BusinessMirror September 15, 2020 by BusinessMirror

Poll: Most firms project recovery within 3 yrs By Elijah Felice Rosales

EUGENIO MARCIAL, 86, assembles a miniature bahay kubo that he sells for P1,500. He said he has been practicing this craft for 20 years, sourcing his materials of bamboo and rattan from Cavite and selling them on a vacant lot in Makati City, a trade that has helped to tide him over the pandemic. ROY DOMINGO

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OST corporations anticipate their operations to recover within one to three years, as they look to the government to intensify spending on infrastructure in the pandemic aftermath, according to a survey of businesses. In the PwC MAP 2020 CEO Survey, 90 percent of corporate officials said they expect their firms to experience revenue growth in the next three years. Further, 58 percent are hopeful their industries will recover over the next 12 months, contrary to the 41 percent who are pessimistic about prospects of a rebound. On the other hand, three in every four CEOs said the country is staring at a nega-

tive GDP by the end of the year, with majority forecasting it would be below negative 4 percent. As for 2021, 64 percent said GDP may be between 1 percent and 4 percent, as they see the economy slowly recovering on hopes a vaccine will be available by next year. “The CEOs, however, are not as optimistic at the macroeconomic level. The prolonged lockdown and the continuing rise in the number of Covid-19 cases have a massive impact on the economy,” the PwC MAP survey read. Over the next 12 months, CEOs believe the government should go aggressive with its buildup of infrastructure units. Based on the survey, two-thirds of corporate officials said infrastructure development will be the main growth driver for the economy in the next 12

months, followed by domestic consumption and state spending. In terms of recovery, 70 percent of CEOs said the government should provide industry-specific measures to boost confidence in both investments and consumption. Likewise, more than half pushed for the creation of new tax incentives and the crafting of a recovery plan for each sector, especially those swept by the pandemic. “The Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) bill, which is Package 2 of the government’s comprehensive tax reform program, is also under review by the Senate. Under the CREATE bill, the 30-percent corporate income-tax rate will be reduced to 25 percent, and is expected to help micro, See “Poll,” A7

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Tuesday, September 15, 2020 Vol. 15 No. 341

JENNIFER NABAUNAG, 37, from Muzon, Taytay, Rizal, sells bedsheets and pillow cases by consignment, literally carrying, on foot, an average of around 20 kilos of her items in Rizal towns, hoping to slowly regain what she used to earn pre-pandemic. Although she got P6,500 in government aid, the lockdowns have left her with only a net of P300 daily, not enough to buy her household’s food and other items, but she bears her burden, as she’s also saving up to buy even just a used tablet for her 16-year-old son’s virtual schooling. She hopes that as Christmas nears, more people will buy her stuff. BERNARD TESTA

By Tyrone Jasper C. Piad

ONEY authorities of emerging markets, including the Philippines, are risking their credibility if investors become convinced that the governments are relying heavily on their central banks to put the economy back on track, according to S&P Global Ratings.

The credit rating agency noted that the central banks of the Philippines and India have bought a total of $24 billion worth of government bonds to provide relief to their economies currently battling the adverse impact of the coronavirus pandemic. Bank Indonesia, meanwhile, also began buying bonds in July. “Bond-buying programs may impair the ability of emergingmarket central banks to respond to future crises, with rating implications for the respective sover-

eigns,” S&P Global Ratings credit analyst Andrew Wood said. Such a move is seen leading to debt monetization, which can trigger increases in inflation and financing costs. S&P clarified, however, that this has not happened yet so far, noting it means that the central banks have maintained their credibility and the investors have remained patient for “aggressive action.” However, it added, “if investors begin to view government See “BSP,” A7

Cutting poverty, UMIC status on hold–for 3 yrs By Cai U. Ordinario

HE Philippines would have to put on hold its aspirations of reducing poverty further and reaching Upper Middle Income status at least for the next three years as growth is expected to remain anemic, according to the Ateneo Center for Economic Research and Development (Acerd). In a Foreign Correspondents Association of the Philippines (Focap) briefing on Monday, Acerd Director Alvin P. Ang said the average growth of the country could slow to 4.5 percent at least in the next

three years, assuming the government’s current level of response continues. Ang said this is 1.5 percentage points lower than the country’s historical average GDP growth of 6 percent. He said the reduction in the growth would affect the country’s goals and targets. “Those goals have to be postponed for now because poverty will likely increase. If you go by SWS [Social Weather Stations] data, it’s possible that poverty will increase by 5 percent by December,” Ang told the BusinessMirror in a message. Ang said it would take around

PESO EXCHANGE RATES n US 48.5510

three years before the Philippine economy gets back its “production capacities.” This is going to affect the growth path of the economy. He said these capacities remain low at this point and would take time to return. He said these are labor, human resource, infrastructure and business capacities. Ang said in the last Monthly Integrated Survey of Selected Industries (Missi), manufacturing firms were still operating with a capacity of 60 to 70 percent. “We can see actually that you are incurring capacity losses and the capacity losses, even if the

economy all opened up, it’s not going to go back immediately. It’s easier to destroy than to build. Building a house takes months but only days to destroy. If businesses are gone, to bring them back will take time again,” Ang said. Acerd’s director said these estimates take into consideration the government’s current efforts, including the continuation of the Build, Build, Build (BBB) program. He said the country’s infrastructure capacities are intact and this could help the economy grow. However, more can be done to

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AS INVESTORS SEEK HAVENS, GOLD TRADING SEEN TO BEEF UP G.I.R.

S the coronavirus pandemic intensifies market uncertainties, analysts said that the Bangko Sentral ng Pilipinas’s (BSP) shift to active gold trading was a welcome move to further beef up the country’s foreign reserves. UnionBank Chief Economist Ruben Carlo O. Asuncion said investors are now seeking safe haven assets such as gold amid the uncertainties wrought by the pandemic, noting that the BSP being active on gold trading was a “good and smart move.” “Gold has been rising because of the uncertainties brought by the Covid-19 pandemic,” he said. “If there is any investment or asset that the BSP should be holding now, it should be gold.” The country’s gold holdings are a portion of its foreign reserves, and Asuncion said that trading the safe haven asset could lift the latter. “It [active gold trading] will definitely help the GIR [gross international reserves] to rise further and be a security for the economy as we navigate the uncertainties of the pandemic,” he explained. The Philippines’s GIR rose to a record high of $98 billion in endJuly on the back of a surge in Central Bank’s gold holdings amounting to $12.595 billion. The Monetary Board recently reverted to an active strategy for handling its gold reserves. The measurement of gold was changed from amortized cost to fair value, resulting in revaluation gains of $719.69 per fine troy ounce or a total of $4.58 billion. With the country having a rich source of gold, the UnionBank economist said that trading the said asset could provide stability to the economy. “Having the availability of gold, a great asset to have in a crisis, affords an economy an array of reliable and safe storeof-value without the challenges of value volatility, unlike other risk-free assets in a crisis where risk-free assets may end up not really less of a risk,” he said. See “Gold,” A7

Continued on A7

n JAPAN 0.4576 n UK 62.1356 n HK 6.2645 n CHINA 7.1035 n SINGAPORE 35.5035 n AUSTRALIA 35.3306 n EU 57.4989 n SAUDI ARABIA 12.9449

Source: BSP (September 14, 2020)

A2 Tuesday, September 15, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

The professionals

he recent spate of road accidents involving buses has the same sickening culprit: bad, irresponsible driving. The driver of the Pitbull Bus with license plate number TYF 328, which rammed into 11 motorcycles, a car, and another bus along Osmeña Highway in Makati City two Fridays ago, conveniently and quite expectedly blamed faulty brakes or mechanical error for the accident. But the Makati police later found the bus driver, Marlon Yandug Nacaytona, positive for shabu or crystal meth use after undertaking a drug test. It was his drugged driving, not faulty brakes, that led to the vehicular crash that left 13 people wounded. We have a law, Republic Act 10586, that penalizes persons driving under the influence of alcohol, dangerous drugs and similar substances, and sets stiff fines as well as jail terms for violators. But it is one thing to enact a law and it is another thing to enforce it. Even before RA 10586 was enacted there were already drunk driving ordinances in most cities, but the enforcement of such ordinances have been very lax. Lax enforcement is why RA 10586 seems to have as many offenders. It’s no surprise since even ordinary traffic laws are routinely flouted here. When traffic officials try to enforce them, sometimes they even get beaten up or harassed by irate and undisciplined motorists. Bad driving accounts for approximately 85 percent of vehicular accidents per year, according to a study by the Department of Transportation. The Metropolitan Manila Development Authority (MMDA) said there were 31,811 accidents from January to August this year, including 6,614 non-fatal accidents and 25,061 incidents that resulted in damage to property. MMDA data showed there were 618 accidents that occurred in Edsa during the same period, 509 of them resulting in damage to property. Over 100 concrete barriers or lane separators along Edsa to mark the bus lanes have been destroyed in these accidents. Most of them were “self-accidents” or the fault of drivers, the MMDA said, because they were caught driving drunk, tired or distracted (using their cellphones), or they were speeding and made “miscalculations” as they entered the busway. Bad drivers must be taken off our roads. If they are PUV drivers, their operators’ franchises and their licenses must be subjected to a thorough inspection, even revoked when their vehicles are involved in multiple traffic violations and accidents. If you drive a bus, truck or jeepney, with the capacity to kill or maim a lot of people in an accident, you and your operator should certainly be held to a higher standard. The government must look into the recruitment system of PUV and truck drivers and their training. It must enforce stricter rules for them. And there must be zero tolerance for drug use. A surprise, pre-Lenten drug inspection test conducted by the Philippine Drug Enforcement Agency last year found 35 bus drivers and 17 conductors positive for shabu use. It’s really scary to think that the guilty bus drivers were about to drive hundreds of commuters to their provinces for the 2019 Holy Week before they were caught; even scarier to consider how many actually escape random drug testing and how often certain bus and other PUV drivers actually drive under the influence of drugs or alcohol on a regular basis. If you are a PUV driver, you own a professional driver’s license. You should live up to your billing —be professional. You should be better than the ordinary driver. Unfortunately, most bus and jeepney drivers are the exact opposite. They are the first to violate traffic rules, especially when no traffic officer is looking. MMDA officials recently met with representatives of the DOTr, Philippine National Police-Highway Patrol Group, Land Transportation Office, and Land Transportation Franchising and Regulatory Board to talk about stricter enforcement of traffic laws. The MMDA said they talked about suspending, revoking, or canceling the licenses of drivers with multiple traffic violations, among others, as well as establishing strategic checkpoints during curfew hours, and conducting random breath analyzer tests on drivers. As a slogan once famously said: Just do it. We have a lot of bad drivers on our roads and the government just lets them keep driving.

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THE Entrepreneur

he Covid-19 vaccine will soon arrive and alleviate our anxiety. Its distribution will require massive logistics and the Philippines must prepare for this eventuality to make sure our people have safe, fast and equitable access to the vaccines. A number of vaccine candidates are advancing through the Phase 3 clinical trials, and many believe one or two vaccines may be available as early as the fourth quarter of 2020. As all countries look forward to getting their hands on such vaccines, the United Nations Children’s Fund said it could be the world’s largest and fastest operation ever. The government is allocating P2.5 billion out of the 2021 national government budget to procure Covid-19 vaccines, mostly for poor Filipinos. The government’s target is to fund the immunization of 3.8 million Filipinos, which will make a big difference in containing the spread of the virus. Of course, we expect higherincome Filipinos to pay for their vaccines and some companies and non-government organizations to subsidize the cost of the vaccine doses for their employees. We should support the government in preparing for the eventual commercial availability of effective vaccines. The procurement needs months of preparation, and funding and planning are the first steps in

making sure our people will receive the doses as soon as possible. The International Air Transport Association, a group of airline operators, advises countries to begin careful planning to ensure full preparedness when the vaccines are approved and available for distribution. IATA Director-General and CEO Alexandre de Juniac said safely delivering Covid-19 vaccines will be the mission of the century for the global air cargo industry and it won’t happen without careful advance planning. “And the time for that is now. We urge governments to take the lead in facilitating cooperation across the logistics chain so that the facilities, security arrangements and border processes are ready for the mammoth and complex task ahead,” he said. The Vaccine Alliance also believes delivering billions of doses of vaccine to all countries efficiently will involve hugely complex logistical and programmatic obstacles all the way along the supply chain. It said this would require coordination among governments, vaccine manufacturers and logistical partners to ensure

an efficient global rollout of a safe and affordable vaccine. Although the decrease in the number of new coronavirus infections in the Philippines in recent days points to the flattening of the Covid-19 curve, what will contain the transmission is the availability of vaccines. A group of experts from the University of the Philippines was quoted as saying that the curve may have already flattened in September, based on the virus reproduction rate of less than 1. If the reproduction rate stays below 1 such as 0.9, the doubling of active cases would take longer and the spread of the virus will be contained more effectively. This means the government efforts, guided by the best interest of public health and crucial data provided by medical science, paid off, according to President Duterte. Data from the Department of Health show while there were 251,964 cumulative cases as of September 11, 2020, only 62,250 were active cases. Our health authorities should focus on monitoring the number to make sure it does not go up rapidly. To achieve this, the number of recoveries should exceed the figure on new infections. This is easier said than done, but we should make our best efforts to address the crisis. As far as the Department of Health is concerned, the critical care utilization rate is more important, as it represents the capacity of hospitals to accommodate new patients. In July, most private hospitals turned away new Covid-19 patients because their beds in critical care were already occupied.

Winning the future, Covid or not

Jennifer A. Ng Vittorio V. Vitug

Senior Editors

Creative Director Chief Photographer

Time to plan and prepare for immunization

John Mangun

OUTSIDE THE BOX

he projection models on the course of the Covid-19 pandemic have been about as inaccurate as those used for global warming and “famine-from-overpopulation.” But that is the problem with trying to draw conclusions when there are too many variables and oftentimes agenda-driven data interpretation. Currently, this is what we do know and even here we are using “official” numbers. Globally there have been 21,959,321 closed Covid cases with 928,292 or 4 percent resulting in death. How many of those were from other causes unrelated to the virus itself is impossible to know. Too many countries were paying an extra subsidy to hospitals that recorded deaths from Covid. Of the 7,226,655 active cases now on the books, 1 percent or 60,501 are listed as “serious or critical.” We can say that the “estimated” total 30 million Covid

cases pale in comparison to the global 400 million full-time jobs lost (from the International Labor Organization) due to the lockdowns. Let’s put it this way. We are not anywhere near the first projected 4 million global deaths and way above the first projected global loss of working hours equivalent to 34 million full-time jobs. All right. That is enough of the blame game, which will continue for a decade or more. However, there are two scenarios for the next 12 months or so.

The first obviously is that life on Earth will “never” be the same, as we knew it. We must adapt to the new normal under the shadow of Covid. The other option is that by this time next year we will be pretty much back to our old ways. The reality will be somewhere in the middle as usually happens. However, let’s look at a specific example. I will not touch on international tourism because there are too many variables. Do we travel to Thailand with very few past cases but not go to the United States? Maybe. But then again do you really want to get on an airplane with potentially Covid infected Americans who are also deep into the psychosis of “social justice”? The entertainment industry has been decimated around the world. While motion pictures from Hollywood and Bollywood are international as Netflix, domestic entertainment is dead. This includes live theater performing Shakespeare to the fabulous Ms./Mr. Bobbie pole dancing at your favorite nightclub. Andrew Lloyd Webber, English composer and impresario of musical theatre, recently said: “We simply have to get our arts sector back open and run-

Following the strict health protocols in August, the situation improved moderately and provided hospitals more space to handle new cases. Hopefully, the flattening of the curve would result in the decrease in critical care utilization rate for virus patients from the current 46 percent to a manageable 30 percent and below. What made up for the shortage of hospital beds is the construction of quarantine facilities all over the country. The Department of Public Works and Highways led by Secretary Mark Villar has built and continues to set up more quarantine facilities to support the government’s efforts in containing the virus spread. The DPWH Task Force to Facilitate Augmentation of National and Local Health Facilities is in charge of constructing health system facilities to decongest hospitals. The department is building 602 Covid-19 facilities with a total capacity of 23,000 beds nationwide. Of the total, 340 have been completed as of the first week of September, while another 262 are expected to be finished within the next two months. The use of face shields on top of face masks, meanwhile, may have helped reduce the transmission rate. It is one effective protocol that companies and local government units may find useful, instead of a lockdown, at least until a vaccine becomes available. Over 100 Covid-19 vaccines are in development this year, and the World Health Organization expects that 2 billion doses of the vaccine will be made available by 2021. President Duterte prefers a less See “Villar,” A3

ning. We are at the point of no return.” And that includes all arts, including museums as well as the performing arts. Seventy percent of Americans say they are afraid to go to see a movie. What is the solution? We have seen a global boom in home delivery of retail goods and especially food. While fast-food chains have seen an overall decline in same store sales, drive-through has increased so much that major companies are now designing and opening new stores with as much as 60 percent less “sit-down” space and double the capacity for drive-through/ pick-up service. What happens the first time the tables are full and people do not want to take food home? As for the private sector, companies that planned for both scenarios will be the big winners. Those that protected and enhanced their core businesses and also augmented their model “pandemicfriendly” services will own 2021.

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

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Transfer pricing pitfalls and concerns

When power lies to people Manny F. Dooc

TELLTALES

Atty. Irwin C. Nidea Jr.

Tax law for business

ransfer pricing is now in the consciousness of many Philippine companies. After the issuance of Revenue Regulation 2-2013 seven years ago, a new revenue circular now makes it mandatory to prepare a contemporaneous transfer pricing documentation. On top of that, the Bureau of Internal Revenue also requires the submission of BIR Form 1709. This BIR Form will be used as a reference in choosing which company will be subjected to transfer pricing investigation by the BIR. Since transfer pricing is new to many taxpayers, it is important to understand the common pitfalls and red flags that must be avoided to shield a company from audit. Especially now that the BIR will be issuing letters of authority (LOA) to investigate exclusively for transfer pricing audit. First, a conglomerate must identify their related party transactions that pose significant risk. Since these companies know their business better than any external advisor, they are in the best position to determine the list of material inter-company transactions according to amount and impact. They are also in the best position to know whether there is an internal transfer pricing policy that is currently being used and whether this is being followed. For example, is there a significant discrepancy in the expenses charged to an affiliate that enjoys a tax holiday compared to affiliates that do not? It is possible that to maximize the tax holiday of a company, all its expenses are shifted to other affiliates that do not have the same privilege. In this scheme, the whole group will be able to maximize these expenses as deduction to tax. Taxpayers must be aware that the BIR will focus on large claims of income as well as large claims of losses. Another danger area is determining the acceptable comparable and database for the BIR. There are many databases available to taxpayers. But what will the BIR use as its own database? Should taxpayers focus on local comparables? There are also different methods used to prove arm’s length intercompany pricing as prescribed by the Organisation for Economic Co-operation and Development (OECD), i.e., Comparable Uncontrolled Price Method, Transactional net margin method, among others. What is the BIR’s preference among these methods? These are potential sources of conflict with the BIR. It must be noted that the Philippines is not a signatory to the OECD. But Revenue Regulations 2-2013 is derived from it. Comparability and method selection issues are usually the bone of contention in an audit. It would be better if taxpayers know the BIR’s preference at this time. But since there are no precedents yet in our jurisdiction, comparability and method selection issues can have significant part in transfer pricing audit and litigation. Taxpayers must make sure that their transfer pricing documentation will convince the BIR that the cor-

Villar. . .

Continued from A2

expensive vaccine once it becomes available. The Philippines is already in talks with Gamaleya Institute of Russia for the possible reproduction of Sputnik V vaccine. Among the companies that are in the advance stage of clinical trials for their vaccine candidates are Moderna Therapeutics and Pfizer of the US, Sinovac of China and CSL Limited of Australia. “Whoever makes it first and gives it to us cheap, that’s where we’ll go. They know that we don’t have enough money. If it’s too expensive, we will go for the less expensive ones,” President Duterte was quoted as saying earlier. As we begin to see a flattening of Covid-19 curve and prepare for a massive immunization program next year, we should also look at healing our economy to preserve jobs and prevent more people from falling below the poverty threshold. The National Economic and Development Authority noted that

rect comparables and the correct method were used. It is also important to remember that the BIR requires not only a transfer pricing study but the supporting documents as well. The BIR will scrutinize these supporting documents, which usually include inter-company contracts that define the functions, risks and benefits of each party. Currently, I have observed that many inter-company transactions are only documented through invoice, debit or credit memo. This practice must end. All related party transactions are now required to have written agreements. The BIR’s goal is tax compliance. But it must also help and unburden taxpayers from unnecessary requirements and impossible timelines. First, there is no threshold amount as to what taxpayers are required to submit a transfer pricing documentation. Thus, small and medium enterprises are required to submit the same transfer pricing compliance as multinational corporations. The absence of threshold must be given a second look. It is an additional cost that SMEs must be exempted from. Also, the deadline given to companies to submit their transfer pricing documentation that are required to submit their income tax returns on September 30, 2020, is too tight. The revenue circular was only released around a month ago and the transfer pricing documentation compliance that it requires is not an easy task. The BIR must seriously consider extending the deadline for these companies. As the BIR tries to catch up with the world in transfer pricing compliance, it must not unnecessarily burden small companies that are not their target anyway. It must also be fair in terms of timelines and documentation. Taxpayers must also be aware of an air-tight transfer pricing documentation to avoid the risk of an audit adjustment.

The author is a senior partner of Du-Baladad and Associates Law Offices, a member-firm of WTS Global. The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at irwin.c.nideajr@ bdblaw.com.ph or call 8403-2001 local 330.

prior to the health crisis, the Philippines was in a position to become an upper middle-income country in 2020, supported by low inflation and strong fiscal position, as recognized by international credit rating agencies, which gave us investment-grade credit scores of BBB+ to A-. With the easing of quarantine restrictions in June, the economy began to see a gradual recovery. Acting Neda Director-General Kendrick Chua said based on what took place in the last six months, the lower quarantine restriction actually opened more sectors of the economy and helped bring back jobs. The level of quarantine restrictions clearly has a significant impact on the economy. I believe that while we should remain on our toes against the spread of Covid-19, we should keep the economy operational and allow Filipinos to keep their jobs and provide for their families. We should now focus on rebuilding the economy while keeping our families protected. For comments, e-mail mbv.secretariat@gmail. com or visit www.mannyvillar.com.ph.

resident Donald J. Trump’s present imbroglio that he finds himself in, exactly seven weeks before American voters troop to the polling places to elect their next president, was precipitated by a purely human frailty—lying. It seems that American presidents never learned their lessons well. President Richard Nixon not only lied but also tried to cover it up, and that resulted in his unceremonious departure from the White House. President George H. W. Bush has been infamously quoted: “Read my lips: No new taxes.” But when he could not negotiate with the Democratic-controlled Senate the budget he needed to meet his pledge, he imposed new taxes. President Bill Clinton as usual, in his smart-alecky way, had said: “I smoked but I did not inhale.” And now Trump was caught in his own words several times when his personal interviews with Washington Post investigative reporter Bob Woodmark were heard by the whole world.

