivates viruses and other contaminants. Even before the pandemic, its proactive approach of deploying ions into workspaces, stadiums, airports and other habitations has been showing a 99 percent rate in removing inhalable particles and pathogens, including dust, allergens, airborne and surface bacteria, germs, and viruses.

Volatile organic compounds

It can remove 90 percent of harmful volatile organic compounds, which are gases emitted from certain solids and liquids, as well as 95 percent of ultra-fine particulates. Over 7,500 properties across the globe are already utilizing AtmosAir’s air purifying systems, including the Empire State Building, Hilton, and Los Angeles International Airport, among others. “We look forward to collaborating with various companies, property owners, and government agencies to ensure that the indoor air in their respective establishments is as clean and as safe as can be,” said Michael Dargani, chief executive officer of Ananta Industries, Inc., the exclusive Philippine distributor of AtmosAir. In markets like the Philippines, where air-conditioning is commonplace, AtmosAir could be applied not only for the workplace but even for schools, resorts and recreational facilities.

Thursday, September 10, 2020 B3

Collaborations, upholding regulatory standards key to Covid-19 meds okay

By Anne Ruth Dela Cruz

eading biopharmaceutical companies have been collaborating over the past seven months on researching and testing therapeutics that could lower mortality rates or lessen the severity of Covid-19.

While there is an urgent need for these therapeutics, the biopharmaceutical industry is committed to the rigorous standards needed for the approval of Covid-19 treatments and vaccines. During the recent press conference of the International Federation of Pharmaceutical Manufacturers and Associations based in Geneva, it was reported that 22 leading IFPMA member companies are currently involved in the research and development of therapeutics and together, they have conducted 81 clinical trials that evaluated the therapeutics’ effectiveness. The main Covid-19 treatments being looked at are anti-virals, antibodies and convalescent plasmas as well as anti-inflammatories. This is encouraging as the clinical response to help patients with Covid-19 requires multiple treatment options. Studies indicate that there is no one therapeutic that can treat or cure patients with the virus. “We are continuing to see extraordinary collaboration across the biopharmaceutical industry, academe and biotech to accelerate research and development and develop new treatments and vaccines at record speed,” said David A. Ricks, Chairman and CEO of Eli Lilly and Company and President of IFPMA. “Working together, we’ve made significant progress in the search for new treatments and vaccines to con-

tain and ultimately extinguish Covid-19. And to ensure that no one is left behind in the face of this devastating disease, our industry remains committed to making sure they are available and affordable for all patients who need them.”

Update on therapeutics research

Present during the press conference were Daniel O’Day, Chairman of the Board and Chief Executive Officer of Gilead Sciences Inc.; Kenneth C. Frazier, Chairman of the Board and Chief Executive Officer of MSD; Dr. Albert Bourla, Chairman and CEO of Pfizer; Dr. Severin Schwan, CEO of the Roche Group and Vice President of IFPMA and Thomas Cueni, Director General of IFPMA. The CEOs were given the opportunity to update attendees of their efforts in developing therapeutics and vaccines for Covid-19. One treatment that has been authorized for use so far against Covid-19 is Remdesivir, an anti-viral developed by Gilead. O’Day explained that the development of Remdesivir did not happen over a short time frame. It is the result of “decades of investments in research and very importantly at Gilead, in anti-viral research.” “The story of Remdesivir started 10 years ago due to our investments in emerging viruses. We say that Remdesivir had effects on other viruses in this family of coronaviruses like MERS and SARS in the laboratory and that level

of investment and preparedness allowed us to move quickly,” O’Day said. “The way that Remdesivir works is that it is an anti-viral. It is one of the mechanisms that we believe will have an impart in this devastating disease and what Remesivir has is that it inhibits the ability of the virus to replicate,” O’Day added.

Clinical trials

When the nature of Covid-19 was first announced in January, O’Day said Gilead moved rapidly to conduct a suite of clinical trials “that were designed to answer different questions and the results of three very robust randomized trials had consistent results.” “The results showed that for severe, hospitalized patients, Remdesivir is an IV medicine that is administered in an acute setting and this resulted in improvement in clinical symptoms, in a significant reduction in hospital stay and an improvement in mortality,” he said. Now that Remdesivir has had such an impact on hospitalized patients as a stand alone agent, O’Day said Gilead is also collaborating with other companies “to see if we can have a combination approach to get an even stronger effect, a more durable effect on patients.” “This is characteristic of viral diseases like HIV and Hepatitis C. We have seen at times that when combining an anti-rival medicine with other antivirals with other mechanisms, we can even have a greater impact on patients and society,” he said.

Available in the Philippines

Remdesivir will be made available in the Philippines through a Compassionate Special Permit (CSP) under Camber Pharmaceuticals, a subsidiary of Hetero. Camber Pharma’s Remdesivir is the first authorized and licensed Remdesivir by Gilead Sciences to be supplied and distributed in the Philippines. “It is a significant milestone for all of us and we are very thankful to our par-

ent company Hetero. With Remdesivir, we hope to reduce the treatment time of patients in hospitals thereby reducing the burden on medical facililites in Covid -19 cases,” said Camber Pharma’s Country Manager Manoj Singh. As for their future plans for Remdesivir, O’Day said they are looking into delivering the therapeutic in an inhaled mechanism. He explained that Remdesivir’s formulation is not suitable for a pill because “the way it is metabolized in the body is that it metabolizes very quickly to the liver.” “However, an inhaled mechanism will directly go to the lungs which is the greatest of viral replication for the disease. Early results have been interesting and we actually just started clinical trials on an inhaled version of this so earlier in the treatment course is almost always better in anti-virals and in combination can improve the benefits,” O’Day added.

Vaccine

For his part, Dr. Bourla said that in addition to developing an antiviral therapeutic for Covid-19, Pfizer started to develop in partnership with a German company a vaccine for Covid-19. According to Dr. Bourla, the vaccine is already “at a very advanced stage.” “We started developing the vaccine at the end of July. We will have one big pivotal trial that will tell us if we have an effective vaccine or not,” Dr. Bourla said. “This is a trial that will need us to enroll 30,000 participants to be able to be able to come to a conclusion. So far, we have enrolled 23,000 patients and a significant number of them have already started to get the second dose of the vaccine.” He said by the end of October, Pfizer would be able to have “enough events to say if the product works or not” and that it would be submitted for approval by then. “If we have enough events, we may be able to say that the product is safe and efficacious in that October time frame and submit it immediately for approval,” he said.

Schools told to observe recommended breaks, screen time for students By Claudeth Mocon-Ciriaco

rivate schools have already started online classes and students feel safe against the Covid-19 virus because they are learning at home. Depending on the curriculum and schedule, online classes can also help students practice effective time management as they are studying at their own pace. While online classes can offer relief to students who have anxieties associated with inperson interaction, other students may start experiencing increasing feelings of isolation due to the lack of face-to-face interaction. According to the Department of Health (DOH), students may experience health concerns related to increased screen time such as fatigue, headache, lack of motivation, and avoidance/procrastination among others.

DOH recommendations

To avoid these negative feelings, the DOH has recommended the following: n taking breaks in between classes and having time away from the computer; n establish a routine where there is academic-personal life balance, which includes being physically active, eating, sleeping; n practice self-care, self-compassion and self-awareness of their thoughts and feelings; n encourage students to speak out about their feelings to people who can validate them; and n utilize online mental health resources. To avoid health problems like stress and eye problems, the Department of Education (DepEd) said that schools may adopt a combination of asynchronous online teaching in consideration of the screen time guidelines

by age as recommended by the American Academy of Pediatrics and World Health Organization. In a Department Memorandum 202000162, “Suggested Strategies in Implementing Distance Learning Delivery Modalities for School Year 2020-2021” Undersecretary Diosdado San Antonio said that such a strategy was made pending the “Policy Guidelines on the Implementation of Learning Delivery Modalities for Formal Education” due to schools being shut because of the Covid-19 pandemic.

Screen time

The memo stated Kindergarten pupils should have a maximum of one hour daily screen time; Grades 1 to 5, maximum of 1.5 hours daily; Grades 6 to 8, maximum of two hours;

Grades 9 to 12, a maximum of four hours daily (two hours in the morning and another two hours in the afternoon). “While preparing the Weekly Home Learning Plan and Class Programs, schools shall comply with the recommended screen time for learners,” the memo said. It may be recalled that in a survey conducted by DepEd in July, 3.8 million parents preferred online learning. Earlier, the DOH said that online classes should be shorter than six to eight hours a day. DOH Undersecretary Maria Rosario Vergeire even cited a study that said children five years old below, are not fit for eight hours of online learning. “There should be physical activity. They should not sit in front of the computer for eight hours. It may strain their eyes,” Vergeire said.

