BusinessMirror September 11, 2020 by BusinessMirror

Debt-to-GDP ratio to hit 46.7% in 2020 By Bernadette D. Nicolas

HE country’s general government (GG) debt-to-GDP ratio is seen to rise to 46.7 percent this year as the government borrows more to boost its war chest against the Covid-19 pandemic despite revenue erosion from the economic shock. Despite the foreseen increase in the country’s GG debt ratio from 34.1 percent in 2019, National Treasurer Rosalia V. de Leon told senators on Thursday that this level would put the Philippines in the median of its credit rating peers. “For 2020, our general government debt as a percentage of GDP is about 46.7 percent and we will be in the middle of the pack against

FILIPINO seafarers leave the tugboat Jabbah, which transported them from their ship, the MV Dapeng Star, during the first crew-change operation in the Subic Bay Freeport on Thursday. Story on A2. HENRY EMPEÑO

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other…countries like Thailand, 49.5 [percent], Malaysia, 65.5 [percent], and Mexico, 65.9 [percent],” De Leon said on the second day of the briefing by the Development Budget Coordination Committee (DBCC) before the Senate on the proposed 2021 national budget. GG debt includes outstanding debt of the national government, social security institutions and local government units minus the intra-sector debt holding of government securities, including those under the Bond Sinking Fund. The government’s projection on the share of GG debt compared to its economy is also below the Fitch Ratings’ expectation of 47.8 percent this year. Nonetheless, Fitch said this would still be

below the projected peer median of 51.7 percent, although it is a “substantial increase” from the 2019 level. Moving forward, Fitch also sees the country’s GG debt ratio rising to 49.8 percent in 2021 and 50.1 percent in 2022. For this year, the Cabinet-level DBCC expects the country’s national government debtto-GDP ratio to surge to 49.8 percent from 39.6 percent last year. The DBCC also expects the country’s debtto-GDP ratio this year to increase to 53.91 percent of GDP—a level that it has not seen in over a decade—from a record low of 39.6 percent of GDP last year. For 2021 and 2022, this is seen to surge to 58.1 percent and 59.9 percent, respectively.

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Friday, September 11, 2020 Vol. 15 No. 337

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

A MOTH accompanies a visitor paying respects to the martyrs and heroes who fought against the Marcos dictatorship at the “Wall of Remembrance” installed at the Bantayog ng mga Bayani monument, museum and historical research center in Quezon City. The House of Representatives recently approved House Bill 7137, declaring every September 11 as “President Ferdinand Edralin Marcos Day” in Ilocos Norte. BERNARD TESTA

By Cai U. Ordinario

HILIPPINE export earnings retreated again in July, but the single-digit contraction is seen as an improvement by the National Economic and Development Authority (Neda).

On Thursday, data from the Philippine Statistics Authority (PSA) showed export earnings contracted 9.6 percent to $5.65 billion in July 2020. This was better than the 12.5 percent posted in June 2020. In a budget hearing at the Senate on Thursday, Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua said the improvement is one of the signs that their 6.5-percent to 7.5-percent growth expectation is achievable next year.

“We think that the 6.5 to 7.5 [percent growth] under our base assumptions is achievable provided that the recovery continues,” Chua said. “The times right now are very uncertain and every month we are looking at monthly data on exports, manufacturing production, imports, prices, labor force, all of them actually show significant improvement, especially the trade Continued on A2

House panel accepts Price Act amendments By Jovee Marie N. Dela Cruz

HE House Committee on Trade and Industry on Thursday accepted the proposals amending the Republic Act 7581 or Price Act to include several basic commodities in the coverage of the law. During the hearing of the committee on the proposed amendments to RA 7581, Trade Undersecretary Ruth Castelo said the 28-year-old Price Act is now “very old law and needs to be updated.”

House Committee on Trade and Industry Chairman Weslie Gatchalian approved the proposals of the DTI, which will be consolidated with the three other bills seeking the same amendments. Gatchalian said these bills include HBs 1278 and 2662 providing protection to consumers by expanding the definition of basic necessities and prime commodities; HB 5176 imposing an automatic price control on prices of construction materials during certain situations; and HB 6658 declaring personal protective

PESO EXCHANGE RATES n US 48.6150

equipment (PPE), face masks, safety goggles and medical devices as prime commodities. Gatchalian also backed the DTI’s proposals to include tea, cereal, ready mixed coffee, alcohol, hand sanitizers, disinfectants, infrared body thermometers, PPE including face masks of all kinds, gloves, coveralls, hair caps, shoe covers, face shields and goggles as basic necessities. The lawmaker also backed the inclusion of bicycles and laptops in the coverage of the law.

Toothbrushes, toothpastes, shampoos, dippers, pails, umbrellas, raincoats, school supplies, rough forest lumber, LED fluorescent lamps/bulbs and fluorescent have also been pushed for inclusion in the proposal. Moreover, Castelo said the DTI proposals seek to adapt to the present conditions dealing with price stabilization and to update the loss of basic necessities and prime commodities. She said the proposal also

ADB PILOTS 1ST DISASTER INSURANCE SCHEME, OKs $500-M LOAN FOR PHL

HE Asian Development Bank (ADB) has approved a $500-million loan to help the Philippines prepare for natural hazards or public health emergencies, including piloting the first disaster insurance scheme in Southeast Asia. In a statement, the ADB said the new policy-based loan supports pending legislation in Congress to merge the functions of the National Disaster Risk Reduction and Management Council and the Office of Civil Defense under a new Department of Disaster Resilience. This is seen to speed up the government’s disaster response and substantially reduce coordination and bureaucratic inefficiencies. ADB Vice President Ahmed M. Saeed said this financing will help the country since it has been hit not only by the pandemic but by major disasters in recent years, including Supertyphoon Haiyan (Yolanda) in 2013 and the Taal Volcano eruption in January 2020. “This new contingent disaster financing instrument will help the government manage fiscal risks posed by those shocks and lessen the economic and social impacts on people’s livelihoods and the country’s economy,” Saeed added. The disaster insurance scheme will be piloted in several cities across the country to bolster their fiscal resilience. It also aims to provide a predictable, timely source of financing for post-disaster response. See “ADB,” A2

See “Price Act,” A2

n JAPAN 0.4579 n UK 63.2092 n HK 6.2724 n CHINA 7.1158 n SINGAPORE 35.5607 n AUSTRALIA 35.3966 n EU 57.3851 n SAUDI ARABIA 12.9623

Source: BSP (September 10, 2020)

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A2 Friday, September 11, 2020

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Subic begins crew-change hub operations to decongest ports

By Henry Empeño

UBIC BAY FREEPORT—Five Filipino seafarers disembarked from their ship here on Thursday, kick-starting what is expected to be a regular crew-change operation that would help decongest Manila port of ships awaiting their turn to let off crewmen with expired contracts and take in fresh ones. The operation, which is an interagency project spearheaded by the Department of Transportation (DOTr) to facilitate the speedy and safe change of crews, “freed” the inbound seafarers in a matter of hours—a happy counterpoint to months of being stranded in their cargo vessel at sea. The five Filipino crewmen disembarked from MV Dapeng Star, a liquefied natural gas (LNG) tanker home-ported in Hong Kong. Subic Bay Metropolitan Authority (SBMA) Chairman and Administrator Wilma T. Eisma said this was the first batch of crewmen to arrive here after Subic was designated by the Inter-Agency Task Force for the Management of Emerging Infectious Diseases as a hub for international crew change. “The operation went without a hitch and was over in just a matter of three hours,” Eisma said. She recounted that at 7:40 a.m., a tugboat left the San Bernardino jetty here to meet up with the Dapeng Star, which had anchored near Grande Island at the mouth of Subic Bay.

The tugboat carried personnel from the Maritime Industry Authority (Marina) and the Coast Guard, who conducted an initial health check-up of the inbound seafarers and had them suited up in personal protective equipment (PPE) prior to disembarkation. “At 10 a.m. the tugboat was back at the jetty. The five seafarers boarded a van to the Subic airport for RT-PCR test and processing of their documents. Then at exactly 11:14 a.m., or just over three hours, the seafarers were already departing for the Manila Grand Opera Hotel, which shall serve as their quarantine facility for 14 days,” she added. Eisma said the opening of the crew-change hub here is Subic’s contribution in solving the global problem besetting the maritime industry. “This does not only concern crewmen longing to go home to their families, or the congested ports where ships await their turn to disembark their crew. It is, in fact, a problem of huge proportion because it affects the global supply

WORLD SUICIDE PREVENTION DAY FOCUSES ON PANDEMIC TOLL ON MENTAL HEALTH

S World Suicide Prevention Day was marked on September 10, the Department of Health (DOH) reminded the public that taking care of mental health is crucial to better cope with the uncertainties amid the Covid-19 pandemic. “The importance of mental health initiatives is just as crucial as those for the Covid-19 pandemic. Now more than ever, we need to promote holistic health, where we are caring for the body, the mind, and even the spirit,” Health Secretary Francisco T. Duque said. The DOH, in partnership with the World Health Organization (WHO), is jointly raising awareness on the importance of public mental health during this time of uncertainties. The DOH noted that the National Center for Mental Health (NCMH) has revealed a significant increase in monthly hotline calls regarding depression, with numbers rising fivefold from 80 calls pre-lockdown to nearly 400. The Philippines, though, has consistently ranked in the Top 5 of a global optimism index. Globally, the most vulnerable population are those aged 15 to 29. Mental health-related deaths are also the second leading cause of fatalities in this age group. These numbers illustrate the need for more conversations and programs that will break the stigma around mental health. Most times, Filipinos do not feel comfortable sharing their mental health challenges for fear of alienation or prejudice. The DOH has launched a multisectoral approach for mental health with programs and interventions across a variety of settings (e.g., workplaces, schools, communities) aimed at high-risk groups. The commemoration of World Suicide Prevention Day also calls attention to the plight of those undergoing severe forms of depression. Another project is the development of a multisectoral National Suicide Prevention Strategy, which includes psychosocial services such as the NCMH’s Crisis Hotline “Kamusta Ka?, Tara Usap Tayo,” launched on May 2, 2019. The hotline is available 24/7 for prompt psychological first aid. The UP Diliman Psychosocial Services (UPD PsychServ) has also provided free counseling via telephone for frontliners. RA 11036 or the Mental Health Act mandates the provision of comprehensive suicide-prevention services encompassing crisis intervention, and a response strategy on a nationwide scale. “I know how difficult it has been for Filipinos enduring the setbacks brought about by the Covid-19 pandemic and of the quarantine to prevent further transmission of Covid-19. Many people haven’t been able to work or have lost their jobs, some

may have had difficulty going back to their home provinces or are impacted by the loss of loved ones or are separated from loved ones. This continues to be an especially stressful time. Someone in your community, workplace, family or circle of friends, or even you may be feeling hopeless, isolated, and feeling they have no reason to live,” said WHO Representative in the Philippines Dr. Rabindra Abeyasinghe. “We are not facing this alone. With compassion and understanding for others, we can recognize the signs and educate ourselves how to access help. We all have a critical role in preventing suicide by socially connecting with affected people and connecting people to mental health services or medical care,” he added. The DOH said the following might help: • Let them know that you care about them and that they are not alone, empathize with them. You could say something like, “I can’t imagine how painful this is for you, but I would like to try to understand,” • Be nonjudgmental. Don’t criticize or blame them. • Show that you are listening by repeating information they have shared with you. This can also make sure that you have understood them properly. • Ask about their reasons for living and dying and listen to their answers. Try to explore their reasons for living in more detail. • Ask if they have felt like this before. If so, ask how their feelings changed last time. • Reassure them they will not feel this way forever. • Encourage them to focus on getting through the day rather than focusing on the future. • Volunteer to assist them in finding professional help. If need be, offer to keep them company during their session with a licensed therapist. • Follow up any commitments that you agree to. • Make sure someone is with them if they are in immediate danger. • If you’re unsure about how to help, reach out to medical professionals for guidance. “Remember that you don’t need to find an answer, or even to completely understand why they feel the way they do. Listening to what they have to say will at least let them know you care,” the DOH said. Those who need help may reach 24/7 NCMH Crisis Hotline 1553, 0917 899 8727(USAP), and/or 7-989-8727 (USAP). Claudeth Mocon-Ciriaco

COAST Guard officers help an inbound seafarer with his baggage during the first crew-change operation in the Subic Bay Freeport on Thursday. HENRY EMPEÑO

chain,” she pointed out. “With the start of crew-change operations here, Subic becomes a part of the solution to this global problem,” she added. Subic was designated as a crew-change hub in July, and was formally opened on August 22 as part of the so-called “Philippine Green Lane” that would facilitate the safe travel of seafarers and speed up crew change during the Covid-19 pandemic. Industry estimates place the

number of seafarers stranded on ships worldwide from 200,000 to 300,000, with roughly the same number waiting to embark. The Philippines is said to be a top supplier of maritime workers, along with India and China. The DOTr, which spearheads the project, has previously opened crew-change hubs in the Port of Manila and the Port of Capinpin in Orion, Bataan. Subic operations, however, only involve point-to-point embarkation

and disembarkation pending local community approval of the second phase, where inbound seafarers could quarantine in local hotels after their RT-PCR test. DOTr Assistant Secretary Narciso Vingson, who supervised the maiden crew-change operation in Subic, stressed that crew-change protocols were strictly observed and that a “no-contact” policy was put in place to ensure the safety of the seafarers and the attending personnel.

MILD EXPORTS DECLINE BUOYS GROWTH HOPES Continued from A1

data. While we are still in negative, they are actually single digits already,” he explained. In a statement later on Thursday, Chua said there is a need to sustain the gradual and calibrated opening of the economy while ensuring strict compliance with health and safety standards, to support the recovery and make the economy stronger and more resilient. The acting Neda chief said worker mobility is one of the critical elements that will help sustain the gradual and calibrated resumption of economic activities. He added that subsidies for service contracting need to be considered to incentivize transport owners and operators to operate even with a reduced passenger load. Chua also said that the government will continue to pursue fundamental structural reforms jointly with its efforts to improve the country’s health-care system. “Reforms related to leveling the playing field such as liberalizing investment regimes to draw in capital and jobs, honing and improving innovative and forward-looking technologies, and producing competitive and unique products and services, remain in the government’s priority plan,” he added. Chua emphasized that logistics reforms that will rationalize the freight system, establish strategic warehousing, as well as cold chain systems, remain important

as these will ensure the mobility of goods and complement efforts to improve production.

Trade performance

PSA data showed export earnings from January to July 2020 amounted to $34.13 billion, lower by 16.4 percent than the export value earned from January to July 2019. Of the top 10 major commodity groups in terms of exported value, eight had annual declines, led by gold, which contracted 41.6 percent. This was followed by ignition wiring set and other wiring sets used in vehicles, aircraft and ships with a contraction of 35.9 percent, and machinery and transport equipment, which declined 30.9 percent. “The export earnings in July 2020 marked the fifth month in a row in which the value of exports contracted but the annual drop continued to weaken as it posted its third consecutive month of slower decline during the period,” the PSA said. Meanwhile, the country’s imports worsened in July 2020. PSA data showed imports contracted 24.4 percent, even lower than the 23.1 percent posted in June 2020. Total import receipts amounted to $7.48 billion in July. The PSA said this is the 15th straight month of import contraction. With this, the cumulative import value from January to July 2020 amounted to $46.64 billion, representing a decline of 28.1 percent compared with the

import value posted in the same period of 2019. The decline in imports was due to contractions in the top 10 major import commodities led by transport equipment at 69.2 percent. This was followed by cereals and cereal preparations, which declined 37.8 percent; and mineral fuels, lubricants and related materials, which contracted 36.2 percent.

Export markets

MEANWHILE, the country’s top export market in July was the United States, which bought $1.03 billion worth of products or 18.3 percent of total exports during the period. Other top export markets were the People’s Republic of China, with export value of $908.61 million or 16.1 percent of the total; Japan, $811.84 million or 14.4 percent; Hong Kong, $772.49 million or 13.7 percent; and Singapore, $329.82 million or 5.8 percent. In terms of imports, the country’s top source was the People’s Republic of China, which accounted for 25.2 percent of the total imports in July 2020. The Philippines bought $1.88 billion worth of goods from China, lower than the $2.3 billion in July 2019. The country’s other major import trading partners were Japan, with import value of $726.65 million or 9.7 percent of the total; Republic of Korea, $588.92 million or 7.9 percent; the US, $522.66 million or 7 percent; and Singapore, $518.86 million or 6.9 percent.

Price Act… Continued from A1

seeks to harmonize the basis of computation among concerned government agencies in the determination of prices. “Currently, DA [Department of Agriculture], DOH [Department of Health] and DTI have different methods in computing the prices of basic commodities,” she said. The DTI official also said the proposal of the agency aims to expand the powers of the Price Coordinating Council. She said the new Price Act aims to provide “at all times” the effective and sufficient protection to consumers against hoarding, profiteering and cartels with respect to the supply, distribution, marketing and pricing of goods. “In the Price Act it does not say ‘at all times.’ The objective of this proposal is to apply in [all] circumstances [not only the list] enumerated in Section 6 [or during] state of calamity, state of emergency, suspension of writ of habeas corpus, martial law and state of war,” she added. Meanwhile, Castelo proposed a new definition of “average price” which they now refer to as “the sum of all the prevailing prices within a month divided by the number of weeks monitored.” She said the proposal also provides a clearer definition of “suggested retail price,” which refers to the price issued by the concerned implementing agency to be issued as reference in the monitoring of prices. Castelo said the DTI also wants to provide a new definition of “unreasonable increase,” which now means an increase in the price of any basic necessity or prime commodity that goes beyond the limits or standards set for the determination of price ceiling. The proposal also includes empowering the National Price Coordinating Council to include or exclude items from coverage of the Price Act. Castelo said violation of the Price Act shall be penalized “at any time” whether through digital or traditional medium, “whenever a person raises the price of any basic necessity or prime commodity he sells or offers for sale to general public by more than 10 percent of the average price of the last preceding month.” She said the proposal also includes penalty for price manipulation of five years but not more than 15 years of imprisonment, and a fine of not less that 50,000 but not more than P3 million.

ADB… Continued from A1

The loan will make climate-change adaptation and disaster risk reduction an integral part of comprehensive development plans of local government units (LGUs), even beyond the pandemic. The Philippines is among the most disaster-prone countries in the world, including active volcanoes, frequent earthquakes, and an average of 20 typhoons a year causing floods and landslides. Nearly three-fourths of the country’s population are vulnerable to multiple natural hazards, and such disasters worsen poverty in typhoon-prone provinces along the country’s eastern seaboard. Disasters cost the Philippines 0.7 percent to 1 percent of gross domestic product every year, including about P43.5 billion ($890 million) caused by earthquakes and around P133 billion ($2.7 billion) from typhoons. “The Disaster Resilience Improvement Program will support government policy reforms aimed at ensuring the government can quickly address the needs of vulnerable segments of the population following disasters. It will also strengthen the Philippines’s overall response to disasters and pandemics,” ADB Financial Sector Specialist for Southeast Asia Benita Ainabe said. The ADB has provided significant postdisaster support to the Philippines since the 1980s, especially after Supertyphoon Yolanda. The ADB’s rehabilitation and reconstruction assistance for damaged public assets in the country is valued at around $1.8 billion in inflation-adjusted terms. It has also provided at least $1.8 billion in loans and grants to assist the government in its urgent Covid-19 response.

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SC: Trial courts to rule on release of elderly inmates amid Covid-19 By Joel R. San Juan @jrsanjuan1573

HE Supreme Court has decided to toss to trial courts the petition filed by 22 sick and mostly senior citizen prisoners to be released through bail, recognizance, or other measures, to decongest prisons and detention facilities and prevent the spread of Covid-19. The decision was reached last July 28, 2020, but was disclosed to the public on Thursday. In referring the petition to the trial courts, the SC said they were unanimous in treating the petition as an application by petitioners for bail, recognizance, as well as for other applicable and suitable confinement arrangements in connection with the threats to the health and lives of the petitioners. The Court also noted that the petitioners have all been charged with offenses punishable by reclusion perpetua, thus, disqualified from being granted bail. Thus, in order to be granted bail, the Court ruled that a hearing is necessary and that evidence should be submitted to support such plea. “These proceedings are within the competence of the trial courts. The Supreme Court reiterated the doctrine that it is not the proper forum to ventilate factual questions especially if they are presented for adjudication on the first instance. Instead, the proper venue are trial

courts,” the statement read. “Thus, the Supreme Court in treating the petition as an application for bail or recognizance, as well as petitioners’ motions for other confinement arrangements, referred the same to the trial courts, where the respective criminal cases of the petitioners remain pending, and directed them to conduct the necessary proceedings and resolve the incidents immediately,” a news statement issued by the Court, said. In light of the ruling, the Court said the petition is now considered “closed and terminated.” The SC explained the decision was reached after exhaustive deliberations by the magistrates, considering that the petition presented several complex issues with far-reaching implications. Covered by the ruling are the petitioners—elderly inmates Dionisio S. Almonte, 62, who has nonproliferative diabetic retinopathy; Ireneo O. Atadero Jr., 57, hypertensive with type 2 diabetes mellitus; Alexander Ramonita K. Birondo, 68, with bronchial asthma and dyslipidemia; Winona Marie O. Birondo, 61, with bronchial asthma cellulitis and dyslipidemia; Rey Claro C. Casambre, 68, with diabetes mellitus with vascular and neurologic complications; Ferdinand T. Castillo, 60, with hypertension; Francisco O. Fernandez Jr., 71, with hypertensive cardiovascular disease and chronic obstructive pulmonary

disease; Renante Gamara, 62; Vicente P. Ladlad, 70, with chronic obstructive pulmonary disease, particularly emphysema, as well as hypertension; Cleofe S. Lagtapon, 66; Ediesel R. Legaspi, 62, with hypertension; Adelberto Silva, 72, with hypertension and had post triple percutaneous transluminal coronary angioplasty and post myocardial infarction in 2002; Alberto L. Villamor, 63, with type 2 diabetes mellitus, hypertension stage 2, micro albuminuria, dermatophy and neuropathy; Virginia B. Villamor, 65, hypertensive with bronchial asthma and has chronic recurrent major depressive disorder; Emmanuel Bacarra, 55, hypertensive heart disease stage 1, non-insulin dependent diabetes mellitus type 2, TC Benign prostatic hypertrophy and osteoarthritis; Oliver Rosales, 48, with ischemic heart disease, peripheral neuropathy and acid peptic disease; Oscar Belleza, 63, with hypertension, post craniotomy due to sub acute subdural hematoma left fronto parietal area, and who also suffered cerebrovascular accident, and mass in his right infraauricular area; Norberto A. Murillo, 66, with hypertension and diabetes mellitus type 2; and Dario Tomada, 60 years old, with diabetes mellitus type 2, bronchial asthma, T/C chronic obstructive pulmonary disease. Lilia Bucatcat, 73 years old; Geann Perez, 21 years old has leprosy and Reina Mae Nasino, 22 years old.

Editor: Vittorio V. Vitug • Friday, September 11, 2020 A3

Lorenzana mum on reported Chinese defense chief’s visit

By Rene Acosta

@reneacostaBM

REPORT from the Hong Kongbased South China Morning Post triggered speculations within defense and military circles of a supposed visit by Chinese Defense Minister Wei Fenghe to the country today (Friday).