Last week, Washington Post top investigative reporter, Bob Woodward, revealed that he interviewed President Trump 18 times upon the President’s invitation. The President gave a number of startling revelations about his knowledge of the coronavirus that he later on contradicted in his briefing to the American public. For instance, in a recorded interview given to Woodward as early as February 7, 2020 before knowledge about the virus was widely known, Trump acknowledged that the virus “goes through the air. That’s always tougher than the touch. You don’t have to touch things. Right? But the air, you just breathe the air and that’s how it’s passed…. That’s a very deli-

cate one. It’s even more deadly than even your strenuous flus.” Yet until not too long ago, he had been telling that Covid-19 is virtually harmless. He had repeatedly said that as warmer weather comes, the deadly virus shall “disappear like a miracle.” Is lying a part of the President’s repertoire? Why do some presidents resort to a state of denial even in the face of blatant untruth? Dr. Charles Ford, a renowned university professor and the author of a book on the psychology of lying, said: “Everybody lies. It is part of human nature, ubiquitous in the animal kingdom. However, some people lie compulsively, often when the truth would serve them better.” A President

Tuesday, September 15, 2020 A3

would prevaricate to appeal and look good to the public. More often, it is for self-aggrandizement to demonstrate that he is a better leader than any pretender to his post. And it is very common during election periods when the incumbent is seeking a reelection to embellish his credentials. For instance, during the last Republican National Convention, Trump lied at least 20 times before the audience who listened to his nomination acceptance speech according to fact-checkers who monitored his speech. However, a well-intentioned president may tell a lie, for instance, to keep a nation safe and secure. For instance, President Franklin Delano Roosevelt’s deception about his health during the war to preserve the morale of the US troops and his people fits this situation. And to some extent, President George W. Bush’s claim that Iraq possessed weapons of mass destruction despite the absence of any solid evidence to justify the US invasion of Iraq is one such example. The invasion removed a tyrant who had been bullying not only his own people but the smaller Arab states. There are noble lies as there are brazen lies. It is the latter which are revolting and offensive such as Nixon’s Watergate lies which eventually caught up with him. Truth is the first casualty in politics. The prevalence of lying among public servants contributes to the irreparable erosion of trust in government. When the governed doubt the integrity of their rulers, there is a breakdown in people’s confidence in government. When there is a serious disbelief in the sincerity of their officials, the administration will not suc-

ceed. This was the main culprit why the US, despite its huge military superiority, lost the Vietnam War. The American public later learned that the US government under President Lyndon B. Johnson concocted the fiction that the Vietcongs attacked the US naval forces in the Gulf of Tonkin to rationalize the sending of massive military forces to Vietnam. In a poll survey made in the US before the fall of Saigon, the Americans overwhelmingly responded that for the last 10 years, the US leaders had consistently lied to them. I remember the time after then President Joseph Estrada was ousted from Malacañang and efforts were being made to arrest him to face the plunder charges levied against him. Senator Miriam Defensor-Santiago, in her usual fiery and bombastic statement, said: “I’ll jump off a plane without a parachute if the police succeed in arresting President Estrada.” After the former president was arrested and placed under arrest in his resort in Tanay, Rizal, the anti-Erap forces challenged Senator Santiago to make true of her promise, but she blurted with her signature hearty laugh and said, “Well, I lied.” Honesty is still the best policy in politics, but it seems that an honest politician is a vanishing breed. One President who reportedly did not lie was Abraham Lincoln, and that’s how he got his moniker, “Honest Abe.” His political opponent Stephen Douglas tried to debunk it by calling him “two-faced” Abe. Lincoln rebutted it by saying, “If I have two faces, do you think I’d wear this one.” We have many two-faced politicians and they are proud of wearing both. Beware!

It really hurts: Economic infrastructure over health

By Jose Lorenzo Lim | IBON Foundation Inc.

he Philippine economy contracted 16.5 percent in the second quarter of 2020, which was attributed mainly to declines in manufacturing, transportation and storage, and construction. The Duterte administration is counting on infrastructure to stimulate the Philippine economy’s recovery. To do this, the Development Budget Coordination Committee (DBCC) is allotting P1.1 trillion for the government’s infrastructure budget in 2021. Are the planned infrastructure projects really what the economy needs right now after everything that’s happened this year? How much of the infrastructure helps fight the Covid-19 pandemic? Or is the government just building the same road and transport infrastructure from its pre-pandemic plan?

Unchanged priorities

Long before Covid, the Duterte administration’s “Build, Build, Build” (BBB) Program planned P8-9 trillion in infrastructure projects from 2017-2022. This included supposed high-impact projects such as railways, urban mass transport, airports and seaports, roads and bridges, and “new and better cities.” The government’s priority for such infrastructure projects and economic infrastructure stays, as reflected in the proposed 2021 budget. The budget for the Department of Public Works and Highways (DPWH) is P613 billion—for roads, P59 billion; bridges, P157.4 billion; and flood management projects, P125.8 billion. There are also allocations for local programs (P176.1 billion), and the convergence and special support program (P50.2 billion). Interestingly, P23.9 billion of the convergence and special support program is for access roads leading to tourism destinations, P1.9 billion for access roads to airports, and P2.5 billion for access roads to seaports. The Department of Transportation’s (DOTr) proposed 2021 budget, meanwhile, spends P107.4 billion on railways, aviation, and maritime infrastructure programs. Of this amount, P107.2 billion will be spent on railways. The Rail Transport Program includes projects from the 100 infrastructure flagship projects (IFP) such as Metro Rail Transit (MRT) 3 Rehabilitation, the Metro Manila Subway, North-South Commuter Railway System, and the PNR South

Long-Haul Project. The DOTr also proposes P1 million on aviation infrastructure and P166 million on maritime infrastructure. The National Economic and Development Authority’s (Neda) 100 IFP list includes 15 infrastructure projects to be completed in 2021 worth P181 billion. Eleven of these are in the transport and mobility sector, one is in information technology, one is in urban development and redevelopment, and two are for water resources. This affirms that transportation and mobility are BBB program priorities. However, the infrastructure priorities are puzzling and the government seems to be getting ahead of itself with all that interconnectivity infrastructure. As it is, the coronavirus still hasn’t been contained over seven months since the pandemic broke out in the country. Many businesses aren’t able to reopen and many families are still jobless or have low incomes even with lockdown restrictions eased. It is not just unclear but actually doubtful that many of the infrastructure projects proposed will help all those who will remain distressed next year. The pandemic also exposed how inadequate the country’s public health system is. First, in containing the pandemic with insufficient mass testing, contact-tracing, isolating and smart quarantining. And, second, in treating all Covid-19 and non-Covid-19 patients needing health care.

Health neglect

What is the state of the country’s health facilities? Government data shows that there are 1,236 hospitals as of 2017, 65 percent of which are private-run. Privatization has resulted in there being more private hospital beds (54,317) than public hospital beds (47,371) as of 2016. These private hospitals that domi-

nate the country’s health system are the same ones that are now charging exorbitant rates to Covid-19 and nonCovid-19 patients to attain their desired profitability. For them, health care is about returns to investment more than returning the sick to good health. Privatized health care is also the reason why bed capacity is falling further and further behind the country’s needs. For a profit-seeking hospital, excess bed and health care capacity is in effect idle capital and correspondingly a drain on profits. The Philippines has never reached the World Health Organization’s recommended ratio of 20 beds per 10,000 population. Philippine Statistics Authority data shows that the situation has even worsened from 14.4 beds per 10,000 population in 1990 to only 9.9 beds per 10,000 population in 2014. In terms of community health services, only 47 percent of barangays across the country have health stations in 2018. The country is very much in need of healthcare workers as well. The PSA reports a ratio of one government physician to 33,000 Filipinos, which is far from the WHO-recommended 1:1,000 doctor to population ratio. The number of public health nurses is also concerning at a ratio of 1 to 50,000 Filipinos. Add to this how Filipino health frontliners are themselves succumbing to Covid-19 due to poor working conditions and lack of equipment, facility, and financial support. The dearth in health facilities and health-care workers will persist if the government continues to neglect the health sector. Has the government’s infrastructure program been adjusted to meet deficiencies in health infrastructure highlighted by the pandemic? The government has actually touted some health-related infrastructure to help fight Covid-19. The latest IFP list is yet to be released. In a recent interview though, Secretary Vince Dizon, Presidential Adviser for Flagship Programs and Projects, announced that eight projects that could not be completed anytime soon had been taken out from the 100 IFP. These were replaced by 13 projects related to the digital economy, water projects, and health care. Dizon said that the most impor-

tant health-care project is the Virology Institute that would be built in New Clark City. A Virology Institute could really complement the Philippine health-care system, if only there were enough health-care facilities to begin with. But the opposite is true. A look at the Department of Health’s (DOH) proposed 2021 budget shows that the Health Facilities Enhancement Program (HFEP) only gets P4.8 billion. This is a huge cut from its P8.4 billion budget this year and especially compared to its P30.3 billion budget in 2018. The proposed HFEP budget is just as much as the DPWH’s Priority Bridges crossing Pasig-Marikina River and the Manggahan Floodway Bridges Construction Project valued at P4.8 billion, which is just one of the agency’s projects in Metro Manila. The country needs more health infrastructure more than ever. Covid-19 and non-Covid-19 wards are overwhelmed yet the government decides to slash the budget for health facilities and still prioritize economic infrastructure in the form of roads and bridges. Many other essential elements of the health budget are also being defunded in 2021.

Time to reprioritize

The onslaught of Covid-19 exposes the insensitivity of the Duterte administration and how irrelevant the BBB program is in meeting the country’s most urgent needs. Health infrastructure clearly needs to be expanded. Yet the priority is still disproportionately for infrastructure projects supporting the profit-making of transport contractors, foreign transport sector firms, and corporations in the service- and trading-oriented sectors of the economy. The government has to invest much more in strengthening the public health system, in building public health facilities, and in advancing health research and development. Health-care workers also need to be protected, paid decently, and supported to be able to give Filipinos the quality and affordable health care they deserve.

IBON Foundation, Inc. is an independent development institution established in 1978 that provides research, education, publications, information work and advocacy support on socioeconomic issues.

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MOA CLOUDZONE CORP. Brgy. Binakayan, Kawit, Cavite

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148

MOA CLOUDZONE CORP. Brgy. Binakayan, Kawit, Cavite

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MOA CLOUDZONE CORP. Brgy. Binakayan, Kawit, Cavite

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Chinese Customer Service Representative

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MOA CLOUDZONE CORP. Brgy. Binakayan, Kawit, Cavite

Mr. HAOLIANG DU / Chinese

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MOA CLOUDZONE CORP. Brgy. Binakayan, Kawit, Cavite

Mr. YALONG TANG / Chinese

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MOA CLOUDZONE CORP. Brgy. Binakayan, Kawit, Cavite

Mr. JINHU GAO / Chinese

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MOA CLOUDZONE CORP. Brgy. Binakayan, Kawit, Cavite

Mr. HAOJIE HOU / Chinese

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MOA CLOUDZONE CORP. Brgy. Binakayan, Kawit, Cavite

Mr. HAOYANG SUN / Chinese

Chinese Customer Service Representative

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Tuesday, September 15, 2020 • Editor: Vittorio V. Vitug

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Pushing it a bit too far or a valid concern? Groups nix 2022 ‘no-el’ scenario By Samuel P. Medenilla @sam_medenilla

T least 62 organizations have issued a so-called Unity Statement, asking the Duterte administration to ensure that the national and local elections will push through in 2022. “We ask the President and Congress, as well as all political parties, party-list groups, the Commission on Elections and all Filipinos who value democracy, to similarly declare their commitment to holding the elections on May 9, 2022,” the group said. They issued the statement amid speculations that a no-election (noel) is now being pushed by some groups supporting Charter change and amid concerns regarding the ongoing Covid-19 pandemic. The group stressed that any postponement of the next elections is “unacceptable.”

“Let us resist and denounce all efforts to dispense with the elections by insidious means such as the proposed extension of the term limits of incumbent officials and the amendment of the Constitution,” the concerned groups said. “As the country adjusts to the effects of the global pandemic, we should vigilantly protect and uphold our basic rights, including the right of suffrage,” they added. They asked the public to support the initiative by participating in Comelec’s ongoing voters’ registration so they could cast their votes on Election Day. One of the signatories, the Legal Network for Truthful Elections (LENTE) noted that the Covid-19 is “no excuse” to defer the upcoming polls. “If we look at other countries, some have already conducted elections, i.e., Singapore, Sri Lanka. Comelec, and all other election stakeholders, should prepare and do

more to ensure not only free and fair elections in 2022 but to ensure it is also a safe one,” LENTE Executive Director Atty. Rona Caritos said in an SMS. National Citizens’ Movement for Free Elections (Namfrel) Secretary-General Eric Alvia agreed with Caritos that the country could learn from the experiences of other countries that pushed through with elections even during the pandemic. However, he noted that the recent improvements in the government’s handling of the Covid-19 crisis will be crucial toward a successful 2022 polls. “It appears we are now learning to cope and adjust to the next normal,” Alvia said. LENTE, Namfrel, together with the Automated Election System (AES) Watch, and Center for People Empowerment in Governance were among the organizations which signed the Unity Statement.

House bill proposes minimum pay package for private sector nurses

EADERS of the House of Representatives are pushing for the passage of a minimum pay package for nurses in the private sector to prevent a mass emigration of health workers to foreign countries amid the pandemic. In House Bill 7569, Deputy Speaker Paolo Duterte, House Committee on Appropriations Chairman Eric Yap and Dumper-PTDA Rep. Claudine Diana Bautista said despite nurses’ gallant efforts in facing Covid-19, they are still paid considerably less than their counterparts in the public sector, adding “they must not be allowed to endure outrageously low salaries and wages.” The lawmakers, citing the Bureau of Local Employment of the Department of Labor and Employment, said registered nurses receive an average salary of P9,757 a month. The lawmakers said this “paltry” amount is even less than what a minimum-wage earner gets each month. Recently, the lawmakers said, the government has declared that nurses in the public service are entitled to a minimum monthly salary equivalent to Salary Grade (SG) 15, depending on the class of the city or municipality. Depending on the step incre-

ment, they said a government employee with SG 15 may receive anywhere from P19,845 to P30,531 each month. “Although, these amounts are still a far cry from the salaries received by their foreign counterparts, it is a huge improvement in the salaries of nurses working in the public sector. This measure will also aid in addressing the problem of mass emigration of our nurses and health workers, to the detriment of our nation,” the lawmakers said in their explanatory note. “At the very center of this battle against the virus stands our country’s unyielding nurses who care for the sick, bravely risking their own lives. Too many of our courageous medical frontliners have already paid the ultimate price as they tried to save our countrymen during this pandemic. We, as a nation, are in their debt and pledge our immeasurable gratitude for their heroic service,” they added. The bill mandates the government, through the National Wages Productivity Commission (NWPC) of the Department of Labor and Employment, in coordination with the Department of Health, the Philippine Nursing Association, the Philippine Board of Nursing, and other

relevant stakeholders, to establish a minimum pay for nurses in private hospitals, taking into account the particular circumstances of their profession and the bed capacity, location, and other pertinent aspects of the hospitals they serve in with the purpose of establishing a minimum wage at par with their government counterparts. “This bill is not merely filed to increase the financial benefits of nurses but to show that the State is supporting our nurses and valuing our health-care workers as they battle the pandemic and other deadly diseases head-on. This measure is simply the least we can do to support our frontline health workers,” the lawmakers said. The measure prescribes that within 10 days after the the public hearing, NWPC shall release an order containing the approved minimum wage based on the result of the public hearing. No such order shall take effect until 15 days from its publication in a newspaper of general circulation. It added any private hospital who violates the provisions of the proposal shall pay a fine of not less than P100,000 not more than P1 million for each violation. Jovee Marie N. Dela Cruz

DOLE seeks P200M to fund emergency support for workers

HE Department of Labor and Employment (DOLE) has requested the Department of Budget and Management (DBM) for an additional P200million fund that could be tapped for emergency support for workers amid the Covid-19 pandemic. Labor Secretary Silvestre H. Bello III, in a letter addressed to House Ways and Means committee Chairman Joey Salceda, said the P200 million for Adjustment Measures Program (AMP) fund is pending with the DBM, while other funds from DOLE’s Special Program for the Employment of Students (SPES) can also be realigned for assistance measures. “We realized that unemployment and underemployment remain a challenge even before the pandemic, today and beyond,” Bello said. In the 2021 National Expen-

diture Program, Salceda also said there are items for Livelihood and Emergency Employment program amounting to P11.14 billion. “We also found some funds that could be used for more labor assistance…,” Salceda added. Salceda also said he has secured the commitment of the DOLE to engage in dialogues with the “Build, Build, Build” agencies, which the lawmaker offered to facilitate. “We are capitalizing on long-kept personal relationships with several members of the Cabinet to find working solutions for our employment situation. Secretary Vince Dizon [president and CEO of Bases Conversion and Development Authority] and Secretary [Silvestre] Bebot Bello are, separately, my friends. If we bring their initiatives together, Build, Build, Build will also mean ‘Jobs, Jobs, Jobs,’”

said Salceda, who is also vice chairman of the Committee on Appropriations. For his part, Bello said that “DOLE welcomes and accepts the proposal of the Honorable Representative to facilitate conversations for the prospect of greater collaboration with the BBB committee.” “Our belief is that BBB will be a prime mover in generating jobs,” Bello added. Bello also said that DOLE is working on unifying all of DOLE’s hot lines into one consolidated labor hot line. “Our plan for 2021 is to ‘bundle or unify’ all the hot lines of the DOLE to have fast and easy access for local and foreign employment,” the labor chief told the lawmaker. “A plan to outsource technical support in terms of monitoring, tracking, and assessment of calls,” Bello added.

Jovee Marie N. Dela Cruz

News BusinessMirror

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Tuesday, September 15, 2020 A7

Speed up payment for quarantine stay of OFWs, hotels ask OWWA

By Ma. Stella F. Arnaldo

BusinessMirror, July 20, 2020.)

Special to the BusinessMirror

HE Hotel Sales and Marketing Association Inc. (HSMA) has appealed to the Overseas Workers Welfare Administration (OWWA) to pay them for the hotelquarantine stays of returning overseas Filipino workers (OFWs).

In a recent press briefing to announce the organization’s September Online Sale (SOS) promotion, HSMA President Christine Anne U. Ibarreta stressed “the hotels badly need funds” to remain in operation. But, she said, the hotels are still having difficulty getting OWWA to pay for the booked stays of the OFWs. Based on her conservative estimates, OWWA now owes about 50 hotels some P1 billion, based on an average unpaid debt of P20

Amid rollback, senator bats for oil pricing transparency

million per property. Ibarreta told the BusinessMirror in Filipino, OWWA “now owes almost all hotels.” In July, OWWA owed some P36 million in hotel payments to just nine properties, and only started paying them after Tourism Secretary Bernadette Romulo Puyat, Labor Secretary Silvestre Bello III and other officials of the Department of Tourism intervened. (See, “OWWA starts paying hotels that hosted OFWs on quarantine,” in the

The Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF-EID) allowed hotels and other accommodation establishments to accept bookings from returning OFWs, Filipino residents flying home from overseas assignments and schools, for quarantine purposes. “This is our worst nightmare in terms of business, revenue and earnings,” said HSMA Treasurer Carmela Bocanegra of the Covid-19 outbreak and ensuing travel restrictions. While the group failed to give total losses incurred by their sector since March—when the government implemented international travel restrictions—a number of hotels have reported a drop in revenues by as much as 80 percent. In the past few months, several accommodation establishments have suspended operations, beginning with the iconic Marco Polo Davao in June 15, followed by some branches of the popular Victoria Court motel chain; and, just on August 31, Movenpick Hotel in Mactan, Cebu.

Still, HSMA members are looking forward to improved revenues during the Christmas and New Year holidays, especially now that staycations will be allowed in Metro Manila. In a letter to the Tourism Congress of the Philippines dated September 11, 2020, Tourism Secretary Bernadette Romulo Puyat said, “[The] IATF-EID approved during its Principals Meeting on September 10, 2020, to allow staycations under general community quarantine [GCQ].” Metro Manila is still under GCQ due to continued increase in the number of Covid-19 cases. In the Department of Tourism’s draft guidelines, “a staycation shall involve a minimum overnight stay for leisure purposes in a DOT-accredited accommodation enterprise located in proximity [to] one’s residence. For instance, residents of the NCR [National Capital Region] can staycation within NCR subject to the requirements of the LGU [local government unit].” The DOT chief added, “The IATF-EID also further defined guests allowed in hotels under

GCQ in its Omnibus Guidelines to include markets of specialized programs of the DOT. Specialized programs of the DOT are focused on specific target markets that can safely contribute to the efforts of restarting economic activities through tourism.” “We are optimistic that the hotels will be receiving bookings during the sale,” said HSMA Spokesperson Pearl Maclang in the organization’s online presser on its SOS promo. “Most of them are already fully booked for Christmas and New Year,” she added. These holidays are traditionally a peak season for the hospitality industry, with increased guest bookings from visiting relatives from abroad and social events such as Christmas parties and weddings. SOS will run from September 15 to 30, 2020, with e-vouchers valid from October 1, 2020, until September 30, 2021. The sales promo is being held in partnership with the DOT and its marketing arm, the Tourism Promotions Board. For a full list of participating hotels and resorts and their offers, visit www.hsma.org.ph.

THE Chesteel Marine Industrial Corp. building is seen in Tanza, Navotas City. The shiplike structure is actually a technical vocational institution accredited by the Technical Education and Skills Development Authority. It offers courses in shielded metal arc welding. NONIE REYES

Continued from A8 Of the three oil giants, Petron Corporation enjoys 24.59 percent of the market share followed by Pilipinas Shell Petroleum Corporation with 18.49 percent, while Chevron Philippines comes in third with 7.57 percent. Gatchalian recalled the Supreme Court ruling that under RA 8479 also known as the Downstream Oil Industry Deregulation Act of 1988, the Department of Energy and the Department of Justice (DOE-DOJ) Task Force are mandated to investigate and file the necessary complaints with the proper court against erring oil companies. The senator, in a statement, conveyed plans to “file a bill that will give more teeth to existing laws in the downstream oil industry and we are studying ways to strengthen the anti-trust safeguards in RA 8479 and how it can interact with the Philippine Competition Act.” The lawmaker lamented “lack of transparency in the pricing mechanism that is why the doors are wide open to speculations of possible collusion among the ‘Big 3’ to manipulate pump prices.” Butch Fernandez & Lenie Lectura

IN its latest report, DOLE reported there were now 199,660 workers who were permanently displaced by 9,886 establishments nationwide from January to September 13, 2020. Of these workers, 179,552 were retrenched by their employers, while 20,108 were affected by the permanent closure of their companies. Most of them are from the National Capital Region (99,472), Calabarzon (36,450), and Central Luzon (20,796). By industry, they were concentrated in the administrative and support service activities (42,663); manufacturing (26,499); and other service activities (25,447). DOLE also reported 3.16 million workers were temporarily displaced amid the pandemic. Over 2 million of these workers were affected by the temporary closure of their establishments, while the remaining 1.2 million were engaged in flexible work arrangements such as reduced work week or telecommuting work arrangement. Samuel P. Medenilla

reliance on central bank funding as a long-term, structural feature of the economy, these monetary authorities could lose credibility.” The debt watcher explained that “in this scenario, the central banks are effectively ‘monetizing’ the fiscal deficit by using money creation as a permanent source of government funding.” Debt monetization refers to the process of central banks purchasing bonds from the market to bring about liquidity.