DOH reminds public to remain vigilant vs dengue despite drop in cases

hile the number of dengue cases in the country have dropped, the Department of Health (DOH) reminded the public to remain vigilant against the risk of getting the disease. Dr. Norielyn Evangelista, Program Manager of the National Aedes-Borne Viral Diseases Prevention and Control Program (NAVDPCP), said the number of dengue cases in the country had significantly dropped by 76 percent compared with 2019 levels. Dengue mortalities have also gone down from 2019 with 1,612 deaths versus 231 in 2020 or 78 percent from January 1 to August 15 this year. Evangelista noted that one year after the national dengue epidemic was declared in August 2019, the reported number of dengue cases have dropped from 430,282 in 2019 to 59,675 from January to August this year. “After the dengue epidemic of 2019, we have been working vigorously to decrease dengue cases via a systemic approach that involves every level of the community,” Evan-

gelista said in a media forum.

DOH’s 4S program

She attributed the decrease in dengue cases to the DOH’s implementation of “4S” which means Search and destroy mosquito breeding places, use Self-protection measures, Seek early consultation for fever lasting more than two days, and Say ‘No’ to indiscriminate fogging; and a multi-pronged approach that partners with medical centers and local government units (LGUs) dubbed WI.L.D. (Waterborne Infectious Diseases like influenza, and leptospirosis, including dengue); and the lockdown due to the Covid-19 pandemic which forced people to stay at home. W.I.L.D. aims to reduce the number of cases of water-borne infectious diseases, influenza, and leptospirosis, including dengue which usually peaks at the start of the rainy season. Through submitted epidemiological data and analysis, the DOH noted that W.I.L.D. ill-

nesses peaked significantly in the months of July and October due to fluctuating weather conditions, flooding, and the accumulation of contaminated water. This year, however, a significant decrease was observed in the number of cases compared to the same time period last year.

Review of manual operations

The NAVDPCP’s activities in 2020 include updating the Dengue Manual of Operations and Administrative Order 2012-006: Revised Dengue Clinical Practices Guidelines through Technical Working Group Meeting; partnering with UP-Philippine General Hospital (PGH), UP-National Institutes of Health (NIH), Research Institute for Tropical Medicine (RITM), and World Mosquito Program; and releasing administrative issuances. Through these efforts, the DOH will roll out the Nucleic Acid Amplification Test-Loop Mediated Isothermal Amplification Assay (NAAT-LAMP) which offers a cheaper and sim-

pler dengue diagnosis. It will also implement the Wolbachia Project at the Bicol Center for Health Development (CHD) as part of a noninvasive way to control the local denguecarrying mosquito population. The administrative releases underlined guidelines in establishing Dengue Centers of Excellence in Tertiary Hospitals, creating Dengue Fast Lanes, and conducting Dengue Mortality Review. In these advisories, the preparation for W.I.L.D. illnesses with special consideration for the present Covid-19 pandemic are shared from surveillance, integrated vector management, to the submission of reports to the National Dengue Prevention and Control Program and Infectious Diseases Office of the Disease Prevention and Control Bureau. Materials that cover the need for the destruction of mosquitoes’ breeding places, wearing insect-repellant uniforms, and following the 4S-Enhanced Strategies for Dengue have also been disseminated. Claudeth Mocon-Ciriaco

Thursday, September 10, 2020 • Editor: Gerard S. Ramos

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‘Hollywood’ is Hollywood’s apology to Hollywood THE Netflix series Hollywood has received 12 nominations at the 72nd Primetime Emmy Awards.

Today’s Horoscope By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Kamil McFadden, 24; Ryan Phillippe, 46; Amy Irving, 67; Joe Perry, 70. Happy Birthday: Embrace change, see what life has to offer and be curious and ready to try something new. Refuse to let anyone tempt you or push you somewhere you don’t want to go. Walk in a direction that offers what will make you happy and satisfied with your life. Your numbers are 4, 18, 24, 28, 30, 37, 43.

ARIES (March 21-April 19): Put your energy into something you feel is worthwhile. Nurture a personal relationship, and it will encourage you to make better decisions regarding your future. An unexpected change will help you adjust your lifestyle. Romance is on the rise. HHHH

HAT other critics find despicable in the Netflix series Hollywood is what saves this seven-episode grand memorialization of the golden age of the film industry in America. It is the end of war. Men—and women—are back in the normal safe world threatening to go full-blast with wealth and conspicuous consumption. Actors who fought in the European front and in the Pacific islands are home. At the time, the medical condition of PTSD had not yet been clarified, so these male warriors who have proven their real bravery in real war and battle are heroes ready to share their boon with the common communities. But not all is gloss and glory. Simmering—and shimmering—deep are dreams and ambitions to make it big in dreamland, which is Hollywood. If you feel you are good enough, you stand at the gate of the big studios each day. A casting director walks up to the crowd of dreamy-eyed hopefuls, and picks 3 or 5 chosen people for the day, candidates for stardom or doomed to be bit-players or extras for the films churned out as fast as each dream is dissipated. Jack is one of those at the gate. He stands there but he is not chosen, until one day a woman enters his life. She is an assistant casting director who enjoys the sex she had with Jack even though she had to shell out some amount for it. But we are getting ahead of ourselves here. Let’s backtrack a bit: Jack, despondent, looks for other jobs. In between the search for livelihood, he stays in bars until a middle-aged man spots him and offers him a job in a gas stations. It is not your regular gas station; it dispenses not gas but good, paid sex. A car goes in for a refill. A male attendant rushes to meet the car. The customer has a password: “Dreamland.” Jack is hesitant at first but his wife is pregnant— with twins. Jack soon services an elderly lady, who happens to be the wife of one of the biggest film producers in the land. But not all customers are ladies, some are gentlemen. One day, it is the great composer, Cole Porter. Yes, you heard it, the character is named “Cole Porter.” On another day, the good-looking chap behind the wheels introduces himself as “Roy Fitzgerald.” Isn’t that the real name of matinee idol Rock Hudson? Well, yes. In fact, Roy is discovered and is soon given the screen name, Rock Hudson. Therein lies what critics call the unabashed artistic license that the miniseries indulges itself in. In Hollywood, creators Ryan Murphy and Ian Brennan name their characters George Cukor, Tallulah Bankhead, Vivien Leigh and many others with names that were real in those gilded years. After doing so, the media releases proceed to append the word “fictional” to the said character. In Hollywood, the character named Rock Hudson also bears the additional label “fictional.” This Rock Hudson is homosexual, gay, and so with the rest of talent managers and big bosses of production outfits. This Hollywood, however, saves itself, because the Rock Hudson in the series comes out of the closet, dismisses the gay manager who exploits him, walks

TAURUS (April 20-May 20): A change will make you uneasy. Until details are in place, keep your thoughts to yourself in order to avoid a situation that makes you appear difficult. Bide your time, and you’ll get what you want in the end. HHH

GEMINI (May 21-June 20): Put your energy into activities geared toward something you want to pursue. A chance to discuss your plans with someone special will lead to positive input and the decision to share your adventure. HHH

CANCER (June 21-July 22): You may not like change, but it may be in your best interest. Don’t disregard an opportunity due to fear. Embrace the future with a positive attitude, and you will discover that life has more to offer than you imagined. HHH

LEO (July 23-Aug. 22): Curb any anxiety or tendency to get into an argument. Do something physical that will help you expel pent-up energy. Focus on love, romance and personal growth. HHHH

VIRGO (Aug. 23-Sept. 22): Expect to face an emotional conflict if honesty is an issue. Be frank about the way you feel, what you want and what you expect in return. How you handle others will make a difference in the outcome of a situation you face. HH

g the red carpet holding the hand of his male lover, a “colored” writer. There is more: a movie mogul goes into a coma and his wife takes over. The woman makes radical decisions including the making of a film where the lead actress is colored and ends triumphant after all the threats of white supremacists. What comes out is not so much a licentious artistic license but a proposal for the new audience stating the what-ifs of that golden age. The gilt and glamor of the post-war Hollywood hides all kinds of bigotry and discrimination. We see how this huge hunk of man named Roy becomes a putty in the sweaty hands of a manager out to debase all men because he himself has become an elegant monster. What happened in those years is now getting a cleansing in a series that unabashedly exploits but also explores the many possibilities that were eschewed by an industry then believing its own lies. A louse of a manager repents; a pimp regains his dreams; and a screenplay escapes censorship and triumphs despite the threats on the lives of its makers. All the events that happen in Hollywood happened in the Hollywood of yore. But where the past rendered sad endings to all the events that have unfolded, the series is making up for the evil and narrowmindedness of history. Sounds unreal, yes, but contemporary. The series Hollywood may be taking place in the past but its resolutions are imbued with the daring politics of the present. But what is a miniseries from Ryan Murphy without the diamond and rhinestone performances from actors of all filmic ranges. David Corenswet as Jack has all the air of the