Philippine security officials led by Defense Secretary Delfin N. Lorenzana and National Security Adviser Hermogenes Esperon Jr., however, would neither deny or confirm the visit. Reports said that Wei’s presence in the country was part of the Chinese official’s swing to some select Asean countries that may include the Philippines. The supposed Manila leg of Wei’s visit follows a separate trip early this week to Indonesia and Malaysia where the defense chief met with key Indonesian and Malaysian officials. Lorenzana did not answer a question from defense and military reporters on Wednesday on whether he would meet with Wei, or would he be among the officials who would be

holding talks with him. The last time a Chinese defense official visited the country and held an official dialogue with his local defense counterpart was in May 2011. The meeting, however, did not end on a good note. As then Defense Secretary Voltaire Gazmin and Chinese Defense Minister Liang Guanglie were meeting at Camp Aguinaldo, discussing about efforts to resolve the ownership dispute through talks, the military discovered buoys and markers that China allegedly placed in the West Philippine Sea. Gazmin disclosed the military report right after his meeting with Liang. Filipino troops photographed a Chinese paramilitary ship unloading

construction materials at the Amy Douglas Bank, and the boat’s crewmen erected a concrete fence while planting buoys. The markers were later dismantled by Filipino “fishermen.” A month later, Philippine Navy personnel also dismantled wooden markers that China placed at the Boxall Reef. Esperon said he was not aware of Wei’s visit to Manila, or was he even invited to the meeting with Lorenzana. “He did not invite me. Then let them be the ones to talk,” he said on Thursday when asked if he was invited into the meeting. “I do not know the schedule. If he will come here, then just [cover] defense [chief] first,” Esperon added. When told that Lorenzana was not returning messages about the visit, the national security adviser said that the defense chief might be prompted to release some details about the visit, if it pushes through. In May this year, Lorenzana and Wei spoke over the phone where they talked about the Covid-19 prevention efforts. A report issued by the Chinese official news agency Xinhua at that time said that Wei also called on the “two militaries to promote their communication and cooperation and jointly safeguard peace and stability in the South China Sea.”

A4 Friday, September 11, 2020 • Editor: Vittorio V. Vitug

House panel favors budget hike for DA By Jasper Emmanuel Y. Arcalas @jearcalas

HE House Committee on Appropriations has moved to hike the budget allocat� ed for the Department of Agri� culture (DA) next year by at least P42 billion to be able to boost the farm sector’s productivity and growth during and beyond the Covid-19 pandemic. The motion was raised by Ang Magsasaka Party-list Rep. Argel Cabatbat during the committee hearing on the 2021 proposed budget of the DA. The motion was seconded by the House Committee on Agri� culture Chairman and Quezon First District Rep. Wilfrido Mark Enverga. The motion was made after Agriculture Secretary William D. Dar said that some of the projects that they plan to implement next year to improve farm production would not push through as their proposed budget of P284 billion was not approved. Under the national expendi� ture program for next year, the DA would receive P86.3 billion, which is about 8 percent lower than its 2020 budget of nearly P80 billion. Dar appealed to lawmakers that maybe it would be possible that the P42 billion out of the P66-billion stimulus fund for agriculture that they proposed to be added in the 2020 DA budget. “With this, our budget will be over P100 billion next year, which is good enough to start stimulating our agriculture sector toward a growth pattern,” he said. Cabatbat asked Dar what are the DA’s solutions in addressing the woes of the corn farmers due to low farm-gate prices. Dar responded that they want to reinstate the warehouse re� ceipt system in corn and inten� sify market linkages between farmers and feed millers in the country. Cabatbat then asked Dar if these programs would materialize next year given the budget allotted to the DA, the agriculture chief responded that they wouldn’t. Due to this, Cabatbat moved to raise the funds to be allocated for DA next year, citing the need to improve food supply amid previous threats made by trade partners to stop food exports to prioritize their needs during the pandemic. During the hearing, Dar dis� closed that the Philippines lags behind Southeast Asian neigh� bors in terms of the share of agriculture budget to national budget. “We are tied with Malaysia at 1.6 percent. We are behind Viet� nam at 6.3 percent, Thailand 3.6 percent, Indonesia 3.3 percent,” he said. “ We must draw lessons from Viet na m a nd T ha i l a nd if we a re to sust a in product ion a nd increase compet it iveness de � spite t he huge c ha l lenges we a re f a c i n g. T he s e cou nt r ie s e x p e r ie nce h i g h a g r ic u lt u re g row t h due to t heir coherent a nd i nt e g r at e d a g r i c u lt u r a l pol ic ies,” he added. Dar pointed out that agricul� ture has been contributing about 10 percent of the country’s GDP and yet its budget share in the past 10 years has been a measly 3 percent. “We wish to underscore the need to ensure parity between the contribution of the sector to the economy and resources it gets from the national coffers,” he said. “This if we are to ensure that ag� riculture being the sleeping giant as it is can finally contribute its full potential to the Philippine economy,” he added.

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Govt revises flagship projects list amid pandemic, Neda chief bares By Cai U. Ordinario @caiordinario

HE national government has updated its list of flagship projects to allow the govern� ment some flexibility to respond to the Covid-19 pandemic, according to the National Economic and Develop� ment Authority (Neda). At a Senate budget hearing on Thursday, Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua said the list of flagship proj� ects increased to 104 as of Septem� ber from the 100 listed prior to the pandemic in February. Chua said majority of these proj�

ects are currently ongoing, while 24 projects are still undergoing project evaluation. Project evaluation is con� ducted by the Inter-agency Invest� ment Coordination Committee (ICC). “Just recently the Neda Board ap� proved a revised list that numbers 104 so this is Neda Board approved and the reason why we had to re� view it is because we have to take into account some of the additional programs that will directly respond to Covid,” Chua said. The BusinessMirror request� ed for a copy of the revised list of projects but Neda said they will let the Bases Conversion and Devel� opment Authority (BCDA) release

the list to the public. However, during the hearing, Chua said the additional projects that were added were in ICT, water, and health. He also said Neda will submit the list to the Senate since the senators also requested for the new list. The acting Neda chief said the Build, Build, Build (BBB) program, which consists of the 104 flagship projects and over 4,000 projects as indicated in the government’s medi� um-term Public Investment Program (PIP) is one of the major sources of job creation for the economy. “One of the biggest increases [in budget] is infrastructure from P700

‘New normal’ rules mandate physical distancing in beaches By Ma. Stella F. Arnaldo @akosistellaBM Special to the BusinessMirror

HYSICAL distancing will be strictly enforced in island and beach destinations, un� der “new normal” health and safety guidelines issued on Monday by the Department of Tourism (DOT). According to Memorandum �� Cir� cular (MC) 2020-007�� signed by Tour� ism Secretary Bernadette Romulo Puyat, a copy of which was obtained by the BusinessMirror, “Beach marshals may be designated by LGU [local government unit] concerned to ensure that guests observe physical distancing at all times.” To ensure physical distancing, the use of floor markers, flags, lines or other devices is highly encouraged. Lifeguards are also required to patrol the beaches and resorts re� open for business. While mass gatherings like sports competitions, youth camps, and oth� er beach activities are not prohibited, event managers will have to comply with the health and safety protocols of national and local governments. The guidelines also cover book� ings, payments and entries to the island or beach destination. For one, those with at least one night booking “must pres� ent a confirmed booking at an accommodation establishment.”

No walk-in guests are allowed. For another, hotels and resorts, as well as other tourism enterprises “shall utilize online modes of reser� vation and payment using online or mobile payment applications.” At the port of entry, health checks are required using a thermal scanner or thermometer gun, and guests have to fill up a health declaration form through mobile application or other contactless means. “Those with fever and flu-like symptoms shall not be allowed to en� ter, and will be referred to the doctor on duty, to the nearest hospital, or to the Barangay Health Emergency Response Team [BHERT] in accor� dance with the DOH [Department of Health]-prescribed protocol.” The DOT guidelines also man� date public restrooms on the is� land and beach destinations to be thoroughly cleaned and regularly disinfected, and upgraded to Asean Public Toilet Standards. (https://bit. ly/3bHdMC2) Separate trash bins for discard� ed personal productive equipment like face masks, or gloves shall be made available. Guests must have access to at least one medical facility on the island, especially for emergency cases. “A well-trained and equipped emergency response team must be available to provide emergency as� sistance whenever necessary; [and]

there shall be a designated holding area for symptomatic guests while waiting for trained personnel to transport him or her to the nearest hospital or medical facility.” “�� The DOT maintains its commit� ment to safely resume tourism in the Philippines under a ‘new normal,’” said Romulo Puyat in a news state� ment. She added that participation and cooperation are key to the effec� tive implementation of the guidelines. “In a new normal scenario where no quarantine classification is im� posed, swimming, surfing, running, walking, and other forms of outdoor non-contact sports and exercises will be allowed in our island and beach destinations, as long as minimum public health standards are strictly observed,” she added. The DOT chief also signed Ad� ministrative Order 2020-004, titled “Guidelines for Leisure and Tourism Operations of Island and Beach Des� tinations under a Modified General Community Quarantine [MGCQ],” which reiterates the DOT’s strict adherence to the existing rules set by the Inter-Agency Task Force for the Management of Emerging Infec� tious Diseases (IATF-EID) on inter� zonal movement, health and safety standards, and leisure and tourism activity in island and beach destina� tions under the MGCQ classification. Said guidelines are available on the DOT’s Facebook page.

Judiciary’s appeal to restore 2021 budget cut gains solons’ support

HE Judiciary on Thursday ap� pealed to Congress to restore P6.58-billion budget that was slashed by the Department of Budget and Management (DBM) in the Na� tional Expenditure Program. During the hearing on the Judi� ciary’s budget, Supreme Court Ad� ministrator Jose Midas Marquez said the original budget proposal of the Judiciary for 2021 was P55.88 billion but was slashed to P43.54 billion by the DBM. “We are only appealing to the House of Representatives to help us restore half of the budget that was cut, or additional P6.58 billion, instead of the P12.34 billion in the NEP,” he said. According to Marquez, this bud� get is important to boost the opera� tions of local and special courts. Of the budget restoration request, P5.07 billion will go to the Supreme Court and lower courts (SCPLC); P15.35 million to the Presidential Electoral Tribunal (PET); P994.5 million to the Court of Appeals (CA);

P406.4 million to Sandiganbayan, and P98.5 million to the Court of Tax Appeals (CTA). Items for consideration under SCPLC include creation of new positions, reclassification of po� sitions in lower courts, hazardous duty pay of trial judges and pension gratuity fund for optional retirees, training and seminar expenses and communication expenses. For PET, the items being con� sidered include personnel bene� fits, office equipment, transpor� tation equipment and furniture and fixtures. For CA, the budget restorations include traveling and training expenses, supplies and material expenses, utility expenses, com� munication expenses, extraordi� nary and miscellaneous expense, professional services, general ser� vices, repairs and maintenance expenses, taxes, insurance pre� miums and other fees, advertis� ing expenses, printing and pub� lication expenses, transportation

and delivery expenses, rent/lease expenses, membership dues and contribution to organization, sub� scription expenses. For Sandiganbayan, items for budget reconsideration include cre� ation of new positions, personnel benefits, upgrading and reclassifi� cation of positions and increase in other compensation. For CTA, the item for reconsidera� tion include traveling expenses of CTA justices, officials and employees to at� tend meetings, conferences and work� shops, trainings and seminars local and/or foreign; training expenses to fund the attendance in seminars, training, annual strategic planning, conventions and seminar/workshops of 286 personnel composing of CTA justices, officials and employees, sup� plies and materials; common supplies and materials and Covid-19 related expenses; repairs and maintenance of building and structures. For their part, lawmakers sup� ported the request of the Judiciary. Jovee Marie N. Dela Cruz

billion plus to P1.12 trillion. That, I think, would be one of our biggest sources of job creation,” Chua said. Meanwhile, the Department of Human Settlements and Urban Development (DHSUD) said it has completed 67 percent of its target housing construction under its major programs this year. In a presentation submitted to the House of Representatives on Thurs� day, the DHSUD said this means out of the 491,439 units it needs to complete this year, it has constructed 328,327 units. A total of 414,569 units, or 84 percent of the 491,439 target for this year, has already been started,

according to the DHSUD. This leaves 86,197 units that still need to be completed. Of this amount, using DHSUD data, the BusinessMirror estimated that 76,870 units have been started and around 9,327 houses. In terms of number, the project that accounts for the bulk of the units that need to be constructed is the permanent housing for Typhoon Yolanda victims at 50,861 houses. This was followed by the addi� tional Typhoon Yolanda permanent housing needs at 13,270 units and houses that need to be built for those living in danger areas in Metro Ma� nila at 8,229 units, among others.

Bay ‘nourishment’ project continues to draw flak from lawmakers, groups By Jovee Marie N. Dela Cruz @joveemarie

& Jonathan L. Mayuga @jonlmayuga

AWMAKERS are urging the leadership of the House of Representatives to conduct an inquiry, in aid of legislation, into the suitability and sustain� ability of the Manila Bay reha� bilitation program, even as an environmental lawyer revealed that proponents of the contro� versi a l beac h “nou r ish ment ” project could face criminal and civil liabilities. Buhay Rep. Lito Atienza, Probin� syano Ako Rep. Jose C. Singson Jr. and the Makabayan bloc branded the Department of Environment and Natural Resources (DENR) project “inappropriate and unnec� essary at this time.” The DENR started dumping crushed dolomite along Manila Bay� walk to mimic white sand as part of Phase 1 of the project. The Palace has defended the project, saying it would benefit Filipinos’ “mental health,” while DENR said it would help discourage citizens from litter� ing in Manila Bay.

Missing the solution

ATIENZA, a former secretary of the DENR, questioned agency’s ongoing dumping of synthetic white sand from crushed dolomite boulders onto the Baywalk area of Manila Bay. “What good will covering the Baywalk with artificial sand do when the waters of Manila Bay re� main as polluted as ever? Let us ad� dress the real problem. Up to now, the sewage lines of all households in Metro Manila still lead and empty out into the Manila Bay, instead of into the wastewater treatment fa� cilities that the two water conces� sionaires—Maynilad Water Service Inc., and Manila Water Co.—should have built over the past 23 years,” he said. “These two have continuously failed to deliver the wastewa� ter treatment facilities, which they are obligated to build as part of their concession agree� ment with the government. But what’s worse is that since 1997 when the contract started, these two big corporations have been c ha rg ing consu mers for t his non-existent service and even been able to borrow money from foreign banks on sovereign guar� antee, in the name of the Filipino people,” Atienza added. He stressed the waters of Manila Bay will remain polluted as long as the waters are not cleaned by the two water concessionaires. Singson, for his part, said “The government should be pri� oritizing the health and safety of everyone amid the Covid-19

pandemic instead of spending on unnecessary beautification projects disguised to promote the mental health of a few who may be lucky enough to pass by the Manila Baywalk project vis-à-vis the general population of over a hundred million Filipinos. While this representation recognizes and puts equal value to the general well-being [e.g., physical, mental, social and emotional] of everyone, specific and/or surgical solutions to address the pandemic should be of the utmost importance.” Makabayan bloc said an inves� tigation must be conducted amid the people’s opposition, raising its impact to the environment, public health and judicious utilization of public funds.

Possible raps

GLORIA ESTENZO RAMOS, vice president of oceans advocacy non� government organization Oceana Philippines asserted that proponents of the projects could be held liable for initiating the beach nourish� ment project. Ramos said various cause-ori� ented groups and environmental advocates are stepping up the fil� ing of a Writ of Kalikasan, not only to stop the Manila Bay Interagency Task Force from further dumping dolomite sand in Manila Bay but also hold the proponents and make them pay for damages. “We will exert all remedies to stop this project,” said Ramos, who insisted that a number of laws were violated in pushing through with the beach nourishment project.

Envi Ombudsman

THE environmental group Ka� likasan-People’s Network for the Environment (Kalikasan-PNE), meanwhile, called on the Environ� mental Ombudsman to look into the alleged irregularities in the con� troversial P389-million Manila Bay beach nourishment project. “We urge the Environmen� tal Ombudsman to immediately probe the alleged bloating of costs and cutting of regulatory corners in the Manila Bay dolomite dump,” Leon Dulce, national coordinator of Kalikasan PNE said in a news statement. The Envi OMB team was es� tablished in 2013 to prioritize the prevention, investigation, adjudication, and prosecution of public officials that violate environmental laws and subse� quently cause adverse environ� mental harm. “This P389-million project rep� resents just 0.83 percent of the en� tire P47-billion Manila Bay rehab program. The potential for largescale corruption, dereliction of duty, and ecological harm is com� pletely unacceptable in these times of pandemic crisis,” he said.

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

The World BusinessMirror

Friday, September 11, 2020

UN report: Increased warming closing in on agreed upon limit By Seth Borenstein

In this image taken with a slow shutter speed, embers light up a hillside behind the Bidwell Bar Bridge as the Bear Fire burns in Oroville, California on Wednesday, September 9, 2020. The blaze, part of the lightning-sparked North Complex, expanded at a critical rate of spread as winds buffeted the region. AP/Noah Berger

3 dead as Northern California wildfire threatens communities

ROVILLE, California— Three people have died in a Northern California wildfire that has forced thousands from their homes, authorities said on Wednesday. Two people were found dead in one location and a third person was discovered elsewhere, Butte County Sheriff Kory Honea announced. He didn’t provide details but California Highway Patrol Officer Ben Draper tells the Bay Area News Group that one person was found in a car and apparently had been trying to escape the flames. The fire northeast of San Francisco is threatening several communities. Stoked by high winds, it’s burned a 25-mile path through mountainous terrain and parched foothills. Hundreds of homes and other buildings are believed to have been damaged or destroyed, fire officials said at an evening news conference. The fire even threatened the

town of Paradise that was devastated just two years ago by the deadliest blaze in state history, causing a panic that led to a traffic jam as residents tried to escape. The North Complex fire was one of more than two dozen in the state, including three of the five largest ever as wildfires burned across parts of the West amid gusty, dry conditions. Forecasters said some weather relief was in sight that could help firefighters overwhelmed by the blazes. In Washington, more acres burned in a single day than firefighters usually see all year. Fires also forced people to flee homes in Oregon and Idaho. A blast of polar air helped slow wildfires in Colorado and Montana. Since the middle of August, fires in California have killed eight people, destroyed more than 3,600 structures, burned old growth redwoods, charred chaparral and forced evacuations in communities near the coast, in wine country and along the Sierra Nevada. AP

AP Science Writer

he world is getting closer to passing a temperature limit set by global leaders five years ago and may exceed it in the next decade or so, according to a new United Nations report. In the next five years, the world has nearly a 1-in-4 chance of experiencing a year that’s hot enough to put the global temperature at 2.7 degrees (1.5 degrees Celsius) above pre-industr ia l times, according to a new science update released on Wednesday by the UN, World Meteorological Organization and other global science groups. That 1.5 degrees Celsius is the more stringent of two limits set in 2015 by world leaders in the Paris climate change agreement. A 2018 UN science report said a world hotter than that still sur vives, but chances of dangerous problems increase tremendously. The report comes on the heels of a weekend of weather gone wild around the US: Scorching heat, record California wildfires and two more Atlantic storms that set records for earliest 16th and 17th named storms. Earlier this year, Death Valley hit 130 degrees (54.4 degrees

Celsius) a nd Sib er i a h it 10 0 deg rees (38 deg rees Celsius). The warming that has already occurred has “increased the odds of extreme events that are unprecedented in our historical experience,” Stanford University climate scientist Noah Diffenbaugh said. For example, historical global warming has increased the odds of record-setting hot extremes at more than 80 percent of the globe, and has “doubled or even tripled the odds over the region of California and the western US that has experienced recordsetting heat in recent weeks,” Diffenbaugh added. The world already has warmed nearly 2 degrees (1.1 degrees Celsius) since the late 1800s, and the last five years are hotter than the previous five years, the report said. The speed-up could be temporar y, or it might not be. There’s both man-made warming and natural warming from a strong El Nino weather pattern in the past five years,

Vietnam rebuffs Beijing, backs US role in South China Sea

outheast Asian countries want the US to play a role in maintaining peace in the South China Sea, Vietnam said, pushing back against Beijing’s comments that American forces were destabilizing the region. “We welcome the US’s constructive and responsive contributions to Asean’s efforts to maintaining the peace, stability and developments in the South China Sea,” Vietnam Foreign Minister Pham Binh Minh said on Thursday during a virtual summit between representatives from the 10-member Association of Southeast Asian Nations and Secretary of State Michael Pompeo. Vietnam holds the bloc’s rotating chairmanship. Southeast Asian countries were open to opportunities for practical cooperation with the US in the region, Minh said. Vietnam, the Philippines, Brunei and Malaysia have been locked in territorial disputes with China that have impacted their ability to extract fish, oil and gas from offshore areas. At a virtual summit a day earlier, Chinese Foreign Minister Wang Yi told Southeast Asian foreign ministers that the US was intervening in

territorial disputes and strengthening its military deployment in the contested area “out of its own political purposes.” He called the US “the biggest driver of militarization of the South China Sea,” according to statements posted by China’s Foreign Ministry. The US has become “the most dangerous factor that damages the peace in the South China Sea,” Wang said, reiterating China’s position that disputes should be solved by regional countries. “Peace and stability are China’s greatest strategic interest in the South China Sea, which are also the common aspiration of Asean countries,” he said. Tensions in the South China Sea have risen in the past few months as the US and China spar on everything from democracy in Hong Kong to data security over popular Chinese apps TikTok and WeChat. In July, the US explicitly rejected China’s expansive maritime claims in the region for the first time, and sent aircraft carriers to the waters to conduct military exercises. China last month fired missiles into the South China Sea, a move that underscored the growing cost of any armed conflict in the region.