Early warning IN an earlier report, ING Bank Manila Economist Nicholas Antonio T. Mapa warned that the Philippine peso may weaken and inflation may rise if the Bangko Sentral ng Pilipinas (BSP) allows its P300billion repurchase agreement with the Bureau of the Treasury (BTr) to be renewed. “Should BSP allow continuous rollovers of upsized repurchase agreements, they may be engaging in de facto debt monetization, which may likely not be received well by the market,” he said. Mapa said that the “practice of having the central bank buy up debt to help lower costs has generally been frowned upon as it generally leads to inflation and currency weakness.” S&P said that advanced countries usually have robust local capital markets, strong public institutions, low and steady inflation and predictable economic policies. These allow central banks to keep large government bond holdings without the fear of dampening investor confidence and triggering higher inflation, among others. “Conversely, sovereigns with less credible public institutions and less monetary, exchange rate and fiscal flexibility have less capacity to monetize fiscal deficits without running the risk of higher inflation,” it added.

Continued from A1

Continued from A8

Growing displacement

Continued from A1

Gold…

DOLE preps guidelines for ₧13-B worker aid The DOLE will also prioritize those they were unable to serve under the three programs, when they ran out of funding at the height of the pandemic-induced lockdowns. “Our regional offices are doing validation with the establishments and LGUs to ensure that our unserved applicants have not received assistance from agencies outside DOLE under Bayanihan 1 (RA 11469),” Tutay said. Last Friday, President Duterte finally signed the Bayanihan 2 Law, which provides additional funding to government agencies for their Covid-19 response, and gives him the power to realign and reprogram funds. Presidential spokesperson Harry Roque said the law will take effect after it is published in a newspaper or in the Official Gazette.

BSP…

Cutting poverty, UMIC status on hold–for 3 yrs Continued from A1

boost the other capacities of the economy.

Flagship projects

EARLIER, Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua said the list of flagship projects increased to 104 as of September from the 100 listed pre-pandemic in February. Chua said the majority of these projects are ongoing, while 24 projects are still undergoing project evaluation. Project evaluation is conducted by the interagency Investment Coordination Committee (ICC). Meanwhile, in his presentation, Ang said right now, apart from the pandemic, Filipinos and the economy are faced with challenges particularly with regard to Internet access. Ang cited data from the National ICT Household Survey (NIHS) which showed 84.3 percent of households with/without Internet access with only 15.7 percent having Internet access. Data, he said, also showed that 19,168 households do not use computers and 11,741 households access computers via computer shops. However, Ang said, there are economic sec-

tors that will help prop up the Philippine economy. These include domestic tourism, which has historically been one of the drivers of tourism growth in the country. He said the Philippines is one of the least preferred destinations compared to its neighbors in Southeast Asia such as Singapore, which has higher tourist arrival numbers than the country. Apart from this, Ang said the potential growth of the agriculture sector will also be a good way to boost the economy. He said this is why as early as March 2020, Acerd recommended that the government pour P50 billion or a fourth of the country’s annual agriculture output to subsidize food production. Last week, Chua said the country’s poverty rate is expected to slightly worsen to around 15.5 percent and 17.5 percent next year. Chua added that the government estimates unemployment rate could be around 6 to 8 percent next year. This means around 7 million Filipinos will still be jobless next year. 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 was conducted.

Poll… Continued from A1

small and medium enterprises,” the survey read. “Once approved, the CREATE bill will bring us closer to the corporate tax rates of the other Asean countries, and will render the Philippines to be more competitive as an investment destination,” it added. On an organizational level, CEOs disclosed most of them are staring at sales losses of about 10 percent to 30 percent this year, while some are anticipating the worst-case scenario of an over 50 percent revenue decline. Moving forward, 61 percent of them are changing workplace safety measures and protocols, while more than half are using digital strategies and improving remote work conditions to adapt to the new normal. They likewise acknowledged the emergence of data platform, contactless payment, artificial intelligence, robotics, smart transport systems, among others, as new technologies that they need to invest on to ease the transition to the new normal. The survey was conducted by business group Management Association of the Philippines and auditor Pricewaterhouse Coopers from July to August of this year. It gathered the responses of 161 CEOs working for mostly large and medium-sized enterprises.

ING Bank Manila Economist Nicholas Antonio T. Mapa said the BSP is optimizing its GIR level and knowledge on financial markets. “The issue on gold buying has taken a life of its own in the past few days, but rest assured that BSP will always look to maximize and optimize its assets to maintain and safeguard our precious GIR,” he said. As of end-July, the gold reserves comprised 13 percent of the GIR. This is beyond the ideal 10-percent gold allocation prescribed by studies, the BSP said earlier.

Rising gold prices

RCBC Chief Economist Michael L. Ricafort said that gold has benefited from the pandemic-induced uncertainties, as reflected by its rising prices. Gold reached a record price of $2,075 per ounce in August this year and is currently trading around $1,940 levels. It is up by 28 percent year-to-date, Ricafort said. In the past five years, he said, gold price has gone up by over 85 percent. “Increased US-China tensions, especially in South China Sea (with risk of war/miscalculation), as the biggest geopolitical risk, also partly supported gold as a safe haven,” he said. In addition, Ricafort said that the active trading in gold could also help develop the gold mining activities, especially those of smallscale miners, in the country. Tyrone Jasper C. Piad

A8 Tuesday, September 15, 2020

DBM cancels P727.5-M deal for PPEs on delay in service By Bernadette D. Nicolas

@BNicolasBM

HE Department of Budget and Management-Procurement Service (DBM-PS) has cancelled the P727.5-million contract it awarded to a firm to supply 500,000 personal protective equipment sets (PPEs), citing delays in service. Budget Undersecretary Lloyd Christopher A. Lao, who supervises DBM-PS, also told senators at a hearing that the cancellation of the contract with Ferjan Healthlink Philippines Inc. last Friday will now also pave the way for them to buy PPEs at a cheaper price. Interestingly, Ferjan Healthlink Philippines Inc. was created by a blacklisted sole proprietor Ferjan Healthlink Enterprises, according to the Government Procurement Policy Board-Technical Support Office (GPPB-TSO). Lao added that data from the Securities and Exchange Commission (SEC) showed one stockholder of the winning bidder Ferjan Healthlink Inc. was also the owner of the blacklisted sole proprietor. However, Lao said there is “no legal basis” for them to cancel the contract for this reason as this case is not covered by blacklisting rules of the GPPB. “Considering there is a delay in delivery, it would be wiser for the government to purchase again with a new supplier given the new market prices, so we cancelled that on that ground based on their delay,” Lao said during

the Senate Committee on Finance hearing on the proposed 2021 budget of DBM. “But legally, there is no basis to cancel the contract with them since it is not included in the GPPB rules that a sole proprietorship company that has been blacklisted will be a ground for cancellation for another corporation,” he said. Lao assured senators that no advance payment was made for the procurement of PPEs even prior to the cancellation of the awarded contract to Ferjan. Responding to Lao’s revelation, Senate Minority Leader Franklin Drilon said blacklisting rules must be amended so that entities would “not be able to hide behind the corporate structure to skirt their disqualification” whether as an individual, joint partnership or joint venture, among others. “We all know that a corporation can only act through its stockholders and in this particular case, with what appears to be common stockholders, they should be covered by the rule,” Drilon. Nonetheless, GPPB-TSO Executive Director Rowena Candice M. Ruiz said they are already looking into “refining the existing rules to make sure no gray area will be left in terms of blacklisting is concerned.” As for two other blacklisted firms which were awarded contracts, Cebu Business Materials Trading Co. Inc. and Jozeth Trading, Lao said DBM-PS is not the one that made the procurement for these medical supplies.

DA eyeing exports of corn to halt farm-gate price slide

By Jasper Emmanuel Y. Arcalas

@jearcalas

HE Philippines is mulling over exporting corn to the world market to prevent a further slump in farm-gate prices, which have plunged to P9 per kilogram—a level at least 20 percent lower than production cost.

Agriculture Secretary William D. Dar confirmed to the BusinessMirror that the Department of Agriculture (DA) is considering exporting local corn among the options to help farmers cope with the declining farm-gate prices. Dar said they are studying the proper legal backbone to be able to allow corn farmers to export, since the National Food Authority (NFA) has been deregulated by the rice trade liberalization (RTL) law. “We are looking at that as one option,” Dar told the BusinessMirror via SMS, referring to the possible export of local corn. The RTL law, passed in March 2019, deregulated the NFA, remov-

ing its powers to oversee both the rice and corn industries. The law also lifted the quantitative export restriction on rice, but did not do the same for corn. Prior to the RTL law, the NFA was mandated by the 1972 Presidential Decree No. 4 to greenlight the export of corn by certifying that there is a surplus in domestic supply. Philippine Maize Federation Inc. (PhilMaize) President Roger V. Navarro told the BusinessMirror that Dar had told them a few weeks ago of the option to export corn in order to address low prices. Navarro explained that exporting corn, especially during the harvest season, would stabilize and prevent further declines in farmgate prices of the crop. “But for us that is a reactive [solution]; we want a proactive and sustainable one,” he said in a phone interview.

Foil vs import surge

NAVARRO, a longtime advocate of allowing the export of corn to balance the entry of imported corn, said the government must find a legal way to pursue such a plan, citing the impact of RTL law on NFA and the corn industry.

In a letter addressed to Secretary Dar, Navarro pointed out that corn export is a “relief valve mechanism” to counter trade, manage and balance supply disruptions and displacements during harvest that result in “significant price drops.” He explained that supply disruptions and displacements occur due to “uncontrolled, uncalibrated, unabated” importation of feed wheat and corn. Navarro proposed that PhilMaize be allowed to export surplus corn during harvest to stabilize prices, and be allowed to import duty-free corn in the lean season to ensure sufficient domestic supply. Navarro added that the volume that they would be allowed to import is the same amount they exported. “This Game Theory strategy has been adopted over the competitive advantage theory in countries like Thailand, Vietnam, and Myanmar etc., as a privilege for farmers from displacement and disruptions to balance counter trade and benefit on the process,” he said in the letter dated September 7, a copy of which was obtained by the BusinessMirror. Navarro said farm-gate prices are hovering in the vicinity of P9 per kilogram, which is P2.5 lower than the P11.5 per kg average production cost. He attributed the plunge in farm-gate prices to the continuous entry of imported feed wheat, with some volumes coinciding with the main harvest of yellow corn. “To illustrate the losses of farmers, a P1 per kilo drop of corn price will translate to a P5-billion loss of farmers’ incomes. If the drop is double or at P2 per kg, the corn farmers will lose P10 billion,” he said in the letter. “Without government monetary

support, that P10 billion should have circulated in the countryside, creating economic activity in the rural areas,” he added. Philippine Association of Feed Millers Inc. (Pafmi) President Stephanie Nicole S. Garcia told the BusinessMirror they were forced to import feed wheat as prices of corn offered to them by traders are as high as P16.5 per kg. In comparison, the imported landed cost of feed wheat is about P14 to P15 per kilogram, Garcia added. “Where is the P9 per kilogram price” If there is P9 per kilogram then we will buy it,” Garcia said in a phone interview. “I asked my members what’s the buying price for corn delivered to their warehouses, they said it’s about P13 per kg in Mindanao,” she added. Pafmi said the industry requires about 10 million metric tons (MMT) of yellow corn to supply the feed requirement of the livestock and poultry industries. Of this total requirement, the local corn industry can supply only about 4 MMT, thus forcing feed millers to import feed wheat and corn to plug the shortfall. The country produces about 6 MMT of yellow corn, 2 MMT of which goes to producers of cornrelated snacks and food products, who also offer higher prices than feed millers, according to Garcia. The country’s feed wheat imports in the first half declined by 33.63 percent to 1.259 MMT from 1.897 MMT recorded in the same period of last year, Philippine Statistics Authority (PSA) data showed. PSA data also showed that corn imports during the six-month period fell by 12.5 percent to 192,349.261 MT from 219,915.42 MT.

Amid rollback, senator bats DOLE preps for oil pricing transparency guidelines for ₧13-B T worker aid HE chairman of the Senate Energy committee on Monday pushed the need for transparency in the downstream oil industry pricing mechanism for pump prices to protect consumers, after the Supreme Court blocked a Manila trial court order directing the Bureaus of Customs and Internal Revenue to examine the books of accounts of Petron, Shell and Chevron to verify charges of “monopoly and collusion.” Sen. Sherwin Gatchalian, committee chairman, reminded stakeholders that “the promise of the law is to provide reasonable prices, encourage competition and investments,” noting that “the cut-throat competition among oil companies leading to lower prices, which was envisioned when Republic Act 8479 was enacted, is simply not happening.” He was referring to the Downstream Oil Industry Deregulation Act of 1988. Mea nwh i le, oi l compa n ies announced their plan to reduce pump prices effective Tuesday morning. They said in separate advisories Monday that gasoline prices will go down by P1 per liter, kerosene by P1.45 per liter and diesel by P1.55 per liter. Among the oil firms that announced their price adjustments are Pilipinas Shell, Phoenix Petroleum, Seaoil, Cleanfuel and PetroGazz. Other oil firms are expected to follow suit. The price rollback takes effect 6 a.m. of September 15.

Gatchalian proposed to file a bill that would compel oil firms to be more transparent on how fuel prices are determined. Consumers have been complaining that whenever world crude prices increase, oil firms instantly hike prices despite the fact that they had purchased their inventories at a much lower price, long before the scheduled increase. “I’m planning to file a bill that will give more teeth to existing laws in the downstream oil industry and we are studying ways to strengthen the anti-trust safeguards in RA 8479 and how it can interact with the Philippine Competition Act,” Gatchalian said. T he A nti-Tr ust Safeg uards stipulated in RA 8479 ensures fair competition and prevents cartels, monopolies, and predatory pricing in the industry. Gatchalian made the call following a Supreme Court ruling barring a Manila trial court from directing the BOC, BIR and Commission on Audit (COA) to open and examine the books of accounts of Petron Corp., Pilipinas Shell Petroleum Corp., and Chevron Philippines for alleged monopoly and collusion. Based on the DOE’s Oil Industry Management Bureau (OIMB) yearend comprehensive report for the fiscal year 2019, the three major oil players continue to corner the country’s petroleum product market, with a combined 50.65 percent share of the total demand. Continued on A7

HE Department of Labor and Employment (DOLE) is now finalizing the Omnibus Guidelines for the implementation of the P13-billion government aid for workers affected by Covid-19, under Republic Act (RA) 11494 or the Bayanihan to Recover as One Act (Bayanihan 2). In a Viber message, Labor Assistant secretary Dominique Tutay told BusinessMirror they expect to present the draft of the issuance to DOLE senior officials next week for their consideration and approval. She noted their intervention will include a cash aid for local workers under their Covid-19 Adjustment Measures Program (CAMP), as well as for those abroad through the Abot Kamay ang Pagtulong (Akap) program. DOLE will also provide them temporary emergency employment under the Tulong Panghanapbuhay sa Ating Disadvantaged/Displaced Worker (Tupad).

Minor variation

TUTAY said implementation of the three programs under Bayanihan 2 will only have minor variations from how these are usually implemented. Specifically for Tupad, she said they might extend the period of the emergency employment, which usually only lasts for 10 days. Continued on A7

Companies BusinessMirror

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Tuesday, September 15, 2020

COA rejects ERC request to audit Meralco

By Lenie Lectura

@llectura

HE Commission on Audit (COA) has informed the Energy Regulatory Commission (ERC) that it will not audit the Manila Electric Co. (Meralco). “We wrote them but their response was in the negative,” ERC Commissioner Rexie Digal said

Monday. “[COA] said it is our function,” added Digal when asked why COA

rejected the ERC proposal. The ERC is now exploring options including tapping a third-party to conduct the audit. “On the options after COA denial of our request, we will be hiring external auditors or hiring additional manpower to do the audit.” The agency earlier sought the assistance of the Commission on Audit (COA) to verify if Meralco has returned the overcharges or credited to its customers’ accounts. This is in connection with earlier ERC refund orders on Bill Deposit, Meter Deposit, and Income Tax. According to ERC Chairperson

and CEO Agnes VST Devanadera, the agency is short of auditors so it opted to seek the assistance of the COA to find out if the refunds that Meralco was supposed to have undertaken have already been completed or not. Devanadera added that the COA is the best entity that could render evaluation on Meralco’s refund because it is "reliable and unbiased." It can be recalled that the ERC had previously sought the assistance of the COA to establish whether the implementation of the approved unbundled distribution rates resulted in a fair return and the recovery of

Service contracting of PUVs approved By Lorenz S. Marasigan @lorenzmarasigan

he Department of Transportation (DOTr) may soon implement a service contracting scheme for public utility vehicles (PUVs) to augment the current supply of transport modes as well as help drivers and operators cope with the losses they incurred during the pandemic. This comes after the Interagency Task Force for Emerging Infectious Diseases approved the said scheme that was proposed by the Economic Development Cluster. Under the service contracting scheme, the transport department will subsidize public transport operations and incentivize PUV operators to resume operations. This will help serve commuters and restore the livelihood of displaced transport workers. The budget for the said scheme

will be funded by the Bayanihan to Recover as One Act or the Bayanihan 2. Transportation Assistant Secretary for Road Transport and Infrastructure Steve Pastor, said the inclusion of service contracting in the measure was developed in response to the financial constraints experienced by many PUV operators and drivers due to the stringent health and sanitary protocols that must be observed in public transport. “Due to the limitations imposed on our public transportation, operators and drivers may not be able to sustain their operations. This may lead to inconsistent travel trips causing commuters to compete for rides, while drivers and operators disregard passenger capacity in exchange for more revenue,” he said. The service contracting scheme will be spearheaded by the Land Transportation Franchising and Regulatory Board (LTFRB), an attached agency of the DOTr.

“The concerned agencies in the transport sector are adamant that safety should not be foregone as we push for economic recovery and mobility of services. Thus, we are pushing for the use of service contracting as these would allow for efficiency of travel and the reduction of transmission,” Pastor said. LTFRB Chairman Martin Delgra III said his group is now working on implementing the contracting scheme, wherein the government will pay operators and drivers of public transportation units based on vehicle-kilometers travelled and specific performance indicators. “The new arrangement of service contracts among public transportation will no longer just depend on the number of passengers being carried. We are ensuring that our drivers will be fully compensated for their services, despite the imposed load limitations,” he said. Those who will be included in the

scheme are required to follow the existing healthy safety protocols in public transportation. Delgra added that a set of qualifications based on road safety has also been prescribed. Contractors and drivers must possess a professional driver’s license and must be driving a service unit confirmed by an operator. PUVs must also pass roadworthiness standards of the Land Transportation Office and must not have been involved in any road crash incident in the last two years. “To ensure fairness as well, we will be employing a third-party monitoring entity to evaluate the total vehicle-kilometers operated, the reliability of their services, driver and vehicle quality and customer satisfaction,” Delgra said. Performance indicators that will serve as additional basis for payment and the preferred mode of payment on these vehicles are being finalized, he added.

Alibaba is in Infobip unveils customer engagement hub talks to invest $3B in Grab

libaba Group Holding Ltd. is in talks to invest $3 billion into Southeast Asian ride-hailing giant Grab Holdings Inc., according to people familiar with the matter. The Chinese e-commerce giant, a sole investor in the round, will spend a portion of the funds to acquire some of the Grab stock held by Uber Technologies Inc., one of the people said, asking not to be named as the discussions are private. The deal may represent one of Alibaba’s biggest bets on Southeast Asia since its first investment in Lazada in 2016. China’s largest corporation has previously had limited forays in ridehailing but a potential tie-up with Grab gives it access to data on millions of users in eight countries, a growing delivery fleet as well as a stake in digital wallet and financial services. The funding—about a fifth of Grab’s last known valuation of $14 billion— comes amid growing questions over the company’s ability to live up to its lofty price tag as it grapples with the impact of the coronavirus pandemic. Chief Executive Officer Anthony Tan said the company is facing its “single biggest crisis,” while co-founder Tan Hooi Ling warned in May of a “long winter.” Existing investors have also been frustrated by what they see as value-destroying competition with Grab’s regional archrival Gojek. The world’s biggest ride-hailing companies have waged years of costly battles in each others’ territories before they agreed to stay out of each others’ core markets. The truce left Uber with considerable stakes in its rivals worth more than $9 billion, including a 23.2-percent stake in Grab at the end of 2018. Under the terms of a deal that Uber struck to exit Southeast Asia, Grab is on the hook for more than $2 billion to the San Franciscobased company if it doesn’t go public by mid-2023. Bloomberg News

nternational cloud communications platform Infobip has launched Moments, an omnichannel customer engagement hub that enables Filipino enterprises to better understand and reach today’s connected consumer. The company said Moments helps businesses create and activate highly effective campaigns that will resonate with customers on a personal level by providing a full view of the customer and unifying today’s most popular communications applications onto one platform. These include chat apps (Viber, Facebook Messenger, WhatsApp, Line, KakaoTalk, etc.), SMS, e-mail, voice, mobile apps, web sites, and emerging channels, such as rich communication services. Moments allows businesses from various industries, especially in e-commerce, retail, finance, insurance, transportation and logistics, and utilities to connect with their customers on their preferred channels. “With the quarantine restric-

tions requiring businesses with physical stores to either close or reduce their foot traffic, many businesses are now focused on building and strengthening their online platforms and operations,” said Charist Montenegro, country manager, Infobip Philippines. “As businesses digitize to navigate the new normal and anticipate the ‘-Ber’ month holiday preparations, they are met with unfamiliar challenges in effective omnichannel communication such as understanding which messaging will be most relevant with online audiences, what platforms do they use and how they use it, and when is the most strategic time to reach out to them. All these considerations, if overlooked, can yield low conversions.” While customer interactions may have become digital, Montenegro said there is still a need to add human touch to attract and keep customers. “Businesses need to remember that their customers are human. They respond to being called by

their name, having their context and realities understood and acknowledged, and being approached in a way that is respectful, empathetic, and compassionate. Moments can help organizations connect on a deeper and more human level across different platforms, building more meaningful relationships with customers,” she said. Key features of Moments include: Easy cross-channel campaign management, unified customer data, smarter audience segmentation, dynamic marketing automation, and powerful analytics. “The launch signifies our goal to personalize communications in today’s connected era where most people are consuming through an app or a mobile phone. This starts by creating the moments, engaging in them, and then turning that into a relationship through conversations. We’re here to help marketers embrace the digital transformation required not just for now, but in the future,” said Adrian Benic, Infoip’s vice president for products. Roderick L. Abad

Restructure or die, Cathay Pacific warns

athay Pacific Airways Ltd. is still burning through as much as HK$2 billion ($258 million) a month and will continue to do so until the market recovers from the coronavirus crisis, the company said Monday as it reported dismal August traffic figures and reiterated the need to restructure. “We are weathering the storm for now, but the fact remains that we simply will not survive unless we adapt our airlines for the new travel market,” Chief Customer and Commercial Officer Ronald Lam said in a statement. “A restructuring will therefore be inevitable to protect the company, the Hong Kong aviation hub, and the livelihoods of as many people as possible,” Lam said. A HK$39 billion recapitalization plan completed last month

brought the company some time, but “it is an investment that we need to repay,” he said. Cathay, which last month reported a first-half net loss of HK$9.9 billion, is undergoing a strategic review. Recommendations about the future shape and size of the airline, which includes Cathay Dragon and HK Express, are due to be presented to the board in the fourth quarter. Cathay and Cathay Dragon flew only 35,773 passengers in August, a slump of 98.8 percent from the same month last year. Revenue passenger kilometers fell 98.1 percent and passenger load factor dropped 60 percentage points to 19.9 percent, the company said Monday. The group carried 102,122 tons of cargo, down 36.7 percent from August 2019.