1950s idol. When the camera is trained onto him, the portrayal he previews in a rehearsal for the scene remarkably becomes like a recital piece, a final paper. Darren Criss has a subtle presence but the fact of his character being half-Filipino in an age when Asians were not represented in what we now call culturally and politically correct imaging is significant. Dylan McDermott as the owner of the gas station that offers a most unique refill is Errol Flynnish without the swashbuckling act. Being an ensemble, it is not fair to point out the superstars in the film. Just for the heck of it, Jake Picking’s Rock Hudson gets our major sympathies for being vulnerable and, later, valiant when the screenplay allows a rainbow to arc over what was a sad life for the real Rock Hudson. Holland Taylor as Ellen Kincaid, a studio executive who tutors men how to act and love is warmth in chilly film studios, and I am not talking of prime air-conditioning. But I reserve my bouquet for Patti Lupone who hides her claws this time as she fleshes out the role of a woman who realizes it is time to change Hollywood. With the diva in her now closeted, Patti Lupone is Mother Earth turbaned and bejeweled outside, proto-feminist inside declaring that all lives and loves matter. Hollywood was released on Netflix on May 1. The series has received 12 nominations at the 72nd Primetime Emmy Awards. Singled out are Jeremy Pope (who plays the role of the scriptwriter falling for Rock Hudson), Holland Taylor, Dylan McDermott, and Jim Parsons (known for his role as Sheldon in The Big Bang Theory) as the evil stepmother of a talent manager who later repents and becomes an enlightened sinner. n

LIBRA (Sept. 23-Oct. 22): Listen carefully. Confusion and uncertainty will be the direct results of someone’s misrepresentation. Problems at home will surface if someone is indulgent or tries to push you in a direction you don’t want to go. Be open about the way you feel. HHHHH

SCORPIO (Oct. 23-Nov. 21): Hang on to your cash. Steer clear of joint ventures. Make decisions that lead to more stability, downtime and creative endeavors that ease stress and stimulate your mind. Life is about living; set goals that please you. Don’t take physical risks. HHH

SAGITTARIUS (Nov. 22-Dec. 21): Get involved in something that requires fitness, energy and enthusiasm. Challenging yourself will help you get rid of anxiety. Rid yourself of people and situations that are unstable and cause uncertainty. Make romance, peace and love priorities. HHH

CAPRICORN (Dec. 22-Jan. 19): Pay more attention to your investments, contracts and health. Make the necessary changes that will provide you with a productive and healthy lifestyle. Verify the information you receive before you pass it along or make a decision based on what you hear. HHH

AQUARIUS (Jan. 20-Feb. 18): Spend more time on self-improvement and less time trying to change others. Choose to work alone until you are sure you have everything in place. Sharing or presenting what you have to offer prematurely will lead to interference. HHHHH

PISCES (Feb. 19-March 20): A sensitive personal matter will require diplomacy. Consider the changes you can make to keep the peace and make everyone, including yourself, happy. The help you offer and the suggestions you make will lead to a better home environment. HH Birthday Baby: You are emotional, imaginative and opportunistic. You are proactive and impulsive.

‘a sign of the times’ by freddie cheng The Universal Crossword/Edited by David Steinberg

ACROSS 1 Oldest Smurf 5 LAPD broadcast 8 Western defense grp. 12 Jacob’s twin 13 Elaborate ‘do 15 Golf bag set 17 Joyous words at a celebration 20 Sierra Nevada resort lake 21 Prefix meaning “all” 22 “Sounds good” 23 Lawyer’s charge 25 YouTube revenue sources 26 Ebb 27 Reason to revisit a college hangout, perhaps 32 Four-term prez 33 Sir Guinness 34 US soldiers 35 Knee injury site, briefly 37 Figures out 39 Dry gulches 43 Screeners’ org. 44 Number that can only go up 45 Toenail treatment, slangily

46 Antipollution org. 48 Enter a rough patch 52 Large water containers 54 Sun, in Mexico City 55 Muscle spasm 56 Canadian gas brand 57 Engine cover 59 Crystal-filled rock 63 Adapts to modern life 66 Flower prized in Holland 67 2020 Anya Taylor-Joy film based on a Jane Austen novel 68 “Gotcha” 69 Chest bumps, for short? 70 Mind reader’s claim, briefly 71 ___ a plea (bargains in court) DOWN 1 Shower with snowballs 2 Out of port 3 Walkway 4 Feature of most phone cameras 5 Unreturnable serve 6 Kind of stick with a spring 7 Organic fuel source 8 Reject

9 2012-2020 TV series about a superhero archer 10 Gambled (on) 11 Opposite of 2-Down 14 Henry or Jane of film 16 More crafty 18 Stiletto, for one 19 Shape of a tiddlywinks piece 24 Slight advantage 27 Beanie Babies, once 28 Bullring cheer 29 Clearance event 30 Greek letters after nus 31 Body part hidden in “forearm” 36 Fine and dandy 38 Half-___ (coffee order) 39 Before now 40 Lease payment 41 Like 41 42 Number of sides on a cube 44 “If I may...” 46 Fighter pilot’s bailout button 47 Exercise that starts in a plank position 49 Arthur who won three Grand Slam singles titles

0 Like a gossip’s lips 5 51 Near the top of a singer’s range 53 Hedgehog in video games 58 Darkens 60 Very, very 61 ___ Blue (chess-playing computer) 62 Previous partners 64 Navigation gadget 65 Percussive dance style Solution to yesterday’s puzzle:

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Editor: Gerard S. Ramos

• Thursday, September 10, 2020

Marcus excited with his new MILO basketball; MILO champion Alyssa Valdez partnering with MILO Home Court; and Meagan after her online fencing training with Republic Fencing.

U.N.: No vaccine to be endorsed before it’s safe and effective

LONDON—The head of the World Health Organization said the UN health agency will not recommend any Covid-19 vaccine before it is proved safe and effective, even as Russia and China have started using their experimental vaccines before large studies have finished and other countries have proposed streamlining authorization procedures. At a recent press briefing on, Tedros Adhanom Ghebreyesus said vaccines have been used successfully for decades, and credited them with eradicating smallpox and bringing polio to the brink of being eliminated. “I would like to assure the public that WHO will not endorse a vaccine that’s not effective and safe,” Tedros said. He said newly developed Ebola vaccines helped end the recent Ebola outbreak in Congo, noting that stopping the deadly virus was complicated by the dozens of armed groups operating in the region. Tedros appealed to people opposed to vaccination to do their own research. “The anti-vaccine movement, they can build narratives to fight against vaccines but the track record of vaccines tells its own story and people should not be confused,” he said, appealing to parents in particular. “They can have a look for themselves on how the world actually used vaccines to reduce under-5 mortality to save children.” Last week, Britain said it was preparing to revise its laws so that any effective coronavirus vaccine could be used before it was fully licensed. Russia became the first country in the world to approve a Covid-19 vaccine in August after licensing a shot that had only been tested in several dozen people. On Friday, Russian scientists published data from early studies suggesting their vaccine was safe and prompted an antibody response, but the results were limited and experts said the shot had not yet proven to work. The Russian vaccine, known as Sputnik V, is now being tested in about 40,000 people and is being offered “in parallel” to key workers like doctors and teachers. Among those who have received it are one of President Vladimir Putin’s daughters and Defense Minister Sergei Shoigu. China has reportedly begun inoculating some high-risk groups with one of its experimental coronavirus vaccine while the large studies to prove its efficacy and safety are ongoing. In July, the head of China’s Center for Disease Control and Prevention announced that he had received the shot, although he did not specify whether that was done as part of a clinical trial. AP

Families will be pleased WITH carrier’s seat campaign

THE so-called “ber” months mark the start of the holiday season, and the Philippines’s leading carrier Cebu Pacific welcomes it the way it knows best: with a three-day Super Seat Fest for low-fare flights for 2021 trips. From September 9 to 11, all destinations will be up for grabs for as low as P99 (base fare). The 9.9 Super Seat Fest is the holiday seat sale that every consumer who has been raring to fly on a getaway has been waiting for. It is the perfect time to start filling next year’s calendar with travel plans to visit beaches in Boracay and Siargao, and support other local cities and provinces, as the travel period for this sale is from May 1 until August 31. The P99 flights to international destinations will also be available during this Super Seat Fest. So those who have been missing the breathtaking sights and delicious cuisine in Bali (Indonesia), Bangkok, Dubai, Japan, Korea and more can finally fly for less with low fares from Cebu Pacific. Bookings can be done via the Cebu Pacific web site (www. cebupacificair.com) or its mobile app, available for download on the App Store and Google Play Store. Payments may only be made through online channels on September 9, while payment centers will be available on September 10 and 11. To ensure that everyone’s peace of mind in this pandemic period, Cebu Pacific has put in place safety protocols and contactless flights guidelines; and adheres to stringent onground and inflight preventive measures, in accordance with global aviation standards. All CEB aircraft undergo extensive daily disinfection before, during and after every flight. As an added reassurance for travelers, more flexible booking options have been made available. Passengers who have existing travel funds in their accounts may use this to book new flights this Super Seat Fest. More information about Flexible Bookings is available at bit.ly/3jZWqDk.