The missiles showed China’s ability to strike out at US bases and aircraft carriers, the major sources of American power projection in the region. At a separate meeting on Wednesday, Pompeo joined several Asean countries in raising concerns over the China’s actions in the South China Sea, according to a State Department statement. He reiterated that the US regarded Beijing’s expansive maritime claims in the South China Sea as unlawful according to a 2016 international tribunal ruling that China regards as illegitimate because it opted out of dispute settlement provisions when it signed up for United Nations Convention on the Law of the Sea. “We express serious concern over ongoing developments on the ground including serious incidents, continued militarization and activities that infringe on the lawful rights of small countries, run counter to international law,” Minh, the Vietnamese minister, said, citing the 1982 UN Convention for the Law of the Sea. “These have eroded trust and confidence, increased tensions and undermined peace, security and rule

of law in the region.” On Wednesday, Wang rejected the idea that China claims all waters within the nine-dash line as its territorial sea, calling it a “distortion” of China’s stance. He insisted China’s claim of islands in the South China Sea has “abundant historic and legal basis.” He also argued that Chinese construction on reefs and islets was meant to improve living conditions and provide “public good” for the region. “In the face of a non-regional country’s military pressure, of course we have the right to protect our own sovereignty,” he said. The US said it also joined several countries in raising concerns over the imposition of sweeping national security legislation on Hong Kong, the arrests of pro-democracy students, the yearlong postponement of elections and disqualification of pro-democracy electoral candidates. In response, Wang said the East Asia Summit had “never been a venue for interfering into other countries’ internal affairs, and should not become a stage to attack other countries’ political system.” Bloomberg News

U.S. sells consulate compound in Hong Kong for $332 million

he US has sold its consulate staff compound in one of Hong Kong’s most exclusive neighborhoods for HK$2.57 billion ($332 million), amid escalating tensions between China and the US. The price, announced on Thursday by CBRE Group Inc. that handled the sale, was lower than the HK$3.1 billion to HK$3.5 billion valuation from Vincorn Consulting and Appraisal Ltd. The buyer wasn’t named. The site in Shouson Hill, on

the southern side of Hong Kong Island, comprises six low-density apartment buildings spread over almost 95,000 square feet (8,825 square meters). The property was sold with vacant possession, giving the buyer potential to develop luxury housing with views over Deep Water Bay, CBRE said. A US government representative said Wednesday the decision to sell the compound was part of its global reinvestment program

and some of the proceeds from the transaction would be reinvested into multiple properties the US owns in Hong Kong. “It will not affect our presence, staffing or operations in any way,” the spokesman said in a statement. The sale comes at a sensitive time, with US companies considering moving out of the city because of escalating political conflicts and disquiet over the national security law imposed by China. An

American Chamber of Commerce in Hong Kong survey last month found about 40 percent of its 154 members were considering leaving the city. Shouson Hill is one of the city’s most exclusive neighborhoods where some of the city’s richest tycoons, including Li KaShing, own houses. The US government purchased the property in 1948, records lodged with the Land Registry show. Bloomberg News

said World Meteorological Organization Secretar y- Genera l Petteri Taalas. “The probability of 1.5 degrees (Celsius) is growing year by year,” Taalas told The Associated Press. “It’s very likely to happen in the next decade if we don’t change our behavior.” That’s potentially faster than what a 2018 UN report found: that the world was likely to hit 1.5 degrees sometime between 2030 and 2052. Breakthrough Institute climate scientist Zeke Hausfather, who wasn’t part of the new report, said the document was a good update of what scientists already know. It is “abundantly clear that rapid climate change is continuing and the world is far from on track” toward meeting the Paris climate goals, he said. Some cou nt r ies, inc lud ing the US and many in Europe, are reducing emissions of heattrapping carbon dioxide, but Taalas said the world is on a path that will be 5.4 degrees (3 d e g re e s C e l s iu s) w a r me r compared w ith the late 19th centur y. That would be above the Paris accord ’s less stringent 2-degree Celsius target. The latest report was the UN’s annual update on “climate disruption” caused by the burning of coal, oil and gas. It highlighted more than just increasing temperatures and rising sea levels. “Record heat, ice loss, wildf ires, f lood s a nd d roughts cont i nue to wor s e n , a f fe c t ing communities, nations and

economies around the world,” United Nations Secretar y-General Antonio Guterres wrote in a foreword. Guterres said big polluting countries, like China, the United States and India, need to become carbon neutral, adding no heattrapping gas to the atmosphere, by 2050. If they don’t, “all the effort will not be enough,” Guterres said at a press conference on Wednesday. The report spotlights unprecedented wildfires in the Amazon, the Arctic and Australia. California is fighting record wildfires as the report was issued. “Drought and heat waves substantially increased the risk of wildfires,” the report said. “The three largest economic losses on record from wildfires have all occurred in the last four years.” Taalas said these types of climate disasters will continue at least through the 2060s because of the heat-trapping gases already in the air. Carbon dioxide emissions will be down 4 percent to 7 percent this year because of reduced travel and industrial activities during the coronavirus pandemic, but the heat-trapping gas stays in the air for a century so the levels in the atmosphere continue to go up, Taalas said. And, he said, so will the warming. So far, this year is the second hottest on record and has a 37 percent chance of surpassing the global record set in 2016, according to the US National Oceanic and Atmospheric Administration.

Trade deal at risk as E.U. says U.K. must honor Brexit agreement

ONDON—Prospects of a trade deal between Britain and the European Union appeared to dim on Wednesday, with the EU saying that even the smallest UK breach of the Brexit withdrawal treaty would undermine what little trust is left between the two sides. The warning came as Britain pushed ahead with legislation that it admits breaks international law by overriding parts of the legally binding withdrawal agreement that both Britain and the EU signed up to. “Breaking international law is not acceptable and does not create the confidence we need to build our future relationship,’” EU Council President Charles Michel said. European Commission President Ursula von der Leyen said the age-old diplomatic cornerstone of “agreements must be kept” as “the foundation of prosperous future relations.” Germany hoped Britain would pull back from the brink, but France, the bloc’s other economic and political powerhouse, was scathing. French government spokesman Gabriel Attal said that “we are ready to negotiate in good faith, but to do that, we need to be two and so we are waiting for an interlocutor of good faith.”

Why is Britain changing the law?

Britain left the political structures of the EU on January 31 and will make an economic break when an 11-month transition period ends on Dec. 31. The two sides are trying to strike a new trade deal by then, but talks have bogged down. The UK government says its Internal Market Bill is a “safety net” designed to prevent disruption to internal UK trade in the event that there is no agreement by the end of the year. The withdrawal agreement includes measures to ensure there are no barriers to trade or travel between Northern Ireland, which is part of the UK, and EU member Ireland. To do that, Britain has agreed that Northern Ireland will continue to follow some EU rules even after the rest of the UK goes it is own way. That means there will be checks and tariffs on some goods moving between Northern Ireland and the rest of the UK, with Britain and the EU jointly deciding what goods they apply to. The UK legislation, if passed by Parliament, will remove the EU’s power to impose checks and tariffs in the event that there is no EU-UK-agreement, giving that power instead to the British government. The British government says trade barriers between Northern Ireland and the rest of the UK could undermine Northern Ireland’s place within the UK and destabilize the peace settlement that ended decades of violence. Johnson told lawmakers on Wednesday that the

legislation was needed to protect against “extreme or irrational interpretations of the (Irish) protocol that could lead to a border down the Irish Sea.”

Why is it controversial?

C r i t i cs say reneging on a legally binding international commitment will trash Britain’s reputation for upholding law and order. Opposition parties and EU officials were astonished when Northern Ireland Secretary Brandon Lewis acknowledged in Parliament on Tuesday that the legislation “does break international law in a very specific and limited way.” “The withdrawal agreement is not open for renegotiation and that we expect that the letter and the spirit of the withdrawal agreement will be fully respected,” European Commission Vice President Maros Sefcovic said. Sefcovic said he was seeking an urgent meeting of the joint EU-UK committee on the Brexit Withdrawal Agreement. The UK government said it welcomed such a meeting. Some members of Johnson’s Conservative Party are uneasy, too. Lawmaker Tobias Ellwood, who chairs the House of Commons Defense Committee, said that “to unilaterally ignore any treaty in its obligations which we’ve signed and submitted to the United Nations would actually go against everything we believe in.”

Why does it matter?

Britain’s move threatens to scuttle already deadlocked talks on a free trade deal between Britain and the bloc. EU and UK trade negotiators are meeting in London this week, with both sides gloomy about a breakthrough on the key differences: competition rules and fishing rights. Johnson has said Britain will walk away if there is no agreement by October 15. Johnson says the UK wants a deal but insists a no-deal exit would be “a good outcome,” even though it would see tariffs and other impediments slapped on trade with the EU, which accounts for almost half of the UK’s total trade. Without a deal, British freight firms have warned there could be logjams at ports and supplies of key goods in Britain could be severely disrupted starting January 1. Richard Burnett, chief executive of the Road Haulage Association, said Wednesday there was an 80 percent chance of “chaos in Kent,” the English county that contains the major Channel port of Dover, on January 1, even with a trade deal. He said work to build new customs facilities and border technology was behind schedule. AP

Friday, September 11, 2020 • Editor: Angel R. Calso

Opinion

BusinessMirror

www.businessmirror.com.ph

editorial

Philippines: In the ‘Moody’

ountries and corporations have a love/hate relationship with the global credit rating agencies —Moody’s, S&P, and Fitch. Many countries have their own ratings agencies that offer their services to domestic clients, rating both local and foreign companies and countries. However, the big three hold a global market share of roughly 95 percent, with Moody’s and Standard & Poor’s having 40 percent each, and Fitch around 15 percent.

The ratings are critical for sovereign debt as they determine what lenders expect to receive in interest on that debt. While this is all “by-the-book,” the reality is that governments want to pay the lowest interest possible while the lenders want to receive the highest possible without any risk. There are credibility issues and sometimes controversy on both sides. But the system works. The credit profile comes in two parts: the Rating and the “Outlook,” with the ultimate purpose to decide if the borrower will be able to pay both the amortization and principal in the future. The ratings range from “junk” to “investment grade.” Within the broad categories are subcategories, and each carries a different amount of risk and commensurate interest rate. Moody’s considers a Baa3 or higher rating to be of investment grade, and a rating of Ba1 and below is speculative. The Philippine government debt carries an “investment grade” rating at Baa2. The current Outlook is “Stable.” Moody’s performs an annual credit analysis and update. In September 2019, the report read, “The credit profile of the Philippines [Baa2 stable] is supported by a large and fast-growing economy and continued gains in debt affordability, in part because of revenue reforms. The momentum for fiscal reform has been sustained, improving prospects for a further improvement in the Philippines’s fiscal profile.” The September 2020 report begins with “The Philippines’s [Baa2 stable] credit profile has been characterized in recent years by strong economic performance, a strengthening fiscal position, and limited vulnerability to external shocks, although the global coronavirus outbreak will disrupt or potentially reverse these trends.” Nothing much has changed in the past year. But what about the pandemic? “Rating outlook: The stable outlook reflects the view that the recovery from the acute shock posed by the coronavirus outbreak will restore rapid economic growth relative to peers, complemented by the stabilization and eventual reversal of the deterioration in fiscal and debt metrics.” Here are the negatives regarding the economy that could affect the rating: “The reversal of reforms that have supported prior gains in economic and fiscal strength.” The summary is probably the important takeaway. Moody’s notes the following “Credit Strengths.” Robust growth potential supported by favorable demographics. Moderate government debt levels, improved debt affordability owing in part to revenue reform. A stable and resilient banking system. We have known this for several years. The good thing is that we are still on course with these issues. The “Credit challenges” are these: Low per capita incomes compared to investment-grade peers. In short, we are a low-income country that is actually outperforming our peers. As usual, “Weak rule of law and control of corruption.” Finally, we face “Exposure to climate change and natural disaster risks.” If that is one of the highest dangers to our credit rating, then we should be thankful since Manila is not going to be covered by the ocean for another 40 years. We have plenty of time to build a better beach. Since 2005

BusinessMirror A broader look at today’s business

Digital payment: Safety, efficiency in the next normal

recent article in The Economist focused on one of the game-changing effects of the Covid-19 global pandemic—the need to digitize government services. With the pandemic effectively shutting down physical interaction, government services have to be available in the virtual world. This is particularly important when it comes to releasing government benefits that can help Filipinos survive the economic effects of the pandemic.

Filipinos need reliable, secure, and easily accessible digital payment systems not only for government services, but also for the economy as a whole. They will be important tools for us to adapt to the next normal, as they will improve social distancing efforts and welfare support. We need to develop them now, not later, so we can prevent needless suffering and lay the foundations for the digital future of our country.

The article has many good—and not-so-good—examples of how digital payment systems are used. In Florida, the volume of applications for unemployment insurance caused their web site to crash for a number of days. People had to visit government offices for help. The same thing happened with Italy’s social security web site, which received 300,000 applications daily. Worse, hackers submitted fake claims. On the other hand, some coun-

cards to reclaim cash used for applicable goods and services, like meals. A document by the Better Than Cash Alliance also showed that Mexico saved nearly $1.27 billion in distribution costs for pensions, social welfare transactions, and salaries once it had an effective system. In the Philippines, digital payment systems are sorely needed. In fact, the growth in digital payments in our country is at 27 percent to 30 percent, higher than the 25 percent

Sonny M. Angara

Better Days

tr ies had minima l problems, thanks to how they embraced digital services. Estonia, for example, has a system that links bank accounts to a citizen’s registered information; identifying people in need and sending them benefits was a relatively easy process. Taiwan went a different route: they used their health insurance system for an economic stimulus program for small businesses. People could go to an ATM with their insurance

Pray for the new head of PhilHealth

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

Online Editor Creative Director Chief Photographer Chairman of the Board & Ombudsman President Advertising Sales Manager Group Circulation Manager

SERVANT LEADER

Lourdes M. Fernandez Jennifer A. Ng Vittorio V. Vitug Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso

rothers and sisters, under Section 14 of the Universal Health Care Law, it is clearly said that the president and chief executive officer of PhilHealth must not have below seven years of experience in the field of public health, management, finance, and health economics.

Ruben M. Cruz Jr. Eduardo A. Davad Nonilon G. Reyes Judge Pedro T. Santiago (Ret.) Benjamin V. Ramos Aldwin Maralit Tolosa Rolando M. Manangan

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However, the newly appointed head of PhilHealth, former NBI Director Dante Gierran, admitted that he has neither experience nor knowledge in the public health sector. He also mentioned that he is clueless about the agency’s operations. Nevertheless, as a certified public accountant, he said he’ll be able to manage PhilHealth’s financing. He can use his skills as an investigator in order to cleanse the agency flooded with corruption allegations. Before his appointment, the PhilHealth employees union reached out to President Duterte and asked him to stop designating unqualified officials because it is the agency that would be affected. In the book of Exodus 18:21,

Jethro reminded his son-in-law Moses, “But select capable men from all the people—men who fear God, trustworthy men who hate dishonest gain—and appoint them as officials over thousands, hundreds, fifties and tens.” In the field of governing during our current state, ability and skill are of great importance because managing institutions that promote the welfare of many people is severely complicated. Yes, it is important for our leaders to be “trustworthy” and “honorable,” and it greatly helps if they have a God to recognize, but in the modern time of governance, our leaders must have proper knowledge and abilities to effectively fulfill their

Mr. Gierran knows the weight of his new job. He was said to be scared but he would not shy away from the challenge. Mr. Gierran has been appointed to his position, and all we can do for now, aside from watching his steps with vigilant eyes, is to pray for him. duties. (However, there is no guarantee that people in government who have the proper abilities can be good leaders of a nation.) In PhilHealth’s case, it would be more pleasant if the technical abilities of the president to be appointed was given priority. Why? First of all, we are in the middle of a health crisis, a crisis that needs prompt and proper solutions addressed by agencies overseeing public health, such as PhilHealth. We have many fellowmen exposed to the disease without a cure, and every day the number of people in need of medical attention keep rising. PhilHealth plays a large role now that there is the Covid-19 pandemic. Second, what PhilHealth’s leaders said before that its funds are depleting is worrying. Because of the reduced amount of collections due to the lesser number of employed members and with the

average in emerging Asian countries. Still, this only counts as 1 percent of 2.5 billion payments per month. The Bangko Sentral ng Pilipinas has data that gives clues as to why online transactions seem to be so limited: 37 percent of cities and municipalities across the country do not have banking offices, and 81.3 percent of households in Metro Manila have no bank accounts. The reality these numbers represent is disheartening—and, on a certain level, dangerous. People have to physically line up for cash aid from social amelioration programs, which exposes both government employees and beneficiaries to infection. A digital payment system would have prevented these physical transactions from taking place. This is why I filed Senate Bill 1764, or the Use of Digital Payments Act of 2020. It is a counterpart to the bill filed by Bataan Representative Jose Enrique Garcia III. Senate Bill 1764 aims to promote the universal use of safe and efficient digital payments for financial transactions involving the government and the See “Angara,” A7

agency’s increasing expenditures for those admitted in hospitals because of Covid-19, it is predicted that PhilHealth’s funds would only last until 2021. It’s still September 2020 but the agency already suffered a loss of P90 billion. Therefore, PhilHealth must find a way to grow the funds it manages, like in investments. PhilHealth is facing serious challenges, including widespread corruption allegedly involving the officials that left their posts. Brothers and sisters, Mr. Gierran knows the weight of his new job. He was said to be scared but he would not shy away from the challenge. Mr. Gierran has been appointed to his position, and all we can do for now, aside from being vigilant about the steps he will take, is to pray for him, much like what Pope Francis reminded us: “People in government are responsible for the life of their country. It is good to think that, if people pray for authorities, people in government will be capable of praying for their people.”

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‘Perdon O Dios Mio!’

Tito Genova Valiente

TELLTALES

Since the President assumed office, he had been hostile to the US. He even terminated the Visiting Forces Agreement early this year but had a change of heart later by reconsidering his decision. His administration has adopted a paradigm shift in our foreign policy by pivoting towards China and getting friendlier with Russia. Only recently, he cancelled the scheduled joint military exercises with the US and other allied forces. During the press conference to announce the executive clemency in favor of the American convict, among others, the President said that he had consulted his legal advisers before coming up with his decision pardoning Pemberton. He alleged that Pemberton “had been treated unfairly.” This was, however, disputed by Laude’s lawyer, Atty. Virgie LacsaSuarez, who claimed that “if there’s anyone who was unfairly treated in the case it is Jennifer Laude, her family and the entire Filipino people.” For instance, Atty. Lacsa-Suarez alleged that during the trial, the American accused was always accompanied in court by over a dozen of his fellow American soldiers and highly paid lawyers while the Laude family only had their lawyer most of the time. Pemberton was always surrounded by American soldiers so that the PNP could not accost him after the promulgation of sentence. She also added that Pemberton was detained in a privileged holding facility with air-conditioning inside Camp Aguinaldo despite the court’s original order to detain him in the New Bilibid Prison. Likewise, the recent order issued by Judge Roline Ginez-Jabalde of the Regional Trial Court of Olongapo City for the early release of Pemberton before completing his prison term due to good conduct allowance showed favorable treatment of the American prisoner. The Laude family through their counsel challenged this court order and the matter was being heard by the court when the President granted the pardon. Actually, the President is not required to explain his decision when he pardons a person convicted by a final judgment. The pardoning power is solely vested in the President as provided for under Article VII, Sec. 19 of our Constitution, which reads: “Except in cases of impeachment, or as otherwise provided in this Constitution, the President may grant reprieves, commutations, and pardons, and remit fines and forfeitures, after conviction by final judgment…” Justice Secretary Menardo Guevarra explained that “pardon is an act of grace on the part of the chief executive. He may exercise this plenary power of executive clemency at any time and under any circumstance.” Pardon is discretionary to the President. Justice Isagani A. Cruz, a noted constitutionalist and political law authority, said that the pardoning power of the President “cannot be controlled by the legisla-

Angara. . .

continued from A6

general public. Under this act, all national government agencies, governmentowned and -controlled corporations, and local government units (LGUs) will be mandated to use effective digital payment systems.

Justice Secretary Menardo Guevarra explained that “pardon is an act of grace on the part of the chief executive. He may exercise this plenary power of executive clemency at any time and under any circumstance.” Pardon is discretionary to the President. Justice Isagani A. Cruz, a noted constitutionalist and political law authority, said that the pardoning power of the President “cannot be controlled by the legislature or reversed by the courts, save only when it contravenes the limitations” provided by the Constitution. ture or reversed by the courts, save only when it contravenes the limitations” provided by the Constitution. The constitutional limitations are: it cannot be granted in cases of impeachment; it cannot be granted for the violation of any election law, rule or regulation without the favorable recommendation of the Comelec; and, pardon can be granted only after conviction by final judgment. Thus, Pemberton did the right thing when he withdrew his petition for review on certiorari which he filed with the Supreme Court. Pardon will not absolve Pemberton of his civil liability which the court awarded to the victim’s family, including the judicial costs. If he has already paid them, they cannot be refunded because the benefit belongs to the private litigant, the Laude family, and not to the State. A convict who has already served his sentence may still be given a pardon by the President. A pardon is still material for the purpose of erasing whatever accessory penalties might have attached to the offense. An example is the perpetual disqualification to hold public office or to exercise the right to vote, which subsists beyond the service of the term. The pardon shall remove such a disability. A case in point is that of Robin Padilla who regained his civil and political rights when he was pardoned by President Duterte even after Robin had served out his sentence. Whether rightly or wrongly, the decision to pardon Pemberton is entirely the call of the President. The pardoning power rests exclusively on the sound judgment of the President and nobody, not even the Courts nor Congress, can interfere nor review the President’s decision. The President’s allies have said that the US did not ask the President for such pardon. Let’s leave it at that. If there’s something good that should come out of the exercise by the President of this presidential prerogative, may this presidential pardon of Pemberton result in better relations between our two countries. President Duterte declares that he is neither pro- or antiAmerican but a pro-Filipino. So be it. These will be used for tax collection, fees, tolls, payments for goods and services, and other similar transactions. All of the aforementioned government entities will be required to adopt account-based disbursements, so that targeted recipients will receive government payments directly through their bank or online accounts. The Bangko Sentral ng Pilipinas

Commanding celebrations and the memories of dictatorship

Manny F. Dooc

he title of this column refers to a traditional religious hymn of petitioning pardon to our Lord for our sins committed against our fellowmen. This hymn is sung in honor of the Divino Rostro, which is celebrated every 4th to 6th day of the Novena of the Our Lady of Peñafrancia in Naga City that falls on the first week of September. It’s a weird coincidence that on the same period, President Duterte granted absolute pardon to US Marine Lance Corporal Joseph Scott Pemberton who was found guilty of killing a Filipino transgender, Jeffrey “Jennifer” Laude in 2014.

Friday, September 11, 2020

annotations

oday, September 11, 2020, is the beginning of what could be an annual celebration in Ilocos: this is the declaration of the late dictator’s birthday as an official holiday. Through sheer political will on the part of them who believe the dictator was not an evil person, or that the regime of the late President Marcos qualified under the suspect label, benevolent dictatorship, a memory of martial law is burnished.