“It is clear that we are facing a long and uncertain road to recovery,” Lam said. With few signs of improvement, bar a pickup on some services thanks to student traffic to the United Kingdom and the lifting of a ban on transit flights from mainland China, Cathay has lowered its operating passenger flight capacity down to about 10 percent in September and October. “Passenger demand continued to be very weak as new waves of Covid-19 in our key markets dampened overall travel sentiment,” Lam said. “With no new destinations being resumed in August, we saw only minimal increase in passenger flight capacity.” Cathay’s shares slipped 0.3 percent in Hong Kong trade Monday. They’ve tumbled 38 percent this year. Bloomberg News

generation costs were indeed revenue-neutral to Meralco. The COA then conducted a complete audit of the books, records, and accounts of Meralco. For Meralco’s part, company spokesperson Joe Zaldarriaga said the utility firm had complied with most of the ERC’s refund orders. “Yes, we have complied. On the bill deposit, we call that annual updating. If the subscriber is compliant, the refund is ongoing. On meter deposit, the refund process is already completed. What’s left is the SC [Supreme Court] refund,”

he said in a text message. Under ERC rules on bill deposit, the bill deposit refund can be done within one month from the termination of service provided all bills have been paid and identification requirements have been complied with. A customer can also apply for a full refund of the bill deposit prior to the termination of service, provided that all bills are paid on or before the due date for three consecutive years. On income tax charges that were collected, Meralco said earlier that around P2.3 billion has yet to be returned to customers.

PAL offers low air fares via ‘September Deals’

Photo from www.philippineairlines.com

By Recto L. Mercene @rectomercene

lag carrier Philippine Airlines (PAL) has launched a “September Deals” promotion offering base air fares as low as P688 for one-way domestic flights and $99 for round trip international tickets. Travelers may purchase these promotional low fares from September 14 to 20, for travel during the 7 months from November 1 to May 31, 2021. The flag carrier’s initiative aligns with national efforts to support the livelihood of Filipino businesses and communities as the economy is gradually reopened, while always observing strict safeguards to protect the health of all travelers. The PAL campaign invites travelers to once again “enjoy low fares and safe travels with the Heart of the Filipino”, whether they are flying home to reunite with loved ones, embarking on essential business travels, or planning for long overdue vacations. For flexibility, PAL passengers may enjoy free rebooking on the same booking class 7 days prior to departure date. To avail of the offer, passengers may book via www.philippineairlines.com or call PAL Reservations at (+63 2) 8855–8888 or visit any PAL ticketing office or any partner travel agents or through the PAL mobile app. To assure worry-free travel, PAL said it is operating nonstop flights on various international and do-

mestic routes and implementing an all-out “Fly Safe” set of strict “new normal” safety measures and practices – dubbed “New Normal, Same Heart”—at par with global health and safety protocols. PAL was recently recognized as one of the top 10 airlines in the world with the highest safety credentials for travel during the current pandemic. The airline secured a 4.2 rating (out of 5.0), scoring higher than most of 150 airlines. Its safety measures include the use of personalized protective equipment for cabin crew; intensified disinfection of aircraft surfaces before and after every flight using highgrade eco-friendly cleaning agents; use of High Efficiency Particulate Air filters to cleanse cabin air of viruses, bacteria and impurities with 99.99 efficacy; simplified inflight food service to minimize contact; supervision of a Covid-19 testing facility for returning Filipinos and foreign travelers; and mandatory use of face mask and shields for travelers and airline workers. The flag carrier has partially resumed regular commercial flights to various domestic destinations and key international cities in the United States, Asia, Europe, Australia, the Middle East and Canada. PAL has also been operating special missions to repatriate stranded Filipinos and foreign nationals to and from different parts of the world, as well as all-cargo services to transport essential supplies across the Philippines and overseas.

Citi: $60 oil to return by 2021

itigroup Inc. has a message to cheer up despairing oil bulls: prices will get back to $60 a barrel before the end of 2021. “We’re bullish definitely,” Ed Morse, global head of commodities research at Citi, said in an interview during the S&P Global Platts Asia Pacific Petroleum Conference. “In our base case, prices go up because the market balances” and gigantic inventories are drawn down, he said. The rate at which those stockpiles are shrinking appears to have slowed in recent weeks as the coronavirus proved stubbornly persistent and the OPEC+ alliance returned barrels to the market. That’s pushed global benchmark Brent crude down around 12 percent so far this month. It will take until late 2021 for global oil consumption to return to the 2019 level of

101 million barrels a day due to growth in economy, Morse said. Citi sees global benchmark Brent crude, which is currently trading near $40 a barrel, averaging around $55 in 2021 before getting back to the $60 mark by the end of the year. West Texas Intermediate will recover to $58 by then. Commodity trading giant Trafigura Group, however, expects crude stockpiles to increase through the end of this year on weak demand, with the market to look “worse in a couple of months from now.” That compares with Citi’s prediction for Brent oil to climb and average $48 a barrel during the fourth quarter. For Citi, petrochemical feedstock and gasoline will be the biggest growth drivers for fuels, while the consumption of jet fuel is expected to stage a comeback in 2024-2025, Morse said. Bloomberg News

Companies BusinessMirror

Tuesday, September 15, 2020

PSE STOCK QUOTATIONS

September 14, 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 PHILTRUST RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FIRST ABACUS FERRONOUX HLDG FILIPINO FUND MEDCO HLDG NTL REINSURANCE PHIL STOCK EXCH SUN LIFE

45.25 89.5 64.6 21.6 8.17 34.5 9.01 17.1 23.85 49.15 95.5 16.2 96.2 54.05 0.77 22 0.56 2.73 7.23 0.28 0.59 155.2 1800

46.15 89.55 64.7 21.65 8.19 34.9 9.5 17.38 24 49.9 104.9 16.4 96.3 54.2 0.8 23 0.61 2.86 7.88 0.295 0.63 158 1980

45 91.1 65.5 21.2 8.15 35 9.19 17.38 23.9 49.9 95.45 16 96.2 54.05 0.81 23 0.62 2.8 7.23 0.28 0.61 158.9 1980

45.25 91.1 65.5 21.6 8.25 35.2 9.86 17.38 24.8 49.9 95.45 16.2 96.45 54.1 0.81 23 0.62 2.9 7.23 0.28 0.65 158.9 1980

44.9 89.5 64.55 21.2 8.08 34.3 9.18 17.38 23.65 49.1 95.45 16 95.7 54 0.76 22.9 0.55 2.8 7.23 0.28 0.59 158.9 1980

45.25 89.5 64.6 21.6 8.18 34.9 9.86 17.38 23.85 49.1 95.45 16.2 96.3 54.05 0.8 22.9 0.61 2.85 7.23 0.28 0.63 158.9 1980

6700 2035130 1278450 23500 193500 2316600 31900 100 1156000 300 10 14700 251680 5690 188000 2300 18000 33000 3100 10000 139000 10 20

302085 183124335 82833021 506370 1579120 80481615 294303 1738 27649935 14810 954.5 237244 24216759 307414 143590 52780 10190 93930 22413 2800 84040 1589 39600

-103510 -69526289.5 -48535056 -21600 -253289 -6819440 -5144515 -202004 -199678 -24360.5 -590 -

INDUSTRIAL AC ENERGY 3.24 3.25 3.17 3.3 3.15 3.25 31299000 100984620 ALSONS CONS 1.21 1.22 1.24 1.24 1.21 1.22 1045000 1275140 ABOITIZ POWER 26.95 27 27 27.1 26.9 27 336000 9065765 0.172 0.178 0.18 0.18 0.17 0.178 250000 43350 BASIC ENERGY FIRST GEN 24.9 25.05 25 25.1 24.8 25.05 376000 9410545 FIRST PHIL HLDG 61 61.1 61.75 62 61.1 61.1 26690 1632087 MERALCO 272.6 273 269 274 268 273 413510 112228434 14.12 14.18 14.12 14.2 14 14.12 924400 13045240 MANILA WATER 3.07 3.08 3.09 3.09 3.07 3.08 394000 1211250 PETRON 3.09 3.3 3.3 3.32 3.3 3.32 2000 6620 PETROENERGY PHX PETROLEUM 10.8 10.98 11 11 10.8 10.98 125500 1367460 PILIPINAS SHELL 17.74 17.76 17.78 17.8 17.74 17.76 181300 3219444 9.14 9.15 9.18 9.18 9.14 9.15 81200 744167 SPC POWER 7.98 8 8 8.13 7.96 8 128000 1030741 AGRINURTURE AXELUM 2.39 2.41 2.36 2.43 2.36 2.41 1142000 2734170 CNTRL AZUCARERA 11.5 11.6 11.46 11.5 11.46 11.5 2000 22950 CENTURY FOOD 17.72 17.84 18.2 18.2 17.84 17.84 3150700 56926232 4.7 4.8 4.68 4.8 4.68 4.8 8000 38280 DEL MONTE 5.56 5.57 5.5 5.56 5.35 5.56 3513400 19342976 DNL INDUS EMPERADOR 9.9 9.96 9.95 10 9.87 9.9 2140400 21215573 SMC FOODANDBEV 64 64.15 64.4 64.85 64 64.15 51320 3295434 0.65 0.66 0.66 0.66 0.65 0.65 77000 50170 ALLIANCE SELECT 1.25 1.26 1.21 1.29 1.2 1.26 28083000 35337370 FRUITAS HLDG 46.5 47 47 47.5 47 47 7900 371595 GINEBRA JOLLIBEE 134.9 135 135.5 135.5 134.8 135 1724300 232787583 MACAY HLDG 7.66 8.28 7.66 8.28 7.66 8.28 300 2360 4.89 4.9 4.93 4.94 4.85 4.9 247000 1211370 MAXS GROUP 0.128 0.133 0.129 0.133 0.128 0.133 290000 37470 MG HLDG SHAKEYS PIZZA 6.03 6.05 5.91 6.05 5.9 6.05 183600 1092343 ROXAS AND CO 1.2 1.21 1.12 1.2 1.12 1.2 28574000 32964590 RFM CORP 4.59 4.6 4.58 4.6 4.57 4.59 11000 50400 1.96 2.01 1.95 2.1 1.86 1.96 668000 1301760 ROXAS HLDG 0.106 0.11 0.104 0.104 0.104 0.104 10000 1040 SWIFT FOODS UNIV ROBINA 141.9 142 143.5 144.1 141.5 142 1756960 249816124 VITARICH 0.77 0.79 0.79 0.79 0.77 0.79 2053000 1593910 51 52 52 52 52 52 320 16640 CONCRETE A CEMEX HLDG 1.52 1.53 1.53 1.55 1.51 1.53 13172000 20130310 14.32 14.4 14.22 14.6 14.22 14.4 147200 2118394 EAGLE CEMENT EEI CORP 6.5 6.51 6.8 6.8 6.4 6.5 1272500 8335699 HOLCIM 5.96 5.97 5.92 6.01 5.92 5.97 1692700 10085832 7.42 7.43 7.1 7.45 6.95 7.42 2600800 18869145 MEGAWIDE 8.5 8.9 8.99 8.99 8.5 8.5 38500 327444 PHINMA TKC METALS 0.68 0.7 0.7 0.7 0.68 0.68 25000 17340 VULCAN INDL 0.74 0.75 0.74 0.75 0.74 0.75 88000 65300 111 165.9 110.8 110.8 110.8 110.8 10 1108 CHEMPHIL CROWN ASIA 1.97 1.98 1.97 1.98 1.97 1.98 2000 3950 EUROMED 1.84 1.85 1.88 1.88 1.84 1.85 123000 227740 LMG CORP 4.4 4.49 4.35 4.45 4.2 4.45 57000 241450 MABUHAY VINYL 4.6 4.71 4.7 4.7 4.7 4.7 10000 47000 4.05 4.15 4.15 4.15 4.05 4.05 78000 320640 PRYCE CORP 21 21.5 20.5 21 20.5 21 11300 236810 CONCEPCION GREENERGY 2.15 2.16 2.21 2.21 2.13 2.16 12253000 26381270 INTEGRATED MICR 6.39 6.4 6.28 6.54 6.23 6.4 1445300 9283848 IONICS 0.97 0.98 0.96 0.98 0.96 0.97 280000 271550 4.51 4.94 4.94 4.94 4.94 4.94 1000 4940 PANASONIC SFA SEMICON 1.38 1.4 1.36 1.4 1.34 1.39 1037000 1421480 CIRTEK HLDG 5.66 5.67 5.7 5.71 5.65 5.66 1229500 6982945

-6230300 -561270 -5363650 -324995 -1571720.5 -31390020 1195694 3070 -357198 -10098 -133654 15205872 -4680 -8051421 -675156.0002 -2681934 14980 -428420 -13863090 73800 -10400 5062 1228769.9997 -22940 9980 24977145 -2360 -1499050 -45994 210546 -2464785 4174521 5440 -8300 -2712160 -4502333 -16490 -240 -26176

HOLDING & FRIMS ABACORE CAPITAL 0.49 0.495 0.48 0.495 0.48 0.49 2910000 1414950 ASIABEST GROUP 8.06 8.07 7.94 8.06 7.36 8.06 13200 102139 AYALA CORP 699 700 700.5 709 698 700 243540 170541075 47.8 48 47.8 48.7 47.8 47.8 350900 16805390 ABOITIZ EQUITY 6.77 6.78 6.91 6.94 6.73 6.77 8128700 55288333 ALLIANCE GLOBAL AYALA LAND LOG 2.28 2.29 2.12 2.29 2.12 2.29 6861000 15359670 ANSCOR 6.36 6.5 6.35 6.36 6.2 6.36 7100 44561 0.54 0.55 0.55 0.57 0.55 0.55 80000 44200 ANGLO PHIL HLDG ATN HLDG A 0.59 0.6 0.56 0.59 0.56 0.59 3342000 1937300 ATN HLDG B 0.56 0.6 0.58 0.6 0.58 0.6 420000 244550 COSCO CAPITAL 5.28 5.3 5.22 5.4 5.22 5.28 2309000 12,200,200( DMCI HLDG 4.14 4.16 4.03 4.18 4.03 4.16 5909000 24446910 8.7 8.79 8.79 9 8.79 8.79 17600 156633 FILINVEST DEV FORUM PACIFIC 0.188 0.203 0.188 0.188 0.188 0.188 220000 41360 GT CAPITAL 403 404.6 408 412 403 403 264650 107690502 HOUSE OF INV 3.06 3.22 3.15 3.15 3.15 3.15 30000 94500 JG SUMMIT 61.5 62.9 61.5 62.9 60.8 62.9 843700 52388912.5 0.62 0.63 0.6 0.63 0.6 0.62 16000 9750 LODESTAR LOPEZ HLDG 2.47 2.48 2.45 2.5 2.4 2.47 645000 1589050 LT GROUP 8.85 8.86 8.8 8.91 8.78 8.86 3173300 28118037 MABUHAY HLDG 0.51 0.54 0.54 0.54 0.5 0.54 106000 55610 3.51 3.52 3.54 3.56 3.51 3.52 12911000 45532950 METRO PAC INV 0.76 0.8 0.8 0.8 0.76 0.8 37000 29560 PRIME MEDIA SOLID GROUP 0.97 0.98 0.97 0.97 0.97 0.97 20000 19400 SM INVESTMENTS 910.5 915 900 919.5 890.5 915 460830 416913280 SAN MIGUEL CORP 100.4 101 100.5 101.2 100 100.4 165120 16595268 0.63 0.65 0.63 0.63 0.63 0.63 10000 6300 SOC RESOURCES TOP FRONTIER 128 129 128 129 128 129 680 87690 WELLEX INDUS 0.185 0.196 0.185 0.185 0.185 0.185 500000 92500 ZEUS HLDG 0.139 0.14 0.142 0.142 0.14 0.14 3450000 484330

-165450 -96631710 -6331455 -3999142 -8560 175580 1,751,575.9996) -1326170 -26026644 -16671432.5 -294490 -19004319 4403350 342841425 -4522148 -83850 -

PROPERTY ARTHALAND CORP 0.54 0.55 0.55 0.56 0.54 0.54 864000 468470 ANCHOR LAND 7.08 8.29 8.3 8.3 8.29 8.29 2900 24065 AYALA LAND 31.25 31.3 30.05 31.3 30.05 31.3 10443900 323829760 0.98 1.01 1.01 1.01 1.01 1.01 15000 15150 ARANETA PROP AREIT RT 25.6 25.65 25.7 25.75 25.6 25.65 363000 9313365 BELLE CORP 1.36 1.38 1.37 1.37 1.35 1.37 299000 406830 A BROWN 0.79 0.8 0.8 0.81 0.77 0.8 2490000 1966930 0.8 0.84 0.84 0.84 0.82 0.82 17000 14200 CITYLAND DEVT CROWN EQUITIES 0.127 0.128 0.131 0.133 0.126 0.128 7290000 938000 CEBU HLDG 5.68 5.9 5.91 5.91 5.91 5.91 1600 9456 CEB LANDMASTERS 5 5.03 5.01 5.05 4.97 5.03 463100 2321036 CENTURY PROP 0.37 0.375 0.365 0.38 0.36 0.375 119100000 43037700 0.27 0.285 0.285 0.285 0.285 0.285 200000 57000 CYBER BAY DOUBLEDRAGON 14.68 14.7 14.96 15 14.64 14.7 274200 4060940 DM WENCESLAO 5.86 5.9 5.83 5.96 5.83 5.9 801600 4727009 EMPIRE EAST 0.265 0.27 0.27 0.27 0.26 0.27 670000 180200 EVER GOTESCO 0.086 0.091 0.084 0.087 0.084 0.086 1420000 121920 0.91 0.92 0.9 0.92 0.9 0.91 18998000 17324780 FILINVEST LAND 0.77 0.79 0.79 0.79 0.76 0.76 1374000 1062480 GLOBAL ESTATE 8990 HLDG 7.44 7.45 7.48 7.48 7.35 7.45 43400 323393 PHIL INFRADEV 1.26 1.27 1.28 1.31 1.25 1.26 4971000 6326170 0.72 0.74 0.75 0.75 0.73 0.74 195000 144630 CITY AND LAND MEGAWORLD 3.16 3.17 3.07 3.16 3.07 3.16 22190000 69450860 0.247 0.249 0.247 0.249 0.243 0.249 11470000 2817940 MRC ALLIED PRIMEX CORP 1.13 1.14 1.11 1.15 1.11 1.15 13000 14470 ROBINSONS LAND 14.86 14.9 14.72 14.88 14.72 14.86 2398000 35533950 0.226 0.229 0.223 0.229 0.223 0.227 170000 38270 PHIL REALTY ROCKWELL 1.52 1.57 1.51 1.51 1.51 1.51 1000 1510 SHANG PROP 2.65 2.68 2.6 2.68 2.6 2.68 203000 535950 STA LUCIA LAND 1.92 1.95 1.98 1.98 1.85 1.95 230000 440020 SM PRIME HLDG 28.85 28.9 28.45 28.95 28.3 28.85 16759900 482144655 3.81 3.85 3.81 3.82 3.8 3.82 51000 194370 VISTAMALLS 1.23 1.24 1.27 1.34 1.21 1.24 5872000 7486890 SUNTRUST HOME VISTA LAND 3.28 3.29 3.35 3.35 3.25 3.28 1178000 3857400

94179990 -1669550 -53030 -84696 -2299904 -362850 -5587610 -25280 -264526 157620 -7816680 -28110048 -260000 152329845 64740 12400 -781570