Home Court, championing sports, and our MILO stories

HEN I started big school, MILO was my comfort drink. Aside from breakfast, it was a great companion for late study nights. I even remember doing my own MILO popsicles for snacks. It is funny how this comfort has continued with my kids. Aside from it being their favorite breakfast beverage, my son would even snack on just the MILO powder. That’s why it is no wonder why I always shop for 1-kilogram packs every grocery run. Through decades, I have appreciated how MILO supports the importance of sports in a child’s development. When I was growing up, sports was not given as much importance in school. It was even viewed as a distraction to academics. Today, when I see my kids continue to develop valuable skills and traits from their training, it has actually transformed my view on how essential physical activities are in raising happy, healthy and resilient kids. It is good to let kids try different sports when they are young. Let them find the fun in it and if they want to switch, let them. If they want to go back to a sport, support them. I started Marcus in soccer at four. He was not drawn to it because he was shy. He liked to play his violin more. Later on, he would join

basketball clinics in the summer. Then at age nine, he started to fence. Today, at age 11, he is part of his school’s Futsal varsity team. He has won medals in fencing both here and internationally. Now, Marcus told me he also wants to be committed to basketball because he did not the pass varsity tryouts he took beginning when he was in Grade 3. For kids who are a bit more competitive, try to use sports as an exercise for them to set goals for themselves. My daughter has been in basketball varsity since she was Grade 4. When she was in Grade 5, she asked me to find ways to help her be a better player, so I looked for coaches on top of her school practices. When she discovered fencing a few years ago, she worked with her coach for her training regimen and on which tournaments she should join. She finally got her goal to be ranked nationally and be part of the Cadet Fencing National Team at age 13. That’s why I am glad that MILO recently launched their Home Court campaign to inspire parents to help their kids pursue their champion journey in sports, even at home. As parents continue to learn how to adjust in the new normal, they are faced with an even bigger challenge and responsibility of finding ways to keep their kids active and healthy while at home. To assist moms and dads in this hour of need, MILO has launched its Home Court campaign, providing access for parents and their kids to the resources they need to jumpstart and continue their sporting ambitions, even in the comfort of their own homes. Even in these uncertain times, MILO remains committed to fueling kids’ champion journeys in sports and in life. The chocolate drink brand’s newest campaign encourages parents to support their kids as their champion journeys continue even at home through online training modules, remote coaching sessions, and creative solutions to equip parents as the new

coaches of their children. “More than taking part in amping up their skills with online trainings, Home Court inspires moms and dads to play a more active role as coaches to their little champs,” says Nestlé Philippines Vice President Veronica Cruz. “It’s all about being fun and imaginative with them to assist their learning and growth in their respective sports, as well as keep their champion spirit strong, and nurture lifelong character-forming values such as discipline, hard work and self-confidence.” Over the past few months, MILO Home Court has already launched a series of initiatives equipping parents and kids to stay active, healthy, and train like a champ. MILO Champions IG Live, for instance, featured our most prized national athletes and brand ambassadors Kiefer Ravena, Alyssa Valdez, Pauline Lopez, Juan and Javi Gomez de Liaño, and Coach Rio dela Cruz leading free workout sessions for their fans. It also introduced MILO Sports Clinics Online, a just-introduced digital platform where kids can learn the fundamentals of basketball, volleyball, taekwondo, and gymnastics under the tutelage of professional coaches from the brand’s partner organizations—all for free. After a successful first round, MILO is now gearing up to introduce new sports to its online clinics, giving more variety and room for kids to explore what they might want to pursue with arnis, badminton, karate, tennis and football. Suited for kids ages seven to 12 years old, each 60-minute session will be made available on YouTube for kids to try out in their homes for as long as four weeks per sport, and will be done in partnership with professional coaches of MILO’s partner organizations (bit.ly/3bDxHlf). n

A definitive guide to quarantine’s greatest hotcake hits MOMS have long known that a box of Maya Hotcake Mix is a staple in every modern home, so it wasn’t a surprise that it was selling like, well, hotcakes during the first weeks of the quarantine. Aside from being quick and easy to use, the possibilities are endless with just a bit of inspiration, a few tricks, and some add-ins. In fact, some of the major food trends that emerged in the past months involved this versatile box of hotcake mix. From viral TikTok hacks to gourmet-like creations, here’s a guide to all the food trends that you can create with Maya Hotcake Mixes. The recipes are available at www.themayakitchen. com. n Breakfast fave: hotcake cereal. A win for anyone who ever agonized over the big breakfast decision: hotcakes or cereal? This trend creatively combined both, spawned various iterations, and is just really cute—not to mention easy. You can simply follow the instructions on the Maya Hotcake Mix packaging and create eggnog-sized hotcakes that you can serve with maple syrup, nuts and fruit slices. Or take your hotcake cereal up a notch by making the nobake chocolate chip cookie cereal. n Chef’s kiss: tiramisu soufflé hotcakes. Hotcakes, but make them haute. Highly ‘grammable, these are the fanciest, fluffiest hotcake versions to hit both your dining table and your feed. So, yes, Maya Hotcake Mixes are great for fast and simple breakfast fixes—

Tiramisu Soufflé Hotcakes

and as the base for making classy brunch staples, too. Check out what you’d need to whip up those to-die-for tiramisu soufflé hotcakes. n Bite-sized treats: mini donuts. Whether as a childhood throwback or as a sweet memory of a freer time (we all gave in and snacked on those lil’ donuts at the mall at some point), mini hotcake donuts definitely took a spot on that food trends list. Aside from our predisposition to liking tiny, adorable things, coated in cinnamon sugar no less, you only need a box of Maya Quick n’ Easy Hotcake Mix, plus literally three other ingredients.

Coffee Hotcakes

n Filipino flair: puto flan. The ultimate coming together of two beloved Pinoy treats, puto and leche flan, this creation tickled our taste buds and sparked a craze. And with Maya Original Fluffy n’ Tasty Hotcake Mix as a convenient puto base, it won’t be surprising for anyone to keep making puto flan. n Pick-me-upper: coffee hotcakes. If you’re done mixing Dalgona coffee, this is the next logical step. An ode to our enduring love of hotcakes and a testament to how coffee just never goes out of style, coffee hotcakes are perfect to kick start any day. Because why just drink your coffee when you can eat it, too?

B6 Thursday, September 10, 2020

Dine and unwind as Taal Vista Hotel re-opens Meaningful business amidst the pandemic

HE pandemic has seen a rise in self-starter entrepreneurs eager to turn things around. Entrepreneurial couple Jibby and Charisse Tinio took it upon themselves to create a meaningful business perfectly fitting in the time when keeping not only yourselves but your personal effects clean draws the line between staying healthy and getting sick. Regardless of what disease it may be, prevention will always be better than cure. This holds especially true for COVID-19. While there may be countless disinfectant brands already in the market, there are just some things you want to take particular care of even as you keep them virusfree. Jibby and Charisse saw the gap between disinfecting and taking care of one’s personal belongings and filled it in themselves by creating their own brand of car disinfectant called Speedster. “My husband and I realized that while it is important to keep your items sanitized, it doesn’t mean that you have to sacrifice the interiors of cars or the surfaces of bags or shoes by using chemicals that would eventually damage them over time,” said Charisse. “We looked around and saw that there was an opportunity for us to bridge the gap between sanitation and care.” Homegrown and thought-out, Speedster has all the things that a disinfectant should have along with a sprinkling of TLC to make sure that car interiors don’t have to suffer to stay clean. Alcohol-free and waterbased, it kills 99.9% of diseasecausing germs while making sure that it doesn’t cause plastic and leather to fade or corrode. Since starting a disinfectant for cars, the Tinios have added more distinct products under Speedster to sanitize different items with care namely, shoes, bags, gadgets, and gear. Specially made for sneaker heads and their beloved collection, Shoo Away is formulated to sanitize sneakers without the fear of damaging

or discoloring them. Spritz & Go goes hard on viruses and easy on leather bags and shoes, as well as other materials like canvas and plastic. It ensures a non-toxic, non-bleach, and non-corrosive touch to even the most expensive bag in your possession while leaving a light and fresh fragrance to give it a little love. Now more than ever, high contact items like gadgets need to be frequently disinfected. Made with 70% ethyl alcohol and nature’s disinfectant, tea tree oil, Clean Tech sanitizes gadgets while being mindful of the surfaces it cleans. It’s important for riders to keep their equipment clean, especially now that cycling is an encouraged mode of transportation. With Pro Gear, riders can safely disinfect gear like helmets, riding jackets, gloves, and face shields, keeping both riders and their passengers safe.