Histories have always memorialized periods of infamy. There is the celebration of Magellan, which is neither here nor there. The National Historical Commission of the Philippines would want us to believe that what was then a cluster of islands in the 16th century was part of the “scientific endeavor” embedded in the circumnavigation of the world. As my good friend, Kerwin Tate would say, “this is quite a stretch.” Then come some details about how the battle between Magellan’s forces and Lapu-lapu must be subsumed under the monumental chapter, “the Victory in Mactan.” If, indeed, we were victorious in that battle, how come the Spanish colonizers came back with such a cinematic triumph and occupied our island, our country and our consciousness for hundreds of years, killing those who protested, hanging the wise ones who sought enlightenment, and executing the influencers, like Jose Rizal. Who celebrates colonization? Well, who celebrates the dictator? Marcos was wise. He may have declared Martial Law and hauled into prison his critics, but he was not sure about the loyalty of the people. He was certain about their fears. He was confident, in fact, that the oppo-

sition, vociferous then, could always be shackled, suckled and, finally, rendered submissive to all his wishes. Three years after the declaration of Martial Law, he issued Proclamation 1490, series of 1975, and signed on August 26, 1975. This document declared September 11, 1975, as “Araw ng Mga Barangay sa Pilipinas” (literally, The Day of the Barangay in the Philippines). It was not, as the document clearly states, an imposition: WHEREAS, the Pambansang Katipunan ng mga Barangay has requested that September 11 be set aside to commemorate the institution of barangays in the Philippines; With the proclamation, the “barrios” were replaced with the “barangay”: WHEREAS, Barangays today are the basic political units of our country and were primarily established to constitute the base for citizen participation in governmental affairs and their collective views considered in the shaping of national policies and programs; Where before barrios were labels of backwardness and decay, or, romanticized as pristine wellspring of ancient ideals and values, in the dictator’s proclamation, the barrioturned-barangay was seen as having “ably demonstrated their capacities to act as effective agents of reforms and as vital forces in the political,

economic, social and cultural development of the nation…” The day was set aside as “a day for our citizens to dedicate themselves to the ideals and objectives of our Barangays…” and for us to “look up to our Barangays to provide leadership and example…” The proclamation did not stop there. In a move that, for a while, convinced the people Marcos was bent on changing the old to a new society, he closed the proclamation with this command: NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by law, do hereby declare September 11, 1975, and every year thereafter, as “Araw ng mga Barangay sa Pilipinas,” and enjoin all our countrymen to commemorate this significant event with a fitting civic activity in observance thereof to be led by the Barangay leaders. I further require that all government officials and employees should report to their respective Barangays and, on this date, pledge themselves to render civic action work within their communities on an appropriate date to be set by their Barangay chairman, to serve as inspirational example to their countrymen. This was the beginning of a program where government employees went back to their hometowns or barangays to bring to the “people” the programs of the government. This went on for a long time until the participation of these employees became a paid vacation leave and their activities turned into token presence. Overnight, the barrio captain became a significant person in the politics of the land. He was asked to sign important documents that

To live not die in pandemic

Still, something paradoxical has been developing in death statistics so far this year. The latest data of deaths is up to June 2020, and so, a fair assessment to make is to compare the first six months of this year with the same period of last year. Here goes. In the first half of the said years, the Philippine Statistics Authority (PSA) has recorded 259,246 deaths this year compared to 309,010 deaths last year, a drop of the number of deaths by almost 50,000 or a drop by 16 percent. Normally, the leading causes of deaths has to do with the following. That is, ischemic heart diseases, malignant neoplasms, pneumonia, cerebrovascular diseases, hypertensive diseases, diabetes mellitus, other heart diseases, respiratory tuberculosis, chronic lower respiratory infections, and the remainder of diseases of genitourinary system account for 69 percent of male and 74 percent of female deaths. If these

diseases are not dangerous enough, these if infected with Covid-19 can be multiple times more lethal. So, one could have easily predicted that so many of these people could have been infected by Covid-19, which could have easily spiked the death statistics. Still, the aggregate death statistics has declined. From January to June, the cases of Covid-19 had increased. So, one would think the death statistics would have increased by the month. Quite contrary. In January and February, the number of deaths declined by an average of 7 percent compared to the same period the previous year. In March and April, the number of deaths declined by an average of 17 percent. In May and June, the number of deaths declined by 15 and 35 percent, respectively. With the cases of Covid-19 exponentially increasing, the number of deaths has declined at more dramatic rates. There must be something that Covid-19 is forcing us

to do, and inadvertently is causing the death statistics to decline. Some sensational causes of death—or causes by ways that easily make popular media—are murder and either vehicular or pedestrian accidents. With respect to these, could the lockdowns have dramatically kept bad people inside and commuters stationed as to lower vehicular and pedestrian traffic to avoid deaths of these nature from happening and thereby reduce death statistics? It could not have been because assault explains only 5 percent and 0.5 percent of deaths among males and females in 2016. More so, vehicular, and pedestrian traffic accidents are not even listed as among the top causes of deaths. From balikprobinsya.ph, the Balik Probinsya program “is geared towards addressing Metro Manila’s congested urban areas by encouraging people, especially informal settlers, to return to their home provinces and assist them in this transition with support and incentives on transportation, family, livelihood, housing, subsistence and education, among others.” What if the program lessened congestion in metropolis areas improving health, and in the process inadvertently reducing the death statistics? Maybe. If so, those who had moved to the provinces would have increased the population in the rural regions and consequently increased the death statistics, or at least could have kept the death statistics in the said regions constant. However, even death statistics in rural regions have

will accelerate the process by adopting a national Quick Response code standard. This will be used to unify QR-driven payment services, allowing merchants and clients to minimize the number of accounts they have to use. LGUs will also support this move by requiring local merchants to adopt compatible and interoperable digital payment systems as a prerequisite for busi-

ness permits. Finally, the Department of Science and Technology and the Department of Information and Communications Technology will adopt measures that will make the cost of Internet access lower and more readily available. This will not only support government programs and services that will adopt digital payment systems, it will also encourage the general public to shift

to digital transactions. Filipinos need reliable, secure, and easily accessible digital payment systems not only for government services, but also for the economy as a whole. They will be important tools for us to adapt to the next normal, as they will improve social distancing efforts and welfare support. We need to develop them now, not later, so we

Luis F. Dumlao

EAGLE WATCH

S of September 10, 2020, more than 245,000 Filipinos have been affected by Covid-19 while causing 3,986 deaths. One death is too many, but 3,986 is more than enough for individuals like me to personally know at least two who have died of Covid-19.

were too complex for his untrained mind. The barangay captain was much sought after. One of the odd requirements of the government then was that before a student could graduate, he should have planted at least 10 trees. The same number of trees were required of students who were leaving abroad for studies. It did not matter where you planted them; the barangay captain did not need to inspect your “plantation.” You merely needed his signature. Some of the barangay captains then were illiterate. For those with romance and history in their eyes, the notion and reality of barrios—or villages— being renamed “barangays” was an overnight inspiration to dream of a land set free from the colonizer’s imagination. It was just a change in name just like the claim to New Society, or, later, those flamboyant parades called “Kasaysayan ng Lahi” ( lit. Histor y of the Race), an idea, which Imelda was supposed to have developed after attending in 1971 the 2500th anniversary of the Persian Empire. There were also those fashion shows that pretended to be cultural pageantry, and were dubbed “Bagong Anyo” (New Image) and were shown only in Manila. If ever the dictatorship was good with form but not with content. As regards the Araw ng Mga Barangay, it fell, take note, on the birthday of Marcos—September 11. With the proclamation, the dictator once more tricked the nation into celebrating his person, as the present generation is being tricked by a region into forgetting his dictatorship and lies.

E-mail: titovaliente@yahoo.com

declined, e.g. 45 percent decline in the Bangsamoro Autonomous Region in Muslim Mindanao, 25 percent decline in the Eastern Visayas Region and 28 percent decline in the Mimaropa Region. In fact, all regions—urban and rural—in the Philippines have seen their deaths statistics decline. Whatever the reasons are has to do with some common change among regions, thus a common decline of deaths across the country. With the combination of (1) the comorbidity diseases mentioned above leading the causes of deaths during normal times, (2) the Covid-19 particularly lethal to those with said diseases, and (3) the statistics of death declining, the reason must have something to do with behavioral changes that protect the citizens with the said leading causes of diseases from other types of infection and especially Covid-19. One Covid-19 death is too many, and 3,200 deaths even more, and even hurtful to personally know some of our dear ones passing. But something has happened to have caused the death statistics to plunge. As people became responsibly conscious of Covid-19, people started to social distance, wear masks and wash hands. Inadvertently, people could have prevented each other from infecting others from other “common” infections and “normal” leading causes of death. Luis F. Dumlao, PhD, is the Dean of the John Gokongwei School of Management, Ateneo de Manila University.

can prevent needless suffering and lay the foundations for the digital future of our country. Sen. Sonny Angara has been in public service

for 16 years—nine years as Representative of the Lone District of Aurora, and seven as Senator. He has authored and sponsored more than 200 laws. He is currently serving his second term in the Senate. E-mail: sensonnyangara@yahoo.com| Facebook, Twitter & Instagram: @sonnyangara

A8 Friday, September 11, 2020

BOC to review e-VRIS as solon flags corruption risk of system

By Bernadette D. Nicolas

@BNicolasBM

HE Bureau of Customs (BOC) said it is open to a “review and revision” of the Enhanced Value Reference Information System (e-VRIS) after a lawmaker denounced this as a “mere continuation” of a previous system that was earlier flagged by a House panel as prone to abuse and corruption. Customs Assistant Commissioner Vincent Philip Maronilla said they plan to meet with the House of Representatives to address the concern raised by AAMBIS-OWA Party-list Representative Sharon Garin that BOC implementing the e-VRIS will make the bureau cul-

pable of violating the Transaction Value System under the Customs Modernization and Tariff Act (CMTA). “We understand the concern of Representative Sharon Garin. The Bureau of Customs has committed to work with the House of

Representatives Ways and Means Committee in the review and revision of the e-VRIS in order to address the concern of the honorable members of the Committee and at the same time still retain the risk assessment functionality of the system,” Maronilla said in a message to BusinessMirror. Garin was also the one who moved to suspend late last year the implementation of the National Value Verification System after concerns were raised that it may violate the World Trade Organization agreement on import valuation. In July this year, the BOC announced that it is replacing NVVS with e-VRIS, which it said will serve as a risk management tool to ascertain the veracity of any statement, document, or declaration presented for customs valuation purposes. In a briefing of the BOC Import Assessment Service on e-VRIS before the House Committee on Ways and Means on Monday, Garin pointed out the misuse of Harmonized System Codes and called out the BOC for implementing the e-VRIS given that the existence of

the CMTA renders it unnecessary. Garin, who serves as vice chairman of the committee and is principal author of Republic Act 10863 (the CMTA), argued that the BOC is already empowered to ascertain the truth or accuracy of any statement, document, or declaration presented by importers, as mandated under the law. To determine a commodity’s transaction value, Garin said the BOC should instead adhere to the sequential method specified under the CMTA, adding that the bureau must not have the reference value arbitrarily changed as shown in the e-VRIS committee demonstration. “Don’t forget that we have the Customs Modernization Act. It’s very basic and it is adjusted to how we do things here in the Philippines,” she said. Garin also urged BOC to look closely into the activities of the

Import Assessment Service (IAS) to prevent unscrupulous activities that will hamper the country’s economic performance in the end. Sought for comment, Maronilla told the BusinessMirror the e-VRIS is intended to help their frontliners detect possible trade misinvoicing by providing them with a quick reference guide on prevailing identical or similar declared values. “It is intended to be a repository of historical data of all previously declared values combined with other reference valuation publications the BOC subscribed to,” he said. Pressed on whether the BOC can do away with e-VRIS, Maronilla said: “This is part of the review and revision, if needed, that we will work on with the members of the House Ways and Means Committee.”

FOREIGN TELCO INSIDE AFP CAMPS MAY BE ELECTRONIC TROJAN HORSE–RECTO

ENATE President Pro Tempore Ralph Recto raised an alarm Thursday over the possibility of an “electronic Trojan horse” penetrating military camps if a foreign telecommunication firm is allowed to operate inside restricted facilities of the Armed Forces of the Philippines (AFP). In a statement, Recto reminded authorities that “military camps should be no-go zones for a possible electronic Trojan horse,” referring to Dito Telecommunity, a consortium led by Davao businessman Dennis Uy, which has an investment from the state-owned China Telecommunications Corp. He pointed out the Philippines has a land area of 30 million hectares, with military installations occupying a fraction of it, estimating it may not even be 1/10th of 1 percent of the total. T he s e n at or s u g ge s t e d that Dito Telecommunity “can build their sites anywhere in this wide expanse of land—and government should help them —except in the 25 Navy bases and stations, 53 Army bases, and 17 air bases and stations, which should be declared as nogo zones for this company.”

Noting that the AFP is not a big landlord whose holdings are crucial in a telco’s operations, Recto wondered: “Why insist on building on military real estate?” Should health and env ironmental rules allow it, Dito should instead explore building towers in the almost 50,000 public school and state university campuses—and pay rent in cash and in kind, “the latter in free broadband for the students,” Recto said. The senator recalled that for the past 50 years, the AFP has enjoyed a most-favored agency status, as affirmed in the annual national budget, noting this shows “it does not need a land lease sideline business to augment its budget.... More so if the tenant is 40 percent owned by a state-owned foreign company whose principal allegiance, under the laws of that country, is to its government.” He, however, clarified that “I am not yet ready to fully subscribe to suspicions that having them inside these national security compounds is like letting in an electronic Trojan horse. But it is better to be safe than sorry.” Butch Fernandez

Poverty rate seen to worsen next year By Cai U. Ordinario @caiordinario

HE country’s poverty rate is expected to slightly worsen next year due to the pandemic, according to the National Economic and Development Authority (Neda). In a budget hearing at the Senate on Thursday, Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua said the country’s poverty rate could be anywhere between 15.5 percent and 17.5 percent next year. Chua added that the government estimates that the country’s unemployment rate could be around 6 percent to 8 percent next year. This means around 7 million Filipinos will still be jobless next year. “With Covid, we had to make some adjustments and hopefully temporary. We are seeing a poverty [rate of] 15 to 17 percent so there will be some temporary increase in the poverty rate,” Chua said. “And the profile of poverty is, we have to distinguish between the urban and rural poverty because the Covid pandemic, the quarantines are largely affecting the urban areas,” he explained. Chua said interventions such as the Social Amelioration Program (SAP) and the small business wage subsidy have both helped minimize the ill effects of the pandemic on poverty and unemployment. He clarified that if it weren’t for the pandemic, the country was on track to bring down poverty to 14 percent or lower by 2022 from the 16.7 recorded in 2018, when the last Family Income and Expenditure Survey (FIES) was conducted. However, Chua said as the pandemicinduced quarantines prevented people from leaving their homes and working, many were forced back or deeper into poverty. He expressed hope that through the progress that the government is making in terms of containing the virus and gradually opening the economy, more people will be lifted from poverty, which could be 14 percent or lower by 2022. Meanwhile, in terms of unemployment, Chua said the government already saw an improvement in unemployment between July 2020 at 10 percent and April 2020 at 17.7 percent. This indicated, he said, that the economy responded well to the government’s efforts to lower quarantine levels. With this, the country’s acting Chief Economist said these estimates may still change along with the changing economic conditions and the confidence of Filipinos. “I would reiterate that in the 2021 budget priorities, our priorities are really bringing back confidence through better health systems so that people will feel safe and buy. Number two is our food and agriculture. What is good this year is, we were able to keep inflation low and food inflation even much lower,” Chua said. The economy’s performance has been lackluster not only because of the quarantine restrictions but also because Filipinos had no confidence to spend. Household consumption, a primary driver of the economy, slowed to 0.2 percent in the first quarter and contracted 15.5 percent in the second quarter. This has kept inflation in check, averaging 2.4 percent in August and 2.5 percent between January and August 2020.

BSP warned against overselling gold reserves

HE Bangko Sentral ng Pilipinas (BSP) was warned Thursday against overselling its gold reserves in the midst of the Covid-19 pandemic. Sen. FrancisTolentino raised the alarm on learning that the BSP intends to “sell a small portion of the country’s gold reserves in the wake of “the current health crisis.” Tolentino conveyed his intention at the Senate Finance Committee’s deliberation on the Palace proposed P4.5trillion national budget for 2021 amid reports that the BSP is mulling over options to “sell parts of its gold reserves” to reduce its share from the country’s gross international reserves (GIR). He noted in a statement that based on BSP’s records, the country’s international gold reserves have reached a record-high $98.6 billion. The senator, however, reminded the BSP, through Deputy Governor Francisco Dakila, that certain provisions of Republic Act 7653 or the New Central Bank Act of 1993 may limit the selling of the country’s gold reserves during emergency situations.

Tolentino cited Section 72 of RA 7653 or the Act’s provision on “Emergency Restrictions on Exchange Operations,” stating that “during an exchange crisis, or in time of national emergency and to give the Monetary Board and the Government time in which to take constructive measures to forestall, combat, or overcome such a crisis or emergency, the Monetary Board, with the concurrence of at least five (5) of its members and with the approval of the President of the Philippines, may temporarily suspend or restrict sales of exchange by the Bangko Sentral, and may subject all transactions in gold and foreign exchange to license by the Bangko Sentral.” The lawmaker said“the BSP family should be aware of RA 7653 specifically Section 72 and I quote, emergency restrictions on exchange operations...they may temporarily suspend or restrict the sales of gold.” In turn, Deputy Governor Dakila explained, “it is not really the majority of the gold portion of the reserves that are going to be sold.” He recalled that BSP Governor Benjamin Diokno earlier clarified “the guid-

ance now is for about 10 percent of the country’s GIR” to be allocated to gold, noting that changes are based on market conditions. Dakila likewise clarified the planned selling of gold reserves is not only at the discretion of the BSP’s treasury department, but it is also “guided by the policy of the Monetary Board.” Tolentino, however, cautioned the Deputy Governor that the BSP and the Monetary Board may be “violating the law for its action since country is currently under a“national emergency,”adding that “any action taken, the discretionary actions taken by the Treasury Department even if it is pursuant to a Monetary Board resolution, should take into account the national emergency we are in right now.” The BSP should consider the pertinent provision of RA 7653 in connection with the supposed selling gold reserves, since during times of crisis or national emergencies, similar to this Covid-19 pandemic, “we might need the gold reserves later on,” Tolentino said. Butch Fernandez

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NTC recalls all frequencies assigned to ABS-CBN Corp.

By Lorenz S. Marasigan

@lorenzmarasigan

he National Telecommunications Commission (NTC) has ordered the recall of all frequencies previously assigned to former television giant ABS-CBN Corp., as it already “lost the privilege of installing, operating, and maintaining radio broadcasting stations.” Frequencies that are now being recalled were used for five AM radio stations, 18 FM radio stations, 43 TV stations, and 10 digital TV stations. These stations were placed in different parts of the country, previously serving both national and regional audiences. According to the order, the recall is necessary as ABS-CBN failed to

secure a valid congressional franchise. It added that the Supreme Court denied the plea of ABS-CBN for a relief. “Indubitably, the denial of Respondent’s franchise renewal application by Congress, coupled with the denial of Respondent's Petition by the Supreme Court, lead to no other conclusion except that Respondent

had already lost the privilege of installing, operating, and maintaining radio broadcasting stations in the country. Consequentially, absent a valid legislative franchise, the recall of the frequencies assigned to Respondent is warranted,” the order read. Congress earlier this year denied the renewal of franchise of ABSCBN, putting at risk the livelihood of thousands of the network’s employees. Aside from massive layoffs, including company veterans, the closure of the broadcasting business of ABS-CBN led to the closure of other businesses, including retail. Today, ABS-CBN streams its content via social-media sites and appbased video streaming platforms. It has yet to report the actual financial impact of the broadcast closure. Aside from the recall of frequencies, the NTC likewise ordered the revocation or cancellation of all provision authorities and certificates of public convenience granted to ABS-

CBN. Its pending applications and petitions are also now dismissed and denied. The company’s free TV and radio broadcast went off air last May 5 after the NTC issued a cease and desist order against the network following the expiration of its legislative franchise last May 4. After 12 hearings, the House Committee on Legislative Franchises rejected the franchise application of ABS-CBN Corp. on July 10. The committee adopted a resolution—based on the work of a hastily formed technical working group (TWG)—denying the franchise application of ABS-CBN Corp. to construct, install, establish, operate, and maintain radio and broadcasting stations in the Philippines. Citing several violations embodied in six segments of the TWG report, the House Committee on Legislative Franchises rejected the 25-year franchise application of the Lopez-led network.

GCash sees transactions hitting ₧1T F inancial technology (fintech) player GCash has set a P1-trillion transaction volume target for 2020, as Filipinos quickly adapt into the “new normal” due to the pandemic. GCash President Martha Sazon said this forecast is driven by the fact that the mobile wallet has seen “dramatic growth” in various use cases such as Save Money, Bank Cash-In, Peer-to-Peer Transfers, Bank Transfer, and Online Payments. “When the community quarantine was imposed earlier this year, we at GCash saw an exponential increase in the number of transactions. Our P1-trillion forecast by the end of the year goes to show how

relevant our services have been in helping Filipinos amidst the pandemic,” she said. Sazon said over the past few months, GCash has grown from an app that people turn to for convenience to becoming a platform that is necessary for daily tasks. Without disclosing actual figures, Sazon said both consumer and enterprise businesses grew in terms of user base and client base. “Under the new normal,digital payment services have helped keep the economy going. From something borne out of convenience, mobile wallets like GCash are now a necessity to thrive under the digital economy, whether you’re a customer or a merchant,” Sazon said.

She added that her group is constantly partnering with government agencies to bring cashless solutions more communities as the Philippines adapts into the new normal. “GCash is one with the government in its fight to flatten the curve through fintech. As our number of coronavirus cases continue to rise day by day, our services can help with the initiative to get everyone to stay at home and still do their daily tasks remotely,” Sazon said. Today, GCash users may use their mobile wallets to buy airtime load, transfer money to their loved ones, transact with over 86,000 merchants, pay to more than 400 billers, and wire money to over 40 banks.

Aside from these, GCash users may also use their mobile wallets to enjoy the best-in-the industry rates for savings accounts, to purchase affordable prepaid insurance, invest in money market funds, and tap into a digital credit facility. “W hile we have one of the most comprehensive and inclusive digital financial platforms in the market, GCash believes that we can still unlock more solutions to make our lives more bearable during this crisis. We will continue to innovate and provide better solutions across all markets to help everyone cope with the pandemic and in turn, provide finance for all,” Sazon said. Lorenz S. Marasigan

Phoenix Pepsi-Cola PHL to delist from PSE ties up with Pertamina T By Lenie Lectura @llectura

hoenix Petroleum Philippines Inc. and the Singapore unit of Pertamina Indonesia are forming a partnership meant to boost their fuel supply. “The Board of Directors of Phoenix has approved and authorized the company to enter into a strategic partnership with Pertamina International Marketing and Distribution Pte. Ltd., a Singaporebased subsidiary of state-owned PT Pertamina Indonesia, covering fuel product supply and other trading activities in Indonesia and the Philippines,” the independent oil firm said Thursday. The partnership, which has been approved by the Board of Directors of Phoenix Petroleum, is part of the oil company’s growth plans in Southeast Asia. “The strategic partnership covers supply and potential cooperation in the downstream business in both Philippines and Indonesia markets. Phoenix is likewise assured of secure and cost competitive product supply,” Phoenix Senior Vice President for External Affairs Raymond Zorilla said in a text message when sought for comment. The oil firm is engaged in the nationwide trading and marketing of refined petroleum products, including LPG and lubricants, operation of oil depots and storage facilities, hauling and into-plane services; convenience store retailing; and trading and supply. At end-June this year, total station count stood at 660.

he board of bottler PepsiCola Products Philippines Inc. decided to delist the company from the Philippine Stock Exchange (PSE), as the company will not be able to comply with the minimum public float rule given the uncertainty in the market. In a disclosure, the company said its South Korean parent Lotte Chilsung Beverage Co. Ltd. will start its tender offer procedure to acquire up to 77.85 million common shares held by all shareholders of the company. The said tender offer does not include those shares being held by majority owners Lotte Chilsung, Lotte Corp. and Quaker Global Investments B.V., a wholly-owned unit of PepsiCo Inc. Lotte Chilsung last year began its tender offer for the shares of Pepsi Philippines that it still does not own, or about 2.13 billion common shares equivalent to 57.78 percent of the company, for P1.95 apiece. It has previously asked for an exemptive relief from the Securities and Exchange Commission (SEC) and the PSE since it has no plans of delisting the company from the local bourse. The Korean company said it has no plans that would result in any merger, reorganization or liquidation of the company, or that would result in a material change to the company’s corporate structure or business. Lotte Corp. already owns at least 42.22 percent of the company.

BusinessMirror file photo

A s a result of the buyout, Pepsi-Cola Philippines's public float dwindled to 2.11 percent, or below the 10 percent minimum public ownership requirement. “Under the PSE Rule on Minimum Public Ownership, the company has until 18 December 2020 to comply with the 10-percent minimum public float requirement or otherwise be subject to involuntary delisting,” the company said. “A f ter due eva lu at ion a nd study of the options available to the company, the board of directors approved and authorized the voluntary delisting of the company’s shares from the PSE. Considering the level of its public ownership and the prevailing market conditions, it will not be

able to comply with the minimum public ownership requirement by 18 December 2020,” it added. The company's shares were suspended for trading since June and closed at P1.70 per share on June 17. Pepsi- Cola Philippines was incorporated on March 8, 1989, primarily as a local bottler of the products of PepsiCo. It went public on February 1, 2008. In August 2014, the SEC approved the amendment of its primary purpose to also engage in the manufacturing, sale and distribution of snacks, food and food products. It initially manufactured its Cheetos brand in the country but later on halted local production. VG Cabuag

Friday, September 11, 2020

Phirst Park completes construction of homes in Cavite, Batangas

BusinessMirror file photo

By VG Cabuag @villygc

hirst Park Homes Inc., the horizontal developer majority owned by listed firm Century Properties Group Inc., on Thursday said it completed a total of 1,140 house and lot units in Tanza, Cavite and Lipa, Batangas. Of the completed homes, 686 units have been inspected and accepted, company president Ricky M. Celis said. “The company is ramping up construction works to catch up on 3 months of coronavirus-triggered lockdowns. A total of 2,279 units are under construction across all projects,” he said. Since the company’s launch in 2017, the company has expanded its development footprint to 97 hectares and a total of 9,188 units launched with a sales value of P13.2 billion. Its reservation sales for the first six months of 2020 reached 1,548 units worth P3.12 billion. Phirst Park is 40 percent owned by Japan's Mitsubishi Corp. The 26-hectare Phirst Park Homes Tanza is almost complete for its first phase, 77 percent complete for its second phase and 40 percent done for its third phase with a total of 3,000 units. The subdivision’s clubhouse amenities are for completion in September this year. Meanwhile, the 20-hectare de-

velopment in Lipa, Batangas is 62 percent complete for first phase, and 36 percent for the second phase, out of 1,867 units. The 18-hectare subdivision in San Pablo, Laguna is 41 percent done for phase 1, and 27 percent for phase 2. Land development will start this month for the first 13-hectares of the newly-launched, 27.5-hectare subdivision in Batulao in Nasugbu, Batangas. The company earlier said a chunk of its business in the next few years will come from its affordable housing and leasing business as it is fast running out of high-rise condominium units to sell. Jose E.B. Antonio, the company's chairman said, these two segments are expected to corner about a third each of the company's revenues in the future. The remaining will still be contributed by sales from its high-rise developments. “The affordable housing continues to be buoyant because of the unmet demand for affordable housing in the Philippines. And office leasing continues to be very vibrant considering the fact that despite the realignment of office spaces, the vacancy in the industry remains to be very low at 5 percent,” Antonio said during the company's annual stockholders meeting conducted online. “Our locations are ideally located both for these companies to continue expanding their operations.”