SERVICES ABS CBN 7 7.01 7 7.1 6.95 7 343300 2397510 GMA NETWORK 5.1 5.11 5.13 5.13 5.05 5.1 2072100 10513964 MANILA BULLETIN 0.4 0.405 0.405 0.405 0.395 0.4 210000 83900 11.1 11.8 11.8 11.8 11.8 11.8 100 1180 MLA BRDCASTING GLOBE TELECOM 2106 2126 2076 2128 2076 2126 29650 62461430 PLDT 1453 1455 1470 1473 1453 1455 93260 135920120 APOLLO GLOBAL 0.055 0.056 0.058 0.058 0.056 0.056 45480000 2553110 3.63 3.64 3.45 3.63 3.44 3.63 70345000 251251170 DITO CME HLDG 0.071 0.072 0.068 0.072 0.068 0.072 80000 5510 ISLAND INFO JACKSTONES 1.6 1.61 1.58 1.6 1.57 1.6 77000 122030 NOW CORP 2.38 2.39 2.33 2.4 2.31 2.38 6762000 16014170 TRANSPACIFIC BR 0.178 0.179 0.182 0.185 0.177 0.178 2230000 397780 2.31 2.32 2.25 2.33 2.22 2.31 1294000 2972700 PHILWEB 2GO GROUP 8.65 8.68 8.8 8.8 8.45 8.68 32300 281455 CHELSEA 3.56 3.57 3.4 3.58 3.4 3.57 1049000 3691180 CEBU AIR 37.5 37.55 37.5 37.8 37.15 37.55 202900 7622790 INTL CONTAINER 108 108.5 107.5 108.5 105.3 108.5 988890 106762067 15.56 15.62 16.08 16.08 15 15.56 29100 446718 LBC EXPRESS 4.71 4.72 4.7 4.75 4.61 4.72 2726000 12781570 MACROASIA METROALLIANCE A 1.54 1.55 1.55 1.55 1.53 1.54 119000 183420 PAL HLDG 5.8 5.87 5.8 5.87 5.8 5.86 34000 198996 1.14 1.16 1.15 1.18 1.11 1.14 3837000 4385260 HARBOR STAR ACESITE HOTEL 1.05 1.23 1.03 1.03 1.03 1.03 2000 2060 BOULEVARD HLDG 0.028 0.029 0.028 0.029 0.028 0.028 7400000 207300 WATERFRONT 0.385 0.39 0.39 0.39 0.385 0.385 320000 123550 FAR EASTERN U 528.5 555 528 528 528 528 30 15840 0.37 0.375 0.34 0.37 0.34 0.37 44800000 16103500 STI HLDG 3.32 3.33 3 3.33 3 3.33 2944000 9422190 BERJAYA BLOOMBERRY 6.7 6.8 6.68 6.85 6.66 6.8 4179500 28118540 PACIFIC ONLINE 1.94 2 1.97 1.97 1.94 1.94 19000 37090 LEISURE AND RES 1.32 1.34 1.3 1.37 1.3 1.32 281000 375110 2.16 2.25 2.15 2.28 2.15 2.28 3000 6710 PH RESORTS GRP PREMIUM LEISURE 0.315 0.32 0.32 0.32 0.315 0.315 7070000 2239550 ALLHOME 5.75 5.78 5.82 5.82 5.73 5.75 3432800 19,756,096( METRO RETAIL 1.4 1.41 1.4 1.41 1.39 1.4 942000 1317560 48.55 49.2 50 50.5 48.55 48.55 2992170 147034143 PUREGOLD 68.9 68.95 69 69.35 68.15 68.95 255950 17649161 ROBINSONS RTL 119.5 125 120 120.5 120 120 1390 166870 PHIL SEVEN CORP SSI GROUP 1.19 1.2 1.23 1.27 1.17 1.19 14672000 17602150 WILCON DEPOT 15.9 16 16.1 16.1 15.84 16 515100 8192178 0.29 0.295 0.3 0.3 0.29 0.29 4340000 1285250 APC GROUP 6.12 6.19 6.12 6.19 6.1 6.19 33500 206390 EASYCALL IPM HLDG 3.01 4.88 4 4 4 4 1000 4000 PRMIERE HORIZON 0.224 0.225 0.223 0.225 0.22 0.224 4120000 915960 4.32 4.5 4.32 4.32 4.32 4.32 10000 43200 SBS PHIL CORP

10687390 -62125700 8641570 907579.9997 -10350 -4477365 -36398415 -94299.9997 282380 -8190 -657000 -9900 -5538950 12800 6,451,032.0003) 12510 -60134589.5 -5129916 -46820 -1204610 -213592 228750 -

MINING & OIL ATOK 7.04 7.94 7.95 7.95 7.94 7.94 2500 19853 APEX MINING 1.56 1.58 1.56 1.59 1.55 1.56 3028000 4749790 -614640 0.0008 0.0009 0.0009 0.0009 0.0008 0.0009 233000000 206200 ABRA MINING ATLAS MINING 3.85 3.91 3.78 3.95 3.77 3.92 527000 2049130 -124080 BENGUET A 2.68 2.73 2.75 2.84 2.7 2.73 854000 2336500 BENGUET B 2.67 2.83 2.95 2.95 2.67 2.84 54000 150210 45100 0.215 0.224 0.226 0.228 0.212 0.224 520000 115940 COAL ASIA HLDG CENTURY PEAK 2.42 2.57 2.44 2.57 2.42 2.57 204000 509530 256320 7.76 7.84 7.82 7.84 7.65 7.84 11300 87168 -2349 DIZON MINES FERRONICKEL 1.28 1.29 1.27 1.3 1.27 1.28 8937000 11501010 498730 GEOGRACE 0.226 0.231 0.229 0.229 0.226 0.229 470000 106680 0.146 0.147 0.148 0.148 0.146 0.146 16890000 2468670 LEPANTO A LEPANTO B 0.146 0.148 0.149 0.149 0.146 0.148 120000 17650 -8760 MANILA MINING A 0.0096 0.0097 0.0097 0.0098 0.0096 0.0096 17000000 164300 MARCVENTURES 0.94 0.96 0.94 0.97 0.94 0.96 2561000 2445740 -14400 NIHAO 2.07 2.08 2.07 2.1 2.05 2.07 422000 878210 20800 3.11 3.12 3.11 3.19 3.1 3.11 7017000 22029590 -3768530 NICKEL ASIA 0.36 0.39 0.37 0.385 0.36 0.385 280000 104400 OMICO CORP ORNTL PENINSULA 0.56 0.57 0.55 0.57 0.54 0.56 343000 190840 PX MINING 4.15 4.16 4.08 4.17 4.08 4.15 1882000 7781330 1031610 9.93 9.95 9.8 9.96 9.8 9.95 2747300 27174696 -48289 SEMIRARA MINING 0.0047 0.005 0.0048 0.0049 0.0048 0.0049 19000000 92400 -29400 UNITED PARAGON 5.75 5.89 6.01 6.07 5.75 5.75 233700 1362685 ACE ENEXOR ORNTL PETROL A 0.0083 0.0088 0.0084 0.0084 0.0083 0.0083 11000000 92200 ORNTL PETROL B 0.0083 0.0085 0.0084 0.0084 0.0084 0.0084 20000000 168000 0.0088 0.009 0.0089 0.0089 0.0086 0.0088 70000000 611200 26400 PHILODRILL 5.16 5.17 5.22 5.22 5.15 5.16 741500 3834546 -267378 PXP ENERGY PREFFERED HOUSE PREF A 100 101 100 101 100 101 350 35150 AC PREF B1 512 519 519.5 519.5 512 512 210 107615 5130 ALCO PREF C 100.2 107 107 107 107 107 50 5350 506 514 514 514 514 514 10 5140 AC PREF B2R CPG PREF A 101.1 102 102 102 102 102 50 5100 DD PREF 100.9 101 101 101 101 101 41880 4229880 FGEN PREF G 106.5 108 108.8 108.8 108.8 108.8 100 10880 1001 1038 1038 1038 1038 1038 5 5190 GTCAP PREF A GTCAP PREF B 1021 1029 1021 1021 1021 1021 200 204200 MWIDE PREF 101 101.5 101.5 101.5 101.5 101.5 100 10150 PNX PREF 3A 97.05 98.45 97 97 97 97 50 4850 PNX PREF 3B 100.1 102.5 100.1 100.1 100.1 100.1 10 1001 941 946.5 940.5 941 940 940 9620 9043075 PNX PREF 4 PCOR PREF 2B 1010 1080 1080 1080 1080 1080 10 10800 PCOR PREF 3A 1041 1061 1061 1061 1061 1061 5 5305 SMC PREF 2C 78.55 78.95 78.5 78.65 78.45 78.5 131430 10317367.5 SMC PREF 2E 76 76.5 76.5 76.5 76.5 76.5 7450 569925 77.5 79 78 78 78 78 1850 144300 SMC PREF 2F SMC PREF 2G 76.5 76.95 76 76.9 76 76.9 2650 203343 SMC PREF 2I 78 79 78 78 78 78 3300 257400 PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 6.65 7.15 6.8 6.8 6.65 6.65 437000 2926821 -2925475 GMA HLDG PDR 4.95 5.05 4.95 4.95 4.95 4.95 9800 48510 WARRANTS LR WARRANT 0.64 0.65 0.65 0.65 0.62 0.64 65000 42120 SMALL & MEDIUM ENTERPRISES ALTUS PROP 10.36 10.4 10.6 10.6 10.36 10.36 179900 1879208 -6286 ITALPINAS 2.02 2.03 2.05 2.09 2 2.02 6734000 13689840 250680 KEPWEALTH 5.4 5.48 5.8 5.8 5.29 5.48 199100 1094532 49662 3.02 3.03 2.99 3.07 2.98 3.03 16828000 50845220 3330 MERRYMART 0.51 0.52 0.52 0.52 0.5 0.52 944000 481660 XURPAS EXHANGE TRADE FUNDS FIRST METRO ETF 90.7 91 90.3 91.25 89.8 91 14220 1289013 248550

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Fruitas channels part of IPO proceeds to land acquisition

By VG Cabuag

@villygc

ruitas Holdings Inc., the operator of food and beverage kiosks, on Monday said it has re-allocated part of the proceeds of its initial public offering (IPO) for the acquisition of the site of its coconut water commissary and its new headquarters.

In its disclosure, the company said it will re-allocate some P165 million for asset acquisition out of the P470 million it has previously budgeted for store network expansion and store improvement. Out of the said amount, P145 million has been allocated to the ac-

quisition of the site of its new headquarters, measuring more than 900 square meters with a 5-storey building and net floor area of more than 2,000 square meters, located in Sta. Mesa, Manila. The company then will spend an additional P20 million for commis-

sary expansion to cover the acquisition of the 1,328 square meter site of the coconut water commissary in Quezon City, which is currently being leased. Total allocation for commissary expansion increased to P60 million from the previous P40 million. “Fruitas noted that the objective of these property acquisitions is to secure ownership, and therefore the long-term use, of assets which are vital for the future operations of the group. Given the current low-yield environment, Fruitas is also investing its excess liquidity in assets which can provide higher returns, including potential capital appreciation in the long run,” the company said. “The move will result in savings on lease expenses for the buko water commissary. Certain back-office operations will also be consolidated in

the new headquarters and rental income will be generated from tenants of potential excess space,” it added. Fruitas said it continues to reopen more stores as quarantine measures ease. The number of stores in operation has exceeded 600, the highest since the imposition of various levels of quarantine across the country. The company's board also approved the subscription to 40,000 common shares of Fruitas Group Inc. (FGI) at P400 per share. FGI is a wholly owned subsidiary of FHI. The subscription price was based on the book value of P371 per share as of December 31, 2019 with a minimal premium. “The capital infusion into FGI is in line with the approved re-allocation of initial public offering proceeds last May 30, 2020,” the company said.

Amazon hiring workers in US, Canada A mazon.com Inc. is hiring 100,000 full and part-time employees across the US and Canada, offering starting wages of at least $15 an hour, the latest announcement in the Seattle-based ecommerce giant’s hiring spree. The new jobs include benefits and sign-on bonuses of as much as $1,000 in select cities and access to training programs, the company said in a statement on Monday. This is in addition to the 33,000 corporate and technology employees the Seattlebased e-commerce giant announced last week, it said. Amazon also plans to open 100 new operations buildings in September across fulfillment centers, delivery stations, sorting centers and other sites, the company said the statement. Amazon has been adding jobs globally as its business and market valuation have soared, increasing

numbers of full and part time employees by about 10% to 876,800 in the first six months of 2020, according to its July financial report. Earlier this month, the company announced plans to add 7,000 permanent workers in the United Kingdom and has made similar announcements in Ireland and South Africa. Its shares have surged almost 70 percent this year, lifting its market value to $1.56 trillion, as the company’s online shopping services became vital to many households under lockdown during the Covid-19 pandemic. Still, the company has attracted criticism for how it’s treated workers. The company posted and then abruptly deleted a position for an analyst to research “labor organizing threats against the company” calling it “inaccurate.” However, labor activists said the listing suggests Amazon is trying to prevent

Thai Airways gets nod for debt rescue plan

hai Airways International Pcl, the nation’s flagship carrier, got court approval for its business restructuring on Monday. The Central Bankruptcy Court decided that the airline can proceed with its business reorganization plan, a crucial step forward for the embattled company, which has around 350 billion baht ($11 billion) of debt, according to Chansin Treenuchagron, its acting president. The flagship carrier is facing one of its biggest challenges in its 60-year history as the pandemic hits the country’s tourism-dependent economy. The company’s shares jumped as much as 10.7 percent, the most since August 5. Shares of Nok Airlines Pcl, a budget carrier which Thai Airways holds a stake in, also rose. The Covid-19 crisis has devastated the global travel industry, forcing airlines to suspend flights, lay off employees and seek financial help from governments and investors. Companies such as Virgin Australia Holdings Ltd. and Avianca Holdings SA, Latin America’s second-largest airline, have gone into administration or sought bankruptcy protection. If the airline fails to rehabilitate, it will damage the company, employees, debtors, investors and the whole economy, the court said in a statement after ruling on the carrier’s petition. Industry strains have been mounting in Asia, with Singapore Airlines

Ltd. eliminating about 20 percent of its work force.

Court’s ruling

The court also approved Thai Airways’ request to appoint EY Corporate Advisory Services Ltd. and the carrier’s board members as debt revamp planners. The airline plans to submit a debt plan to the court in the fourth quarter and aims to complete the restructuring process in five years, according to Chansin. “The court’s debt rehabilitation approval is just a tiny step,” Chanchai Chaiprasit, chief executive officer of PricewaterhouseCooper’s Thai unit, said before the ruling. “It’s an uphill task to come up with a debt plan that would satisfy banks, aircraft lessors, suppliers and other lenders.” Thai Airways was dealt a blow recently, when the nation’s Ministry of Transport identified potential corruption in underpricing of tickets and excessive overtime costs. Thailand’s Ministry of Finance owns around 48 percent of Thai Airways, according to an August filing. The airline had defaulted on loans and bonds totaling 85 billion baht, or 33.1 percent of its total assets, according to its latest statement on July 22. It reported a net loss of 28 billion baht in the first half of this year, a more-thanfourfold jump from 6.44 billion baht during the same time a year ago as the carrier canceled scheduled flights from April to comply with government rules to contain the pandemic. Bloomberg News

workers from collective bargaining, which drew attention earlier in the year after some employees protested conditions in warehouses that they said put them at risk of catching the coronavirus. Amazon said in July it had spent $4 billion in the second quarter on

mutual funds

Covid-19-related initiatives to keep employees safe and provide them with additional compensation. Founder and Chief Executive Officer Jeff Bezos is the world’s wealthiest person, with a net worth of about $184 billion, according to the Bloomberg Billionaires Index. Bloomberg News

September 14, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 196.5 -24.03% -10.96% -4.61% -21.97% ATRAM Alpha Opportunity Fund, Inc. -a 1.0814 -30.65% -13.02% -2.5% -21.75% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.6301 -34.46% -15.63% -6.67% -28.49% Climbs Share Capital Equity Investment Fund Corp. -a 0.6713 -30.69% -12.62% n.a. -25.24% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.69 -19.77% n.a. n.a. -18.76% First Metro Save and Learn Equity Fund,Inc. -a 4.231 -22.39% -9.26% -4.01% -20.59% 0.66 First Metro Save and Learn Philippine Index Fund, Inc. -a,4 -24.61% -11.97% n.a. -22.68% MBG Equity Investment Fund, Inc. -a 83.35 -29.05% n.a. n.a. -19.25% PAMI Equity Index Fund, Inc. -a 39.3728 -24.75% -9.63% -3.4% -23.22% Philam Strategic Growth Fund, Inc. -a 423.27 -22.25% -8.96% -3.58% -20.55% Philequity Alpha One Fund, Inc. -a,d,5 0.8809 n.a. n.a. n.a. -14.48% Philequity Dividend Yield Fund, Inc. -a 1.0081 -23.52% -8.9% -3.04% -21.66% Philequity Fund, Inc. -a 29.4961 -23.84% -8.55% -2.73% -22.17% Philequity MSCI Philippine Index Fund, Inc. -a 0.7754 -25.16% n.a. n.a. -23.84% Philequity PSE Index Fund Inc. -a 4.0193 -24.39% -8.98% -2.68% -23.05% Philippine Stock Index Fund Corp. -a 672.01 -24.27% -9.08% -2.79% -22.93% Soldivo Strategic Growth Fund, Inc. -a 0.6055 -33.98% -13.1% -6.86% -28.88% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.1071 -27.91% -10.57% -4.1% -26.18% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.7701 -24.48% -9.27% -2.87% -23.05% United Fund, Inc. -a 2.7988 -24.69% -8.33% -2.41% -23.39% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 90.2454 -24.15% -8.64% -1.99% -22.84% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $1.0359 7.44% -0.75% 3.48% 0.73% Sun Life Prosperity World Voyager Fund, Inc. -a $1.5019 16.12% 7.74% n.a. 8.94% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.5673 -5.78% -4.55% -2.62% 0.29% ATRAM Philippine Balanced Fund, Inc. -a 2.0541 -10.78% -4.99% -1.08% -5.82% First Metro Save and Learn Balanced Fund Inc. -a 2.3989 -9.85% -3.6% -2.11% -8.84% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1731 n.a. n.a. n.a. -24.25% NCM Mutual Fund of the Phils., Inc. -a 1.8296 -6.82% -1.57% 0.42% -6.73% PAMI Horizon Fund, Inc. -a 3.4629 -9.07% -3.09% -0.76% -8.61% Philam Fund, Inc. -a 15.4437 -9.37% -3.36% -0.89% -8.94% 1.9108 -11.31% -4.2% -0.94% -9.96% Solidaritas Fund, Inc. -a Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.2569 -16.35% -5.43% -2.09% -15.7% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9334 -8.56% n.a. n.a. -8.1% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.833 -17.57% n.a. n.a. -16.4% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.808 -19.88% n.a. n.a. -18.65% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8025 -18.78% -6.58% -2.92% -17.68% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03911 2.11% 2.64% 2.04% 2.38% 4.76% PAMI Asia Balanced Fund, Inc. -b $1.0346 0.52% 3.5% 2.23% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.1304 9.91% 5.45% 5.97% 5.62% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.1635 5.08% 2.84% n.a. 3.08% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 368.19 4.11% 3.1% 2.6% 2.86% ATRAM Corporate Bond Fund, Inc. -a 1.9489 1.8% 0.74% 0.23% 2.47% Cocolife Fixed Income Fund, Inc. -a 3.1996 3.88% 4.82% 5.03% 2.62% Ekklesia Mutual Fund Inc. -a 2.2993 4.68% 2.79% 2.29% 3.41% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4519 5.2% 3.4% 2.03% 3.93% Philam Bond Fund, Inc. -a 8.4% 4.32% 2.73% 6.4% 4.6528 Philam Managed Income Fund, Inc. -a,6 1.3098 5.94% 4.34% 2.45% 4.23% Philequity Peso Bond Fund, Inc. -a 3.9543 5.77% 4.29% 2.33% 4.38% Soldivo Bond Fund, Inc. -a 1.0356 9.36% 3.52% 1.91% 7.39% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1767 5.62% 4.76% 2.9% 3.29% Sun Life Prosperity GS Fund, Inc. -a 1.7403 4.54% 4.07% 2.37% 2.3% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $478.37 2.95% 2.46% 2.86% 2.14% ALFM Euro Bond Fund, Inc. -a Є217.11 -1.44% 0.75% 1.16% -1.22% 2.98% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.238 3.46% 2.71% 2.55% 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 $1.0885 -0.86% 0.08% 0.37% -0.47% Philam Dollar Bond Fund, Inc. -a $2.4965 3.31% 3.48% 3.44% 3.87% Philequity Dollar Income Fund Inc. -a $0.0610841 1.71% 2.08% 2.04% 1.3% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.2163 1.68% 1.91% 2.61% 1.29% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 129.01 3.61% 3.29% 2.5% 2.53% First Metro Save and Learn Money Market Fund, Inc. -a 1.0444 2.23% n.a. n.a. 1.76% Sun Life Prosperity Money Market Fund, Inc. -a 1.2895 2.87% 3.03% 2.61% 1.94% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0484 1.57% n.a. n.a. 0.97% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.0214 n.a. n.a. n.a. n.a. Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.95 n.a. n.a. n.a. -4.04% a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. d - in Net Asset Value per Unit (NAVPU). 1 - Launch date is September 28, 2019. 2 - Launch date is November 15, 2019. 3 - Adjusted due to stock dividend issuance last October 9, 2019. 4 - Renaming was approved by the SEC last October 12, 2018 (formerly, One Wealthy Nation Fund, Inc.). 5 - Launch date is December 09, 2019. 6 - Re-classified into a Bond Fund starting February 21, 2020 (Formerly a Money Market Fund).

7 - Launch date is July 6, 2020.

"While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www. pifa.com.ph to

see the latest NAVPS/NAVPU."

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Banking&Finance BusinessMirror

Local fintech start-up raises additional funds

inancial technology (fintech) start-up JazzyPay Inc. recently raised additional funds in its bid to boost cashless payments in the Philippines. In a recent statement, the company said it raised $500,000 (about P24.251 million) in seed financing from Singapore-headquartered venture capital firm Cocoon Capital Partners Pte Ltd. JazzyPay said it is allocating the fresh funds to expand its network of partner merchants across the country and to form its management team. It is also earmarking for product developments, which include better efficiency for merchants and improved user experience. JazzyPay said that merchants can avail of its cashless payments solutions within one day and it does not require a deposit. The firm offers unified payment platforms for its business partners, allowing them to accept payment via 27 payment methods, including credit and debit cards, online banking, e-wallets and over-the-counter deposits. “In an emergency, the payment method should be the least of your

worries,” JazzyPay Chief Operating Officer and Co-founder Kathleen Acosta said. “With JazzyPay, all Filipinos, including overseas Filipino workers, are now empowered to pay for hospital bills and tuition fees for themselves and for their families,” Acosta added. The fintech firm said that the traditional players usually require $10,000 per payment terminal, making it inaccessible for most clients to use digital payments. This resulted in 80 percent of hospitals, dentists and schools relying on cash or checks for payments with big sums, according to JazzPay. “Our secure platform gives overseas family members assurance that their funds go directly to the intended recipients,” Acosta added. JazzyPay was launched in 2018 and has been serving hundreds of merchants such as hospitals, schools, clinics and medical suppliers since. It is a registered operator of payments system regulated by the Bangko Sentral ng Pilipinas. The startup recently acquired the Payment Card Industry Data Security Standard Level-1 Certificate. Tyrone Jasper C. Piad

10 quick tips when starting a home-based business

henever I’m asked what’s a good home-based business to start today, my usual answer would be “whatever you believe you can do.” While that’s not exactly what most people are hoping to get as an answer, I do give some tips on how to find the best home-based business that would suit them. And beyond that, I try to follow up with more advice on how they can successfully put up and manage a business at home. Here are 10 things you need to remember when you’re venturing towards a home-based business. 1. Work with your passion. Always my first rule: do something that you love. When you’re in a business that gives you personal satisfaction, then you’ll do anything to make it succeed. 2. Believe that you will be successful. Optimism plays an important role in starting a business. When you have a winner’s mindset, then you’ll be motivated to work hard, persist, and focus. 3. Have a plan. A home-based business is still a business—which means you need a business plan if you want to succeed. As the saying goes, “If you fail to plan, then you’re planning to fail.” 4. Separate home and business. Set up a workstation or a “business space” at home and don’t just work anywhere. This will help you become more organized and better focused to work. Also, separate your business accounts from your household expenses–this means taking into consideration that your business needs to “pay” rent, electricity, water and other utilities it consumes to your household. By having a complete and independent view of your business finances, you’ll be in a better position to see if the business is doing well or not. Who knows, maybe you can already afford to rent an office space and expand! Lastly, you have to talk to the people in your household to set some rules and more importantly, ask for their cooperation. Certainly, you wouldn’t want a customer to hear a television playing in the background while you’re doing a sales pitch over the phone. 5. Love thy neighbors. More often than not, they are your first potential customers. So don’t be ashamed to make a sales

Fitz Gerard Villafuerte

personal finance call and offer your products or services to them. However, don’t sweat it if they don’t buy and don’t take it personally. Think that at least – you were able to practice your sales pitch and hopefully, be better equipped and have more confidence when you start selling to people beyond your social network. 6. Define your edge. What will make people buy from you instead of getting it from the mall or more established businesses? Is it a better service? Longer warranty? Cheaper prices? More flexible payment terms? Know what you can offer and use it to your advantage. 7. Build good relationships with your customers. A home-based business lacks the professional image of a formal office or an inviting storefront. But what you lack “visually”, you can more than make up for by having great customer service. A personal approach incorporated in your selling and marketing efforts will help you get loyal customers and consequently, repeat sales. 8. Optimize your marketing efforts with social media. Marketing your business through social networking sites such as Facebook and Multiply is a cost-effective way to get customers. Learn how to use it. 9. Don’t be a one-man team. Accept the fact that you can’t do it alone. You can maybe, at first, but if you want your home-based business to be truly successful—then be ready to hire some staff and delegate tasks. 10. Train to be a better entrepreneur. For most people, a home-based business is the starting point of their journey towards a life of entrepreneurship. And the only way to reach success is to constantly invest in yourself and make your entrepreneurial spirit grow. Fitz Villafuerte is a registered financial planner of RFP Philippines. To learn more about personal-financial planning, attend the 86th RFP program this October 2020. To inquire, e-mail info@rfp.ph or text <name><e-mail> <RFP> at 0917-6248110.