To ensure the efficacy of disinfectants by Speedster, the products are powered with quaternary ammonium compound, an active virus-killing ingredient recognized by the World Health Organization (WHO) to be effective against COVID-19. With an apt tagline of “Disinfect Because You Care”, Speedster doesn’t limit itself to caring for your belongings as it also extends a helping hand as a business opportunity with its reseller program. For less than Php 10,000, resellers can start their own businesses with timely products that are proudly 100% Filipino-made. The program is also open to institutional resellers like car dealerships, auto shops, and convenience stores. For interested customers and resellers alike, follow @speedsterph on Instagram and @speedster.ph on Facebook for more information.

AAL Vista Hotel is pleased to announce the re-opening of its food and beverage outlets starting September 4, 2020. The hotel will also begin accommodating room reservations on September 11. Its restaurants and rooms are ready to welcome the hotel’s loyal and beloved guests back, having implemented stringent health and safety protocols in all areas of the property as part of its SustainablySafe program. Taal Vista Hotel offers a variety of culinary experiences; guests can enjoy authentic local and international dishes made from the freshest ingredients. Veranda All-Day Dining, Taza Fresh Table, and Lobby Lounge are open for dine-in, take-out, and delivery via the hotel’s Food Express service from 8:00am to 8:00pm. The Cakeshop will also take preorders for next-day pick-up or delivery. The rooms will also re-open with a special promotion inclusive of overnight accommodations; safety kits consisting of face masks, hand sanitizers, and wipes; breakfast for two at Veranda All-Day Dining; and a 20% discount for food and beverage at Veranda, Taza Fresh Table, or Lobby Lounge. The promo will run until December 15, 2020. The restaurants are fully equipped with acrylic barriers on guest tables and

reception or transaction counters, and their spacious floor plans have been setup to be ideal for safe physical distancing. Heightened cleaning measures are also being done across the hotel using hospital-grade disinfectants, UV light machines and wands, and electrostatic sprayers. An icon in the Philippine hospitality industry, Taal Vista Hotel remains to be a timeless property known not only for its majestic view of the Taal Volcano but more importantly, for leaving its guests floating in nostalgia with treasured times of the past. In the midst of the pandemic, Taal Vista Hotel remains committed to elevate its service and adapt to the changing needs of guests, all while preserving the warmth and friendliness of its staff. “Taal Vista Hotel’s ultimate goal is to provide our guests with utmost comfort and a worry-free experience,” Ramon Makilan, Hotel Manager, says. “As we welcome them back, our topmost priority is to ensure that they are safe and at ease. With the SustainablySafe program, complemented by our dedicated and exemplary staff, we are able to provide a tranquil and secure haven where our guests can come together with loved ones, recharge, and recreate cherished memories.”

Pinoy students in Japan receive ¥100-million from MUFG via local partner Security Bank

‘Let’s Cook, Pare!’ celebrates 2nd year

ET’S Cook, Pare!, the country’s fastest growing home cook community in Facebook, awarded two lucky members with a Livelihood Starter Package each worth over P50k as it celebrated its second anniversary. The livelihood starter package will help two of the community’s members, Zoilo Binag and Lorie Banila Jogno, start their respective home-based business to augment their income during this challenging time. They were chosen in a live raffle draw from among over seven thousand entries. Let’s Cook, Pare! was created in August 16, 2018, by Jeff Chua and Archie Chua, who both share the same passion about food. The creators wanted to form a community where people can share their

home-cooked recipes, that were either original, passed on from generations, or inspired by others. They were later on joined by friends and family members. Five admins, among them, entrepreneurs, Jeff and Vince Chua of the Bigbert’s Professional Detailers; Archie Chua of Crystal Lamps; Liberty Insurance executive Bobet Arandia, and Tsaris Salgado, an experienced PR and marketing professional, oversee the community. The community believes in sharing of knowledge and information. It promotes positivity and positive reinforcement. During the ECQ, the group’s membership soared to more than 90,000 from 10,000. The Let’s Cook, Pare! community became a creative outlet for its members and allowed them to get

connected outside of their homes. The members actively participated in community discussions and shared their home cooked meals, taking advantage of a platform that allow them to flex their ‘creations’ and enjoy their dreams of living a ‘chef-life’. Aside from helping its members, the LCP was also able to help the country’s SMES and some corporate brands because of its accessibility online where they were able to sell food and other relevant kitchen/ home cooking appliances, items, etc. A number of members here and abroad likewise shared that recipes they got from the community inspired them to start their own food selling business that allow them to have an alternative source of income. To date, the community has around 200 individual sellers from all over the country and a few overseas. Corporate brands support LCP’s vision and sponsor weekly giveaway contests that helped sustain a continuing active engagement in the community. For its second anniversary Livelihood Starter Package giveaway, LCP partnered with Nestle Professional, Nestea House Blend, Maggi Professional, Tocoms Philippines, Inc. for Russel Hobbs, Masflex Philippines, McCormick, Arla, CDO, Lemon Square, Tecnogas Technik, All About Coffee, and Hunts. For more information about Let’s Cook, Pare! check them out at: Facebook group: https://facebook.com/ groups/letscookpare. Facebook page: https://facebook. com/letscookpareph. Website: https://letscookpare.com

N a virtual event, Mitsubishi UFJ Financial Group, Inc (MUFG), together with its local bank partner in the Philippines, Security Bank (SECB), turned over its pledge of ¥100-million to the Association of Filipino Students in Japan (AFSJ). In the photo, from left are: Takayoshi Futae (MUFG Bank), member of the board, senior managing executive officer, chief executive, Global Commercial Banking Business Unit, chief operating officer-international; Amb. Jose C. Laurel V (on screen), ambassador of the Republic of the Philippines to Japan; Representatives from the Association of Filipino Students in Japan (AFSJ) - Sean Patrick Jacob C. Razo (president), Christian Oliver Kalaw (vice president for internal affairs), Ea Kristine Tulin (vice president for alumni affairs), and Clyde Co (vice president for

socio-cultural affairs). “The Filipino students in Japan who have financial difficulties due to the COVID situation are very fortunate that they continue to receive such generous donation and support. Recently, we were informed by the AFSJ that there are already more than 100 Filipino students who will benefit from the first round of assistance this year,” says Philippine Ambassador Laurel V. In response, Sean Razo, president of AFSJ said, “We would like to extend our gratitude to the MUFG for this very generous donation. Those who will benefit greatly from this are students who experience homelessness because they cannot pay rent, students who cannot buy groceries, and other stories of financial difficulties.” The virtual event was held at the MUFG Head Office in Tokyo, Japan.

EAMC WING INAUGURATED, RECEIVES MORE DONATION IN FIGHT AGAINST COVID-19. Atty. Pilar Nenuca Almira, President and CEO of Cardinal Santos Medical Center and Our Lady of Lourdes Hospital, as well as head of the COVID-19 crisis team of Metro Pacific Hospitals Holdings Inc., attended the inauguration of the new East Avenue Medical Center – Center for Emerging Infectious Diseases (EAMC-CEID) in Quezon City. Other present were National Task Force against COVID-19 Chief Implementer Secretary Carlito Galvez Jr.; Quezon City Mayor Joy Belmonte; DOH Undersecretary Leopoldo Vega, M.D., for Secretary Francisco Duque; and DPWH Undersecretary Emil Sadain for Secretary Mark Villar. The new facility has a maximum capacity of 250 beds and will be dedicated to treating COVID-19 patients. The MVP group of companies under the helm of businessman and industrialist Manuel V. Pangilina donated hospital beds and other equipment for the new EAMC wing. The donation was coursed through PLDT-Smart Foundation (PSF) and One Meralco Foundation (OMF). According to Atty. Mike Toledo, Managing Director, Public Affairs, MVP Group of Companies, the donation was part of the commitment made with the Department of Health (DOH) in its fight against COVID-19. EAMC-CEID is under the auspices of the DOH.

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Thursday, September 10, 2020

SFA, envoys mark 75th year of World War II’s end in PHL

ECRETARY of Foreign Affairs (SFA) Teodoro L. Locsin Jr. highlighted the peace and freedom that the Philippines gained with the help of the United States, which the former used to rebuild and secure its future out of the ashes of World War II 75 years ago.