Companies BusinessMirror

Friday, September 11, 2020

PSE STOCK QUOTATIONS

September 10, 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 PBCOM PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FERRONOUX HLDG FILIPINO FUND IREMIT MEDCO HLDG MANULIFE NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE

46.3 91.85 64.95 21.3 8.11 34.45 7.93 17.1 22.65 49.6 15.9 94.85 54.1 0.78 22.5 2.65 7.2 0.94 0.28 730 0.59 155.1 1905 1.03

46.4 92 65 21.5 8.18 34.5 8.99 17.36 22.9 49.8 16.12 95 54.15 0.81 23 2.7 8.39 1.01 0.295 754 0.6 159.5 1950 1.1

45 91.1 65.15 21.5 8.25 34.5 8.88 17.36 20 49.8 15.84 94.05 54.1 0.78 23.1 2.63 8 0.96 0.295 755 0.61 158 1950 1.03

46.5 92.15 65.7 21.55 8.29 34.9 8.99 17.36 22.9 49.8 16 96.15 54.1 0.78 23.1 2.65 8 0.96 0.295 755 0.61 158 1950 1.03

45 90.2 65 21.3 8.11 34.15 8.88 17.36 19.8 49.7 15.84 94 53.95 0.78 23 2.63 8 0.96 0.295 755 0.59 155.1 1950 1.03

46.3 92 65 21.3 8.11 34.5 8.99 17.36 22.9 49.7 15.9 95 54.1 0.78 23 2.65 8 0.96 0.295 755 0.61 155.1 1950 1.03

2400 2140320 4658090 52000 587200 1930700 3900 100 3031500 1500 46400 615210 15020 15000 2600 310000 500 1000 160000 10 31000 2860 15 2000

111110 195863198 303134533 1113385 4790558 66742045 35017 1736 65986639 74680 737274 58525101.5 812552 11700 59850 821450 4000 960 47200 7550 18530 451793 29250 2060

-4630 -6913222 -105295787 -770930 -8286 -16784115 -17615834 -694320 1960048.5 -585362 -142200 -29250 -

INDUSTRIAL AC ENERGY 3.11 3.12 3.12 3.16 3.06 3.12 18325000 56948740 1.21 1.23 1.21 1.24 1.21 1.23 1140000 1394800 ALSONS CONS ABOITIZ POWER 26.65 27.1 27.1 27.35 26.65 26.65 1163200 31271575 0.177 0.18 0.182 0.182 0.178 0.18 130000 23220 BASIC ENERGY FIRST GEN 25 25.15 25 25.4 24.7 25 1990600 49687600 60.8 61.2 62.5 62.5 60.6 60.8 20170 1250425.5 FIRST PHIL HLDG 268.8 269 270 270 265.4 268.8 188210 50453482 MERALCO MANILA WATER 14.24 14.3 14.06 14.32 14 14.3 837600 11919302 3.08 3.09 3.08 3.1 3.08 3.09 441000 1362180 PETRON PETROENERGY 3.19 3.29 3.13 3.29 3.13 3.29 5000 15970 10.78 11 10.78 11 10.78 11 9500 103900 PHX PETROLEUM 17.74 17.76 17.76 17.8 17.72 17.74 187500 3327674 PILIPINAS SHELL SPC POWER 9.16 9.17 9.11 9.18 9.11 9.16 58800 538518 7.77 7.98 7.9 7.99 7.75 7.99 192100 1503279 AGRINURTURE AXELUM 2.34 2.35 2.31 2.37 2.31 2.34 406000 951010 11.44 11.46 11.46 11.46 11.46 11.46 1000 11460 CNTRL AZUCARERA 18.2 18.3 18.1 18.48 18.1 18.3 3893600 71166520 CENTURY FOOD DEL MONTE 4.78 4.8 4.85 4.85 4.78 4.78 16000 76920 5.58 5.61 5.58 5.69 5.52 5.6 2857400 16031792 DNL INDUS EMPERADOR 9.93 9.97 9.93 10.18 9.92 9.94 3784900 37831460 64 64.05 64.3 64.3 64.05 64.05 66940 4298039.5 SMC FOODANDBEV 0.65 0.66 0.66 0.66 0.65 0.65 46000 29940 ALLIANCE SELECT FRUITAS HLDG 1.19 1.21 1.16 1.23 1.14 1.21 17720000 21201630 47.55 48.5 47 49 46.1 48.5 133700 6473825 GINEBRA JOLLIBEE 135.6 136 137.6 137.6 134.2 136 701320 95265604 7.72 8.3 8.35 8.35 8.35 8.35 1300 10855 MACAY HLDG MAXS GROUP 4.85 4.97 5 5.02 4.85 4.97 568000 2783320 MG HLDG 0.127 0.13 0.129 0.13 0.129 0.13 260000 33760 6 6.04 6.19 6.19 6 6.04 148900 905718 SHAKEYS PIZZA ROXAS AND CO 1.12 1.13 1.11 1.14 1.1 1.12 2889000 3211840 4.56 4.98 4.5 4.98 4.5 4.98 15000 68890 RFM CORP ROXAS HLDG 1.84 1.87 1.9 1.94 1.76 1.84 168000 309090 142.2 143 142.9 145 141 142.2 1204040 172696576 UNIV ROBINA 0.78 0.79 0.79 0.79 0.77 0.79 2138000 1669730 VITARICH VICTORIAS 2.3 2.32 2.24 2.24 2.24 2.24 10000 22400 52.1 55 55 55 55 55 10 550 CONCRETE B CEMEX HLDG 1.52 1.53 1.58 1.59 1.49 1.52 39553000 60689480 EAGLE CEMENT 14.48 14.52 14.6 14.6 14.4 14.48 2903100 42100206 6.85 6.92 6.75 6.94 6.65 6.92 708400 4837939 EEI CORP HOLCIM 6.1 6.11 6.1 6.21 6.02 6.11 1731700 10564826 7.21 7.24 7.05 7.3 7.05 7.24 1810200 13043012 MEGAWIDE PHINMA 8.8 9 8.85 9 8.85 9 21000 188820 0.66 0.68 0.66 0.68 0.66 0.68 41000 27100 TKC METALS 0.74 0.76 0.73 0.77 0.73 0.76 491000 365520 VULCAN INDL CHEMPHIL 110.9 166 110.9 110.9 110.9 110.9 40 4436 1.9 1.98 1.98 1.98 1.98 1.98 2000 3960 CROWN ASIA EUROMED 1.85 1.88 1.82 1.88 1.82 1.88 222000 409370 4.35 4.45 4.4 4.4 4.4 4.4 1000 4400 LMG CORP 4.45 4.66 4.73 4.73 4.59 4.72 7000 32780 MABUHAY VINYL PRYCE CORP 4.15 4.16 4.15 4.15 4.15 4.15 263000 1091450 20 21 20 20 20 20 45600 912000 CONCEPCION GREENERGY 2.22 2.23 2.09 2.22 2.09 2.22 19168000 41401460 6.34 6.39 6.5 6.6 6.25 6.34 1110100 7047761 INTEGRATED MICR 0.96 0.97 0.96 0.98 0.96 0.97 170000 164230 IONICS SFA SEMICON 1.4 1.42 1.45 1.46 1.41 1.42 807000 1151200 5.75 5.8 5.8 5.85 5.75 5.75 639200 3698867 CIRTEK HLDG

1193550 -152580 -11130035 -27063195 -1008283 -30241072 2278710 -9390 -11000 1607258 160185 53204 13860 11893508 -14410 3336740 -3773509 -2618127 73590 2596590 -36385298 48900 -28600 116727 8800 22500 -17942931 -5530 6432560 -156668 653973 -494010 -437680 2640 -490000 1005250 -1541932 71500 -62638

HOLDING & FRIMS ABACORE CAPITAL 0.48 0.485 0.485 0.495 0.48 0.485 2890000 1406000 7.51 7.87 7.98 7.98 7.67 7.86 14300 111499 ASIABEST GROUP AYALA CORP 700 705 714 719 692 700 400550 281171365 47.5 48 48.3 48.9 47.1 47.5 720000 34455080 ABOITIZ EQUITY ALLIANCE GLOBAL 6.97 6.98 6.85 7.11 6.84 6.97 27364200 191758968 1.92 1.94 1.84 1.95 1.84 1.93 6656000 12733640 AYALA LAND LOG 6.3 6.47 6.47 6.47 6.36 6.36 3400 21833 ANSCOR ANGLO PHIL HLDG 0.55 0.56 0.54 0.55 0.54 0.55 44000 24010 0.54 0.55 0.54 0.55 0.54 0.55 388000 211530 ATN HLDG A ATN HLDG B 0.55 0.56 0.55 0.56 0.55 0.56 169000 93100 5.12 5.22 5.12 5.33 5.12 5.12 1448700 7539785 COSCO CAPITAL 4.03 4.05 4.05 4.12 3.99 4.05 4561000 18511240 DMCI HLDG FILINVEST DEV 8.51 8.53 8.52 8.53 8.52 8.53 25700 219064 402 402.8 404.8 409 401 402.8 262250 105826706 GT CAPITAL HOUSE OF INV 3.15 3.22 3.15 3.15 3.1 3.1 33000 103800 60.55 61.7 62.75 63 60.55 60.55 1432300 87892372 JG SUMMIT 0.59 0.63 0.62 0.63 0.59 0.62 48000 29320 LODESTAR LOPEZ HLDG 2.41 2.43 2.45 2.45 2.41 2.41 832000 2011330 8.52 8.54 8.65 8.65 8.5 8.54 1260200 10762595 LT GROUP MABUHAY HLDG 0.53 0.55 0.58 0.6 0.51 0.51 700000 376650 1.74 1.96 1.71 1.71 1.71 1.71 1000 1710 MJC INVESTMENTS 3.45 3.5 3.5 3.56 3.45 3.45 19276000 67430970 METRO PAC INV PRIME MEDIA 0.76 0.8 0.8 0.81 0.8 0.8 70000 56170 2.5 2.6 2.6 2.6 2.6 2.6 30000 78000 REPUBLIC GLASS SOLID GROUP 0.98 0.99 0.99 1 0.99 1 102000 101010 153.1 166 166 166 166 166 30 4980 SYNERGY GRID SM INVESTMENTS 877 880 887 899 864 880 1795700 1567775355 SAN MIGUEL CORP 99.5 100 99.5 100.9 99.4 99.5 165130 16438800 0.64 0.65 0.62 0.65 0.62 0.65 135000 87380 SOC RESOURCES WELLEX INDUS 0.186 0.196 0.186 0.186 0.186 0.186 10000 1860 0.143 0.148 0.147 0.149 0.142 0.148 920000 133170 ZEUS HLDG

-258650 -44722520 -17644320 54744320 -443350 -2010130 636330 -55312998 -25050 -33354481 590 -781240 4024474 -26394710 1222712875 -1784189.5 -

PROPERTY ARTHALAND CORP AYALA LAND ARANETA PROP AREIT RT BELLE CORP A BROWN CITYLAND DEVT CEB LANDMASTERS CENTURY PROP CYBER BAY DOUBLEDRAGON DM WENCESLAO EMPIRE EAST FILINVEST LAND GLOBAL ESTATE 8990 HLDG PHIL INFRADEV CITY AND LAND MEGAWORLD MRC ALLIED PRIMEX CORP ROBINSONS LAND SHANG PROP STA LUCIA LAND SM PRIME HLDG VISTAMALLS SUNTRUST HOME VISTA LAND

0.56 29.95 0.98 25.7 1.36 0.8 0.87 5.05 0.365 0.265 14.42 5.74 0.26 0.89 0.77 7.31 1.28 0.7 3.07 0.246 1.12 14.6 2.65 1.97 28.25 3.73 1.19 3.32

0.57 30 1.01 25.75 1.38 0.81 0.88 5.06 0.37 0.275 14.6 5.75 0.265 0.9 0.79 7.34 1.29 0.73 3.08 0.247 1.13 14.7 2.67 1.98 28.4 3.83 1.2 3.33

0.56 29.95 1.02 25.8 1.36 0.78 0.88 5.13 0.36 0.27 14.68 6 0.255 0.9 0.77 7.35 1.18 0.72 3.06 0.249 1.13 14.62 2.68 1.99 28.8 3.75 1.19 3.34

0.58 30.3 1.02 25.85 1.37 0.82 0.88 5.13 0.37 0.29 14.72 6.3 0.265 0.92 0.78 7.35 1.34 0.73 3.1 0.255 1.13 14.86 2.68 1.99 28.85 3.87 1.2 3.36

0.54 29.3 1.02 25.75 1.35 0.78 0.84 5.04 0.36 0.265 14.4 5.75 0.255 0.9 0.77 7.3 1.18 0.72 3.06 0.247 1.13 14.58 2.67 1.98 28.25 3.72 1.18 3.26

0.56 30 1.02 25.75 1.36 0.81 0.87 5.06 0.365 0.265 14.6 5.75 0.265 0.9 0.77 7.33 1.28 0.73 3.08 0.247 1.13 14.7 2.67 1.98 28.25 3.83 1.2 3.33

2324000 9511500 1000 413900 300000 6719000 74000 921500 2280000 1480000 541700 4556600 40000 12988000 944000 38100 17527000 129000 8137000 22990000 37000 1651200 30000 105000 9239400 98000 450000 3425000

1307410 285381880 1020 10679140 407980 5375930 64340 4669607 828650 416350 7891796 27566451 10350 11722100 727680 279005 22304540 93840 25037940 5719930 41810 24178828 80230 207950 263065195 369600 533750 11361510

SERVICES

ABS CBN GMA NETWORK MANILA BULLETIN MLA BRDCASTING GLOBE TELECOM PLDT APOLLO GLOBAL DFNN INC DITO CME HLDG IMPERIAL ISLAND INFO JACKSTONES NOW CORP TRANSPACIFIC BR PHILWEB 2GO GROUP ASIAN TERMINALS CHELSEA CEBU AIR INTL CONTAINER LBC EXPRESS LORENZO SHIPPNG MACROASIA METROALLIANCE A PAL HLDG HARBOR STAR BOULEVARD HLDG WATERFRONT CENTRO ESCOLAR IPEOPLE STI HLDG BERJAYA BLOOMBERRY PACIFIC ONLINE LEISURE AND RES PH RESORTS GRP PREMIUM LEISURE ALLHOME METRO RETAIL PUREGOLD ROBINSONS RTL PHIL SEVEN CORP SSI GROUP WILCON DEPOT APC GROUP EASYCALL GOLDEN BRIA PRMIERE HORIZON

7.1 5.12 0.395 11.22 2080 1447 0.056 2.87 3.39 1.35 0.068 1.53 2.3 0.185 2.26 8.45 15.72 3.35 36.65 105.6 15.4 0.79 4.78 1.56 5.76 1.11 0.027 0.38 6.32 7.29 0.315 2.95 6.82 1.92 1.3 2.13 0.315 5.88 1.41 49.75 67.95 118.1 1.26 15.9 0.3 6.13 288 0.22

7.14 5.14 0.4 11.7 2082 1448 0.058 2.98 3.4 1.45 0.071 1.61 2.31 0.188 2.27 8.5 16.48 3.36 36.7 106 15.6 0.83 4.79 1.57 5.77 1.12 0.028 0.39 6.99 7.94 0.325 2.98 6.86 1.99 1.31 2.3 0.32 5.9 1.42 49.85 68.4 124.5 1.27 16.1 0.305 6.19 306 0.221

7.2 5.14 0.395 11.7 2130 1452 0.057 2.98 3.37 1.4 0.067 1.57 2.32 0.177 2.25 8.42 15.72 3.38 38 106.1 14.8 0.79 4.79 1.56 5.84 1.04 0.028 0.39 6.32 7.29 0.31 2.6 7 2 1.3 2.3 0.33 5.87 1.39 51 68 115.5 1.19 15.9 0.295 6.15 285.2 0.219

7.22 5.15 0.4 11.7 2134 1464 0.058 2.98 3.43 1.52 0.068 1.58 2.38 0.19 2.29 8.5 15.72 3.41 38 107 15.6 0.79 4.84 1.57 5.84 1.11 0.028 0.39 6.32 7.29 0.325 2.95 7.12 2 1.3 2.3 0.33 6 1.42 51.45 69 125 1.27 16.1 0.31 6.2 308 0.223

7.1 5.12 0.39 11.7 2080 1446 0.055 2.98 3.37 1.4 0.067 1.57 2.31 0.176 2.21 8.41 15.72 3.33 36.25 105.3 14.8 0.79 4.76 1.55 5.77 1.04 0.027 0.38 6.32 7.29 0.31 2.6 6.82 1.99 1.3 2.3 0.315 5.84 1.38 49.35 67.9 115.5 1.19 15.9 0.295 6.15 285.2 0.219

7.14 5.12 0.4 11.7 2080 1448 0.058 2.98 3.4 1.45 0.068 1.58 2.31 0.188 2.26 8.5 15.72 3.36 36.65 106 15.6 0.79 4.79 1.56 5.77 1.11 0.028 0.38 6.32 7.29 0.325 2.95 6.82 1.99 1.3 2.3 0.32 5.9 1.42 49.75 67.95 125 1.27 16.1 0.305 6.19 308 0.221

255600 223000 120000 100 29750 123935 20360000 1000 17057000 6000 80000 15000 2361000 14720000 792000 10800 100 382000 425400 348110 22700 60000 935000 84000 24400 3493000 4100000 80000 1000 100 37470000 2120000 10910700 4000 209000 5000 20950000 4086600 1134000 1525560 468120 104150 18155000 1310100 2400000 8800 50 2500000

1832886 1144180 47150 1170 62430330 180119345 1148800 2980 58019220 8640 5410 23640 5510140 2725990 1780230 91675 1572 1287000 15704015 36964362 350880 47400 4480860 130450 141060 3804800 113400 30700 6320 729 11978550 5970120 75922927 7970 271700 11500 6751600 24184328 1587870 76425140.5 31823521 12031169 22410460 21068396 724200 54437 14932 549810

24619620 -2618220 -293760 -21600 -233150 -5054324 -20819597 -10300230 -103726 508530 -2298780 386880 -9964134 -21280 -77725285 -993220 -22530680 -15038680 28500 788180 152530 -24520 11250 5894 67200 -5925720 -834784 -108380 -642490 -140900 5150 -15709057 91100 1128426 -17681149 -26467927.5 -1245 451740 4718568 25350 -

MINING & OIL ATOK 7.3 7.99 7.79 8 7.79 8 1000 7832 APEX MINING 1.58 1.59 1.61 1.61 1.58 1.59 3449000 5504440 -984240 0.0008 0.0009 0.0009 0.0009 0.0008 0.0009 169000000 149000 ABRA MINING ATLAS MINING 3.82 3.84 3.91 3.91 3.84 3.84 192000 739160 192380 2.83 2.87 2.88 2.97 2.7 2.87 434000 1230520 BENGUET A 2.8 2.95 2.98 2.98 2.92 2.97 16000 47210 BENGUET B COAL ASIA HLDG 0.216 0.223 0.219 0.223 0.219 0.221 520000 114240 2.44 2.55 2.5 2.55 2.5 2.55 217000 553250 548249.9998 CENTURY PEAK DIZON MINES 7.75 7.82 7.84 7.84 7.76 7.82 1000 7788 1.25 1.26 1.24 1.29 1.23 1.25 8580000 10834200 447880 FERRONICKEL 0.226 0.23 0.229 0.229 0.225 0.229 60000 13640 GEOGRACE LEPANTO A 0.148 0.149 0.147 0.149 0.147 0.149 5730000 850580 0.147 0.155 0.148 0.148 0.148 0.148 160000 23680 4440 LEPANTO B MANILA MINING A 0.0096 0.0099 0.0097 0.0097 0.0097 0.0097 2000000 19400 0.93 0.95 0.92 0.95 0.92 0.95 1634000 1541590 -99500 MARCVENTURES 2.07 2.08 2.03 2.1 2.03 2.08 876000 1798450 8160 NIHAO NICKEL ASIA 3.08 3.09 3.08 3.15 3.07 3.08 5993000 18619690 1035330 0.37 0.385 0.37 0.38 0.37 0.38 170000 64400 OMICO CORP ORNTL PENINSULA 0.55 0.57 0.55 0.57 0.55 0.57 634000 354120 4.13 4.15 4.07 4.21 4.07 4.14 1757000 7300440 3712000 PX MINING 9.71 9.73 9.96 9.96 9.7 9.71 2590800 25418296 -9417954 SEMIRARA MINING UNITED PARAGON 0.0049 0.005 0.0049 0.0049 0.0049 0.0049 6000000 29400 5.83 5.9 6.24 6.24 5.83 5.84 117300 687832 175200 ACE ENEXOR ORNTL PETROL A 0.0084 0.0087 0.0087 0.0087 0.0085 0.0085 2000000 17200 0.0083 0.0089 0.0083 0.0083 0.0083 0.0083 1000000 8300 ORNTL PETROL B PHILODRILL 0.0091 0.0093 0.0092 0.0094 0.0092 0.0093 29000000 268000 5.22 5.23 5.26 5.26 5.18 5.22 419900 2187712 -388917 PXP ENERGY PREFFERED HOUSE PREF A 99 101 100 100 98.25 98.25 10000 992557.5 100.9 102 102 102 100.8 102 15610 1575996 100980 DD PREF PNX PREF 3A 96.55 97 97 97 97 97 300 29100 100.1 102.8 102.8 102.8 102.8 102.8 50 5140 PNX PREF 3B PNX PREF 4 940 947 940 947 939 947 7980 7501505 1010 1075 1065 1065 1065 1065 20 21300 PCOR PREF 2B 1041 1060 1060 1060 1060 1060 80 84800 PCOR PREF 3A PCOR PREF 3B 1075 1089 1075 1075 1075 1075 50 53750 78.2 78.5 78.5 78.5 78.5 78.5 630 49455 SMC PREF 2C SMC PREF 2E 76.3 76.5 76.5 76.5 76.2 76.2 28880 2202120 78 79 78 78 78 78 176500 13767000 SMC PREF 2F 76.1 76.9 76.2 76.2 76.1 76.1 1000 76104 SMC PREF 2G SMC PREF 2H 76.1 76.6 76.1 76.1 76.1 76.1 66600 5068260 76.6 78.5 78.5 78.5 78.5 78.5 600 47100 SMC PREF 2I PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 6.75 6.8 6.8 6.8 6.8 6.8 230000 1564000 -1564000 4.98 5.01 5 5.01 5 5.01 53500 268029 GMA HLDG PDR WARRANTS LR WARRANT 0.64 0.67 0.66 0.67 0.66 0.67 63000 42150 SMALL & MEDIUM ENTERPRISES ALTUS PROP 10.56 10.58 10.5 11 10.5 10.58 232800 2488114 -98838 1.83 1.84 1.8 1.85 1.78 1.83 1218000 2214680 -30940 ITALPINAS KEPWEALTH 5.22 5.29 5.24 5.3 5.2 5.29 105000 552016 31720 2.96 2.97 3.05 3.06 2.97 2.97 10465000 31440680 623020 MERRYMART XURPAS 0.5 0.51 0.52 0.52 0.5 0.51 2170000 1095620 2500 EXHANGE TRADE FUNDS FIRST METRO ETF 89.5 90.8 90 91.2 89.5 89.5 14700 1326408.5 34335

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AC Energy, partner sell stake in Infigen to Spain’s Iberdrola

By Lenie Lectura

@llectura

AC Energy Holdings Pty Ltd (UAC), the joint venture between AC Energy, Inc. and UPCAC Renewables Australia, gave up its 20-percent investment in Australia’s Infigen Energy Ltd. (Infigen). UAC, which sold its Infigen interest to Spain’s Iberdrola Group, accepted the takeover offer for all its securities at $0.92 per stapled security. Iberdrola has continued to secure significant levels of acceptances and last week achieved a 75-percent

ownership of the company, enabling it to move towards a delisting from the Australian Securities Exchange (ASX). Infigen Energy, is listed on the ASX and has nearly 1,000MW of installed capacity. “With the potential delisting of Infigen, AC Energy has decided to

divest its stake in the company. We wish Iberdrola well on its successful acquisition of the platform,” said Patrice Clausse, AC Energy International COO. UAC had just completed last July its investment in Infigen at an average price of approximately $0.794 per stapled security. Back then, UAC said its Infigen investment was a “crucial move forward” for AC Energy’s regional expansion as it remains committed to its goal of exceeding 5 gigawatts (GW) of attributable capacity, with 50 percent of energy generated from renewables, by 2025. Clausse said AC Energy remains committed to invest in Australia, as it moves to ramping up construction of its 720MW New England Solar Farm in the coming months. AC Energy is the energy plat-

form of conglomerate Ayala Corp. In 2019, AC Energy’s power portfolio registered an attributable capacity of over 1.8 GW in operation and under construction, spanning projects in the Philippines, Indonesia and Vietnam. The company increased its attributable energy output in 2019 by 25 percent to 3,500 Gigawatt hours, of which 50 percent came from renewable energy sources. In June, AC Energy announced its acquisition of a 12.82-percent stake in Infigen for AUD90.4 million via UAC. Infigen is a renewable energy developer, generator, and retailer listed on the Australian Securities Exchange that owns and operates 670megawatts (MW) of wind farms all over Australia, as well as gas, battery and contracted assets.