Tuesday, September 15, 2020 B3

Treasury curbs investor zeal, rejects bids for 364-day T-bills

By Bernadette D. Nicolas

@BNicolasBM

he Bureau of the Treasury raised only P12 billion out of the P20 billion programmed offering on Monday ahead of the maiden securities offering of Bangko Sentral ng Pilipinas (BSP). This after the Treasury rejected bids for 364-day debt papers while fully awarding bids for 91-day and 182-day tenors. National Treasurer Rosalia V. De Leon told reporters they had to reject bids for the 364-day debt papers as the average rate would have been a 16-basis point increase compared to the rate from the previous auction. It would have also been above the secondary market level, De Leon explained. The tenor attracted P14.705 billion in total tenders. “Banks [are] positioning in anticipation of maiden BSP offering as well as outcome of the Fed’s policy meeting this week,” De Leon said. The US Federal Reserve is set to meet amid a prolonged deadlock on the passage of a new economic stimulus bill. The BSP, meanwhile, announced last week it will start unloading securities on September 18 as part of its shift to more market-based monetary options. BSP Bills and Bonds would be offered via auction. Total bids for Monday’s auction reached P54.1 billion; more than

twice the volume offered. With the auction ended up being oversubscribed, the Treasury decided to double the accepted non-competitive bids for the 91-day securities to P4 billion, raising the total volume awarded for the tenor to P7 billion. The tenor fetched a rate of 1.150 percent, which was 1.7-basis points (bps) down from the 1.167 percent in the previous auction. The security also attracted tenders of P26.31 billion. Meanwhile, the 182-day Treasury bills (T-bills) posted a higher average rate of 1.589 percent, rising by 7.1 basis points from 1.518 percent in the previous auction. The paper attracted P13.13 billion in total bids; more than twice the P5-billion offer. For its initial offering, the BSP said it will auction 28-day BSP bills with an indicative offer volume of about P20 billion subject to confirmation two days before the actual auction date. According to the BSP, auction volumes will be small at the outset but will be gradually scaled up relative to market response and consistent with liquidity forecasts.

Photo shows the façade of the Bureau of the Treasury building. On Monday’s auction, the Treasury rejected bids for the 364-day Treasury bills on higher rates that National Treasurer Rosalia V. De Leon described as investors trying to weigh in on the Bangko Sentral ng Pilipinas’s “burden sharing” scheme with the national government.

On Friday, President Duterte also signed into law the Bayanihan to Recover As One Act, paving the way for the release of P165 billion to rehabilitate an economy in atrophy. The Bayanihan 2 law also enabled the hike of BSP’s cap on lending to the government. Sought on whether the Treasury is eyeing to tap this facility soon, De Leon said tapping this facility would help government to fund the spending requirements against Covid-19 and pursue a quick-recovery path. “Bayanihan 2 [is] adequately covered by debt service savings and additional income,” she said. For this month, the Treasury is set to borrow a total of P160 billion from the local debt market this month.

Private school students may now borrow ₧150,000 from LandBank

tate-owned Land Bank of the Philippines (LandBank) rolled out a new lending program it said would help families in need of financial assistance to continue sending children to school amid the lockdown. The lending window will allow parents, guardians or benefactors of students in private schools to borrow an amount equivalent to one school year or two semesters—or up to P150,000 per student, LandBank said. LandBank dubbed the facility as the “Interim Students’ Loan for Tuition toward Upliftment of Education for the Development of the Youth,” or i-STUDY. In her report, LandBank President and CEO Cecilia Borromeo said they introduced the program “to heed the President’s call to support students in this time of crisis.” “This program will not only help families who have kids they want to send to school, but will also assist private schools and downstream industries to sustain and continue their operations,” she was quoted in the statement as saying. Loans under the program, which cannot exceed P300,000 per eligible borrower, carry a fixedinterest rate of 5 percent per year.

Short-term loans payable within one year are available for preschool, primary and secondary school students under the program, while term loans payable up to a maximum of three years, inclusive of a one-year grace period on the principal amount are available for tertiary level students. In May, LandBank also launched a lending program targeting private schools shut down because of lockdown measures. LandBank said an initial batch of over 60 private educational institutions expressed interest in tapping its facility it dubbed “Access to Academic Development to Empower the Masses towards Endless Opportunities,” or Academe. As of August 19, the LandBank said its board has approved the application under the Academe program of four institutions for loans with a combined amount of P330 million. Borromeo said five schools have also partially submitted their documentary requirements for the program, while six loan applications are up for approval during the September 2020 meeting of the Bank’s board and credit committee. Submission of the documentary

requirements are still pending for 18 other schools that have signified their intention to avail of the Academe lending program. Another 32 schools across the country have likewise expressed interest in availing of the facility, Borromeo said. The P3-billion lending window, which is available until June 30, 2021, aims to extend credit to private high schools, private technical-vocational education training institutions, colleges and universities with the goal of encouraging students to enroll under a “study now, pay later” setup by allowing their parents to issue promissory notes for their academic fees. These promissory notes will then be refinanced or rediscounted under the program, with schools allowed to borrow as much as 70 percent of the sub-promissory note per semester and subject. However, schools can only borrow up to a certain maximum amount based on the net borrowing capacity of the institution. Loans under the program carry an interest rate of 3 percent per annum and are payable based on the maturity of the sub-promissory notes but not to exceed three years. Bernadette D. Nicolas

Citi notes burst of digital activity during lockdown

itibank N.A. said customers are now looking for more convenience and agility in managing their financial transactions as evidenced by the surge of digital activity during the quarantine. Citi’s Consumer Bank reported that the percentage share of digital bill payments went up by 48 percent in April compared to March figures. Digital money movement or fund transfers almost doubled

in the same period and was up by 85 percent in May, compared to March. Digital adoption has been steadily going up as the percentage of 90-day mobile users went up from 49.3 percent in March to 52.4 percent by July. “Enabling customers to do more on mobile and in response to the increasing need for cashless transactions, Citi has introduced another first in the industry—a new digital

feature, which allows credit cardholders to activate and use their credit card for online transactions even without their physical card,” the bank said in a statement. “We foresee that customers will continue to embrace digital as they have become accustomed to the convenience that it offers,” Citi Philippines Consumer Bank Head Manoj Varma was quoted in a statement as saying.

This is slightly lower than the P170 billion it programmed in August. The government borrows to finance its spending requirements as well as to cover its budget deficit. As tax collections plunged with lockdown measures to contain the pandemic, the Development Budget Coordination Committee (DBCC) is projecting the country’s budget deficit to more than double to 9.6 percent of gross domestic product (GDP) or P1.815 trillion from only 3.4 percent of GDP or P660.2 billion last year. The DBCC also expects the country’s debt-to-GDP ratio this year to increase to 53.91 percent of GDP— a level that it hasn’t seen in over a decade—from a record-low of 39.6 percent of GDP last year.

Employers offered online payment channels by SSS

he Social Security System (SSS) on Friday announced that regular and household employers may now remit their SSS contributions through several online payment facilities. “Over the years, we have established a strong partnership with our various bank collection partners who played a significant role in our contribution collections from our members and employers as well. It is why we tapped the internet banking services offered by our partner banks so they can remit their employees’ monthly contributions at their own convenience,” SSS President and Chief Executive Officer Aurora C. Ignacio was quoted in a statement as saying. Web facilities such as Digibanker and UnionBank Online may now be utilized for the remittance of SSS contributions both for regular and household employers and Bizlink for regular employers only, SSS said. A dozen eGov BancNet member banks are also available to accept employer’s SSS payments online, the SSS added. Aside from these online payment facilities, they may use their My.SSS accounts for the following: to check their employees’ contribution payments and loan repayments; generate PRN; monitor the status of their submitted sickness and maternity reimbursement claims; certify their employees’ salary loan and retirement; and, submit maternity notification, sickness notification, employment report form (Form R1A), contribution collection list (Form R-3), and loan collection list (Form ML-2). “This is the reason why we launch[ed] ExpreSSS, which maximizes the use of our online facilities amid the pandemic for a safer, faster and more convenient way of transacting and receiving their benefit reimbursements from SSS,” Ignacio said. “Moreover, we encourage all our employers to enroll their PESONet participating bank accounts through the Disbursement Account Enrollment Module (DAEM) at My.SSS for immediate crediting of their reimbursements,” she added.

A4 B4 Tuesday, September 15, 2020 • Editor: Vittorio V. Vitug

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BusinessMirror

Half of OP’s P8.238-billion 2021 budget allotted as intelligence, confidential funds By Jovee Marie N. Dela Cruz @joveemarie

HE Office of the President (OP) has allocated half of its budget for 2021 to bankroll its intelligence and confidential fund requirements. During the briefing on the OP’s 2021 budget, Executive Secretary Salvador Medialdea said the OP is proposing a budget worth P8.238 billion for 2021. Half of it, or P4.5 billion has been allocated as intelligence fund. Of the 2021 budget of the OP, P1.1 billion will go to personnel services (PS), P6.4 billion will go to maintenance and other operating expenses (MOOE) and P590.9 million will go to capital outlay (CO). These budget will also include the Presidential Oversight Program, President Advisory Program, Presidential Legal and Legislative Services Program, and Presidential Executive Staff Services Program, as well as the retirement and life insurance premium and pension. “With the support of Congress, we

will be able to pursue a more holistic approach towards recovery [next year],” he said. “The OP continues to support and look after the welfare of the people during these trying times. Words are not enough to express our gratitude to our frontliners, uniformed personnel, men and women in govt, and our kababayans who have done their part,” he added. Bayan Muna Rep. Carlos Isagani Zarate said the OP will receive the highest allocation for intelligence fund for next year. “Even if the Office of the President isn’t an intel agency, it still got the highest appropriations for intel funds in 2021. Sa panahon ng ganitong krisis, matinding krisis na pinalala nitong pandemya ng Covid, nagkaka-utang-utang tayo, parang nagkaka-duplication ng paglalagay ng confidential funds,” he added.

OVP budget

MEANWHILE, Vice President Leni Robredo, who personally attended the budget briefing said her office will receive P679 million for 2021.

“We initially submitted a budget of P720 million, which is the same budget as what we had last year. But what the DBM approved was only P679 million,” she said. Robredo said the amount approved by the DBM is 4 percent lower than OVP’s 2020 budget. Of the 2021 budget of Robredo’s office, P101.4 million will go to PS, P558.8 million will go to MOOE and P3.3 million will go to capital outlay (CO) and P8.7 million for the retirement and life insurance premiums. “What we’re doing is just trying to fill in the gaps. We are aware that our office is very small. We are very small not just in terms of the number of staff that we have but we are very small in terms of our resources. But we are making do with what we have,” she added. According to Robredo, majority of OVP’s budget is allotted for financial assistance/subsidies for 2021. “Barring unavoidable circumstances, we are hopeful that with the approval of the requested budget for 2021, the OVP will continue to have the necessary resources to

build on its anti-poverty program and expand efforts to help address the ill-effects of the pandemic, under the strong of OVP,” the OVP said in its budget presentation. For their part, lawmakers are pushing for the budget increase of the OVP. Camarines Sur Rep. Gabriel Bordado said the OVP will receive the “lowest” proposed budget in 2021. “OVP has been engaging in frontline activities against Covid-19. It has also launched livelihood, education, people empowerment and other projects throughout the country but its budget is still the smallest in the entire bureaucracy,” he said. Cagayan de Oro Rep. Rufus Rodriguez urged the lower chamber to increase the OVP’s proposed budget in 2021. “It should be upon us now to see her work and to be able to lend support to her work and her office,” he said. Baguio Rep. Mark Go and Bayan Muna Rep. Ferdinand Gaite also proposed to the Lower House to double the budget of the OVP next year.

DENR TELLS MANILA BAY LGUS: POLICE RANKS OF FISH PEN OPERATORS

RITICIZED for allegedly prioritizing the P389-million beach nourishment project over the pollution problems hounding Manila Bay, an official of the Department of Environment and Natural Resources (DENR) has maintained that the campaign to rid the bay of garbage is not being

taken lightly by the department. The official said parallel to the overlaying of crushed dolomite over a 500-meter portion of Manila Bay in Manila, coastal and even river and estero cleanup activities are also being conducted in various cities and municipalities in the Manila Bay region, which stretches from Cavite, a

province south of Manila and peninsular Bataan in the north. On top of this, DENR Undersecretary for Solid Waste Management and Local Government Units Concerns Benny D. Antiporda said they intend to hold a dialogue with concerned LGUs in the Manila Bay region to boost the ongoing cleanup

and rehabilitation of Manila Bay and to police the ranks of fish pen operators in their respective localities. The DENR is the agency tasked to lead the Manila Bay Interagency Task Force mandated by President Duterte to rehabilitate one of the country’s most economically important water bodies. Jonathan L. Mayuga

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PNP chief unveils new operational tack against terrorists and NPA rebels By Rene Acosta @reneacostaBM

HE Philippine National Police (PNP) is beefing up its antiinsurgency and counterterrorism capabilities by redeploying its maneuver forces close to areas where the New People’s Army and other threat groups have been known to operate. T he new operat ion a l t ac k against communist rebels was disclosed on Monday by PNP chief Gen. Camilo Pancratius Cascolan, saying it was being taken in support of Executive Order 70, which embodies to End Local Communist Armed Conflict (ELCAC). “On internal security and anticriminality in support to Executive Order 70 to End Local Communist Armed Conflict is expected to be bolstered further by the realignment of regional and provincial maneuver units to be placed under the operational control of the Directorates for Integrated Police Operations [DIPO] that will be under the command of a Police Lieutenant General,” Cascolan said. The maneuver forces are the crack anti-terrorism and anti-insurgency units of the PNP like the Special Action Force and the regional and provincial mobile force battalions and companies. “These maneuver, or mobile units,

Industrial park in Pangasinan buoys hopes of jobs recovery

The Future of Work 4–what to do now? R

By Henry J. Schumacher

OOKING at my previous columns on the subject of the Future of Work, realizing that we are still adjusting to the Third Industrial Revolution and have to keep the next wave of changes of the Fourth Industrial Revolution in mind, the question comes to mind: Do we have time?

Allow me to share this Buddha statement with you: The trouble is, you think you have time. But there is no time to waste: the past is gone, the future is not here yet and all we have is the present. And it suddenly occurred to me that the word “present” also means “gift.” The gift of the present moment is the NOW. Essentially the only thing we really possess. Because the past and the future are only concepts existing in our own minds. It is in the present moment where we live, where we are happy, where we create our future.

So what do we have to do in the “present?”

TODAY we are suffering from the effects of the pandemic and the damage the lockdowns have done and are continuing to do to the economy, the industries in the ICU, the unemployment, the job seekers from K to 12 graduates to college graduates, from people being retrenched to returning OFWs. We see young people

being hit especially hard as their jobs dry up and education is interrupted. Where are efforts needed to address the challenges created by Covid-19 and the changing nature of work? We need to get these concepts further introduced and funded: Apprenticeship/internship/dual-tech Enterprise-based learning/learning by doing Entrepreneurship–MakerSpace Upskilling by industries and government Assistance for K to 12 graduates and college graduates I had a good look at Senator Joel Villanueva’s “Tulong Trabaho” bill and appreciate his endeavor to help those that need to be educated during these difficult times. Efforts are needed to get the fund and to jointly with the private sector decide on the Selected Training Programs, including apprenticeship and on the job training. Filipinos are generally resilient and adaptable but not by choice but more by circumstance. Somehow this has to be captured in the human development framework we are looking at. There are opportunities in Entrepreneurship! More Pinoys become their own bosses, seeing entrepreneurship as the new future. I like all the endeavors to go into e-commerce, or starting sari sari stores, but let’s also expand the idea of MakerSpace, guiding people at least in the interim into offering basic services like cleaning, disinfection, cooking, plumbing, tailoring, shoe-repair, carpentry, etc. Other jobs needed are painters, masons, welders and other artisans. Dorelene V. Dimaunaham, in her column, “Debit Credit” in the BusinessMirror came up with a list of recent entrepreneurial opportunities: Design and delivery of personal protective equipment and face masks; Delivery of farm-to-table food from farmers and their communities; Provision of various kinds of logistics services, thereby providing jobs for riders; Development of mobile apps for mental health and budget tacking; Repacking of groceries for delivery to homes; Preparation of ready-to-cook and readyto-eat meals for take-out and delivery; and Manufacturing of disinfectants and cleaning materials for home and personal use. The Department of Agriculture continues to

lure younger people and millennials to venture into agriculture through its projects aimed at supporting students and young agripreneurs to start their enterprise. Mentoring, internship and financing for business plans are available. The Philippines is one of the developing countries that has largely benefited from the rise of the gig economy. The Philippines is considered as sixth in the world in terms of the fastest-growing markets for the gig economy. But we also have to be honest that educating people for the Future of Work will require drastic changes: Gone are the days when a person’s life trajectory is very structured with carefully laid out plans before them as with the previous generation. What education should be doing is preparing graduates to navigate the VUCA world; VUCA stands for volatility, uncertainty, complexity and ambiguity. It describes the situation of constant, unpredictable change that is now the norm in certain industries and areas of the business world. Which means, it is more and more likely that gone are the days when memorization and specialized skills training is prime. Students need to be comfortable in uncertainty and be able to understand multiple contexts and analyze it so that they would be able to navigate their future more effectively. Of course, there are some jobs that will be here to stay (like service jobs in health care, tourism and hospitality) but even that will require a higher level of thinking and understanding in order to keep up with new machines and technologies. As we move forward, let’s keep in mind what we all want: Zero exclusion, because the vulnerability of marginalized populations can be reduced through the promotion of inclusive institutions, governance mechanisms, policies and concrete actions; and Zero poverty, because poverty is an intolerable waste of talent and the reproduction of poverty from generation to generation is not inevitable. I really need feedback of what else can be done NOW to provide young people looking at being educated for employment through learning by doing, and college graduate to find a job, so that we provide these “future” people with the perspective that there is a future for them. For the needed feedback, you may contact me at hjschumacher59@gmail.com.

which are the cutting edge of PNP internal security operations will be deployed in the heartland and areas of operation of domestic threat groups where these units will be within striking distance to the enemy,” Cascolan said. The PNP chief said he has already instructed the Directorate for Operations to prepare the implementing rules and regulations to operationalize the changes. “We will expand the DIPO. They will have a bigger function in Internal Security Operations. After all, that is essentially the wisdom and intent behind the creation of these PNP area commands,” he said. The DIPOs are similar to the area commands in the military which are headed by three-star generals and directly reports to the chief of staff of the Armed Forces of the Philippines. At the same time, Cascolan said, he would also order the decongestion of Camp Crame by transferring some national support units to other locations. He said all police personnel must also be skilled marksmen and trained investigators, while policemen arrested in internal cleansing operations should be put in lock-up cells and not just restrained. “There are more items in my guidance to the D-Staff that we will circulate later in the form of memo directive,” Cascolan said.

AVISHED by the Covid-19 pandemic, Pangasinenses and other residents of Northern Luzon could expect to see brighter days as the North Luzon Aero Industrial Park (NAIP) will soon rise in Binalonan, Pangasinan. Groundbreaking for the 26-hectare industrial park is set on September 16. Projected to generate over 10,000 jobs, NAIP addresses the employment setback caused by the ongoing public health crisis. The Ilocos region, to which Pangasinan belongs, is one of the hardest hit by the pandemic. Unemployment rates in the region spiked as over 22,300 lost their jobs by April. In July, 11,100 remain unemployed, actually the fourth highest among the 17 administrative regions in the countr y. The NAIP is expected to fill the employment void in the region, primarily in Binalonan and the rest of the towns of Pangasinan, as it will prioritize the employment of local residents of the municipality and province. “The project brings a positive impact on the economy by the generation of employment opportunities. Priority for employment will be given to qualified local residents. Further, we are also committed to train and develop the skills of the employees to acceptable levels of expertise by providing programs which would enhance their skills,” Attorney Miguel Fernandez, president of the NAIP said.