SCREENSHOT of the virtual program: Ambassador Sung Y. Kim (clockwise, from top left), Defense Secretary Delfin N. Lorenzana, Locsin and Ambassador Koji Haneda. US EMBASSY, DFA

Speaking before audiences in Manila and Baguio City and simultaneously linked together in one online event, Locsin joined Defense Secretary Delfin N. Lorenzana, Ambassador of the US Sung Y. Kim and Ambassador of Japan Koji Haneda to reflect on the end of the bloodiest war in history and the value of having strong allies, partners and friends among nations, especially at this time when the entire world struggles with a pandemic. Special guests at the in-person

but socially distanced event hosted by Deputy Chief of Mission John Law in the chancery of the US Embassy included Manila Mayor Francisco “Isko Moreno” Domagoso and Foreign Affairs Assistant Secretary Maria Lumen B. Isleta. The program likewise saw a presentation by Professor Charita de los Reyes on the history and significance of Baguio City, where World War II in the Philippines began and ended with the signing of surrender documents by General Tomoyuki Yamashita in Camp John Hay on September 3, 1945, as well as a vir-

SECRETARY of Foreign Affairs Teodoro L. Locsin Jr. delivers his remarks on the commemorative event. US EMBASSY, DFA

tual walk-through of the war photos exhibited at Fort Santiago in Intramuros, Manila. In closing, the SFA emphasized the peace that ensued after the war has been crucial to the Philippines’s present and future: “That future of peace and freedom is our present; and we guard it fiercely and without compromise; so that we and those who come after us shall ever live with the fullest reality and the most certain promise of peace and harmony without end.” Full text of Locsin’s speech may be sourced from dfa.gov.ph. DFA

PHL Embassy-Ankara bolsters trade, investment cooperation

HE Philippine Embassy in Ankara recently co-organized a digital webinar with the Foreign Economic Relations Board of Turkey (DEIK), “Reigniting Southeast Asia Cooperation: Opportunities between Turkey and the Philippines.” Speakers of the August 18 webinar included Ambassador of the Philippines to Turkey Raul S. Hernandez, Trade Undersecretary Ceferino S. Rodolfo, Turkey’s Deputy Minister for Trade Gonca Yilmaz Batur, Ambassador of Turkey to the Philippines Artemiz Sumer, and DEIK President Nail Olpak. The officials discussed the impacts of the pandemic on the global economy as well as the efforts the Philippine and Turkish governments have taken to cushion the adverse impacts of the pandemic on their respective economies. They briefed the audience on the recent developments in bilateral economic relations, including the convening of the inaugural Philippines-Turkey Joint Committee on Economic and Technical Cooperation (JCETC) in 2018, the exchanges of business missions that followed, and recent agree-

AMBASSADOR Raul S. Hernandez (bottom row, left), with other speakers in a recent digital webinar. ANKARA PE, DFA

ments concluded in the fields of investment promotion, defense, agriculture, and tourism. Both sides agreed that bilateral trade volume remains below potential, but with significant room for growth. Also discussed was the Philippines’s location as a natural entry point to the Asean market, with duty free access to Asean+6, which includes China, Korea, Japan, Australia, New Zealand and India. Rodolfo drew parallels between the Philippines and Turkey for their large populations and potential to be each other’s gateways for their respective regions. The undersecretary also explained the fiscal and non-fiscal incentives offered by the

Philippines to potential Turkish investors, including those for priority sectors that bring in research and development activities, textile manufacturing and the health-care sector, among others. Batur recommended businesses to leverage on existing bilateral agreements on investment promotion and avoidance of double taxation to ramp up two-way investment flows between both countries. The deputy minister added that Turkey’s Asia Anew Initiative will shape the said country’s foreign policy for the region in the coming years. Hernandez called on Turkish companies to trade with and invest in the Philippines, then highlighted

the Philippines’s large consumer base, skilled labor force and recentlypassed legislation to attract foreign investors. The ambassador also encouraged Turkish investors to partake of projects under the “Build, Build, Build” program and cited potential investments in tourism infrastructure enhancement projects. Sumer said Turkish Airlines— the only European commercial carrier with direct flights from Europe to Manila—can contribute to enhance trade ties through the shipment of goods and products, while Olpak called the Philippines “one of the more dynamic countries in the Asia-Pacific region” and encouraged Turkish businesses to consider the Philippine market for its strong position in Asean. The Philippines and Turkey are keen on restarting economic relations with the convening of the Second Philippines-Turkey JCETC scheduled in the first quarter of 2021. The webinar was held to sustain interest in trade and investment relations between both countries. More than 130 participants joined the webinar, which made it one of the more well-attended digital events DEIK hosted. DFA

Canada shields frontliners from biological threats

HE government of Canada provided 120,000 N95 respirator masks to the Department of Health (DOH) as part of its commitment to support Filipino frontline health-care workers’ efforts in combating the pandemic. “Canada is collaborating closely with the government of the Philippines in the fight against the [coronavirus disease 2019] Covid-19,” Ambassador of Canada to the Philippines Peter MacArthur said during a handover event at the DOH Headquarters. “This includes regional cooperation with the [Asean] and its member-states, because only [by being] together can we defeat the virus.” The masks were provided through a partnership between the government of Canada, the Asean Secretariat and the bloc’s member-states which aims to mitigate biological threats. Since 2013, this partnership has been working on strengthening biological security, biological safety and disease surveillance capabilities in the region. It has produced significant results and has enhanced the capacity of Asean partners to prevent, detect and respond to all kinds of biological threats: natural, accidental, or deliberate in origin. “Building on this long-standing partnership, Canada has provided additional support to Asean partners

to combat the pandemic,” MacArthur explained. “This includes a CA$ 4.5 million [approximately P165 million] in-kind contribution of personal protective equipment [PPE] items to six Asean member-states—including the 120,000 masks for the Philippines.” The N95 respirator masks donated locally are valued at CA$ 833,000 (estimated at P30.6 million) and are part of the CA$ 3 million (about P 110.3 million) in bilateral assistance the North American country has pledged to assist the Philippines in its battle versus Covid-19. In addition, Canada previously announced the addition of CA$2.3 million (about P84.6 million) to increasingly important women’s health initiatives helping mitigate the impact of the contagion on maternal, newborn and child health as well as on women’s sexual, reproductive, health and rights. These are the Sexual Health and Empowerment Philippines project, or SHE, with Oxfam and in cooperation with the DOH; and the multi-country Enhance Mother/Newborn/Child Health in Remote Areas through Health Care and Community Engagement, or EMBRACE project, implemented by Adventist Development and Relief Agency Canada. Further leveraging on multilateral institutions such as the Asean, Canada has also committed CA$5 million (approximately P183 million) to the International Atomic Energy Agency to support the provision

Trade as a force for good By Daniel Pruce

@DanielPruce Ambassador of the United Kingdom to the Philippines (Exclusive to Envoys&Expats)

NYONE with half an eye on world events can see that we are at a crossroads when it comes to trade. Everywhere we look, more measures are being taken to “protect” domestic economies from “unfair” competition. Protectionist messages often play well with domestic audiences, encouraging those in charge to double down and do more of the same. If you doubt this, here’s a startling fact: In 2009, following the financial crisis, only 0.7 percent of imports into G20 countries faced new restrictive measures—a figure which by 2019 had risen to 10.3 percent. In short, some of the world’s richest countries are raising barriers to market access for some of the poorest. Of course, the argument that this helps countries who import such measures is illusory; domestic consumers pay more for the same goods, choice diminishes, and the security offered by global supply chains is eroded. The Philippines has had a proud history of trading with hundreds of years of exporting and importing from these islands. So, trade and the international rules that govern free trade really matter here. It is a fact that the rules-based system governing world trade has helped to lift over 1 billion people out of extreme poverty over the last 30 years. This is not some throwaway line, or a trite factoid to illuminate an “oped;” it is a truly remarkable outcome that should shine brightly on any discussion about trade—considered one of the greatest achievements in recent human history. Trade is a force for good. There are still billions of people still left untouched by the benefits of the ability to trade more widely than their own domestic markets. There are billions more who have taken steps along the trading path whose progress is now threatened. So, when we see the trend toward protectionism, we should all worry. Now, more than ever, as the global pandemic continues to cause economic turmoil, countries need to work together to develop and rebuild trade flows. Of course, trade is not a panacea; actually, it is far from being a “one cure for all.” But trade has been so successful in spreading prosperity and allowing countries to take steps toward creating domestic stability and security that we should all worry that this vital tool is being rendered less and less effective. Today, millions of people are able to live where they grew up, where they want to stay, and where they can stay, because there is a living to be made. But still, not everyone benefits. What then for the future, and how should the World Trade Organization (WTO) focus its efforts at this particular time? First, the WTO has to be more muscular in making the case for trade—not just providing the operating model for it. We need to

PRUCE Embassy of the uk

DR. Liam Fox UK.GOV

champion the vision for trade in an interconnected, coronavirus disease 2019-threatened and less stable world as a shared endeavor and a force for good. We need people to understand that trade helps create prosperity, causes individuals to rely on others more widely, encourages social cohesion, offers the chance of increasing political stability which, in the end, is the building block of collective security for all. Second, we have to understand that the problems we face are political—not technical. The problems that beset the WTO itself—the paralysis of the Appellate Body, the lack of progress on new and important challenges, and many more—are manifestations of larger, political issues. Likewise, those bigger political issues are the products of cycles of leadership that the WTO has to understand, exist within, and maneuver around with great care and understanding. Third, the WTO needs to find its place within the web of interconnected agencies so that we can properly address global challenges that confront us. The United Nations’ Sustainable Development Goals are key drivers of much global activity around poverty and its eradication, and trade plays a vital part on both sides of the coin. It is enormously important that in increasing trade and prosperity the WTO does not inadvertently encourage practices that undermine sustainability. That is a lot of work in those three short points. But if we can make progress on them, we would have done much to bolster trade and improve the life chances of huge numbers of people across the globe. To that end, we have nominated former international trade secretary, Dr. Liam Fox, as the United Kingdom’s candidate as WTO director general. An elected politician with proven global experience, Dr. Fox is ideally placed to deal with the monumental challenges we face at the WTO. He combines decades of proven experience at the heart of global politics, with an unwavering belief in trade as the foundation for our collective stability and prosperity. When the WTO members decide on their next leader, I hope they will consider the challenges that face us and the work that needs to be done to secure a more prosperous world for everyone.