‘Internet access EO requires careful study’ By Samuel P. Medenilla @sam_medenilla

alacañang on Thursday said Philippine Chamber of Commerce and Industry’s (PCCI) proposal to allow satellite access liberalization in the country would require more than an executive order (EO). Presidential Spokesperson Harry Roque said during an online briefing that PCCI’s proposal requires careful study since it may encroach on the power of Congress to grant franchises. “I think this is unlikely for the President to do this through an executive order because he will be possibly infringing on the powers of Congress. But we need to study the matter in more details,” Roque said. He noted that any use of the airwaves in the country is subject to the grant of franchise by Congress. PCCI urged President Duterte to issue an executive order allowing satellite access liberalization to improve internet access in the country. It explained the policy “will allow internet service providers, including those without congressional franchise, to build their own network using satellite technology for Internet connectivity.” Local telecommunication companies have blamed the lack of the necessary infrastructure as one of the major factors for the poor internet connection in the country. They claimed this could be significantly improved if they are allowed

to construct more communication towers as well as lay down more fiber cables. No less than President Duterte ordered concerned government agencies and local government units to fast-track their issuance of permits for the building of more communication towers. Also last week, Presidential Adviser for Flagship Projects Vivencio Dizon said the government is now eyeing to streamline the process of installing fiber optic cables. In May Action for Economic Reform (AER) called on the Department of Information and Communications Technology’s (DICT) to temporarily procure the services of Internet service providers (ISPs) for local government units (LGUs) as this would improve connectivity especially in far-flung areas. This was part of the recommendations made by AER and over 60 other organizations and 38 individuals to the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF-EID). By using the ISPs, AER said the government can provide internet services using any type of technology to establishments such as hospitals, quarantine/isolation facilities, health centers, city/municipal halls, and barangay halls. The groups said this can be done through an EO allowing ISPs and value-added service providers to connect directly to international satellites for broadband connectivity, and mandates tower and passive infrastructure sharing.

Nissan begins first dollar bond sale in at least 2 decades

issan Motor Co. kicked off the sale of its first non-convertible dollar bonds in at least two decades, as the Japanese carmaker starts a global rush to boost finances after its biggest loss in about 20 years. The carmaker is selling four dollar bonds as long as 10 years, ahead of a debut public euro offering as soon as Friday, according to people familiar with the matter. The Yokohama-based company has already received financial backing from the state-controlled Development Bank of Japan Inc., according to local media reports over the weekend, and in July priced 70 billion yen ($659 million) of notes in its home market. Nissan, which allied with Renault SA in 1999 and later also with Mitsubishi Motors Corp., is cutting jobs and capacity as the pandemic hits demand, while seeking to revive an aging lineup and improve margins at the same time. For the

current fiscal year through March, Nissan is forecasting a 470 billion yen operating loss. The automaker has been mired in turmoil since the 2018 arrest of former Chairman Carlos Ghosn. The company’s ratings have also suffered and S&P Global Ratings cut Nissan’s credit score to just one level above junk in July. From an investment perspective, Nissan may be difficult as a regular highgrade credit given its current ratings but the company can probably garner interest from high-yield bond buyers overseas, according to Masayuki Tsujino, a senior fund manager at Asahi Life Asset Management Co. Nissan already has sufficient liquidity but has decided to further strengthen its finances as the company is undertaking business structural reforms, according to Azusa Momose, a spokeswoman at the carmaker. Having access to a broad base of investors is also important, she said. Bloomberg News

mutual funds

September 10, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 195.44 -24.61% -11% -4.78% -22.4% ATRAM Alpha Opportunity Fund, Inc. -a 1.088 -30.27% -12.92% -2.69% -21.27% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.6181 -34.93% -15.69% -6.88% -28.82% Climbs Share Capital Equity Investment Fund Corp. -a 0.6704 -30.52% -12.67% n.a. -25.35% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6891 -20.34% n.a. n.a. -18.86% First Metro Save and Learn Equity Fund,Inc. -a 4.2069 -22.94% -9.24% -4.25% -21.05% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6563 -25.19% -12.03% n.a. -23.11% MBG Equity Investment Fund, Inc. -a 83.13 -28.98% n.a. n.a. -19.47% PAMI Equity Index Fund, Inc. -a 39.1396 -25.33% -9.7% -3.6% -23.68% Philam Strategic Growth Fund, Inc. -a 421.1 -22.85% -8.96% -3.77% -20.96% Philequity Alpha One Fund, Inc. -a,d,5 0.8772 n.a. n.a. n.a. -14.84% Philequity Dividend Yield Fund, Inc. -a 1.0023 -24.17% -9.03% -3.27% -22.12% Philequity Fund, Inc. -a 29.3429 -24.44% -8.68% -2.93% -22.57% Philequity MSCI Philippine Index Fund, Inc. -a 0.7719 -25.54% n.a. n.a. -24.18% Philequity PSE Index Fund Inc. -a 3.9956 -24.98% -9.14% -2.88% -23.51% Philippine Stock Index Fund Corp. -a 668.02 -24.86% -9.14% -2.99% -23.39% Soldivo Strategic Growth Fund, Inc. -a 0.6031 -34.41% -13.1% -7.01% -29.16% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.0898 -28.58% -10.6% -4.3% -26.59% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.7655 -25.07% -9.33% -3.08% -23.51% United Fund, Inc. -a 2.7859 -25.37% -8.35% -2.55% -23.74% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 89.7235 -24.72% -8.7% -2.19% -23.28% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $1.04 9% -0.13% 3.83% 1.13% Sun Life Prosperity World Voyager Fund, Inc. -a $1.4867 14.05% 7.9% n.a. 7.83% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.5612 -6.43% -4.61% -2.8% -0.1% ATRAM Philippine Balanced Fund, Inc. -a 2.0473 -11.54% -4.99% -1.25% -6.13% First Metro Save and Learn Balanced Fund Inc. -a 2.3926 -10.37% -3.54% -2.19% -9.08% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1726 n.a. n.a. n.a. -24.46% NCM Mutual Fund of the Phils., Inc. -a 1.8293 -6.97% -1.57% 0.33% -6.74% PAMI Horizon Fund, Inc. -a 3.4585 -9.51% -3.03% -0.88% -8.73% Philam Fund, Inc. -a 15.4163 -9.96% -3.32% -1.03% -9.11% Solidaritas Fund, Inc. -a 1.9068 -11.66% -4.21% -1.02% -10.15% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.2479 -16.97% -5.42% -2.23% -15.93% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9303 -9.27% n.a. n.a. -8.41% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8303 -18.32% n.a. n.a. -16.67% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.8046 -20.64% n.a. n.a. -18.99% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8003 -19.6% -6.6% -3.06% -17.9% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03906 0.93% 2.65% 2.01% 2.25% $1.0396 PAMI Asia Balanced Fund, Inc. -b 5.7% 1.11% 3.84% 2.73% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.0975 8.17% 5.48% 5.78% 4.78% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.1583 3.63% 2.82% n.a. 2.62% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 368.37 4.14% 3.12% 2.6% 2.91% ATRAM Corporate Bond Fund, Inc. -a 1.9489 1.8% 0.99% 0.17% 2.47% Cocolife Fixed Income Fund, Inc. -a 3.1997 3.87% 4.86% 5.03% 2.62% Ekklesia Mutual Fund Inc. -a 2.3026 4.1% 2.8% 2.29% 3.56% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4543 4.71% 3.42% 1.99% 4.04% Philam Bond Fund, Inc. -a 4.6625 7.83% 4.41% 2.67% 6.62% Philam Managed Income Fund, Inc. -a,6 1.3106 5.76% 4.37% 2.46% 4.29% Philequity Peso Bond Fund, Inc. -a 3.9575 5.86% 4.26% 2.29% 4.47% Soldivo Bond Fund, Inc. -a 1.037 8.96% 3.59% 1.84% 7.54% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1812 5.18% 4.86% 2.82% 3.43% Sun Life Prosperity GS Fund, Inc. -a 1.7434 4.08% 4.13% 2.3% 2.49% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $478.43 3% 2.45% 2.87% 2.15% ALFM Euro Bond Fund, Inc. -a Є217.14 -1.5% 0.72% 1.16% -1.21% 2.99% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2384 3.35% 2.73% 2.58% 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 $1.0891 -1.38% 0.07% 0.37% -0.41% Philam Dollar Bond Fund, Inc. -a $2.4982 2.85% 3.53% 3.47% 3.94% Philequity Dollar Income Fund Inc. -a $0.0610535 1.44% 2.07% 2.03% 1.25% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.2162 0.94% 1.88% 2.62% 1.29% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 129.01 3.56% 3.3% 2.5% 2.53% First Metro Save and Learn Money Market Fund, Inc. -a 1.0443 2.2% n.a. n.a. 1.75% 2.87% 3.04% 2.61% 1.92% Sun Life Prosperity Money Market Fund, Inc. -a 1.2893 Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0483 1.58% n.a. n.a. 0.96% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.0107 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."

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BusinessMirror

Friday, September 11, 2020

B4 Friday, September 11, 2020

Banking&Finance BusinessMirror

‘Better bank lending growth rests on economic recovery’

By Tyrone Jasper C. Piad

@Tyronepiad

espite the financial system being flooded with liquidity, the demand for bank lending may not pick up any time soon. “Even if banks have ample supply of liquidity, evidenced by more than P1.5 trillion in excess funds floating in the system, there appears to be very modest demand from the private sector,” ING Bank Manila Economist Nicholas Antonio T. Mapa told the BusinessMirror in an e-mail. Data from Bangko Sentral ng Pilipinas (BSP) shows that the growth of outstanding loans of universal and commercial banks, net of reverse repurchase placements, have been declining since April—when it slowed down for the first time this year to 12.7 percent from 13.6 percent in the previous month. In July, bank lending growth further sank to 6.7 percent. Mapa said that the demand for loans is expected to decline further in the coming months as long as generation of income and economic recovery are being threatened by lockdown measures against the coronavirus pandemic. At the same time, Mapa emphasized that the rise in market liquidity was not because the economic health is improving but due to the BSP’s move to trim key policy rates and reserve requirements, among others. The Central Bank, to recall, has

been aggressively injecting liquidity into the banking system to aid the economy currently in slump due to the pandemic. The ING economist added that bank lending will not improve despite the passing of a stimulus package and further easing of interest rates should demand for borrowings remain low. Meanwhile, RCBC Chief Economist Michael L. Ricafort agreed that bank lending may slow down in the short term, following the recent implementation of now-lifted modified enhanced community quarantine (MECQ). “For the coming months, loan growth could still hit a soft patch in view of the two-week MECQ on Metro Manila and nearby provinces from August 4-18, 2020 that could reduce business/economic activities as well as the demand for loans by businesses, consumers/households, and other institutions,” he explained. Amid the pandemic, Ricafort noted that businesses have been enforcing cost-cutting measures and reducing capital expenditures, among others, which brought about the drop in demand for borrowings.

Another source

Loans may have been put at the backburner in the past few months as companies opt to raise funds a different way. “Increased fund-raising activities in the capital markets (especially through bond markets, equity markets, and other securities) by the biggest companies/conglomerates in the country may have also resulted in the much slower demand/growth for loans,” the RCBC economist explained. Ricafort said that the record low interest rates and borrowing costs have been encouraging developments in the local capital markets. As a result, the companies’ reliance on traditional bank loans as a source of funding has been reduced, he added. According to a study by First Metro Investment Corp. and the University of Asia and the Pacific, trading of corporate bonds more than doubled to P12.3 billion in July from P5.8 billion in the previous month. The total volume of the top five companies amounted to P3.8 billion or 31.1 percent of the whole corporate fixed-income trading for the month. These include Ayala Land Inc., SM Prime Holdings, Inc., Ayala Corp., SM Investments Corp. and SMC Global Power Holdings Corp.

Capital formation

Mapa warned that the slump in bank lending can lead to weak capital formation, which has been an “integral part” of the country’s gross domestic products in the past six years. “The slowdown in bank lending is a clear-cut sign that capital

Gaining sponsors is like dating

ssociations need financial resources to fulfill their purpose and mission. Based on experience, membership dues alone are not enough to sustain this mandate. Non-dues revenues help augment this shortfall, and sponsorship generation and retention is one of them. With this as premise, the Philippine Council of Associations and Association Executives (Pcaae) recently organized a webinar on “How to Find and Approach Potential Sponsors amid the Pandemic.” Our featured speaker, Julian Moore, is Australasia’s foremost non-profit sponsorship practitioner. Following are the key takeaways I got from Julian’s insightful and practical presentation: n Attraction—Gaining sponsors is like dating. On the first date, know each other and make a good impression. On the second, you bring them a gift (your proposal). On the third, you clinch the deal. It’s all about relationships. n ‘Selling’ sponsorship—The best person to do this is someone who

knows your association very well. Don’t be a salesperson. Sponsorship is a partnership, not sales. Intelligence and knowledge win more sponsorship when combined with personality. n Establishing your marketplace—Your marketplace is within your membership: main suppliers, corporate entities, business and individuals, plus anyone else engaged in your association’s industry. Once you understand who they are, what they do, who they work with and why, then you understand your marketplace. n Identifying prospects—It is better to identify 10 amazing prospective sponsors who have a natural fit with your association than to use the “scattergun” approach and email blast 1,000 people. Expand your horizons. You can find them advertising in trade magazines, newspapers, TV advertising, list of the top 100 corporates, sponsoring other events in your marketplace. n Approaching prospects— This could be via email and direct marketing, by phone, or face-to-face. Because of the pandemic, the latter is

Association World Octavio Peralta not advisable. For email marketing, use only once you have a direct email address. Never send your tailored proposal through “info@” or “inquiries@” addresses. Always ask for a reply. The email should be personally addressed and tailored for the recipient (never bulk mail your target sponsor). If by phone, you only have one chance to engage. Do not dump information. The goal of the initial call is just to get a meeting. You will never win a major sponsor on one phone call. Smile while you are on the phone; people will hear it at the other end. n Making the pitch—They have read your proposal and now they want to meet you (you’ll never win a major sponsorship without a meeting). Know who you are meeting with. Do not inflict

formation will likely be in the doldrums over the next few quarters as households and corporates reel from the effects of an economy in recession,” he said. With this, Mapa explained it is only expected that the Philippine economy will see a lower growth trajectory after the 2021 bounce. The ING Bank Manila economist also said that weak loan demand could lead to M3—measure of money supply—slowing down. “Bank lending is the mechanism that helps liquidity grow, making more funds available for lending to productive sectors,” he explained. BSP reported that domestic liquidity expanded by 14.5 percent year-on-year to around P13.6 trillion in July.

Better jobs data

IN a media briefing last week, BSP Deputy Governor for Monetary and Economics Sector Francisco G. Dakila Jr. said that the decline in unemployment could support the demand for loans. “Although it [unemployment rate] is still elevated, still this is a positive signal that should ... reduce the uncertainty facing the business sector and also reduce the uncertainty in bank lending,” he said. “This is going to figure up positively.” The Philippine Statistics Authority reported that unemployment rate climbed by 10 percent in July year-on-year. It is better than the 17.7-percent uptick in April but substantially higher compared to 5.4-percent growth last year for the same month.

‘death by PowerPoint’. Be able to make a decision if required. Remain confident; you know you can deliver value. n Closing the deal—This is the easiest part of the process. Your sponsor has spoken with you, read your tailored proposal, met with you face-to-face, your organizations are a natural fit, the package delivers everything they require; all you have to do now is ask. n Retaining the sponsor (the forgotten story)—You’ve worked so hard to recruit a new sponsor. Once you have their money, don’t forget they exist. It is now that the work to retain them begins. The column contributor, Octavio “Bobby” Peralta, is concurrently the secretary-general of the Association of Development Financing Institutions in Asia and the Pacific and the Founder & CEO of the Philippine Council of Associations and Association Executives. PCAAE is holding the Associations Summit 8 on November 25 and 26, 2020 with the theme, “Leading with Agility.” The two-day virtual event is supported by Adfiap, the Tourism Promotions Board and the PICC. E-mail inquiries@adfiap.org for more details on AS8.

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‘Digital banks redefining how sector works’–S&P

raditional financial institutions, while holding big market shares, may have to beef up their online initiatives as digital banks are seen to “redefine” the sector, S&P Global Ratings said. The credit rating agency said in a statement on Thursday that digital banks can benefit from the “youthful demographics, a large untapped market, low costs and regulatory latitude” in the Philippines. S&P Global Ratings credit analyst Nikita Anand said that digital banks are seen becoming profitable three years to five years once launched. These players are likely to fill in the market gaps that have not been served by big banks yet. “Incumbent banks will step up their digital efforts, particularly as the Covid-19 [coronavirus disease 2019] outbreak has increased the popularity of electronic transactions,” she added. Anand noted that the drafting of guidelines by the Bangko Sentral ng Pilipinas (BSP) on the establishment of digital banks will open opportunities for this segment of the banking industry. S&P added that the first entities to acquire digital banking licenses are likely those whose target markets are the underserved small businesses and retail markets. In a draft regulation, the Central Bank is creating a distinct classification for digital banks, which currently includes universal banks, commercial banks, thrift banks, rural banks, cooperative banks and Islamic banks. The BSP said that the licensing

regime for digital banks is under its digital payment transformation roadmap. According to the guidelines, a basic digital bank is mandated to have a minimum capital requirement of P400 million, while advance digital bank requires P900 million. In terms of demographics, the credit rating firm noted that the majority or about four-fifths of the Philippine population is between 15 and 50 years old; and more than half of them have access to smartphones and the internet. These can be beneficial because the Philippine population is “young and receptive to technology,” S&P said. Anand stressed that digital banks can operate on a lower cost compared to their brick-and-mortar competitors. The debt watcher said the big banks, on the other hand, have to “manage sizable overheads, a less agile culture, and legacy systems that inhibit change.” With lower operational cost, S&P said digital banks can offer higher deposit rates. Meanwhile, the S&P analyst said that the large banks are likely to still retain their market share in the next three to five years on the back of strong brand and established customer relationships. “We anticipate no ratings effect for the incumbent banks for the next two years at least,” Anand said. Anand said that digital banks will be able to cut a big portion of the market if they will provide better and cheaper products and services. The new entrants should also be able to establish trust with consumers. Tyrone Jasper C. Piad

Peso to slip with drop in foreign bond sales

hilippine borrowers are looking to raise fewer bonds overseas in the coming months, taking away a pillar of strength for the peso. The peso led the advance among Asian currencies this year with 4.1 percent gains as the nation’s borrowers raised a record $11.4 billion dollars via international bond sales in 2020. However, the tide is turning as cheaper funding costs in the domestic market keep borrowers from venturing abroad. Overseas borrowings are one of the factors that have made the peso Asia’s best performing currency this year, said Jonathan L. Ravelas, chief market strategist at BDO Unibank Inc. “We’re not seeing that next year, and if imports rise as the domestic economy recovers, the peso could go back to 50 per dollar next year.” San Miguel Corp. is prioritizing the local market for fund-raising. “The peso’s strength all the more makes it more prudent to borrow from the domestic market,” Eduardo

Edeza, treasury head at the Philippines’ largest company, said in a mobile-phone message. The peso is hovering around a four-year high of 48.48 per dollar recorded on Sept. 1. The government also pared its foreign-currency funding plan for 2021 to 15 percent of its borrowing needs from 25 percent this year. That’s bad news for the peso as some of the funds repatriated from offshore bond sales contribute to foreign inflows into the country. “It’s a factor but not the main one,” Jun Trinidad, a consultant for market strategy at Union Bank of the Philippines said, referring to foreign bond sales. The currency may remain supported if demand-driven consumption stays weak, Trinidad said. In a sign of comfort with the currency’s gains, Central Bank Governor Benjamin E. Diokno said late last month that the peso’s performance has helped keep import costs low and that the currency could benefit as coronavirus curbs are eased and the economy further reopens. Bloomberg News

Salceda thanks BSP for supporting bill seeking to regulate virtual-only banks By Jovee Marie N. dela Cruz @joveemarie

he Bangko Sentral ng Pilipinas (BSP) has backed the proposed Virtual Banking Act, which seeks to establish a separate regulatory and industry development regime for virtual-only banks in the country. In a letter dated September 7, 2020 to House Ways and Means Chairman Joey Sarte Salceda, BSP Governor Benjamin E. Diokno said that the central bank “welcomes the proposed House Bill [5913] on Virtual Banking Act.” According to the BSP, the creation of a regulatory framework for digital banks promotes a level playing field by allowing new entrants to credibly compete with incumbent banks, as well as prevents regula-

tory arbitrage. “This will reinforce the provisions of the General Banking Law with respect to the proposal of the BSP which introduces digital banks as a new bank classification distinct from the existing categories of banks (i.e., U/KBs [universal and commercial banks], TBs [thrift banks], RBs [rural banks], Coop[erative] Banks and Islamic Banks),” the BSP said. Under Salceda’s proposal, virtual-only banks will be a separate classification of banks. It also outlines the minimum macroprudential standards for virtual-only banks, and opens the virtual banking sector to some degree of foreign ownership to attract some of the financial technology (fintech) know-how already developed in other countries, and to ensure adequate capitaliza-

tion of the industry. The bill also encourages virtualonly banks to pursue financial inclusion initiatives. Salceda said he is grateful to the Central Bank governor “for the BSP’s support for our legislative initiative.” According to the lawmaker, they filed the bill on January 6, “anticipating the need for contactless payments due to Covid-19.” “Just the day after we filed this bill, we received support from the Cebu Bankers Club for this proposal, and former colleagues in the industry have also expressed their appreciation for this proposal,” Salceda said. Meanwhile, the BSP has also assured that regulatory “sandboxes” are in place to help financial technology companies thrive.