Ecozones as economic drivers

ACCORDING to the Philippine Economic Zone Authority (Peza), economic zones, such as the NAIP, are potential economic drivers as the countr y recovers from the pandemic. “Creation of public ecozone apt to the area benefits host LGUs [local government units] in terms of industrialization, transfer of technology, land development,

creation of jobs which in turn had a multiplier effect in the area,” Peza chief Charito Plaza said, citing the cases of Cavite, Baguio and Lapu-Lapu cities, whose growth is attributed to the establishment of ecozones. The rising Special Economic Zone is projected to house businesses in the information technology, business-process outsourcing (BPO) and aviation industries. These industries are strategic to the location of the industrial park, according to Fernandez. “Binalonan is ripe for development. It’s in the crossroads of many towns. It can be the gateway to the North. Strategically, it has its advantages as the Binalonan Airfield is also within the vicinity of the NAIP,” Fernandez said. “ The NAIP may also ser ve as a model project for the government who has already made the necessar y and important pivot to develop our provinces in the countr yside,” Fernandez added, referring to the Balik Probinsya, Bagong Pagasa being implemented by the government to decongest over populated urban centers. The industrial park is currently being developed by the NAIP. Several government entities, such as the local government of Binalonan, Peza, the Department of Environment and Natural Resources, the Department of Agriculture, the Department of Agrarian Reform, and the Department of Trade and Industry are involved in the development. Furthermore, businesses of the Sumi-North Wiring Systems Corp., a domestic subsidiary of Japanese conglomerate Sumitomo Electric Industries Inc., are expected to be housed in the industrial park. T he project is ex pected to be wor th over P304 mil lion. T he industr ia l park is ex pected to commence operation in May 2021. Leandro Castro

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Editor: Gerard S. Ramos

• Tuesday, September 15, 2020

The priceless joys of Ramona Revilla Ramona Revilla, her husband Frederick Farrell and their triplets Freohsyl, Fersiana and Frederie

top-rating South Korean variety show Running Man

GMA launches new Asian pop-culture digital channel

IN partnership with Jungo TV, GMA Network rewards its audiences with a more exciting viewing experience as it launches Hallypop, the newest and first-ever digital channel in the Philippines that’s set to be a one-stop shop for K-pop, variety and entertainment programs beginning September 20. Hallypop seeks to give digital TV viewers a front seat to Asian pop culture with a daily dose of hit shows across the continent. Get ready for the best tunes in Korea and the most sensational music show on TV. Fantastic performances and awe-inspiring harmony by the nation’s top musicians await viewers on Music Bank. Follow the latest trends in the Korean music scene through K-chart, a summary of the week’s hottest songs. Know what the hype is all about with the airing of the top-rating South Korean variety show Running Man, which arrives in the country for the very first time. Experience a mix of thrills with its games and series of missions that are entertaining and will keep viewers at the edge of their seats. Showcasing the highly requested concerts in the country and across Asia, HallyStage is set to give the spotlight to the hottest singers in the concert stage. GMA Network Chairman and CEO Felipe L. Gozon shared his excitement toward this partnership with international content distributor Jungo TV: “We are grateful to Jungo TV and Mr. George Chung for entrusting us with their channel and content to be the first here in the Philippines to distribute their content.” First Vice President for Program Management Jose Mari R. Abacan aims to widen GMA’s library of content via Hallypop, “We have the heart of fans and that’s going to be seen in the way we program Hallypop. A lot of people are looking forward to that Hallyu [Korean Wave] content. Having another channel that could actually focus on having certain materials like variety shows, K-pop and reality shows, it can complement what we have started with the Heart of Asia, so I’m excited about it because we have a lot of things to learn from these Asian content.” “Hallypop represents a new and exciting direction in the reimagined world of Asian entertainment,” said Jungo TV CEO and co-founder George Chung. “We are excited to expand on Hallypop’s success in the United States and honored to be partnered with GMA, led by the vision and leadership of Mr. Gozon, that allows us to bring top-tier Korean and Asian pop culture entertainment to the best and most loyal fans in the world.” For GMA Affordabox users, be sure to rescan to get dibs on Hallypop’s test broadcast by clicking the SCAN button on the remote and wait for all the exclusive channels to appear. A full rundown of Hallypop’s programming is available on www.gmanetwork.com/gmahallypop.

Relaxed worksite restrictions for young actors By Samuel P. Medenilla TEEN actors are now allowed to again engage in on-cam shoots in studios or on locations as the Department of Labor and Employment (DOLE) relaxed its worksite restrictions in areas under community quarantine. Last Friday, Labor and Employment Secretary Silvestre H. Bello III issued Labor Advisory (LA) 24-A, series of 2020, allowing those aged between 18 and 15 years old to participate in such activities for the purpose of entertainment or information. “The child has the right to refuse to work in accordance with Republic Act 9231 [Anti-Child Labor Law] and Republic Act 11058 [Occupational Safety and Health Law],” Bello said. The issuance applies to employers, whose business is allowed to operate during the community quarantine. Bello noted employers should meet the minimum public health standards as prescribed by the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF), Department of Health, Department of Trade and Industry, and DOLE. LA 24-A supersedes LA 24, series of 2020, which was issued by Bello on July to prevent the exposure of young actors from the novel coronavirus disease (Covid-19). LA 24 restricted actors belonging to the 15 to 18 age group from engaging in any shoots outside of their homes. Last week, experts from the University of the Philippines said the country was finally able to “flatten the curve” of its Covid-19 incidents after the government implemented another round of modified enhanced community quarantine last month. Malacañang said the number infections in the country could still spike again in the coming months until a vaccine for Covid-19 becomes available.

T has been said that a man is the product of his thoughts—what we think, we become. The beautiful mind of former actress Ramona Revilla is perhaps what steered her to the good life that she is now blessed with. After being lured to try out her luck in show business when she was a teenager, Revilla knew she had to seize every opportunity to become popular right away because acting is not a stable job. Yes, she was daring, but she played her cards right. And when her career was on an upswing, she also knew that she needed to save in case she decided to leave the industry to pursue something else. Through her discipline and good handling of her savings, she was able to buy a house. In one of her performances overseas, Revilla met American Frederick Farrell who swept her off her feet and eventually became her husband. The Farrell couple is blessed with triplets and they are now based in Yokosuka, Japan. “The girls—named Freohsyl, Fersiana and Frederie—were born in Makati and then we moved to the United States after they turned one. They’re now seven and motherhood continues to give me priceless joys,” she enthused. Revilla admits that raising triplets can be really challenging. “It is perhaps the biggest bundle of blessing that I have received but also the hardest task for me to be good at. Everything is times three— preparing their meals, cleaning their stuff, bathing them and dressing them up. And add to that, virtual school at home for my three second graders because of the pandemic!” She shared that her priority is to keep the girls grounded starting at an early age, and instill in them the love of God. “Personally, I dream that they become medical doctors but I know they will make their own decisions when they grow up. What I always pray for is for them to be safe, healthy, happy, kind, and to put God at the center of their lives.” Her husband recently had an offer from the United States Department of Defense that was too tempting to pass, so the Farrells flew to Japan where they will be for the next three years. “I have to always find the balance between being a good wife and a good mother. I always make time for my husband, and he also makes time for me. We go out on dates every Friday, just the two of us. Saturday is Sabbath Day, while Sunday is always Family Day,” she shared. Revilla told us that she likes to dress up and her husband knows that he married a very fashionable lady, who also loves bags, shoes and jewelry. “My

husband is a wonderful man, very loving, very protective, very supportive. He is a good provider. He loves to surprise me with gifts—big and small. A man of few words, he is more a man of action who is caring, generous and compassionate. I am blessed to be his wife.” She added that these extraordinary times require a lot of change in routines. “We have to stay healthy and fit. I workout every morning. I normally go on a 5-kilometer run. I also run on my treadmill at home. My husband and I enjoy working out together on weekends. I must say I’m also lucky that I got good genes from my mother!” Revilla credits her Filipino mother Sylvia for who she has become. “She is the greatest influence in my

life, and the sole reason for my success. She stays in our home in the Philippines. She is my inspiration and my strength.” The Philippines will always be her home. In fact, for many Christmases past, Revilla has always convinced her husband to celebrate in Manila. “I hope the pandemic ends soon, and we can go back to the time when we could travel to anywhere that makes us happy.” Hopefully, Ramona Revilla’s success story can inspire many of us. She has kept her mind brave and beautiful all these years. She carries her heart in the right places, and instead of longing for temporary happiness, she strives for priceless joys. n

SM CINEMA BRINGS DRIVE-IN EXPERIENCE TO SM MALL OF ASIA ATER its successful run at SM City Pampanga, SM Cinema brings the drive-in movie experience to the Metro in Movies By The Bay, which premiered at the SM Mall of Asia Concert Grounds Block 16 on September 9. This brings back the attraction of watching movies under the stars, this time as #SafeAndFunMovieWatching from the comfort of the moviegoer’s very own car in the new normal. The SM Cinema Drive-in is now open on Wednesdays, Thursdays, Fridays, Saturdays and Sundays. The opening films, include Train to Busan: Peninsula, the most anticipated horror movie from South Korea; and Unhinged, a psychological edge-of-your-seat thriller starring Academy Award winner Russel Crowe. A timely psychological thriller, Unhinged explores the fragile balance of a society pushed to the edge, taking something we’ve all experienced—road rage—to an unpredictable and terrifying conclusion. After an altercation at a traffic light between Rachel (Caren Pistorius) and a stranger (Russel Crowe), what follows is dangerous game of cat and mouse that proves you never know just how close you are to someone who is about to become unhinged. Peninsula is the next nail-biting chapter in acclaimed director Yeon Sang-ho’s post-apocalyptic world four years after Train to Busan, the zombie thriller that captivated audiences worldwide. Entry to the SM Cinema Drive-in will start at 5 pm. There will be one movie screening per day, which starts at 6:45 pm on a 20-meter by 8.5-meter larger-than-life outdoor screen raised 4 meters above the ground. To ensure guests have an optimal viewing experience, the cinema will use a dual projector for sharper and crisp images. For the best movie-viewing experience, two persons are allowed per vehicle with a maximum of four persons. To optimize the viewing experience for all moviegoers, each

❶ SM Cinema

brings a new movie experience to the Metro with its Drive-In: Movies ByThe Bay.

❷ FOUR years

❶ vehicle will be assigned their parking spots upon arrival depending on the size of their cars. Traffic marshals will assist guests and direct them to their designated spot. Once parked, guests will be instructed to turn on their car’s FM radio to a specific frequency to broadcast the sound straight into their vehicles. Guests are also welcome to bring their own radio and other devices with FM capabilities. The venue can accommodate 106 vehicles per screening, and individuals ages between 21 and 59 will be admitted in accordance with Inter-Agency Task Force on Emerging Infectious Diseases Guidelines and Safety Protocols. For added safety, moviegoers will also be asked to stay inside their vehicles with their masks on and practice social distancing all

❷ throughout the duration of the film screening. All tickets must be purchased online in advance. Each ticket costs P400 per person, and this already includes a Snack Time bundle consisting of bottled water, regular-sized popcorn, and beef franks. Food concessions will be available on-site. To encourage contactless transactions, guests can scan the QR code at the SM Cinema Drive-in to see the menu. A mobile number will be given which guests can contact to place their order. Tickets for SM Cinema’s Movies by the Bay must be purchased online in advance at www.smtickets.com to ensure an uninterrupted viewing experience. No tickets will be sold at the venue, and viewers are advised to arrive at least 30 minutes before their scheduled screening.

after South Korea’s total decimation in Train to Busan, the zombie thriller that captivated audiences worldwide, comes Peninsula, the next nail-biting chapter in a post-apocalyptic world. This film by acclaimed director Yeon Sang-ho was selected to be shown at the 2020 Cannes Film Festival, which was cancelled due to the Covid-19 pandemic.

B6 Tuesday, September 15, 2020

Hotel 101 Group joins HSMA September online sale

SM Foundation provides venues for local farmers’ social enterprises

CCORDING to studies of international organizations, farmers in grassroot communities often lack access to profitable, value-added markets. In the absence of critical supporting functions–such as infrastructure and service provision–farmers struggle to shift from subsistence and barter to more productive forms of exchange. Because of this social good challenge, SM Foundation collaborated with SM Development Corp. (SMDC) and SM Supermalls in order to ensure that local farmers under the Kabalikat Sa Kabuhayan (KSK) program have venues where they can sell their crops and ornamental plants amid the COVID-19 pandemic. From training KSK participants in practicing sustainable farming technologies via technology transfer, product develop-

ment, SMFI was able to innovate and create farm-market linkage through the different business groups of SM.

The Linkages

The Good Guys Market is a weekend market set up in SMDC properties to connect small-scale farmers directly with consumers—condo residents. This initiative links around 26,000 small-scale farmers directly with consumers. On the other hand, the Green Lane initiative, which was piloted at SM City Pampanga offers a wide variety of quality yet affordable indoor plants, landscape plants, and flowers which cater to every plant parents’ preference in the home improvement project. Led by the wives of the KSK farmers, this social enterprise concept is set to be replicated in other

SM malls to cater to more “plantitos” and “plantitas” nationwide. While navigating this time of crisis, SMFI continuously revisits the role of local farmers, especially those in grassroot communities and how their organization and the government can partner more effectively to meet this challenge and help farming communities thrive now and in the future. SM Foundation’s Kabalikat Sa Kabuhayan (KSK) is SMFI’s Social Good program on sustainable agriculture. The program aims to uplift the lives of Filipinos in grassroot communities through sustainable agriculture via technology transfer, product development and farm-market linkage. To date, the program has trained more than 26,700 farmers from almost 3,360 barangays in 880 cities/municipalities.

Kaspersky GReAT shares expertise on threat hunting with YARA in new online training course

ASPERSKY is unveiling a new online self-study course, entitled “Hunt APTs with YARA like a GReAT Ninja”. Armed with this training, any IT security professional interested in the topic can learn from the Kaspersky Global Research & Analysis Team’s best practices on threat hunting with YARA. In addition to the practical insights from the company’s world-renowned cybersecurity experts, participants will receive access to a special virtual lab, where they can practice their new skills, analyzing samples and testing YARA rules. YARA is a unique tool that, among other things, makes it easier to identify and classify new malware samples. With its help, security analysts can create certain patterns, or “rules”, and search for files that match them using security solutions or multi-scanner systems. By following a few know-how guides and some effort, a researcher or a security team can achieve a new level of knowledge in threat detection, mitigation and response. Continuous education is essential to keep IT security teams ready and effective – 35% of IT decision makers from enterprises cited improving their security specialists’ level of expertise as the main reason to increase their IT security budget. However, the pandemic has put restrictions on realworld, in-class learning activities. In order to respond to this challenge and make the course more available for individual learners, Kaspersky moved its training on YARA to an online format. The video course is authored by the Kaspersky Global Research & Analysis Team (GReAT), an internationally recognized cybersecurity group of malware researchers and threat hunters. It provides first-hand recommendations on how to search for APT-related malware samples, as well as both new and zero-day exploits that the Kaspersky GReAT team has learned about following decades of threat research. “YARA is an essential tool for discovering

new, previously unknown attacks. We have seen this in our own work and research, as it helped us investigate APT attacks, cybercriminal malware or zero-day exploits. With this new online training, we are excited to make our experience and knowledge available to a wider audience,” comments Costin Raiu, Director of the Global Research and Analysis Team at Kaspersky. Kaspersky has granted free, early access to the course for individuals from a wide variety of non-profit and nongovernmental organizations. This includes groups that focus on gender-based violence, human and digital rights, cybersecurity research, cyber policy and diplomacy, and supporting active and veteran armed forces personnel transitioning to roles in the IT security industry. Organizations with representatives participating in the training include Blueprint for Free Speech, Circle of Women in Cybersecurity (CEFCYS), Cyber Peace Foundation (CPF), DiploFoundation, Federal Association of Women’s Counselling and Rape Crisis Centres (bff), GEODE, Institute for Strategic Research (IRSEM) and Sciences Po, and VetSec, Inc. Feedback from these organizations will help Kaspersky improve the training, and the knowledge gained by the participants will enhance both their ability to protect organizations from attacks, as well as their threat hunting skills. "The training will definitely add value to Cyber Peace Foundation’s skills in terms of learning new technologies like YARA rules for malware investigation and the latest APT threat hunting techniques, in order to help our research team to dive deeper into the investigation and analysis of malware, exploits and zero days which can significantly impact the eKawach project," comments Vineet Kumar, President of Cyber Peace Foundation. “The main purpose of the CEFCYS is to promote and increase women’s leadership in cybersecurity jobs thanks to tangible actions, such as the development

OW is the perfect time to plan for that relaxing weekend or city staycation in Manila, or for that longed after trip to revisit the beauty of Boracay and the rich culture and heritage of Iloilo. The Hotel 101 Group, the hotel arm of DoubleDragon Properties Corp. (DD), offers as much as 65%OFF its hotel room rates during the Hotel Sales and Marketing Association (HSMA)’s September Online Sale (SOS) to support the bounce back efforts by the Philippine Tourism Industry. Guests may enjoy an overnight room accommodation voucher for Php2,800 nett, valid in Hotel 101 – Manila, Jinjiang Inn – Ortigas, Jinjiang Inn – Makati, Jinjiang Inn – Boracay Station 1, or Injap Tower Hotel in Iloilo, which can be used for travel anytime the guests wants because it has no expiration date. Together with its #StaySafeStayHappy protocols, the hotel highlights its efforts in making sure that all guests and staff stay safe and stay happy whenever they are in any of the hotels. The Hotel 101 Group is proud to have a hospital-grade UV-C Sterilizer as well as a Disinfectant Fogger treating all its hotel rooms before they are even released for guest use. Public areas are also sanitized every hour. The Group’s new normal

safety procedures include going through temperature checks, submitting an online health declaration form, using automatic alcohol dispensers, acrylic barriers, and personal protective equipment (PPE). All the hotels also offer flexibility with rebooking and employ contactless payment options for the convenience of guests. The hotel teams are also always ready to answer any queries for quarantine, extended stays, and staycations for hotels in Iloilo and Boracay. Together with the Department of Tourism (DOT), Tourism Promotions Board (TPB), and Atlantis Systems, the designated Online Reservations System of the HSMA SOS, this online sale aims to spur spending and boost local tourism to aid the local tourism industry, which was greatly hit by the pandemic. In solidarity with the Hospitality industry, the HSMA member hotels and resorts put out its largest discounted offers in the September Online Sale happening this September 15 – 30, 2020. Head over to http://www.hsma.org/ sos/ to purchase these amazing offers from the HSMA member properties. For inquiries, bookings, or reservations contact manila@hotel101.com.ph or call +632 855 31111. Follow Hotel 101 – Manila on Facebook and Instagram for news and exclusive promotions.

CSC invites applicants to government job fair

HE Civil Service Commission (CSC) holds the Government Online Career Fair (GOCF) until September 18, 2020. This event is held in partnership with JobStreet.com and as part of the 120th Philippine Civil Service Anniversary. To join, job seekers are required to go to https://onlinejobfair.jobstreet.com.ph and type in their email address, then fill out the CSC Form No. 100 or the Personal Data Sheet (PDS) from there. The PDS will be automatically attached to the account once created. Once registered, applicants will be able to view the job postings starting 14 September. Applicants will be assessed based on their education, experience, training, and eligibility according to the requirements of the position being applied to. A detailed registration procedure for job seekers is also available at the CSC website, www.csc.gov.ph. As of press time, the CSC and JobStreet. com have gathered 2,452 vacancies from 249 national government agencies (including central and regional offices), local government units, governmentowned and controlled corporations, and state universities and colleges. All applicants who are considered first time jobseekers as defined under CSC Resolution No. 2000363 dated 21

February 2020 will be entitled to a waiver of fees and charges in the issuance or authentication of a copy of Certificate of Eligibility (COE). Should the record of the Commission show that the person has previously requested a COE but has not been employed yet and still qualifies for the benefits provided by the First Time Job Seekers Act, they can still be given the requested certificate for free, provided, they complied with the requirement. Jointly organized by the CSC and JobStreet.com, the GOCF seeks to promote easy access to employment opportunities in the public sector by bringing jobseekers and hiring government agencies together in a virtual job fair. This is also held to help Filipinos rendered jobless by the COVID-19 pandemic. This is one of the ways government explores technology to make processes easier. In line with the anniversary theme, Philippine Civil Service @120: Public Sector in the Age of Digital Transformation, this public-private collaboration offers the public news ways to transact with public sector HR managers looking to hire candidates for government service. The 2020 GOCF is also scheduled on Week 3 of the anniversary month, or the Linggo ng Malasakit.

SSS offers online payment channels for employers

of mentoring, education and training programs. In this context, the YARA training program offered by Kaspersky to some of our members is a great opportunity and perfectly fits CEFCYS’s purpose,” comments Nacira Salvan, Founder and President of the CEFCYS. “The technical and practical aspects of this course is an interesting challenge that breaks preconceived ideas about the fact that cybersecurity technical issues should only be men’s business. This online course will make it possible for CEFCYS members, to increase their practical skills about data analysis and monitoring so they identify the chronology and the sources of threats and attacks. This program will probably help to excite the curiosity of other women, and to attract them so they discover other similar training courses oriented toward the technical aspects of cybersecurity,” adds Salvan. “Hunt APTs with YARA like a GReAT Ninja” is the first training course in Kaspersky’s portfolio of education programs for security professionals which will be made available online. More information about the training course and registration is available at xtraining. kaspersky.com.

HE Social Security System (SSS) recently announced that regular and household employers may now remit their SSS contributions through several online payment facilities. “Over the years, we have established a strong partnership with our various bank collection partners who played a significant role in our contribution collections from our members and employers as well. It is why we tapped the internet banking services offered by our partner banks so they can remit their employees’ monthly contributions at their own convenience,” SSS President and Chief Executive Officer Aurora C. Ignacio said. Web facilities such as Security Bank Corporation (SBC) –Digibanker and Union Bank of the Philippines (UBP) – UnionBank Online may now be utilized for the remittance of SSS contributions both for regular and household employers and Bank of the Philippine Islands (BPI) – Bizlink for regular employers only. The following eGov BancNet member banks are also available to accept employer's SSS payments online: Asia United Bank (AUB), Bank of Commerce (BOC), China Bank (CBC) CTBC Bank, Metropolitan Bank and Trust Company (MBTC), MUFG Bank, Philippine Bank of Communications (PBCom), Philippine National Bank (PNB), Rizal Commercial Banking Corporation

(RCBC), Robinsons Bank (RBC), Standard Chartered Bank(SCB), and United Coconut Planters Bank (UCPB). Aside from these online payment facilities, they may use their My.SSS accounts to check their employees’ contribution payments and loan repayments; generate PRN; monitor the status of their submitted sickness and maternity reimbursement claims; certify their employees’ salary loan and retirement; and submit maternity notification, sickness notification, employment report form (Form R1A), contribution collection list (Form R-3), and loan collection list (Form ML-2). “This is the reason why we launch ExpreSSS, which maximizes the use of our online facilities amid the pandemic for a safer, faster, and more convenient way of transacting and receiving their benefit reimbursements from SSS. Moreover, we encourage all our employers to enroll their PESONet participating bank accounts through the Disbursement Account Enrollment Module (DAEM) at My.SSS for immediate crediting of their reimbursements,” Ignacio concluded. Employers may follow the official Facebook page ‘Philippine Social Security System’ and Instagram Account ‘Mysssph’ or Twitter Feed “PHLSSS” for more information and updates.