HEALTH Undersecretary Mario C. Villaverde (left) receives Canada’s donation from Ambassador Peter MacArthur. EMBASSY OF CANADA of Covid-19 diagnostic kits, equipment and training in nuclear-derived detection techniques, to more than 20 countries that have requested assistance, including the Philippines. “Canada is pleased with the progress we have made together in recent years to address some of the most serious threats to global health security [such as this one] posed by Covid-19 and other emerging

infectious disease threats,” MacArthur explained. “For 43 years, [our country] has been an Asean partner supported by 12 diplomatic missions across the region—including our ambassador to [the bloc] and our Embassy here in Manila. “The Philippines and Asean have been key partners in this regard, and we look forward to continued [and] close ‘win-win-win’ cooperation,” he concluded.

CDA, LIBYAN FM DIALOG Philippine Embassy to Tripoli Chargé d’Affaires and Head of Mission Elmer G. Cato (left) met with Foreign Minister Faraj Abdelrahman Abumtary in Tripoli on August 31 to discuss the state of Philippine-Libyan relations, as well as possible steps to further strengthen bilateral cooperation. Both conversed about the efforts of Libyan authorities to ensure the well-being of the more than 2,300 Filipinos working in Libya as well as their families in the Philippines. PHILIPPINE EMBASSY’S FRANCIS E. ENAJE, DFA

Sports BusinessMirror

B8 Thursday, September 10, 2020

ENEVA—Two-time Olympic champion Caster Semenya lost her long legal battle Tuesday against track and field’s rules that limit female runners’ naturally high testosterone levels. Switzerland’s supreme court said its judges dismissed Semenya’s appeal against a Court of Arbitration for Sport ruling last year that upheld the rules drafted by track’s governing body affecting female runners with differences of sex development (DSD). The 71-page ruling means Semenya cannot defend her Olympic 800-meter title at the Tokyo Games next year—or compete at any top meets in distances from 400 meters to the mile— unless she agrees to lower her testosterone level through medication or surgery. The 29-year-old South African repeatedly said she will not do that reiterated her stance in a statement through her lawyers Tuesday. “I am very disappointed by this ruling, but

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

SEMENYA LOSES CASE IN SWISS SC

refuse to let World Athletics drug me or stop me from being who I am,” she said. “Excluding female athletes or endangering our health solely because of our natural abilities puts World Athletics on the wrong side of history.” The Swiss Federal Tribunal said Semenya’s appeal “essentially alleges a violation of the prohibition of discrimination.” In a May 2019 verdict, the sport court’s three judges had said in a 2-to-1 ruling the discrimination against Semenya was “necessary, reasonable and proportionate” to maintain fairness in women’s track. Testosterone is a hormone that strengthens muscle tone and bone mass, and is a doping product if injected or ingested.

The panel of five federal judges said Tuesday it was limited to examining “whether the CAS decision violates fundamental and widely recognized principles of public order. That is not the case.” Semenya’s “guarantee of human dignity” was also not compromised by the CAS ruling, the judges decided. “Implicated female athletes are free to refuse treatment to lower testosterone levels. The decision also does not aim to question in any way the female sex of implicated female athletes,” the federal court said. Reacting to the verdict, Semenya said: “I will continue to fight for the human rights of female athletes, both on the track and off the

track, until we can all run free the way we were born. I know what is right and will do all I can to protect basic human rights, for young girls everywhere.” Although exact details of Semenya’s condition have never been released since she won the first of her three world titles in 2009 as a teenager, she has testosterone levels that are higher than the typical female range. The Swiss court statement Tuesday referred to female runners with “the genetic variant ‘46 XY DSD’.” World Athletics argued that gave her and other female athletes like her with DSD conditions and high natural testosterone an unfair advantage. The rules Semenya appealed against require

her to lower her testosterone to a level specified by the international track body for at least six months before competing. Athletes have three options to do that: Taking birth control pills, having testosterone-blocking injections, or undergoing surgery. Semenya took birth control pills for around five years until the world track body, then known as the IAAF, had to suspend its previous hyperandrogenism rules after a CAS appeal brought by sprinter Dutee Chand of India. Any appeal to the European Court of Human Rights would likely not receive a judgment until after the Tokyo Olympics open next July. Tuesday’s judgment also came at a financial cost to Semenya and South Africa’s track

OBIENA STRIKES GOLD E

RNEST JOHN “EJ” OBIENA finally struck gold on Tuesday in the Czech Republic to put credence to an extended and meticulous training program geared toward a successful stint at next year’s Tokyo Olympics. “Thank you Philippines. Truly proud to represent you,” Obiena wrote on his socialmedia account minutes after the medal ceremony of the 59th edition of the prestigious tournament in Ostrava that is part of the newly established World Athletics Continental Tour Gold circuit. The 24-year-old Obiena cleared the bar at 5.74 meters, his season-best, in winning the gold over London 2012 Olympics champion Renaud Lavillenie of France 2017 World Championships winner Sam Kendricks of the US. Lavillenie also cleared 5.74m but Obiena

Ayo

at the World Pole Vault Centre in Formia, Italy. Months of training and the Covid-19 lockdown have made them close pals. “It confirms a common belief that it’s important that you learn to live with others,” Juico said. “You may be the best athlete, the best pole vaulter but all of that is for naught if you can’t get along with others or if you don’t command the respect and admiration of your colleagues and others.” “A little more adjustments,” Emerson Obiena said as he bared the team’s program to gradually target 5.80m for the rest of the year and go for 6.0m early next year ahead of the Tokyo Olympics that were rescheduled from July 23 to August 8 next year because of the pandemic. Braz owns the Olympic record of 6.03m he established in Rio 2016, while Swiss-American Armand Duplantis set the world record of 6.18m in Glasgow last February. Braz settled for fourth place with a 5.64m effort in Ostrava, which lured some of the world’s best in the event, including Poland’s Pawel Wojciechowski

won the countback. Kendricks clinched bronze with 5.64m. Philippine Athletics Track and Field Association (Patafa) President Dr. Philip Ella Juico told BusinessMirror that Obiena’s gold was the fruit of the teamwork among the Obiena family, the athlete’s renowned Ukranian coach Vitali Petrov and even Rio 2016 Olympics winner Thiago Braz. “Team Obiena—EJ, his parents Emerson and Jeanette—along with Coach Petrov and Thiago Braz are doing the right thing,” Juico said. “Add the Patafa’s program and the full support of the PSC [Philippine Sports Commission] and EJ is on the right track.” Juico said Obiena and Braz are no ordinary training partners under Petrov

U.A.A.P. BANS AYO

HE University Athletic Association of the Philippines (UAAP) on Wednesday meted an indefinite ban on former University of Santo Tomas (UST) Head Coach Aldin Ayo for holding a forbidden training bubble in his native Sorsogon City. The ban prohibits Ayo from participating in any UAAP event or hold any position in any of the eight member-schools. “The UAAP BOT [Board of Trustees] ratified the decision of the BMD [Board of Managing Directors] to ban Coach Aldin Ayo indefinitely from participating, in any capacity, in all UAAP events and UAAP sanctioned-activities,” a UAAP statement said. “The ban is based on the UST report that

ERNEST JOHN “EJ” OBIENA makes a statement in a prestigious tournament in the Czech Republic.

showed Ayo endangering the health and wellbeing of the student-athletes under his charge when he conducted the training during the government-declared state of public emergency intended to arrest the Covid-19 outbreak,” the statement added. Ayo also potentially faces sanctions from the tripartite committee composed of the Philippine Sports Commission, Department of Health and the Games and Amusement Board, along with the Commission on Higher Education, Department of Justice and Department of the Interior and Local Government. These government agencies have jurisdictions over Ayo’s case. Ramon Rafael Bonill