The central bank said the regulatory sandboxing is the practice of piloting a new sector or technology within a limited scope to protect the wider economy from the risks of the novel sector or technology, while also providing it a space for practical application and further development. For his part, Salceda said he is considering legislative and regulatory measures to help the financial technology sector set up and expand in the country. “The BSP provides a test and learn environment or regulatory sandbox to engage with FINTECH players and innovators, allowing their financial services to be implemented in the market while simultaneously understanding new business models, assess arising risks, and employ mitigating actions prior

to actual launching,” the BSP said. The BSP said it first used this approach in 2004 to engage electronic money (e-money) pioneers. “The providers of G-Cash and Smart Money were allowed to pilot e-money products in the market at a time when there was no established model anywhere in the world,” the central bank added. It said it decided to keep an open mind to fully understand the business model, assess risks and determine how appropriate regulations can be applied to mitigate any potential risks. “Lessons learned from these pilot products eventually shaped the BSP regulatory framework governing the issuance of e-money and the operations of e-money issuers (EMIs) in 2009. This framework opened up the market for non-bank

players and expanded the e-money agent ecosystem,” BSP added. The BSP also cited recent examples of its regulatory sandboxes for fintech. “A related outcome of our test and learn approach that has graduated to full implementation involved a pioneering rural bank that engaged a cloud service provider for its core banking system. Some other key use cases involve digital tokenized cash and another on a blockchain platform to push financial inclusion initiatives,” the BSP said. Moreover, Salceda said his office is studying measures to further develop financial technology in the country. Salceda added that he will be filing a Financial Technology Act to modernize the payments system in the country.

Show BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos

• Friday, September 11, 2020

Pia continues to bat for LGBTQ+ community PIA WURTZBACH

JULIE ANNE SAN JOSE stars My Guitar Princess

GMA takes over YouTube THE world’s leading video platform, YouTube has become the go-to destination for entertainment and information by consumers everywhere—and GMA continues to leverage the platform to expand its already huge market. GMA Artist Center recently proved its socialmedia dominance when digital marketing company Socialbakers released its statistics for the first half of the year and named GMA Artist Center as the most engaging brand on Instagram and the fifth most engaging brand on Facebook in the country. Now, GMA Artist Center aims to further strengthen its online presence with its recently launched YouTube channel. Promising to connect netizens with the artists through meaningful virtual interaction, GMA Artist Center is continuously creating a wide range of fresh, original and exciting content for their YouTube channel. These include the new video series In The Limelight, where viewers can get to know GMA stars better; Hangout, which is a weekly live fan meet; and Cool Hub, hosted by Yasser Marta, Myrtle Sarrosa, Manolo Pedrosa and Ayra Mariano featuring the different collections of the stars. Already on their second season are the talk show Just In, hosted by Paolo Contis and Vaness del Moral; game show Quiz Beh!, hosted by Betong Sumaya; and the dating show E-Date Mo Si Idol, now be hosted by comedian Pekto Nacua. Meanwhile, two years after it became a midmorning TV habit, the hit musical rom-com series My Guitar Princess achieved another milestone as it recently reached 100,000 subscribers on YouTube. Top-billed by Julie Anne San Jose, My Guitar Princess first aired on television in 2018. It tells the story of Celina (Julie Anne) and her dream of becoming a successful singing sensation. Joining Julie Anne in the GMA Public Affairs-produced series are Sheryl Cruz, Gil Cuerva and Kiko Estrada. During its two-month run, the show won the hearts of audiences. It became a triple-trending topic on Twitter when it premiered, with users raving about its story, cast, and original music. The official YouTube channel of My Guitar Princess (bit.ly/35sgoT8) features some of the show’s thrilling episodes, songs, exclusive videos, behind the scenes, and song covers, among others. Some of the songs that viewers fell in love with included the hit “Walang Kapalit,” the LSS-worthy ear candy “Is it Love?,” and the solemn piece “Maghintay.” Through the show’s YouTube channel, netizens get to relive the thrills of My Guitar Princess and sing along these original songs. With its 100,000 subscribers, the channel is now eligible to get a Silver Play Button award from YouTube. To date, the My Guitar Princess channel has now over 22 million views.

ia Wurtzbach caught my full attention when she snagged the Binibining Pilipinas Universe title after her third try. Before that, she was just this actress or that model or that beauty queen wannabe. But then she started her journey to win a title in Binibining Pilipinas. She was thrown all kinds of accusations on social media but Pia was relentless. I saw how she handled herself with grace and panache, and I instantly became a fan. No, a devotee. From then on, I was a believer of the Gospel of Pia. Until now actually. I actually cried the day I finally met her. Now, Pia has earned the ire of some people as one of the best Miss Universe title-holders ever expressed her frustration, perhaps even anger, about the absolute pardon granted by President Duterte to Joseph Scott Pemberton. The US Marine was convicted in 2015 for killing Jennifer Laude and was sentenced to 10 years in prison, but then he was set to be released four years early after being granted full credit for Good Conduct Time Allowance (GCTA) under Philippine law. In response, Pia posted a number of tweets: “I’ll never get tired of saying this...,” Pia tweeted, adding the hashtag #TransLivesMatter a number of times. “Tuwing nagbabasa ako ng balita, palagi na lang palala ng palala yung mga nababasa ko. Ngayon ito naman? Hay... Eto na lang, let’s all make sure we register to vote for the next elections. Each one of us,” she tweeted again. She then followed this up with pictures that show how voters can register for the 2022 elections. Rabid supporters of Duterte as well as antiLGBTQ+ people bashed Pia but she replied that she is used to this kind of bashing and through her experience, “I learned that you should never be afraid to speak your mind especially when you know it’s right,” she said. Thank you, Queen Pia, for being a staunch ally of our community. Long live the Queen! nnn American singer-songwriter Brian McKnight Jr. has come up with a new version of his breakout hit “Marry Your Daughter,” which was recently released under Tarsier Records as the music label’s maiden venture to becoming a gateway for international artists to the Philippines. “This song literally changed my life,” Brian shared

on Instagram. “To everyone, all over the world, and especially my people in the Philippines, Indonesia and Africa, I’m more thankful than you know for turning a demo that was leaked into a breakout hit overseas.” Brian re-recorded the timeless “Marry Your Daughter,” which was given a fresh spin by Tarsier Records’ founder and producer Moophs who made sure to capture Brian’s electrosoul sound in the final product. This project sets in motion the new venture of ABS-CBN Music, through Tarsier Records, to bring in international talents and music to the country, aside from championing Filipino artists on the global stage. “Marry Your Daughter,” a one-take recording by Brian and his brother Niko about a man facing his

future father-in-law for approval, went on to be a viral hit in places like Guam, Indonesia and the Philippines between 2008 and 2009. A few years later, the two independently released a mastered version of the song to digital streaming platforms, which as of writing has gathered over 16 million streams on Spotify and continues to be in the Top 200 charts of iTunes in the Philippines. The son of 16-time Grammy nominee Brian McKnight Sr., Brian Jr. has released three EPs since the success of “Marry Your Daughter”: “If We Survive,” “JeepMusikVol.1” and “Junior.” He dropped his firstever album in April, 919soul, a 13-track album which boasts of a 1990s hip-hop sound combined with modern-day electrosoul. n

Appeals court agrees R&B singer R. Kelly should stay jailed NEW YORK—R. Kelly can remain behind bars awaiting multiple trials on child pornography and other charges in three states, an appeals court in New York said Tuesday as a lawyer for the R&B singer cited another inmate’s attack on Kelly last month as one reason he should receive bail. The 2nd US Circuit Court of Appeals in Manhattan upheld a decision by a Brooklyn federal judge to deny bail to Kelly, 53, who remains in a federal jail in Chicago. He faces state and federal charges in Illinois, Minnesota and New York ranging from sexual assault to heading a racketeering scheme designed to supply him with girls. The Grammy Award-winning singer has denied ever abusing anyone. Prosecutors have said Kelly is a danger to the community and a flight risk. The 2nd Circuit said prosecutors had proven

both and that “no condition or combination of conditions could assure against those risks.” The appeals court said the lower court also did not err in finding Kelly failed to demonstrate a “compelling reason” for temporary release. Mike Leonard, one of Kelly’s attorneys, said the appeals ruling was “very disappointing and somewhat surprising” because appeals judges during oral arguments had seemed to understand that Kelly’s incarceration was preventing him from preparing adequately for trial. In a court filing in Chicago federal court Friday, Leonard wrote that Kelly sustained unspecified injuries when he was attacked at the Metropolitan Correctional Center in Chicago in late August by another inmate. The lawyer also entered into the court file for Kelly’s

case a handwritten letter from the inmate who says he attacked Kelly immediately after meeting with a mental health professional who screamed for him to return to their discussion as the inmate instead refused and attacked Kelly. Leonard alleged that the incident proved that the federal jail cannot protect his client behind bars and that he should be granted bail. A bail application is pending in Chicago, though the 2nd Circuit ruling would keep him behind bars even if he won bail in Illinois. A message for comment was left with the federal Bureau of Prisons.Thomas Farinella, another lawyer for Kelly, said that for Kelly, “The so-called maxim of the presumption of innocence appears to be a misnomer.” He added: “We will continue to vigorously fight for Mr. Kelly’s vindication.” AP

ABS-CBN, GMA artists come together in TV5 shows By Pauline Joy M. Gutierrez NOT long after the shutdown of broadcasting network ABS-CBN, some of its artists have found a new creative platform working alongside GMA talents through TV5’s cable subsidiary Cignal Entertainment. Last August, the network launched its first salvo of lifestyle programs and game shows hosted by a mix of ABS-CBN and GMA stars, produced by Archangel Media’s Mike Tuviera and Joe Oconer. “TV5 is in a very interesting position because it was given an opportunity to democratize the broadcasting process. We’re getting close to the American television set-up wherein a network can work with a studio or a company and tie up with [an artist,]” said TV5 programming consultant Perci Intalan about the network’s open-door business policy. “We want to cast a wider net to employ more artists and industry players through blocktime or

coproduction arrangements and platforms,” he said. Among the first wave of entertainment programs to premiere on TV5 is Chika, BESH! Basta Everyday Super Happy, hosted by Eat Bulaga! cohost Pauleen LunaSotto, Star Magic actress Ria Atayde, and comedian Pokwang. For Ria Atayde, who is taking on her first hosting stint on television, the show is a platform to help uplift viewers’ spirits. “At a time when everything seems bleak and hopeless, I think it’s good to have a show that promotes positivity, a little bit of entertainment, and a distraction from all the uncertainties [brought by the pandemic],” explained Atayde during a virtual media conference to promote Chika, BESH! The talk show will have segments that will shine the spotlight on Philippine-made products, recipes for local and foreign dishes, and viral stories and videos. Meanwhile, Jessy Mendiola leads viewers in a

fitness journey where they will only need television, some floor space and the gumption to get up and go. “Fit for Life isn’t just something I’m passionate about. The show will be enlightening for viewers because maintaining a healthy lifestyle is something we all need to do, whether there’s a pandemic or not,” said Mendiola. “I’m grateful for the warm welcome. I’m also happy that the network has announced its willingness to take under its wing artists and production people who lost their jobs as a result of the ABS-CBN shutdown. Things have a way of working out.” “This is only the beginning of many more content Archangel Media will be producing,” said Tuviera. The media head also revealed that they already have a lineup of other pitches and concepts they have started working on. Chika, Besh! airs weekdays at 10 am while Fit for Life airs every Sunday at 7 am on TV5.

PAULEEN LUNA-SOTTO

RIA ATAYDE

B6 Friday, September 11, 2020

Hong Kong MX Mooncakes returns to Manila with a delicious duet

HE discerning Fil-Chi community gets to celebrate the MidAutumn Festival in delicate style and delightful flav or as Hong Kong MX Mooncakes returns to Manila with their classic lineup and brand new additions and packaging. Beloved favorites like White Lotus Seed Paste Mooncake with 2 Egg yolks and the Lava Mooncake Series will be marking a return along with exciting new flavors such as the Lava Duet (combining custard and chocolate goodness) and the Delightful Moon repack with premium variations and the new Lava Chocolate filling. These are exclusively available through official online channels and a pop-up store in SM Mall of Asia - Level 1 G/F Main Mall in front of Watsons starting August 30 October 4, 2020. The Lava Custard Mooncake utilizes the unique double-bake technique to produce the one of a kind texture and flavor of the aromatic and smooth silky filling seeping out from its core. An instant hit last year and heavily anticipated to return for the festivities this year, we are adding the Lava Duet Mooncake set to the family. The set includes two flavors namely the signature Lava Custard and delectable Lava Chocolate, which comes in a box of eight allowing you to revel in double the enjoyment that are perfect for this celebratory time of year. The Custard Twins Mooncake is also back with both the classic and the lava variety. Inspired by the auspicious rabbit, the new packaging is sleek and modern while retaining the vibrant colors that signify the festive celebration. Meanwhile, the flagship products ‘White Lotus Seed Paste Mooncake with 2 Egg Yolks’ and ‘Lotus Seed Paste Mooncake with 2 Egg Yolks’, which have brought global recognition to Hong Kong MX Mooncakes, are also going to be making a Philippine comeback. The white lotus seed paste remains as delicate and velvety as ever, and the lotus seed paste decadent and thick. The new gift box packaging adds a layer of sophistication and magnificence for these alluring classics. Because the Mid-Autumn Mooncake Festival is a celebration for everyone, Hong Kong MX Mooncakes will also be

AP SE (NYSE: SAP) recently announced the appointment of Singaporean Verena Siow as president and managing director of SAP Southeast Asia to drive growth and accelerate digital transformation for ASEAN businesses as they prioritise technology to cope with disruptions caused by COVID-19. Verena is responsible for leading customer success, accelerating customer transformation into intelligent enterprises, and driving innovation adoption in the region. She will oversee SAP’s business across

TTENTION weekend warriors! Toyota Motor Philippines (TMP) is inviting the public to be part of the interactive digital launch of the new Toyota Hilux and Toyota Hilux Conquest this Saturday, September 12, at 6:00 pm. Streaming live on TMP's official Facebook (www.facebook.com/ toyotamotorphilippines) and YouTube (www.youtube.com/toyotamotorphilippines) accounts, the launch program entitled Next Level Tough is sure to pull some surprises, highlighted by the official Philippine reveal of the 2020 Hilux models. Get ready for a virtual experience of the vehicles' design, special features, and performance. Celebrity expert Ramon Bautista will also be there to give a preview of the high life with the Hilux. Given the privilege to be among the first to drive the new Hilux, Ramon will answer your questions about his Hilux experience. Questions can be sent in through the livestream's comment boxes during the program. Finally, viewers will also be treated to a

live performance from one of the country's top bands, Spongecola. Enjoy the music while participating in interactive games during the band's set. Winners will receive special prizes and merchandise. Catch these and more when you join Next Level Tough: The new Toyota Hilux Digital Launch this weekend. To get event info and reminders, join the official event page at http://bit.ly/2020hiluxlaunch

Boost your immune system, get the power of Vitamin C in barley grass drink Hong Kong MX brings a variety of flavors to the table this Mid-Autumn Festival, in a gorgeous box that brings forth the pride of the season. With the Premium Assorted selection, you get the delicious staples –White Lotus with 3 Yolks, White Lotus with Yolk, and Lotus with Egg Yolk, and some welcome variations like the Mixed Nuts, Red Bean with Egg Yolk, and Low Sugar mooncakes.

offering the specially created Low Sugar Mooncake Series. The ‘Low Sugar White Lotus Seed Paste Mooncake with Egg Yolk’ comes in boxes of six mooncakes, with each bite exploding with the same rich and memorable flavors. The ‘Delightful Moon Assorted Mooncake’ also returns with a graceful and elegant packaging design. In this gift box, you can find both three classic and lava mooncake variants to provide everyone with a sweet treat and share the joy with your loved ones this Mid-Autumn Festival. In an elegant gift package rich with MidAutumn Festival motifs, the ‘Mooncake Exclusive Selection’ is filled with eight iconic flavors of the joyful season. Last but not least, the ‘Classic Mixed Nuts Mooncake’ with almonds, pecans, pine nuts, sesame, and watermelon seeds completes the set.

Since 2005, Hong Kong MX Mooncakes has been repeatedly awarded the Belgian Monde Selection Quality Award — an honour that rivals Michelin. The brand's signature White Lotus Seed Paste Mooncake with 2 Egg Yolks and Lotus Seed Paste Mooncake with 2 Egg Yolks receiving the Gold and Grand Gold Medal respectively in the Food Products category again this year. The brand is brought to Manila by Double Down Import and Export, Inc. and will be available to the public via partnerships with e-commerce giants Lazada and Shopee as well as trusted food delivery apps FoodPanda and GrabMart. Make your Mooncake festival even more special and create unforgettable memories for your loved ones by taking home your own boxes of this timeless delicacy.

SAP commits to developing local talent as it deepens presence in ASEAN

President and Managing Director of SAP Southeast Asia Verena Siow

Get ready for the live launch of the new Toyota Hilux on September 12

Indonesia, Malaysia, the Philippines, Singapore, Thailand, Vietnam and other emerging markets in Southeast Asia. “Verena steps into this role at a crucial time when businesses across Southeast Asia are adjusting to and managing the impact of COVID-19 on their operations and supply chains,” said Scott Russell, President of SAP Asia Pacific Japan. “Verena’s extensive regional and local experience and her deep understanding of the market and customers’ business challenges and opportunities will be instrumental in helping our customers transform and innovate to achieve success. I am confident that, under her leadership and with the dedicated support of my colleagues in Southeast Asia, we will continue to enable customers to prepare for the future and take advantage of the growth opportunities ahead.” Verena Siow is an accomplished leader with more than 23 years’ experience in sales, business development and start-ups in the technology sector across Asia and the Americas and has played a significant role in building businesses from the ground up. She was most recently the Managing Director of SAP Indochina, responsible for scaling the business. With her focus on building trust and shared success with employees, partners and customers, SAP Indochina has achieved strong growth and high leadership trust and employee engagement scores. Prior to that, Verena was the Managing Director of

Strategic Conglomerates, SAP Southeast Asia, where she successfully supported the top conglomerates across the region with a vision of building long-term relationships and establishing transformation roadmaps for enterprises in ASEAN. She is a strong advocate of driving diversity and inclusion to promote different perspectives and improve business outcomes. “I have witnessed first-hand how our customers have implemented intelligent technologies to mitigate and manage COVID-19 disruptions, enabling their workforce to function remotely with digital systems and diversifying their supply chains to cope with demand. I'm excited to take on this role to work with over 4,000 colleagues in SEA to help our customers leverage digital technologies for growth” said Verena. She continued, "As a Friend of ASEAN, SAP has had a rich history of developing local talents and digital skills for the ecosystem through partnerships such as ASEAN Foundation-SAP and UNICEF-SAP. In addition, driving innovation adoptions has always been the top of our agenda, helping enterprises and governments in the ASEAN region run better and improving people's lives over the last 3 decades. I look forward to working closely and collaborating with public, private and plural sector stakeholders to achieve the vision of a Digital ASEAN.” Visit the SAP News Center. Follow SAP Southeast Asia on Facebook.

N these days of the new normal brought about by the global pandemic, many of us are very conscious about our health. And among many helpful ways to maintain our strength and wellbeing is the regular intake of Vitamin C. But what is Vitamin C? What does it do for our body? Also known as ascorbic acid, Vitamin C performs various vital functions, like helping to protect cells and keeping them healthy, maintaining healthy skin, blood vessels, bones and cartilage, and helping with wound healing. It also aids in the production of collagen, L-carnitine, and some neurotransmitters. It metabolizes proteins, while its antioxidant activity may reduce the risk of some cancers. Likewise, Vitamin C was found to lower cholesterol levels, risk of cataracts and age-related macular degeneration, and deterioration of kidneys, eyes, and nerves among diabetics. But what seems more noteworthy at this

time is Vitamin C’s ability to strengthen our immune system, which can protect us from the dreaded COVID-19 virus. Because it is a potent antioxidant, Vitamin C contributes to immune defense by supporting various cellular functions of both the innate and adaptive immune system. (https://pubmed. ncbi.nlm.nih.gov/29099763/) Vitamin C may be found in fruits and vegetables like oranges, strawberries, peppers, broccoli, and potatoes. But being water-soluble, Vitamin C cannot be stored in the body. That is why we need to include it in our daily diet to get the recommended amount of 65 to 90 mg a day for adults. The maximum limit is 2,000 mg a day. (https:// www.mayoclinic.org/) Now, if we are not able to ingest Vitamin C through fruits and vegetables, we can also get our daily dose from food supplements like Barley Max. Imported from New Zealand, Made from pure, natural, and organic New Zealand barley, Barley Max comes in sachet or capsule making it convenient to use anywhere, any time. Nutrient-rich young barley grass provides energy, stamina, strength, and immunity-boosting vitamins, like the extremely beneficial Vitamin C. The barley grass drink is said to have close to seven times the vitamin C in oranges. Barley Max is available at Mercury Drug and Watsons personal care stores. Or call hotline: 09175642233, to order.

GBP's Jaime Azurin honored as Outstanding Leader in Asia at the 2020 ACES Awards

LOBAL Business Power Corporation (GBP) President Jaime T. Azurin was selected as one of the Outstanding Leaders in Asia at the 2020 Asia Corporate Excellence and Sustainability (ACES) Awards, organized by the MORS Group. The Outstanding Leaders in Asia Award is presented to inspiring leaders and sustainability advocates across various industries in the region, who lead organizations with high brand value and exhibit an ideal blend of business acumen, innovation, market adaptability, and astuteness. Out of the 37 nominations throughout Asia, only ten were chosen as winners under the said category. Azurin has been with GBP since it started with only 15 employees in 2003. Prior to becoming president in 2017, he was the company’s Chief Finance Officer and Executive Vice President for Business Development and Commercial Operations. GBP is a leading power producer in Visayas, with operations in Mindanao and Mindoro islands. Under Azurin’s leadership and with the help of its 954 employees, GBP’s total gross capacity increased sixfold – from 185.5 MW in 2003 to 1,091 MW as of today. The MORS Group said one of the ways Azurin differentiates himself from his peers is his brand of strategic leadership which focuses on new markets and synergies, and creation of opportunities and innovative solutions out of challenges. “Another unique factor that sets Azurin apart is his belief and commitment to

GBP President Jaime T. Azurin

practicing sustainable leadership,” it added. “The Award inspires us at GBP to forge on with our role in shaping the nation’s future and in allowing people to fulfill their dreams,” shared Azurin. “For me, the distinction only validates that GBP is on the right path of enlightening lives and empowering progress.” This was affirmed by MORS Group Chief Executive Officer Shanggari Balakrishnan. “GBP’s success is founded on financial strength, strategic partnerships, technical expertise and commitment to service excellence. But more than that, its drive to be a provider of sustainable energy solutions, utilizing diversified sources and innovative technologies, in the pursuit of enlightening lives and empowering progress, makes the company one to watch and laud,” he said.