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

The World BusinessMirror

China’s Xi seeks to strengthen Europe ties in talks with Merkel

hinese President Xi Jinping is set to hold talks with German Chancellor Angela Merkel and European leaders, as Beijing seeks to keep the continent from aligning more closely with the US on disputes ranging from market access to human rights. The summit including European Commission President Ursula von der Leyen and European Council leader Charles Michel is slated to be held by video link Monday in an event scaled down amid the coronavirus pandemic. The meeting was originally intended to include representatives from all 27 European Union members in Leipzig to mark Germany’s six-month chairmanship of the EU Council. While expectations for policy breakthroughs are low, B eijing is seeking to stabilize a relationship shaken by the pandemic, economic downturns, the police crackdown in Hong Kong and American demands for a united stand against B eijing. The summit comes ahead of the US presidential election, which could alter Washington’s approach to Brussels, and a European Council summit later this month, in which leaders aim to craft a more uniform China policy. French Finance Minister Bruno Le Maire told German newspaper Welt am Sonntag that Europe needed to adopt a unified position on dealing with China. “The EU has to define its own interests, has to be strong and independent—from both China and the US. This is crucial to be successful in the 21st century,” Le Maire said. B e s i d e s p re s s i n g q u e s t i o n s a b o u t t h e

global fight against Covid-19 and access by business travelers, the two sides continue to face disagreements over market access and data security—both issues in which the US has demanded greater suppor t from Europe. Last month, US Secretar y of State Michael Pompeo argued during a speech in Prague that China posed a greater threat to the region than Russia. “The EU will no longer be satisfied with more promises from China, but wants concrete actions, such as for them to be reflected in government decisions,” said Wang Yiwei, a former Chinese diplomat in Brussels and director of Renmin University’s Center for European Studies. “There’s still a possibility that the weather will change in China-EU ties, which China doesn’t want to see, as it is already under huge pressure from the US.” China’s effor ts to push back have faced complications, with Beijing’s imposition of a sweeping national security law on Hong Kong in June galvanizing criticism of the countr y’s record on human rights issues. Tensions were visible during a recent European swing by Chinese Foreign Minister Wang Yi, in which his German counterpar t, Heiko Maas, admonished him for threatening ties with the Czech Republic over a top Czech lawmaker’s trip to Taiwan. Th e Co m m u n i s t Pa r t y ’s G l o b a l Ti m e s newspaper argued in an editorial on Monday ahead of the meeting that it was in European interests to strengthen ties with China. “Despite a l l t h e f u s s, Eu rope will keep expanding cooperation with China,” the paper said.

Bloomberg News

EW DELHI—India has registered a single-day spike of 94,372 new coronavirus cases, driving the country’s overall tally to 4.75 million. The Health Ministry on Sunday also reported 1,114 deaths in the past 24 hours, taking total fatalities up to 78,586. Even as infections are growing faster in India than anywhere else in the world, the number of people recovering from the virus has also risen sharply. The country’s recovery rate stands at 77.77 percentand nearly 70,000 recoveries have been reported every day in the month of September, according to the Health Ministry. The ministry attributed India’s Covid-19 recovery pace to aggressive testing and prompt surveillance, but experts say India needs to test more due to its huge population. It’s climbed to the second worst hit country behind the United States,

In this September 8, file photo, ultra-Orthodox Jews keep social distancing and wear face masks during a morning prayer next to their houses as synagogues are limited to 20 people following the government’s measures to help stop the spread of the coronavirus, in Bnei Brak, Israel. Israeli Prime Minister Benjamin Netanyahu has faced a national furor over his handling of the coronavirus, but that anger is boiling over among the ultra-Orthodox, or Haredim, who have used their political muscle to fend off what they see as discriminatory restrictions. AP/Oded Balilty

India virus cases hit 4.75 million as testing boosts recovery pace

Israel to set new nationwide lockdown as virus cases surge

ERUSALEM—Israeli Prime Minister Benjamin Netanyahu on Sunday announced a new countrywide lockdown will be imposed amid a stubborn surge in coronavirus cases, with schools and parts of the economy expected to shut down in a bid to bring down infection rates. Beginning Friday, the start of the Jewish High Holiday season, schools, restaurants, malls and hotels will shut down, among other businesses, and Israelis will face restrictions on movement and on gatherings. “Our goal is to stop the increase [in cases]and lower morbidity,” Netanyahu said in a nationally broadcast statement. “I know that these steps come at a difficult price for all of us. This is not the holiday we are used to.” The tightening of measures marks the second time Israel is being plunged into a lockdown, after a lengthy shutdown in the spring. That lockdown is credited with having brought down what were much lower infection numbers, but it wreaked havoc on the country’s economy, sending unemployment skyrocketing. The lockdown will remain in place for at least three weeks, at which point officials may relax measures if numbers are seen declining. Israelis typically hold large family gatherings and pack synagogues during the important fast of Yom Kippur later this month, settings that officials feared could trigger new outbreaks. A sticking point in government deliberations over the lockdown was what prayers would look like during the holidays. While the details on prayer during the lockdown were not nailed down in the government decision, what were expected to be strict limits on the faithful. That prompted Israeli Housing Minister Yaakov Litzman, who represents ultra-Orthodox Jews, to resign from the government earlier Sunday. Israel has had more than 150,000 confirmed cases of the coronavirus and more than 1,100 deaths. Given its population of 9 million, the country now has one of the world’s worst outbreaks. It is now seeing more than 4,000 daily

Tuesday, September 15, 2020

cases of the virus. Israel earned praise for its initial handling of the coronavirus outbreak, moving quickly to seal the country’s borders and appearing to bring infections under control. It has since been criticized for opening businesses and schools too quickly and allowing the virus to spread unchecked. Much of that criticism has been aimed at Netanyahu, who has faced a public outcry over his handling of the crisis and has seen thousands of protesters descend on his Jerusalem residence every week. While lauded for his decisive response following the spring outbreak, Netanyahu appeared distracted by politics and personal matters, including his trial for corruption allegations, as infections rose over the summer. Netanyahu has also been lambasted for seeming to cave to pressure from various interest groups, including most recently his ultra-Orthodox governing partners, who appeared to have convinced him to relax a pinpointed, city-based lockdown plan that would have mostly affected ultra-Orthodox and Arab communities. At the press conference on Sunday announcing the lockdown, Netanyahu defended his response, saying Israel’s economy had emerged from the first lockdown in a better state than many other developed nations and that while cases were high, the country’s coronavirus mortality numbers were lower than other countries with similar outbreaks. The country’s power-sharing government, made up of two rival parties who joined forces in a stated aim to combat the virus, has also been chided for the new outbreak. The government has been accused of mismanagement, failing to properly address both the health and economic crises wrought by the virus and leading the country to its second lockdown. Some government ministers meanwhile have pointed fingers at what they’ve called an undisciplined public, who they have accused of violating restrictions against public gatherings and mask wearing. AP

and is now testing more than 1 million people every day. India’s Parliament is expected to resume work on Monday with strict physical distancing. Parliament adjourned in March just before a nationwide lockdown was announced to contain the pandemic. The harsh lockdow n caused a severe economic crisis, w ith India’s economy contracting nearly 24 percentin the second quarter, the worst among the world ’s top economies. In other developments in the AsiaPacific region: n South Korea says it will ease stringent social distancing rules in the densely populated Seoul metropolitan area, following a gradually declining

number of new coronavirus infections. Health Minister Park Neung-hoo told an online briefing on Sunday that the greater Seoul area recorded about 80110 new virus cases each day last week, dow n from 110 -180 in the prev ious week. Under eased rules that are effective from Monday for two weeks, Park says authorities w ill lift a ban on dining at restaurants a f ter 9 p.m. in t he Seou l a rea. They’ve been allowed to prov ide only takeouts and deliveries after 9 p.m. since late August. n Domestic air travel in Wuhan, the original epicenter of the pandemic, has returned to pre-pandemic levels. The virus was first detected in Wuhan late last year and the city underwent a draconian 76-day lockdown as its hospitals struggled to deal with a tidal wave of cases that required the rapid construction of field hospitals. Since reopening in early April, life has gradually returned to normal and numbers of domestic f lights serving the city, as well as the number of passengers, had both fully recovered, according to the operator of Wuhan Tianhe International airport. It says 64,700

passengers were transported aboard 500 domestic f lights on Friday. The airport is preparing to eventually resume international f lights to destinations such as Seoul, Singapore, Ku a l a Lumpur a nd Ja k a r t a, Qu X iaoni, an air port representative was quoted as saying by the official X inhua News Agency. n A coastal county in eastern China says seven Filipino sailors aboard a Cyprus-f lagged ship have tested positive for the coronavirus and been transferred to a hospital onshore. A statement released on Sunday by the government of Daishan county in Zheijiang province said it first received a notice on Sept. 9 that crewmembers on board the ship that was undergoing repairs had fallen ill and tested positive for the coronavirus. One close contact on shore that had delivered water to the sailors was placed under monitoring but tested negative for the virus. The seven were brought ashore and taken to a designated hospital in what the statement called a “closed loop” to prevent other infections. T heir ship is being quarantined offshore, the statement said. AP

Sports BusinessMirror

B8 Tuesday, September 15, 2020

Nonoy, Cuajao head for La Salle

WO more players—reigning Rookie of the Year Mark Nonoy and guard Deo Cuajao—confirmed on Monday that they are leaving University of Santo Tomas (UST) and are joining De La Salle in the aftermath of former Coach Aldin Ayo’s Sorsogon City bubble. The 5-foot-8 Nonoy announced his departure in the same platform as four of his teammates used ahead of him, on social media. “I thank the entire UST community for giving me the chance to show what I’ve got in the sport and I thank the coaching staff, especially coach Aldin Ayo for plucking me from the province and putting their trust on me,” Nonoy said on Instagram. Former captain CJ Cansino left ahead of everyone on the team for University of the Philippines, while star forward Rhenz Abando, guard Brent Paraiso and big man Ira Bataller transferred to Letran. Reserve guard Jun Asuncion is now with Mapua University. That leaves the Growling Tigers with reigning MVP Soulemane Chabi Yo, shooters Sherwin Concepcion and Miguel Pangilinan and big man Dave Ando from last year’s team that lost to Ateneo in the Finals of the University Athletic Association of the Philippines (UAA) Finals. UST is in hot water because of Ayo’s bubble in his native Capuy in Sorsogon City. The training activity violated Covid-19 pandemic guidelines among them the protocols on travel and for individuals aged 20 and below to stay at home. Most of the players are below 20. “I will forever be grateful to coach Ayo because if not for him, I won’t be able to be where I am today,” Nonoy added in his lengthy post. Nonoy and Cuajao were scheduled to meet Green Archers chief backer and presidential sonin-law Atty. Manases “Mans” Carpio to finalize details on their transfer to De La Salle. Ayo resigned as UST coach last September 4 with the UAAP sanctioning him with an indefinite ban from all league events and activities.

PSA Forum on Milo-Best, MPBL return

HE virtual Philippine Sportswriters Association (PSA) Forum will be all about basketball on Tuesday morning with discussions on the Milo-Basketball Efficiency and Scientific Training (BEST) Center and the Maharlika Pilipinas Basketball League (MPBL). Milo Ambassador and BEST Center graduate Kiefer Ravena of NLEX will join Milo Sports Executive Luigi Pumaren and BEST Center Executive Vice President Monica Jorge in talking about the latest collaboration between Milo and Best Center amid the Covid-19 pandemic. MPBL Commissioner Kenneth Duremdes meanwhile, will discuss how the league will go about its remaining playoff games and the finals of the Lakan Cup as they anticipate a return of nonprofessional sports leagues. The two-part session is presented by San Miguel Corp., Go For Gold, Milo, Amelie Hotel Manila, Braska Restaurant and the Philippine Amusement and Gaming Corp., with Upstream Media as webcast partner and powered by Smart. The session starts at 10 a.m. and is aired live via the PSA Facebook page fb.com/ PhilippineSportswritersAssociation and also shared by Radyo Pilipinas 2 Facebook page.

Egan Bernal can’t climb, can’t repeat as champ EGAN BERNAL plummets down the standings, all but ensuring the end of a five-year streak of Tour victories by his Ineos Grenadiers team, formerly known as Team Sky. AP

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

THIEM BOOKS EPIC VICTORY N

EW YORK—A US Open unlike any other finished unlike any other—with an unprecedented fifth-set tiebreaker as Dominic Thiem became the first man in 71 years to win the final after dropping the opening two sets. So close to defeat in a nearly empty Arthur Ashe Stadium—fans were banned because of the coronavirus pandemic—Thiem slowly but surely turned things around against a faltering Alexander Zverev and pulled out a 2-6, 4-6, 6-4, 6-3, 7-6 (6) victory at Flushing Meadows for his first Grand Slam title. The match ended with both men fighting leg cramps and, clearly, nerves. “Somehow,” said Thiem, a 27-year-old from Austria, “the belief today was stronger than the body, and I’m super happy about that.” When a backhand from Zverev landed wide on the third championship point, a weary Thiem dropped to his back way behind the baseline and covered his face with his hands. When he arose,

he was met by Zverev, who walked around the net to clasp hands, then embrace his friend and foe, two sights rarely seen in this era of social distancing. Thiem then rested his head on the shoulder of the taller Zverev, who himself came within two points of what would have been his first major triumph. “I wish we could have two winners today,” Thiem said. “I think we both deserved it.” He is the first man to win the American Grand Slam tournament after trailing 2-0 in sets in the final since Pancho Gonzalez did it against Ted Schroeder in 1949 at an event then known as the US Championships and held in Forest Hills. The event never had been settled by a fifthset tiebreaker; no major tournament ever had until Novak Djokovic edged Roger Federer that way at Wimbledon in 2019. “I was a few games away, a few points away,” said Zverev, who was trying to give Germany its first male Grand Slam champion since Boris

Becker in the 1990s. “I’m 23 years old. I don’t think it’s my last chance.” Zverev choked up when he mentioned that his parents hadn’t been able to travel to New York because they tested positive for Covid-19, although he said they are now healthy. As Thiem stepped forward to pose for pictures with his shiny new bit of hardware, Zverev remained a few feet behind, one hand clutching his less-impressive silver tray, the other hand on a hip. The proceedings took four hours and two minutes. And to think: After just one-and-a-half hours, Zverev was up by two sets and a break in the third at 2-1. “The match turned when he broke me for the first time in the third set,” Zverev said. “He started playing much better, and I

started playing much worse.” Zverev, of all people, should have known what might have seemed like an impossible hill to climb for Thiem was, indeed, achievable. After all, in Thursday’s semifinals, it was Zverev who trailed 2-0 in sets against Pablo Carreño Busta before coming back to win. Thiem began the day 0-3 in Grand Slam finals, but always faced a member of the Big Three of men’s tennis in those others. This time, he was the favorite and came out jittery, but eventually worked his way out of that, while Zverev went from cool and confident to passive and pushed around. The fifth set was just as back-and-forth as the other four, the mistakes rising with the tension and the history in the offing. Thiem broke in the opening game when Zverev shanked a pair of forehands. Zverev broke right back—and pierced the silence with a rare cry of “Come on!”—when Thiem double-faulted. Then it was Zverev’s turn to nose ahead, breaking for a 5-3 lead when Thiem sent a down-the-line backhand wide

and leaned over, gasping for air. But with a chance to serve out the biggest win of his nascent career, Zverev faltered, getting broken right back when he pushed a volley into the net. That began a three-game run for Thiem, who broke to lead 6-5, earning his own chance to serve for it when Zverev netted a backhand, followed by a long forehand. After having a trainer check on his right leg during the ensuing changeover, Thiem couldn’t seal the deal, either, and on they went to the tiebreaker. Zverev double-faulted twice and offered up one second serve at 68 mph, about half the speed he’s capable of. While this was the No. 7-ranked Zverev’s first Slam final, this was the first one the No. 3-ranked Thiem was supposed to win, following losses to 12-time French Open champion Rafael Nadal at Roland Garros in 2018 and 2019, then to eight-time Australian Open champion Djokovic at Melbourne Park this February—back before the pandemic upended the world and put tennis on a five-month hiatus. AP

DOMINIC THIEM becomes the first man in 71 years to win the a US Open final after dropping the first two sets. AP

By Samuel P. Medenilla @sam_medenilla

ORE workers in Metro Manila are now using bicycles to go to work, according to a latest study by the Department of Labor and Employment (DOLE). In its latest survey, DOLE’s Institute of Labor Studies (ILS) noted the number of workers who bike to and from work increased after the imposition of the enhanced community quarantine (ECQ) last March because of the Covid-19 pandemic. “For those who have used a bicycle for the last six months [813 respondents], more than half or 58 percent said that their bike trips were for traveling to and from work,” DOLE said in a statement. The ILS survey included 1,119 respondents mostly from the National Capital Region (NCR). Of the said participants, 856 were bike owners. Most of them cited health benefits of cycling (85 percent) and concerns about

NEW NORM: BIKE TO WORK

the safety of taking public utility vehicles (82 percent) as the main reason why they opted to use bikes. The bikers, however, expressed concern over their safety on the road, poor road conditions; and lack of secured bike parking or storage facility and facilities in their workplace—shower or change rooms. But even with these concerns, 78 percent of the total respondents said they will still continue to bike to work. “With Covid-19 keeping most commuters away from public transport, the use of bicycle has emerged as a safe and convenient alternative mode of transport,” ILS Executive Director Ahmma Charisma Lobrin-Satumba said. ILS conducted the survey to come out with policy recommendations of using bicycles as a transport option or a livelihood opportunity during the pandemic.

Workers are wary to take public transport for fear of getting the virus. NONIE REYES

Global athletes group slams Iran for executing wrestler

LOBAL Athlete, an international organization of athletes, demanded the International Olympic Committee (IOC) and United World Wrestling (UWW) to expel Iran following the execution of wrestling champion Navid Afkari. Iranian state media reported that Afkari was executed over the weekend despite the case attracting global attention with US President Donald J. Trump pleading for clemency. The 27-year-old Afkari was given two death sentences for allegedly stabbing a security guard to death and his involvement in demonstrations against the country’s regime in 2018. The IOC and UWW said they were in “constant contact” with the Iranian National

RAND COLOMBIER, France—The Tour de France boiled down to a battle between its two star Slovenian riders Sunday as last year’s winner Egan Bernal dropped out of realistic contention. Tadej Pogacar beat yellow jersey-holder Primoz Roglic in a dramatic mountaintop finish to Stage 15, though Roglic retains a 40-second advantage in the yellow jersey and formidable support from teammates who shepherded him up the Grand Colombier climb. Bernal plummeted down the standings, all but ensuring the end of a five-year streak of Tour victories by his Ineos Grenadiers team, formerly known as Team Sky. “At the moment, Roglic seems unstoppable,” Pogacar said. “But today Bernal cracked and maybe one day myself or Primoz will crack too. There are still a lot of opportunities ahead.” Pogacar stayed with Roglic on the

Olympic Committee and the Iranian Wrestling Federation to “facilitate a solution,” but were ultimately unsuccessful. Since the execution, the IOC and UWW described the news as “very sad” and “devastating,” but Global Athlete urged the organizations to take further action. “The Global Athlete extends its sincere condolences to Navid Afkari’s family and friends,” a statement said. “The Iranian Government took the life of an innocent human, an athlete and a wrestler.” “Our thoughts are also with Navid’s two brothers who are still incarcerated in inhumane conditions. The statement added: “We call on athlete

solidarity to demand that the IOC and UWW immediately implement sanctions that expel Iran from world sport for this heinous execution.” “The actions of the Iranian Government are a clear breach of human rights; such acts cannot go unpunished,” the group furthered. “For executing an athlete, this government no longer deserves the privilege of competing in international sport.” Other athlete representation groups, including the World Players Association (WPA), urged the IOC to use its influence on the issue. “The shocking injustice of Navid’s case sparked a global outpouring of support by courageous champions of human rights in sport—but tragically the Iranian regime still took his life,” WPA Executive Director Brendan Schwab said.

“Navid was targeted because of his success and popularity as an athlete, and this brutality was held up as an example to terrorize the public and silence dissent,” he said. “We must now unite in his memory to ensure that others do not suffer this fate.” World Olympians Association (WOA) President Joël Bouzou expressed “profound shock and sadness,” adding “WOA stood with the IOC and President Thomas Bach in their appeals for mercy and are gravely upset that their combined efforts were not successful.” Bobby Green, a lightweight in the Ultimate Fighting Championship, cut short a post-fight interview after learning of Afkari’s execution, saying it “broke his heart.” Insidethegames

long and brutal Grand Colombier climb despite Roglic having backing from four teammates on his ascent. They drew on their last reserves to sprint for the summit finish, Pogacar taking his second stage win by a bike-length. Pogacar and Roglic were given the same time. As the stage winner, Pogacar was awarded 10 bonus seconds in the general classification against Roglic’s six for second place. Roglic leads Pogacar by 40 seconds overall. “I was a bit too short at the end. I didn’t make any gift to Tadej. We are good friends but we both want to win. He was just stronger and I was a bit disappointed to lose the stage,” Roglic said, adding that the Tour is “far from over.” Monday is a rest day before five competitive stages including an individual time trial on Saturday, then the traditional procession into Paris on September 20. Colombian riders started the day ranked third to sixth overall behind the Slovenian duo, but all

of them lost time Sunday on the 175-kilometer (108-mile) stage into the Jura mountains, and for two the challenge seemed over. Bernal dropped off the lead group on the Grand Colombier climb and appeared to lose any chance of retaining the title as he dropped to 13th overall, eight minutes and 25 seconds off the yellow jersey. Fellow Colombian Nairo Quintana started the day fifth but also dropped back on Grand Colombier and is ninth, five minutes and eight seconds off the lead. Two more Colombian riders, Rigoberto Uran and Miguel Angel Lopez, managed to stay with the lead group and sit third and fourth in the overall standings. Bernal said he had been feeling the effects of the first of the day’s three climbs, which had a gradient reaching 22 percent in places. “I was not going well from the first climb, to be honest, I was almost dropped there, I was suffering from the first climb. I told the team

I was not good, but then I was trying to fight until the final and give my best,” he said in a statement from Ineos Grenadiers. “It’s difficult to say how I felt, the feeling was that I was empty—I had no power. When the other riders did a big acceleration, I couldn’t go too hard to follow, but then I recovered really quickly, but my body couldn’t react as normal.” As the long climb from the Rhone valley to the finish began, Roglic’s Jumbo-Visma team had five riders including the Slovenian in the peloton. They worked well together on the climb to protect Roglic and force a pace that put pressure on his rivals. Restrictions introduced because of the coronavirus pandemic were supposed to ensure that fans were restricted to the flatter sections and foothills and weren’t allowed to throng the narrow approaches to the summit finish. However, there were still some cheering and waving flags near the top. AP