Manila canoe world congress off

HE Philippine Canoe Kayak Federation (PCKF) begged off from hosting the International Canoe Federation (ICF) Congress in December at the Philippine International Convention Center (PICC). In a letter addressed to outgoing ICF President José Perurena, acting PCKF Head Teresita Uy cited the Covid-19 pandemic as the reason for the national sports association’s withdrawal. “With such rapid spread of the virus, we are committed to following all of the recommended guidelines and measures to slow its progress and maintain the health and wellbeing of the delegates and employees at the hotels and convention

SASO TRIES TO REGAIN FORM IN OKAYAMA TILT Y

UKA SASO tries to get her winning ways back when she competes in the Japan Ladies Professional Golf Association (LPGA) Championship Minolta Cup that kicks off on Thursday in Okayama. A wild scramble is expected at the JFE Seto Inland Sea Golf Club where Saso, only 19 but already a multimillionaire early in the season, tries to regain the form that earned her consecutive victories last month. Saso debuted on the Tour with a joint fifthplace finish at the Earth Mondahmin Cup in Chiba last June, but stunned the elite field and swept the NEC Karuizawa

in Nagano and the Nitori Ladies in Hokkaido. Sakura Koiwai foiled Saso’s record-matching three-leg victory streak with a six-shot triumph in last week’s Golf5 Ladies Tournament in Honshu. The Filipino-Japanese was 29th in Honshu. The Filipino-Japanese Asian Games champion has so far banked P29.5 million built around the P4 million she earned in Chiba, P6.5 million in Nagano and the whopping P16.5 million in Hokkaido. Saso would be challenging practically the same tough field and would be teeing off Watanabe and Minami Katsu starting at 11:40 a.m. on No. 1 of the par-72 field. Also in the mix is the fancied Momoko Ueda who is back in Japan after a modest sixth place finish in the British Women’s Open in Scotland last month. The elite 132-player tournament offers a total prize money of ¥200 million (P91 million) with the champion bringing home ¥36 million (P16 million). Former champions Chie Arimura, Saiki Fujita, Li Chichime and Teresa Lu make the 72-hole championship tigher and more exciting. YUKA SASO again fights an elite field in the Minolta Cup in Okayama.

Virtual cycling event up

RULIFE UK is going online with its PruRide Virtual Challenge in November to replace the cycling festival that was canceled this year because of the Covid-19 pandemic. Cycling enthusiasts could join the virtual cycling event through Prulife UK’s health management app Pulse and register to become part of the CyclingPRURider Community.

(5.34) and Matt Ludwig, who was in his worse performance so far by landing last in the 10-athlete field with no registered jump. About 3,000 spectators were allowed to attend the meet due to the government’s restrictions to contain the coronavirus pandemic. After earning a ticket to Tokyo by beating the Olympic qualifying mark of 5.80m with a 5.81m effort in Piazza Chiari, Italy, in September last year, Obiena stayed focused on training for the Games. Obiena won gold in last December’s Philippine Southeast Asian Games before he was locked down in training in Formia. His 2020 campaign has turned bright approaching the year’s end. He bagged silver at the 13th Triveneto International Meeting in Trieste, Italy, last August, finishing behind Braz. He settled for a bronze medal at the Monaco leg of the Diamond League later in the month. Obiena was entered at the Golden Roof Challenge in Indsbruck early this week but the event was canceled because of heavy rains. Obiena’s next target is the Rome leg of the Diamond on September 17. With Ramon Rafael Bonilla

HE blueprint is out for a potential January 2021 opening of the country’s first women’s professional basketball league—the Women’s National Basketball League (WNBL). WNBL Executive Vice President Rhose Montreal told Tuesday’s online Philippine Sportswriters Association (PSA) Forum that the league created so much enthusiasm in the local basketball community. “In only two days, we drew 327 draft applicants,” Montreal told the session presented by San Miguel Corp., Go For Gold, Milo, Amelie Hotel Manila, Braska Restaurant and the Philippine Amusement and Gaming Corp.

“From the physical, we made it virtual. I definitely realized that you can also do so much when you go virtual in trying to mimic the physical,” Allan Tumbaga, PRU Life UK vice president and chief customer marketing officer, told the online Philippine Sportswriters Association Forum on Tuesday. Tumbaga said the the PruRide Virtual Challenge is following the My Prudential RideLondon model,

facilities,” Uy told the ICF. The ICF acknowledged the Philippines’s withdrawal and looked at Thailand as a potential replacement venue. The international federation (IF) also rescheduled the December congress to April 22 to 25, 2021. The ICF will elect the successor of Perurena, the IF’s Spanish president for 12 years, in the congress. The Congress’ postponement briefly extended Perurena’s term as president which he held since 2008. The Spaniard is also a former International Olympic Committee member. Uy told the ICF that the PICC won’t be available because the facility continues to be a quarantine center for Covid-19 patients. Financial support from the government for the hosting of the congress, Uy said, would also be impossible with most of the Philippine Sports Commission’s budget channeled to the campaign against the pandemic. Uy also said travel restrictions remain enforced—as well as large gatherings—by the government. The congress should have been the biggest international event the PCKF is hosting.

CASTER SEMENYA: I refuse to let World Athletics drug me or stop me from being who I am. AP

federation, which joined her appeal. Each was ordered to pay 7,000 Swiss francs ($7,600) to the court and 8,000 Swiss francs ($8,700) toward World Athletics’ legal costs. AP

Filipino blood in Green’s vein Editor’s note: BusinessMirror Sports is publishing articles from your not-so-regular contributors who, because of the Covid-19 pandemic lockdown, are trying their hand at sportswriting.

By Justin Taguibao

ALEN GREEN may only be of partial Filipino descent, but that does not stop him from being repeatedly vocal about his love for both the country and his supporters from halfway around the world. “It means everything to me just to have that extra support, extra love,” expressed Green during a recent online interview arranged by National Basketball Association Philippines. The 18-year-old Green’s mother, Gree Purganan Green, traces her roots to Ilocos Sur. As a consensus five-star recruit, the 6-foot-5 guard has received offers from more than 20 universities but only visited Oregon, Auburn, Memphis and Kentucky. He also spurned multiple offers from Australian National Basketball League clubs to sign with the newly formed G League select team, where he is set to play alongside 7-foot-2 Filipino phenomenon Kai Sotto. “When I was in the Philippines, I didn’t really get a chance to play with him. I was always on the opposing team so now that we get to play together we can turn it into something and represent the Philippines,” said Green, believing they will have great chemistry as teammates under multiple NBA champion Coach Brian Shaw. The opportunity for Green to team up with Sotto would be a rare look for two potential future stars. It could have been a deadly partnership for the Philippine national basketball team—but while Sotto has donned the Gilas Pilipinas colors several times, Green already represents Team USA in international competitions. Despite that, Green’s love for his grandfather’s homeland continues to shine as he vowed to fly the Philippine flag throughout his journey toward the ultimate dream of playing in the NBA. “It means the world to have that love and support,” he said. “I don’t look at it as extra pressure. I look at it as extra motivation just to keep pushing and keep going, and just to know that I have the Philippines on my back.” n Justin Taguibao, 32, went to College of Saint Benilde and is currently self-employed.

Women’s hoops league in harness Montreal said they expect between 10 to 12 teams for the inaugural WNBL, which she said is a project that has been “long overdue.” “Even before the pandemic, there were plans to bring the WNBL to the next level which was to turn pro,” said Montreal, keeping her fingers crossed that the Covid-19 pandemic would be quashed soon. The WNBL, Montreal said, already earned a professional license from the Games and Amusements Board. It will follow the same rules and policies as the men’s National Basketball League.

also a virtual cycling event that gathered thousands of participants from 70 countries last August 15 to 23. “That [RideLondon] was our inspiration after the main event had to be canceled,” said Tumbaga, who was joined in the session presented by San Miguel Corp., Go For Gold, Milo, Amelie Hotel Manila, Braska Restaurant and the Philippine Amusement and Gaming Corp. and powered by Smart, with

Montreal said the deadline for submission of application is on September 30 to be followed by the screening of the aspirants from October 1 to 10, the draft combine from October 20 to 22, the virtual draft on October 30 and a preseason tournament and the tournament itself in the third week of January. Rosters must be finalized by the second week of January, she added. The league is open to local players as young as 18. There is no franchise fee. Upstream Media as official webcast partner by Kahlil Robles, PRU Life UK assistant vice president for brand and advertising-marketing. PRU Life UK employees Ryan Benguelo, Nelsi Rabe, Ryan Lamayo and Marvin Pacis were among the finishers in this year’s RideLondon virtual race.

Fil-Am sensation Jalen Green is looking to make a G-League impact.