Sports BusinessMirror

mirror_sports@yahoo.com.ph / Editor:

SERENA: IT’S HOW YOU FINISH

SASO RUNNING 5TH AFTER 68

UKA SASO missed piecing together an explosive start and settled for a four-under 68 to trail Min-Young Lee and Serena Aoki by two strokes in the rich Japan Ladies Professional Golf Association Championship Konica Minolta Cup at the JFE Setonakai Golf Club on Thursday in Okayama. The 19-year-old Saso missed birdie chances in the first five holes, nailed three straight birdies from No. 6, added another on the 13th and had a chance at the lead with another birdie on the par-3 16th. But she flubbed a straightaway 5-foot putt inches short of the cup at No. 17 and hit a wayward 3-wood teeshot on the treacherous par-5 18th. The International Container Terminal Services Inc.-backed FilipinoJapanese needed to take a safety shot off an awkward stance behind a pile of rocks, only to find her third shot hit the edge of the green and take a bad bounce into the bunker. Saso blasted poorly, the ball rolling past the sleek surface and into the ankle-deep rough. She chipped to within 6 feet and made the putt for a 33-35 and a share of fifth with seven others, including an in-form Sakura Koiwai. Lee and Aoki seized the day with the Korean spiking her fiery 66 with an ace on the 180-yard No. 8 on her way home and Aoki, who missed the cut at Golf5 Ladies, churning out a bogey-free pair of 33s to seize control of the elite field. The 28-year-old Lee, who missed the Nitori Ladies cut but tied for fourth in last week’s Golf5 Ladies ruled by Koiwai, used a 5-iron and bucked the wind with a low fade 5-iron tee-shot that landed 10 yards off the cup before rolling in. The duo took a one-stroke lead over Ayako Kimura and former champion Teresa Lu, who shot identical 67s, while Koiwai likewise took advantage of an early start to shoot four birdies and tie Saso, Eri Joma, Erika Kikuchi, Yuri Yoshida, Erika Hara, Seira Oki and Mi-Jeong Jeon. Momoko Ueda, meanwhile, groped for form coming off a sixth place finish in the British Women’s Open, dropping three strokes after a birdie on the 11th from where she teed off. But the veteran campaigner recovered big at the front, hitting three birdies for joint 37th at 71. Two-time champion and 16-time JLPGA winner Ai Suzuki, however, failed to get going with a two-birdie, two-bogey effort, her 72 dropping her to a share of 54th in a day of torrid scoring in near-ideal conditions in one of Japan’s rare links courses.

Friday, September 11, 2020 B7

TWO more victories would allow Serena Williams to claim a record-tying 24th Grand Slam singles title. AP

By Howard Fendrich The Associated Press

EW YORK—They were just two particular points from Serena Williams’s latest three-set comeback at the US Open, yet they were pivotal and consisted of the sorts of lengthy exchanges filled with athleticism and brilliance that in any other, non-pandemic year would be marked by thousands of folks rising to their feet for delirious roars and raucous applause.

She needed both of these points, one of which included a shot she hit left-handed, to reverse a deficit that reached the scale of a set and a break after 45 minutes of her quarterfinal against Tsvetana Pironkova on a cloudy Wednesday in empty Arthur Ashe Stadium. Williams needed both of these points during a five-game, match-altering run—along with 20 aces, her most in a match in eight years—to end up on the right side of a 4-6, 6-3, 6-2 score after more than two hours to get to the

semifinals at Flushing Meadows for an 11th consecutive appearance. “It’s not how you start, it’s how you finish, right?” Williams said. Two more victories would allow her to claim a record-tying 24th Grand Slam singles title. “In the beginning, I was a little fatigued, for whatever reason,” Williams said. “Obviously, I can’t do that if I want to keep winning, so I need to figure that out.” How big an upset would this have been if Pironkova had held on? Not only is she not seeded at Flushing Meadows, she doesn’t even appear in the Women’s Tennis Association (WTA) rankings at all—this was her first tournament of any sort in more than three years, because she left the tour to become a mother. “It’s unbelievable,” Williams said about Pironkova’s impressive return to competition. “Wow. I couldn’t even do that.” When the players stepped out onto the court, the stadium announcer—announcing for whom, exactly, was something of a mystery—referred to Pironkova, a 32-yearold from Bulgaria, as “Alexander’s mom” and then to Williams as “Olympia’s mom” during

PAMPANGA GOV BACKS P PBA BUBBLE IN CLARK

AMPANGA Gov. Dennis “Delta” Pineda expressed his support for Clark to host the Philippine Basketball Association’s (PBA) bubble as the league aims to restart its 45th season amid the Covid-19 pandemic. In a press conference on Covid-19 pandemic programs of the government at the Quest Hotel at the Clark Freeport, Pineda stressed that should the PBA Board of Governors decide to choose Clark as the venue, Pampanga will welcome this as an opportunity to showcase the warmth and hospitality of the province and its people. “If the PBA bubble is staged here in Pampanga, expect the utmost support from the province and Clark through BCDA [Bases

the pre-match introductions. “It just shows me how tough moms are,” Williams said afterward. “You play a match and you go home and you’re still changing diapers,” said Williams, whose daughter turned three on September 1 and is a little older than Pironkova’s son. “It’s like a double life. It’s really surreal.” The American, who turns 39 in less than three weeks, has won six US Open championships—she was the runner-up the past two years. Williams last lost before the semifinals in New York in 2007, when Justine Henin eliminated her in the quarterfinals. On Thursday, Williams will face Victoria Azarenka, who returned to the US Open semifinals for the first time since 2013 by overwhelming Elise Mertens 6-1, 6-0 on Wednesday night. Williams leads her head-to-head series against Azarenka 18-4, including beating her in the 2012 and 2013 finals in New York. It was in a 2012 match against Azarenka at Wimbledon that Williams last topped 20 aces, producing 24. The other women’s semifinal Thursday will be 2018 champion Naomi Osaka versus No. 28 seed Jennifer Brady.

Williams also needed a comeback and the maximum number of sets to get through the fourth round before defeating 15th-seeded Maria Sakkari, 6-3, 6-7 (6), 6-3. In Wednesday’s turnaround, the first key moment involved 24 strokes, the next-to-last a cross-court forehand by Williams from wide of the doubles alley, and the last an on-therun squash forehand by Pironkova that landed in the net. That gave Williams a break and a 5-3 edge in the second set. Williams raised her left fist as her husband yelled from his front-row corner seat; Pironkova put a hand on her knee, smiled ruefully and squatted behind the baseline. The other came in a four-deuce opening game of the final set, and began with the right-handed Williams taking a page out of old friend Maria Sharapova’s playbook by hitting a left-handed return of serve. Another 15 strokes followed, with Williams smacking a forehand passing shot that Pironkova volleyed into the net tape. “That was intense,” Williams said. “I was just trying to do everything I can—whether righty or lefty.” “She definitely played like the champion she is,” Pironkova said.

Conversion and Development Authority] President and CEO Vivencio Dizon and the other governors of Central Luzon,” Pineda said. Also present in the press conference were Bataan Gov. Albert Garcia, Zambales Gov. Hermogenes Ebdane and Dizon. Clark is on the PBA’s list for potential hosts of the bubble, a virus-free environment that the league would pattern from the National Basketball Association model at Disney World in Florida. Together with Clark Development Corp. (CDC) President and CEO Noel Manankil and Dizon, the provincial government would see to it that players, officials and staff would feel at home while enjoying the world-class facilities in Clark, Pineda said.

NLEX Road Warriors Head Coach Joseller “Yeng” Guiao already cited the advantage of Clark to become the PBA bubble because of the availability of top-notch hotels, proximity to Metro Manila, safety and security with Clark being a gated community. The other venues being eyed by the PBA are Baguio City, Batangas, Cubao, El Nido, Laguna, Subic and even Dubai in the United Arab Emirates. Clark, a two-time winner of Sports Tourism Destination of the Year award, has hosted several sports in the 30th Southeast Asian Games last year. It is also considered as a “safe haven,” with investors, workers, residents and visitors observing strict health protocols during the pandemic.

PAMPANGA Gov. Dennis “Delta” Pineda (second from left) addresses a press conference on Wednesday at the Quest Hotel in Clark Freeport. Also in photo are (from left) Zambales Gov. Hermogenes Ebdane, Bases Conversion and Development Authority President and CEO Vince Dizon and Bataan Gov. Albert Gracia.

HE Samahang Basketbol ng Pilipinas (SBP) would spare Aldin Ayo of any sanction on top of the indefinite ban the University Athletic Association of the Philippines (UAAP) imposed on the former University of Santo Tomas (UST) Growling Tigers head coach. “We at the SBP recognize that each league has its own constitution, by-laws and board members. We respect their [UAAP] decision and policies but we cannot enforce it on other stakeholders of the federation,” SBP Director of Operations Butch Antonio said.

SBP won’t get tough on Ayo Ayo made the rounds of the UAAP and National Collegiate Athletic Association (NCAA) where he steered Letran to the title in 2015. He was lured by De La Salle and coached the Green Archers to the Season 79 championship. He later found himself in España after that, steering the Tigers to the Season 82 Finals where they lost to the Ateneo Blue Eagles.

The ban on Ayo is one of the worse sanctions the UAAP imposed in the last 15 years. In 2005, the league banned for life a De La Salle assistant team manager for tapping Arwind Santos’s nape in the De La Salle-Far Eastern University Finals and in 2006, De La Salle was banned for one year for playing two ineligible Archers. Ramon Rafael Bonilla

Ewan wins stage, Sagan relegated, Roglic in yellow

OITIERS, France—Australian sprinter Caleb Ewan secured his second stage victory at this year’s Tour de France in a chaotic dash to the finish Wednesday that saw Peter Sagan penalized for barging a rival. Sagan, squeezed up against barriers on the right-hand side of the finishing straight, made room for himself by leaning his left shoulder into Belgian rider Wout van Aert. The irregular move cost Sagan his second place behind Ewan. The Slovakian was dropped back to 85th place. Irish rider Sam Bennett was bumped up to second and Van Aert to third. Afterward, Van Aert and Sagan had a sharp exchange of words. “There wasn’t a gap and if you use your elbows to open it up, I think it’s completely against the rules,” said Van Aert, a two-time stage winner this year. “It’s already dangerous enough and I was really surprised and shocked at the moment that I felt something,” he said. “Really scared.” In the race for the overall win, Primoz Roglic stayed safe on the rolling ride to Poitiers to keep the race leader’s yellow

PETER SAGAN (left) is penalized for causing a clash with Wout van Aert during the sprint finish. AP

jersey. The 167-kilometer stage started on France’s Atlantic coast. Ewan skirted Bennett in the last meters (yards) and threw his front wheel across the line.

“It was very, very hectic,” Ewan said. “Quite crazy.” The 25-year-old Ewan, racing for the Lotto Soudal team, also won Stage 3 and three stages at his inaugural Tour last year. AP

Motoring BusinessMirror

B8 Friday, September 11, 2020

Editor: Tet Andolong

Catch Honda’s huge discounts; New Hilux here

AM still giddy on how to approach the digital world so that thanks to some of our industry captains on their meaningful thoughts on how to deal with the so-called new normal—a totally strange new order that was cruelly, if not unwittingly, imposed on us by the pandemic. Here’s what lawyer Albert Arcilla, president/CEO of Chevrolet, MG and Volvo, told the Inquirer’s Tessa R. Salazar recently on the new digital platform: “At The Covenant, we have always championed digital in both Chevrolet and MG, and we are

committed to the sustained transformation of our digital systems, processes and communication channels so we can efficiently engage and connect with our stewards, dealer partners, and customers. These modern systems are not without the continued trust

of our stakeholders which serves as the first gateway for people to engage with us online. With two established heritage brands under our helm—Chevrolet was founded in 1911 and MG in 1924—we remain earnest in keeping the quality and reliability of our vehicles and services so as to promote trust amongst our customers online.” Short but sweet. Thanks, Prince Albert.

Big-time Honda discounts

NOW, let’s give way to Honda’s Arianne Colene L. Jalalon: “Honda has announced the final extension of its ‘Great Deals, Bright Tomorrow’ to September 30 for buyers of the City, BR-V, Brio, Civic, CR-V, and Mobilio. “For the City, BR-V, CR-V, and Mobilio, customers may enjoy the following cash discounts: Model with Variant Suggested Retail Price Cash Discount 20YM City 1.5 VX+ Navi CVT P1,068,000 P120,000 20YM BR-V 1.5 V CVT P1,155,000 P70,000 19YM CR-V 2.0 S CVT P1,668,000

P180,000 19YM Mobilio 1.5 RS Navi CVT P1,085,000 P120,000 “For the Brio and Civic: Model with Variant Suggested Retail Price Specia l/Reg u lar A l l-in low Downpayment for as low as 19YM Brio 1.2 S MT P598,000 P10,000 20YM Civic RS Turbo CVT P1,608,000 P86,000 “Buyers of the City, Civic, CRV, and Mobilio will also get a free Blaupunkt Air Purifier Airpure AP 1.0 set, which will provide clean air within the cabin and ensure a safe drive during the “new normal.” “A special all-in financing program at 10-percent downpayment, with 36-60 months payment terms for select models, will also be available through BPI Family Savings Bank, RCBC, China Bank Savings, and Bank of Commerce. “Other all-in financing promo option offers, such as low cashout, low monthly amortization, and free one month amortization at 15 percent and 20 percent downpayment with 36-60 months pay-

Isuzu opens new IOS dealership in Pagadian City Story by Randy S. Peregrino

SUZU Philippines Corp. (IPC) is not letting the pandemic derail its aggressive expansion and modernization efforts. Recently, it opened its newest dealership in Pagadian City, Zamboanga del Sur, bearing the Isuzu Outlet Standardization (IOS) modern design. The newly opened facility is the third to introduce the fresh layout and making it the brand’s 43rd dealership nationwide. Operated by North-Min Automotive Dealership Inc. (NMADI), its executives were joined by IPC in a digital presentation via online streaming. The new dealership’s IOS layout aims to enhance the overall customer journey through an aesthetic, functional, plus more spacious, and organized area. Moreover, it conveys Isuzu’s new brand identity and its long-standing reputation for durable and reliable products. The new facilities will also contribute significantly to a more seamless automotive retail experience for both customers and

The new Isuzu IOS dealership in Pagadian City. Isuzu Philippines

dealership personnel. Strategically located at Barangay Tiguma, one of the rapidly developing commercial and agricultural locations in Pagadian City, the new facility serves as a satellite branch of Isuzu Butuan. With a total floor space of 3,871 sq m, the showroom can display four vehicles. The service bays, meantime, can accommodate a total of seven light and commercial vehicles combined. It also has a wash bay and wheel alignment facility, and five slots for body repair and paint works.

“The addition of a new Isuzu dealership in our rapidly expanding network is a strong testament to the growing preference for the Isuzu brand as we continue to widen our reach to our customers in Region 9. This is another major milestone that we share with our new dealer partner North-Min Automotive Dealership Inc., and we look forward to serving our customers in this area with the Isuzu Pagadian,” said IPC President Hajime Koso remarked. Meanwhile, NMADI General Manager George Ongchua de-

scribed Isuzu as a renowned automotive brand in Mindanao. “Isuzu trucks and light commercial vehicles have proven time and again that they are perfectly suited to the varying and challenging terrains and road conditions of Mindanao. With the establishment of Isuzu Pagadian that is of worldclass standards, we are very confident that the good reputation of the Isuzu brand in the region will be extended to its dealership services. Pagadian is one of the most industrialized and business-savvy cities in Mindanao, and we’re very optimistic that people and businesses in this side of the Zamboanga Peninsula will come to us to provide them with Isuzu products and services,” he added. Now on its 23rd year, IPC aims to strengthen further its market leadership in the country’s truck and LCV segment, particularly in the fastest-growing regions. Now that Isuzu Pagadian is open to serve, ‘Pagadianons’ will experience world-class IOS dealership facility.

Pepsi chooses All-New Carry for nationwide deliveries

UZUKI Auto UN and PepsiCola Products Philippines Inc. (PCPPI) recently came together to celebrate the turnover ceremony of the first batch of the All-New Carry units. The vehicle’s size, maneuverability and features are perfect for the company’s requirements in delivering high quality products to its consumers nationwide. The turnover ceremony was attended by the representatives of Suzuki Auto UN, Willard Keng, Dealer Principal EVP, Roberto Bautista, the dealership’s General Manager, and its Fleet Manager Edgar Santiago. To represent Suzuki Philippines Inc. (SPH) was Marko Rivera, Sales Specialist. On the other hand, PCPPI’s representatives included PCPPI Senior General Manager, Luzon 1, Alvin M. Valencia, joined by Senior Manager for Sales Information and System, Ryan P. Mariano and National Fleet Senior Manager John Albert Ayro. The event was held in PCPPI’s head office in Tunasan, Muntinlupa, where 21 out of 105 units of the All-New Carry were turned over to be utilized as

(From left) Roberto Bautista (General Manager of SA UN Ave); Marko Rivera ( SPH Automobile Sales); John Albert Ayro (Sr. Manager, National Fleet, PCPPI); Alvin M. Valencia (Sr. General Manager, Luzon 1, PCPPI); Willard Keng (EVP, SA UN Ave); Ryan Mariano (Sr. Manager, Sales Info and Systems, PCPPI); Edgar Santiago (Fleet Manager; SA UN Ave)

their delivery vehicle and shall be distributed to different PCPPI sales office nationwide. Backed by more than 40 years of Suzuki compact truck experience in the harshest environments, the All-New Carry is the suitable delivery partner for PCPPI as journeys from the products’ origin point to their designated destination

mean facing different terrains and weather conditions. Built to be tough, rust and corrosion is the least to worry about with galvanized steel plates used for the entire bed of the compact-truck, on top of the sealers and undercoating used for its underbody while its stainless-steel exhaust system is rust-resistant. Its engine

air intake is placed in a high position under the cargo bed which allows it to overcome f looded roads even with water levels as high as 30cm. The All-New Carry with a payload capacity of 940 kg is powered by a high-power and high-fuel efficient 4-cylinder 1.5 liter engine which can produce up to 71KW/5,600rpm, with a maximum torque of 135N-m/4,400rp. The All-New Carry is available in two variants, the All-new Carry Cab and Chassis 1.5L at P499,000, and the All-New Carry Truck 1.5L at P509,000, customizations are welcome based on customer’s requirement. For more information on the All-New Carry, you may visit Suzuki Philippines’s web site, https:// auto.suzuki.com.ph/all-new-carry to get to know more about the vehicle that is a reliable work partner designed to make your business grow as you achieve new milestones and celebrate more wins! For more information about Suzuki Philippines and its automobiles, please visit www.suzuki.com. ph and like them on www.facebook. com/SuzukiAutoPH.

ment terms, are available through BPI Family Savings Bank, RCBC, Bank of Commerce, China Bank Savings, UCPB, BDO, PNB, PSBank, East West Bank, and Robinsons Bank. Customers may also submit their bank loan applications online through the Auto Loan link page in the HCPI web site. “All these offers include a threeyear LTO Registration and Chattel Mortgage and a free one-year Comprehensive Insurance with Acts of Nature through select bank partners. “At Honda, we truly care about everyone’s safety and well-being, especially during these trying times. This September, customers have the chance to avail of these cash discounts and low downpayment offers as we, once again, extend our latest deals and exciting promos. Through these special offers, we aim to help provide mobility and offer ease of ownership to Filipinos as we face the ‘new normal,’” said Masahiko Nakamura, Honda Cars president. “For more details, please log on to www.hondaphil.com.”

PEE STOP Ira Panganiban’s Auto-

car says Geely Philippines continues to score big in sales following Geely’s chart-topping performance

in July when its Coolray sold 263 units to lead the 5-seater sub-compact crossover segment, surpassing by a mile Coolray’s sales output of 154 in June. And Geely is only on its first year of operations here. Here’s a glass to you, Froi (Dytianquin)…. In its undying stance as the world’s No. 1 carmaker, Toyota will launch another model tomorrow, September 12, in its continuing out-of-the-box endeavor to buttress its stature as the true-blue grinder when the going gets rough. Thus, stubbornly unmindful of the relentless pounding of the industry by the pandemic brought on by the Covid-19 coronavirus, Toyota, undaunted as it has always been, is unveiling the new Hilux tomorrow in a much-awaited digital launch. It comes on the heels of the much-applauded release of the Toyota Corolla Cross for the iconic’s almost unbelievable novel transition from the “old normal” to hybrid. I’m forever in love with the Hilux as it was the first truck I bought in 1997—when Nadinne B. Capistrano, the Toyota PR specialist, was only two years old. Time flies, indeed. To which Nadinne replied: “Time flies but Toyota remains the same. Or even better!” They learn that fast these days…

Kia Phl celebrates the start of the ‘Ber’ months

T should come as no surprise by now: Nothing can stop Filipinos from celebrating the world’s longest holiday season. This Yuletide spirit that overcomes all hurdles, and as Kia continues to be recognized globally for its quality and stylish vehicles, its local distributor, Kia Philippines offers an early “Ber” months present that should drive us all home a triumphant and abundant year-end. Kia’s Worth the Drive Deals this September gives buyers a great head start into getting their Kia vehicle at amazingly low downpayment or monthly amortization terms or with huge cash discounts. What makes the Worth the Drive Deals so worth availing of is the flexibility of payment and financing options, as varied and adaptable, and gives customers the leeway they need to choose wisely. Kia Philippines also upgrades its K2500 lineup with a larger payload capacity of 1,235 kilograms for its Karga and Kargo Plus lines, both are designed for business owners looking for a durable workhorse for passengers and cargo and offer better driving experiences. The Karga Protect Plus even has plastic dividers that are durable and can easily be cleaned. This helps support social distancing requirements in compliance with the health standards mandated for transport vehicles during these times. Powered by a 2.5-liter diesel with CRDI technology producing 130ps at 3,800rpm and 255N-m at 1,5003,500rpm, mated to a 6-speed manual gearbox, the engine-transmission combo gives potent pull with excellent fuel economy. Plus, its stylish look—what with the Tiger Nose grille and sedan-like cabin for more comfortable hours on the road---make it a good representation of your business. With Worth the Drive Deals, Kia Philippines offers as much as P60,000 savings for the Karga Protect Plus and P30,000 for the Kargo Plus Aside from the K2500, buyers can get the award-winning Sorento, Grand Carnival and Stinger GT with enticing deals. These three models have recently been recipients of the 2020 US J.D.

Power Awards Survey (Quality Awards for Sorento and Carnival and Performance Award for the Stinger GT). The Sorento can be availed of with as much as P430,000 slashed from the price or zero-percent interest up to 60 months while the Grand Carnival also comes with as much as P120,000 less from the price or with 24 months of zero interest payments. And just like the Sorento and the Grand Carnival, the Stinger GT also comes with amazing deals with as much as P250,000 discount or zero-percent interest up to 24 months. The rest of the Kia vehicle lineup, such as the Picanto, Soluto, Rio, Forte, Seltos and Sportage, won’t be left out in the Worth the Drive Deals promo. Now is the best time to start the Holiday months on a great note with a Kia purchase. Owning a Kia vehicle is worry-free as it comes with a five-year/160,000-km warranty, whichever comes first (threeyear/110,000-km warranty for K2500), 24/7 Roadside Assistance (free for five years) and other Promise to Care programs. “With an award-winning brand known for its quality and style, it’s hard to resist offers like the Worth the Drive Deals,” said Manny Aligada, Kia Philippines’s president. “You don’t just get amazing deals, you even get a complete customer experience that keeps its Promise to Care long after the sale has been made,” he adds. So, before you hear another early Christmas song on the radio, make that call and set an appointment at any of the 34 Kia dealership network nationwide to test drive that long-yearned-for vehicle. Who knows, you’d be pleasantly surprised when you decide to make December 25 come to you three months ahead of time. The Kia Philippines Worth the Drive Deals runs until September 30, 2020, and can be availed of through bank partners: BDO Unibank, BPI Family Savings Bank, China Bank Savings, EastWest Bank, PNB, PSBank and RCBC. For more information, visit Kia Philippines’s web site or like and follow them on Facebook and Instagram.